Auctus on Friday - 10/03/2023

AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LM) C; Target price of £0.55 per share: One step closer to FID – Production ramp-up quicker than expected – Chariot has completed the Front-End Engineering and Design (FEED) on the key components of the Anchois gas development project. The FEED confirms a plateau production of 105 mmcf/d from three wells including the existing Anchois-2 well, subsea infrastructure to an onshore central processing facility and an onshore g

SP Angel Morning Energiser: 09/03/23

European gas storage negates outages

PetroTal Corp (AIM: PTAL): Production back at 20 mbbl/d. Regular payments from Petroperu

• Production was constrained in January and February, with average production of ~7,600 bbl/d and 8,000 bbl/d respectively, due to restricted barging capacity over these two months. • The barging fleet schedules have now been re-established with an increased capacity of 1.5 mmbbl (1.2 mmbbl in 2022) and PetroTal’s production has been averaging 20 mbbl/d since the last week of February. • Given the constrained production rates over January and February, the company now expects 1Q23 production t

Auctus on Friday - 17/02/2023

AUCTUS PUBLICATIONS ________________________________________ Calima Energy (CE1 AU)C: Target price of A$0.50 per share: Positive testing results opens the Montney - Calima has so far obtained very good results from the re-testing of the Calima #2 and Calima #3 wells. This could de-risk the initial development of the Montney with potential for production in 2024. This could also materially increase the likelihood of attracting an industry partner. Calima has been estimated to hold 2C contingent r

Auctus on Friday - 03/02/2023

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN)C: Target price of £0.45 per share: On track for a very busy 2023 – Arrow is about to embark on a 10 well drilling programme that could add between 2,800 and 4,800 boe/d net production (before decline and in a success case) to the existing constrained production base of ~1,800 boe/d. Over January, production was ~1,800 boe/d with short term outages due to weather at Ombu and Pepper. This compares with produc

SP Angel Morning Energiser: 01/02/23

Exxon extols its higher spending

PetroTal Corp (AIM: PTAL): Another significant reserves increase

• YE22 1P, 2P and 3P reserves respectively stand at 45.4 mmbbl, 96.7 mmbbl and 168.3 mmbbl. This represents increases of respectively 21%, 24% and 14% versus YE21. • The higher 2P reserves reflect an increase to the Oil Initially in Place estimate (+14%) and an improved recovery factor (+2%). The 2P case recovery factor is still 24%. • The 2022 Reserve Life Index for 1P and 2P reserves, are 10.1 and 22 years respectively with a higher production run rate of 12.2 mbbl/d, compared to 7.3 mbbl/d pr

Auctus on Friday - 20/01/2023

AUCTUS PUBLICATIONS ________________________________________ Calima Energy (CE1 AU)C: Target price of A$0.60 per share: Activity programme to unlock the value of the Montney – Calima will start the re-testing of two wells in the Montney in late January. The testing of these two wells started late during the 2019 winter and had to be terminated early due to unseasonably warm weather which melted the ice road access. With the COVID-19 pandemic impacting activities in 2020 and the subsequent acquis

SP Angel Morning Energiser: 16/01/23

Global natural gas prices continue fall

PetroTal Corp (AIM: PTAL): >US$100 mm potentially available for shareholder returns in 2023

• 4Q22 production of 10,374 bbl/d was above the guidance of 8.5-9.5 mbbl/d given in December. YE22 production was 23,709 bbl/d. • Natural flow from well 12H has increased to 6.4 mbbl/d since 8 January. This compares with 4 mbbl/d on average during the first 27 days of production. This is a very good performance as the pump in the well has not been activated yet. • PetroTal expects to produce 14-15 mbbl/d during 2023. While this is below our expectations (19.5 mbbl/d), the guidance is conservativ

PetroTal Corp (AIM: PTAL): Production back at 20 mbbl/d. Another good well result.

