Market update - 02/09/2021
Companies: CEG SQZ WEN
ADX Energy (ADX AU)C; Target of A$0.030 per share: Initiating Coverage: Oil, Green Hydrogen and Geothermal in Austria - ADX Energy is an A$20 mm market cap company with onshore licences in Austria. ADX is the 3rd upstream player and only foreign operator alongside OMV and RAG. ADX is generating value from its geological assets along three models. (i) It produces ~340 boe/d (light oil) from long life mature assets with material low cost
Companies: ADX DME GTE MATD SNM TLW SEN SQZ AKRBP AKERBP SDX CEG HUR MAHAA
Market update - 13/07/2021
Companies: KIST SDX SQZ ZPHR
Calima Energy (CE1 AU)C; Target of A$0.035 per share: Increasing investment and production outlook - Production at the end of May was 3,100 boe/d with a further eight wells expected on stream by YE21. This level of production is above forecast and reflects the strong performance of the drilling at Brooks. Calima is increasing its capex programme from C$17 mm to C$20 mm with two new wells being added to the FY21 drilling programme (exc
Companies: XOM XOM SQZ PTR MAHAA JSE FEC EQNR EQNR CNE CNE CE1 88E PEN PEN GPRK GPRK
Market update - 10/06/2021
Companies: SQZ PHAR MSMN
What’s cooking in the IPO kitchen?
Orcadian Energy, the North Sea focused, oil and gas development company, announces its intention to seek admission to AIM. The Company's key asset is the 100% interest in the Pilot oilfield, with audited proven and probable reserves of 78.8m barrels (audited by Sproule BV). Orcadian plans to raise gross proceeds of c. £5m to progress its assets.
Itim Group Limited (to be renamed itim Group plc) is a software technology company, established in 1993. Itim adds
Companies: BEM CPX DEST EMH MRL SQZ SRC TRU
Arrow Exploration (AXL CN) C: 1Q21 update in Colombia/Moving to London – Arrow Exploration is intending to dual list on AIM. The company holds assets in Colombia and Canada. 1Q21 production was 242 boe/d. The company held US$6.4 mm in cash at the end of March.
Challenger Energy (CEG LN)C; Target of 1.20p per share: Commencing high impact well in Trinidad – Challenger has started drilling the Saffron#2 well. If successful, the well would add 200-300 bbl/d production and deris
Companies: VLE TXP ENOG ENI ENI GENL HES HES MAHAA PEN PEN SQZ
Market update - 25/05/2021
Companies: TXP SQZ UJO
GeoPark (GPRK US)C: Strong performance at CPO-5 and increasing free cash flow through deleveraging – 1Q21 production was 38,131 boe/d with Llanos-34 WI oil production of ~24.9 mbbl/d as, out of the six new wells drilled during the period, only four were production wells (the other two were water disposal wells). Production growth at Llanos-34 is expected to accelerate in the subsequent quarters as the Company is adding a third drilling rig with more wells coming on stream and
Companies: ADX AKRBP AKERBP CNE GENL GPRK GPRK GTE JKX SQZ SNM TTE TXP VLE
Market update - 15/04/2021
Companies: VLE SQZ SOU
Panoro Energy (PEN NO)C; Target Price: NOK23.00: BW Energy (BWE NO) provides update in Gabon – BW indicated that 4Q20 gross production from the Tortue field was ~13,500 bbl/d, as an 11 day downtime took place in October for the annual maintenance program and to comply with Gabonese production allocations to meet OPEC quotas. A drilling contract for one development well (DTM-7H) and one exploration well has been recently awarded. There is also the option for another exploration well subject to th
Companies: AKRBP CNE DNO ENOG XOM GENL GTE JKX KOS PEN TAL PHAR REP RDSA SQZ TTE TGL
NQ Minerals, the base and precious metals producer from its 100% owned flagship Hellyer Mine and the 100% owner of the Beaconsfield Gold Mine, both in northern Tasmania, Australia, has submitted a draft prospectus to the UK Financial Conduct Authority for approval. The Company is considering applying for admission of its ordinary shares to the Official List of the FCA by way of a Standard Listing and to trading on the Main Market of the London Stock Exchange . Details TBA
Foresight Group ,
Companies: TYM SQZ IIG EVG EVE ECSC RBN AVG IGE CMH
Bahamas Petroleum Company (BPC LN)C; Target: 6.7p: Further funding secures the 2021 programme - BPC is raising US$10 mm of new equity immediately with a fund managed by Lombard Odier. The placing comprises 375 mm new shares at 2.0p per share. The investor is also issued warrants to subscribe for 93.75 mm shares at 3.0p and 93.75 mm shares at 4.0p over a period of one year. If all of these warrants were to be exercised, BPC would raise a further US$8.7 mm. BPC has also the option to raise up to a
Companies: SQZ HBR AOI CEG CNE XOP GTE HUR JOG MAHAA TAL PHAR TETY TETY
Serica Energy (SQZ) – Upbeat operations update | Caspian Sunrise (CASP LN): BNG continues to produce in line with guidance | ADM Energy (ADME LN): 14th lifting confirmed at Aje, offshore Nigeria
Companies: SQZ CASP ADME
Research Tree provides access to ongoing research coverage, media content and regulatory news on Serica Energy PLC.
