The company is (finally) getting rid of the dual share structure and will move its tax residency to the UK (from the Netherlands). The main argument is the simplicity of a single pool of shares, which would give Shell more flexibility in share buy-backs and portfolio M&As.
Companies: Royal Dutch Shell Plc Class A
ADX Energy (ADX AU) C; Target price of A$0.040 per share: 3Q21 results – 3Q21 production in Austria was 275 boe/d, below our forecasts of ~315 boe/d due to well downtime. A well workover programme has started in October to add 100-150 boe/d. The Anshof-1 exploration well is expected to be spudded in December. An updated reserves report is expected in the coming weeks. The green Energy project is on track and engineering, planning and p
Companies: SOU PPC AXL CHAR DME DEC EQNR IHC LUPE NOG OMV OMV REP REP RDSA TETY TETY I3E ADX AKRBP AKERBP CE1 ENI ENI SEPL
Adjusted net income is below consensus at $4.1bn, and down 25% qoq, and the adjusted EBITDA is stable at $13.5bn, despite the higher gas and oil prices. All in all, the miss is attributable to Hurricane Ida impacting the adjusted earnings by $0.4bn (e.g. upstream production was down 8% qoq), lower contributions from trading, and adverse one-off tax impacts.
ADX Energy (ADX AU)C; Target of A$0.040 per share: Agreement with major wind power provider is game changing for ADX’s green H2 business – ADX has signed a Memorandum of Agreement (MOA) with Windkraft Simonsfeld (WKS) for the supply of green electricity and the development of a green H2 production and underground storage project in Austria. Definitive agreements are expected to be signed by December. WKS is a major Austria-based Euro
Companies: BLOK SNM ADX ALV ALV CNE CNE DEC ECHO XOM XOM GENL GPRK GPRK LUPE REP REP RDSA JKX OMV OMV
Calima Energy (CE1 AU)C; Target of A$0.75 per share: Good production performance – Production in August was 3,493 boe/d, up 200 boe/d compared to July as all the new wells at Brooks now contribute to production, more than offsetting natural decline. Financials for August are broadly in line with our expectations. The three new Thorsby wells drilled in August and September could be on stream for November with an individual IP rate of ~2
Companies: ALV ALV CE1 COP COP EDR IOG RDSA TETY TETY TXP
While the Permian was considered as a core region for the group, we believe this transaction makes sense. Given the new strategy, there is indeed a limited interest in keeping short cycle and high cost assets in the portfolio. This might also tell that, by selling the most liquid assets, divesting remains challenging. The good news is that, by distributing most of the proceeds back to the shareholders, Shell does not depend on divestments to fund its transition.
ADX Energy (ADX AU) C: Target of A$0.040 per share: High impact newsflow in 2H21 - 2H21 will be very important for the company with significant upcoming newsflow. In our view, the most meaningful eventis the drilling of the Anshoff well in Austria. We were previously anticipating that the company would need a farm-in partner to fund the well. However, in the context of the current high oil price, >A$4 mm in cash at the end of June and
Companies: XOM XOM SOU NOG SEPL LUPE RDSA TETY TETY ADX CE1 DNO DNO ENI ENI EQNR EQNR GENL IHC OMV OMV PEN PEN PHAR REP REP SNM TTE
While the start of the buy-back programme was announced (but not its amount), the positive surprise comes from the dividend. While the dividend is still down by 50% vs pre-COVID-19, management made a good decision, as this level is sustainable and will get rewarded.
Arrow Exploration (AXL CN) C; Restarting in Colombia. New team. New focus – Arrow Exploration is a C$7 mm market cap E&P focused on Colombia with 7 mmboe of 2P reserves and ~535 boe/d production. While many of the early stage companies of a decade ago such as GeoPark, Parex,, Canacol or Frontera have become larger independents, the environment for start-ups in Colombia remains fertile and Arrow is one of the few micro cap companies th
Companies: ALV AXL CNE CEG DEC ENI ENI EQNR EQNR GPRK GPRK I3E IHC JSE KOS OMV OMV PXT PESA BRDT3 REP REP RDSA UKOG
Shell has lost a legal case against climate activists in the Netherlands, and has been ordered to cut its emissions by 45% by 2030. This ruling, together with the Board reshuffling at Exxon, shows that there is a long way to go before integrated oil companies are considered green. The pressure on ESG will therefore remain even with the sector increasing its commitment to the energy transition.
