i3 Energy - Historical evolution of EV/CF multiples in Canadian E&P Sector + Comps

Figure 1 provides the historical EV/CF multiples for selected high-growth peers of i3 Energy operating in Canada. Table 1 provides the EV/CF multiples for our selection of the “best of the best” of Canadian junior E&P stocks, of which i3 Energy is one. We highlight that i) the outlook for the oil price has rarely been so robustly supported into the long-term and ii) the wells being drilled systematically in Canada today are some of the most economic wells being drilled by Canadian E&P companies

i3 Energy - Valuation Update

We are adjusting our fair value estimate for i3 Energy to align our commodity price estimates with weaker actual pricing than we had anticipated. We are lowering our 2023 WTI estimate to $84/b from $99/b and lowering our 2023 benchmark US gas price estimate to $5.50/mmbtu from $6.50/mmbtu. We have also updated our model to reflect the capex and production guidance provided by the company on 22 December 2022. Our updated 2023 cash flow from operations estimate amounts to $US109.6M, which equa

SP Angel Morning Energiser: 22/12/22

Crude rallies on US stock draws

WH Ireland: i3 Energy (I3E) - 2023 Capex and Production Guidance and Increase to Dividend

Hybridan Small Cap Feast 02/11/22

Dish of the day Joiners: Cooks Coffee Company Limited (NZX:CCC) has joined the Access Segment of has dual listed joining the Access Segment of the AQSE Growth Market under the ticker COOK. Cooks Coffee has a total of 111 outlets in the UK, Ireland and across its international markets. It is the 4th largest coffee chain in the UK (behind Starbucks, Costa and Caffè Nero). The company currently owns the Esquires Coffee and Triple Two Coffee Brands. Esquires was founded nearly 30 years ago and Cooks

SP Angel Morning Energiser: 02/11/22

Crude strengthens on China rumours

WH Ireland: i3 Energy (I3E) - Operational and Financial Update

i3 Energy announced that its production exceeded 23,000 boe/d for the first time and that its Q3 production averaged 20,517 boe/d. The company indicated that wells drilled in 2022 have met or exceeded pre-drill expectations, with costs coming in in-line with expectations. The company indicated that its operational results are in line with forecasts to reach 24,000 boe/d prior to year-end.

AXL LN/CN, EGY US/LN, PTAL LN/TAL CN, BLOE LN, ECHO LN, ENW LN, EOG LN, GTE LN/CN, I3E LN, JSE LN, OMV AG, PNOR NO, PXT CN, REP SM, TAO CN, TXP LN

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN) C; Target price of £0.45 per share: Gearing up for a busy programme – Current production is ~1,500 boe/d (in line with expectations). Gross production at RCE-2 is holding up very well with no decline since August (October: 1,100 bbl/d, August: 1,080 bbl/d). Gross production from RCS-1 stands at 340 bbl/d (380 bbl/d in August). A work-over rig is expected to arrive at the RCE field by the end of this week.

Hybridan Small Cap Feast 10/10/22

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Cooks Coffee Company ltd, an international coffee focused café chain which currently owns the Esquires Coffee and Triple Two Coffee Brands, intends to join the AQSE Growth Market. The Company is the 4th largest coffee focused café chain in the UK. Cooks Coffee is currently listed on the New Zealand Stock Exchange. Raising £1.5m through a rights issue in New Zealand and a private placement.

SP Angel Morning Energiser: 10/10/22

Energy prices muted start to the week

WH Ireland: i3 Energy (I3E) - Serenity Well Not Oil Bearing

i3 Energy announced that the Serenity appraisal well in the UK North sea was water wet and not oil bearing and that it will be plugged and abandoned. The company indicated that the cost of the well net to i3 Energy will be under-budget at circa £5.6M. We reduce our fair estimate from 66p to 49.35p to reflect the result (Table 1). For reference, our current fair value estimate includes 49.3p of value for the company's Canadian operations (based on a conservative 5x EV/CF 2022 multiple) and does n

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

WH Ireland: i3 Energy (I3E) - Graham Heath Resigning, Ryan Heath Appointed to Board

i3 Energy announced that Graham Heath, CFO and Executive Director, will be resigning to focus on the rehabilitation of his health and to pursue other interests. The company announced its intention to appoint Ryan Heath, President of i3 Canada, to the board. Finally, the company stated that it has commenced a search for a replacement CFO.

