SP Angel Morning Energiser: 04/10/24

Africa Oil Week Drinks Reception in Cape Town this Sunday

SP Angel Morning Energiser: 12/08/24

Geopolitical tensions support energy prices

SP Angel Morning Energiser: 05/08/24

Oil slumps on global economic fears

Hybridan Small Cap Feast - 02 August 24

2nd August 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: Delistings: Lok’nStore Group (LOK.L) has delisted from AIM Tyman (TYMN.L) has delisted from the Premium segment of the Main Market What’s baking in the oven? ** Our daily digest of news from UK Small Caps If you would like to unsubscribe, please email

Hybridan Small Cap Feast - 03 June 24

3rd June 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: The shares of Zegona Communications (ZEG.L) have been readmitted for trading on the Standard Segment of the Main Market, following the reverse takeover of 100% of Vodafone Spain for EUR5bn. Delistings: What’s baking in the oven? ** Potential**** Initial

SP Angel Morning Energiser: 03/06/24

OPEC+ agrees to extend output cuts

Tower Resources* (TRP LN) - Focus on Cameroon funding process

Tower reported a FY23 loss of $0.45m, which is broadly in line with SPA estimates, with the Company's cash position recently boosted by the release of the remaining VAT provision and receipt of remaining receivables. Our 0.012p/sh target price provides significant near-term potential upside for investors just looking to speculate that with delivery in the last 6M of a rig contract and a licence extension until February 2025, the last remaining deliverable of the financing required to drill the

SP Angel Morning Energiser: 24/05/24

Wood Group reject 220p/sh offer

SP Angel Morning Energiser: 15/02/24

Oil down on 12mb EIA crude build

SP Angel Morning Energiser: 08/02/24

Oil up as Israel rejects ceasefire terms

SP Angel Morning Energiser: 22/12/23

E&P M&A makes a comeback in 2023

SP Angel Morning Energiser: 18/12/23

Energy prices stable

Tower Resources* (TRP LN) - Rig contract in place to get the ball rolling

Tower Resources* (TRP LN): Flash Note - Rig contract in place to get the ball rolling

SP Angel Morning Energiser: 06/12/23

Crude slump continues on API build

Pantheon Resources (PANR LN) - Comprehensive Update Note

Pantheon Resources anticipates commencing drilling operations at Megrez-1 in early November, with drilling operations expected to take approximately one month to reach total depth. We believe that Megrez-1 is by far the most exciting well ever drilled by Pantheon Resources due to our high confidence that the reservoir of the targeted Ahpun East Topsets (609 million barrels of prospective recoverable best estimate resources) will be of an exceptionally high quality – success would unlock correspo

Morning Note – 7 October 2024

Gulf Marine Services (GMS LN) - Contract awards

GMS has announced several new contract awards, including a new long-term contract to support offshore wind construction in Europe, all further growing the company’s backlog.

Afentra - Off to the races

Following the successful completion of Afentra’s third acquisition in Angola, the company now holds a meaningful 30% non-operated interest in producing Block 3/05 and a 21.33% non-operated interest in development ready Block 3/05A. The result is a significant new African independent company, with c6,700bopd of production and 52mmbbls of 2P+2C reserves and resources, backed by material cash flow and a strong balance sheet. With a portfolio of both near-term, low-cost, short-cycle growth opportuni

PetroTal (PTAL LN) - Q3 operations update

PetroTal has released its Q3 operations update, reporting a strong production performance and expectation of being towards the top end of full year 2024 production guidance. Development drilling at Bretana continues, the Block 131 acquisition is nearing completion, and there is also an update on the test exports via Ecuador.

Power Metal Resources* (POW LN) – FLASH NOTE - Incubation Strategy Success Continues with Uranium JV

PetroTal Corp (AIM: PTAL): Production and cash well above expectations

• 3Q24 production was 15,160 bbl/d. This is well above expectations of 13 mbbl/d. While the river levels were at record lows, PetroTal has maximized the barge fleet capacity during the quarter. • Production during the first week of October was 10.7 mbbl/d. With the end of the dry season in sight, production is expected to return to capacity by mid-November, • As a result, FY24 production is expected to be at the top end of the 16.5-17.5 mbbl/d guidance. • Petrotal held US$133 mm in cash (US$121

Jubilee Metals (JLP LN) - Audited results for FY24 (June)

Jubilee today announces its audited results for FY24 which ended in June. Revenues rose to $205.4m from $170.9m in FY2023 (Zeus estimate was $208.8m). Group EBITDA fell to $27.7m from $29.8m (Zeus $26.6m) with eps falling from 0.58c/sh to 0.21c/sh (0.3c/sh). Capex fell to $36.9m from $65.9m with gross cash at the end of the period at $19.3m from $15.9m at the end of June 2023. Chrome is now poised to take on more of a roll in operating cash flow and profits as the Thule plants are brought on str

Oil & Gas - Cavendish sector note

Savannah Energy, Empyrean Energy, Seascape Energy Asia, Touchstone Exploration, Petrofac, Capricorn Energy, Challenger Energy, Block Energy, Enwell Energy, SDX Energy, Petro Matad, Serica Energy, TotalEnergies, Valeura Energy Source: FactSet, weekly change 30/09/2024-04/10/2024 Oil pared gains after President Joe Biden sought to discourage Israel from attacking Iran’s oil fields. West Texas Intermediate rose 0.9% to settle above $74 a barrel on Friday, after earlier surging as much as 2.5%. Crud

Ango Asian Mining* (AAZ LN) - FLASH NOTE - Gedabek is ready to restart with Demirli to upgrade growth profile

Coringa PEA

Zephyr Energy Plc (AIM: ZPHR): Paradox well to be lengthened. Potential funding by industry partner provides external validation

• Zephyr has decided to extend the State 36-2R well in the Paradox basin by drilling a 5,500 ft lateral on the well. • We are not surprised by this decision given that the acid job performed on the existing 130 ft interval was very successful with peak test production of >2,100 boe/d. • Zephyr believes that the ultimate recovery of the extended well could reach 2 mmboe, which is well above what would have been recovered from the 130 ft interval. • The 5,500 ft lateral is expected to cost ~US$7

Allenby Capital: Panthera Resources - Update

GreenX Metals (GRX:ASX/LSE) has recently announced the successful conclusion of litigation relating to an international arbitration claim against the Republic of Poland under the Australia-Poland Bilateral Investment and Energy Charter Treaties. The compensation awarded by a tribunal of £252m followed a well-established procedure under the auspices of the United Nations Commission on International Trade Law Rules (UNCITRAL) rules. The original claim brought by GreenX related to actions by the Po

SP Angel Morning View: Open season on Mining M&A as Rio Tinto takes out Arcadium

Morning Note – 30 September 2024