AUCTUS ON FRIDAY - 16/08/2024

AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN)C; Target price £0.45 per share: Commencing drilling operations at high impact well in Morocco – Drilling operations have commenced on the Anchois East well (now named Anchois-3). The well has three objectives. An initial pilot hole will be drilled to evaluate the potential of the Anchois Footwall prospect, located in an undrilled fault block to the east of the main field with a 2U Prospective Resource estimate of 170

H1 24 - good progress, increasing value diversity

Stepnoy Leopard provides third value leg

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

Stepnoy-Leopard fields; independent study confirms scale

AUCTUS ON FRIDAY - 31/05/2024

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/AXL CN)C; target price of £0.65 per share: All eyes on the first horizontal well at Carrizales Norte – The 1Q24 production of 2,730 boe/d was close to our expectations. Arrow’s cash position of US$11.6 mm was also in line. The first water disposal well at RCE is being brought into production and the conversion of the CN-4 well is currently waiting regulatory approval. These two disposal wells are very importa

Q1 24 update - reiterating solid & diverse progress

AUCTUS ON FRIDAY - 26/04/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Important step to unlock Sicily – The Italian ministry has informed ADX that it will be granted the d 363C.R-.AX gas exploration permit in the Sicily Channel. In addition, the Regional Administrative Court of Rome has annulled the Plan for the Sustainable Energy Transition of Eligible Areas that prevented the oil redevelopment, appraisal and exploration activities on the licence.

FY23 - moving towards increased gas facilities usage

AUCTUS ON FRIDAY - 05/04/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Sample analysis at Welchau – Compositional analysis of a gas sample at Welchau shows 92 mole % methane, 4 mole % ethane with low CO2 and no H2S. Criterium Energy (CEQ CN)C; target price of C$0.30 per share: Growth within cashflow – The FY24 guidance reflects a self-funded development and debt repayment programme. While a reduced capital programme, we believe this is a prudent str

SP Angel Morning Energiser: 03/04/24

No change expected from OPEC+ meeting

Stepnoy-Leopard - initial development phase confirmed

Operations update - upbeat results

Auctus on Friday - 02/02/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.65 per share: Operations on track – 4Q23 production was 218 boe/d as Anshof did not contribute to production during the quarter (in line with previous indications). Commercial production at Anshof is expected to restart in March after the commissioning of a permanent production facility. ADX held ~A$8 mm in cash as at YE23. Drilling at the high impact Welchau-1 well targeting between 365 bcf an

Looking ahead to an important year of news flow

Rockhopper Exploration (RKH LN) - Italian arbitration insurance and Italian assets disposal

Rockhopper has announced two updates. First, it has taken out an insurance policy against its upcoming Italian arbitration annulment court decision, underpinning a cash payment of EUR31m for Rockhopper. Second, it has disposed of its remaining Italian assets portfolio, removing forward decommissioning liabilities for the company.

Zeus Industrials Round-Up - 11 October 2024

The UK industrial sector expanded for a fifth consecutive month in September per manufacturing PMI data, although activity was slightly softer MoM as employment levels, inventories and business confidence declined per the survey, primarily due to uncertainty regarding the Autumn Budget, US elections and subdued global market conditions. Global inflation data has been encouraging and we await next week’s UK payroll data to understand the BoE’s next decision, although it is widely anticipated that

Pantheon Resources (PANR LN) - Comprehensive Update Note

Pantheon Resources anticipates commencing drilling operations at Megrez-1 in early November, with drilling operations expected to take approximately one month to reach total depth. We believe that Megrez-1 is by far the most exciting well ever drilled by Pantheon Resources due to our high confidence that the reservoir of the targeted Ahpun East Topsets (609 million barrels of prospective recoverable best estimate resources) will be of an exceptionally high quality – success would unlock correspo

Oil & Gas - Cavendish sector note

PetroTal Corp, BP, Petro Matad, Gulf Keystone Petroleum, Zephyr Energy, Ithaca Energy, Equinor, Angus Energy, Shell, Var Energi, OMV AG Source: FactSet, weekly change 07/10/2024-11/10/2024 Oil eased following a day of choppy trading as investors booked profits and unwound some positions ahead of Israel’s expected retaliation against Iran and the potential rollout of fresh economic stimulus in China. West Texas Intermediate settled below $76 a barrel while Brent settled near $79 a barrel. Both be

SP Angel Morning View: Gold regains ground as Russia pushes BRIC countries for de-dollarisation

Kenmare Resources: Q3 preview – Moma operations to improve in H2

Kenmare Resources (“KMR”) will release its Q3 production update on 17th October 2024. KMR expects output to rise in H2 driven by higher forecast grades, and sales to be supported by improved weather, following the conclusion of the rainy reason. As such, we estimate heavy mineral concentrate (“HMC”) production in Q3 of 399kt (+17% QoQ), delivering final ilmenite output of 284kt (+19% QoQ). The drawdown of intermediate stockpiles in H2 should support production of zircon (H&Pe 14kt in Q3, +9% QoQ

Record throughput, but grades remain a concern

Insures to secure guaranteed substantial Ombrina Mare payout

PANMURE LIBERUM: Emmerson: Unfavourable ESIA recommendation; Emmerson reviewing options

SP Angel Morning View: Copper bounces as traders look to China for more support on Saturday

Morning Note – 15 October 2024

Hybridan Small Cap Feast - 14 October 2024

* A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) has been announced, or it is a rumour ***Arranged by type of listing and date of announcement ****Alphabetically arranged Share prices and market capitalisations taken from the current price on the day of publication 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

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

Power Metal Resources* (POW LN) – FLASH NOTE - Incubation Strategy Success Continues with Uranium JV

Jersey Oil & Gas - Energy Profits Levy (EPL) Changes

A policy paper published by the government has advised of changes to the UK EPL. Many of these changes were previously detailed as part of the Labour Manifesto including a 3% increase in the EPL rate to 38% from 1 November 2024, an extension to the EPL expiry to 31 March 2030 (currently 31 March 2029) and the removal of the 29% investment allowance from 1 November 2024. The government will also reduce the extent to which capital allowance claims can be considered in calculating levy profits; how