Oil & Gas Daily Flow
San Leon Energy (SLE LN): US$40m received from Midwestern Leon Petroleum | 88 Energy (88E LN): Disappointment at Charlie-1, North Slope, Alaska | Block Energy (BLOE LN): New cost cutting measures in place, stable financial position | SDX Energy (SDX LN): FY19 results - strong operational progress | Falcon Oil & Gas (FOG LN): Additional 7.5% farmed down to Origin – Beetaloo Basin
88E SLE SDX BLOE FOG
07 Apr 20
Cenkos: 88 Energy Ltd -- A Mixed Bag
The Charlie-1 appraisal well has encountered movable condensate gas within the Torok formation in both the Middle Stellar and Lower Stellar targets, with the Company successfully recovering hydrocarbons to surface from both targets. The presence of movable condensate gas probably raises more questions than answers, with BP's Malguk-1 well, drilled in 1991, confirming oil in the Stellar targets. A potential explanation for this result could be facies change within the Torok, but we believe this would be highly unlikely, with Charlie-1 drilled proximal to the Malguk-1 well. Alternatively, we know that Malguk-1 ran into operational difficulties, which may have resulted in the data being compromised, raising further questions as to data validity. Whatever the reason, further analysis is required to determine if the discovery can be commercialised. We maintain our target price and valuation until the results of the Charlie-1 well are better understood.
07 Apr 20
Cenkos: Oil & Gas Sector -- 88 Energy, Premier Oil, United Oil & Gas, UK Oil & Gas Plc, Empyrean Energy, Apache Corporation, Total SA, Tullow Oil, Neptune Energy, Equinor ASA, Westmount Energy, FAR, Energean Oil & Gas, BP Plc, TransGlobe Energy, JKX Oil &
Oil posted a record weekly jump on hopes that global producers will decide to make historic output cuts next week, though optimism was tempered by concern that the curbs will not avert a glut. The OPEC+ coalition including Saudi Arabia will hold a meeting of its members by video conference on Monday, with the gathering open to even producers outside the group. While it's unclear who will attend, market watchers are predicting that stockpiles are likely to swell even if global supplies are cut by 10 million barrels a day. Investors will be closely watching the guest list of the meeting -- especially names outside the Organisation of Petroleum Exporting Countries and its allies -- after Saudi Arabia made clear it will only cut production if others, including the US, shoulder some of the burden. US West Texas Intermediate futures ended the week up 32%, while Brent crude jumped 37%. Still, prices are less than half the levels at the start of the year, with the coronavirus crisis crushing demand. One delegate from the producer group said a global cut of 10 million barrels a day is a realistic goal. Russian President Vladimir Putin told the country's top oil executives that producing countries should join together to slash output to reverse the collapse in prices, adding that worldwide curbs of a little above or below 10 million barrels a day are possible. Meanwhile, US President Donald Trump is convening an extraordinary gathering of the nation's biggest refiners and producers at the White House on Friday. They are expected to discuss possible relief efforts from the administration, including potential American output cuts. Prices: West Texas Intermediate for May delivery rose $3.02 to settle at $28.34 a barrel Friday. Global benchmark Brent crude for June settlement jumped 14% to $34.11 a barrel. Gasoline futures rose 2.88 cents to 69.16 cents a gallon Friday. Getting countries from all over the world to agree would be a tough task. Even if that's successful, an output reduction of the size that's being discussed will be just a fraction of the 35 million barrels of daily demand destruction some traders now see
88E FOG PVR DGOC EME UKOG TRIN UOG
06 Apr 20
Cenkos: Oil & Gas Sector --
Oil declined for a fifth straight week amid a one-two punch from collapsing demand due to the coronavirus crisis and ballooning supply from producers vying for market share. Futures in New York slumped 4.8% on Friday and are poised for the biggest quarterly drop on record as weak demand and an onslaught of supply roil markets. Refineries across the globe are curbing consumption as fuel use declines with people staying home. Meanwhile, major trader Trafigura Group expects as much as 1 billion barrels to be sent into storage tanks. More oil is headed into stockpiles as the Russia-Saudi war for market share that exacerbated crude's crash this month shows no sign of abating. The kingdom held firm on Friday, saying it hasn't had any contacts with Moscow about output cuts or on enlarging the OPEC+ alliance of producers. Russia also doubled down, with Deputy Energy Minister Pavel Sorokin saying oil at $25 a barrel is unpleasant, but not a catastrophe for Moscow. US crude has tumbled about 65% so far this quarter. The crash has crippled domestic producers who are forced to cut production for the first time in 35 years. The International Energy Agency this week warned that global demand was in “free fall” amid coronavirus lockdowns. Meanwhile, Iraq -- OPEC's second-biggest producer -- will allow national oil companies to boost their output and export without imposing any ceiling. Algeria has asked for an emergency OPEC board meeting to discuss the cuts. It comes as one of the world's largest supertanker owners said that ships are being filled with crude at a record pace, as land storage rapidly diminishes. Prices: West Texas Intermediate fell $1.09 to settle at $21.51 a barrel in New York on Friday. Prices dropped 4.1% this week. Brent crude lost $1.41 to settle at $24.93 a barrel. Swaps markets show that physical crude is selling several dollars below benchmark prices. The signs of storage starting to fill are growing, too. Inland tanks for heating oil in Germany are now full, while Pakistan banned oil imports on Thursday because its stockpiles are now sufficiently built up. Rigzone.
