AUCTUS ON FRIDAY: EGY US/LN, PEN NO, PTAL LN/TAL CN, TETY SS, VLU LN/VLE CN, ALV CN, AOI CN/SS, CNE CN, CNE LN, CPI CN, ENQ LN, GKP LN, HRB LN, HUR LN, IGAS LN, KOS US/LN, NOR NO, OKE NO, SENX LN, TXP LN/CN ________________________________________ AUCTUS PUBLICATIONS Vaalco Energy (EGY US/LN)C; Target price of £3.80 per share: Removing oil price risk in 2021 - 1Q21 cashflow was negatively impact by a ~US$12 working capital movement that should be reversed on the upcoming period given that the c
Companies: AOI ALV CNE CNE CNE ENQ HUR KOS PEN PEN TAL SEN TETY TETY TXP EGY VLE
Market update - 10/05/21
Companies: HUR MATD RBD UJO
Proposed restructuring
Companies: Hurricane Energy Plc
AUCTUS PUBLICATIONS Bahamas Petroleum Company (BPC LN)C; Target price of 1.20p per share: Pressing the reset button - BPC announced important management changes with Eytan Uliel becoming CEO and Simon Potter transitioning to a NED role. The company will also change its name to Challenger Energy plc. The strategic focus has not changed with two imminent key appraisal wells due to be drilled in Trinidad and Suriname at a total initial cost of 2x the current share price. Importantly our unrisked N
Companies: ADX AKERBP AKERBP BPC BP/ CE1 DEC ENI ENI ENQ EQNR EQNR XOM XOM HUR JSE JKX LUPE NOG OMV OMV RBD REP REP RDSA FP EGY VOG
AUCTUS PUBLICATIONS GeoPark (GPRK US)C; Target price of US$26 per share: Debt restructuring frees-up cash for potentially enhanced shareholder distributions - GeoPark has repurchased US$255 mm of the 6.5% Senior Notes due 2024 to be funded by a combination of cash in hand and a US$150 mm new issuance from the reopening of the 5.5% Senior Notes due 2027. The new 2027 Notes were priced above par at 101.875%, representing a yield to maturity of 5.117%. As a result of the transaction, the company’s
Companies: WPL WEN VOG ENI ENI EQNR EQNR FEC GPRK GPRK HUR JSE PEN PEN TAL FP
Market update - 19/04/2021
Companies: DELT ECHO HUR MSMN
Q1 production update
AUCTUS PUBLICATIONS Panoro Energy (PEN NO)C: Better deal than expected in EG – Increasing our target price from NOK30 to NOK34 per share – The acquisition of Tullow’s EG asset has now closed and Panoro has paid a final consideration of US$89 mm in line with the initial price announced earlier (US$90 mm). Panoro has also sold a 903 mbbl cargo in EG associated with historical production in 2H20 and 1Q21 for US$59 mm net to Panoro (after royalty). This amount corresponds to Panoro’s net entitlement
Companies: 88E ALV BP/ ENI ENI HUR OMV OMV PEN PEN TAL PHAR REP REP RDSA TETY TETY FP
CPR reserves and resources update
Market update - 02/03/2021
Companies: 88E CHAR HUR PANR
Lancaster activity update
Bahamas Petroleum Company (BPC LN)C; Target Price: 6.70p: Funding update – BPC has exercised a put option to raise £3.75 mm priced at 2p per share. PetroTal (PTAL LN/TAL CN)C: Target Price increased from £0.45 to £0.50: US$100 mm bond to accelerate activities and grow production - PetroTal is launching a bond issue to raise US$100 mm. This would allow the firm to accelerate drilling and development activities at Bretana (~US$40 mm), clean up its balance sheet, put in place a hedging programme a
Companies: 88E BPC EQNR HUR LUNE PXT PHAR SNM TETY TETY FP EGY WEN
Wentworth Resources (WEN LN): Trading update, strong balance sheet and consistent production confirmed Zephyr Energy (ZPHR LN): State 16-2 reaches TD in only 19 days Hurricane Energy (HUR LN): Water cut at Lancaster remains under control Tower Resources* (TRP LN): £1.25m placing underlines shareholder support
Companies: WEN ZPHR HUR TRP
Trading update
Bahamas Petroleum Company (BPC LN)C; Target: 6.7p: Further funding secures the 2021 programme - BPC is raising US$10 mm of new equity immediately with a fund managed by Lombard Odier. The placing comprises 375 mm new shares at 2.0p per share. The investor is also issued warrants to subscribe for 93.75 mm shares at 3.0p and 93.75 mm shares at 4.0p over a period of one year. If all of these warrants were to be exercised, BPC would raise a further US$8.7 mm. BPC has also the option to raise up to a
Companies: SQZ HBR AOI BPC CNE XOP GTE HUR JOG MAHAA TAL PHAR TETY TETY
Research Tree provides access to ongoing research coverage, media content and regulatory news on Hurricane Energy Plc. We currently have 362 research reports from 10 professional analysts.
