Auctus on Friday - 16/12/2022

AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN)C; Target price of £0.55 per share: Agreeing long term offtake gas sales principles is a very important step - Key principles for long term gas sales from the Anchois Gas Project have been agreed with the Office National de l'Electricité et de l'Eau Potable. This will cover sales of up to 60 mmcf/d that will be sold locally on a take or pay basis for a minimum of ten years. The gas will be delivered via the Maghreb Eur

SP Angel Morning Energiser: 14/12/22

Brent pushes back above $80

Shale gas fracking moratorium reinstated

Auctus on Friday - 6/09/2022

AUCTUS PUBLICATIONS ________________________________________ Longboat Energy (LBE LN)C; Target price of £1.25 per share: Copernicus is dry - The Copernicus exploration well on licence PL1017 was dry. The well failed to encounter any effective reservoir. This was a high risk well. Drilling was much quicker than anticipated. As a result, the cost of the well was materially under budget, suggesting that the balance sheet of the company could be stronger than our current assumption. We reduce our ta

H1 22 results - unconventional energy increasingly high profile

Auctus on Friday - 17/06/2022

AUCTUS PUBLICATIONS ________________________________________ PetroTal (PTAL LN/TAC CN)C; Target price of £1.20 per share: 0.72 mmbbl sales will trigger a US$60 mm payment to PetroTal earlier than expected – Section II of the Northern Peruvian Pipeline has been temporary re-opened. As a result, 0.72 mmbbl of PetroTal’s Bretana oil has been tendered at the Bayovar port by Petroperu for the July lifting. This oil previously entered the pipeline in late 2020 for which PetroTal was paid just ~US$45/b

SP Angel Morning Energiser: 15/06/22

European gas supplies disrupted

Auctus on Friday - 08/04/2022

AUCTUS PUBLICATIONS ________________________________________ Looking at E&P Free Cash Flow - While companies still carry hedges contracted at lower prices, we estimate our producer universe will generate ~25% FCF yield (defined as FCF/EV) in 2022 at ~US$100/bbl. At just US$70/bbl, the overall FCF yield is estimated at 15% for 2023 and >20% for 2024. Assuming US$110/bbl, this increases further to ~40% for each of 2023 and 2024. At YE24, balance sheet net cash, after paying shareholder distributio

Looking ahead to unlocking the renewables value

SP Angel Oil & Gas Daily Flow: 06/04/22

Market Update: 6 April 2022

FY21 results - significant step forward for geothermal projects

Auctus on Friday - 04/03/2022

AUCTUS PUBLICATIONS ________________________________________ Vaalco Energy (EGY LN/CN)C; Target price increased from £4.80 per share to £5.30 per share: Very large reserves increase – YE21 SEC proved reserves were 11.2 mmbbl, up 250% compared to YE20 (3.2 mmbbl). This large increase reflects (1) a 5 mmbbl addition associated with improved well performance, field-life extension related to cost savings from the replacement Floating, Storage and Offloading vessel, and the addition of proved undevel

Hybridan Small Cap Feast 22/02/2022

Joiners: No Joiners Today. Leavers: ASOS has left AIM to join the Main Market. Minds and Machines Group has left AIM. What’s cooking in the IPO kitchen? URA Holdings, a London based mining exploration and development company, intends to list on the Main Market (Standard). URA, a former AIM-listed company, is refinanced and ready for listing as an African focused mineral exploration company. The Company’s purpose is to seek unique, value-enhancing opportunities in minerals as a project generator

SP Angel Morning View: Oil and gold surge as Russian troops enter DNR/LNR

AngloGold (ANG SJ) – Full-year profit drops on raising costs & lower output Antofagasta (ANTO LN) – Strong 2021 reflects buoyant copper prices despite Chilean drought and Covid19 BlueRock Diamonds* (BRD LN) – Recovery of 11.95ct diamond worth >$100,000 Caledonia Mining* (CMCL LN) – Fatality at the Blanket mine Cornish Lithium (Private) - IGAS Energy (IGAS LN)– Heads of Terms signed with Cornish Lithium to develop geothermal heat projects Petra Diamonds (PDL LN) – Diamond price recovery hel

SP Angel Oil & Gas Daily Flow: 22/02/22

Market update - 22/02/2022

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

Arc Minerals - Standout exploration in the Central African Copperbelt

Arc is in exclusive Joint Venture (JV) discussions with Anglo American (due to complete by end March 2023 – RNS 07.02.2023) to advance its highly prospective concessions in the Central African Copperbelt in Zambia, a belt host to numerous significant copper and cobalt deposits in both Zambia and the DRC. Arc is also advancing the Virgo copper-nickel-silver project in Botswana, where prospective litho-stratigraphic contacts with associated copper and nickel geochemistry have been identified under

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

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

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

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

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

Royston appraisal drilling operations start

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