Energean Oil & Gas (ENOG LN): Two further gas sales agreements secured | TomCo Energy (TOM LN): Significant Pre-FEED Report issued
Companies: Energean Plc TomCo Energy Plc
TomCo (LON:TOM) is an oil & gas exploration and production company which, operates in the Uinta basin in Utah. The company has announced a joint venture (JV) to unlock the potential for oil sands development within the area using an innovative new production technology.The Uinta basin and adjac
Companies: Tomco Energy
EnQuest (ENQ): Half Yearly Results | Genel Energy (GENL): Update on Sarta PSC | TomCo Energy (TOM): Field Test Update
Companies: ENQ GENL TOM
Interswitch, a Nigeria-based payments firm, has hired advisers to resurrect plans for a stock-market listing in London and Lagos later this year, which may value the financial technology company at $1.3 billion to $1.5 billion. Voyager AIR The Company will focus on the acquisition, leasing and management of primarily widebody aircraft, with asset management services to be provided by Amedeo Limited the IPO will comprise a Placing and Offer for Subscription of Shares to raise up to approximately US$200m. Roxi Music UK music streaming service plans London IPO as it goes up against Spotify. They have appointed investment bank Arden Partners for an initial public offering (IPO) on the London Stock Exchange later this year.
Companies: SIM THAL SML FIPP MED GGP TOM DDDD SBIZ
Eland Oil & Gas (ELA): OML 40 Operational Update | Genel (GENL): Shareholder Buyback | Exillon Energy (EXI): May Production Report | Mosman Oil & Gas* (MSMN): Operations Update | Cabot Energy* (CAB): AGM Statement | Gulf Keystone (GKP): Dividend Declaration | TOMCO (TOM): Field Test Update
Companies: ELA GENL EXI MSMN CAB GKP TOM
Azalea Energy—oil and gas production and development company based in Louisiana, United States. Net production of 13 MMcfe/D (2,200 boepd) and total 1P proved reserves of 91 Bcfe (15.1 mmboe), 2P reserves of 111 Bcfe (18.5 mmboe) raising up to $38m, expected mkt cap over $100m. DueOct Summerway Capital investing company established to acquire companies or businesses which the directors of the Company believe have the potential for strategic, operational and performance improvement so as to create shareholder value. Offer TBC, market cap TBC expected 19 October Admission is being sought as a result of the proposed RTO of Cambian Group plc following completion of the acquisition by CareTech a leading provider of specialist social care services, supporting adults and children with a wide range of complex needs. No raise, market cap TBC expected 19 October. PetroTal (TAL.TO) - The exploration and production company focused on oil assets in Peru is seeking a secondary AIM quotation before the end of 2018. Path Investments— First acquisition of a 50 per cent. participating interest in the producing Alfeld-Elze II gas field located 22 kilometres south of Hannover in Germany. Seeking £10m raise. Due early Oct Green Man Gaming—pure play e-commerce and technology company in the digital video games industry. revenue CAGR growth of 26.7% in the last three years to £47.5m. Due Mid October 2018. EBITDA Profitable. Offer TBA Crossword Cybersecurity PLC* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is exploring its options in relation to a potential move to the AIM market of the London Stock Exchange which, if it were to proceed, would likely take place over the next few months.
