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Market update - 28/01/2022
Companies: Nostrum Oil & Gas Plc
Arrow Exploration (AXL LN/CN)C; Target price of £0.30 per share: Production on track. Drilling to start in Colombia in March. Potential additional well in Canada – Overall net production of 1,320 boe/d (as at 01/01/2022) is in line with our expectations of ~1,110 boe/d in 1Q22 (our forecasts exclude any contribution of the Capella field that is currently producing 191 bbl/d and that we anticipate will be sold). Overall net production
Companies: NOG WPL TTE TRIN TLW TGL SAVE CASP CNE CNE JSE IOG AXL ENI ENI GTE AKRBP AKERBP BLOK CEG GPRK GPRK PEN PEN WEN
Calima Energy (CE1 AU) C; Target price of A$0.75 per share: Well update in Canada – The Thorsby Leo #3 well commenced flowback on November 8th and is currently producing > 250boe/d of oil and gas, which is exceeding the company’s expectations. Leo #1 and #2 are both tied in and flowing back as of November 16th and currently cleaning up. Hydrocarbon flows for Leo #1 and #2 are expected to commence in the next 7-10 days. These are impor
Companies: XOM XOM TTE TLW SOU AOI WEN NOG LEK HUR GTC ENQ DEC XOP CHAR CNE CNE CE1 PHAR
ADX Energy (ADX AU) C; Target price of A$0.040 per share: 3Q21 results – 3Q21 production in Austria was 275 boe/d, below our forecasts of ~315 boe/d due to well downtime. A well workover programme has started in October to add 100-150 boe/d. The Anshof-1 exploration well is expected to be spudded in December. An updated reserves report is expected in the coming weeks. The green Energy project is on track and engineering, planning and p
Companies: SOU PPC AXL CHAR DME DEC EQNR IHC LUPE NOG OMV OMV REP REP RDSA TETY TETY I3E ADX AKRBP AKERBP CE1 ENI ENI SEPL
Calima Energy (CE1 CN) C: Target of A$0.040 per share: First Thorsby development well in line - Well logs indicate the Leo #1 well is within expected reservoir quality with oil and gas shows as prognosed with type curve production predicted. This is the first of a three well programme that is expected to have a material impact on the company’s production. Each well has an expected IP90 rate of ~274-460 bbl/d.
Challenger Energy (CEG LN) C: Target of 7.50 p per share: Saffron-2: commercial flow r
Companies: SOU CE1 HE1 NOG EGY MAHAA CEG PEN PEN TAL SDX
Calima Energy (CE1 CN) C: Target of A$0.40 per share: Starting drilling programme at Thorsby - The 3 well Leo drilling program has commenced in the Sparky Formation in the Thorsby area of Alberta. The Leo #1 well is presently at ~2,000 m measured depth. The well is expected to complete drilling this weekend, following which Leo #2 will commence drilling from the same pad. IP90 production rates per well are ~274-460 bbl/d.
Companies: XOP CE1 HUR JSE WPL GENL I3E IHC NOG SDX
ADX Energy (ADX AU) C: Target of A$0.040 per share: High impact newsflow in 2H21 - 2H21 will be very important for the company with significant upcoming newsflow. In our view, the most meaningful eventis the drilling of the Anshoff well in Austria. We were previously anticipating that the company would need a farm-in partner to fund the well. However, in the context of the current high oil price, >A$4 mm in cash at the end of June and
Companies: XOM XOM SOU NOG SEPL LUPE RDSA TETY TETY ADX CE1 DNO DNO ENI ENI EQNR EQNR GENL IHC OMV OMV PEN PEN PHAR REP REP SNM TTE
Trinity Exploration & Production, Diversified Energy Company, Getech Group, Kistos, Phoenix Global Resources, Union Jack Oil, Rockhopper Exploration, Sound Energy, Siccar Point Energy, SDX Energy, Nostrum Oil & Gas, Pantheon Resources, Gran Tierra Energy, Hurricane Energy, Wintershall DEA
Companies: GTE DEC GTC HUR KIST NOG PANR PGR RKH SDX SOU TRIN UJO
Bahamas Petroleum Company (BPC LN)/Challenger Energy Group (CEG LN)C; Target of 1.20p per share: Completing financing – BPC has raised £6.9 mm of new equity. This is an important step for the company to fund the upcoming work programme. The key near term newsflow is the drilling of the saffran#2 appraisal well that could derisk ~11 mmbbl. The company has now changed its name to Challenger Energy and will trade under the ticker of “CEG LN”.
