SP Angel Morning Energiser: 22/04/24

Energy prices fall as tensions ease

SP Angel Morning Energiser: 28/11/23

Crude stable ahead of OPEC+ meeting

SP Angel Morning Energiser: 20/10/23

Middle East fears outweigh Venezuela concession

SP Angel Oil & Gas Daily Flow: 15/02/21

Market Update - 15/2/21

Oil & Gas Daily Flow

Premier Oil (PMO LN): Extension of Stable Platform Agreement agreed | Vaalco Energy (EGY LN): 3D seismic and production update | Upland Resources (UPL LN): Extension to work sharing agreement

Oil & Gas Daily Flow

Falcon Oil & Gas (FOG LN): Operations recommence in the Beetaloo Basin | UK Oil & Gas (UKOG LN): Significant gas resource confirmed onshore UK | Nostra Terra Oil & Gas (NTOG LN): Accretive acquisition confirmed in the Permian Basin | Upland Resources (UPL LN): Significant gas resource confirmed onshore UK

Oil & Gas Daily Flow

Independent Oil & Gas (IOG LN): Interim results, on track for first gas next year | Upland Resources (UPL LN): MOU signed with Viddacom targeting opportunities in Brunei Darassalam | Mosman Oil & Gas* (MSMN LN): On track to spud Stanley-4 imminently

AUCTUS MONDAY MORNING WEEKLY ROUND UP

Ascent Resources (AST LN): Entering Cuba | Diversified Gas and Oil (DGOC LN): Acquisition in the US | Phoenix Global Resources (PGR LN): Production shutdown and licence termination in Argentina | Premier Oil (PMO LN): Exiting Area A in Alaska following drilling results | Coro Energy (CORO LN) and Empyrean Energy (EME LN): Resources increase in Indonesia | Falcon Oil & Gas (FOG LN/FO CN): Farm out transaction in Australia | Oil Search (OSH AU): US$700 mm equity raise| Discovery in Norway | Baron

Oil & Gas Daily Flow

RockRose Energy (RRE LN): FY20 capex reduced by 25% | Touchstone Exploration (TXP LN): FY19 results, 6% increase in average production | Block Energy (BLOE LN): Acquisition of producing Block XIB (615 km2 ) and exploration Block IX (1,925 km2 ) | Upland Resources (UPL LN): Steady, if unexciting progress

Small Cap Breakfast

Jadestone Energy (JSE.TO)—an independent oil and gas production and development company focused on the Asia-Pacific region. Pro-forma production of 13.9 mboe/d, 2P reserves of 45.3 MMboe, and a 2P NPV10 of US$563.7 million . Offer TBA. Current mkt cap C$135m. Due early August. CentralNic-Schedule 1 from the business operating in proprietary retail platforms selling domain names and associated web presence services including hosting and email on a subscription basis, has acquired KeyDrive S.A wh

Small Cap Breakfast

Stratmin Global Resources RTO of Signature Gold a specialist Australian gold exploration company focused on the exploration and development of large-scale Intrusion Related Gold System. Offer TBA. Due 14 June. Will leave AIM under rule 41. Sovereign Mines of Afirca PLC to be renamed The Barkby Group PLC after the acquisition of Turf to Table Ltd will join the NEX Exchange on 26 June 2018 after raising £547k at 9p with market cap of £3.42m

Trinity Exploration and Production - Core Business Remains Robust, Cost Manageme

Q1/24 sales volumes averaged 2,669bopd, a 2% QoQ and 8% YoY reduction (Q4/23: 2,736bopd, Q1/23: 2,899bopd) as Trinity continues to offset natural production decline through an active programme of workovers, recompletions, and swabbing. Trinity has reiterated its 2024 sales volume guidance of 2,600-2,700bopd (a c5% YoY reduction at the mid-point). Cash at 31 March 2024 was US$8.6m (31 December 2023: US$9.8m). Trinity has also provided an update on the Jacobin-1 well, where the forward plan is to

I3 Energy (I3E LN) - Full year 2023 results

I3 has released its full year 2023 results, demonstrating the cash generation capability of its business, and funding position going into the increased planned 2024 CAPEX programme, where new drilling is expected to begin in June.

Seplat Energy: 1Q24 results - operations strong, financials skewed

Seplat delivered an encouraging operating performance in 1Q24 including production of 49.3kboed, towards the upper end of guidance (44-52kboed). All current guidance was maintained but good progress on the ANOH export infrastructure and an earlier than expected resumption of exports through Zone 6 of the Trans Niger Pipeline improve confidence that guidance will be at least met. Financial performance for the quarter was skewed by a substantial underlift, FX effects, and a high deferred tax charg

Pantheon Resources - Pantheon Resources (PANR) – Corporate – Independent Resource Report on Alkaid Horizon, Ahpun Field

Pantheon Resources announced that Lee Keeling & Associates (“LKA”) has ascribed the Alkaid Horizon, consisting of the smallest and deepest development candidate of the Ahpun field, 79 mmb of recoverable reserves and resources (5 million barrels of possible reserves and 74 million barrels of contingent resources).

LIBERUM: Sylvania Platinum: Special divi 1p, guidance maintained

Morning Note – 1 May 2024

Arrow Exploration Corp. (AIM: AXL): Further reserves addition at Carrizales Norte

• FY23 production was in line with our expectations and the YE23 cash balance of US$12 mm had been reported previously. • The highlight of the announcement is the discovery by the CN-8 well of multiple hydrocarbon-bearing intervals. 14 feet of net oil pay were encountered in the Carbonera in an area that was not considered prospective. The pay zone is a clean sandstone exhibiting consistent 25% porosity and high resistivities. The well has been put in production at a gross rate of 330 bbl/d (165

Alien Metals - Alien executes up to A$4 million farm-out joint venture for lithium rights on Pinderi Hills project, Western Australia.

Alien recently announced (RNS 29.04.24) that it had entered into a joint venture with Errawarra Resources (ASX:ERW no rec) concerning the lithium rights of its Pinderi Hills project in the West Pilbara, Australia. This new project JV is concerned with lithium exploration over the licences which host the Munni Munni PGM-copper-nickel project and the Elizabeth Hill silver project. The farm-in by Errawarra effectively values the lithium JV at A$8m.

Touchstone Exploration+ (TXP, House Stock at 41p) - Recommended all share offer for Trinity and withdrawal of forecasts

Castings plc (CGS LN) - Another impressive performance

Castings has released a brief trading update for FY24 to the end of March indicating that results will be marginally ahead of market expectations, so we increase FY24 PBT estimates by 4.7% to £21.0m, driven by an improved margin. Demand in the heavy truck market has been normalising with forward schedules now at a lower level, as also reported by major truck OEMs. Zeus forecasts for FY25 will be revisited at the 12 June results when we will have a better indication of demand volumes. At current

Morning Note – 2 May 2024

Gulf Marine Services (GMS LN) - Forecast update

We have now updated our forecasts for the recent full year 2023 results. This sees our 2024 numbers remain unchanged, but our 2025 numbers nudge up, remaining above the existing 2025 guidance range.

Arrow Exploration (AXL LN) - Full year 2023 results

Arrow has released its 2023 results, alongside updates on its ongoing drilling programme in Colombia. These help demonstrate the progress made on production and cash flows as a result of the campaign so far, with drilling activity ongoing throughout 2024.

Resource update on Ahpun

Annual Results – Major Turnaround

Serabi Gold (AIM: SRB, TSX: SBI) have released their FY2023 annual results today, delivering on what has been a strong year back to profitability. Overall, earnings have largely tracked our forecast. The company has also announced a debt refinancing as a post year end balance sheet event.