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
Companies: PPC JSE OPHR PHAR ENQ PEN TLW TETY
Sound Energy (SOU): Well Result and Strategic Update | Ophir Energy (OPHR): Completion of Acquisition
Companies: Sound Energy plc (SOU:LON)Ophir Energy (OPHR:LON)
We are discontinuing coverage on Ophir Energy as the company has been acquired by Medco.
Companies: Ophir Energy
Ophir Energy (OPHR LN): HOLD, £0.55; Completion of Medco acquisition | Sound Energy (SOU LN) (not covered): Operational update, Eastern Morocco
Companies: Ophir Energy (OPHR:LON)Sound Energy plc (SOU:LON)
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
Companies: BLOE CNE FO LEK OPHR UKOG SDX
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
Companies: OPHR NOG SDX
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
Companies: OPHR ENOG ENQ SEN AEX MAU
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.
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
Companies: OPHR CNE NOG TGL ENI
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.
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
Companies: PPC OPHR POE ANGS ENI
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
Companies: G3E OPHR LUNE AAOG
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.
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.
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).
Research Tree provides access to ongoing research coverage, media content and regulatory news on Ophir Energy. We currently have 114 research reports from 3 professional analysts.
Companies: Sylvania Platinum Ltd.
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 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
Oil posted the longest stretch of weekly advances since 2015 as OPEC+ producers only modestly supply the market and as US crude supplies shrink. Crude futures rose 1.5% Friday in New York, up for a ninth straight week. President Joe Biden said Thursday night that Americans should expect high gasoline prices to continue into next year because of supply being withheld by OPEC and other foreign oil producers. Stockpiles at the biggest US storage hub are draining to levels last seen when crude pr
Companies: FO 88E DEC EME GTC TRIN UOG WEN
Settling in shares the majority of the remaining US11.5m of convertible loan notes from the Vanchem acquisition is a positive outcome at a critical juncture in Bushveld’s evolution. The renegotiated terms allow the group to lower its debt whilst preserving precious cash resources for its more value-adding production growth initiatives. Bushveld’s recent Q3 update indicates that both Vametco and Vanchem are well on course to achieve their respective full-year production and cost targets if the qu
Companies: Bushveld Minerals 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
Wressle update
Companies: Union Jack Oil Plc
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
Joiners No Joiners Today. Leavers No Leavers Today. What’s cooking in the IPO kitchen? 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
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
Joiners 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
i3 Energy indicated that Q3 2021 production amounted to 13,740 boe/d (WHIe: 13,742 boe/d) and that production in September amounted to 18,985 boe/d (WHIe: 18,834 boe/d). The company indicated that it now forecasts net operating income (“NOI” = revenue minus royalties, opex, transportation and processing) to be $US 65.7m for 2021 and $US 119.1m for the next twelve months starting 1 October 2021 – in line with our assessment that i3 Energy is on the cusp of generating more than $US 100m of cash fl
Companies: i3 Energy Plc
