AUCTUS ON FRIDAY - 09/08/2024

AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; Target price NOK52 per share: All eyes on EG – 1H24 production was 9,168 bbl/d. EG and Gabon production had already been disclosed. 1H24 production in Tunisia was 1,670 bbl/d (we forecasted 1,760 bbl/d) given subdued activities. In EG, the first infill well encountered the primary and secondary reservoirs in line with expectations. Production is expected to begin early September. The second infill well is expec

SP Angel Morning Energiser: 05/08/24

Oil slumps on global economic fears

SP Angel Morning Energiser: 03/07/24

API reports unexpected 9mb crude draw

AUCTUS ON FRIDAY - 10/05/2024

AUCTUS PUBLICATIONS ________________________________________ GeoPark (GPRK US)C; target price of US$26 per share: More favourable offtake contract in Colombia – GeoPark has signe da new offtake contract with Vitol for a minimum of 20 mbbl/d. The agreement improves GeoPark’s price realizations by US$0.15/bbl vs the current agreement. As part of this transaction, GeoPark will obtain immediate access to committed funding from Vitol for up to US$300 mm, with an option to increase by another US$200 m

SP Angel Morning Energiser: 07/05/24

Energy prices remain jittery on Gaza escalation fears

SP Angel Morning Energiser: 06/03/24

Majors farm-in to frontier exploration

SP Angel Morning Energiser: 05/03/24

European gas up on outages

AUCTUS ON FRIDAY - 01/03/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of £A$0.65 per share: High impact well spud in Austria - The Welchau-1 gas exploration well was spudded on 24 February. Calima Energy (CE1 AU)C; target price of A$0.13 per share: Completing divestment of Blackspur – Blackspur has been sold for A$81.6 mm, after tax provisions and net debt adjustments. Calima will distribute A$80 mm (~A$12.6 per share) as dividends. The distribution is well above the m

SP Angel Morning Energiser: 26/02/24

Oil down on ceasefire talks

Auctus on Friday - 10/11/2023

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Rig-up at Anshof-2 – The rig-up at Anshof-2 has commenced with an expected spud date of 11 November. XST (20% WI in Anshof) will not participate in the well. ADX and MND will fund XST’s share of well costs on 50:50 basis and will in turn retain the right to 60% and 40% respectively of production from the well unless XST opts to buy back into the well at a premium of 400% to the we

SP Angel Morning Energiser: 06/11/23

Crude gives up Gaza conflict gains

Auctus on Friday - 13/10/2023

AUCTUS PUBLICATIONS ________________________________________ Pulsar Helium (PLSR CN)C; target price of C$0.90 per share: Additional acreage should increase the size of the prize – Pulsar has signed a lease with a private mineral rights holder to expand the area of the company’s Topaz helium project. The additional mineral rights are within a 6.2 mile radius of the Topaz discovery and cover a total of 2,840 gross acres (1,049 net acres). This represents ~100% increase to the existing 1,040 net

SP Angel Morning Energiser: 11/10/23

Commodity markets remain on edge

Auctus on Friday - 11/08/2023

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.08 per share: A high-quality industry partner in Austria to fund and accelerate Anshof development - ADX is farming out 30% WI in the Anshof discovery to MND. On closing, ADX will hold 50% WI in Anshof. MND will pay ADX ~A$3.2 mm for back costs and long lead items for the Anshof-1 and 2 wells on completion of the transaction. MND will also fund ADX’s share of drilling and completion costs of A$

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

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

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.

Valeura Energy (TSX: VLE): Another strong quarter

• 3Q24 production was 22.2 mbbl/d. This is well above our conservative forecast of 20.4 mbbl/d that incorporated more provisions for downtime and steeper declines. All the assets appear to be performing very well. • Production in September was 26.4 mbbl/d. This is above the already high rate of 26.2 mbbl/d announced at the end of August. • Valeura held US$156 mm in cash at the end of September. This was very close to our forecast of US$162 mm. However, the 3Q24 revenue and cash position at the e

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

PANMURE LIBERUM: Commodity redEYE: Peak conviction, instantly restored

SP Angel Morning View: Iron ore limit up as China stimulates further over the weekend, boosting sentiment

SP Angel Morning View: Gold edges higher as Russian Ministry of Finance plans to boost precious metals purchases in 2025

American West Metals (AW1 AU) – Suspension Anglo Asian Mining* (AAZ LN) – Agitation leaching plant production resumed Barrick Gold (GOLD US) – Agreement reached with Mali government Caledonia Mining* (CMCL LN) – Solar power plant at the Blanket mine, Zimbabwe Cobra Resources (COBR LN) – Bench scale test results from Boland project, South Australia Ionic Rare Earths (IXR AU) – UK funding for REE recycling business Orosur Mining* (OMI LN) –Annual results and share placing Power Nickel (PNPN

Record Q3

Amelio Energy acquisition

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

Morning Note – 30 September 2024

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

Hybridan Small Cap Feast - 17 April 24

17th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi

Market headwinds persisting