GMP FirstEnergy ― UK Energy morning research package

President Energy (PPC LN) (not covered): Update in Argentina | Jadestone Energy (JSE LN); HOLD, £0.60: Update in Australia | Ophir Energy (OPHR LN): Discontinuing Coverage | Soco International (SIA LN) (not covered): Operation update | EnQuest (ENQ LN); HOLD, £0.25: 1Q19 update | Panoro Energy (PEN NO) (not covered): 1Q19 results | Tethys Oil (TETY SS)1,6; BUY, SEK85: To repurchase shares | BW Offshore to spin off E&P business | Tullow Oil (TLW LN); REDUCE, £2.00: Acquisition in Nambia

GMP FirstEnergy ― UK Energy morning research package

Ophir Energy (OPHR LN): HOLD, £0.55; Completion of Medco acquisition | Sound Energy (SOU LN) (not covered): Operational update, Eastern Morocco

Discontinuing coverage

We are discontinuing coverage on Ophir Energy as the company has been acquired by Medco.

SP Angel – Oil & Gas View

Sound Energy (SOU): Well Result and Strategic Update | Ophir Energy (OPHR): Completion of Acquisition

SP Angel – Oil & Gas View

Block Energy (BLOE): Result of £12 million Placing | Cairn Energy (CNE): AGM Statement | Falcon Oil & Gas (FOG): Proposed $10 million Placing | Lekoil (LEK): Resignation of CFO | Ophir Energy (OPHR): Sale of Mexico licence | SDX Energy (SDX): Q1 Results | UK Oil & Gas (UKOG): Production Test Update

GMP FirstEnergy ― UK Energy morning research package

Ophir Energy (OPHR LN); HOLD, £0.55: Medco offer accepted | Exillon Energy (EXI LN) (not covered): February production in Russia | Nostrum Oil & Gas (NOG LN)6; Speculative Buy, £2.20: 4Q18 results | SDX Energy (SDX LN/CN)1,6: BUY, £0.65; Transferring coverage

GMP FirstEnergy ― UK Energy morning research package

Ophir Energy (OPHR LN); HOLD, £0.55: Increased final offer from Medco | Energean Oil & Gas (ENOG LN) (not covered): FY18 results | EnQuest (ENQ LN); HOLD, £0.25: FY18 results | Serinus Energy (SENX LN)1 ; Speculative Buy, £0.25: 4Q18 results | Aminex (AEX LN)1 (not covered): Farm-out update in Tanzania | Nigeria to sell down stake in JV to 40% | Maurel & Prom (MAU FP): FY18 results

FLASH: Increased final offer from Medco

Medco has made a final offer of 57.5p/sh (previously 55p/sh) to which the Ophir board has agreed. The offer would only be increased if another offer comes in from a third party. Coro Energy has decided not to make a formal offer. It had considered offering £0.40 per share in cash plus shares in Coro.

FLASH: 4Q18 results

FY18 production of 29.7 mboe/d (proforma including Santos assets) had already been reported. YE18 net debt was US$35 mm (GMP FEe: US$35 mm). YE18 2P Reserves were 70.1 mmboe (+42%), principally driven by +23.3 mmboe through the Santos acquisition.

GMP FirstEnergy ― UK Energy morning research package

Ophir Energy (OPHR LN); HOLD, £0.55: 4Q18 results | Cairn Energy (CNE LN); BUY, £2.80: 4Q18 results | Nostrum Oil & Gas (NOG LN)1,6; Speculative Buy, £2.20: Valuation update | TransGlobe Energy (TGL LN/CN); BUY, £2.40: Dividend | ENI (ENI IM) (not covered): Farm out in Mozambique

GMP FirstEnergy ― UK Energy morning research package

President Energy (PPC LN) (not covered): Independent reserves report in Argentina | Ophir Energy (OPHR LN): HOLD, £0.55; Sinphuhorm update | Pan Orient Energy (POE LN) (not covered): Drilling program update | Angus Energy (ANGS LN) (not covered): Equity placing | Eni (ENI IM) (not covered): FY18 results | Dana Gas: FY18 prelim results

GMP FirstEnergy ― UK Energy morning research package

G3 Exploration (G3E LN) (not covered): Operational update in China | Ophir Energy (OPHR LN): HOLD, £0.55; Recommended cash offer for Ophir | Lundin Petroleum (LUPE SS) (not covered): FY18 results | Anglo African Oil & Gas (AAOG LN) (not covered): Congo well encounters oil at deeper horizon

FLASH: Recommended cash offer for Ophir

The boards of Ophir and Medco have agreed a recommended acquisition of Ophir by Medco at £0.55/sh, valuing Ophir at c. £361 mm. The acquisition is conditional on amongst other things, a courtsanctioned scheme of arrangement which needs 75% shareholder approval. The Ophir board intends to recommend unanimously the transaction to Ophir Shareholders. The company expects the scheme will become effective in 1H19.

FLASH: Possible cash offer for the company at higher price

At the request of Ophir, the Takeover Panel has extended the deadline for Medco to either announce a firm intention offer for Ophir or announce that it does not intend to make an offer, until 5.00 pm, 31 January 2019.

FLASH: Trading & operating update

FY18 production was 29,700 boe/d (GMP FEe: 25 mboe/d), 8% ahead of guidance with Madura, Sampang and Block 12W contributing 18,000 boe/d (GMP FEe: 15 mboe/d).

Sylvania Platinum - Healthy production recovery

Sylvania delivered a 12% increase in Q125 production compared to Q424 and, with an average platinum group metals (PGM) basket price only slightly down, delivered a 10% increase in revenue. The company is guiding for FY25 production of 73,000–76,000oz. Costs were well controlled with South African rand (ZAR) direct operating costs 3% higher and US dollar costs up 6.5%. Attractive unit cost efficiencies of 5% to 8% were delivered. With results largely in line with our expectations, our forecasts r

SP Angel Morning View: Copper breaches $10,000/t as traders ramp up bullish positions in hopes of China resurgence

Condor Gold* (CNR LN) – Beneficiary of a robust gold price

Hybridan Small Cap Feast - 31 October 2024

** 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: Quantum Exponential Group (AQSE: QBIT) has delisted from AQSE What’s baking in the oven? ITF announced:*** Potential** Initial Public Offerings: 17th October 2024: Selkirk Group, a newly incorpo

TENNYSON Morning news – Diversified Energy – Locking in CF via LNG contract & incr. hedges