Auctus on Friday - 11/11/2022

AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN) C; Target price of £0.55 per share: Meeting with management: Operations on track – The Anchois project continues to make progress towards FID in early 2023. Société Générale is leading the structuring and syndication of the debt funding for Anchois. We understand that the banking syndicate is likely to include Moroccan banks and that debt could represent 70% of the overall cost of the project to first gas. Discussion

SP Angel Morning Energiser: 10/11/22

EIA crude build weighs on prices

SHORE CAPITAL - TOUCHSTONE EXPLORATION+ (TXP) - House Stock at 78.5p – Third quarter results confirm continued strong performance from legacy oil portfolio

Q3 22 - last report before transformational gas dominated production growth

AXL LN/CN, EGY US/LN, PTAL LN/TAL CN, BLOE LN, ECHO LN, ENW LN, EOG LN, GTE LN/CN, I3E LN, JSE LN, OMV AG, PNOR NO, PXT CN, REP SM, TAO CN, TXP LN

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN) C; Target price of £0.45 per share: Gearing up for a busy programme – Current production is ~1,500 boe/d (in line with expectations). Gross production at RCE-2 is holding up very well with no decline since August (October: 1,100 bbl/d, August: 1,080 bbl/d). Gross production from RCS-1 stands at 340 bbl/d (380 bbl/d in August). A work-over rig is expected to arrive at the RCE field by the end of this week.

SP Angel Morning Energiser: 11/10/22

Recessionary fears end crude's rally

Touchstone Exploration - And they’re off

Touchstone has delivered first gas from its Coho discovery on the Ortoire block, onshore Trinidad – the first natural gas project to come onstream onshore Trinidad in over 20 years. This is a key milestone and marks the onset of Touchstone’s transformational growth phase that we expect to deliver a 10x increase in production next year relative to Q2 2022, with more to come beyond that just from Touchstone’s existing discoveries. This will provide a major boost to cash flow, allowing Touchstone t

SHORE CAPITAL - Touchstone Exploration^ (TXP) - House Stock at 84p

Looking ahead - rapidly rising cashflow generation plus further exploration

SHORE CAPITAL - TOUCHSTONE EXPLORATION+ (TXP) - House Stock at 89p - Cascadura will be a game-changer

Touchstone Exploration - Cascadura receives environmental approval

Excellent news from Touchstone, which has received environmental clearance for its Cascadura gas development on the Ortoire block, paving the way for the construction of the facilities to commence and keeping the project on track for first gas in early-2023. Alongside the imminent start-up of the Coho gas field, these projects are set to deliver transformational volume growth, with FY23 production forecast to be 10x the current level. The strong uptick in cash flow this delivers will allow manag

SHORE CAPITAL - TOUCHSTONE EXPLORATION+ (TXP) - House Stock at 98p – Approval of Cascadura Certificate of Environmental Clearance!

SP Angel Morning Energiser: 17/08/22

Bearish manufacturing data sinks crude lower

Auctus on Friday - 12/08/2022

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.06 per share: Raising new equity to accelerate high impact drilling – ADX has raised A$ 2.55 mm of new equity priced at A$ 0.006 per share. New investors will also receive one option for every two placement shares at a strike price of A$ 0.013 per share with an expiry date of 2 years. The proceeds of the raise will fund (1) the planning and purchase of long lead items for the high impact 800+ b

Touchstone Exploration - Q2 results

Solid results from Touchstone’s legacy oil business, although this should be the last quarter of it being a pure oil producer as its Ortoire gas discoveries are close to start-up – Coho is expected on stream soon and Cascadura is on track for first gas in early 2023. The results were restrained by Trinidad’s regressive upstream oil tax regime, whereby the state takes much of the upside from the oil prices above US$75/bbl via the Supplemental Petroleum Tax (SPT). However, this will not apply to T

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