88E FOG PVR DGOC EME POS TRIN UOG
30 Mar 20
Cenkos: Oil & Gas Sector -- Hurricane Energy, Jadestone Energy, Energean Oil & Gas, MOL Hungarian Oil & Gas, BP Plc, Genel Energy, Pantheon Resources, I3 Energy, Kosmos Energy, Ithaca Energy, Neptune Energy, Echo Energy, EnQuest, Jersey Oil & Gas
Oil capped its biggest weekly decline in almost three decades as concern that the collapse of global fuel demand will deepen outweighed talks between OPEC and Texas's energy regulator. Futures in New York tumbled 11% Friday, bringing the week's plunge to 29%, the biggest since January 1991. Some traders see demand shrinking as much as 10 to 20 million barrels a day as drivers stay home and flights are grounded across the world. Two of the three commissioners at Texas's oil agency are sceptical of a plan currently being weighed to curtail crude production in the state in an effort to balance global supply with demand and stabilise prices. Texas Railroad Commissioner Ryan Sitton said Friday he was invited by OPEC Secretary General Mohammad Barkindo to attend the group's summer meeting in Vienna. Sitton, one of three voting members of the commission, is proposing that the US coordinate with Russia and Saudi Arabia to curb supply. “With other governments manipulating oil markets, it's fair to ask: Why shouldn't our government step in to try to reinstate a more market-based approach?” Sitton said in a Bloomberg Opinion column. “It would stave off a total oil industry meltdown.” The plan comes as the nearest timespread for the US benchmark indicated its deepest oversupply since 2016. The American shale industry has found itself caught in the middle of the fight between Saudi Arabia and Russia. The sector has so far scaled back operations and is also threatened with a wave of bankruptcies. Prices: West Texas Intermediate for April delivery, which expires Friday, fell $2.79 to settle at $22.43 a barrel in New York. The more active May contract slid $3.28 to $22.63 a barrel. Brent for May settlement fell $1.49 to settle at $26.98 a barrel on the ICE Futures Europe exchange.
88E FOG PVR DGOC EME TRIN UOG
23 Mar 20
Oil & Gas Daily Flow
Genel Energy (GENL LN): Strong FY19 results, dividend maintained | EnQuest (ENQ LN): Highly leveraged and under-hedged | SDX Energy (SDX LN): Encouraging well result in Morocco | 88 Energy (88E LN): Production hole at Charlie-1 commences | Jadestone Energy (JSE LN): FDP delay allows redirection of capital | Hurricane Energy (HUR LN): Impressive FY19 results
88E GENL ENQ SDX JSE HUR
19 Mar 20
Cenkos: Oil & Gas Sector -- 88 Energy, Premier Oil, Equinor ASA, Total SA, Premier Oil, Hurricane Energy, Echo Energy, Touchstone Exploration, ExxonMobil Corporation, SDX Energy, Solo Oil, Tower Resources, Angus Energy
Oil in London plunged the most since 2008 on signs of a breakdown in the global producer alliance that helped engineer crude's recovery from the worst crash in a generation. Futures plummeted more than 9% in London as talks between members of the OPEC+ group collapsed in Vienna. Producers in the alliance are free to pump at will starting next month, after Russia refused to bend to Saudi Arabia's wish for output cuts aimed at offsetting the coronavirus crisis's impact on demand. The end of the talks without a deal raises the prospect of another war for market share among producers, which had exacerbated crude's collapse back in 2014 amid a global glut. The OPEC+ alliance was formed in 2016 after the price crash imperilled economies dependent on oil revenue and led to a wave of bankruptcies among smaller exploration companies across the globe. Oil's plunge of Friday was mirrored in shares of producers, with Exxon Mobil Corp. sliding 5% and Chevron Corp. dropping 3.3%. Global markets are already in a precarious condition, with investors fleeing risk assets on mounting fears that the coronavirus outbreak will derail economic growth. Russia resisted pressure from allies in the Organisation of Petroleum Exporting Countries to join a 1.5 million-barrel supply reduction, saying it favours maintaining supply reductions at current levels until June. Moscow is said to still be willing to have a meeting with OPEC and allies in June. The collapse in discussions is the latest escalation of tensions between the Saudi-Russia alliance. Unlike other oil-exporting nations, Russia has a higher tolerance for lower prices given its plentiful international reserves, low debt levels, and resilient fiscal budget. OPEC+, which controls more than half of the world's oil production, has underpinned prices and reshaped the geopolitics of the Middle East, but is now under significant strain. West Texas Intermediate futures for April delivery fell $4.62 to $41.28 a barrel on the New York Mercantile Exchange. Brent for May settlement dropped $4.72 to $45.27 on the London-based ICE Futures Europe Exchange. The structure of the futures market revealed concerning signs of oversupply as Brent's so-called red spread -- the difference between December contracts in consecutive years -- sank deeper into bearish contango, reaching the lowest level since 2016. Other oil-market news: Consultant FGE now sees a decline in oil demand of 480,000 barrels a day this year, while Redburn says demand may drop by 1.5 million barrels day. Oil exports from the neutral zone between Kuwait and Saudi Arabia will resume from next month, adding more supply just as OPEC tries to cut. China's seaborne oil imports fell 13% month-on-month in February to the least since Bloomberg began tracking the data.
