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
AUCTUS PUBLICATIONS 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
AUCTUS PUBLICATIONS 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 AKERBP AKERBP BPC BP/ CE1 DEC ENI ENI ENQ EQNR EQNR XOM XOM HUR JSE JKX LUPE NOG OMV OMV RBD REP REP RDSA FP EGY VOG
AUCTUS PUBLICATIONS 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 AKERBP 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 c
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: AKERBP BP/ LUNE MAHAA RDSA TETY TETY AOI DEC DNO ENI EQNR GENL HES NOG OMV PEN PTR REP SEPL SNM FP 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
PetroTal (PTAL LN)C; Target price £0.45: Production at Bretana restarts – In anticipation of the re-opening of the ONP, Bretana oil production recommenced on July 15, 2020 and achieved over 12,000 bbl/d when all seven wells were online. Oil deliveries have also already commenced to the Iquitos refinery and approximately 40,000 bbl are expected be delivered during July 2020. Oil is being barged to the Saramuro Pump Station and will be delivered into the ONP immediately after it reopens , now expe
Companies: XOM KAR BP/ CNE DNO ENI ENQ EQNR GENL HUR JSE LUNE NOG OMV TAL REP RDSA SAVE SEPL SOU FP TLW VOG
Energean Oil & Gas (ENOG LN): Neptune pulls out of North Sea purchase | Aminex (AEX LN): Final condition of completion of Ruvuma farm-out satisfied | Nostrum Oil & Gas (NOG LN): Q1 2020 results highlight further financial and operational declines
Companies: ENOG AEX NOG
Panoro Energy (PEN NO)C: Initiating coverage | 88 Energy (88E LN/AU): Acquisition in Alaska | BP (BP LN): Transaction in Alaska with Hilcorp renegotiated | Columbus Energy Resources (CERP LN): Oil discovery in Trinidad | Premier Oil (PMO LN) and Rockhopper Exploration (RKH LN): Sea Lion farm out (Falklands) exclusivity period extended | BP (BP LN): 1Q20 results | Equinor (EQNR NO): Dry hole in Norway | Getech (GTC LN): Business update | Hurricane Energy (HUR LN): Business update in the UK North
Companies: 88E AEX PEN BP/ CASP CERP EQNR FAR FP HUR GENL GTC IGAS LEK LUNE NOG OKEA OMV ORC/B HBR PTR RKH RDSA RRE SAVE SLE SEPL SNM TETY SCIR UKOG
88 Energy (88 LN/AU)/Premier Oil (PMO LN): Drilling update in Alaska | Eco (Atlantic) Oil & Gas (ECO LN/EOG CN): Update in Guyana | Maha Energy (MAHA-A SS): Acquisition in USA and production update | Parex Resources (PXT CN): Low capex programme and production update in Colombia | Total (FP FP): Significant discovery in Suriname | Aker BP (AKERBP NO): Small discovery on Norway | BP (BP LN): 1Q20 update and capex reduction | Providence Resources (PVR LN): US$3 mm equity raise | RockRose Energy (R
Companies: 88E AKERBP BP/ CASP XOP DNO ENOG GENL GKP JKX MAHAA NOG HBR PXT PRP RDSA RRE TGL TLW UOG VLE
88 Energy (88E LN): Production hole at Charlie-1 reaches TD | Mosman Oil & Gas* (MSMN LN): Production steadily increasing, rationalisation of costs | Nostrum Oil & Gas (NOG LN): Total reserves fall by 272MMboe
Companies: 88E MSMN NOG
Union Jack Oil* (UJO LN), STRONG BUY – 0.70p TP: Acquisition of further interest in Keddington | Tower Resources* (TRP LN): Placing to raise £500k | Nostrum Oil & Gas (NOG LN): UOG gas delivery delayed | Serica Energy (SQZ LN): Production from Bruce, Keith and Rhum fields restarts
Companies: UJO TRP NOG SQZ
GeoPark (GPRK US)C; Target price: US$35: Resilient at US$50/bbl | Panoro Energy (PEN NO)C : 20 mbbl/d production at Tortue (Gabon) | Diversified Gas and Oil (DGOC LN): FY19 results | Touchstone Exploration (TXP LN): Reserves upgrade in Trinidad | Hurricane Energy (HUR LN): Agreement in the UK with Spirit Energy modified | Solo Oil (SOLO LN): Acquisition in the North Sea not proceeding | Nostrum Oil & Gs (NOG LN): Gas delivery from UOG delayed | SDX Energy (SDX LN): Drilling results in Morocco an
Companies: GPRK PEN DEC TXP HUR HBR SCIR NOG SDX TRP
Research Tree provides access to ongoing research coverage, media content and regulatory news on Nostrum Oil & Gas Plc. We currently have 243 research reports from 7 professional analysts.