Bahamas Petroleum Company (BPC LN)/Challenger Energy Group (CEG LN)C; Target of 1.20p per share: Completing financing – BPC has raised £6.9 mm of new equity. This is an important step for the company to fund the upcoming work programme. The key near term newsflow is the drilling of the saffran#2 appraisal well that could derisk ~11 mmbbl. The company has now changed its name to Challenger Energy and will trade under the ticker of “CEG LN”.
GeoPark (GPRK US)C; Target price
Companies: CEG BP/ CNE CNE DEC ENI ENI FEC GPRK GPRK GTE HUR NOG PXT PGR RDSA SDX SNM TETY TETY
Bahamas Petroleum Company (BPC LN)C; Target price of 1.20p per share: Pressing the reset button - BPC announced important management changes with Eytan Uliel becoming CEO and Simon Potter transitioning to a NED role. The company will also change its name to Challenger Energy plc. The strategic focus has not changed with two imminent key appraisal wells due to be drilled in Trinidad and Suriname at a total initial cost of 2x the current share price. Importantly our unrisked N
Companies: ADX AKRBP AKERBP CEG BP/ CE1 DEC ENI ENI ENQ EQNR EQNR XOM XOM HUR JSE JKX LUPE NOG OMV OMV RBD REP REP RDSA TTE EGY VOG
Cconsensus was beaten, with adjusted earnings at $3.2bn vs $393m in Q4, with the upstream division up by $1.7bn (at $963m) on the higher oil prices. Gearing is down to 30% (32% in Q4), net debt down to $71.2bn (vs $75.4bn in Q4) and the dividend is further increased by 4%. All in all, a positive release which shows a strong cash generation from upstream, while awaiting improvements in downstream in H2.
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Phoenix copper today announces an update on its deep drilling program below the proposed Empire oxide open pit resource and into the deeper sulphide zone. Phoenix is roughly 1/4 the way through a 4,500m drilling programme and has once again shown that high-grade zones of copper, zinc and lead sulphide mineralisation exist, nearly always associated with gold and/or silver and often with elevated concentrations of tungsten and molybdenum.
Companies: Phoenix Copper Ltd. (United Kingdom)
Friday's market sell off saw some violent downward moves in many stocks with little initial differentiation between sectors or the key drivers of businesses, creating significant share price drops in a number of higher quality or uncorrelated names. We take a look at some stocks we believe have either seen an unwarranted sell-off, have seen weakness go under the radar or where there is now a more attractive opportunity.
Companies: ANX IBPO CYAN SOM EQT AFM
Across a broader market sell off EQTEC have shown resilience and is trading at 1.55p, above its placing in May, up 25% from one month ago.
Companies: EQTEC PLC
Initiating Coverage: Price Target 20p
Potential Beyond Tin
AfriTin Mining Limited (ATM) is one of only three listed tin producers in Western markets. It has a large (820km2) land package in Namibia comprising 5 prospective licenses of which the Uis mine is the most advanced and already in production. Near term growth is being delivered with an 80% increase in tin production between 2022 and 2024. However, this is only scratching the surface and there are more than conceptual plans being fo
Companies: AfriTin Mining Ltd.
SolGold (“SOLG”) has published the first partial assay results from its drilling programme at the Varela target on the Rio Amarillo concession, 35km from the flagship Cascabel project. Hole 1 has been assayed to a depth of 1,052m, revealing an intercept of 72m @ 2.16 g/t Au from 639.7m, including 24m @ 5.77 g/t Au. More interestingly assay results are pending from 1,052m to 1,708.1m (EOH) where free gold and porphyry mineralisation have been identified. Intersections of porphyry style mineralisa
Companies: SolGold Plc
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What’s cooking in the IPO kitchen?
