Oil & Gas - Cavendish sector note

Chariot, Jersey Oil & Gas, 88 Energy, Hartshead Resources, Capricorn Energy, Pharos Energy, Star Energy, Petro Matad, Prospex Energy, Sound Energy, Nostra Terra Oil & Gas, i3 Energy, Jadestone Energy Source: FactSet, weekly change 16/09/2024-20/09/2024 Oil closed little changed after a day of choppy trading as tensions in the Middle East ratcheted higher while the boost from Federal Reserve’s steep interest-rate cut faded. West Texas Intermediate settled below $72 a barrel while Brent settled ab

AUCTUS ON FRIDAY - 20/09/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX CN)C; Target price A$0.75 per share: Production boost at Anshof in October – The ANS-2A sidetrack well has encountered a 6.5 m net vertical oil column in high quality Eocene-aged sandstone reservoir. The reservoir quality encountered at ANS-2A is consistent with ANS-2 (porosity and permeability ~20% higher than at ANS-3). The oil-water contact was encountered very close to the top of the water wet reservoir encountered

Morning Note – 19 September 2024

Jersey Oil & Gas (JOG LN) - H1 2024 results

JOG has released its H1 2024 results, re-confirming the company’s significant cash holding, alongside providing an operational update reporting the progress made in 2024 on Buchan engineering work.

AUCTUS ON FRIDAY - 06/09/2024

AUCTUS PUBLICATIONS ________________________________________ Condor Energies (CDR CN)C; Target price C$5.80 per share: Initiating coverage – Condor Energies is a ~US$75 mm market cap TSX-listed company focused on low carbon and energy transition opportunities in Central Asia. Condor was transformed in 2024 by the acquisition of >10 mboe/d production of natural gas in Uzbekistan. The key value driver for the shares is the imminent sanction of Condor’s 1st liquefaction plant in Kazakhstan to conve

SP Angel Morning Energiser: 02/09/24

UK Government launch EIA review

Jersey Oil & Gas (JOG LN) - Buchan update

JOG has announced that Buchan project operator NEO Energy has taken the decision to slow activities on projects across its portfolio, including Buchan. This is in response to the recent announcement that the UK government now believes new environmental guidance is necessary for UK oil and gas projects, in light of the recent UK supreme court ruling that scope 3 emissions now need to be taken account of in project environmental impact assessments. This new guidance will now be subject to a govern

Oil & Gas - Cavendish sector note

Jersey Oil & Gas, Hartshead Resources, Savannah Energy, Parkmead Group, Gran Tierra Energy, Jadestone Energy, Nostrum Oil & Gas, Arrow Exploration, Seplat Energy, ExxonMobil, Chevron Corporation, BP, Shell, TotalEnergies, Eco (Atlantic) Oil & Gas, Viaro Energy, Hess Corporation, ConocoPhillips, APA Corporation Source: FactSet, weekly change 29/07/2024-02/08/2024 Oil slumped to the lowest in almost 7-months as concerns about demand in the world’s two biggest economies overshadowed heightened geop

Jersey Oil & Gas (JOG LN) - UK tax update

On Monday the UK government announced an update to the country’s oil and gas fiscal terms. This was largely as featured in the Labour party’s manifesto during the recent UK general election, though uncertainty around capital allowances applied to the Energy Profits Levy remains, with further clarity expected at the time of the UK budget on 30 October. As a UK company pursuing development FID on its Buchan field, this is relevant for JOG.

SP Angel Morning Energiser: 30/07/24

UK Government increases EPL to 78%

Jersey Oil & Gas - Energy Profits Levy (EPL) Changes

A policy paper published by the government has advised of changes to the UK EPL. Many of these changes were previously detailed as part of the Labour Manifesto including a 3% increase in the EPL rate to 38% from 1 November 2024, an extension to the EPL expiry to 31 March 2030 (currently 31 March 2029) and the removal of the 29% investment allowance from 1 November 2024. The government will also reduce the extent to which capital allowance claims can be considered in calculating levy profits; how

Jersey Oil & Gas (JOG LN) - Labour plans are not a showstopper for Buchan

The UK Labour party recently released its election manifesto, including additional detail on its plans for UK oil and gas fiscal terms. In our interpretation, these plans would represent a limited, though still significant, deterioration in fiscal terms, and, on confidence from the industry that these would be unlikely to change again, we believe incentives to invest in new projects remain.