Given the stellar performance of PGM prices, it is no surprise that Sylvania have achieved another record quarter with EBITDA of $58.7m and cash balance increasing 52% to $102.1m. Annualising this past quarter, the stock trades on a ridiculously cheap EV/EBITDA of 1.5x. Production of 17.4koz was inline with expectations and guidance of 70koz for the year remains in place. We remain very comfortable on rhodium on a five-year view (see here) and expect the abnormal cashflows to continue (30% FY22
Companies: Sylvania Platinum Ltd.
Semper Fortis Esports* recently announced its intention to IPO onto the Access Segment of the Aquis Stock Exchange Growth Market. Semper is a multi-operational Esports organisation focusing on gaming technology solutions, brand enhancement and high growth team infrastructures. The company plans to raise £2.5m to develop their three core areas of establishing an esports team, forming partnerships with brands for sponsorship and B2B consultancy services. The Board are highly experienced in spor
Companies: ADME RTC SAV DFCH HUW TEG ANIC KOO MIRI SPSY
Thor Mining (Thor) provides investors with exposure to a wide range of commodities in two safe jurisdictions (the USA and Australia). We see Thor's priority projects as its In-situ Recovery (ISR) projects in South Australia and its shovel-ready Molyhil tungsten project in Northern Territory. Short term, we expect news from exploration and drilling at its Ragged Range gold project in Western Australia and drilling in its uranium projects in Colorado – either of which could be transformational f
Companies: Thor Mining PLC
Following on from our previous report we wanted to explore the potential value of the Jade, Topaz and Pearl prospects in the event of success. We explore a potential three stage approach to the drilling of the three identified prospects within Block 29/11. Phase 1 involves success at Jade, which in the event of a commercial discovery would see our risked valuation of Jade increase from 9.7p to 41.2p. Phase 2 involves success at Topaz, which in the event of a commercial discovery would see our ri
Companies: Empyrean Energy PLC
Not much of note in Touchstone’s Q1 results, although the oil price recovery has spurred increased workover activity on its mature base oil business, stabilising production. Cash resources remain strong and Touchstone has significant remaining headroom on its credit facility, which alongside existing cash flows should cover this year’s work programme. Our risked-NAV and price target fall slightly, by 4% to 157p/sh, due primarily to lower net cash balances, but the impending Royston exploration w
Companies: Touchstone Exploration Inc
Planned maintenance downtime at Vametco offset a solid performance at Vanchem as Q1 2021 vanadium production fell by 22% and 29% versus Q1 and Q4 of 2020, to 688t. Vametco is showing better stability post restart, but mindful of ongoing workstreams to maintain this, and of ramp-up risks attached to the Vanchem refurbishment, Bushveld now expects full-year production to come in towards the lower end of its 4,100-4,350t guidance range. We still envisage overall improved output this year, which in
Companies: Bushveld Minerals Limited
The UK market showed a continued recovery in the first quarter albeit the indices are still well short of their all-time peaks, unlike many of their international peers. The FTSE 100 has risen by 1,186 points (21.4%) since the end of October and the FTSE 250 by 4,304 points (25.0%). The comparable performance since the start of the year is less spectacular- the FTSE 100 has risen by 253 points (3.9%) and the FTSE 250 has risen by 1,070 points (5.0%). The factors behind the sustained rally are fa
