PetroTal (PTAL LN/TAL CN)C; Target Price: £0.50: Successful US$100 mm bond raise opens new horizons – PetroTal has raised ~US$100 mm through a 3 year senior bond issue with a fixed coupon of 12% per year and a borrowing limit of US$125 mm. ~US$20 mm will be used to repay the US$16.6 mm derivative liabilities to Petroperu (formalized in November) and the US$2.9 mm government pandemic loan, while US$20 mm are earmarked to make acquisitions. The balance will be invested in th
Companies: NOG CASP RDSA ADX AKRBP ALV BP/ DNO ENQ JSE LUNE MAHAA OMV PXT TAL SEPL WEN
Earlier this week, Maha reduced its full year/exit production guidance
Driven by Covid/workover-issues and one disappointing appraisal well
Underlying issues have largely been resolved, as announced yesterday
Although Q4 has been weak, Maha is all set for 5,000 boe/d in 2021
Companies: Maha Energy AB Class A
Bahamas Petroleum Company (BPC LN)C; Target: 6.7p: Further funding secures the 2021 programme - BPC is raising US$10 mm of new equity immediately with a fund managed by Lombard Odier. The placing comprises 375 mm new shares at 2.0p per share. The investor is also issued warrants to subscribe for 93.75 mm shares at 3.0p and 93.75 mm shares at 4.0p over a period of one year. If all of these warrants were to be exercised, BPC would raise a further US$8.7 mm. BPC has also the option to raise up to a
Companies: SQZ HBR AOI CEG CNE XOP GTE HUR JOG MAHAA TAL PHAR TETY TETY
Bahamas Petroleum Company (BPC LN)C; Target: £7.20: Initiating Coverage - Bahamas Petroleum (BPC) is a £100 mm market cap company with onshore assets in the mature oil provinces of Trinidad and Suriname and high impact exploration offshore The Bahamas and Uruguay. In Trinidad and Suriname, BPC has production assets, development projects to quicky grow production and several exploration opportunities that attracted little attention from previous operators. In The Bahamas, after 12 years of incuba
Companies: WEN AOI ALV CEG GENL GTE MAHAA RBD
GeoPark (GPRK US)C; Target price of US$20.00: Divesting non-core asset in Brazil - GeoPark is selling its 10% non-operated working interest in the Manati gas field in Brazil to Gas Bridge for US$27 mm. We do not see much upside to the Brazilian asset (in terms of growing reserves or through exploration opportunities) and this divestment may allow GeoPark to reallocate resources to its core operations. We would rather see management remaining focused on deploying capital on higher return assets s
Companies: VOG CEG ENQ GPRK JOG MAHAA PEN PHAR RBD REP SEN TLW
GeoPark (GPRK US)C; Target price of US$20.00: Re-instating dividend and up to 10% Buy back - FY21 production guidance has been set at 40-42 mboe/d excluding any contribution from exploration/appraisal with US$100-120 mm capex at US$40-45/bbl. This includes US$95-115 mm in Colombia (US$30-35 mm for exploration/appraisal) and US$4-5 mm in Ecuador. FY21 operating net back is guided at US$210-280 mm. 3-4 exploration wells will be drilled at CPO-5, some of which will test the continuity of the Guadal
Companies: EGY AOI FEC GPRK I3E MAHAA PXT SNM TETY TETY TXP
Panoro Energy (PEN NO)C; Target price of NOK23.00: Delivering production growth in Tunisia – Gross production in Tunisia has averaged 4,850 bbl/d in October, up from ~4,000 bbl/d in 1Q20 following the restart of operational activities in 3Q20. The Guebiba-10 sidetrack has encountered net pay in both the Berino and shallower Douleb reservoirs. Initially bringing the Berino onstream will add a few 100s bbl/d from mid November. There are three other work-overs due in the next few months on the fie
Companies: AKRBP BP/ LUNE MAHAA RDSA TETY TETY AOI DEC DNO ENI EQNR GENL HES NOG OMV PEN PTR REP SEPL SNM TTE VOG
GeoPark (GPRK US)C; Target price US$20 per share: Drilling at CPO-5 has started - The 3Q20 operating update did not contain any surprises, with overall production increasing by 5% vs the previous quarter, reflecting higher sales in Brazil, Argentina and Chile. Importantly, gross production at Llanos-34 is back to 60 mbbl/d with some work-over backlog and development drilling having restarted. Overall net production (across all of GeoPark’s assets) was 40 mboe/d at the end of September and FY20 p
Companies: TXP ALV AKRBP CASP GPRK KOS MAHAA PANR TETY TETY UKOG