88E FOG PVR DGOC EME TRIN UOG
09 Mar 20
Cenkos: 88 Energy Ltd -- Drilling Commences
88 Energy has announced the spudding of the Charlie-1 appraisal well, onshore Alaska. The well is targeting seven conventional stacked targets with combined gross prospective resources of c1.6bnbbls (480mmbbls net). 88 Energy is fully carried by partner Premier Oil, up to a cap of US$23m, with the well expected to take c30 days to drill and log. If successful, 88 Energy will conduct up to two production tests, with each test estimated to take c14 days. Last week, 88 Energy published its 2019 annual results. Total comprehensive loss for 2019 was A$35.9m, of which A$29.5m is related to the impairment of the Icewine-2 and Winx-1 exploration wells, both of which were plugged and abandoned in 2019. Cash as at 31 December 2019 was A$15.9m (31 December 2018, A$21.7m). Post period the Company raised A$5m through the placing of 238m shares at A$0.021 per share. We look forward to one of the most anticipated onshore wells of 2020, targeting what we believe to be the biggest onshore resource of any well over the next 12 months. We maintain our price target of 4.8p and our BUY recommendation.
04 Mar 20
Small Cap Feast
FRP Advisory Group, UK professional services firm specialising in restructuring advisory. Raising £80m (£20m primary). Expected market cap £190m. Compound annual growth of 16.4 per cent. in revenue and 10.9 per cent. in operating profit since the beginning of FY17.o Strong average EBITDA margins of 51 per cent. over FY17 to FY19, and consistently strong cash conversion
88E CRW SRB TERN EQT XSG RGM NTOG NBB LSAI
03 Mar 20
Cenkos: Oil & Gas Sector -- 88 Energy, United Oil & Gas, Rockhopper Exploration, Argos Resources, Jadestone Energy, Gran Tierra Energy, Kosmos Energy, Petrofac, Hunting, ADES Holding, Panoro Energy ASA, Pantheon Resources, Wintershall Dea, Africa Oil Corp
Oil had it worst week since the financial crisis as panic over the coronavirus pandemic battered global markets. Futures in New York fell 16% this week, marking the biggest weekly drop since December 2008. The viral outbreak showed no signs of relenting, with the World Health Organisation raising global risk to “very high” from “high.” The collapse of financial markets prompted US Federal Reserve Chairman Jerome Powell to assure investors that the central bank is prepared to cut interest rates to mitigate the virus' threat to economic activity. Oil prices have tumbled almost 27% this year on concerns the coronavirus outbreak will dent crude demand. OPEC and its allies have signalled the coalition could reach an agreement to stem the rout before meeting in Vienna next week. Saudi Arabia is reportedly pushing for collective OPEC+ production cuts of an additional 1 million barrels a day, of which it would bear the brunt. West Texas Intermediate futures for April delivery fell $2.33, or 5%, to settle at $44.76 a barrel on the New York Mercantile Exchange. Brent for April settlement, which expired Friday, lost $1.66, or 3.2%, to end the session at $50.52 a barrel on the ICE Futures Europe exchange. The more active May contract fell 4% to $49.67. Brent's so-called red spread -- the difference between December contracts in consecutive years -- sank deeper into bearish contango, settling at lowest level since 2018. Oil market drivers: Gasoline futures fell 1.1% to settle at $1.3955. The US will sell up to 12 million barrels of oil from its emergency government stockpile just as global crude demand takes a hit from the spreading coronavirus. The volume of crude that will be shipped to China from West Africa next month is set to drop by at least ten million barrels as the demand destruction caused by the coronavirus hits home. The Trump administration is ready to unleash the full impact of sanctions on Chevron Corp's operations in Venezuela as the US seeks to further squeeze the Maduro regime.
88E FOG PVR DGOC EME TRIN UOG
02 Mar 20
Cenkos: 88 Energy Ltd -- Drilling Imminent
Mobilisation of the Nordic-Callista Rig-3 has commenced ahead of the spudding of the Charlie-1 appraisal well. As part of the farm-out to Premier Oil, Premier Oil will earn a 60% interest in the Western Play Fairway by carrying 88 Energy for up to US$23m of the gross Charlie-1 well cost. Charlie-1 will take c30 days to drill and log, testing seven stacked targets, with gross mean prospective resources of 1.6bnbbls (480mmbbls net to 88E) to a total depth of c11,400ft. Depending on the results, the Company will perform up to two production tests, with each test estimated to take c14 days. Combined, the whole programme is estimated to take c60 days. If successful, 88 Energy will fast track the delineation of any discovery using minimal capex to maximise potential shareholder returns and minimise dilution. We look forward to one of the most anticipated onshore wells in 2020, targeting what we believe is the largest onshore resource of any well over the next 12-months. We currently ascribe a risked valuation of 2.1p to the seven stacked intervals to be targeted by the Charlie-1 well and maintain our BUY recommendation.
