Auctus on Friday - 13/01/2023

AUCTUS PUBLICATIONS ________________________________________ Calima Energy (CE1 AU)C: Target price of A$0.60 per share: New wells deliver flow rates above expectations – The three new Sunburst wells (Gemini #10, #11 and #12) drilled in 4Q22 are now on production and on average are achieving IP30 rates 35% higher than forecast. The three wells are currently producing 420 boe/d gross (370 boe/d net). This compares with IP30 production of 120 boe/d gross for a type well. The Pisces #6 and #7 wells

SP Angel Morning Energiser: 11/01/23

EIA forecasts fall in energy prices for 2023

Hurricane Energy - Trading and sales process update

Trading and sales process update

SP Angel Morning Energiser: 23/12/22

A year of high prices, energy insecurity and transition

SP Angel Morning Energiser: 25/11/22

Energy market volatility calm ahead of holiday weekend

SP Angel Morning Energiser: 18/11/22

Brent closes out the week at $90/bbl

Auctus on Friday - 04/11/2022

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU) C; Target price of A$0.070 per share: Anshof Reserves estimate well above expectations – RISC estimates that the Anshof field holds 5.2 mmboe of 2P gross reserves (4.2 mmboe net to ADX). This is well ahead of our expectations of ~1.8 mmboe. 85% of the previously estimated mid-case recoverable resources are now classified as 2P reserves. The 2P reserves estimate is based on an assumption of a water oil contact at 1,

SP Angel Morning Energiser: 02/11/22

Crude strengthens on China rumours

Hurricane Energy - Offer for company, formal sales process

Offer for company, formal sales process

Hurricane Energy - H1 2022 results

H1 2022 results

Auctus on Friday - 30/09/2022

AUCTUS PUBLICATIONS ________________________________________ Challenger Energy (CEG LN): Discontinuing coverage - We are discontinuing coverage on Challenger Energy Group. Longboat Energy (LBE LN)C; Target price of £1.50 per share: 3-5 well programme in 2023. Increased resources estimate at Kveikje – There were no surprises in the 1H22 financials. The gross contingent resources estimates at Kveikje have been increased from 28-48 mmboe to 35-60 mmboe (2C-3C) based on a new CPR following post wel

Auctus on Friday - 12/08/2022

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.06 per share: Raising new equity to accelerate high impact drilling – ADX has raised A$ 2.55 mm of new equity priced at A$ 0.006 per share. New investors will also receive one option for every two placement shares at a strike price of A$ 0.013 per share with an expiry date of 2 years. The proceeds of the raise will fund (1) the planning and purchase of long lead items for the high impact 800+ b

Hurricane Energy - Operational update

Operational update

Auctus on Friday - 22/07/2022

AUCTUS PUBLICATIONS ________________________________________ Challenger Energy (CEG LN); Under review : Operating update in Trinidad – Total gross oil production for 2Q22 was ~375 bbl/d, representing an approximately 6% increase over 1Q22. The quarter was adversely impacted by especially severe torrential rains in the last two weeks of June, which caused several days of downtime. GeoPark (GPRK US)C; Target price of US$39 per share: Strong 2Q22. Guidances reiterated – 2Q22 WI production was 38,9

SP Angel Morning Energiser: 19/07/22

Gazprom retroactively declared force majeure

LIBERUM: Sylvania Platinum* - Raising guidance on strong half

Alkaid #2 test - follow-on potential project economics

Chariot Limited (AIM: CHAR): Bringing water desalination capabilities in house is important for the green hydrogen business

• Chariot is acquiring ENEO Water PTE for US$0.5-1.0 mm in Chariot shares. • ENEO utilises an efficient, modular and scalable reverse osmosis technology that can be entirely powered by solar energy to produce desalinated water. ENEO is developing a proof of concept at a windfarm on the Red Sea in Djibouti that is under construction and is intended to provide local communities with access to potable water for the next 20 years. The capex of the project is very small (a few hundred thousand US dol

