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Market Update: 28 April 2022
Companies: Valeura Energy Inc. (VLE:TSE)Jersey Oil & Gas PLC (JOG:LON)
Jersey Oil & Gas made significant disclosure in respect of its farm-out process in the commentary published with its full year 2021 results – we are encouraged. The company also announced it had a cash balance of £13M at 31 December 2021. We are using the opportunity to increase our Brent oil price assumption to $75/b from $70/b, resulting in an increase in our fair value estimate to 660p from 620p.
Companies: Jersey Oil & Gas PLC
Companies: ARB JOG RCN RBN ZAM
JOG has reported audited results for 2021, with the company ending the year with a strong cash position and no debt. This should more than comfortably see it through the ongoing farm-out process, which has seen interest levels intensify in recent months, driven by the strong macro environment and a renewed desire for domestic energy security. JOG’s Greater Buchan Area is one of few material, ‘development ready’ North Sea projects, and multiple high-quality companies are showing interest. A succe
Full year 2021 results and farm out update
New UK energy strategy supportive for GBA
What are the implications of the Ukraine situation and higher oil and gas prices?
Companies: BLVN GENL HTG HUR IOG JOG LAM RKH SENX SEN UJO EQT ENW AXL MATD ITM
Strong oil price supports GBA farm out process
Jersey Oil & Gas has announced that it has recomposed its leadership team with immediate effect. Les Thomas, formerly Non-Executive Director, has assumed the role of Non-Executive Chairman. Graham Forbes has been appointed CFO. Richard Smith has been appointed Chief Commercial Officer. Les Thomas and Graham Forbes previously served, respectively, as the CEO (2013-2020) and CFO (2010-2020) for Ithaca Energy. Richard Smith spent ten years in various senior roles also at Ithaca Energy. We believe t
Companies: Jersey Oil & Gas PLC (JOG:LON)President Energy PLC (PPC:LON)
GBA project update, board & management changes
Market update - 22/09/2021
Companies: JOG IGAS PPC
Jersey Oil & Gas announced its interim results of which we believe the key news items are as follows:
i) The company had a cash balance of £17.06m as at 30 June 2021;
ii) The company indicated its farmout process is ongoing that that the company is engaged with both industry parties and potential infrastructure funders; and
iii) Regional electrification collaboration within the Central North Sea is building momentum amongst industry parties and the GBA is ideally located to be an integral p
Companies: JOG PTY PPC QXT SAV
No surprises in JOG’s interim results, with the market’s main focus – the company’s GBA Development farm-out process – ongoing. The resurgence of UK North Sea M&A has brought the shares back to life recently as the market is reminded of the scale of the resource and development opportunity JOG is sitting on. While JOG’s main focus remains on securing funding and a partner for its GBA Development, the company has indicated it is reviewing a number of potential acquisitions/mergers. JOG’s strong m
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Companies: Sylvania Platinum Ltd.
Forecast and valuation update
Companies: IOG PLC
Jubilee today provides an operational update on the ongoing commissioning at the new Inyoni chrome and PGM plants with Jubilee building up to steady state production for nameplate capacity of 1.2Mt chrome concentrate and 44koz PGM production per year. Remember processing chrome creates the upgraded PGM tailings for Jubilee to recover the PGMs (Jubilee being paid a small margin to preconcentrate its own feed) and with the expanded Inyoni there is no need to share the PGM revenues via a JV struct
Companies: Jubilee Metals Group PLC
Alien Metals has compiled a portfolio of high-profile, high-potential projects incorporating several commodities in two Tier 1 Mining jurisdictions. It is developing two DSO iron ore projects in Australia at Hancock and Brockman in the Pilbara of Western Australia. It also has a large historic undeveloped PGM resource at the Munni Munni project that encompasses the high-grade silver deposit at Elizabeth Hill and the polymetallic mineralisation that is yet to be properly defined, also in Australi
Companies: Alien Metals Ltd
In this note, we review the recent performance of the Active Net Zero Clean Energy Index. We also take a deeper dive into the composition of the Index in terms of market cap, constituent end market / business model and, finally, geographic exposure.
Companies: ATOM ADN DRX EQT GSF ITM IES NESF PHE SAE SIT STRLNG TLG VLS
Last week Tamesis visited a number of Tharisa PLC's assets including the Tharisa Mine and Arxo Metals Beneficiation Site (AMBS) in South Africa and the Karo Platinum Project in Zimbabwe. Overall it was an extremely well received trip with evidence of efficiency improvements at the Tharisa mine, unexpected cash generation from the Vulcan Plant, further cash from the Salene Chrome Plant and, it also impressed on us that the Zimbabwe risk to the build out of Karo is lower than the market perhaps th
Companies: Tharisa Plc
What’s cooking in the IPO kitchen?
Lift Global Ventures plc to join AQSE Growth Market. The Company's investment strategy is to operate as an enterprise company seeking acquisition or investment opportunities within the financial media and technology industries. Within these broad industries, areas of focus may include: Financial news websites and other forms of “new media”, Investment research providers, Financial PR, IR, design and marketing agencies, Production studios and visual content prov
Companies: BSE CFX DPP EOG SEE SOLI SML
Pantheon Resources announced that it has contracted a rig (the Nabors 105AC) to the Alkaid #2 well, which the company indicated is scheduled to spud in July 2022. The company indicated that if the well is successful, Pantheon Resources will commence a long-term production test and truck and sell the produced oil to a nearby North Slope facility.
Companies: Pantheon Resources plc
Sylvania’s end March 2022 cash balance improved by 25.5% to US$138m and Q322 revenue increased by 17% as a result of higher platinum group metal (PGM) prices. Production improvement was slower than expected, which put pressure on unit costs over the quarter. Most of the operational issues of Q322 have now been or are almost resolved, with the company expecting a ‘significant increase’ in production in the fourth quarter. The Lesedi plant is back in full production and the Mooinooi plant’s run-of
Companies: 4BB FOUR ARB IOF
Imperial Helium (IHC CN)C; Under review: Merger with Royal Helium to build a material player with discovered resources and huge upside - Imperial Helium is merging with Royal Helium with Imperial Helium shareholders set to hold ~30% of the combined entity. The share exchange ratio suggests a 10% premium to the Imperial Helium share price on the day prior to the announcement. Shareholders will vote on the transaction in June with completion expected in the 2nd half of June. Management, insiders a
Companies: XOM XOM TRIN SHEL RBD OEX NOG MATD ALV ALV IOG GTE FEC EQNR EQNR ENOG BP/ IHC PEN PEN SDX EGY
Companies: Touchstone Exploration Inc
i3 Energy announced that it is increasing its minimum dividend to be paid in 2022 by 25% to £14.784m. The increase will be implemented by increasing the monthly dividend.
Companies: i3 Energy Plc
ARC has announced it has signed a JV agreement with Anglo American (LSE:AAL, Market Cap $45bn) over its Zambian licences. This has long been in the offing and we view the terms as advantageous to Arc and a validation of the prospectivity that it (and we) see in its licences. The headline JV payments are staged but could ultimately lead to Anglo owning 70% of the licences, by investing $74m in exploration and paying Arc $14.5m. The licences will be held under a JV which will have an initial ow
Companies: ARC Minerals Limited