SP Angel Morning Energiser: 29/09/23

Crude prices strengthen into quarter-end

Auctus on Friday - 29/09/2023

AUCTUS PUBLICATIONS ________________________________________ Criterium Energy (CEQ CN)C; target price of C$0.45 per share: Transactions repriced on more attractive terms – Criterium has renegotiated the terms of the Mont d’Or (MOPL) acquisition. Criterium will now assume only ~US$25.5 mm of debt rather than ~US$37 mm previously. A US$4.8 mm payment to the lenders and the conversion of US$4.9 mm of debt into equity (US$2.5 mm on completion of the acquisition plus US$2.4 mm in 2025) reduce further

IOG (IOG LN) - Operational update

Blythe H2 well production update. IOG has released an operational update. This reports that gross production from the Blythe H2 well declined from 27.7mmcf/d to 21.2mmcf/d over the course of August, from an initial stabilised rate of 32mmcf/d in early July, with an average rate of 17.8mmcf/d gross achieved over August due to a planned one-week shutdown of the Bacton terminal.

Auctus on Friday - 04/08/2023

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.10 per share: Growing production. New Anshof well to be spudded in September - 2Q23 production was 317 boe/d reaching 366 boe/d in June and including ~115 bbl/d at Anshof. Anshof-3 production performance continues to exceed expectations with strong pressure support and deliverability with no water production. Work-over activities at Zistersdorf and Gaiselberg (Vienna basin) in mid-August are ex

AUCTUS ON FRIDAY - 14/07/2023

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.10 per share: Securing additional loan to prepare for drilling – ADX is issuing A$1.5 mm of loan notes with a term of 18 months. A$1.0 mm of the loan notes carry an interest rate of 8% per annum with 30 mm options with an exercise price of A$0.01 per share and 30 mm options with an exercise price of A$0.014 per share. The balance of the loan notes carry an interest rate of 12% per annum with 2

Auctus on Friday - 30/06/2023

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.100 per share: Exploration portfolio update in Austria: larger volume, lower risk – The exploration portfolio in Upper Austria is now estimated to hold 213 mmboe of best technical prospective resources (previously 200 mmboe) in 20 prospects. The importance of the upgrade is as much about risk reduction as it is about resources increase. The expansion of the portfolio also provides new opportuni

SP Angel Morning Energiser: 26/06/23

Russian instability spooks energy markets

IOG (IOG LN) - Successful Blythe well intervention

H2 well production rates successfully increased. IOG has announced that a successful intervention programme has been carried out at its recently drilled Blythe H2 well (IOG 50%).

Hybridan Small Cap Feast - 22 Jun 23

22nd June 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 objecti

Auctus on Friday - 16/06/2023

AUCTUS PUBLICATIONS ________________________________________ Criterium Energy (CEQ CN)C; target price of C$0.95 per share: Transformational acquisition in Indonesia – Criterium is delivering on its plans by acquiring Mont D’Or Petroleum with long life and high netback production of 1,050 bbl/d and 4.7 mmbbl 2P reserves across 2 PSCs in Indonesia (Tungkal in South Sumatra and West Salawati in Southwest Papua). With important spare capacity in existing infrastructure and very low drilling costs (U

Auctus on Friday - 09/06/2023

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; target price of £0.50 per share: No flow from the Gacheta but overall reserves addition from CN-1 larger than initially expected – The Gacheta zones proved unproductive at the CN 1 well location. Management is investigating potential reasons for the lack of productivity and plans to re-evaluate these Gacheta zones in future wells. The Gacheta zones were located above the Ubaque that flowed at rates >1,10

SP Angel Morning Energiser: 07/06/23

Euro gas prices jittery on outages

IOG (IOG LN) - Blythe H2 well result, bond update

IOG has announced the initial results from its Blythe H2 development well, alongside providing an update on discussions with its bondholders.

This Week's AIM Highlights 19th May

SP Angel Morning Energiser: 15/05/22

Downward pressure on energy prices persists

Pan African Resources - Valuation up 22.2% with new gold price forecasts

On 22 November, Pan African Resources (PAF) announced that operations to date in FY24 had performed in line with, or better than, expected, with gold production for H124 anticipated to be in the range 94,000–98,000oz (cf 92,307oz in H123). As a result, it increased its production guidance for FY24 to 180,000–190,000oz, which caused us to increase our production estimate in turn by 1.9% (or 3,575oz) to 189,725oz. The change made only a modest difference to our EPS forecasts for FY24 (see Exhibit

Sylvania Platinum - Q124 production up, costs down

Sylvania Platinum is a low-risk, high-yielding South African platinum group metals (PGM) dump retreatment operation. Despite a 15% fall in the PGM basket in Q124 versus Q423, the company maintained a healthy cash position of US$126.9m at end September 2023. Production in Q124 was better than we estimated. Unit costs were down in every cost category in response to higher ounces produced, but despite this, EBITDA and net profit were sharply lower. The company is controlling capex as capital alloca

Arrow Exploration Corp. (AIM: AXL): CN-2 flows at up to 1 mbbl/d. Focusing on developping the Ubaque at Carrizales Norte

