AUCTUS ON FRIDAY - 19/07/2024

Condor Energies (CDR CN)C: Signing first LNG framework agreement in Kazakhstan – Condor has signed a first LNG Framework Agreement for the utilization of LNG to fuel Kazakhstan’s rail locomotives. The agreement was also signed by Kazakhstan Temir Zholy (KTZ), the national railway operator of Kazakhstan and Wabtec Corporation, a U.S. based locomotive manufacturer with existing facilities in Kazakhstan. KTZ and Wabtec previously signed a memorandum of understanding which includes modernization wor

AUCTUS ON FRIDAY - 21/06/2024

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C: target price of £0.65 per share: Flow rate of high impact horizontal well above expectations – The first CN Horizontal well (CNB HZ-1) from the Carrizales Norte B pad has been on production since 14 June at a rate of 3,150 bbl/d (~1.6 mbbl/d net) with less than 1% water cut while still recovering load fluid. The flow rate is currently constrained with the ESP operating on the minimum setting. The flow ra

AUCTUS ON FRIDAY - 12/04/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Restarting production at Anshof – The Permanent Production Facility (PPF), with a capacity of 3,000 bbl/d of liquids, has been commissioned and the Anshof-3 well has recommenced production at a rate of 134 bbl/d with no water. The operation has been undertaken in line with expectations and within budget. The oil production rate at Anshof-3 is 16% above the rate prior to shut-in. A

Auctus on Friday - 19/01/2024

AUCTUS PUBLICATIONS ________________________________________ GeoPark (GPRK US)C; target price of US$24 per share: Further exploration success in Colombia – The Perico-1 exploration well at CPO-5 encountered hydrocarbons in the Barco (Guadalupe) formation. The well is currently producing 650 bbl/d of 14 deg API oil with 8% water cut. This is an important well that confirms the extension of the Llanos-34 Guadalupe play into CPO-5 and is probably derisking further prospects. This is the fifth disco

Auctus on Friday - 04/08/2023

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.10 per share: Growing production. New Anshof well to be spudded in September - 2Q23 production was 317 boe/d reaching 366 boe/d in June and including ~115 bbl/d at Anshof. Anshof-3 production performance continues to exceed expectations with strong pressure support and deliverability with no water production. Work-over activities at Zistersdorf and Gaiselberg (Vienna basin) in mid-August are ex

Auctus on Friday - 19/08/2022

AUCTUS PUBLICATIONS ________________________________________ SDX Energy (SDX LN)C; Target of £0.22 per share: 2Q22 in line. Growing production at West Gharib – 2Q22 production and net cash at the end of June had already been reported. Development drilling at West Gharib and South Disouq has delivered good results with six out of nine wells, four at West Gharib and two at South Disouq, drilled during 2022 now in production. At West Gharib, each well encountered 56-137 ft of net pay with good rese

Auctus on Friday - 12/08/2022

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.06 per share: Raising new equity to accelerate high impact drilling – ADX has raised A$ 2.55 mm of new equity priced at A$ 0.006 per share. New investors will also receive one option for every two placement shares at a strike price of A$ 0.013 per share with an expiry date of 2 years. The proceeds of the raise will fund (1) the planning and purchase of long lead items for the high impact 800+ b

Auctus on Friday - 15/07/2022

AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; Target price of NOK50 per share: Closing the Nigeria chapter and dividend in specie – The divestment of Nigeria has been completed. Panoro will receive 96.6 mm shares or 6.78% of PetroNor (US$10 mm). The shares will be distributed to Panoro’s shareholders as a dividend in specie, and represents the first dividend payment to Panoro’s shareholders. In addition, Panoro is entitled a ~US$16.7 mm contingent payment

Auctus on Friday - 20/05/2022

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.060 per share: Adding very high impact gas exploration in Austria - The ADX-AT-1 and ADX-AT-II licence areas have been expanded from 450 km2 to an area now encompassing 1,022 km2 at a minimal cost. The additional licence areas will be valid for up to 16 years without any relinquishment foreseen. The associated work programme can be covered by the drilling of one well. The portfolio expansion in

Auctus on Friday - 22/04/2022

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN)C; Target price of £0.45 per share: Very encouraging drilling results at Colombia well - The RCE-2 well has encountered a total net pay of ~80’ across five separate known horizons. Importantly the C7 sand (the primary target) was encountered 10’ higher than expected and 25’ higher than in the RCE-1 well. Overall 30’ of pay was encountered in the C7 sand. This suggests larger volumes than expected. The well als

Auctus on Friday - 04/03/2022

AUCTUS PUBLICATIONS ________________________________________ Vaalco Energy (EGY LN/CN)C; Target price increased from £4.80 per share to £5.30 per share: Very large reserves increase – YE21 SEC proved reserves were 11.2 mmbbl, up 250% compared to YE20 (3.2 mmbbl). This large increase reflects (1) a 5 mmbbl addition associated with improved well performance, field-life extension related to cost savings from the replacement Floating, Storage and Offloading vessel, and the addition of proved undevel