GeoPark (GPRK US)C; Target price
Companies: CEG BP/ CNE CNE DEC ENI ENI FEC GPRK GPRK GTE HUR NOG PXT PGR RDSA SDX SNM TETY TETY
Bahamas Petroleum Company (BPC LN)C; Target price of 1.20p per share: Pressing the reset button - BPC announced important management changes with Eytan Uliel becoming CEO and Simon Potter transitioning to a NED role. The company will also change its name to Challenger Energy plc. The strategic focus has not changed with two imminent key appraisal wells due to be drilled in Trinidad and Suriname at a total initial cost of 2x the current share price. Importantly our unrisked N
Companies: ADX AKRBP AKERBP CEG BP/ CE1 DEC ENI ENI ENQ EQNR EQNR XOM XOM HUR JSE JKX LUPE NOG OMV OMV RBD REP REP RDSA TTE EGY VOG
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
Oil edged lower on Friday alongside a broader market decline as the recovery in consumption remains uncertain.
The dip capped a third straight week with New York futures stuck near $52 a barrel. US equities weakened amid lingering concerns
over volatile retail trading. While Johnson & Johnson's Covid-19 vaccine breakthrough allayed some worries about the deterioration
of consumption, it is clear the demand environment remains tepid. Chevron Corp posted a fourth-quarter loss after weak fuel
Companies: CVX EOG HES GTE 88E ADV DEC GTC JOG NOG PANR RBD SAVE SDX TLW VOG LUNE
Panoro Energy (PEN NO)c; Target price of NOK23.00: Revisiting Gabon - BW Energy provided an update on Dussafu with FY20 production guidance expectation marginally below previous guidance (14.25 mbbl/d versus 15 16 mbbl/d) due to COVID-19 restrictions and OPEC+ quotas. This results in FY20 opex expected to be US$19/bbl which is slightly above the previous guidance of US$17-18/bbl. The drilling of DTM-7H, and the tie-in of DTM-6H and -7H, has been deferred to mid-2021 with first oil expected in 3Q
Companies: TGL 88E FEC JSE LUNE NOG PANR TAL TETY TETY AOI ENOG PEN SDX EGY
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
PetroTal (PTAL LN)C; Target price £0.45: Pipeline allowed to restart this week, Bretana to be back on line by the end of August – There were no surprises in the 2Q20 financials. As at August 17, 2020, PetroTal had cash resources of US$13.5 mm, with accounts payable and accrued liabilities of ~ US$37 mm (a reduction of US$12 mm from the end of June). Of this amount, only US$28 mm is due in 2020. Importantly, PetroTal indicated that favourable discussions between the Government of Peru and the com
Companies: NOG HBR CNE TAL SDX
Research Tree provides access to ongoing research coverage, media content and regulatory news on Nostrum Oil & Gas Plc.
We currently have 273 research reports from 7
Following the announcement of test results for all three zones at Royston, where we now see a compelling oil development opportunity, we have revisited our FY21F and FY22F estimates for Touchstone and introduce numbers for FY23F. Our forecasts for the financial year just ended are not materially changed (certainly in revenue and net profit terms) – with Touchstone’s results for the nine months to September having previously indicated that it was tracking reasonably well against our estimates for
Companies: Touchstone Exploration Inc
Companies: Shanta Gold Limited
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ACP Energy plc, a company formed for the purpose of undertaking an acquisition or acquisitions of a majority interest in a company, business or asset, seeking to join the Main Market (Standard) The Company intends to focus on opportunities in the natural resources sector, raising gross proceeds of £830k. Due 28 Jan.
Artemis Resources ltd, an ASX listed mining
Companies: STAF CASP EKF SAR LTG ERGO EDR BARK
Bushveld ended 2021 on a firmer operational footing than it began the year, its focus on stabilising production levels at Vametco helping it reach the upper end of its rebased full-year group production guidance range whilst keeping costs under control. With operational stability now in place, thoughts can once more turn to growth. The commissioning of Kiln 3 at Vanchem is on track for Q2 2022 and should bring higher rates there in H2 and see Bushveld exit the year with a sustainable group produ
Companies: Bushveld Minerals Limited
Pantheon Resources announced that it has commenced drilling the Theta West #1 well, which has now drilled to a depth of 1,874 feet – target depth is circa 9,200 feet. The well is targeting i) the Upper Basin Floor Fan and ii) the Lower Basin floor fan, both of which are referred to as Theta West. Theta West has a combined best estimate success-case recoverable resource of 1.4 billion barrels of oil.
