Auctus on Friday - 03/02/2023

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Drilling commences at Anshof-2 – Drilling at Anshof-2 has started. The well is targeting the field’s possible reserves with an unrisked NAV of A$0.23 per share. A success would open-up the 3C case with an additional A$0.26 per share unrisked NAV. Arrow Exploration (AXL LN/CN)C; target price of £0.55 per share: High flow and a new discovery at RCE-6. Larger volumes than expected a

Zephyr Energy Plc (AIM: ZPHR): High sales in 3Q23

• 3Q23 sales of 1,043 boe/d was above our expectations of 987 boe/d. • Production is expected to increase in 4Q23 with contribution from the six new Slawson wells. • In addition, ten Harms East Federal / Quale Federal wells are expected to come online in December or January. • 3Q23 operating income was US$4.3 mm, compared to US$4.2 mm in 2Q23. • The story benefits from multiple important catalysts by YE24 including (i) production growth in the Williston, (ii) the redrill of Well 36-2 in the Para

SP Angel Morning Energiser: 15/11/23

Crude down as API inventories rise

Auctus on Friday - 03/11/2023

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: On Track to start drilling in early November - 3Q23 production of 324 boe/d and cash of A$5.7 mm at the end of September were near our expectations. This includes 101 bbl/d gross production for Anshof that was shut-in on 19 September after reaching the regulatory limit for test production. Until that date the Anshof-3 well produced at a stable rate of 114 bbl/d, which is above the

Auctus on Friday - 20/10/2023

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Two high impact wells to commence drilling by YE23 – ADX is expected to start drilling the Anshof-2 appraisal well in November. The well is targeting 4.9 mmboe possible reserves (net to ADX). Anshof is also estimated to hold 5.5 mmboe net 3C contingent resources (net to ADX). The Anshof-2 well is anticipated to be onstream together with the existing Anshof-3 well in 1H24. The Ansh

SP Angel Morning Energiser: 18/10/23

Energy up on escalation fears

Zephyr Energy Plc (AIM: ZPHR): Adding a helium asset in the Paradox

• Zephyr is acquiring a minimum of 75% WI in a 1,047-acre leasehold position in the Salt Wash field which lies three miles to the south of the company’s WSU. Salt Wash was discovered in 1961 and produced 1.65 mmbbl from a 15 feet oil rim and 11.7 bcf of natural gas. Above the oil rim is a 500 feet gas column consisting of 72% of nitrogen, 22% of hydrocarbon and 1.4-1.7% of helium. • In the context of helium prices of up to ~US$1,000/mcf, the estimated 0.07-0.19 bcf of discovered helium plus 0.04

Auctus on Friday - 06/10/2023

AUCTUS PUBLICATIONS ________________________________________ Calima Energy (CE1 AU)C; target price of A$0.45 per share: Operating update in Canada – The 3-well Pisces drilling programme has now been completed. The wells have been drilled under budget. The Pisces#10 well is already in production and the production performance is in line with the Pisces#6 and Pisces#7 wells that delivered production significantly above the typical glauconitic production curve. Peak production at these new wells is

Zephyr Energy Plc (AIM: ZPHR): Balance sheet ahead of expectations. Waiting on Paradox progress

• 1H23 sales had been previously reported. Zephyr held US$6.2 mm in cash at the end of June, ahead of our expectations of US$4.8 mm. Zephyr is also carrying US$6.0 mm of current receivables and US$12.8 mm of current payables. Adding pre-payments results in a positive working capital position (pre debt) of ~US$2.2 mm. This is more favourable that the working capital deficit of US$5 mm that we were forecasting. • Total debt at the end of June was US$33.7 mm, very close to our estimate of US$32.1 m

Auctus on Friday - 22/09/2023

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.08 per share : Completing farm-out transaction in Austria – The farm-out transaction of Anshof to MND has now completed with an initial payment of EUR1.93 mm. MND has further Anshof development funding obligations of EUR4.683 mm for the drilling, completion and tie-in of the Anshof-2 and Anshof-1 wells as well as payment of further contingent amounts of EUR1.335 mm and EUR3.57 mm (A$ 5.95 milli

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.