We currently have 242 research reports from 8
Savannah provided its interim snapshot yesterday and it is worth pointing out where it has come from and where it is going to, with a catalyst-rich future ahead of it. The Mina do Barroso project remains one of the most advanced spodumene projects in Europe and as such is very well located in terms of market (close to a main end-use market with all the freight savings – cost and carbon – that implies) and available green energy to power production. The project benefits from political support fo
Companies: Savannah Resources Plc
Phoenix copper today provides an operational update with plenty of work streams running in parallel. It continues to make progress on finalising plans for bringing the Empire oxide open pit into production after nearly completing its hydrological studies and finalising plans for a permanent mine office in Mackay – 5 miles from the proposed operation.
Companies: Phoenix Copper Ltd. (United Kingdom)
H1 2021 results
Companies: Jersey Oil & Gas PLC
EQTEC have confirmed that they have signed a Share Purchase Agreement with Rotunda Energy Ltd and its subsidiary Shankley Biogas Ltd to acquire ownership of the Southport Hybrid Energy Project from Rotunda.
Companies: EQTEC PLC
Central Asia Metals (CAML LN) reported strong interim results as copper, lead and zinc prices extended their gains up 21%, 11% and 12% YTD. H1 2021 revenue of US$101m was up 42% YoY, EBITDA of US$64m was up 52% YoY and the EBITDA margin increased 5pp to 61%. With no significant other charges, net income was up 69% YoY to US$42m. Having marked to market our commodity price assumptions, our estimates are broadly unchanged meaning CAML remains well on track for a record year of earnings underpinned
Companies: Central Asia Metals Plc
Companies: Shanta Gold Limited
£8.5m equity raise at 25p for appraisal drilling
Companies: IOG PLC
No surprises in JOG’s interim results, with the market’s main focus – the company’s GBA Development farm-out process – ongoing. The resurgence of UK North Sea M&A has brought the shares back to life recently as the market is reminded of the scale of the resource and development opportunity JOG is sitting on. While JOG’s main focus remains on securing funding and a partner for its GBA Development, the company has indicated it is reviewing a number of potential acquisitions/mergers. JOG’s strong m
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.
Companies: Royal Dutch Shell Plc Class A
Touchstone announced its fifth consecutive discovery on the Ortoire block in Trinidad last week, with the Royston well encountering nearly 400ft of hydrocarbon pay, double pre-drill expectations. The discovery needs to be production tested to confirm its commercial viability but is thought to be the largest geological structure on the block in the Herrera formation, which could ultimately rival Shell’s 500 bcf Central block reserves. We are lowering our geological risking on Royston, which incre
Companies: Touchstone Exploration Inc
Oil declined amid Russia's plans to boost upcoming overseas oil sales and as the dollar rallied.
Futures in New York ended the session nearly 1% lower on Friday. Russia will increase its oil exports 3% in the fourth quarter, according to Interfax. Meanwhile, gains in the US dollar reduced investor interest in commodities priced in the currency.
Despite weaker prices on Friday, US benchmark crude futures gained more than 3% this week due to tightening supplies. In the US, crude inventories
Companies: FO 88E DEC EME GTC TRIN UOG WEN
Companies: Union Jack Oil Plc
The Wressle oil field, in which Union Jack (UJO) holds a 40% working interest has achieved flow rates of 964 boepd from the primary Ashover Grit reservoir. This has been attained on a restricted choke setting and no formation water has been produced as the well continues to clean up. This is very positive news for UJO given that the reported flow rate exceeds initially forecasted rates by a substantial margin and further operations to increase gas handling capacity could increase hydrocarbon
Jersey Oil & Gas announced its interim results of which we believe the key news items are as follows:
i) The company had a cash balance of £17.06m as at 30 June 2021;
ii) The company indicated its farmout process is ongoing that that the company is engaged with both industry parties and potential infrastructure funders; and
iii) Regional electrification collaboration within the Central North Sea is building momentum amongst industry parties and the GBA is ideally located to be an integral p
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