• Production has averaged 20 mbbl/d since mid December, up from 18 mbbl/d announced on 15 December as the Brazilian barges have returned. • The high production rate includes the contribution of well 12H that has produced 2.9 mbbl/d over the first 10 days of production. • Production from the 12H well has subsequently increased to 3.65 mbbl/d since 27 December as the well continues to clean up. • While the flow rate well 12H appears to be below what has been achieved at some recent wells, this r

Auctus on Friday - 16/12/2022

AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN)C; Target price of £0.55 per share: Agreeing long term offtake gas sales principles is a very important step - Key principles for long term gas sales from the Anchois Gas Project have been agreed with the Office National de l'Electricité et de l'Eau Potable. This will cover sales of up to 60 mmcf/d that will be sold locally on a take or pay basis for a minimum of ten years. The gas will be delivered via the Maghreb Eur

SP Angel Morning Energiser: 15/12/22

EIA reports stock builds

PetroTal Corp (AIM: PTAL): Brazil export route re-opened

• The Asociacion Indigena de Desarrollo y Conservacion de Bajo Puinahua has removed the river blockade to allow oil barge transportation access in and out of the PetroTal’s operating area. With the reopening of the river, the Brazilian export route is now available. • The removing of the blockade has taken place earlier than we expected (YE22). Production ramp up will commence immediately over the next few days and is expected to reach ~18,000 bbl/d for the remainder of December. • Inclusive o

PetroTal Corp (AIM: PTAL): Repayment agreement with Petroperu finalized. River blockades impact production

• PetroTal and Petroperu have finalized an agreement for the repayment of US$64 mm in true up revenue owed to PetroTal by Petroperu. On 1 December, PetroTal has received US$10.9 mm as part of a schedule of payments, which is expected to be completed by August 2023. • Indigenous communities have taken control of the pathway of the Amazon river, preventing export to Brazil. PetroTal has reduced production to between 4,500 bbl/d and 5,000 bbl/d since 30 November to manage storage levels and will n

LIBERUM: Sylvania Platinum* - 3p interim dividend & new policy

Updated Alkaid #2 test results

SHORE CAPITAL - Savannah Energy+ (SAVE, Under Review, Suspended) - Chad upstream asset update

Loony for Bougouni

Jubilee Metals - H1 FY2023 results

Jubilee today provides its unaudited financial results for the half-year period ending December 2022. Group Revenue of £63.1m (H1 FY2022: £63m) with £58m from its chrome/PGM operations in South Africa and £5m from copper in Zambia. Headline EBITDA of £10.3m (£13.7m) with a closing cash position of £11.7m (£21.5m) after continuing its capital investment program of £24.1m (£28.4m). Production of PGM was down in the period at 18.2koz (20.3koz), but all was from its own facility at Inyoni so cap

FY22 results update

Diversified Energy reported FY22 results that were slightly ahead of our expectations and we raise our 2023 EBITDA estimate by +3% ahead of what the group expects to be a ‘transformational' year.

Union Jack Oil (UJO LN) - Wressle update

Ongoing strong production from Wressle. Union Jack has released an update on revenues from its Wressle field (Union Jack 40%). Wressle has now achieved over US$14m of cumulative net revenues from the field since mid-August 2021, from US$13m as of early February 2023. The field continues to produce under natural flow and with zero water cut (most recently reported at a gross rate of 825-850bbl/d). These Wressle revenues continue to help underpin company financial performance, while also providing

Hybridan Small Cap Feast - 06 Mar 23

6 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 objective

Union Jack Oil (UJO LN) - Interim dividend declaration

New interim dividend of 0.3p. Union Jack has announced an interim dividend of 0.3p/share. This follows the 0.8p/share paid in 2022, and is enabled by the ongoing cash flows being generated from the company's Wressle development. Union Jack's share buyback programme also continues, with 2,825k shares repurchased so far (out of a potential up to 11.3m).

Wide margins maintained despite inflation headwinds

The inherent low-cost structure of CAML’s Kounrad and Sasa operations shone through in 2022 as the group delivered a very stable financial performance in the face of significant macro-economic headwinds. Neither operation was fully immune to global inflationary pressures, but they nonetheless drove EBITDA and free cash flow (FCF) generation to an impressive $132m (a margin of 57%) and $90m respectively, only a little below 2021 levels despite the macro challenges. This enabled CAML to continue t

LIBERUM: Caledonia Mining* - Model updated

Morning Note – 27 March 2023

FY22 - Focus on the next 6 months' operations

Operations update

i3 Energy Update to Fair Value Estimate

We are updating our fair value estimate to reflect more conservative oil and gas price assumptions. We have lowered our 2023 WTI oil price estimate to $74.05/b from $83.10/b, to align our estimates with market dynamics. We have lowered our US benchmark (Henry Hub) natural gas price for 2023 to $3.02/mmbtu from $3.36/mmbtu, which reflects the most recent price forecast made by US EIA Short Term Energy Outlook. As a result, we are lowering our fair value estimate for i3 Energy to 26.2p from 31.6p