SP Angel Morning Energiser: 27/09/22

Leaks detected on Nord Stream pipelines

WH Ireland: i3 Energy (I3E) - September 2022 Production Update

i3 Energy announced that it recently reached a production rate of 22,000 boe/d (52% natural gas, 30% of natural gas liquids and 18% oil). The company stated that production levels are in-line with pre-drill forecasts and on track to reach 24,000 boe/d by year end.

Alkaid #2 test - follow-on potential project economics

Forecast update

Diversified Energy will report a FY22 update in February and ahead of this we update our estimates for the lower gas price while also highlighting that the group's unique operating model substantially protects it from lower gas prices and higher interest rates, thereby ensuring it remains well placed to pay one of the highest dividend yields in the FTSE350.

IOG plc (IOG LN) - Southwark update – poor initial flow rate

IOG has released an update on its Southwark A2 development well. This has returned initial flow rates substantially behind expectations. The well has been stimulated in six reservoir zones, and achieved a maximum stabilised rate of 4.2mmcf/d gross. Water production was also high, at 1.6mbbl/d, leading IOG to the conclusion that one or more of the producing zones could be in communication with the aquifer. As such, IOG is now planning on carrying out operations in order to attempt to isolate the

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

This Week's AIM Highlights 20th January 2023

Hybridan Small Cap Feast - 11 Jan 23

11 January 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 object

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

Q1 2023 Operational Update

Tharisa has released its production report for Q1 2023 today. The quarter has been impacted by unprecedented rainfall at the Tharisa mine. However, the company was able to minimise the impact on production through the use of their stockpiles to maintain plant throughput. PGM and Chrome concentrate production reduced by 6% and 8% QoQ respectively. Gross and net cash have increased by 49% and 29% respectively, in part due to the successful bond raise of US$31.8m and the continued strong free cash

Q4 Production Update

Shanta Gold (AIM: SHG), the East Africa-focused gold producer today released a production and operational update for Q4 2022 which was effectively in line with expectations. The Company did just miss its 2022 guidance set 12 months ago (68-76koz) producing 65.2koz but AISC was within the range guided at US$1,270/oz. The CEO, Eric Zurrin, commented that there are numerous initiatives underway for 2023 to optimise production including more open pit mining capacity and an extra underground producti

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

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

Hybridan Small Cap Feast - 25 Jan 23

25 January 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 object

Hybridan Small Cap Feast - 17 Jan 23

17 January 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 object

SHORE CAPITAL - Scotgold Resources+ (SGZ, House Stock at 54.5p)

Zephyr Energy Plc (AIM: ZPHR): Paradox well encounters substantial hydrocarbons while drilling

• The State 36-2 LNW-CC well in the Paradox basin encountered a significant influx of natural gas and condensate from the Cane Creek reservoir. The well has been stabilized and currently has a high flow rate to surface where production is currently being flared. • The influx was caused by the well intersecting an apparent major natural fracture network in the reservoir. • Encountering natural facture networks has historically been the key to delivering major wells in the basin. For instance, th

West Kenya Project Resource Update

Shanta Gold (AIM: SHG), the East Africa-focused gold producer has this morning released an update on the resource at its West Kenya Project (WKP). The total resource at WKP has increased from 1.55Moz to 1.7Moz with more ounces in the indicated category – see fig1. Within this is the Kakamega camp which has 1.3Moz grading 10.6g/t of which 722Koz are now in the indicated category.