• The Carrizales Norte-2 well (CN-2) encountered 60’ of net pay in the Ubaque formation. • The well has been put on production in the Ubaque with initial flow rates of 1,012 barrels of fluid per day. The water cut stabilized at 3% and the oil gravity is 13.6 API. • The CN-2 well is currently producing 680 bbl/d gross (340 bbl/d net) as the company has set the ESP at the minimum optimum rate to maximize recovery factor. The build-up analysis indicates the well can produce at 1,400 bbl/d gross at

Auctus on Friday - 01/12/2023

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Key environmental permit received for key well – An Environmental Clearance has been received from the Department of Nature Protection of the State Government of Upper Austria to drill the Welchau-1 gas well. The Environmental Clearance is the last regulatory requirement to commence operations at the Welchau gas exploration project. The well is expected to spud in January and targ

Successful first test at CN-1

Kenmare Resources: Q3 Preview- operations expected to stabilise after challenging H1

Kenmare Resources will release its Q3 trading update on Thursday 12th October. The key focus will be the delivery of operational improvements after a challenging first half, in our view. We estimate heavy mineral concentrate (“HMC”) production in Q3 of 378kt, delivering ilmenite end-product output of 276kt, zircon of 14kt and rutile of 2.2kt. Including solid H1 financial results (reported o 15th Aug), we revise our FY23E EBITDA upwards by 5% to US$236m. Our Dec’24E target price is unchanged at G

Neometals - Primobius process makes high purity nickel sulphate

Neometals has announced that its 50/50 Lithium-ion battery recycling joint venture, Primobius GmbH, has proven that its process can produce battery-grade nickel sulphate from German EV batteries. Nickel sulphate is the largest volume battery material produced in the Primobius process and the second most valuable product. It is a major contributor to ensuring the lithium production operating costs are in the lowest quartile.

Hurricane Energy - Resource downgrade warning

Hurricane’s technical committee has concluded that there is a reasonable probability that the oil water contact (OWC) in the Lancaster field is shallower than the range of OWCs estimated in the 2017 competent person’s report (CPR) by RPS Energy. As a result, the company believes there is a risk that the estimated reserves for the Lancaster early production system (EPS) and the contingent resources across the West of Shetland portfolio will be materially downgraded. Given the range of outcomes wh

Arrow Exploration (AXL LN) - CN-1 initial well result

Successful initial result of CN-1 well. Arrow has announced a discovery in its CN-1 exploration well on the Carrizales Norte prospect onshore Colombia (Arrow 50%). The well has intersected a total of 148ft of net pay across the Carbonera C7 (26ft), Gacheta (64ft) and Ubaque (58ft) reservoirs.

Arrow Exploration (AXL LN) - CN-1 flow testing update, Q1 2023 results

Successful initial flow test results from Ubaque reservoir. Arrow has announced flow tests from the first of three reservoir levels in its recently drilled CN-1 well - the Ubaque reservoir - drilled on its Tapir block (Arrow 50%) onshore Colombia

Arrow Exploration (AXL LN) - CN-1 well update

Arrow has released an update on its CN-1 well on its Carrizales Norte discovery on the Tapir block in Colombia (Arrow 50%).

Arrow Exploration Corp. (AIM: AXL): Exploration success at Carrizales Norte

• The Carrizales Norte-1 (CN-1) exploration well encountered a total of 148 feet of net oil pay measured depth (128 feet TVD) across three very high quality sands. We understand that this well above pre-drill expectations. • This is the largest net oil pay encountered by a well so far on Tapir (RCE-5: 90 feet, RCE-4: 45 feet, RCE-3: 58 feet, RCE-2 80 feet, RCS-1: 55 feet). Because the reservoirs encountered at CN-1 are slightly deeper than at Rio Cravo, the pressure of the reservoirs is expected

Arrow Exploration Corp. (AIM: AXL): Zone at Carrizales Norte with no booked reserves has flowed >1 mbbl/d

• The Ubaque horizon at the Carrizales Norte-1 (CN-1) exploration well was put on three tests, the last of which tested at 1,134 bbl/d of 13.5 API oil on pump. The flow rate was stabilized with a 28.3% water cut (completion fluid). The water cut has been decreasing throughout testing. • This is a very good result, given that no reserves are booked in the Ubaque. • There is an opportunity to mix the heavy oil from the Ubaque with the C7 light to maximize pricing. • Arrow plans to complete the t

Arrow Exploration Corp. (AIM: AXL): No flow from the Gacheta but overall reserves addition from CN-1 larger than initially expected

• The Gacheta zones proved unproductive at the CN-1 well location. Management is investigating potential reasons for the lack of productivity and plans to re-evaluate these Gacheta zones in future wells. • The Gacheta zones were located above the Ubaque that flowed at rates >1,100 bbl/d. • Arrow will put in production the C7A and C7 zones during the course of next week. These are the primary zones at Carrizales Norte. • Overall, the company’s preliminary interpretation of the CN-1 discovery sug

Arrow Exploration Corp. (AIM: AXL): CN-1 well in production at 1.1 mbbl/d from the C7 sands

• The C7 formation (~26 feet of net oil pay) in the Carrizales Norte-1 well (CN-1) is now in production at a rate of 1.1 mbbl/d (550 bbl/d net to Arrow). The well produced very light oil (33.5 deg API) and is on pump set at the lowest setting. • During the flow test, the sands flowed at a peak rate of 1,272 bbl/d. During the final hour of the test water cut stood at 12%. The water cut has decreased throughout the well test. • This is one of the best initial production rates among the wells dri