SDX Energy (SDX LN)C; Target price £0.45 per share: Growing the prize, accelerating drilling - Sales in Morocco are now almost back to pre COVID 19 levels (90%). This is important for cash flow. SDX has now mapped additional prospects on the South Disouq license, resulting in gross prospective resources increasing by 139 bcf to 233 bcf. Drilling in Egypt is being accelerated to start in 2Q21 with two initial wells targeting 165 bcf, including the new Hanut prospect with 139 bcf gross prospective
Companies: UKOG TLW SDX REP PXT HBR PGR OMV MAHAA LUNE JKX HUR GTC DEC
GeoPark (GPRK US)C; Target price US$20.00 per share: All eyes on CPO-5 - We see the CPO-5 block becoming a key area of focus in the next 18 months and the main reason behind the acquisition of AMERISUR in January 2020. By YE20, GeoPark will drill two wells on the highly prospective CPO-5 block. This will include an imminent development/appraisal well in the Indico light oil field followed by an exploration well. The only existing well in the Indico field is still flowing naturally at >5 mbbl/d s
Companies: GENL GPRK MAHAA RDSA UKOG
Wentworth Resources (WEN LN)C; Target price £0.40: 20% dividend increase is a testament to Wentworth’s strength – Without much surprise, given the slow pick-up in gas demand in the aftermath of COVID-19, FY20 production guidance has been marginally reduced from 65-75 mmc/f to 60-70 mmcf/d. Production has already increased to ~68 mmcf/d over July and August, including ~72 mmcf/d for August. Importantly, with US$16.7 mm in cash at the beginning of September and no debt, the company is increasing i
Companies: ENQ GKP JSE RBD WRL MAHAA HBR AOI GENL
Panoro Energy (PEN NO)C; Target price NOK23.00: Showcasing Gabon – The important news is the very large resources estimate increase at Greater Hibiscus. The Hibiscus South and Mupale prospects are now mapped by the operator as part of the Hibiscus structure with overall recoverable volume of 155 mmbbl. This compares with current gross 2P reserves at Hibiscus of only 45 mmbbl. Net to Panoro’s 7.5% WI, this could add ~8 mmbbl, representing about 100% of the company YE19 WI 2P reserves in Gabon. On
Companies: PHAR FAR GTC MAHAA PEN PTR TPL
GeoPark (GRPK US)C; Target price US$20: Cash tax reduction and high impact drilling– The only item of interest in the 2Q20 financials was the fact that GeoPark did not pay any cash tax in 2Q20 (we were carrying a payment of US$40 mm). This explains why the cash balance at the end of June was so much higher than we expected at the time of the 2Q20 operating update in July). This also reflects important positive changes in Colombia. First, US$20-25 mm cash taxes in 2020 have been deferred to 2021
Companies: BP/ FEC GENL GPRK I3E PXT PHAR HUR KOS MAHAA EGY
PetroTal (PTAL LN/TAL CN)C; Target price £0.45: 1Q20 results/Bretaña expected to restart in July – 1Q20 financials are in line with expectations and 1Q20 production had been reported previously. At the end of 1Q20, current trade and other payables had been reduced to ~US$45 mm compared to ~US$55 mm at YE19. Most importantly. PetroTal continues to expect the Bretaña field to be re-opened this month. The contingent liability with Petroperu is estimated at US$25 mm at the current oil price and the
Companies: I3E MAHAA JKX PHAR EQNR AKRBP ENI HUR TAL REP RRE SOU TPL VOG OMV
In this note, we analyze the indebtedness of 35 international E&Ps publicly listed in the UK, Canada, Norway, Sweden and the USA. For each company, we look at (1) cash position, (2) level and nature of debt (including covenants), (3) debt service and principal repayment framework and (4) Brent price required from April to YE20 to meet all the obligations and keep cash positions intact. We also estimate YE20 cash if Brent were to average US$20/bbl from April to YE20. While the oil demand and oil
Companies: AKRBP AOI CNE CNE DEC EGY ENOG ENQ GENL GKP GPRK GTE HUR IOG JSE KOS LUNE MAHAA OKEA ORC/B PEN PHAR HBR TAL PXT RRE SDX SEPL TETY TGL TLW TXP WRL
Research Tree provides access to ongoing research coverage, media content and regulatory news on Maha Energy AB Class A.
We currently have 13 research reports from 1
Phoenix copper today provides an update on its ground geophysical survey over the Red Star prospect near its Empire copper project in Idaho. The Red Star skarn mineralisation (lead and silver ± copper, zinc) is associated with magnetite; the survey just undertaken was to better understand the distribution and orientation of magnetite to find potential mineralisation and to inform the location and direction of a further drilling programme.