25 Feb 20
Cenkos: Oil & Gas Sector -- Falcon Oil & Gas, UK Oil & Gas Plc, United Oil & Gas, Hunting Plc, Touchstone Exploration, PetroTal Corp, Cairn Energy, Tullow Oil, Petrofac, Echo Energy, Vaalco Energy, Ascent Resources
Oil fell as the coronavirus outbreak accelerated beyond China, intensifying concerns about the infection's economic fallout. Futures fell 0.9% in New York on Friday. China revised how it calculates infection totals for the third time this month, raising questions about data reliability and confirming the virus's growing reach. Meanwhile, a key IHS Markit gauge of factories and service providers in the world's largest economy dropped for the first time in seven years, sparking sell-offs in government bonds and equities. Oil has fallen more than 12% this year as China's viral outbreak crippled industrial activity and transportation at a time when energy supplies already were abundant. The World Health Organisation said if countries do not respond strongly now, the spread outside China may become a wider threat. Still, crude posted a second consecutive weekly gain, supported by supply disruptions in Venezuela and Libya. West Texas Intermediate for April delivery fell 50 cents to settle at $53.38 a barrel on the New York Mercantile Exchange, ending the week 2.6% higher. Brent for April settlement declined 81 cents to settle at $58.50 on the ICE Futures Europe exchange putting its premium over WTI at $5.12. The global benchmark rose 2.1% for the week. The Organisation of Petroleum Exporting Countries and its allies will meet in March as originally scheduled after efforts by Saudi Arabia to hold an emergency meeting failed to materialise amid resistance from Russia. Saudi Arabia's energy minister dismissed a Dow Jones report on Friday that Riyadh was considering a break from its four-year oil production alliance with Russia. Russia has remained noncommittal to an OPEC proposal for additional production cuts. Rigzone.
88E FOG PVR DGOC EME TRIN
24 Feb 20
Cenkos: Oil & Gas - Providence Resources, BP, Empyrean Energy, Coro Energy, 88 Energy, Premier Oil, Kosmos Energy, Tullow Oil, Karoon Energy, Tethys Oil, FAR, SDX Energy, Serinus Energy.
Oil clinched the best weekly gain for the year on signs the worst economic impacts of the lethal viral outbreak have been accounted for, easing concern about free-falling demand for crude. Futures advanced 1.2% in New York on Friday, settling above $52 for the first time this month. Investor confidence was lifted after China reassured the international community that a huge spike in new coronavirus cases was a one-off event. The optimism outweighed Goldman Sachs Group Inc. slashing its 2020 crude-demand growth forecast almost in half and lowering its first-quarter oil-price estimate by 16%. The Organization of Petroleum Exporting Countries and its allies have signalled a desire to stabilize the oil market that has tumbled almost 15% this year as the coronavirus wreaked havoc on the world's second-largest economy and beyond. The past two weeks have been rife with uncertainty for oil markets as Riyadh's push for an early meeting in February and fresh production cuts face an impasse with Russia. OPEC and its allies were close to abandoning any plans for an emergency meeting though Saudi Arabia had not given up on the proposal outright, several delegates from the group said on Friday. The outbreak has intensified concerns about crude demand, prompting technical experts from the coalition to propose deepening the current supply cuts by 600,000 barrels a day to relieve excess inventories. Chinese independent refiners have seized on the recent slump in oil prices to bulk up on cheap cargoes in a sign that they may be positioning for an eventual rebound in demand. West Texas Intermediate crude for March delivery gained 63 cents to settle at $52.05 a barrel on the New York Mercantile Exchange. Brent for April settlement rose 1.7% to settle at $57.32 on the ICE Futures Europe exchange. The structure of the Brent futures market also flipped into a backwardation, signalling that some of the oversupply may have eased. Meanwhile, Kuwait and Saudi Arabia will resume oil production from their shared fields this month, more than five years after a dispute halted supply. The projects will bring additional production capacity to an oil market that's already dealing with excess supply.
88E TPL KOS SENX PVR BP/ CORO EME PMO SDX TLW
17 Feb 20
Cenkos: 88 Energy Ltd -- Charlie-1 On Schedule
Potentially the biggest onshore well of 2020, the Charlie-1 appraisal well is on track to spud in late February. The well will intersect seven stacked intervals, targeting gross mean prospective resources of 1.6bnbbls (480mmbbls net to 88 Energy). All the permits required to drill the Charlie-1 well have been approved, with mobilisation of the Nordic Rig#3 due to begin in approximately 10 days. We believe the drilling of the Charlie-1 well will be a defining moment for 88 Energy as it looks to prove the conventional potential of the Project Icewine acreage. We look forward to one of the most anticipated onshore wells of 2020, targeting what we believe is the largest resource of any onshore well over the next 12 months.
12 Feb 20
Small Cap Feast
Intention to float by Gemfields Group. No Capital Raise. Currently listed on JSE. (GML:JNB) at circa £122m. The Group's key producing assets, the Kagem emerald mine in Zambia (believed to be the world's single largest producing emerald mine) and the Montepuez ruby mine in Mozambique (one of the most significant recently discovered ruby deposits in the world), are both expected to have long mine-lives with potential for expansion. Also owns the Faberge brand. Due Valentines Day 2020.
