Oil & Gas - Cavendish sector note

88 Energy, Touchstone Exploration, Diversified Energy, Jersey Oil & Gas, NEO Energy, Parkmead Group, Falcon Oil & Gas, Wentworth Resources, Energean, PetroTal, Genel Energy, Jadestone Energy, Tullow Oil, ExxonMobil, Valeura Energy, Beacon Energy, Canadian Overseas, Zephyr Energy, Panoro Energy.

SP Angel Morning Energiser: 17/11/23

Crude oil prices tumble below $80/bbl

Auctus on Friday - 03/02/2023

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Drilling commences at Anshof-2 – Drilling at Anshof-2 has started. The well is targeting the field’s possible reserves with an unrisked NAV of A$0.23 per share. A success would open-up the 3C case with an additional A$0.26 per share unrisked NAV. Arrow Exploration (AXL LN/CN)C; target price of £0.55 per share: High flow and a new discovery at RCE-6. Larger volumes than expected a

Morning Note – 17 November 2023

Parkmead Group - Solid results in a challenging year

Robust FY23 results from Parkmead in what was a challenging year for the company, which included production downtime to tie-in a new well and upgrade facilities as well as significant write-downs. Nevertheless, its Dutch gas business showed its mettle, while its wind farm asset performed strongly. A successful UKCS decommissioning programme leaves a pristine balance sheet with which management can pursue its portfolio of oil and gas and renewables opportunities.

Parkmead Group - Trading update

Parkmead’s trading update has highlighted another strong year of revenue growth; however, it has fallen short of our forecast due to the temporary shut-in of the LDS-01 well to upgrade gas processing facilities to handle the increased gas and condensate volumes from this new discovery. The well is now back onstream and producing ahead of expectations, but we are reducing our FY23E EBITDA by 26% to account for the temporary shut-in. We await the Dutch gas production update expected with this mont

Oil & Gas - Cavendish sector note

Oil was set for a second weekly loss after the risk premium from the Israel-Hamas war vanished, bringing signs of soft demand to the fore. West Texas Intermediate slid 2.4% to settle near $80 a barrel, the lowest since late August. That’s after the leader of Iran-backed militant group Hezbollah said it didn’t know about 7 October attack, reinforcing views that the war will remain contained. Cushioning the losses were a soft US jobs report that’s supporting speculation the Fed can stop increasing

Auctus on Friday - 23/06/2023

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN)C; target price of £0.50 per share: CN-1 well in production at 1.1 mbbl/d from the C7 sands – The C7 formation (~26 feet of net oil pay) in the Carrizales Norte-1 well (CN-1) is now in production at a rate of 1.1 mbbl/d (550 bbl/d net to Arrow). The well produced very light oil (33.5 deg API) and is on pump set at the lowest setting. During the flow test, the sands flowed at a peak rate of 1,272 bbl/d. During

SP Angel Morning Energiser: 20/06/23

Euro gas rises on heatwave

Morning Note – 20 June 2023

Parkmead Group - UK North Sea strategy update

Parkmead is shifting its strategy to focus on projects that are fit for the energy transition and can deliver near-term value creation. As a result, it is relinquishing its Perth licences in the North Sea due to the significant challenges and increased costs associated with this development project. The GPA development was a key component of our valuation. Removing it lowers our risked NAV sharply, from 167p/sh to 45p/sh. To a large extent this is already priced in: the shares have lost ~50% in

Hybridan Small Cap Feast - 15 Jun 23

15th June 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objecti

Morning Note – 28 April 2023

Morning Note – 6 April 2023

Hybridan Small Cap Feast - 31 Mar 23

31 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv

Pan African Resources - Valuation up 22.2% with new gold price forecasts

On 22 November, Pan African Resources (PAF) announced that operations to date in FY24 had performed in line with, or better than, expected, with gold production for H124 anticipated to be in the range 94,000–98,000oz (cf 92,307oz in H123). As a result, it increased its production guidance for FY24 to 180,000–190,000oz, which caused us to increase our production estimate in turn by 1.9% (or 3,575oz) to 189,725oz. The change made only a modest difference to our EPS forecasts for FY24 (see Exhibit

New Debt Facility – Lowering TRR Cost of Capital

We have been roadshowing Trident Royalties all week during which time the company released an announcement that they have entered into a commitment letter with BMO and CIBC for a new $40m revolving credit facility (RCF), with the potential to increase the facility to $60m via an accordion feature. The proceeds from the $40m are going to be used to repay the existing secured debt facility of $40m with Macquire in Q1 next year.