Companies: AMYT ARBB BPC BAG BVC BEG BONH BLVN BRSD CML CWK CRPR EYE ECHO FDM FAR FA/ GPH GSF HUW INSE JDG KAPE KP2 MACF MPAC MNZS NESF NBI OTMP OBD PREM QFI RUA SCS SEN SOS SUR TON TOU TXP TGL TCN UEM VLS WYN
Bacanora Lithium (BCN LN) – Potential offer from Ganfeng Lucara Diamonds (LUC CN) – Reports healthiest diamond market for 5 years Pasofino Gold (VEIN CN) – C$9m equity raise Power Metal Resources* (POW LN) – New corporate presentation Rambler Metals and Mining* (RMM LN) – 2021 Q1 results and progress of recovery plan Rio Tinto (RIO LN) – Battery-grade lithium produced at California plant
Companies: LUC VEIN BCN POW RMM RIO
• The 7D well has been put on production at 3,700 bbl/d during the first 10 days of production and has averaged 4,550 bbl/d during the past three days. The well took only 33 days to drill at a cost of US$8.6 mm (7% below the US$9.2 mm estimate). • During the last three days, Bretana oil field production has averaged approximately 11,100 bbl/d. Two wells, representing 1,200 bbl/d, are currently shut in awaiting increased water injection pump enhancements, suggesting an overall well production ca
Companies: PetroTal Corp.
InfraStrata has conditionally raised £10.3m in a placing (with potential for up to a further £4.1m through an open offer) to support delivery of a transformational £26.5m fabrication contract with Saipem. This project validates management's vision for the company, and paves the way for future fabrication contracts. With the substantial pipeline of opportunities being targeted (c£1.7bn), alignment to structural growth drivers that are underpinned by government policy, and the credibility provided
Companies: InfraStrata plc
European Metals Holdings (EMH) yesterday provided a further update on its resource drilling programme at Cinovec; the nineteen hole drill program is to define blocks of resource for the first 5 years of mining within the Cinovec-South area and to convert the resource from Indicated to the Measured category. Seventeen holes have been completed with results reported by EMH to be in line, or better, than modelled. Of the six holes reported today, there were some intercepting significant tin miner
Companies: European Metals Holdings Limited
Oil posted a gain this week as expectations for growing economic activity in nations from the US to Europe fuelled optimism around stronger summer demand. Futures in New York advanced 2.1% this week in the first back-to-back weekly increase since early March. Fuel sales in the UK rose to the highest since the pandemic again, and in the US, refineries are running at their highest rate since the pandemic began as they gear up for the summer driving season. Crude's advance this week comes amid s
Companies: FO 88E DEC EME GTC TRIN UOG
Canyon Resources (CAY AU) – Minim Martap bauxite project mineral resource upgrade (Altus Strategies is invested in Canyon Resources) Marvel Gold (MVL AU) A$0.05, Mkt Cap A$27m – Chilalo Graphite Project spin out (Altus Strategies holds a JV agreement with Marvel Gold) Metal Tiger (MTR LN) – Drilling Commenced at KML copper project Serabi Gold* (SRB LN) – Drilling confirms lateral and depth extensions to mineralisation at Palito
Companies: ALS SRB MTR CAY MVL
Q1 2021 results
Companies: Serinus Energy plc
Atalaya Mining (ATYM LN) –Q1 reaps benefit of a strong operating performance and higher copper prices Caledonia Mining* (CMCL LN) – Blanket mine comes through weather affected Q1 to deliver above planned gold production in April Eurasia Mining* (EUA LN) – Eurasia asset sale process. West Kytlim operations expand capacity GoldStone Resources* (GRL LN) – Significant production guidance upgrade at Homase Shanta Gold (SHG LN) – NED appointment Walkabout Resources (WKT AU) – A$6.4m equity raise
Companies: CMCL EUA GRL SHG ATYM WKT