88E ONC FOX FIPP SCPA RWS SOLG 7DIG CRV
12 Feb 20
Cenkos: Oil & Gas Sector -- Ithaca Energy, BP Plc, Eco (Atlantic) Oil & Gas, Chrysaor, President Energy, Wentworth Resources, EnQuest, RockRose Energy, Valeura Energy, Echo Energy, TransGlobe Energy, Victoria Oil & Gas, Hurricane Energy, Touchstone Explora
Oil declined for the fifth straight week as the spreading coronavirus clouded the demand outlook and OPEC awaited Russia's decision on whether to cut production. Futures in New York fell 2.4% for the week, posting the longest weekly losing streak since 2018. Chinese refiners are processing 15% less crude than before the outbreak as the infection crimps demand. Meanwhile, Russia hesitated to accept a proposal by OPEC+ to cut output by 600,000 barrels a day. Russian Energy Minister Alexander Novak promised an answer to the proposal in “days”. In the US, gasoline futures rose to the highest in more than a week after Phillips 66 shut the sole fuel-making unit at its Bayway refinery in New Jersey, the largest on the East Coast. Futures rose 1.7% to settle at $1.5239 per gallon. Majors including Total SA and BP Plc projected a significant hit to global oil demand this year due to the virus, compounding fears of a supply glut plunging the market's structure into a bearish contango. Both state-owned and private refineries in China have scaled back processing by at least 2 million barrels a day over the past week, said people with knowledge of operations at the nation's largest complexes. So-called throughput could fall further as demand for aviation and transportation fuels continues to shrink as entire cities remain locked down and travel is restricted, the people said. West Texas Intermediate for March delivery fell 63 cents to settle at $50.32 a barrel on the New York Mercantile Exchange. Brent for April delivery lost 46 cents to settle at $54.47 a barrel on the London-based ICE Futures Europe exchange putting the premium over WTI at $3.92.
88E FOG PVR EME TRIN
10 Feb 20
cenkos: Oil & Gas -- Falcon Oil & Gas, Diversified Gas & Oil, Exxon Mobil Corporation, UK Oil & Gas, Coro Energy, Hurricane Energy, Energean Oil & Gas, Tullow Oil, Gran Tierra Energy, Savannah Petroleum, Serica Energy, Echo Energy, Bahamas Petroleum, Block
Beset by demand fears tied to a growing public health crisis as well as economic concerns, West Texas Intermediate (WTI) and Brent crude oil prices declined Friday and are down for the week. The March WTI dropped by 58 cents Friday to settle at $51.56 per barrel. The contract peaked at $53.36 and bottomed out at $50.97. Against the 24 January 2020 settlement price, WTI is down nearly five percent. Expiring Friday was the March Brent contract, which remained unchanged at $58.29 per barrel – four percent below the close a week-ago. April Brent lost 71 cents, ending the day at $56.62 per barrel.
88E FOG PVR DGOC EME TRIN
03 Feb 20
Cenkos: 88 Energy Ltd -- Strengthening the Balance Sheet
88 Energy has successfully raised A$5m (c£2.61m) via the placing of c238m shares at a price of A$0.021 (equivalent to 1.1p). The proceeds, together with the Company's existing cash reserves (A$15.9m as at 31 December 2019) will be used to fund the ongoing evaluation of the Company's conventional and unconventional Alaskan portfolio. This strengthening of the balance sheet provides the Company with a contingency buffer should the cost of the Charlie-1 appraisal well exceed the US$23m carry by Premier Oil, whilst also providing sufficient capital to fund lease rental payments and interest payments on the Company's debt. Premier is paying up to US$23m to drill the Charlie-1 well, an appraisal of the 1991 Malguk-1 discovery made by BP. Charlie-1 will intersect seven separate reservoirs, targeting a gross prospective resource of 1.6bn bbls (480mmbbls net to 88 Energy).
27 Jan 20
Cenkos: Oil & Gas Sector -- United Oil & Gas, Trinity Exploration & Production, 88 Energy, Santos, Oil Search, Egdon Resources, Cairn Energy, PetroTal Corp, SDX Energy, Lekoil, Touchstone Exploration.
West Texas Intermediate (WTI) and Brent crude oil prices faltered again Friday. The March WTI contract lost $1.40 Friday to settle at $54.19 per barrel. The light crude marker traded within a range from $53.85 to $55.95. Compared to the 17 January 2019, settlement, WTI is down 7.4 percent. March Brent ended the day at $60.69 per barrel also losing $1.35. Week-on-week, Brent is down 6.4 percent. The latest Weekly Petroleum Status Report from the U.S. Energy Information Administration (EIA) showed: A slight, 400,000-barrel draw in US commercial crude inventories – in line with analysts' 300,000-barrel forecasts but lower than the American Petroleum Institute's report showing a gain. Despite the crude draw, a 1.7 -barrel increase in domestic gasoline inventories that is four percent higher than the five-year average. A 1.2 million-barrel drop in distillate stocks – still at a 28-month high but two percent below the five-year average. Lower demand at US refineries as utilisation dropped 1.7 percent to 90.5 percent. A nearly 1 million-barrel drop in the amount of crude stored at the Cushing, Okla., hub to 35 million barrels, or approximately 45 percent of capacity there. Steady domestic crude product at 13 million barrels per day (bpd). Like crude oil, reformulated gasoline (RBOB) declined Friday. February RBOB settled at $1.515, reflecting a 4.5-cent loss. RBOB is down 7.6 percent against its week-ago price.
88E FOG PVR DGOC EME TRIN
27 Jan 20
Cenkos: 88 Energy Ltd -- Quarterly Update
This morning, 88 Energy released its quarterly update ahead of the spudding of the potentially transformational Charlie-1 well in February. Charlie-1 will appraise BP's 1991 Malguk-1 well, which encountered oil shows across multiple horizons but was not tested due to operational complications. Charlie-1 will intersect seven stacked targets, with a total gross mean prospective resource of 1.6bnbbls (480mmbbls net to 88 Energy). As part of farm-out to Premier Oil, Premier will fund the cost of the well up to a cap of US$23m. With everything on track for a February spud, we look forward to one of the most anticipated onshore wells in 2020. We maintain our 4.8p price target and our BUY recommendation.
