AUCTUS PUBLICATIONS ________________________________________ Calima Energy (CE1 AU)C; Target of A$0.75 per share: Brooks drilling update – The average of the four well program, over their respective 30-day initial production rates, was 176 boe/d (75% oil) per well. There was a significant variation in production results between the 4 wells. The variability was consistent with the results since Blackspur started drilling the Sunburst in 2014 and the average production of the four wells was close
Companies: XOM XOM CNE CNE CE1 DNO DNO GENL HUR I3E JSE TETY TETY
i3 Energy announced that its first two Marten Hills Clearwater wells (drilled in late July) have cleaned-up and are now flowing sales volumes at a combined gross rate of 238 b/d of oil (50% I3E). The company also indicated that production from its Wapiti acquisition (completed on 20 July 2021), after recompletion work, is 171 boe/d greater than expected (now running at 471 boe/d). The company also announced that at Wapiti the company's participation in 2 wells that will be brought onstream short
Companies: i3 Energy Plc
Market update - 09/09/2021
Companies: BLOE JSE I3E
We are providing the market with our first complete set of financial statement projections for i3 Energy since the company entered Canada and are using the opportunity to provide background on the i3 Energy investment opportunity. i3 Energy's actual financial and operational results are almost certain to show more production growth, investment and cashflow than we have modelled, given we have assumed only announced drilling/remediation work, workovers to maintain base production at current level
While we were away…. ….Joiners 5 new ones over last 3 weeks: Yooma Wellness Inc (AQSE: YOOM), a global vertically integrated wellness platform that develops and markets a portfolio of CBD and wellness brands, announces it has joined the AQSE Growth Market. Yooma, together with its European deal coordinator, Chrystal Capital Partners LLP, have raised gross proceeds of GBP7.5m , at a price of C$0.90 (£0.5232) per share. Lorne Abony, Chairman of Yooma, said: "Yooma's listing on the AQSE provides
Companies: AXS ARE B90 I3E MSYS ORR SEN SUR SNX VAST
Market update - 23/08/2021
AUCTUS PUBLICATIONS ________________________________________ Calima Energy (CE1 CN) C: Target of A$0.40 per share: Starting drilling programme at Thorsby - The 3 well Leo drilling program has commenced in the Sparky Formation in the Thorsby area of Alberta. The Leo #1 well is presently at ~2,000 m measured depth. The well is expected to complete drilling this weekend, following which Leo #2 will commence drilling from the same pad. IP90 production rates per well are ~274-460 bbl/d. Imperial Hel
Companies: XOP CE1 HUR JSE WPL GENL I3E IHC NOG SDX
i3 Energy has provided a broad and, we believe, materially positive operational and financial update. We believe the most significant new information is that i) the Cenovus acquisition is expected to be effective from 1 April 2021 (reducing the effective consideration) and ii) i3 Energy has increased its “net operating income” guidance to $US94.8m (from $75.3m) due principally to rising commodity prices and, we believe, better netbacks (higher cashflow) from the Cenovus acquisition. We incr
Market update - 16/08/2021
Companies: 88E I3E UOG REXI
Our upgraded fair value estimate consists of 20.7p of value for the company's Canadian operations (net of balance sheet adjustments) with the remainder relating to the potential of the company's UK North Sea assets. For reference, prior to 17 June 2021 when we put our fair value estimate under review, our fair value estimate had been 24.5p of which 15.7p related to the company's Canadian operations (net of balance sheet adjustments). We believe that i3 Energy is growing production and shareholde
i3 Energy announced that it has completed tie-in operations for its two recently drilled Marten Hills wells into the Clearwater Formation (each consisting of 8 horizontal laterals). The 01-12-075-26W4 and 02-12-075-26W4 wells penetrated 13,057m and 12,644m, respectively, of reservoir – both at maximum vertical depths of circa 630m. The wells are now on production and flowing back drilling fluid. This clean-up process is expected to take approximately three to four weeks. The company indicated th
i3 Energy announced yesterday at 8:37 that it has completed the second well in the Marten Hills Clearwater drilling programme targeting the 25m thick Clearwater C sandstone (porosities ranging from 24% to 27%). The company indicated that from a single wellbore at the surface the company has drilled 8 horizontal laterals for a total of approximately 12.6 km of reservoir penetration at depth of circa 630m. As with the first well, the second well penetrated clean upper shoreface sands. I3 Energy in
Market update - 15/07/2021
Companies: Serinus Energy plc (SEN:WAR)i3 Energy Plc (I3E:LON)
AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL CN) C; Restarting in Colombia. New team. New focus – Arrow Exploration is a C$7 mm market cap E&P focused on Colombia with 7 mmboe of 2P reserves and ~535 boe/d production. While many of the early stage companies of a decade ago such as GeoPark, Parex,, Canacol or Frontera have become larger independents, the environment for start-ups in Colombia remains fertile and Arrow is one of the few micro cap companies th
Companies: ALV AXL CNE CEG DEC ENI ENI EQNR EQNR GPRK GPRK I3E IHC JSE KOS OMV OMV PXT PESA BRDT3 REP REP RDSA UKOG
i3 Energy has raised £40m via a placing of 363.7m shares at 11p (a 3% discount to the 15-day average closing price; announced yesterday). In connection with the placing, the company has secured a $US 53.7m strategic acquisition in central Alberta, Canada. The acquired assets are producing circa 8,418 boe/d (51% liquids) and are expected to generate circa $US 31m of cash flow (in the field, excluding any incremental corporate costs). We see the acquisition and the related placing as positive from
Research Tree provides access to ongoing research coverage, media content and regulatory news on i3 Energy Plc. We currently have 155 research reports from 6 professional analysts.