Companies: FRR TOM ATYM YGEN SYM SML CAR HAYD KRS RRR
Green Man Gaming—pure play e-commerce and technology company in the digital video games industry. revenue CAGR growth of 26.7% in the last three years to £47.5m. Due late Sep. EBITDA Profitable. Offer TBA Crossword Cybersecurity PLC* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is exploring its options in relation to a potential move to the AIM market of the London Stock Exchange which, if it were to proceed, would likely take place over the next few months. Path Investments (PATH) -RTO of a 50 per cent. participating interest in the producing Alfeld-Elze II gas field located 22 kilometres south of Hannover in Germany. Seeking £10m. Offer TBA. Due Mid September Kropz PLC-Intention to float by the emerging plant nutrient producer with an advanced stage phosphate mining project in South Africa and exploration assets in West Africa
Companies: GAN OPTI SYS1 MAI SHED TOM FDBK NAK HMI AMYT
Monreal PLC—AIM cash shell moving to NEX by taking advantage of opportunities to invest in the technology, media, and telecom (TMT) sector. Due 03 July Ananda Developments— Company has been established to invest in the developing market for medicinal or therapeutic Cannabis derivatives, or related products. Raising £750k at 0.45p with market cap of £1.3m. Due 04 July
Companies: AERO AAU MAI TOM FPM AHCG FJET AAZ KIBO
Touchstone Exploration— Oil exploration and production company active in the Republic of Trinidad and Tobago. Interests of approximately 90,000 gross acres. Production c. 1,300 boepd. Raising £1.45m. Expected mkt cap £7.5m. Due 26 June. | I3 Energy –Schedule 1. Independent oil and gas company with assets and operations in the UK. Offer TBC, 7 June admission. | Verditek— Schedule 1 update. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Issue price 10p. Admission in Early June | Tiso Blackstar Group—Schedule 1 update. Media, entertainment and marketing solutions group/ £160m mkt cap. Admission only. Expected late June. | Film Finances—Sky News reports that ‘movie financing company with credits including the Hollywood hits La La Land and Nocturnal Animals is plotting a blockbuster premiere on the London stock market that will value it at several hundred million pounds.’ Expected ‘during the summer’. | AIB—Intention to float from AIB, Ireland's leading retail and commercial bank . The Minister for Finance intends to sell approximately 25% of the Ordinary Shares of AIB. Prospectus and announcement of the price range due in mid-June 2017. | Curzon Energy—Report on Proactive Investors of intended LSE float this year with acquisition of coal bed methane assets in Oregon. Looking to raise £3m plus | NLB Group—financial and banking institution based in Slovenia, with a network of 356 branches. Seeking Ljubliana Stock Exchange listing with GDRs on the LSE. Expected mid June. | Flying Brands (FBDU.L)—Prospectus approved by FCA. RTO of Stone Checker Software, supplier of technology solutions in the field of kidney stone analysis and prevention. Has raised £550k at 3p. Subject to GM on 15 Jun. | AEW UK Long Lease REIT—Intention to Float. Up to £150m raise. Admission early June. UK specialist and alternative property | Kuwait Energy— $150m raise plus vendor offer. Admission due June. 2p reserves 810.0 mmboe
Companies: MTFB FXI TRX GROW AFHP WYG CHRT SKIN ORM TOM
Research Tree provides access to ongoing research coverage, media content and regulatory news on TomCo Energy Plc. We currently have 10 research reports from 4 professional analysts.
In H1, 2020 and the period directly following (Q3, 2020), EQTEC has made substantial operational progress, significantly boosting its project pipeline and strengthening its balance sheet with an over-subscribed £10m fund raising in July 2020. Revenue generation in H1, 2020, however, was constrained due to the impacts of Covid-19 and severe fires in California. We now forecast revenue of €2.4m in 2020E, compared with our previous forecast of €7.0m. Importantly, no projects have been cancelled. Delayed revenue is expected to flow into 2021E. Select new projects, having been secured in 2020, are expected to reach financial close in 2021E and 2022E, in addition to those existing projects under development in those years. As a result, we are increasing our 2021E and 2022E forecasts.
Companies: EQTEC Plc
Talitha Shelf Margin Deltaic LKA resource report
Companies: Pantheon Resources Plc
The stock was up 12% on Friday, 25/09, sparked by the positive outcome on Vodafone’s dispute with the Indian tax authorities. This is encouraging for Cairn, but note that both cases differ. While the tax authorities simply erased Vodafone’s tax bill, they owe up to $1.4bn to Cairn, and could offer more resistance.
Companies: Cairn Energy Plc
Adriatic Metals* (ADT1 LN) – Annual results and review of exploration | AfriTin (ATM LN) –– H1 report highlights production ramp-up at the Uis mine | Ariana Resources* (AAU LN) – US$30m partial disposal of Turkish Assets | Anglo Asian Mining* (AAZ LN) – BUY – Gedabek continue unaffected by the Nagorno-Karabakh conflict | Cornish Lithium (Private) - Cornish Lithium looking to bring the EV supply chain closer to home | IronRidge Resources* (IRR LN) – FY20 results: well positioned to continue de-risking portfolio projects with A$7.3m in the bank | Kavango Resources (KAV LN) – Resuming field exploration of the Kalahari Copper Belt, Botswana | Power Metal Resources (POW LN) – Exploration gets underway on Botswana joint-venture | Rambler Metals and Mining* (RMM LN) – Interims and refinancing of debt and planned restoration of mine production at higher copper grade | Renascor Resources (RNU AU) – Offtake agreement with Chinese anode manufacturer highlights China’s dominance of supply chain | Trans-Siberian Gold (TSG LN) – 8c interim dividend declared reflecting robust FCF and strong outlook | Versarien* (VRS LN) – New Advisory Panel brings together global leaders in graphene within Versarien
Companies: ADT1 ATM AAU AAZ IRR KAV POW RMM RNU TSG VRS
Central Asia Metals (CAML LN) reported robust interim results in the context of the H1 2020 backdrop; solid production and the company’s fundamentally low cost base meant that CAML remained profitable despite the sharp pullback in commodity prices during the period which led to a 17% YoY decline in revenue to US$70.8m. Consequently, EBITDA was down 25% YoY to US$42.5m despite a decline in unit costs of 6% YoY at Kounrad and 9% YoY at Sasa to US$0.48/lb and US$0.43/lb respectively which cushioned the impact of the weaker the top line. With no significant one offs in the period, EPS of US$0.10/sh. was 33% lower YoY.