20 Jan 20
Cenkos: Oil & Gas Sector -- Falcon Oil & Gas, ConocoPhillips, Lekoil, Tullow Oil, PetroTal, Serica Energy, China National Offshore Oil Corporation (CNOOC), Cairn Energy, Africa Oil Corp, Genel Energy, RockRose Energy, Egdon Resources
General News: Norway The Norwegian Government has awarded 28 oil and gas companies a total of 69 offshore blocks as part of the APA 2019 licensing round. 33 blocks were awarded in the North Sea, with 23 in the Norwegian Sea and a further 13 in the Barents Sea. Equinor received the most licences with 23, followed by Var Energi with 17 and Aker BP with 15. PE backed firms, Neptune Energy and Chrysaor received eight and thirteen blocks respectively. Norway. Senegal's 2020 Licensing Round will be launched on the 28 January 2020 at the King Fahd Hotel in Dakar. The licensing round comprises 12 blocks in the MSGBC Basin, offshore Senegal. The Round officially launches on the 31 January 2020, with applications to be delivered by the 31 July 2020. Petrosen, along with TGS, GeoPartners and PGS have provided 14,000km of 2D seismic, 10,000km of 3D seismic and 50,000sqkm of multibeam data. Further investment events are planned in London on 19-20 February and in Houston 24-25 February. Senegal.
88E FOG PVR DGOC EME TRIN
20 Jan 20
Cenkos: Oil & Gas Update -- Apache Corporation, Pharos Energy, Premier Oil, Rockhopper Exploration, RockRose Energy, Columbus Energy Resources, Cairn Energy, Serinus Energy
West Texas Intermediate (WTI) and Brent crude oil futures edged downward Friday and posted significant declines for the week. WTI for February delivery lost 52 cents Friday to settle at $59.04 per barrel. It traded within a range from $58.85 to $59.78. Compared to 3 January 2020 settlement, the WTI is down 6.4 percent. March Brent shed 39 cents to end the day at $64.98 per barrel. It is down 5.3 percent for the week. Reformulated gasoline (RBOB) finished higher Friday. The. February RBOB contract price settled at $1.66 per gallon, reflecting a nearly one-cent gain. Week-on-week; however, RBOB is down 5.1 percent. Henry Hub natural gas posted a gain for the third straight trading day, with the February contract adding nearly four cents to close at $2.20. Compared to a week ago, gas futures are up 3.3 percent. Rigzone.
88E FOG PVR EME TRIN
13 Jan 20
Cenkos: 88 Energy Ltd - Billion Barrel Potential
The Charlie-1 appraisal well is potentially one of the largest onshore targets to be drilled globally in 2020, targeting seven stacked horizons across three play types. The Company is on track to spud the fully funded Charlie-1 in February 2020, with flow test results expected in mid-April. The resource potential could be transformational for 88E, with total gross mean prospective resources across the seven stacked targets of 1.6Bn bbls (480mmbbls net to 88E's 30% working interest). With everything on track for the February spud we look forward to what could prove to be the turning point for the Company.
27 Nov 19
GMP FirstEnergy ― UK Energy morning research package
88 Energy (88E LN) (not covered): Charlie-1 appraisal well update in Alaska | Amerisur Resources (AMER LN) (not covered): Block award in Colombia | i3 Energy (I3E LN)1 ; Speculative Buy, £0.90: Drilling setback but still large resources | Cairn Energy (CNE LN); BUY, £2.80: Disposal of Norway frees up cash | Union Jack Oil (UJO LN) (not covered): £5 mm placing | Vaalco Energy (EGY LN/US)1 ; BUY, £2.40: Progress in EG
88E AMER I3E CNE UJO EGY
27 Nov 19
Cenkos: 88 Energy Ltd-- Charlie-1 Update and Quarterly Report
Last week, 88 Energy provided an update on the Charlie-1 appraisal well in which the Company announced the execution of a rig contract with Nordic Callista Services, for Rig-3, the same rig 88 Energy used to drill the Winx-1 exploration well in March 2019. Permitting is proceeding as planned, with drilling scheduled to commence in February 2020. The Charlie-1 appraisal well will be fully funded (up to a cap of US$23m) by Premier Oil as part of the recent farmout agreement, and will target seven stacked horizons with gross mean prospective resources of 1.6bn bbls (480mmbbls net to 88E). The farmout to Premier Oil is expected to complete by the end of November. We update our model and our target price to 4.8p and reiterate our BUY recommendation.
05 Nov 19
Cenkos: 88 Energy Ltd - Placing and Interim Results
Last week, 88 Energy successfully completed a A$6.75m placing through the issue of 540m new ordinary shares at 7p per share. The net proceeds, together with the 88 Energy's existing cash resources (which we estimate to be cA$5m) will be used to fund the ongoing evaluation of the conventional and unconventional prospectivity of the Company's existing assets, including any potential costs from the Charlie-1 well, due to spud during Q1/20, and exploit any new opportunities on the North Slope of Alaska. 88 Energy also released its interim results. For the period ended 30 June, the Company recorded a loss of A$29.3m, with the loss largely attributable to the impairment of the Winx-1, Icewine-1 and Icewine-2 exploration wells (A$28.8m). Cash as at 30 June 2019 was A$6.7m, with 88 Energy raising A$6.75m post period, putting the Company on a much stronger footing heading into the potentially transformational Charlie well in Q1/20.