Higher metal prices saw CAML achieve a 52% and 131% increase in EBITDA and FCF respectively in the first half of 2021, facilitating an attractive 8p interim dividend declaration (up 2p on H1 2020). The H1 results are tracking our full-year estimates, which if achieved would put CAML on an undemanding EV/EBITDA multiple of just 4x and see the shares yield over 8% at current market price. Given average copper, zinc and lead prices across H2 to date are around 10% higher than our pricing assumption
Companies: Central Asia Metals Plc
EQTEC have confirmed that they have completed acquisition of a 1.2MW gasification plant. The plant is expected to be operational by Q4 2022.
Companies: EQTEC PLC
Today's raise is a testament to support for Jubilee's copper strategy in Zambia and once again showcases Jubilee's keen eye for value enhancing deals. The increase in ownership in the Tailings projects to produce the raw material for the Sable and Leopard refineries will allow Jubilee to benefit more from the profits generated and also to make choices on development speed and product output to closely match the requirements of the Integrated refineries. Today consolidates Jubilee's position in
Companies: Jubilee Metals Group PLC
EQTEC and KIBO Plc have confirmed a strategic partnership in the 25MW Billingham Plant. Kibo are investing £3m to acquire 54.54% of the Project SPV, with the remaining 45.46% owned by EQTEC.
Bond buyback result; forecast and valuation update
Companies: Hurricane Energy Plc
H1 2021 results
Companies: Union Jack Oil Plc
• The latest horizontal well (BN-8H) has achieved a ten day initial oil production rate of ~7.6 mbbl/d. This is materially above our expectations of ~5 mbbl/d. • As a result, current oil production is ~ 15.4 mbbl/d, also above our expectations of >13 mbbl/d. This is a very good result and with another development well due to be spudded shortly, the company is well on track to meet its production target of ~16 mbbl/d in 4Q21. • The results of the BN-8H well could also have positive implications f
Companies: PetroTal Corp.
Companies: Sylvania Platinum Ltd.
Landore has released a further set of assays with results from below the BAM East pit showing good grades and wide intersections. These wide zones are consistent with other drill results from the ‘hanging wall' previously reported, and as such we feel there is significant potential for an increase in ounces in the upcoming resource report. Drilling results from below the BAM East pit between 2550E and 2750E have continued to report wide zones of ore grade gold mineralisation within the gabbro ‘h
Companies: Landore Resources Limited
Bluejay Mining* (JAY LN) – BUY, Valuation 37.7p – Analyst call Central Asia Metals (CAML LN) – H1 performance and strong commodity prices deliver increased interim dividend and early repayment of debt Eurasia Mining* (EUA LN) – Monchetundra detailed mining plan Jubilee Metals Group (JLP LN) – Conditional placing to progress Zambian expansion Empire Metals* (EEE LN) – Strategic technical review commenced at Eclipse project Renascor Resources (RNU AU) – Major project status awarded by Austr
Companies: JAY CAML EEE EUA WRES JLP RNU
• Pharos is farming out 55% WI in El Fayum and North Beni Suef to IPR Energy. In return IPR will fund US$38.425 mm of Pharos’ retained share of the costs of future activities, equating to funding a ~US$85 mm gross programme (opex + capex). In addition, IPR will pay US$5 mm in cash on closing and a contingent consideration of US$0.175 mm for each US$1 over US$62/bbl (with a cap of US$92/bbl) each year from 2022 to 2025. This represents a potential additional consideration of U$20 mm (US$5 mm x 4
Companies: Pharos Energy PLC
Bond buyback offer and operational update
Oil gained a third week as investors focused on the ongoing production shut-ins in the US Gulf of Mexico as more refineries have resumed operations nearly two weeks after Hurricane Ida tore through the region. Futures in New York posted its longest set of weekly gains since July after ending Friday 2.3% higher. More than a million barrels a day of US offshore crude production remains shut in after Ida swept through the area nearly two weeks ago. Meanwhile, more Louisiana refineries are resumi
Companies: FO 88E DEC EME GTC TRIN UOG WEN
Despite the significant ongoing challenges posed to the business as a result of the COVID-19 pandemic and the sudden passing of founder and Executive Chairman, Bruce Dingwall, Trinity has released a strong set of interim results, with the Company's resilient production and strong balance sheet providing a solid foundation from which it can meaningfully scale the business. Higher oil price realisations during H1/21 more than offset an 8% natural decline in production, leading to a 69% increase in
Companies: Trinity Exploration & Production Plc
Companies: IronRidge Resources Ltd
