Auctus on Friday - 27/02/2023

AUCTUS PUBLICATIONS ________________________________________ GeoPark (GPRK US)C: Target price of US$31 per share: Two new strong development wells at CPO-5 – Two new development wells, Indico 6 and Indico 7, tested over 11,000 bbl/d gross (in aggregate) with hardly any water (Indico 6: 6,270 bbl/d, Indico 7: 5,245 bbl/d). The wells are expected to be tied in later in 1Q23 and put on production at an initial constrained rate of 8 mbbl/d. This would take gross production from the field from ~20 mb

SP Angel Morning Energiser: 25/01/23

Energy prices edge lower

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

Morning Note – 25 January 2023

This Week's AIM Highlights 20th January 2023

Auctus on Friday - 20/01/2023

AUCTUS PUBLICATIONS ________________________________________ Calima Energy (CE1 AU)C: Target price of A$0.60 per share: Activity programme to unlock the value of the Montney – Calima will start the re-testing of two wells in the Montney in late January. The testing of these two wells started late during the 2019 winter and had to be terminated early due to unseasonably warm weather which melted the ice road access. With the COVID-19 pandemic impacting activities in 2020 and the subsequent acquis

LSE AIM - Market Screener

The market capitalization of AIM stocks reached £103bn as of 13th January 2023 compared to the 15th of December 2022. Among the top YTD winners, there were Genincode Plc (+100% YTD on approval of California State licensing approval and CLIA certification of its Irvine laboratory in California, enabling the provision of its products for the risk assessment of CVD to patients across 49 states in the US), Quantum Blockchain Technologies (86.7% on successful legal claim resolution), musicMagpie (66.

SP Angel Morning Energiser: 18/01/23

China reopening boosts crude prices

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

Morning Note – 18 January 2023

Morning Note – 23 December 2022

SP Angel Morning Energiser: 22/12/22

Crude rallies on US stock draws

IOG - Operational update

Operational update

Auctus on Friday - 25/11/2022

AUCTUS PUBLICATIONS ________________________________________ Calima Energy (CE1 AU)C; Target price of A$0.60 per share: Market cap paid back in 2 years, even after incorporating higher differentials - Four wells out of the five well 4Q22 programme have now been drilled with two wells already in production. Gemini#10 is producing in line with the type curve (IP of 120 boe/d gross and 60 boe/d net to Calima 50% WI). Gemini #11 was put into production on 24 November while Gemini#12 will be brought

SP Angel Morning Energiser: 25/11/22

Energy market volatility calm ahead of holiday weekend

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.

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

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

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

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

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

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

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.

Morning Note – 16 January 2023

An encouraging start to the year

COPL yesterday announced initial results of its first completion of a Frontier 1 well at Cole Creek. While we acknowledge that it would likely take a few more weeks of patience before one can make a more definitive judgement on the production potential of this formation, in our view the initial results are encouraging. At the very minimum, reported flow of oil from the Frontier 1 formation is already ahead of what the last CPR was classifying only as “prospective” resources. Furthermore, achievi