Auctus on Friday - 18/08/2023

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.08 per share: Drilling permit at key prospect awarded – The drilling permit for the Welchau prospect (807 bcfe prospective resources) has been awarded. The well is expected to be drilled in 4Q23 after receiving environment clearance. The permit allows drilling and testing of the Welchau-1 well, as well as a longer-term production test if required. Pulsar Helium (PLSR CN)C; target price of C$0.

Hybridan Small Cap Feast 14/08/23

Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Announced ITF 4 August: Tan Delta Systems plc, a Sheffield based Company intends to IPO on AIM. Tan Delta has developed an innovative and differentiated monitoring solution based on real time oil analysis and analytics that offers equipment operators enhanced insight into the maintenance status of their equipment and thus the ability to reduce maintenance costs, improve reliability and reduce carbon footpr

SP Angel Morning Energiser: 14/08/23

Record 103mb/d oil demand in June

Serinus Energy - (SENX LN) - H1 2023 results

Serinus has released its H1 2023 results. These report continued production, ongoing testing operations at the N-2 workover in Tunisia, and progress on plans for new work programmes.

Serinus Energy+ (SENX, House Stock at 4p) - Interim results; deep value on offer

Initial Equity Trading Comments - 14 August 2023

SP Angel Morning Energiser: 05/06/23

Saudis act to tighten crude supplies

Serinus Energy+ (SENX, House Stock at 4p) - Completion of N-2 workover in Tunisia

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

Hybridan Small Cap Feast - 11 May 23

11th May 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 objectiv

Serinus Energy (SENX LN) - Q1 2023 results

Q1 results highlight ongoing production and potential new work programmes. Serinus has released its Q1 2023 results, ahead of its AGM. These report Q1 production of 0.7mboe/d, split 0.16mboe/d from Romania and 0.53mboe/d from Tunisia, flat compared with an implied 0.7mboe/d for Q4 2022. This has been driven by a combination of ongoing (but relatively shallow) declines in Romania, in combination with a steady performance from Tunisia. This is broadly in-line with recent performance from both area

Initial Equity Trading Comments - 11 May 2023

Serinus Energy+ (SENX, House Stock at 6p) - Interim results for the three months to March

Serinus Energy - (SENX LN) - Tunisia workovers update

Serinus has released an update on its Tunisia workovers programme, reporting that the workover of its N-2 well on the Sabria licence (Serinus 45%) is about to commence. This involves a recompletion of the well, and removal of any restrictions from previous operations (the well was originally drilled in 1980 but failed to produce due to well damage during the completion).

Serinus Energy+ (SENX, House Stock at 5p) - N-2 well workover update

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

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

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

CMD - still plenty of growth potential