SP Angel Morning Energiser: 27/09/23

Rosebank field FID taken

Union Jack Oil+ (UJO, House Stock at 20p) - West Newton update

Union Jack Oil (UJO LN) - West Newton update

West Newton receives additional clearance. Union Jack has released an update on its West Newton asset (Union Jack 16.7%), reporting that the JV has now received the clearance to use oil-based drilling fluids for drilling and testing operations. Previous, vertical wells on West Newton have been unable to establish commercial gas flow rates, and one of the contributary factors to this has been analysed as being the water-based drilling fluids used, which are expected to have affected permeability

SP Angel Morning Energiser: 20/09/23

Crude pulls back ahead of Fed meeting

Union Jack Oil+ (UJO, House Stock at 21p) - Acquisition of >3% interest in Beacon Energy

Union Jack Oil* (UJO LN): Flash Note - Wressle still driving the story forward

Valuation: 66p/sh Price Target, BUY

Union Jack Oil+ (UJO, House Stock at 20p) - Interim results

Union Jack Oil (UJO LN) - H1 2023 results

Union Jack has released its H1 2023 results. These show ongoing cash flow generation from the production at Wressle, giving the company considerable financial wherewithal for further investment in Wressle itself, other assets in the portfolio and, potentially, further acquisitions.

SP Angel Morning Energiser: 31/08/23

Oil up on huge EIA crude draw

Union Jack Oil+ (UJO, House Stock at 21p) - Wressle update confirms operation to install downhole pump

Union Jack Oil (UJO LN) - Wressle jet pump installation

Wressle well pump installation to support production rates. Union Jack has announced operations to install a downhole jet pump in the producing well at the company’s Wressle field (Union Jack 40%). The purpose of the jet pump installation is to support oil production rates as reservoir pressure falls and water cut potentially increases (the most recent Wressle announcement reported a water cut for the first time, at a low level of 3.7%). The programme includes a slickline programme for pressure/

SP Angel Morning Energiser: 03/08/23

Crude markets unmoved by massive EIA inventory draw

Union Jack Oil+ (UJO, House Stock at 25p) - US$17m net revenues reached at Wressle; Wressle-1 update

Union Jack Oil (UJO LN) - Wressle update

Union Jack has released a statement updating on its key Wressle asset (Union Jack 40%).

LIBERUM: Trident Royalties: Mexican standoff

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

LIBERUM: Shanta Gold: Solid beat at interims

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