Companies: Pantheon Resources plc
Wentworth Resources plc has released a strong operational update and its 2022 production guidance, with the Company in its strongest ever position in its corporate history. In Q4/21 Wentworth achieved an all-time quarterly production record at Mnazi Bay of 91.5MMscf/d, demonstrating the continued strong demand for gas in Tanzania. FY21 average gross production was 81.6MMscf/d, above the high-end of the Company's revised guidance (70-80MMscf/d) and our own estimate (80MMscf/d). Gross production g
Companies: Wentworth Resources PLC
Phoenix copper today announces the results of its geophysical surveys over the Navarre Creek licence in Idaho. The results of the survey point to two intrusive bodies underlying glacial till and a 2.3 x 1.0 mile alteration corridor with alteration consistent with the potential for “Carlin” style epithermal gold-silver deposits. The survey took the form of a ground-based magnetic survey (to search for the presence (or not) of magnetite in the intrusive bodies and in the magnetite skarns associa
Companies: Phoenix Copper Ltd. (United Kingdom)
As part of the Stage 3 work programme, Falcon Oil & Gas has confirmed that it will embark on a fully-funded, high-impact, extensive work programme in 2022. The Company will drill, fracture stimulate and test two 2,000m+ horizontal wells, with the aim of providing line of sight to the commercialisation of the Beetaloo. The programme will focus on the Amungee Member B shale, following the successful production log test in 2021, which suggested a normalised gas flow rate of 5.2-5.8MMscf/d per 1,000
Companies: Falcon Oil & Gas Ltd.
As expected, Hargreaves has reported a very strong set of interims (earnings increasing ninefold) with good progress reported in all areas of the Group. HRMS was the standout performer and looks increasingly likely to remain a significant profit and cash generator for the Group over the medium term. This drives further, material forecast upgrades (PBT and EPS >20% in all forecast years) and triggers an uplift in our TP to 590p (from 560p). With continuing earnings momentum and a 5% dividend yiel
Companies: Hargreaves Services plc
Savannah’s FY21 trading update demonstrates continued progress at its Nigerian operations, with strong growth in gas volumes, revenues ahead of guidance, robust cost controls and net debt levels declining. This should be encouraging for investors as Savannah expands its sphere of operations and looks to deliver growth on multiple fronts – the recently announced Chad/Cameroon acquisitions are highly accretive and set to more than double the scale of the company’s operations, while additional grow
Companies: Savannah Energy Plc
Companies: Sylvania Platinum Ltd.
Companies: Atlantic Lithium Limited.
SolGold’s (“SOLG”) regional drive has started to yield tangible results from promising projects including Tandayama-America (“TAM”) and Cacharposa at Porvenir. We evaluate the potential value these projects could add even at this early stage in their development and key catalysts moving forward. TAM in our view could substantially derisk development at Alpala through early starter pit material whilst Alpala is caving, bringing forward first production and simultaneously enhancing the project’s N
Companies: SolGold Plc
Trinity has released a Q4/21 and FY21 operational update, in which it emphasises the significant portfolio of opportunities available, and progress made by the Company to meaningfully scale the business. FY21 production was at the top-end of guidance at 3,069bopd, despite no new wells being drilled during 2021 and the ongoing COVID related restrictions. The Company's strong production performance, together with strict cost controls helped maintain a low operating breakeven below US$30/bbl (at US
Companies: Trinity Exploration & Production Plc
• 4Q21 gross production was 91.5 mmcf/d, above our expectations of 85 mmcf/d.
• The FY22 gross production guidance has been set at 75-85 mmcf/d (we carry 80 mmcf/d) with contracted gas prices of US$3.44/mmbtu and net capex of US$2.3 mm. The FY22 production guidance represents an increase of 5 mmcf/d compared to the most recent FY21 guidance.
• During December, the company bought back US$2 mm of its shares (out of a programme of up to £2 mm announced in December).
• Net cash at YE21 was US$22.8