PetroTal (PTAL LN/TAL CN)C; Target of £0.65 per share: Production of ~15,500 bbl/d – • Bretana’s ten-day average field production, ended September 27, was 15,494 bbl/d. This represents a small increase compared to ~15.4 mbbl/d, announced two weeks ago. This is very encouraging suggesting the BN-8H well is performing very well and that overall production efficiency is high with the water system working well. This also augurs well for th
Companies: AOI CHAR DNO DNO ECHO HUR I3E IOG TAL PPC RBD SLE SAVE SQZ TTE TGL
The current spot prices for Brent crude oil, WTI crude oil and US benchmark natural gas are circa $78/b, $74/b and $5.8/mmbtu, respectively. Natural gas prices in particular have spiked in the context of the acute global energy crisis. We are changing our 2021 and 2022 WTI crude oil price assumptions to $67.5/b and $78.0/b, respectively, up from $65.7/b and $73.0/b. We are changing our 2021 and 2022 US benchmark natural gas price assumptions to $3.95/mmbtu and $4.50/mmbtu, respectively, up from
Companies: i3 Energy Plc
Market update - 27/09/2021
i3 Energy announced its interim results for the period ended 30 June 2021. Reported production of 9,095 boe/d was marginally better than what we had modelled, 8,950 boe/d, and resulted in free cash flow generation of £2.2M, marginally better than what we had modelled, £1.9M. We were surprised by the strength of the dividend i3 Energy announced in respect of 1H 2021 of 0.2p/sh or £2.2M – a clear statement by the board that the return of cash to shareholders will be a priority.
Calima Energy (CE1 AU)C; Target of A$0.75 per share: Brooks drilling update – The average of the four well program, over their respective 30-day initial production rates, was 176 boe/d (75% oil) per well. There was a significant variation in production results between the 4 wells. The variability was consistent with the results since Blackspur started drilling the Sunburst in 2014 and the average production of the four wells was close
Companies: XOM XOM CNE CNE CE1 DNO DNO GENL HUR I3E JSE TETY TETY
i3 Energy announced that its first two Marten Hills Clearwater wells (drilled in late July) have cleaned-up and are now flowing sales volumes at a combined gross rate of 238 b/d of oil (50% I3E). The company also indicated that production from its Wapiti acquisition (completed on 20 July 2021), after recompletion work, is 171 boe/d greater than expected (now running at 471 boe/d). The company also announced that at Wapiti the company's participation in 2 wells that will be brought onstream short
Market update - 09/09/2021
Companies: BLOE JSE I3E
We are providing the market with our first complete set of financial statement projections for i3 Energy since the company entered Canada and are using the opportunity to provide background on the i3 Energy investment opportunity. i3 Energy's actual financial and operational results are almost certain to show more production growth, investment and cashflow than we have modelled, given we have assumed only announced drilling/remediation work, workovers to maintain base production at current level
While we were away….
….Joiners 5 new ones over last 3 weeks:
Yooma Wellness Inc (AQSE: YOOM), a global vertically integrated wellness platform that develops and markets a portfolio of CBD and wellness brands, announces it has joined the AQSE Growth Market. Yooma, together with its European deal coordinator, Chrystal Capital Partners LLP, have raised gross proceeds of GBP7.5m , at a price of C$0.90 (£0.5232) per share. Lorne Abony, Chairman of Yooma, said: "Yooma's listing on the AQSE provides
Companies: AXS ARE B90 I3E MSYS ORR SEN SUR SNX VAST
Market update - 23/08/2021
Calima Energy (CE1 CN) C: Target of A$0.40 per share: Starting drilling programme at Thorsby - The 3 well Leo drilling program has commenced in the Sparky Formation in the Thorsby area of Alberta. The Leo #1 well is presently at ~2,000 m measured depth. The well is expected to complete drilling this weekend, following which Leo #2 will commence drilling from the same pad. IP90 production rates per well are ~274-460 bbl/d.
