SP Angel Morning Energiser: 21/04/23

Growth concerns mount

Auctus on Friday - 24/03/2023

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN) C; Target price of £0.45 per share: Good flow rate at RCE-4 – The RCE-4 well has been put in production. It has produced at a rate of 728 bbl/d (364 bbl/d net to Arrow) of 28.5 API oil with a 1% water cut from the C7-A and C7 Stringer zones over the last 24 hours. This is a similar result as at RCE-3 (24 h flow rate of 968 bbl/d gross/484 bbl/d net). As was the case at RCE-3, the RCE-4 well is also flowing na

SP Angel Morning Energiser: 20/03/23

Energy prices extend losses

SP Angel Morning Energiser: 07/11/22

US cold snap boosts gas prices

SP Angel Morning Energiser: 08/07/22

Kazak oil export pipeline ordered to close

SP Angel Energy: FY22 results & upgraded shale potential (GEEC LN)

Great Eastern Energy Corporation Ltd (GEECL) announced its FY22 preliminary results for the 12 months ended 31 March 2022, together with an updated competent persons report (CPR) on the reserves and resources at its Raniganj (South) licence.

SP Angel Energy: Shale gas exploration to commence (GEEC LN)

Great Eastern Energy Corporation Ltd (GEECL) announced that it has executed an amendment to its Petroleum Mining Lease on the Raniganj (South) block in West Bengal and will now progress with its shale exploration programme.

SP Angel Oil & Gas Daily Flow: 19/01/21

Market update - 19/01/2022

Great Eastern Energy Corporation* (STRONG BUY) - Capitalising on India's growth outlook

GEEC continues to successfully navigate the ramifications of the pandemic and today's interim results further underline the financial and operational resilience of the business in our view. Sales volumes and revenues grew in line with expectations during the first six months of FY22 and investors will be encouraged that the average gas sales prices received remains robust, with profits ahead of forecasts. Encouragingly, operations continue to grow with gas production increasing from a FY average

SP Angel Oil & Gas Daily Flow: 14/07/21

Market update - 14/07/2021

Great Eastern Energy Corporation* - FY21 Results - Poised for significant growth

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

Oil & Gas Daily Flow

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

Oil & Gas Daily Flow

Great Eastern Energy Corporation* (GEEC LN): Payment obligations confirmed | Nostra Terra Oil and Gas (NTOG LN): Accretive low risk cash generative acquisition

Oil & Gas Daily Flow

Premier Oil (PMO LN): Trading update, net debt continues to fall | Great Eastern Energy Corporation* (GEEC LN): COVID-19 update highlights robust liquidity position

Oil & Gas Daily Flow

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

Oil & Gas - Cavendish sector note

88 Energy, Falcon Oil & Gas, Trinity Exploration & Production, Plexus Holdings, Baron Oil, Harbour Energy, EnQuest, Capricorn Energy, Arrow Exploration, Southern Energy, Serinus Energy, SDX Energy, Panoro Energy, Eco (Atlantic) Oil & Gas, OKEA ASA, Equinor Source: FactSet, weekly change 27/11/23-1/12/23 Oil extended declines, closing out a sixth straight weekly drop, as the OPEC+ output cuts announced Thursday failed to dispel the market’s gloom over swelling global supplies. West Texas Intermed

Pan African Resources - Valuation up 22.2% with new gold price forecasts

On 22 November, Pan African Resources (PAF) announced that operations to date in FY24 had performed in line with, or better than, expected, with gold production for H124 anticipated to be in the range 94,000–98,000oz (cf 92,307oz in H123). As a result, it increased its production guidance for FY24 to 180,000–190,000oz, which caused us to increase our production estimate in turn by 1.9% (or 3,575oz) to 189,725oz. The change made only a modest difference to our EPS forecasts for FY24 (see Exhibit

Morning Note – 4 December 2023

Hartshead Resources - Fully Funded Solution

Hartshead has secured a funding solution with partner Rockrose Energy to fund 100% of the Phase I development costs. Under the agreement, Hartshead has the option to exchange an additional 20% licence interest for an uncapped free carry, thereby covering the total cost of the Phase I development project (financing backstop). Importantly, Hartshead maintains at its election the option not to proceed with the RockRose financing solution, and introduce other financing solutions (eg project debt, pr

New Debt Facility – Lowering TRR Cost of Capital

We have been roadshowing Trident Royalties all week during which time the company released an announcement that they have entered into a commitment letter with BMO and CIBC for a new $40m revolving credit facility (RCF), with the potential to increase the facility to $60m via an accordion feature. The proceeds from the $40m are going to be used to repay the existing secured debt facility of $40m with Macquire in Q1 next year.

Southern Energy - 3Q Results and Comprehensive Update Note

Southern Energy delivered solid 3Q results with the focus of attention now turned towards the completion of 4 drilled uncompleted wells (“DUCs”). We see our investment thesis for Southern Energy – premised on the scale, location, quality, deliverability, low-cost nature of the company's Gwinville gas field in Mississippi, USA – very much strengthening based on our structural commodity price outlook and our growing confidence in the highly prolific Gwinville gas field, sharpening our interest in

Oil & Gas - Cavendish sector note

Jersey Oil & Gas, Serica Energy, Trinity Exploration & Production, Longboat Energy, Ithaca Energy, Neptune Energy, Pantheon Resources, Nostrum Oil & Gas, Kufpec, ORLEN.

SP Angel Morning View: Gold powers through $2,100/oz on outlook for Fed rate cuts

Diversified Energy Company - Delivering Consistent and Reliable Results

DEC’s Q3/23 trading update was in line with expectations as the company continued to deliver despite further commodity price headwinds. The Q3/23 Adjusted EBITDA margin of 52% (H1/23: 52%) reflects the quality of DEC’s asset base and its ability to efficiently manage every aspect of its operations. Average net daily production in Q3/23 was 134Mboepd (H1/23: 142Mboepd), with exit rate production of 134.4Mboepd. DEC has maintained its dividend at US$0.04375 per share. Since its IPO in 2017, DEC ha

Thor Energy - High-Grade Uranium Intercepts at Groundhog Prospect

Thor today announces the final downhole gamma results for the reverse circulation drill programme undertaken at the Wedding Bell and Radium Mountain projects in the USA. Downhole gamma readings are a commonly used proxy for physical uranium assays.

Strong second half trading

Jersey Oil & Gas - Delivering zero-capex barrels

Last week, JOG successfully secured its second GBA farmout, locking in a path to delivering zero-capex barrels. The surprisingly muted share price response to the farm-out leaves JOG trading at an unjustifiably large discount to our valuation. With a material fully funded development project under its belt and a clean balance sheet, JOG presents a very low-cost way to access high quality development barrels for investors and potential acquirers alike. If the threat of M&A does not narrow JOG’s v

Morning Note – 28 November 2023

Sound Energy* (SOU LN) - Debt project funding offer received

Sound Energy* (SOU LN) - Flash note - Debt project funding offer received

Oil & Gas - Cavendish sector note

Oil surged the most in two weeks after Israel’s military said it was “expanding ground activity” in Gaza this evening, reviving concerns about the conflict spreading more broadly.   The announcement from the Israeli Defence Forces pushed West Texas Intermediate to settle above $85 a barrel after a volatile session that saw prices whipsawed by developments in the Middle East conflict. The drumbeat of geopolitical headlines that buffeted oil prices on Friday continued a trend that has driven oil