Imperial Helium (IHC CN)C: Smaller resources but good well test results could suggest a commercial development – At the IHC-Steveville-2 well, a 12 metre zone was tested at a rate of ~2 mmcf/d. This zone is an interval equivalent to the blow-out zone in the offsetting 13-22 well. While the headline flow rate might appear low, it is in reality a good result that suggests that the well can be brought into production at 5-6 mmcf/d at leas
Companies: AKRBP AKERBP CASP GENL GTE HUR IHC KOS LUPE PEN PEN TAL RBD EGY DNO DNO JKX
GeoPark (GPRK US) C: Target of US$27 per share: Doubling quarterly dividend – The highlight of the 2Q21 results is the doubling of the quarterly dividend to US$0.041 per share. Following the refinancing of its debt, GeoPark had indicated previously its ambitions to increase distributions. 5-6 wells will be drilled at CPO-5 in Colombia by the end of 1Q22. This includes 2-3 wells in 4Q21 (including 1-2 exploration wells) and 3 wells in 1Q22 (including 2 exploration wells). The first exploration w
Companies: ALV ALV BP/ CNE CNE CNE DEC ENI ENI GENL GPRK GPRK GTE IHC OSH PXT STO SDX TGL VOG
ADX Energy (ADX AU)C; Target of A$0.030 per share: Initiating Coverage: Oil, Green Hydrogen and Geothermal in Austria - ADX Energy is an A$20 mm market cap company with onshore licences in Austria. ADX is the 3rd upstream player and only foreign operator alongside OMV and RAG. ADX is generating value from its geological assets along three models. (i) It produces ~340 boe/d (light oil) from long life mature assets with material low cost
Companies: ADX DME GTE MATD SNM TLW SEN SQZ AKRBP AKERBP SDX CEG HUR MAHAA
Trinity Exploration & Production, Diversified Energy Company, Getech Group, Kistos, Phoenix Global Resources, Union Jack Oil, Rockhopper Exploration, Sound Energy, Siccar Point Energy, SDX Energy, Nostrum Oil & Gas, Pantheon Resources, Gran Tierra Energy, Hurricane Energy, Wintershall DEA
Companies: GTE DEC GTC HUR KIST NOG PANR PGR RKH SDX SOU TRIN UJO
Bahamas Petroleum Company (BPC LN)/Challenger Energy Group (CEG LN)C; Target of 1.20p per share: Completing financing – BPC has raised £6.9 mm of new equity. This is an important step for the company to fund the upcoming work programme. The key near term newsflow is the drilling of the saffran#2 appraisal well that could derisk ~11 mmbbl. The company has now changed its name to Challenger Energy and will trade under the ticker of “CEG LN”.
GeoPark (GPRK US)C; Target price
Companies: CEG BP/ CNE CNE DEC ENI ENI FEC GPRK GPRK GTE HUR NOG PXT PGR RDSA SDX SNM TETY TETY
Calima Energy (CE1 CN) C; Target of A$0.035: Strong well performance supports our view that reserves are too conservative - Three wells (2 new wells and 1 re-entry), are currently producing a combined ~505 boe/d (80% oil weighted) on an IP30 basis, demonstrating the top tier economics of open hole Sunburst wells. The well performance so far exceeds by 28% what the company had budgeted. The cost of the wells was 20% under budget (total of C2.2 mm). Current production is ~ 2,81
Companies: ALV CE1 CNE FEC GENL GPRK GPRK GTE I3E PEN PEN PXT SNM TGL
GeoPark (GPRK US)C: Strong performance at CPO-5 and increasing free cash flow through deleveraging – 1Q21 production was 38,131 boe/d with Llanos-34 WI oil production of ~24.9 mbbl/d as, out of the six new wells drilled during the period, only four were production wells (the other two were water disposal wells). Production growth at Llanos-34 is expected to accelerate in the subsequent quarters as the Company is adding a third drilling rig with more wells coming on stream and
Companies: ADX AKRBP AKERBP CNE GENL GPRK GPRK GTE JKX SQZ SNM TTE TXP VLE
Vaalco Energy (EGY US/LN)C; Target price of £4.20: Completing the acquisition of stake in Etame – Vaalco has now completed the acquisition of Sasol 27.8% working interest in the Etame Marin block offshore Gabon, increasing the Vaalco’s total working interest to 58.8%. The company paid US$29.6 million in cash to Sasol, taking into account the agreed upon transaction price of US$44 mm, the deposit already paid and post-effective date adjustments, with a future contingent payme
Companies: XOM XOM TLW 88E ENI ENI ENQ GTE I3E JSE KOS MAHAA PEN PEN TAL EGY
Oil edged lower on Friday alongside a broader market decline as the recovery in consumption remains uncertain.