SP Angel Morning Energiser: 15/08/23

Robust Chinese refinery runs in July

Zephyr Energy Plc (AIM: ZPHR): High sales in the Williston. Progress at Well 36 2 (Paradox) hindered by extreme heat

• 2Q23 sales volumes averaged 1,385 boe/d compared to 1Q23 sales volumes of 1,093 boe/d as more of Zephyr's existing production wells were changed from temporarily shut-in to producing status during 2Q23. We conservatively forecasted only ~1,050 boe/d for 2Q23. • The recently acquired Slawson operated wellbore interests are now fully drilled and completed. Production from these working interests continues to be expected to be online by October following completion of surface facilities on the w

Pan African Resources - Valuation up 22.2% with new gold price forecasts

On 22 November, Pan African Resources (PAF) announced that operations to date in FY24 had performed in line with, or better than, expected, with gold production for H124 anticipated to be in the range 94,000–98,000oz (cf 92,307oz in H123). As a result, it increased its production guidance for FY24 to 180,000–190,000oz, which caused us to increase our production estimate in turn by 1.9% (or 3,575oz) to 189,725oz. The change made only a modest difference to our EPS forecasts for FY24 (see Exhibit

New Debt Facility – Lowering TRR Cost of Capital

We have been roadshowing Trident Royalties all week during which time the company released an announcement that they have entered into a commitment letter with BMO and CIBC for a new $40m revolving credit facility (RCF), with the potential to increase the facility to $60m via an accordion feature. The proceeds from the $40m are going to be used to repay the existing secured debt facility of $40m with Macquire in Q1 next year.

Oil & Gas - Cavendish sector note

Jersey Oil & Gas, Serica Energy, Trinity Exploration & Production, Longboat Energy, Ithaca Energy, Neptune Energy, Pantheon Resources, Nostrum Oil & Gas, Kufpec, ORLEN.

Oil & Gas - Cavendish sector note

Oil surged the most in two weeks after Israel’s military said it was “expanding ground activity” in Gaza this evening, reviving concerns about the conflict spreading more broadly.   The announcement from the Israeli Defence Forces pushed West Texas Intermediate to settle above $85 a barrel after a volatile session that saw prices whipsawed by developments in the Middle East conflict. The drumbeat of geopolitical headlines that buffeted oil prices on Friday continued a trend that has driven oil

Diversified Energy Company - Delivering Consistent and Reliable Results

DEC’s Q3/23 trading update was in line with expectations as the company continued to deliver despite further commodity price headwinds. The Q3/23 Adjusted EBITDA margin of 52% (H1/23: 52%) reflects the quality of DEC’s asset base and its ability to efficiently manage every aspect of its operations. Average net daily production in Q3/23 was 134Mboepd (H1/23: 142Mboepd), with exit rate production of 134.4Mboepd. DEC has maintained its dividend at US$0.04375 per share. Since its IPO in 2017, DEC ha

Chariot Limited (AIM: CHAR): EIA awarded at Anchois. Imminent partner on track

• Chariot has received approval for its Environmental Impact Assessment (EIA) for the Anchois project. • The EIA covers all aspects of the development including future wells and offshore infrastructure, the onshore Central Processing Facility and the link to the GME pipeline. This is an important step that derisks the project further. • We understand that negotiations on partnering are in the final stages. A partner could be announced very soon. • The drilling campaign at the Loukos onshore per

Jersey Oil & Gas - Delivering zero-capex barrels

Last week, JOG successfully secured its second GBA farmout, locking in a path to delivering zero-capex barrels. The surprisingly muted share price response to the farm-out leaves JOG trading at an unjustifiably large discount to our valuation. With a material fully funded development project under its belt and a clean balance sheet, JOG presents a very low-cost way to access high quality development barrels for investors and potential acquirers alike. If the threat of M&A does not narrow JOG’s v

SP Angel Morning View: Metals prices rise on rising China GDP and ongoing economic electrification

SP Angel Morning View: China Steel PMI recovering as construction sectors looks for fresh stimulus

Hybridan Small Cap Feast - 01/12/23

1st December 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 obje

DEC Q3 Trading Update & US Listing

DEC reported strong Q3 results with production in line while 9m EBITDA of $423m is equal to 80% of DCe FY23 $528m; it has also announced a US listing.

Strong second half trading

Morning Note – 28 November 2023

88 Energy - £5.3m Fundraise

88 Energy has successfully raised £5.3m via a placing at a price of £0.0023, a c18.9% discount to the previous days’ close in London and a c22.0% discount to the 10-day VWAP. The proceeds of the placing, together with the Company’s existing cash reserves (A$10.2m at 30 September 2023) will be used to fund the flow testing of multiple zones at the Hickory-1 well in Q1/24, the initial farm-in exploration activities at the recently acquired onshore Namibia acreage (including 2D seismic acquisition)

Sound Energy* (SOU LN) - Debt project funding offer received

Sound Energy* (SOU LN) - Flash note - Debt project funding offer received