Companies: Phoenix Copper Ltd. (United Kingdom)
We are initiating coverage of VAST Resources (VAST), which has wholly-owned Baita Plai and Manaila polymetallic mines plus an interest in two exploration projects, all located in Romania. At this stage, Baita Plai is the main driver for our valuation as it is currently being ramped up to 14kt per month. As such, we expect Baita Plai’s Cu eq output to reach c 2.4ktpa in FY23F followed by 3.3ktpa in FY24F. This, coupled with Manaila’s potential re-start of an additional 3ktpa of Cu eq over the sho
Companies: Vast Resources plc
Diversified Energy Company (DEC) has announced a fourth acquisition within the Company's Central Region, acquiring a portfolio of upstream assets and related infrastructure from Tapstone Energy Holdings LLC and its related party, KL CHK SPV LLC. Oaktree Capital will co-invest in the acquisition, representing Oaktree's third co-investment since May this year. Importantly, Oaktree's participation provides important third-party validation whilst also affording Diversified additional liquidity and l
Companies: Diversified Energy Company PLC
We see the UK Government’s Net Zero Strategy as being overall helpful but not especially definitive. Amongst our coverage group, Drax Group (DRX LN) and Velocys (VLS LN) benefit from the Humberside CCS cluster prioritisation and Velocys from SAF support. The amount of renewables is likely to boost the need for flexibility solutions where Drax, Gore Street (GSF LN) and SIMEC Atlantis (SAE LN) can benefit. Hydrogen companies ITM (ITM LN) and Powerhouse Energy (PHE LN) are likely to find support. T
Companies: ADN DRX GSF ITM NESF PHE SAE SIT STRLNG TLG VLS
Companies: Shanta Gold Limited
Today’s IPO of Tungsten West (TUN-LON) unlocks a valuable, long term revenue stream for Hargreaves. This comprises a £1m per annum fee (first payment next month) as well as a mining services contract once the mine recommences production. The resulting EPS upgrades are 6% and 7% in FY22 and FY23 respectively, followed by 9% in FY24 with the first partial contribution from the mining services contract. This continues Hargreaves’ impressive recent run of forecast upgrades and reinforces our convict
Companies: Hargreaves Services plc
Companies: Thungela Resources Limited
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Devolver Digital to join AIM, an award-winning digital video games publisher and developer in the indie games space. Recently awarded indie 'Publisher of the Year 2021' by GamesIndustry.biz. Offer TBA. Due early Nov.
Life Science REIT to join AIM raising up to £100m. This will be the first London listed real estate investment trust (REIT) focused on UK life science properties providing investors with exposure
Companies: SYS1 ARE SO4 SNG TMG TMT OHG IDE KIBO MRL
Shanta Gold (AIM: SHG) has, this morning, announced its production and operational results for the quarter ended 30th September 2021 – see Fig 1. Operationally this was a slightly weaker than expected quarter but very promising from the corporate side with a new five-year plan announced, an 0.10cps interim dividend announced and a resource update at the West Kenya Project (WKP).
QoQ production was flat at 14,194 oz and AISC rose to $1,480/oz caused by a temporary drop in grade as well as hig
Brent crude topped $85 a barrel in London for the first time since 2018, the latest milestone in a global energy crisis that has seen prices soar.
West Texas Intermediate for November settlement rose 97 cents to settle at $82.28 a barrel in New York.
Brent for December delivery added 86 cents to settle at $84.86 a barrel.
The global benchmark rose above the key level in intraday trading but did not settle above it on Friday. US crude futures posted an eighth straight weekly
Companies: FO 88E DEC EME GTC TRIN UOG WEN
Trifast has released a good interim trading update ahead of its interim results due on 23 November. Overall trading has been in line with management expectations at “both revenue and profit levels” since the AGM update in July although this belies the strength of the Group's top line performance in our view. We remain buyers.
Companies: Trifast plc
Rio’s investors day was focused on two of the most critical mining industry thematics in today’s times, i.e. green and growth. The announced measures couldn’t have materialised at a better time, given the (recent) woes pertaining to governance and the iron ore market sell-off. Remember, considering Rio’s enviable balance sheet strength, it has the flexibility to pursue the targeted plans with rigorously and, at the same time, maintain ‘relative’ shareholder reward attractiveness. Hence, we reite
Companies: Rio Tinto plc
Anglo Asian Mining* (AAZ LN) - BUY – 180p – 4.5c special dividend
BeMetals (BMET CN) –– Drilling commences at South Mountain, Idaho
Condor Gold* (CNR LN) – BUY, valuation 102.5p – Progress of the La India feasibility study
Hochschild (HOC LN) - Hochschild to spin off rare earth assets
Rambler Metals and Mining* (RMM LN) – BUY, fair value 10.7p - Ming mine underground drilling programme demonstrates grade and width improvements at depth
SolGold* (SOLG LN) – Tandayama-America initial resour
Companies: BMET AAZ CNR HOC RMM SOLG
Tungsten West (TUN.L) has joined AIM. Tungsten West is the 100% owner and operator of the historical Hemerdon tungsten and tin mine located near Plymouth in southern Devon. Hemerdon represents the world's third largest tungsten mineral resource, with a JORC (2012) compliant Mineral Resource Estimate of approximately 325Mt at 0.12 WO3. Capital raised on Admission: £39m. Anticipated Mkt Cap: £106.2m.
Future Metals NL (ASX:FME, FME.L) (formerly named Red Emperor Resources NL) had joined AIM
Companies: SOLI RBD ALU ATQT BBI CWR DRV ORCP WATR
With the recent acquisition of producing assets in the US, Canadian Overseas Petroleum (COPL) has started a new chapter in its existence and has already transformed its value proposition to investors. Following the recent operational developments, we are already seeing potential for a significant additional value accretion in the next 12 months, not only from the producing Barron Flats Unit (BFU), but from several other opportunities as well. The potentially better-than- expected production ramp
Companies: Canadian Overseas Petroleum Limited