The dip capped a third straight week with New York futures stuck near $52 a barrel. US equities weakened amid lingering concerns
over volatile retail trading. While Johnson & Johnson's Covid-19 vaccine breakthrough allayed some worries about the deterioration
of consumption, it is clear the demand environment remains tepid. Chevron Corp posted a fourth-quarter loss after weak fuel
Companies: CVX EOG HES GTE 88E ADV DEC GTC JOG NOG PANR RBD SAVE SDX TLW VOG LUNE
SDX Energy (SDX LN)C; Target Price: £0.40: Conservative and sensible FY21 guidance – FY21 production guidance has been set at 5,620-5,920 boe/d (net entitlement). While this is below the FY20 net production of 5,987 boe/d, we note that the FY20 net production (excluding Gemsa) was above the initial guidance of 5,650 5,950 boe/d (excluding Gemsa) which had been set in January 2020, pre-COVID. Adjusting for a normalized environment, this suggests that the FY20 production excee
Companies: ADX AKRBP DEC GENL GTE JOG LUNE SAVE SDX SNM TGL EGY VOG
Panoro Energy (PEN NO)C; Target Price: NOK23.00: BW Energy (BWE NO) provides update in Gabon – BW indicated that 4Q20 gross production from the Tortue field was ~13,500 bbl/d, as an 11 day downtime took place in October for the annual maintenance program and to comply with Gabonese production allocations to meet OPEC quotas. A drilling contract for one development well (DTM-7H) and one exploration well has been recently awarded. There is also the option for another exploration well subject to th
Companies: AKRBP CNE DNO ENOG XOM GENL GTE JKX KOS PEN TAL PHAR REP RDSA SQZ TTE TGL
Bahamas Petroleum Company (BPC LN)C; Target: 6.7p: Further funding secures the 2021 programme - BPC is raising US$10 mm of new equity immediately with a fund managed by Lombard Odier. The placing comprises 375 mm new shares at 2.0p per share. The investor is also issued warrants to subscribe for 93.75 mm shares at 3.0p and 93.75 mm shares at 4.0p over a period of one year. If all of these warrants were to be exercised, BPC would raise a further US$8.7 mm. BPC has also the option to raise up to a
Companies: SQZ HBR AOI CEG CNE XOP GTE HUR JOG MAHAA TAL PHAR TETY TETY
Bahamas Petroleum Company (BPC LN)C; Target: £7.20: Initiating Coverage - Bahamas Petroleum (BPC) is a £100 mm market cap company with onshore assets in the mature oil provinces of Trinidad and Suriname and high impact exploration offshore The Bahamas and Uruguay. In Trinidad and Suriname, BPC has production assets, development projects to quicky grow production and several exploration opportunities that attracted little attention from previous operators. In The Bahamas, after 12 years of incuba
Companies: WEN AOI ALV CEG GENL GTE MAHAA RBD
In this note, we analyze the indebtedness of 35 international E&Ps publicly listed in the UK, Canada, Norway, Sweden and the USA. For each company, we look at (1) cash position, (2) level and nature of debt (including covenants), (3) debt service and principal repayment framework and (4) Brent price required from April to YE20 to meet all the obligations and keep cash positions intact. We also estimate YE20 cash if Brent were to average US$20/bbl from April to YE20. While the oil demand and oil
Companies: AKRBP AOI CNE CNE DEC EGY ENOG ENQ GENL GKP GPRK GTE HUR IOG JSE KOS LUNE MAHAA OKEA ORC/B PEN PHAR HBR TAL PXT RRE SDX SEPL TETY TGL TLW TXP WRL