Oil & Gas - Cavendish sector note

Jersey Oil & Gas, Serica Energy, Trinity Exploration & Production, Longboat Energy, Ithaca Energy, Neptune Energy, Pantheon Resources, Nostrum Oil & Gas, Kufpec, ORLEN.

Oil & Gas - Cavendish sector note

Oil surged the most in two weeks after Israel’s military said it was “expanding ground activity” in Gaza this evening, reviving concerns about the conflict spreading more broadly.   The announcement from the Israeli Defence Forces pushed West Texas Intermediate to settle above $85 a barrel after a volatile session that saw prices whipsawed by developments in the Middle East conflict. The drumbeat of geopolitical headlines that buffeted oil prices on Friday continued a trend that has driven oil

Diversified Energy Company - Delivering Consistent and Reliable Results

DEC’s Q3/23 trading update was in line with expectations as the company continued to deliver despite further commodity price headwinds. The Q3/23 Adjusted EBITDA margin of 52% (H1/23: 52%) reflects the quality of DEC’s asset base and its ability to efficiently manage every aspect of its operations. Average net daily production in Q3/23 was 134Mboepd (H1/23: 142Mboepd), with exit rate production of 134.4Mboepd. DEC has maintained its dividend at US$0.04375 per share. Since its IPO in 2017, DEC ha

Chariot Limited (AIM: CHAR): EIA awarded at Anchois. Imminent partner on track

• Chariot has received approval for its Environmental Impact Assessment (EIA) for the Anchois project. • The EIA covers all aspects of the development including future wells and offshore infrastructure, the onshore Central Processing Facility and the link to the GME pipeline. This is an important step that derisks the project further. • We understand that negotiations on partnering are in the final stages. A partner could be announced very soon. • The drilling campaign at the Loukos onshore per

Jersey Oil & Gas - Delivering zero-capex barrels

Last week, JOG successfully secured its second GBA farmout, locking in a path to delivering zero-capex barrels. The surprisingly muted share price response to the farm-out leaves JOG trading at an unjustifiably large discount to our valuation. With a material fully funded development project under its belt and a clean balance sheet, JOG presents a very low-cost way to access high quality development barrels for investors and potential acquirers alike. If the threat of M&A does not narrow JOG’s v

SP Angel Morning View: Metals prices rise on rising China GDP and ongoing economic electrification

SP Angel Morning View: China Steel PMI recovering as construction sectors looks for fresh stimulus

Hybridan Small Cap Feast - 01/12/23

1st December 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obje

DEC Q3 Trading Update & US Listing

DEC reported strong Q3 results with production in line while 9m EBITDA of $423m is equal to 80% of DCe FY23 $528m; it has also announced a US listing.

Strong second half trading

Morning Note – 28 November 2023

88 Energy - £5.3m Fundraise

88 Energy has successfully raised £5.3m via a placing at a price of £0.0023, a c18.9% discount to the previous days’ close in London and a c22.0% discount to the 10-day VWAP. The proceeds of the placing, together with the Company’s existing cash reserves (A$10.2m at 30 September 2023) will be used to fund the flow testing of multiple zones at the Hickory-1 well in Q1/24, the initial farm-in exploration activities at the recently acquired onshore Namibia acreage (including 2D seismic acquisition)

Sound Energy* (SOU LN) - Debt project funding offer received

Sound Energy* (SOU LN) - Flash note - Debt project funding offer received