SP Angel Morning Energiser: 05/06/24

Waldorf Production enters administration

Jersey Oil & Gas - Buchan Project Update

Ahead of its AGM later today, Jersey Oil & Gas announced that project sanction for the Buchan redevelopment is linked to securing fiscal clarity from the next government, ensuring that the project remains financially attractive. The company also stated that in conjunction with the forthcoming UK General Election, on 4 July 2024, the exact timing for achieving key milestones and project sanction will depend on the results of the election and on the fiscal clarity provided by the UK Government fol

Morning Note – 5 June 2024

Ango Asian Mining* (AAZ LN) - FLASH NOTE - Gedabek is ready to restart with Demirli to upgrade growth profile

Oriole Resources* (ORR LN) – FLASH NOTE – Abundant gold in Mbe trenching

Oriole Resources is an AIM-quoted gold exploration company holding an expansive suite of prospective gold licences across West and Central Africa, with a particular focus in Cameroon, a deeply under-explored and recently reformed mining jurisdiction. The Company provided an update for its 80% owned Mbe gold project in Cameroon, where Oriole is free-carried as BCM International earns up to 50% of the project.

PANMURE LIBERUM: Commodity redEYE: Peak conviction, instantly restored

Jubilee Metals (JLP LN) - Audited results for FY24 (June)

Jubilee today announces its audited results for FY24 which ended in June. Revenues rose to $205.4m from $170.9m in FY2023 (Zeus estimate was $208.8m). Group EBITDA fell to $27.7m from $29.8m (Zeus $26.6m) with eps falling from 0.58c/sh to 0.21c/sh (0.3c/sh). Capex fell to $36.9m from $65.9m with gross cash at the end of the period at $19.3m from $15.9m at the end of June 2023. Chrome is now poised to take on more of a roll in operating cash flow and profits as the Thule plants are brought on str

Record Q3

Allied Gold: $192.2m fund raising to support Kurmuk development and Sadiola expansion

Allied Gold (“Allied”) has announced a fully underwritten equity raise of C$192.2m through the issue of 62m shares at a price of C$3.10/share, excluding a 15% greenshoe option granted to the Underwriters. Closing is expected to occur on or about 8 October. The funds will be principally used to fund the development of the Kurmuk mine in Ethiopia and phased expansion of Sadiola in Mali, which should drive a doubling of production between 2023 and 2029 to almost 730koz, with a 40% decline in AISC t

Hybridan Small Cap Feast - 4 October 2024

Dish of the day Admissions: None Delistings: None What’s baking in the oven? ITF announced:*** Potential** Initial Public Offerings: 30th September 2024: Applied Nutrition, the sports nutrition, health and wellness brand announced that it is considering an £500m IPO onto the LSE Main Market. Across the four ranges, the Group sells approximately 100 different products, with flavour and format combinations across those products resulting in over 500 stock keeping units. July 2024 YE numbers report

Amelio Energy acquisition

Morning Note – 30 September 2024

SP Angel Morning View: Chinese shut additional high-cost lithium mines in Zimbabwe

PANMURE LIBERUM: Good Energy: Another Energy Services acquisition

Zeus Industrials Round-Up - 13 September 2024

The UK industrial sector continues to show promising signs of recovery, with manufacturing PMI reaching a 26-month high of 52.5 in August as all survey indicators but one expanded. Economic data has also been encouraging, with UK pay growth cooling to a two-year low and inflation rising only slightly in July – supporting the case for further interest rate cuts this year by the BoE.

DEC Interim results

DEC reported interims that showed stable underlying production, resilient EBITDA margin and strong cash generation.

Petro Matad+ (MATD, House Stock at 2p) - On the cusp of production

Market headwinds persisting