GeoPark (GPRK US)C; Target: US$20 - Delivering more with less | Diversified Gas and Oil (DGOC LN): Acquisition in the US and US$87 mm equity raise | Gran Tierra Energy (GTE LN/CN): 1Q20 results| Parex Resources (PXT CN): 1Q20 results | Trinity Exploration and Production (TRIN LN): FY19 results | Touchstone Exploration (TXP LN/CN): 1Q20 results | Condor Petroleum (CPI CN): 1Q20 results | Premier Oil (PMO LN): 1Q20 update and FY20 production guidance reduction | Serinus Energy (SEN LN): 1Q20 upda
Companies: KOS GPRK DEC GTE PXT TRIN TXP HBR SEN VLE CASP GENL PHAR SNM TGL AOI EGY
Research Tree provides access to ongoing research coverage, media content and regulatory news on Gran Tierra Energy Inc..
We currently have 80 research reports from 5
Companies: Sylvania Platinum Ltd.
We are initiating coverage of VAST Resources (VAST), which has wholly-owned Baita Plai and Manaila polymetallic mines plus an interest in two exploration projects, all located in Romania. At this stage, Baita Plai is the main driver for our valuation as it is currently being ramped up to 14kt per month. As such, we expect Baita Plai’s Cu eq output to reach c 2.4ktpa in FY23F followed by 3.3ktpa in FY24F. This, coupled with Manaila’s potential re-start of an additional 3ktpa of Cu eq over the sho
Companies: Vast Resources plc
Phoenix copper today provides an update on its ground geophysical survey over the Red Star prospect near its Empire copper project in Idaho. The Red Star skarn mineralisation (lead and silver ± copper, zinc) is associated with magnetite; the survey just undertaken was to better understand the distribution and orientation of magnetite to find potential mineralisation and to inform the location and direction of a further drilling programme.
Companies: Phoenix Copper Ltd. (United Kingdom)
We see the UK Government’s Net Zero Strategy as being overall helpful but not especially definitive. Amongst our coverage group, Drax Group (DRX LN) and Velocys (VLS LN) benefit from the Humberside CCS cluster prioritisation and Velocys from SAF support. The amount of renewables is likely to boost the need for flexibility solutions where Drax, Gore Street (GSF LN) and SIMEC Atlantis (SAE LN) can benefit. Hydrogen companies ITM (ITM LN) and Powerhouse Energy (PHE LN) are likely to find support. T
Companies: ADN DRX GSF ITM NESF PHE SAE SIT STRLNG TLG VLS
Companies: Shanta Gold Limited
Today’s IPO of Tungsten West (TUN-LON) unlocks a valuable, long term revenue stream for Hargreaves. This comprises a £1m per annum fee (first payment next month) as well as a mining services contract once the mine recommences production. The resulting EPS upgrades are 6% and 7% in FY22 and FY23 respectively, followed by 9% in FY24 with the first partial contribution from the mining services contract. This continues Hargreaves’ impressive recent run of forecast upgrades and reinforces our convict
Companies: Hargreaves Services plc
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Devolver Digital to join AIM, an award-winning digital video games publisher and developer in the indie games space. Recently awarded indie 'Publisher of the Year 2021' by GamesIndustry.biz. Offer TBA. Due early Nov.
Life Science REIT to join AIM raising up to £100m. This will be the first London listed real estate investment trust (REIT) focused on UK life science properties providing investors with exposure
Companies: SYS1 ARE SO4 SNG TMG TMT OHG IDE KIBO MRL
Shanta Gold (AIM: SHG) has, this morning, announced its production and operational results for the quarter ended 30th September 2021 – see Fig 1. Operationally this was a slightly weaker than expected quarter but very promising from the corporate side with a new five-year plan announced, an 0.10cps interim dividend announced and a resource update at the West Kenya Project (WKP).