Companies: Central Asia Metals Plc
H1 2020 results; progress on concept selection
Companies: Jersey Oil & Gas Plc
Another set of record results from Iofina, with H1 2020 benefiting from improved iodine pricing, solid cost controls and robust operational performance. Some of the shine will be taken off by the cautionary tone over the impact of COVID-19 on current iodine demand and pricing. Nevertheless, these results on top of the recent debt refinancing again demonstrate the continued improvements Iofina is delivering both operational and financially. It now has a solid platform of diversified low cost iodine production from five plants, a range of iodine and non-iodine specialty chemicals products, an improved balance sheet and a new lending partner with which to deliver its ‘prudent growth’ ambition.
Companies: Iofina Plc
Jersey Oil & Gas has announced that it has selected a greenfield four-legged platform to develop the Greater Buchan Area which will utilise existing export pipeline infrastructure. We see near-term scope to increase materially our fair value estimate from 268p. We believe that today's news is price material and that it sets the scene for a near-term catalyst rich outlook for the company. It is an opportune time, in our opinion, to gain exposure to the Jersey Oil & Gas investment opportunity.
H1/20 has been a highly successful period for United Oil & Gas, during which time it has successfully transformed into a full-cycle E&P company. Key to this success has been the Abu Sennan acquisition, with net production increasing to 2,700boepd at the end of June. The significant production and reserve additions delivered as part of the 2019-20 drilling campaign emphasises the considerable upside that still remains in the block. Post period, United were granted a 100% operated working interest and an 18-month extension to the Walton-Morant licence, offshore Jamaica. At 229mmbbls, the Walton-Morant licence has the potential to have a major impact on United, which we value at US$724.3m or 76.8p/share unrisked. We update our valuation, increasing our price target to 19.1p/share, a 549% premium to the current share price and reiterate our BUY recommendation.
Companies: United Oil & Gas Plc
Chariot’s interims represent something of a line in the sand for the new management team, with historic oil-focussed deepwater exploration spend written-off, demonstrating its recent corporate and strategic ‘reboot’, which has ushered in a more entrepreneurial approach. Strategy has shifted away from higher-risk frontier exploration in favour of opportunities that better fit the energy transition. With the annual cash burn cut 45% to US$2.5m, no remaining work commitments and period-end cash of US$5.8m, management has a clear path ahead to deliver on its ambitions.
Companies: Chariot Oil & Gas Ltd.
Hargreaves’ FY20 results are very solid indeed. As previously reported, the only noticeable impact from COVID was in the slippage of Blindwells’ land sales, which were due to conclude during the lockdown period. Site activity has resumed and sales remain on track to conclude in the current year. A final dividend of 4.5p has been declared and the outlook statement is measured but confident. We reintroduce forecasts today, effectively reinstating our pre-COVID expectations. Hargreaves is well positioned to deliver a period of significant, renewed growth with the prospect of a double digit dividend yield from FY22 as HRMS profits are distributed.
Companies: Hargreaves Services Plc
Ready to steppe it up – initiating coverage
Companies: Enwell Energy Plc
Three day CMD to detail how BP will redeploy hydrocarbons’ capital into renewables. The latter are expected to grow by 12% CAGR by 2030, which surely is more exciting than oil. Returns do not compare though, but BP intends to make good use of its trading division to bridge part of the gap. Lowering the dividend took care of the rest. Overall, BP diversifies its risks early, which might prove right if oil stays under $50.
Companies: BP Plc
EQTEC announced (last Friday afternoon) an extension of the exclusivity period of the Billingham MOU until 22 November 2020. The extension of the MOU exclusivity period is with the aim of finishing the preparation of a legally binding option agreement with Scot Bros. which, if agreed, will grant EQTEC and its partners the right, but not the obligation, to purchase the entire issued share capital of Billingham EFW Limited (the project SPV) from Scott Bros. subject to an agreement on consideration and other terms.