Auctus on Friday - 04/02/2022

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.040 per share: Gearing to a busy 2022 – 4Q21 production of 254 boe/d was below our expectations of ~300 boe/d due to a number of well failures (pumping and well bore blockages) as well as planned interruptions from an ongoing workover program to fully restore field production. The workover program is expected to be concluded by the end of February 2022 and add 80 to 100 boe/d of incremental oi

Auctus on Friday - 21/01/2021

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.040 per share: Positive logging results at Anshof-3 – Logging results from the Anshof-3 well confirmed 2.5-4 m of productive net pay at the primary Eocene oil target and 14 m of net gas pay at the Miocene sands. The secondary Cenomanian oil zone is not likely to be productive at this location due to low permeability (this is not a surprise). The Eocene net reservoir thickness at Anshof-3 locati

Auctus on Friday - 07/01/2022

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C: Target price of A$0.0.40 per share: Discovery at Anshof-3 – A 9 m gross interval has been encountered at the primary Eocene oil target in the Anshof-3 well and a 20 m gross interval with strong gas shows has been encountered within imbricated Miocene formations. The intervals exhibited hydrocarbon shows indicative of moveable hydrocarbons based on the company’s extensive experience within the basin. The encountere

Auctus on Friday - 26/11/2021

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU) C; Target price of A$0.040 per share: Farm-out of a small portion of drilling prospect in Upper Austria showcases the acreage’s quality – ADX is farming out 20% of the Anshof prospect in Upper Austria to ASX listed Xstate Resources. In return Xstate will fund 40% of the cost of the Anshof exploration well with a cap of EUR0.72 mm net to Xstate (corresponding to a gross well cost of EUR1.8 mm). Xstate could also fund

Chariot Limited (AIM: CHAR): Anchois-3 disappoints. All eyes on South Africa power, Morocco onshore & Namibia.

• The North Flank prospect at Anchois-3 is water wet (ReNAV: £0.03/sh), This has a negative impact on Anchois South (ReNAV: £0.07/sh). • The B sands that were the main appraisal targets were thinner than expected and the deeper C & M sands were water wet, however these were drilled down-dip from the Anchois-2 well where the sands were found gas-bearing. The B sands will not be tested and the main hole will be plugged an abandoned. This has a negative impact on the size of the contingent resource

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.

Morning Note – 16 September 2024

Cadence Minerals (KDNC LN) - Licensing update for the Amapá iron ore project, Brazil

Cadence today provides an update on its licencing and project test work for the plan to produce a single 67% iron product from the Amapá iron ore brownfield restart in Brazil. Licences are all underway following an agreement with the local environment agency to expedite the process as Amapá is a former operating mine; Amapá needs a Mine Extraction and Processing Permit for which it needs an Installation License to begin construction and, when constructed, an Operational License. It also requires

Morning Note – 19 September 2024

Strong 1H cash flow, soft services

Union Jack Oil (UJO LN) - Wressle planning permission received for planned programme

Union Jack has announced that it has received planning permission for the next phase of its Wressle development project in the UK. This is the key consent for this work programme, and should allow the company to add important new production volumes from this existing producing asset going forward.

Union Jack Oil+ (UJO, House Stock at 16p) - Planning consent for Wressle expansion

Morning Note – 18 September 2024

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.

Oil & Gas - Cavendish sector note

Chariot, Hartshead Resources, Sunda Energy, Afentra, Energean, Serica Energy, Petro Matad, Cadogan Energy Solutions, Bowleven Source: FactSet, weekly change 09/09/2024-13/09/2024 Oil slipped as producers started reviving output after Storm Francine passed, though futures still posted their first weekly gain in a month as the disruptions and risk-on sentiment in wider markets helped ease a previously oversold crude market. West Texas Intermediate slid about 0.5% to settle below $69 a barrel, givi

Sound Energy (SOU LN) - H1 2024 results

Sound has announced its H1 2024 results, alongside providing an operational update on its ongoing Tendrara development project in Morocco. The company recently announced a farm out of Tendrara, which should close in the coming weeks and which we expect to leave Sound fully funded for Tendrara Phase 1 and 2 development.

PANMURE LIBERUM: Commodity snapSHOT: Russia's latest threats, quantified

Pharos Energy Plc (LSE: PHAR): Very strong financials. Busy drilling programme in 2H24. Dividend up by 10%

• 1H24 production of 5,851 boe/d had been reported previously. • Pharos has re-iterated its FY24 production guidance of 5.2-6.5 mboe/d. The company expects to spend US$26 mm (net) capex in 2024 (US$27 mm previously). • The highlight of this announcement is the strong financials. While the net cash of US$17.5 mm at the end of June is in line with what had been reported previously, the 1H24 operating cashflow had been negatively impacted by an inventory build of ~US$12 mm. This implies that the ne

88 Energy - Multi Hundred Million Barrel Oil Resource Confirmed

Assessments carried out by two independent reserve and resource auditors have confirmed a multi-reservoir discovered resource at Project Phoenix, with combined gross 2C resources of 378mmboe (including 251mmbbls of marketable liquids). The result provides 88E with 159mmbbls of net oil and NGL resources, strategically located next to the Trans Alaska Pipeline System (TAPS), with significant development potential. Upside potential comes from 247mmbbls of gross 2U unrisked prospective resources, br