Companies: MAI RGD SPE DEST JOG BLV
Companies: Jersey Oil & Gas PLC
The publication of Jersey's Final Results and Annual Report today were in line with prior guidance and our expectations. Having reviewed the detail of the report we confirm our 622p fair value estimate for the company (no change). We take the opportunity to assess the Annual Report to draw out themes that further develop the company's RNS announcements.
2020 was the year that JOG’s GBA development really started to take shape. It consolidated its 100% ownership across the Greater Buchan Area (GBA) via acquisition and licencing, delivered a significant upgrade in GBA discovered and prospective resources, selected the optimum development concept, launched a farm-out process to find a development partner, and raised £16.6m to strengthen its negotiating position and keep the project on track. This investor support will allow management to maintain
Market update - 06/05/2021
Companies: BPC JOG PRD
Companies: AGY IOM QXT SOM ZAM GTLY JOG
Full year 2020 results
Jersey has announced a carbon emissions policy as well as its intention to position itself as an oil & gas company leading in the energy transition within the UK oil & gas sector. We believe that Jersey is a major oil & gas company disguised as a junior. The ethos, controls, management systems and ESG leadership of Jersey Oil & Gas are, we believe, setting a very high standard of best practice, even relative to major oil & gas companies. Amongst other measures, Jersey has announced its intention
Jersey has announced a carbon emissions policy as well as its intention to position itself as an oil & gas company leading in the energy transition in the UK Continental Shelf.
Companies: ELCO SNG UNG PCIP JOG TWD GDR
Company Carbon Policy
Companies: BYOT SOLI TRI JOG CORA
We are updating our estimates to incorporate the result of the open offer portion of JOG’s recent fundraise and new FX assumptions. The open offer raised another £1.61m and brought the total funds from the placing, subscription and open offer to £16.61m. These proceeds will help JOG maintain the strong momentum behind its major Greater Buchan Area (GBA) Development in the UK North Sea and strengthen its negotiating hand in the ongoing farm-out process. Our risked-NAV and price target fall 5% to
Following a general meeting of shareholders on 14 April 2021, Jersey Oil & Gas closed a placing and open offer raising £16.6M (pursuant to the results of the placing announced 17 March 2021). We believe the capital raise materially strengthens Jersey's outlook by i) securing the near-term funding to “keep the foot on the gas” into 2022 in relation to its engineering work in line with the objective of realising first oil from the Greater Buchan Area (“GBA”) project in late 2025, ii) strengthening
JOG has completed the acquisition of a 12% interest in UK licence P2170, announced in Q4. This transaction includes minimal upfront payment and raises JOG’s stake in the Verbier discovery and a number of high-impact exploration prospects to 100%, consolidating its Greater Buchan Area position and simplifying the recently launched farm-out process. This process should complete by year-end and is critical to unlocking the major upside potential that exists from the GBA development. No change to ou
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EQTEC have just announced that financial close has been reached on the planned recommissioning of the 1MW EQTEC Italia MDC plant. EQTEC technology is being used to recommission the plant which will use straw and forestry wood waste to create energy.
Companies: EQTEC PLC
i3 Energy announced that it is increasing its next-twelve-month net operating income guidance to $US44M (pro forma acquisitions and associated recompletions/drilling). Net of our estimated G&A expenditure of $US8.0M (£5.7M) that equates to an adjusted cash flow from operations estimate of $US36.0M (adjusted to nullify the effects of debt). That compares to our prior estimated adjusted cash flow from operations estimate of $US29.6M. The increase reflects operational activity, namely, the drilling
Companies: i3 Energy Plc
Having exited all coal related activities, Hargreaves Services has been wholly repositioned over recent years. The Group now comprises a growing Services business concentrated on the key markets of energy, environmental, industrial and infrastructure; a property and regeneration specialist (Hargreaves Land); and a trading operation with strong asset backing (HRMS) in Germany’s industrial heartland. Hargreaves performed resiliently in 2020 despite the COVID backdrop and now has significant moment
Companies: Hargreaves Services plc
Savannah, with its Mina do Barroso lithium project in Portugal, announces that it is a founding member of the Portuguese Association for the Battery Cluster – a new association with 23 members with an aim to “maximize Portugal's potential across the entire battery value chain and complement its strategically important lithium resources and its focus on becoming a European leader of lithium production”.
