Market update - 14/07/2021
Companies: GEEC BLOE CEG HUR TLW PHAR
Whilst GEEC's full year results to 31 March 2021 underline the challenges experienced by the sector as a result of the COVID-19 pandemic, the Company has successfully demonstrated the resilience of its financial position. As expected, sales volumes were adversely impacted, however we believe investors will be encouraged that the average gas sales prices received remain robust, and therefore the Company remains profitable. Currently, operations continue to grow with gas production having increase
Companies: Great Eastern Energy Corporation Limited Sponsored GDR RegS
Great Eastern Energy* (GEEC LN), STRONG BUY: H1 2021 results underline financial resilience | Jadestone Energy (JSE LN): Teikoku dispute settled | Lekoil* (LEK LN): Shell Trading prepayment facility fully repaid
Companies: GEEC JSE LEK
Great Eastern Energy Corporation* (GEEC LN): Payment obligations confirmed | Nostra Terra Oil and Gas (NTOG LN): Accretive low risk cash generative acquisition
Companies: Great Eastern Energy Corporation Limited Sponsored GDR RegS (GEEC:LON)Nostra Terra Oil & Gas Company PLC (NTOG:LON)
Premier Oil (PMO LN): Trading update, net debt continues to fall | Great Eastern Energy Corporation* (GEEC LN): COVID-19 update highlights robust liquidity position
Companies: Harbour Energy Plc (HBR:LON)Great Eastern Energy Corporation Limited Sponsored GDR RegS (GEEC:LON)
Great Eastern Energy Corporation* (GEEC LN): FY20 results, resistance to volatility | Ascent Resources* (AST LN): Administrative Court rules that EIA is required ahead of well stimulation
Companies: Great Eastern Energy Corporation Limited Sponsored GDR RegS (GEEC:LON)Ascent Resources plc (AST:LON)
FY 2020 results
Oil price update – what does it mean for oil and gas equities?
Companies: BLVN GENL GEEC GKP HTG HUR IOG JOG LAM PANR HBR RKH SEN
Great Eastern Energy Corporation’s (“GEEC or the Company”) share price represents an attractive entry point into a growing, profitable gas producer with considerable exposure to the Indian consumer market. The Company has successfully established a full-cycle upstream, midstream, and downstream portfolio with a transformational resource base, and an aggressive work programme to exploit the high margin potential of its gas reserves. We therefore initiate coverage with a STRONG BUY rating and 282p
Great Eastern Energy Corporation* (GEEC LN): SP Angel site visit to India | Genel Energy (GENL LN) – Steve Whyte to be replaced by George Rose | Angus Energy (ANGS LN): OGA awards Saltfleetby Licence and Operatorship to Angus
Companies: Great Eastern Energy Corporation Limited Sponsored GDR RegS (GEEC:LON)Angus Energy Plc (ANGS:LON)
nQuest (ENQ LN) – EnQuest awarded Block PM409 PSC offshore Malaysia | Great Eastern Energy Corporation* (GEEC LN): SP Angel site visit to India | Volga Gas* (VGAS LN): November production increases 50%
Companies: ENQ GEEC VGAS
This note takes a look at UK oil and gas sector equities from the supermajors down to the small cap E&Ps, the extent to which they outperform a simple bet on oil prices, and whether there are common characteristics that can allow investors to pick winners in the space. We conclude that outperformance is possible and has been achieved by numerous names in the last ten years, with the core hallmarks being asset base augmentation, either by progressing assets and/or via acquisition, and possessing
Great Eastern Energy Corporation* (GEEC): Half year results, strong operational progress | SDX Energy (SDX) – Commencement of production at South Disouq, Mark Reid permanent CEO
Companies: Great Eastern Energy Corporation Limited Sponsored GDR RegS (GEEC:LON)SDX Energy PLC (SDX:LON)
Diversified Gas & Oil (DGOC LN) (not covered): Sale of assets | GeoPark (GPRK US)1 ; BUY, U$26.00: FY20 work programme, launching a dividend | Great Eastern Energy (GEEC LN) (not covered): Half year results | Oryx Petroleum (OXC CN): Under Review; 3Q19 results | Vaalco Energy (EGY US)1 ; BUY, £2.40: 3Q19 results
Companies: DEC GPRK GEEC FORZ EGY
Following continued delays of a Brexit agreement, few sectors within the UK market have remained attractive to investors despite low valuations. One sector which has continued to outperform despite the political drama has been the UK video gaming sector (henceforth UK gaming), which we are fans of. We believe a combination of sector-leading growth, strong cash conversion and timely cyclical positioning support our positive view on the UK video gaming sector.