17 Sep 19
Small Cap Feast
AMRYT PHARMA PLC— a biopharmaceutical company focused on developing and delivering innovative new treatments to help improve the lives of patients with rare or orphan diseases have raised $60m before expenses and will relist on the AIM Market on the 25/09/2019
88E SRC SIS CTR EAH ACP KRM RGO CGNR ALTN
11 Sep 19
Cenkos: 88 Energy Ltd - A Premier Partner
88 Energy has signed a Sales and Purchase Agreement (SPA) with Premier Oil PLC (Premier), through which Premier will farm into the Western Play Fairway at Project Icewine. Under the SPA, Premier will earn a 60% operated interest by paying the full cost of the Charlie-1 appraisal well, up to a cap of US$23m, with an option to earn an additional 50% working interest on success in the Central or Eastern play fairways by spending a further US$15m. The Charlie-1 well is expected to be drilled and tested during Q1/20, penetrating multiple stacked horizons and potentially de-risking a large part of the conventional portfolio at Project Icewine. 88 Energy will retain a meaningful 30% working interest within the Western Play Fairway, containing net mean prospective resources of 720mmbls. We update our model, reducing 88 Energy's working interest across the Western Play Fairway, whilst increasing the chance of success across the Charlie-1 prospects. We reduce our price target to 2.6p (from 3.1p) and reiterate our BUY recommendation.
22 Aug 19
SP Angel – Morning View
Premier Oil (PMO): H1 Results | Rockhopper (RKH): Operational Update | 88 Energy (88E): Conventional Farmout | SDX Energy (SDX): H1 Results | Reabold Resources (RBD): Increased Investment | i3 Energy (I3E): Liberator Well Spud | Cluff Natural Resources (CLNR): Completion of Seismic
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22 Aug 19
Cenkos: 88 Energy Ltd - Exclusivity
This morning, 88 Energy announced it has executed an exclusivity agreement with a preferred bidder over the Project Icewine conventional acreage. Exclusivity has been granted until the 31 August 2019, with the preferred bidder making a US$500k payment to expedite the near-term costs associated with the 2020 drilling programme. We view this as a positive step forward for the Company and an endorsement of the potentially transformational conventional prospect portfolio identified by 88 Energy at Project Icewine. Further, we note that the US$500k exclusivity payment is to facilitate the initial costs associated with the 2020 drilling programme, providing further confidence that the Company is going to look to test some of the 2.2bn barrels of stacked net prospective oil resource during 2020.
06 Aug 19
Cenkos: 88 Energy Ltd - Quarterly Update
Yesterday, 88 Energy released its Q2/19 results. At Project Icewine the farm-out of the conventional acreage continued, with farminee internal approvals completed prior to the end of June. The Company will announce a more detailed update on the farm-out in early August, which should provide more clarity as to the structure and the proposed work programme. Advanced analysis of the HRZ shale play has revealed that the majority of the revised play fairway is situated within the Project Icewine leasehold, with both Icewine wells being drilled just outside of the revised play fairway. The JV continues to receive unsolicited third party interest in the HRZ shale play and will launch a formal farm-out process during H2/19.
01 Aug 19
SP Angel – Oil & Gas View
Soco International (SIA): Trading Update | JKX Oil & Gas (JKX): Half Yearly Results | Igas Energy (IGAS): Trading Update | Mosman Oil & Gas (MSMN): Production Update | 88 Energy (88E): Quarterly Update | Reabold Resources (RBD): Corallian Energy Update
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31 Jul 19
SP Angel – Oil & Gas View
Tullow Oil (TLW): Trading Statement | PetroMatad (MATD): Operational Update | SDX Energy (SDX): Egypt Discovery | Lekoil (LEK): CPR Update | Zoltav Resources* (ZOL): Annual Report & Results | Baron Oil* (BOIL): AGM Statement | Lansdowne Oil & Gas* (LOGP): Loan Agreement | 88 Energy (88E): Farmout Update
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27 Jun 19
Cenkos: 88 Energy Ltd - Alaskan Update
Yesterday, 88 Energy provided an update on its operations on the North Slope of Alaska. At Project Icewine, a final decision is expected next month for the anticipated farm-out of the conventional portion of the Project Icewine acreage. Elsewhere, the ongoing analysis of the unconventional HRZ shale at Project Icewine has significantly enhanced the Company's understanding of the play, confirming that the HRZ is an excellent source rock with good economic potential. The analysis has also revealed that both Icewine wells were drilled just outside of the play fairway, but with the majority of the revised play fairway still captured within the existing Project Icewine acreage, with more than 50% of the acres under lease deemed to be prospective. Analysis of the HRZ shale play is ongoing, and as such, the formal farm-out process of the Project Icewine unconventional acreage has been deferred to H2/19, but with an informal farm-out process underway to interested parties. We are encouraged by yesterday's announcement, and reiterate our BUY recommendation and our price target of 3.1p per share.
