Hunting (HTG LN) - Capital markets day

Statement ahead of capital markets day sets strong growth ambitions. Hunting has released a statement in advance of its capital markets day later today. On the numbers side, this includes further details of the company’s targets, including achieving revenue of c.US$1.3bn and an EBITDA margin of c.15%, both by 2025, which would imply an EBITDA number of US$195m for 2025. Hunting reported US$52.0m of EBITDA for 2022, and today reiterates guidance of US$96-100m for 2023 and US$125-135m for 2024. As

Hunting (HTG) - H1 2023 results

Hunting has release its H1 results to the end of June 2023. These report strong growth, in-line with recent guidance, supported by a wider return to growth across Hunting’s international markets.

Hunting (HTG) - Trading update

Hunting has released a trading update, reporting a strong H1 for the company on the back of growth in USA and South America demand alongside higher activity in APAC

Hunting (HTG LN) - New contract and guidance update

Hunting has announced a significant new OCTG contract, and an increase in its 2023 EBITDA guidance

Hunting (HTG) - Forecast Update

Forecasts for 2023 remain unchanged, a little behind consensus. We have now updated our Hunting model for the recent full year 2022 results. For 2023 we continue to leave our forecasts unchanged, with our numbers remaining a little below guidance. Hunting guided to 2023 EBITDA of c.US$85-90m in December, and maintained this at the results in March, while current consensus is US$86m. The results also included guidance of an EBITDA margin for 2023 of c.10% (7.2% was achieved in 2022), with a longe

Hunting (HTG LN) - Full year 2022 results, updated strategy

Full year results report a strong year of recovery. Hunting has released its full year 2022 results. Revenues are reported at US$725.8m, compared with our US$695.7m forecast and consensus of US$710m (2% beat). EBITDA is then reported at US$52.0m, against guidance in December of c.US$50m, our forecast of US$50.2m and consensus of US$51m (2% beat). As such, this is minor outperformance versus expectations.

Hunting - Trading update

Trading update

SP Angel Morning Energiser: 15/12/22

EIA reports stock builds

Hunting - Trading update

Trading update

Hunting - H1 2022 results

H1 2022 results

Hunting - Trading statement shows ongoing recovery

Trading statement shows ongoing recovery

Hunting - Q1 trading statement

Q1 trading statement

Hunting - Forecast and target price update

Forecast and target price update

Hunting - Full year 2021 results

Full year 2021 results

Chariot Limited (AIM: CHAR): Imminent partner in Morocco

• The US$2.7 mm cash position at the end of June is in line with our expectations. • Although inflation across the industry and rig availability had complicated and delayed the finalization of a farm-in agreement for Anchois in Morocco, negotiations on partnering are in the final stages. A partner could be announced very soon. • Progress has been made across the portfolio. Onshore Morocco, permitting is under way with drilling now expected to start in early 2024 with up to four wells. Prospects

LIBERUM: Trident Royalties: Benefitting from rising rate environment

LIBERUM: Trident Royalties*: Utah lithium royalty acquisition

Interim Results

Diversified reported strong interim results, with production that was marginally below our estimate more than outweighed by tight cost control to deliver EBITDA ahead of our forecast; we broadly retain our FY23 estimates.

Savannah Energy+ (SAVE, Suspended, Under Review) - Interim results; readmission now expected in Q4

Pantheon Resources - Positive Outlook for Pantheon Resources

We believe that the outlook for Pantheon Resources is significantly improving.

Touchstone Exploration+ (TXP, House Stock at 68p) - Cascadura production update

Central Asia Metals: H1 2023 Interim Results

Central Asia Metals (CAML LN) results in H1 2023 follow a record prior comparable period, with the swing between the two primarily due to commodity price performance. H1 2023 net revenue of US$93.6m was down 18% YoY, EBITDA of US$48.9m was down 35% YoY. COGS was up 9.8% YoY given global inflationary pressures. Other charges on the P&L were minimal particularly now CAML is debt free. Owing to the timing of tax charges and some unfavourable working capital movements which we expect to be resolved

Touchstone Exploration+ (TXP, House Stock at 62p) - Cash generation and scale in Trinidad to the fore

Bushveld Minerals: H1 results; progress at Vanchem post period end

Bushveld Minerals (“BMN”) has released its results for H1 2023 having already released production of 1,784t at a weighted average cash cost of US$26.6/kgV, with H1 sales of 2,096tV through destocking during the period. Revenue for the period was US$78.4m, with adj EBITDA of US$10.3m and attributable NPAT of -US$14m. The company finished H1 with US$3.7m of cash and US$90.7m of debt. We expect H2 production of 1,992tV, split between 925tV from Vanchem and 1,067tV from Vametco, bringing full year p

LIBERUM: Lithium - Rock Developers: EMH, SAV, ALL, PLL & ZNWD are all stand outs, on post-tax bases

Interim results

Bushveld delivered as robust a financial performance as could reasonably be expected in H1 2023 given the operational challenges faced. We are encouraged by the reported progress made at both Vametco and Vanchem since, and vanadium price aside (current prices are soft, and pose a downside risk if they do not recover in-line with our assumptions) we think Bushveld is broadly on course to meet our full-year estimates. But given its stressed balance sheet, concluding the refinancing of its c.US$45m

Chariot - Anchois Partnering in Final Stages

The partnering process at Anchois is now close to a conclusion, with farm-out negotiations in their final stages. The FEED phase of the Anchois gas development was completed in March, with Chariot continuing to make progress across all the Anchois technical and commercial workstreams. Post period, Chariot added the synergistic, low-cost, low-risk Loukos Onshore licence. Loukos Onshore contains several near-term drilling opportunities, which, if successful could lead to fast-tracked gas productio

Value anomaly despite resilient trading

CMD - still plenty of growth potential