QoQ production was flat at 14,194 oz and AISC rose to $1,480/oz caused by a temporary drop in grade as well as hig
Oil posted the longest stretch of weekly advances since 2015 as OPEC+ producers only modestly supply the market and as US crude supplies shrink.
Crude futures rose 1.5% Friday in New York, up for a ninth straight week. President Joe Biden said Thursday night that Americans should expect high gasoline prices to continue into next year because of supply being withheld by OPEC and other foreign oil producers. Stockpiles at the biggest US storage hub are draining to levels last seen when crude pr
Companies: FO 88E DEC EME GTC TRIN UOG WEN
Trifast has released a good interim trading update ahead of its interim results due on 23 November. Overall trading has been in line with management expectations at “both revenue and profit levels” since the AGM update in July although this belies the strength of the Group's top line performance in our view. We remain buyers.
Companies: Trifast plc
Rio’s investors day was focused on two of the most critical mining industry thematics in today’s times, i.e. green and growth. The announced measures couldn’t have materialised at a better time, given the (recent) woes pertaining to governance and the iron ore market sell-off. Remember, considering Rio’s enviable balance sheet strength, it has the flexibility to pursue the targeted plans with rigorously and, at the same time, maintain ‘relative’ shareholder reward attractiveness. Hence, we reite
Companies: Rio Tinto plc
Anglo Asian Mining* (AAZ LN) - BUY – 180p – 4.5c special dividend
BeMetals (BMET CN) –– Drilling commences at South Mountain, Idaho
Condor Gold* (CNR LN) – BUY, valuation 102.5p – Progress of the La India feasibility study
Hochschild (HOC LN) - Hochschild to spin off rare earth assets
Rambler Metals and Mining* (RMM LN) – BUY, fair value 10.7p - Ming mine underground drilling programme demonstrates grade and width improvements at depth
SolGold* (SOLG LN) – Tandayama-America initial resour
Companies: BMET AAZ CNR HOC RMM SOLG
Tungsten West (TUN.L) has joined AIM. Tungsten West is the 100% owner and operator of the historical Hemerdon tungsten and tin mine located near Plymouth in southern Devon. Hemerdon represents the world's third largest tungsten mineral resource, with a JORC (2012) compliant Mineral Resource Estimate of approximately 325Mt at 0.12 WO3. Capital raised on Admission: £39m. Anticipated Mkt Cap: £106.2m.
Future Metals NL (ASX:FME, FME.L) (formerly named Red Emperor Resources NL) had joined AIM
Companies: SOLI RBD ALU ATQT BBI CWR DRV ORCP WATR
Adriatic Metals (“ADT”) announced on 13th October that it has raised a cumulative US$244.5m (~£178m) via a combination of equity, senior debt and a copper stream. A total of ~49m new shares were issued at a price of GBp 1.5174/sh, which was a discount of ~11% to the 10-day WVAP price to 12th October. The main use of the proceeds is for the construction and working capital requirements of Adriatic’s fully permitted flagship Vareš project, which has a capital cost of US$168m as outlined in the Def
Companies: Adriatic Metals Plc Shs Chess Deposit Interests Repr 1 Sh
Botswana Diamonds (BOD LN) – £550,000 fund-raising
Castillo Copper (CCZ LN) – IP Survey identifies potential drill targets at Luanshya
KEFI Gold and Copper* (KEFI LN) – Security incident resolved
Kore Potash (KP2 LN) – Quarterly operations update
Petropavlovsk (POG LN) – Q3 update highlights recovering production at own mines with increasing POX Hub utilisation
Sibanye-Stillwater (SSW JSE) – In talks to buy Brazilian projects for $1bn
Strategic Minerals* (SML LN) – £400,000 fund-raising
Companies: BOD KEFI KP2 POG SML CCZ SSW