Reabold Resources - Interim results

H1 2023 saw strong progress across Reabold’s portfolio. Approvals are in place for the West Newton B-2 well (expected in H1 2024), its UK North Sea portfolio has been high graded, and a significant stake has been built in LNEnergy, adding another large European gas development opportunity to the portfolio. The expected receipt of the £9.5m second tranche payment from Shell for the Victory asset before year-end will provide the resources to advance these projects and further de-risk our valuation

SP Angel Morning Energiser: 27/09/23

Rosebank field FID taken

Reabold Resources - West Newton drilling update

Reabold has received environmental approval to use oil-based drilling fluids for its planned West Newton B-2 appraisal/development well, one of the largest UK onshore discoveries. This will be the first horizontal well on the structure, aiming to definitively demonstrate a commercial flow rate for this significant resource. The timing of the well has slipped slightly into H1 2024 and there remains uncertainty over the operator, Rathlin Energy’s, funding of the well. Nevertheless, this remains a

Morning Note – 25 September 2023

Reabold Resources - The Italian Job

Reabold has built a significant stake in LNEnergy, diversifying and adding another large European ‘development ready’ gas asset to its portfolio – Colle Santo, onshore Italy. Full development of this resource is envisaged via a leased micro-LNG project, minimising upfront capex and the development’s environmental footprint; an approach that has already received tacit support from the government. Before that, a two-year early production programme is planned, converting gas to power for the grid a

Hybridan Small Cap Feast - 12 Sep 23

12th September 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 ob

Reabold Resources - Colle Santo gas development moving forward

Reabold’s latest update on LNEnergy’s Italian gas development opportunity confirms the project is moving forward at pace and has the support of the regional government. A two-year early production programme is planned, converting gas to power for the grid and allowing early revenue generation ahead of full field development. Reabold currently owns 16% of LNEnergy and retains an option, expiring at the end of November, to raise its stake to 25%.

Morning Note – 7 August 2023

Morning Note – 12 June 2023

Reabold Resources - Further investment in LNEnergy

Encouraged by its initial due diligence, Reabold has exercised options to raise its stake in Italian gas developer LNEnergy to 16.2% for £2.0m in cash and shares. This represents an exciting project addition to Reabold’s portfolio, and is another example of its strategy in action, fulfilling its ambition of funding stranded, low-risk, near-term projects with a clear route to cash generation.

Morning Note – 31 May 2023

Reabold Resources - Results in line, delivering on strategy

2022 was a pivotal year for Reabold, during which its ‘stranded project’ monetisation and reinvestment strategy started to bear significant fruit. Cash from the successful sale of Corallian to Shell is being used to further replenish and advance its project portfolio while also executing a meaningful buyback programme. It provides the resources to fund the planned West Newton horizontal development drilling in Q4 2023, a key well aimed at proving the commerciality of this significant UK onshore

SP Angel Morning Energiser: 30/05/23

Labour to block new UK oil & gas licence awards

EGY US/LN, HHR AU, GPRK US, PTAL LN/TAL CN, TETY SS, AET LN, ALV CN, BNOR NO, BOE LN, CNE CN, DEC LN, DNO NO, ECHO LN, ECHO LN, ENQ LN, FEC CN, FORZ CN, GENL LN, HBR LN, KOS LN/US, PXT CN, RBD LN, SENX LN, SNM CN, TAO CN, TLOU AU/LN, TXP LN

AUCTUS PUBLICATIONS ________________________________________ GeoPark (GPRK US)C; target price of US$25 per share: Protecting shareholder returns as lower capex offsets delayed production – 1Q23 production of 36,578 boe/d had already been reported. The Indico 6 and Indico 7 wells in the CPO-5 block in Colombia are now expected to return to production in July (rather than May) when the definitive surface facilities are completed. The facilities are 60-65% complete and there is improved confidence

Chariot Limited (AIM: CHAR): Imminent partner in Morocco

• The US$2.7 mm cash position at the end of June is in line with our expectations. • Although inflation across the industry and rig availability had complicated and delayed the finalization of a farm-in agreement for Anchois in Morocco, negotiations on partnering are in the final stages. A partner could be announced very soon. • Progress has been made across the portfolio. Onshore Morocco, permitting is under way with drilling now expected to start in early 2024 with up to four wells. Prospects

LIBERUM: Trident Royalties: Benefitting from rising rate environment

LIBERUM: Trident Royalties*: Utah lithium royalty acquisition

Interim Results

Diversified reported strong interim results, with production that was marginally below our estimate more than outweighed by tight cost control to deliver EBITDA ahead of our forecast; we broadly retain our FY23 estimates.

Savannah Energy+ (SAVE, Suspended, Under Review) - Interim results; readmission now expected in Q4

Pantheon Resources - Positive Outlook for Pantheon Resources

We believe that the outlook for Pantheon Resources is significantly improving.

Touchstone Exploration+ (TXP, House Stock at 68p) - Cascadura production update

Central Asia Metals: H1 2023 Interim Results

Central Asia Metals (CAML LN) results in H1 2023 follow a record prior comparable period, with the swing between the two primarily due to commodity price performance. H1 2023 net revenue of US$93.6m was down 18% YoY, EBITDA of US$48.9m was down 35% YoY. COGS was up 9.8% YoY given global inflationary pressures. Other charges on the P&L were minimal particularly now CAML is debt free. Owing to the timing of tax charges and some unfavourable working capital movements which we expect to be resolved

Touchstone Exploration+ (TXP, House Stock at 62p) - Cash generation and scale in Trinidad to the fore

Bushveld Minerals: H1 results; progress at Vanchem post period end

Bushveld Minerals (“BMN”) has released its results for H1 2023 having already released production of 1,784t at a weighted average cash cost of US$26.6/kgV, with H1 sales of 2,096tV through destocking during the period. Revenue for the period was US$78.4m, with adj EBITDA of US$10.3m and attributable NPAT of -US$14m. The company finished H1 with US$3.7m of cash and US$90.7m of debt. We expect H2 production of 1,992tV, split between 925tV from Vanchem and 1,067tV from Vametco, bringing full year p

LIBERUM: Lithium - Rock Developers: EMH, SAV, ALL, PLL & ZNWD are all stand outs, on post-tax bases

Interim results

Bushveld delivered as robust a financial performance as could reasonably be expected in H1 2023 given the operational challenges faced. We are encouraged by the reported progress made at both Vametco and Vanchem since, and vanadium price aside (current prices are soft, and pose a downside risk if they do not recover in-line with our assumptions) we think Bushveld is broadly on course to meet our full-year estimates. But given its stressed balance sheet, concluding the refinancing of its c.US$45m

Chariot - Anchois Partnering in Final Stages

The partnering process at Anchois is now close to a conclusion, with farm-out negotiations in their final stages. The FEED phase of the Anchois gas development was completed in March, with Chariot continuing to make progress across all the Anchois technical and commercial workstreams. Post period, Chariot added the synergistic, low-cost, low-risk Loukos Onshore licence. Loukos Onshore contains several near-term drilling opportunities, which, if successful could lead to fast-tracked gas productio

Value anomaly despite resilient trading

CMD - still plenty of growth potential