Savannah Energy - Interim results

Savannah’s interims confirm continued strong operational performance in Nigeria with 10% growth in Total Revenues and Adjusted EBITDA alongside lower net debt. Production has increased sharply in H2 and management is reiterating its FY22 guidance. Savannah is still working towards the completion of the Chad/Cameroon acquisitions, which is now expected by year-end. While the slippage in timing is frustrating, closure of the transactions will be transformational, more than doubling FCF and providi

SHORE CAPITAL - SAVANNAH ENERGY+ (SAVE) - BUY at 25.4p – Strong interim results; Chad-Cameroon deal completion anticipated in Q4

Auctus on Friday - 30/09/2022

AUCTUS PUBLICATIONS ________________________________________ Challenger Energy (CEG LN): Discontinuing coverage - We are discontinuing coverage on Challenger Energy Group. Longboat Energy (LBE LN)C; Target price of £1.50 per share: 3-5 well programme in 2023. Increased resources estimate at Kveikje – There were no surprises in the 1H22 financials. The gross contingent resources estimates at Kveikje have been increased from 28-48 mmboe to 35-60 mmboe (2C-3C) based on a new CPR following post wel

SHORE CAPITAL - SAVANNAH ENERGY+ (SAVE) - BUY at 30p – New GSA with Notore Chemical Industries

SP Angel Morning Energiser: 13/08/22

Soaring temperatures elevate gas prices

Morning Note – 16 August 2022

Morning Note – 15 July 2022

Savannah Energy - Billion-dollar baby

We have updated our corporate model for the string of announcements relating to additional gas sales agreements in Nigeria and renewable power projects over the past few months. We have also raised near-term oil price forecasts and now include the expected R3 East development in Niger within our numbers. These drive material upgrades to 2023 earnings and cash flow forecasts and boost our risked NAV and price target by 26% to 109p/sh. The expected close of Savannah’s Chad/Cameroon acquisitions is

SHORE CAPITAL - SAVANNAH ENERGY+ (SAVE, 32p, BUY)

Auctus on Friday - 10/06/2020

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.45 per share: Positive drilling results at RCS-1 could add further reserves - The RCS-1 well (the second well drilled by Arrow in Colombia this year) has encountered >55 feet of total net pay across six separate oil-bearing reservoirs in the C7, the Gacheta and the Ubaque, between 7,077 feet and 8,105 feet. No reserves were allocated to the Ubaque, C7 and one of the Gacheta sands. Thes

SHORE CAPITAL - SAVANNAH ENERGY+ (SAVE, 40p, Under Review) – FY21 results; completion of Chad-Cameroon entry expected in Q3

Morning Note – 8 June 2022

Savannah Energy - FY 2021 results

Savannah’s FY 2021 results are in line with January’s FY21 trading update. Total Revenues grew 7% to US$231m revenue and total cash collections from Nigeria were US$208m, as previously disclosed. Adjusted EBITDA also rose 7% to US$175m, 12% ahead of our forecast. Year-end net debt of US$370m and cash balances of US$154m were also previously disclosed.

SHORE CAPITAL - SAVANNAH ENERGY+ (SAVE, 38p, Under Review) – Agreement in Chad for new renewable energy projects

Morning Note – 30 May 2022

LIBERUM: Sylvania Platinum* - Best quarter since early 2020

LIBERUM: Pensana Plc* - Pensana’s Coola Exploration Licence continues to deliver

Chariot Limited (AIM: CHAR): Electricity trading JV enhances returns on core business and opens a new revenue stream

• Chariot, the Neura Group, H1 Holdings and Meadows Energy have formed Etana Energy, a new electricity trading company in South Africa. Etana is one of the few companies granted an electricity trading licence in the country. • The licence allows Etana to sell and buy electricity on the grid, opening up access to a range of high-volume off-takers including municipal, industrial and retail customers. • Chariot, H1 Holdings and Meadows Energy hold respectively 25%, 21% and 5% of Etana and bring ex

LIBERUM: Pensana Plc* - Initiation - Loosening China's grip on rare earths

Initiation of Coverage

Diversified Energy (Diversified) is focused primarily on US natural gas production. Its strategy is to acquire and operate producing energy assets, which has seen it grow rapidly and create significant shareholder value. Since its 2017 IPO, the group has grown reserves 15x, increased production over 280x, raised the dividend 11 times and grown its market value 16x to £1.1bn. Diversified is currently the 2nd largest independent energy company by production, the 4th largest by market value and the

IOG - Operational update

Operational update

Jersey Oil and Gas* - Verbier licence extension

Verbier licence extension

Auctus on Friday - 25/11/2022

AUCTUS PUBLICATIONS ________________________________________ Calima Energy (CE1 AU)C; Target price of A$0.60 per share: Market cap paid back in 2 years, even after incorporating higher differentials - Four wells out of the five well 4Q22 programme have now been drilled with two wells already in production. Gemini#10 is producing in line with the type curve (IP of 120 boe/d gross and 60 boe/d net to Calima 50% WI). Gemini #11 was put into production on 24 November while Gemini#12 will be brought

Arrow Exploration - Work programme update and Q3 2022 results

Work programme update and Q3 2022 results

SolGold: New investment from Jiangxi as strategic review continues; PFS Addendum cancelled; DFS delayed

SolGold (“SOLG”) has announced it is raising ~US$36m of new equity through the issuance of 180m new shares, including 155m to Jiangxi Copper (Hong Kong) Investment Company Limited ("Jiangxi"). Jiangxi, a Chinese state-owned enterprise and the largest copper producer in Mainland China, will have a 6.3% shareholding in SOLG upon closing of the raise, expected around 9 Dec subject to due diligence. This new cash will further bolster the balance sheet following the announcement on 7 Nov of a US$50m

Hybridan Small Cap Feast 23/11/2022

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Kistos Holdings plc, intends to join AIM. The Company was incorporated to act as a new holding company for the group companies 0f Kistos plc (KIST), a holding company with the objective of creating value for its investors through the acquisition and management of companies or businesses in the energy sector. Anticipated Market Cap £327m. Expected 22 Dec 2022. AT85 Global Mid-Market Infrastr

Cenkos: Chariot Ltd -- Expanding Chariot's Presence in a High Energy Demand Market

As part of the continued deregulation of the power market in South Africa, Chariot has formed a new JV through a 25% interest in a new South Africa electricity trading company, Etana Energy, which has been granted an electricity trading licence by the National Energy Regulator of South Africa (NERSA). As one of the largest energy markets in Africa, the Etana platform will provide Chariot with the opportunity to decarbonise the South African power sector via the supply of renewable power to both

WH Ireland: Jersey Oil & Gas (JOG) - Licence Extension and Farmout Update

Jersey Oil & Gas announced the extension of the Verbier licence (P2170) to end August 2023, which is now aligned with the company's core Greater Buchan Area licence (P2498).

Hybridan Small Cap Feast 16/11/22

Dish of the day Joiners: BWP REIT joins the Wholesale Segment of the International Property Securities Exchange (IPSX). BWP REIT is a newly formed single asset company and has raised £35m by issuing 35m new ordinary shares at 100 pence per share to acquire Bridgewater Place, an office-led mixed use property in central Leeds and valued at £63m. The property is one of the tallest buildings in Yorkshire, comprising 234,000 sq. ft of office space, and is close to 90% let to EY, as well as multinatio

Morning Note – 16 November 2022