Trinistar Liverpool S.a r.L announces its potential listing of a newly formed single asset company which will own the Capital Building in Liverpool on the IPSX. Upon admission the Company would become a real estate investment trust (REIT). The Capital Building occupies close to a 3.5 acre freehold site in the centre of Liverpool’s business district; the building comprises c425,000 square feet of predominantly of
Companies: ADBE ADBE SYM ARC AVCT CMCL CLIN DCTA FRAN OSI
West Newton planning update
Companies: Union Jack Oil Plc
Harland & Wolff (H&W) has raised £8.2m gross through a placing and PrimaryBid at 20p to secure its next stage of growth. Over the past two years, H&W has acquired a series of strategically important assets across the UK, and is proceeding to convert its pipeline opportunities into contracts. The positive recent announcement that DAERA would award the full marine licence for Islandmagee represents a significant milestone in allowing H&W to monetise this asset, with management estimating that sale
Companies: Harland & Wolff Group Holdings PLC
Trinity has received FDP approval from the Ministry of Energy and Energy Industries (MEEI) for the Phase 1 development of the Galeota licence. The submitted development plan has the potential to add additional peak production of c4,000 bopd; however more recent modelling suggests that intra-year peak production could be significantly higher, up to 7,000 bopd. Whilst the current development concept comprises the installation of a low-cost eight well platform (Echo), we note that Trinity is also w
Companies: Trinity Exploration & Production Plc
European gas prices are never far away from the headlines at the moment, although Parkmead’s results to end-June did not capture this surge in prices – that is yet to come. Parkmead is well placed to benefit from the current strength in European gas prices, while the potential for another commodity super-cycle suggests there is further progress to come on its major GPA oil project. A strong net cash position also puts it in the driving seat for potential acquisitions.
Companies: Parkmead Group PLC
Shanta Gold (AIM: SHG), the East Africa-focused gold producer has today announced a drilling update on its West Kenya Project (WKP) based on its Phase 2 drilling program which aims to infill 17 modelled zones across both Isulu and Bushiangala deposits up to 450-500m below surface. The Company has also reported drilling results from a regional exploration target, Ramula, where assays have been received from the first of 12 holes drilled, as part of the resource drill-out programme, totalling 451m
Companies: Shanta Gold Limited
Savannah Energy’s shares have been suspended since 2 June when it announced the reverse takeover of ExxonMobil’s Chad and Cameroon oil business. Investors have been frustrated by this long suspension but, nevertheless, Savannah has delivered a positive financial and operating update that demonstrates its core Nigerian gas business is performing strongly, with 2P reserves upgraded by 27% and FY21 guidance reiterated. The maximum six-month suspension of the shares comes to an end soon and we shoul
Companies: Savannah Energy Plc
Last week, as part of Diversified's Capital Markets Day, CEO Rusty Hutson and the Diversified senior leadership team provided investors with an in-depth overview of the Company's strategy and operations, with a specific focus on the Company's Environmental, Social and Governance (ESG) initiatives. Some of the key takeaways include US$15m of additional investment from 2022 on emission reduction activities and equipment. Mid-term plans (2023-2026) include plans to curb Scope 1 methane emissions in
Companies: FO 88E DEC EME GTC TRIN UOG WEN
Q3 2021 results
Companies: Arrow Exploration Corp.
Atlantic Lithium* (ALL LN) – Shareholders approve demerger of gold assets
Castillo Copper (CCZ LN) – Extension of options to acquire the Litchfield and Picasso lithium projects
Cornish Lithium (Private) – $18m funding package secured from TechMet
Hochschild (HOC LN) – Shares rise as government appears to back away from closure plans
Hummingbird Resources (HUM LN) – Updated mineral reserves extend Yanoflila LOM and delivers maiden estimate at Kouroussa
Phoenix Copper* (PXC LN) – Deep drilli
Companies: HOC HUM PXC PREM CCZ ALL