Companies: XOP CE1 HUR JSE WPL GENL I3E IHC NOG SDX
i3 Energy has provided a broad and, we believe, materially positive operational and financial update. We believe the most significant new information is that i) the Cenovus acquisition is expected to be effective from 1 April 2021 (reducing the effective consideration) and ii) i3 Energy has increased its “net operating income” guidance to $US94.8m (from $75.3m) due principally to rising commodity prices and, we believe, better netbacks (higher cashflow) from the Cenovus acquisition. We incr
Market update - 16/08/2021
Companies: 88E I3E UOG REXI
Our upgraded fair value estimate consists of 20.7p of value for the company's Canadian operations (net of balance sheet adjustments) with the remainder relating to the potential of the company's UK North Sea assets. For reference, prior to 17 June 2021 when we put our fair value estimate under review, our fair value estimate had been 24.5p of which 15.7p related to the company's Canadian operations (net of balance sheet adjustments). We believe that i3 Energy is growing production and shareholde
i3 Energy announced that it has completed tie-in operations for its two recently drilled Marten Hills wells into the Clearwater Formation (each consisting of 8 horizontal laterals). The 01-12-075-26W4 and 02-12-075-26W4 wells penetrated 13,057m and 12,644m, respectively, of reservoir – both at maximum vertical depths of circa 630m. The wells are now on production and flowing back drilling fluid. This clean-up process is expected to take approximately three to four weeks. The company indicated th
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With the recent acquisition of producing assets in the US, Canadian Overseas Petroleum (COPL) has started a new chapter in its existence and has already transformed its value proposition to investors. Following the recent operational developments, we are already seeing potential for a significant additional value accretion in the next 12 months, not only from the producing Barron Flats Unit (BFU), but from several other opportunities as well. The potentially better-than- expected production ramp
Companies: Canadian Overseas Petroleum Limited
Diversified Energy Company (DEC) has announced a fourth acquisition within the Company's Central Region, acquiring a portfolio of upstream assets and related infrastructure from Tapstone Energy Holdings LLC and its related party, KL CHK SPV LLC. Oaktree Capital will co-invest in the acquisition, representing Oaktree's third co-investment since May this year. Importantly, Oaktree's participation provides important third-party validation whilst also affording Diversified additional liquidity and l
Companies: Diversified Energy Company PLC
We are initiating coverage of VAST Resources (VAST), which has wholly-owned Baita Plai and Manaila polymetallic mines plus an interest in two exploration projects, all located in Romania. The Company also has a JV agreement on the Chiadzwa Diamond fields in Zimbabwe and a conditional agreement for the acquisition of the past-producing Ghaghoo diamond mine in Botswana. At this stage, Baita Plai is the main driver for our valuation as it is currently being ramped up to 14kt per month. As such, we
Companies: Vast Resources plc
The results of the recent Extended Well Test (EWT) programme at the West Newton project site located within UK onshore licence PEDL183 (UJO: 16.665%) have confirmed that the WNA-1, WNA-2 and WNB-1z wells represent significant hydrocarbon discoveries within the Kirkham Abbey formation. In this regard, the operator has issued updated best estimate in-place hydrocarbons volumes for the wider licence area and will now sanction several external studies which will encompass a range of potential reserv
Companies: Union Jack Oil Plc
West Newton A-2 flow test and resource update
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What’s cooking in the IPO kitchen?
Gymshark has started to put together plans for a stock market listing according to City A.M. The company hit a £1bn valuation just over a year ago and boasts customers in more than 130 countries. Gymshark was founded by teenager Ben Francis in 2012 in his parents’ garage with products that appeal to Gen Z consumers. Timing TBA
Rubix Group Holdings, the market leading pan-European distributor of industrial main
Companies: ZOO CUSN ECHO IDEA PURP TEK
Falcon Oil & Gas has announced the completion of the drilling of the Velkerri 76 appraisal well to a total vertical depth of 2,129m. Preliminary evaluation of the well is very encouraging and has confirmed the presence of four prospective intervals within the Amungee Member, proving both the continuation and the uniformity of the regionally extensive Amungee Member across the Beetaloo Sub-Basin. Analysis of the mud gas data taken during drilling has evidenced that the Amungee Member at the Velke
Companies: Falcon Oil & Gas Ltd.
Companies: Thungela Resources Limited
Based on the success of the Talitha #A well result, we are upgrading our fair value estimate for Pantheon Resources to 172p (from under review; and from a pre-drill fair value estimate of 89p). We believe that the Talitha #A result confirmed the presence of multiple oil-bearing conventional oil reservoirs that have success-case potentials of elephantine scale. Our valuation reflects only the potential of Pantheon Resources' prime assets for which resource estimates have been provided; namely, Th
Companies: Pantheon Resources plc
• 3Q21 production was 9,508 bbl/d in line with our expectations (9,500 bbl/d).
• From October 1 to October 11, production averaged 14,218 bbl/d, down from 15,131 bbl/d over the last 7 day of September and from 15,494 bbl/d over the ten-day average ended September 27. The reduction was due to a ~5.4% downtime and week on week fluctuations.
• Well 8H continues to perform extremely well with 7,485 bbl/d in 4Q21 to date (minimal decline compared to 7,700 bbl/d in average of the first 30 days of oper
Companies: PetroTal Corp.
H1 2021 results
Companies: Hurricane Energy Plc
EQTEC have just announced that it will be investing an additional £2.1m in the North Fork project In California to increase its equity from 10% to 49%. This forms part of EQTEC's wider strategy of ownership in projects to accelerate their development, both in terms of capital and expertise.
Companies: EQTEC PLC
EQTEC have signed an agreement for the proposed acquisition of a 5MW project in Drama, Greece. The plant will produce 5MW of energy from locally sourced forestry waste.
A resilient, low-cost production base, combined with a rising oil price, has helped underpin high levels of cash generation during Q3/21, laying the foundations for Trinity to accelerate investment and in-turn achieve longer-term production growth. Initial results from the continued interpretation of the onshore 3D seismic data have proved very encouraging, with several, potentially meaningful, new plays and leads already identified. Trinity expects to finalise an onshore drilling programme duri
Companies: Trinity Exploration & Production Plc
Light Science Tech Holdings (LST.L), the controlled environment agriculture technology and contract electronics manufacturing Group has joined AIM. Raising £5.2m. Market Capitalisation approximately £17.4m.
No Leavers Today.
What’s cooking in the IPO kitchen?
Gymshark has started to put together plans for a stock market listing according to City A.M. The company hit a £1bn valuation just over a year ago and boasts customers in more than 130 countries. Gymshark was founded by teen
Companies: NWT LTG ITM POW