i3 Energy announced that it is increasing its next-twelve-month net operating income guidance to $US44M (pro forma acquisitions and associated recompletions/drilling). Net of our estimated G&A expenditure of $US8.0M (£5.7M) that equates to an adjusted cash flow from operations estimate of $US36.0M (adjusted to nullify the effects of debt). That compares to our prior estimated adjusted cash flow from operations estimate of $US29.6M. The increase reflects operational activity, namely, the drilling
Companies: i3 Energy Plc
As midsummer’s day looms (where has this year gone?), there is greater optimism, in general, than may have been anticipated a few months ago. A post-pandemic, ‘vaccine-driven’ recovery demonstrated by increased consumer spending as lockdown measures are lifted has been one of the catalysts. The FTSE 100 has been range-bound in the last month 6,900-7,100. We have seen a combination of broadly positive company results across a range of sectors, further examples of M&A activity and a sequence of ne
Companies: AMYT ARBB ARW BAG BEG BONH BWNG CWK DNK EML EPWN FBD FA/ GPH GSF GNC HUW IGC INSE KAPE KP2 MMAG NRR NESF OTMP ROL RUA SEN SUR TON TOU TXP TGL VLS WINK
Lancaster production approval
Companies: Hurricane Energy Plc
AUCTUS PUBLICATIONS ________________________________________ Calima Energy (CE1 AU)C; Target of A$0.035 per share: Increasing investment and production outlook - Production at the end of May was 3,100 boe/d with a further eight wells expected on stream by YE21. This level of production is above forecast and reflects the strong performance of the drilling at Brooks. Calima is increasing its capex programme from C$17 mm to C$20 mm with two new wells being added to the FY21 drilling programme (exc
Companies: XOM XOM SQZ PTR MAHAA JSE FEC EQNR EQNR CNE CNE CE1 88E PEN PEN GPRK GPRK
In a significant update, Sound has announced that it has entered into an SPA with Schlumberger to acquire its full 27.5% working interest in Eastern Morocco. On completion, the transaction significantly increases Sound's discovered and undiscovered resource position in the region, ahead of ramping up its transformational phased development strategy at Tendrara. Upon securing the funds following the signing of a previously announced deal with Afriquia Gaz, the Company will remain fully funded for
Companies: Sound Energy plc
Bluejay Mining* (JAY LN) – Chinese ilmenite prices continue to rise Bushveld Minerals* (BMN LN) – Vanadium prices continue to rise in China to ~$37.7/kgV Keliber – Environmental challenges rejected by Finnish Court Zinnwald Lithium (ZNWD LN) – Acquisition of additional exploration licences in Saxony
Companies: JAY BMN ZNWD
The UK market showed a continued recovery in the first quarter albeit the indices are still well short of their all-time peaks, unlike many of their international peers. The FTSE 100 has risen by 1,186 points (21.4%) since the end of October and the FTSE 250 by 4,304 points (25.0%). The comparable performance since the start of the year is less spectacular- the FTSE 100 has risen by 253 points (3.9%) and the FTSE 250 has risen by 1,070 points (5.0%). The factors behind the sustained rally are fa
Companies: AMYT ARBB CEG BAG BVC BEG BONH BLVN BRSD CML CWK CRPR EYE ECHO FDM FAR FA/ GPH GSF HUW INSE JDG KAPE KP2 MACF MPAC MNZS NESF NBI OTMP OBD PREM QFI RUA SCS SEN SOS SUR TON TOU TXP TGL TCN UEM VLS WYN
Bastion Minerals+ (BMO AU) – Rock chip assays Bushveld Minerals* (BMN LN) – Vanadium prices rise in China to ~$37/kgV Caerus Mineral Resources (CMRS LN) – Completion of acquisition in Cyprus Cornish Metals*+ (CUSN LN) – Tin prices continue to rise following MSC suspension Nordgold - IPO is being priced at $5.1-6.6bn equity value
Companies: CUSN BMN CMRS BMO
Oil posted its third straight weekly rise on improving demand, with the International Energy Agency warning the market will need extra supply next year. Futures in New York rose 1.9% this week, extending its rally to the highest settle since October 2018. The IEA said that OPEC and its allies will need to lift output to keep the market adequately supplied, though the agency predicted demand will not reach pre-virus levels until late 2022. Meanwhile, road traffic in the US and much of Euro
Companies: FO 88E DEC EME GTC TRIN UOG
Scirocco Energy (AIM: SCIR), the AIM investing company targeting production and development opportunities within the European energy market, announced a proposed investment into Energy Acquisitions Group Ltd ("EAG"), a specialist acquisition and operating vehicle in the sustainable energy sector. The company indicated its investment of £1.2 million will be funded from current cash resources. The investment represents the first investment as part of the Company's revised strategy that targets opp
Companies: Scirocco Energy PLC
• Gas demand in Tanzania continues to be very high with YTD production averaging 80.3 mmcf/d, well above last year (58.1 mmcf/d). While gas demand is normally low during 2Q (because of hydro), we estimate 2Q21 production at ~75 mmcf/d. • As a result, Wentworth is increasing its production guidance for 2021 from 65-75 mmcf/d to 75-80 mmcf/d. • At the end of May, Wentworth held US$21.5 mm in cash and no debt. This is close to our expectations of US$21.4 mm at the end of June. This also implies th
Companies: Wentworth Resources PLC
Operational updates
Forecast and valuation update
• Initial petrophysical analysis of logs from the secondary reservoir targets of the Upper and Middle Cruse sections of the Saffron-2 well indicate approximately 165 ft of net-oil bearing reservoir sands. This includes 145 ft in the hole section from the Upper Cruse down to the Upper Middle Cruse and 20 ft in the hole section from the remaining section of the Upper Middle Cruse into the Lower Middle Cruse. • The reservoir characteristics are consistent with the Saffron-1 well, but importantly, n
Companies: Challenger Energy Group PLC
The Calabar power station, which accounts for the majority of Savannah’s Nigerian gas sales, has entered a new power supply agreement with the Republic of Togo, with more in discussion, raising the prospect of meaningful increases in Savannah’s gas supplies to the plant. These additional volumes will come at negligible additional cost, leveraging the bottom-line impact. The recently signed Mulak Energy gas sales agreement demonstrates this, boosting our 2022 earnings by 8% and our risked-NAV and
Companies: Savannah Energy Plc
