SP Angel Morning Energiser: 08/06/23

US refinery at highest level since 2019

Hybridan Small Cap Feast - 26 May 23

26th May 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv

SP Angel Morning Energiser: 24/04/23

Signs of weaker NAM growth

Auctus on Friday - 21/04/2023

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C: Target price of A$0.100 per share: Competent person report confirms the materiality of the Welchau pospect – The Welchau prospect has been estimated to hold between 365 bcfe and 1,128 bcfe of prospective resources by Gaffney, Cline & Associates (GCA) with a mid-case at 645 bcfe including 10.1 mmbbl of condensate. While this is below the 807 bcfe mid-case estimated by ADX, the fact that the lower end of the GCA ran

Auctus on Friday - 06/04/2023

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN) C; Target price of £0.45 per share: The RCE-5 well encounters one of the largest net pay to date in the RCE field – The RCE-5 well encountered 90 feet of net oil pay across the Carbonera C7 (36 feet) and the Lower Gacheta sands (54 feet). This is the third successful well in the 2023 campaign. RCE-5 encountered the largest net pay in the current programme. The well is expected to add production and reserves a

SP Angel Morning Energiser: 05/04/23

Energy treads water ahead of Easter break

Auctus on Friday - 17/03/2023

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU) C; Target price of A$0.10 per share: Drilling news flow. Production growth. Value. – 2023 is expected to be a busy and transformational year for ADX. The company plans to grow gross production at Anshof (4.2 mmbbl net 2P reserves) to almost 1,000 bbl/d with two new wells by YE23. At that level, ADX can generate US$13 mm operating cashflow per year (after tax). This represents ~65% of the company’s market cap. The An

SP Angel Morning Energiser: 16/03/23

Energy sector brought low by banking crisis

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

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

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

Plexus Holdings - FY23 final results – on the road to recovery

Plexus FY23 revenue and losses were in line with expectations. As well as the further development of its licensee relationship with SLB (Schlumberger), Plexus is focussed on its re-entry into the rental of exploration wellheads from Jack-up rigs, the sale of surface production wellheads and the provision of specialised solutions and applications to operators, particularly for Plug & Abandonment (P&A) work. Plexus won a substantial c£5m special project contract during the year, which was expanded

Arrow Exploration Corp. (AIM: AXL): FY24 drilling programme: high impact & low risk

• 3Q23 production was 2,518 boe/d, near our forecast of 2,674 boe/d. • Arrow held US$12.9 mm in cash at the end of September. This is ahead of our expectations of US$6.6 mm on lower capex and opex. • Four new wells are expected to be on stream by YE23 including RCE 7, RCE-8 and two wells at Oso Pardo. • Following interpretation of the recently shot 3D seismic at Tapir, Arrow plans to drill a total of 15 wells in 2024 including five exploration wells targeting 3 material and low risk exploration

Morning Note – 29 November 2023

Morning Note – 28 November 2023

Alien Metals - Setting the foundations for operations at the Hancock DSO project

Alien and the Iron Ore Company of Australia (IOCA), continue to lay the foundations for operations at Hancock, one of its direct shipping iron ore (DSO) projects in Western Australia. Progress made to date ensures that, should a positive investment decision be made following the conclusion of Definitive Feasibility Studies (DFS), Hancock will be in operation and generating cashflow soon after capital is invested.

Longboat Energy plc (AIM: LBE): All eyes on 2024

• With the acquisition of interests in Sygna and Statfjord Øst expected to complete in January, the process to establish a stable well-funded producing business in Norway is almost complete. FY23 production at Sygna and Statfjord Øst net to Longboat Norge is ~250 boe/d. • The acquisition of 49.9% of Longboat Norge by JAPEX in 2023 provides low cost capital and access to a strong balance sheet to develop further the Kveikje area and make acquisitions at no further dilution to Longboat plc. • With

LIBERUM: Trident Royalties: New $40m revolving facility: cheaper, more flexible, expandable to $60m

Clean Power Hydrogen - Revised agreement with ATOME

CPH2 and ATOME have reached a mutual agreement to cease the previous production order made by ATOME. The CPH2 Board of Directors considers it is in the Company’s best of interests to focus its engineering and installation resources in ensuring roll out Membrane Free Electrolysers with current partners Fabrum Solutions Limited, KCA Deutag and, Northern Ireland Water. As part of the agreement, Molecular Energies has requested, and CPH2 has agreed to, a non-binding framework agreement with G-Mobili

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.

Strong second half trading

Andrada Mining: Interim results & lithium pilot plant update - ramping up to 250tpm; customer testing underway

Andrada Mining (“ATM”) has released interim financial results to 31st Aug, revealing weaker than expected EBITDA of -£0.6m vs H&Pe +£1.8m, but a lower than forecast free cash outflow of -£8.3m vs H&Pe -£9.4m. Post period end, ATM secured a total US$30m in new funding from Orion Resource Partners and Development Bank of Namibia, giving a solid (unaudited) cash balance of £23m as of 27th Nov. We expect profitability to improve in H2 as strip ratios are expected to fall. Earlier this week, ATM anno

UK-Listed Energy Sector: Review of the UK oil and gas landscape – why the country needs it, current policy and tax

The front of this note takes a look at the UK oil and gas sector, why domestic production is advantageous, what the main political parties think, and what could happen going forward. The latter part contains a review of the companies in our coverage – some that are UK centric, which give exposure to the note’s wider theme, and others that are focused elsewhere.

SP Angel Morning View: Metals prices rise on rising China GDP and ongoing economic electrification

Ariana Resources - Significant drilling results at Salinbas

Ariana today reports further results from the on-going drill programme at the Salinbas gold-copper project in northern Turkey, in which it has a 23.5% interest. With the Kiziltepe gold mine in operation (and satellite drill results – RNS 28.11.2023 – pointing to an extended mine life) and the Tavsan copper-gold mine under construction, Salinbas could be the third Ariana project to reach production. Ariana and its partners have been aggressively exploring Salinbas, and the adjoining Ardala and