Companies: Savannah Resources Plc
Bluejay Mining* (JAY LN) – Chinese ilmenite prices continue to rise
Bushveld Minerals* (BMN LN) – Vanadium prices continue to rise in China to ~$37.7/kgV
Keliber – Environmental challenges rejected by Finnish Court
Zinnwald Lithium (ZNWD LN) – Acquisition of additional exploration licences in Saxony
Companies: JAY BMN ZNWD
Falcon Oil & Gas has announced the commencement of the Company's 2021 work programme, starting with the resumption of clean-up operations at the Kyalla 117 well. The planned 2021 work programme will include multiple workstreams across three different plays in the Beetaloo, providing a near constant stream of news flow for investors. In addition to Falcon's comprehensive 2021 work programme, activity is expected to increase significantly across the rest of the Beetaloo, with the drilling of up to
Companies: Falcon Oil & Gas Ltd.
• Since the last update, the Saffron-2 well has encountered a further 42’ of net pay in the lower Middle Cruse increasing the total of oil-bearing sands thus far identified in the Upper Cruse and Middle Cruse (up to a total depth of 3,530’) to over 200’.
• Because of more challenging drilling conditions with mobile shales encountered at the top of the Lower Cruse, Challenger has decided to add an intermediate casing to the well to isolate this more difficult area.
• This additional casing will s
Companies: Challenger Energy Group PLC
As midsummer’s day looms (where has this year gone?), there is greater optimism, in general, than may have been anticipated a few months ago. A post-pandemic, ‘vaccine-driven’ recovery demonstrated by increased consumer spending as lockdown measures are lifted has been one of the catalysts. The FTSE 100 has been range-bound in the last month 6,900-7,100. We have seen a combination of broadly positive company results across a range of sectors, further examples of M&A activity and a sequence of ne
Companies: AMYT ARBB ARW BAG BEG BONH BWNG CWK DNK EML EPWN FBD FA/ GPH GSF GNC HUW IGC INSE KAPE KP2 MMAG NRR NESF OTMP ROL RUA SEN SUR TON TOU TXP TGL VLS WINK
KEFI Gold and Copper* (KEFI LN) – Progress report on Tulu Kapi and Saudi Arabian project
Panther Metals (PALM LN) – Exploration target for laterite nickel cobalt mineralisation at Coglia
Sunstone Metals (STM AU) – Reports over 500m of copper gold mineralisation in recent drilling at Brama
Companies: KEFI PALM STM
Lancaster production approval
Companies: Hurricane Energy Plc
Challenger Energy (CEG LN)C; Target of 12p per share: Drilling update in Trinidad - The Saffron well penetrated various Middle Cruse zones including hydrocarbons zones as prognosed pre-drill, and with drilling rates and impact on surrounding clays and mobile shales improved significantly from Saffron-1 owing to the use of synthetic-based muds and a solid foundation for drilling design in any future field development. Initial petrophysi
Companies: VOG LUPE TLW WEN SOU AKRBP AKERBP REP REP I3E HUR EQNR EQNR ENI ENI
The digital brand protection and online threat hunting solutions specialist has announced its full year results the year ended 31 December 2020 (FY20A), confirming annualised recurring revenue (ARR) growth of 71% to $3.3m at year end and continued strong growth in the first half of 2021, with the May ARR figure standing at $3.8m, a 93% increase relative to May 2020. ARR is the key metric for assessing SaaS (Software as a Service) companies, and BrandShield’s swift progress to date confirms it is
Companies: BrandShield Systems plc
Full-year results were in line with expectations. Cost controls contained the reduction in profits, with adjusted EBIT margin down 150bps to 6.4%, while a focus on cash resulted in cash conversion of 148%. With net cash of £13.3m, the group is in a strong position to step up its acquisition strategy in a fragmented market. Some short-term cost and supply chain issues have previously been flagged, which affect short-term margins, but should be recouped. No change to forecasts or our 187p price ta
Companies: Trifast plc
Trifast reported FY21 results slightly ahead of consensus with industrial activity recovering above pre-COVID levels. The group seems well set on a strong medium term growth trajectory, backed by its Multinational OEM strategy and with potential for consensus earnings upgrades through the current year. Reiterate buy.
88 Energy has announced that it has entered into an agreement for the sale of the Company's tax credits for US$18.7m in cash. The proceeds of the sale will be applied towards the full repayment of the Company's current outstanding debt of US$16.1m, with the residual sale consideration of US$2.6m to be used for the Company's working capital requirements. The early repayment of the Company's outstanding debt will also reduce 88 Energy's annual overheads by US$1m in associated finance costs. At a U
Companies: 88 Energy Limited