GeoPark (GPRK US)C; Target price US$20.00 per share: All eyes on CPO-5 - We see the CPO-5 block becoming a key area of focus in the next 18 months and the main reason behind the acquisition of AMERISUR in January 2020. By YE20, GeoPark will drill two wells on the highly prospective CPO-5 block. This will include an imminent development/appraisal well in the Indico light oil field followed by an exploration well. The only existing well in the Indico field is still flowing naturally at >5 mbbl/d since first oil in December 2018. The implied very strong reservoir performance and the fact that the oil pool boundaries have not been encountered yet suggest the field offers production and reserves upside that could start to be unlocked with upcoming drilling. In 2021, GeoPark could drill an additional 5-7 wells at CPO-5 comprising a combination of exploration, delineation and development wells. According to the latest CPR, 3-4 new Indico wells could add 7.5-12.5 mbbl/d gross production (2.5-4.2 mbbl/d net to GeoPark) in 1-2 years. The exploration program for 2021 will likely test the continuity of the Guadalupe play encountered on Llanos-34 into CPO-5. The share price trades at ~55% discount to our Core NAV of ~US$17. Overall there could be 350-700 mmboe gross prospective resources across the Llanos blocks (including CPO-5) that GeoPark is imminently starting to explore. Our target price of US$20 per share reflects our ReNAV. It represents ~150% upside to the current levels. IN OTHER NEWS ________________________________________ AMERICAS Gran Tierra Energy (GTE CN/LN): Production update in Colombia – During 3Q20 to date, production has averaged ~18.700 boe/d increasing to an average of 21,250 boe/d during September, reflecting the resumption of production at the Suroriente and PUT-7 Blocks in the southern Putumayo region, as well as at several minor fields, and by the recommencement of workover activities at the Acordionero oil field. As of August 31, 2020, Gran Tierra has collected total VAT and income tax receivables of ~US$51 mm; the company expects to collect approximately another US$25 to $35 mm before YE20. FY21 WI production is expected to be >30,000 boe/d. Pantheon Resources (PANR LN): Resources update in Alaska – The SMD horizon at the Talitha prospect is estimated to hold 302 mmbbl prospective resources. 91 wells would be required to develop the field that would reach 90 mbbl/d peak production. Pantheo holds 89.2% of the project. EUROPE IGas Energy (IGAS LN): 1H20 results – 1H20 net production in the UK was d ~1,940 boe/d. Cash balances as at 30 June 2020 were £2.6 mm with net debt of £11.2 mm. IGas reiterated its FY20 production guidance 1,850 - 2,050 boe/d, with underlying cash operating expenses anticipated to be $34/boe. Royal Dutch Shell (RDSA/B LN): Selling assets in Norway – Shell is selling its interests in the Kvitebjørn and Valemon fields in the North Sea to PGNiG. UK Oil & Gas (UKOG LN): Updated volumetric at UK asset – The Loxley Accumulation is now expected to hold 23-70 bcf recoverable resources. ~78% of the overall Loxley gas accumulation's gas resource are interpreted to lie within the Company's PEDL234 acreage. MIDDLE EAST AND NORTH AFRICA Genel Energy (GENL LN): Receives payment from the KRG – Genel has received a total net payment of US$10.8 mm for sales at Tawke and Taq Taq in August. Maha Energy (MAHA-A SS): Oman entry – Maha has been awarded 100% WI in the onshore Block 70 that includes the shallow undeveloped Mafraq heavy oil field. The Block is located in the middle of the oil producing Ghaba Salt Basin in the central part of Oman. The Mafraq oil field was discovered by Petroleum Development Oman in 1988 and was further delineated by four wells and 3D seismic in stages until 2010. The Mafraq field is estimated to contain between 185 – 280 mmbbl of original oil in place. The productive reservoir is located at approximately 430 m below ground level. SUB-SAHARAN AFRICA Africa Energy (AEC SS/AFE CN): Private placement – Africa Energy has raised US$28 mm of new equity priced at SEK3.00 per share. San Leon Energy (SLE LN): 1H20 results – Gross oil sales at OML-18 were 25.2 mbbl/d during 1H20 with gas sales of 39.1 mmcf/d. Production downtime and “losses” were respectively 15% and 20% over the period. San Leon held US$22.6 mm in cash as at 18 September (US$6.8 mm is held in escrow for the Oza transaction).
Companies: GENL GPRK MAHAA RDSA UKOG