Companies: ABBY AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CSRT TIDE CYAN JET2 DEMG ELM EMR FPO FDEV GTLY GENL GHH GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KAPE KEYS KWS KCT KGH LAM LIT LOK MACF MANO MOD OXIG PCA PANR APP SRE PHC HBR RBW RMM RBGP RSW RNO ROR SUS SCPA SEN SHG SOLG SOM SUMO TM17 INCE TWD TRAK TRI VNET VTC ZOO ZTF REDD
Research Tree provides access to ongoing research coverage, media content and regulatory news on Great Eastern Energy Corporation Limited Sponsored GDR RegS.
We currently have 44 research reports from 3
Savannah provided its interim snapshot yesterday and it is worth pointing out where it has come from and where it is going to, with a catalyst-rich future ahead of it. The Mina do Barroso project remains one of the most advanced spodumene projects in Europe and as such is very well located in terms of market (close to a main end-use market with all the freight savings – cost and carbon – that implies) and available green energy to power production. The project benefits from political support fo
Companies: Savannah Resources Plc
Phoenix copper today provides an operational update with plenty of work streams running in parallel. It continues to make progress on finalising plans for bringing the Empire oxide open pit into production after nearly completing its hydrological studies and finalising plans for a permanent mine office in Mackay – 5 miles from the proposed operation.
Companies: Phoenix Copper Ltd. (United Kingdom)
H1 2021 results
Companies: Jersey Oil & Gas PLC
Central Asia Metals (CAML LN) reported strong interim results as copper, lead and zinc prices extended their gains up 21%, 11% and 12% YTD. H1 2021 revenue of US$101m was up 42% YoY, EBITDA of US$64m was up 52% YoY and the EBITDA margin increased 5pp to 61%. With no significant other charges, net income was up 69% YoY to US$42m. Having marked to market our commodity price assumptions, our estimates are broadly unchanged meaning CAML remains well on track for a record year of earnings underpinned
Companies: Central Asia Metals Plc
Companies: Shanta Gold Limited
£8.5m equity raise at 25p for appraisal drilling
Companies: IOG PLC
Production and cash holding update
Companies: Hurricane Energy Plc
No surprises in JOG’s interim results, with the market’s main focus – the company’s GBA Development farm-out process – ongoing. The resurgence of UK North Sea M&A has brought the shares back to life recently as the market is reminded of the scale of the resource and development opportunity JOG is sitting on. While JOG’s main focus remains on securing funding and a partner for its GBA Development, the company has indicated it is reviewing a number of potential acquisitions/mergers. JOG’s strong m
Oil declined amid Russia's plans to boost upcoming overseas oil sales and as the dollar rallied.
Futures in New York ended the session nearly 1% lower on Friday. Russia will increase its oil exports 3% in the fourth quarter, according to Interfax. Meanwhile, gains in the US dollar reduced investor interest in commodities priced in the currency.
Despite weaker prices on Friday, US benchmark crude futures gained more than 3% this week due to tightening supplies. In the US, crude inventories
Companies: FO 88E DEC EME GTC TRIN UOG WEN
Companies: Union Jack Oil Plc
The Wressle oil field, in which Union Jack (UJO) holds a 40% working interest has achieved flow rates of 964 boepd from the primary Ashover Grit reservoir. This has been attained on a restricted choke setting and no formation water has been produced as the well continues to clean up. This is very positive news for UJO given that the reported flow rate exceeds initially forecasted rates by a substantial margin and further operations to increase gas handling capacity could increase hydrocarbon
While the Permian was considered as a core region for the group, we believe this transaction makes sense. Given the new strategy, there is indeed a limited interest in keeping short cycle and high cost assets in the portfolio. This might also tell that, by selling the most liquid assets, divesting remains challenging. The good news is that, by distributing most of the proceeds back to the shareholders, Shell does not depend on divestments to fund its transition.
Companies: Royal Dutch Shell Plc Class A
Jersey Oil & Gas announced its interim results of which we believe the key news items are as follows:
i) The company had a cash balance of £17.06m as at 30 June 2021;
ii) The company indicated its farmout process is ongoing that that the company is engaged with both industry parties and potential infrastructure funders; and
iii) Regional electrification collaboration within the Central North Sea is building momentum amongst industry parties and the GBA is ideally located to be an integral p
Calima Energy (CE1 AU)C; Target of A$0.75 per share: Good production performance – Production in August was 3,493 boe/d, up 200 boe/d compared to July as all the new wells at Brooks now contribute to production, more than offsetting natural decline. Financials for August are broadly in line with our expectations. The three new Thorsby wells drilled in August and September could be on stream for November with an individual IP rate of ~2
Companies: ALV ALV CE1 COP COP EDR IOG RDSA TETY TETY TXP
Higher metal prices saw CAML achieve a 52% and 131% increase in EBITDA and FCF respectively in the first half of 2021, facilitating an attractive 8p interim dividend declaration (up 2p on H1 2020). The H1 results are tracking our full-year estimates, which if achieved would put CAML on an undemanding EV/EBITDA multiple of just 4x and see the shares yield over 8% at current market price. Given average copper, zinc and lead prices across H2 to date are around 10% higher than our pricing assumption