Jersey Oil & Gas - Delivering zero-capex barrels

Last week, JOG successfully secured its second GBA farmout, locking in a path to delivering zero-capex barrels. The surprisingly muted share price response to the farm-out leaves JOG trading at an unjustifiably large discount to our valuation. With a material fully funded development project under its belt and a clean balance sheet, JOG presents a very low-cost way to access high quality development barrels for investors and potential acquirers alike. If the threat of M&A does not narrow JOG’s v

Oil & Gas - Cavendish sector note

Jersey Oil & Gas, Serica Energy, Trinity Exploration & Production, Longboat Energy, Ithaca Energy, Neptune Energy, Pantheon Resources, Nostrum Oil & Gas, Kufpec, ORLEN.

Auctus on Friday - 24/11/2023

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Equity raise to fund increased WI in Anshof – ADX is raising A$4.2 mm of new equity plus up to A$1 mm through an offer to shareholders at a price of A$0.10 per share. Subscribers will also receive half a warrant with an exercise price of A$0.16 per share. The capital injection will provide funding for ADX’s increased interest in Anshof (from 50-60%) following the decision of Xstat

SP Angel Morning Energiser: 23/11/23

Energy prices flat ahead of US Thanksgiving holiday

Jersey Oil & Gas - Second Farmout on GBA Secured for Full Carry

Jersey Oil & Gas announced it has farmed out a 30% interest in the Greater Buchan Area (“GBA”) to Serica Energy. Upon completion of the Serica farm-out, Jersey will hold a 20% interest in the GBA and a full carry on the capital expenditures required to bring the Buchan field into production. The company stated that the Serica farm-out terms are on identical pro-rata terms to the farm-out previously completed with NEO Energy. As such the company stated it has received total cash payments amountin

Morning Note – 27 November 2023

UK-Listed Energy Sector: Review of the UK oil and gas landscape – why the country needs it, current policy and tax

The front of this note takes a look at the UK oil and gas sector, why domestic production is advantageous, what the main political parties think, and what could happen going forward. The latter part contains a review of the companies in our coverage – some that are UK centric, which give exposure to the note’s wider theme, and others that are focused elsewhere.

Jersey Oil and Gas (JOG LN) - Second GBA farm out

JOG has announced a second farm out on its GBA project in the UK North Sea, to peer Serica Energy. This is on directly equivalent terms to JOG’s existing farm out to NEO, and will leave the company with a 20% interest fully carried to first oil on Buchan, alongside substantial upfront cash payments. This is excellent news for JOG, and goes to further underpin successful progression of the Buchan development to FID in 2024.

Jersey Oil and Gas - FPSO Acquisition – Pivotal Development

Jersey Oil and Gas announced on 17 November 2023 that the owners of the Buchan field, namely, Jersey Oil and Gas and NEO Energy have executed agreements to acquire the Western Isles floating production, storage and offloading (“FPSO”) vessel. The FPSO is intended to be used as the processing facility for the redevelopment of the Buchan oilfield. We are updating our fair value for Jersey Oil & Gas to 703p (from 684p) mainly to reflect the passage of time relative to our unchanged assumed first oi

Oil & Gas - Cavendish sector note

88 Energy, Touchstone Exploration, Diversified Energy, Jersey Oil & Gas, NEO Energy, Parkmead Group, Falcon Oil & Gas, Wentworth Resources, Energean, PetroTal, Genel Energy, Jadestone Energy, Tullow Oil, ExxonMobil, Valeura Energy, Beacon Energy, Canadian Overseas, Zephyr Energy, Panoro Energy.

SP Angel Morning Energiser: 17/11/23

Crude oil prices tumble below $80/bbl

Jersey Oil & Gas (JOG LN) - Buchan FPSO acquisition

JOG has announced the agreement for acquisition of the FPSO for its Buchan field development. The company announced earlier this year that it was expecting to redeploy an existing FPSO for development of Buchan, and has today confirmed that this will be the Western Isles vessel. This is an important step forward for JOG and for the Buchan development, further defining the development plan, moving this closer to FID, and potentially helping facilitate JOG’s planned second farm out deal.

