Chariot - Delivering an Expanded Anchois Project

Chariot has signed a partnership agreement with Energean (LON:ENOG), funding Chariot and the Anchois project through an upfront consideration, deferred consideration and potentially a full carry to first gas, with Chariot retaining a material stake in the project. The partners will now accelerate the drilling and flow testing of the Anchois East well in 2024, with rig contract negotiations underway. The multi-objective well, designed as a future producer is being drilled to unlock up to an addit

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Valeura Energy (TSX: VLE): Another good quarter. Re-iterating FY23 guidance

• 3Q23 production of 19,961 bbl/d and net cash at the end of September of ~US$103 mm had already been announced. • The company has re-iterated its FY23 guidance of 20.0-22.3 mbbl/d production with US$200-220 mm opex and US$155-175 mm capex. • At Jasmine, two new wells were brought into production in October and delivered initial flow rates above expectations. Current aggregate production from these two wells is ~1,600 bbl/d, which will support production from the field in 4Q23. One of two sidetr

Chariot Limited (AIM: CHAR): Like-minded farm-in partner to unlock Anchois

• Chariot is farming-out up to 55% in Anchois (Lixus licence) and 37.5% of the Rissana exploration licence to Energean for (1) up to US$75 mm in cash equivalents, including a US$50 mm loan convertible into Energean shares at a price of £20/sh or 3 mm Energean shares at Chariot’s option, (2) up to US$850 mm gross carry (US$170 mm net to Chariot based on US$850 mm x 20%) and (3) a 7% royalty on Energean’s share of revenue above a hurdle for gas price (we have assumed US$10/mcf). • The transaction

Oil & Gas - Cavendish sector note

Oil was set for a second weekly loss after the risk premium from the Israel-Hamas war vanished, bringing signs of soft demand to the fore. West Texas Intermediate slid 2.4% to settle near $80 a barrel, the lowest since late August. That’s after the leader of Iran-backed militant group Hezbollah said it didn’t know about 7 October attack, reinforcing views that the war will remain contained. Cushioning the losses were a soft US jobs report that’s supporting speculation the Fed can stop increasing

Auctus on Friday - 08/12/2023

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Adding further exploration prospects in FY24 - ADX has farmed out a 50% interest in an exploration area within the ADX AT I licence to MND in return for a A$0.73 mm back costs payment plus A$7.34 mm funding in exploration drilling. The exploration area farmed-out to MND includes the LICHT and IRR gas prospects. These prospects are close to infrastructure and considered low risk. O