SHORE CAPITAL - SAVANNAH ENERGY+ (SAVE, Suspended, Under Review) - Sylvie Rucar appointed as independent NED

Cadence Minerals - Developing Amapá iron ore mine and strategic new technology metal interests

Cadence has secured a 30% stake in the Amapá iron ore mine, Brazil, for $9.3m, a project valued by Anglo American in 2012 at over $600m. With established infrastructure, Amapá is a company-making opportunity. Cadence has recently published a PFS on Amapá, which highlights the obvious value in the project. With equity interests in European Metals Holdings (Cinovec lithium-tin project in Czech Republic), Hastings Technology Metals (Yangibana REE project in Australia) and Evergreen (lithi

Union Jack Oil (UJO LN) - Wressle update

Ongoing strong production from Wressle. Union Jack has released an update on revenues from its Wressle field (Union Jack 40%). Wressle has now achieved US$13m of cumulative net revenues from the field since mid-August 2021, from US$12m as of early January 2023. The field continues to produce under natural flow and with zero water cut (most recently reported at a gross rate of 825-850bbl/d, and with current production described as being at “record” levels). These Wressle revenues continue to help

FY22 Trading Update

Diversified Energy has released a positive FY22 Trading Update and we increase our EBITDA forecasts by +3% in FY22 and 2023.

Record production achieved in trying circumstances

Higher production at Vanchem coupled with another stable year at Vametco saw Bushveld deliver record annual vanadium production in 2022, though the adverse impact of electricity load shedding on the ramp up of Vanchem meant that the full-year total narrowly missed the group’s target. We still anticipate a return to positive EBITDA for 2022 and further earnings growth this year as Vanchem continues to gather pace. However, evidence of positive progress on load-shedding mitigation measures at Vanc

Arrow Exploration Corp. (AIM: AXL): High 3Q22 production in Colombia and US$4 mm free cashflow

• 3Q23 production of 1,503 boe/d was above our expectation of 1,262 boe/d on higher production at Rio Cravo (860 bbbl/d) and Ombu (215 bbl/d). This suggests a continued strong performance of the RCE-2 well. • Corporate production in November has ranged between 1,900-2,000 boe/d with current net production of 887 bbl/d at Rio Cravo (up from 760 bbl/d on 01 November). While the RCS-1 well is still cleaning up, the newly perforated C-7A zone is already adding 165 bbl/d net (330 bbl/d gross) produc

Enhancing Ewoyaa: to extend or expand?

This Week's AIM Highlights 20th January 2023

LIBERUM: Atlantic Lithium* - Latest resources in-line; valuation upped to 57p on higher throughput

IOG (IOG LN) - Trading update

IOG has released a trading update. This reports that operations at the Southwark A2 development well continue, with new plans to isolate three of the six stimulated zones, reperforate two other zones and then flow test the well again. IOG reported last week a disappointing 4.2mmcf/d maximum gross flow rate achieved at A2, and we would hope to see a much higher number, perhaps over 20mmcf/d based on original expectations, once the remediations are in place. The experience on A2 is also being used

IOG (IOG LN) - Southwark update – flow rate not improved

Flow rates from Southwark A2 continue to be poor. IOG has released an update on activities at its Southwark A2 well. In mid-January, IOG reported initial stabilised flow test rates from its Southwark A2 well of 4.2mmcf/d gross of gas and also 1.6mbbld/d of water. This gas rate was not likely to be commercial. The company has since progressed a programme to isolate several of the producing zones, aiming to achieve higher gas flow rates and lower water cut. This programme has now been completed, a

Tungsten West: Revised plan to optimise Hemerdon for higher energy prices & other costs - amended note

Tungsten West (“TUN”) has published an updated Bankable Feasibility Study (“BFS”) post its re-optimisation of the Hemerdon project in light of higher energy prices and other key input costs. The revised plan reduces capex by ~£20m and cuts energy intensity, trading this off against slightly reduced tungsten output and lower payabilities. The completion of the BFS is a key milestone on the path to securing project financing. Site refurbishment and staff recruitment activities have continued since