Morning Note – 17 November 2023

Jersey Oil and Gas (JOG LN) - Positive read-across from Rosebank sanction

Peer UK North Sea operator Ithaca Energy, along with JV partner Equinor (operator), this morning announced FID on its Rosebank field development project.

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

New Debt Facility – Lowering TRR Cost of Capital

We have been roadshowing Trident Royalties all week during which time the company released an announcement that they have entered into a commitment letter with BMO and CIBC for a new $40m revolving credit facility (RCF), with the potential to increase the facility to $60m via an accordion feature. The proceeds from the $40m are going to be used to repay the existing secured debt facility of $40m with Macquire in Q1 next year.

Oil & Gas - Cavendish sector note

Oil surged the most in two weeks after Israel’s military said it was “expanding ground activity” in Gaza this evening, reviving concerns about the conflict spreading more broadly.   The announcement from the Israeli Defence Forces pushed West Texas Intermediate to settle above $85 a barrel after a volatile session that saw prices whipsawed by developments in the Middle East conflict. The drumbeat of geopolitical headlines that buffeted oil prices on Friday continued a trend that has driven oil

Diversified Energy Company - Delivering Consistent and Reliable Results

DEC’s Q3/23 trading update was in line with expectations as the company continued to deliver despite further commodity price headwinds. The Q3/23 Adjusted EBITDA margin of 52% (H1/23: 52%) reflects the quality of DEC’s asset base and its ability to efficiently manage every aspect of its operations. Average net daily production in Q3/23 was 134Mboepd (H1/23: 142Mboepd), with exit rate production of 134.4Mboepd. DEC has maintained its dividend at US$0.04375 per share. Since its IPO in 2017, DEC ha

Chariot Limited (AIM: CHAR): EIA awarded at Anchois. Imminent partner on track

• Chariot has received approval for its Environmental Impact Assessment (EIA) for the Anchois project. • The EIA covers all aspects of the development including future wells and offshore infrastructure, the onshore Central Processing Facility and the link to the GME pipeline. This is an important step that derisks the project further. • We understand that negotiations on partnering are in the final stages. A partner could be announced very soon. • The drilling campaign at the Loukos onshore per

SP Angel Morning View: Metals prices rise on rising China GDP and ongoing economic electrification

SP Angel Morning View: China Steel PMI recovering as construction sectors looks for fresh stimulus

Hybridan Small Cap Feast - 01/12/23

1st December 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 obje

DEC Q3 Trading Update & US Listing

DEC reported strong Q3 results with production in line while 9m EBITDA of $423m is equal to 80% of DCe FY23 $528m; it has also announced a US listing.

Strong second half trading

Morning Note – 28 November 2023

88 Energy - £5.3m Fundraise

88 Energy has successfully raised £5.3m via a placing at a price of £0.0023, a c18.9% discount to the previous days’ close in London and a c22.0% discount to the 10-day VWAP. The proceeds of the placing, together with the Company’s existing cash reserves (A$10.2m at 30 September 2023) will be used to fund the flow testing of multiple zones at the Hickory-1 well in Q1/24, the initial farm-in exploration activities at the recently acquired onshore Namibia acreage (including 2D seismic acquisition)

Cadence Minerals - Real progress, real value

Cadence Minerals remains fundamentally mispriced in our view, with the market not fully recognising the value of its unlisted assets. Cadence has recently announced progress in advancing its major non-public asset, the Amapá iron ore project in Brazil. This includes a memorandum of understanding (MOU) with Chinese firm Sinoma to potentially provide both a definitive feasibility study (DFS) and fixed-price engineering, procurement and construction (EPC) contract for the mine restart. The implied

Sound Energy* (SOU LN) - Debt project funding offer received

Sound Energy* (SOU LN) - Flash note - Debt project funding offer received

Andrada Mining: Model update ahead of interim results as regional exploration and lithium pilot plant make solid progress

Andrada Mining (“Andrada”; “ATM”) will report interim results over the coming weeks, having reported improved tin output from Uis for the quarter to August and solid progress on the commissioning of the new lithium pilot plant. We expect this plant to prove the commercial viability of producing a lithium petalite concentrate from Uis’ existing V1/V2 open pit and should also provide flexibility to unlock the full value of ATM’s other pegmatite orebodies, both at Uis and the Company’s wider portfo