24 May 19
SP Angel – Oil & Gas View
Trinity Exploration (TRIN): AGM Statement | Sound Energy (SOU): Board Changes | Soco International (SIA): AGM and Trading Statement | Enquest (ENQ): Operations Update | President Energy (PPC): FY Results | 88 Energy (88E): Alaska Update | Jadestone Energy (JSE): First Production
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22 May 19
Cenkos: 88 Energy Ltd - Q1/19 Update
This morning, 88 Energy released its Q1/19 operational update. At Project Icewine, 88E has selected a preferred bidder as part of the conventional farm-out campaign, which, subject to successfully negotiating terms and conditions, is targeted to conclude in Q2/19, before a potential exploration/appraisal well in 2020. Evaluation work by Baker Hughes and the USGS continued the unconventional portfolio at Project Icewine, with a farm-out process planned to launch mid-2019. Petrophysical analysis at the Winx-1 well indicated that the Nanushuk topset primary target was not conducive to flow, with the reservoir compromised by dispersed clay in the matrix. Data acquired from the Winx-1 well will be integrated with the reprocessed Nanuq 3D seismic in order to evaluate the remaining prospectivity on the Western Leases. Processing of the 3D seismic on the Yukon Leases was completed during the quarter, with interpretation and resource evaluation currently underway on the inversion product. We reiterate our BUY recommendation and our price target of 3.1p per share.
18 Apr 19
Cenkos: 88 Energy Ltd - Alaska Update
This morning 88 Energy announced an update to its operations on the North Slope of Alaska. The farm-out of the Company's conventional acreage at Project Icewine is progressing, with the Company identifying and engaging with a preferred bidder. Whilst there is no guarantee that a deal with be finalised, we find the level of third-party interest in the Project Icewine acreage encouraging and await further updates on progress with the farm-out discussions.
20 Mar 19
Cenkos: 88 Energy Ltd - Winx-1 Final Report
Yesterday, 88 Energy announced the final results from the Winx-1 well, situated within the Western Leases, Alaska. Analysis of the wireline logging program has indicated low oil saturations within the primary Nanushuk target, with the reservoir quality and fluid mobility insufficient to warrant production testing. The secondary Torok target exhibited similar low oil saturations and is not conducive to hydrocarbon flow. The forward plan is to reprocess the Nanuq 3D seismic, integrating the results with the data acquired from the Winx-1 well to determine the remaining prospectivity on the lease. The Winx-1 well will now be plugged and abandoned. Focus will now shift to the farm-out of the Icewine conventional acreage, which we expect to be agreed during Q1/19. We maintain our BUY recommendation, but lower our price target to 3.1p per share.
14 Mar 19
Cenkos: 88 Energy Ltd - Encouraging Signs
This morning, 88 Energy announced the Winx-1 well had intersected elevated mud gas readings, oil shows and an increase in logging while drilling (LWD) resistivity from the primary Nanushuk target. Elevated mud log gas readings associated with oil shows, and an elevated LWD resistivity response were also recorded in the deeper Torok secondary target. The forward plan is to undertake a comprehensive wireline logging programme over the zones of interest, before determining if there is sufficient potential to stimulate and test the most prospective zones. Whilst today's announcement is encouraging we maintain our valuation until the well programme has been completed.
04 Mar 19
Cenkos: 88 Energy Ltd - 2018 Annual Report and Operations Update
Yesterday, 88 Energy released its FY18 results to 31 December 2018. Revenue was A$1.36m (primarily from the discounting of the US$18.3m tax receivable owed to the Company by the Alaskan Government). Net profit for the period was A$0.97m (2017 A$11.1m loss), following A$7.0m of income on the translation of foreign options. Net cash at year end was A$21.7m, ahead of our A$19.8m forecast. Following successful surface casing and cementation of the Winx-1 well, the Company has commenced drilling on the intermediate section of the well where the primary Nanushuk target is located. We maintain our BUY recommendation and target price of 4.2p.
26 Feb 19
Small Cap Feast
United Oil & Gas (UOG.L) an oil and gas exploration and development company brought to the Official List (Standard Segment) in July 2017 by way of a reverse takeover of Senterra Energy plc. No capital to be raised, expected market cap of £17m and expected 1 March Techniplas –global producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient. FYDec17 rev $515m. Polemos, to be renamed Digitalbox plc, has agreed to acquire Digitalbox Publishing Holdings Limited for c.£10m through a share for share exchange. The acquisition constitutes a RTO. Polemos has also agreed to acquire the entire issued share capital of Mashed Productions Limited, a digital media business which owns the online satirical news website "The Daily Mash", for a maximum total consideration of up to £1.2m. Market cap on admission £12.4m, expected 28 February
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22 Feb 19
Cenkos: 88 Energy Ltd - Winx-1 Spud
This morning, 88 Energy announced that drilling has commenced of the Winx-1 exploration well on the Western Blocks, Alaska. The Winx-1 well was spudded on schedule at 15:15 (AK time) on the 15 February and will be drilled to a total vertical depth of c6,500ft, taking c50 days to drill and test. Winx-1 is located four miles east of the c1.4 billion barrel Horseshoe-1/1A oil discovery, drilled in 2017 and considered to be the largest onshore discovery in the United States in the past 30 years. The Winx-1 well will target gross best estimate prospective resources of 400mmbbls (144mbbls net to 88 Energy) across multiple stacked objectives including the primary Nanushuk target.
18 Feb 19
Cenkos: 88 Energy Ltd - Spud Imminent
This morning, 88 Energy released an updated corporate presentation in preparation of the spudding of the Winx-1 well in Alaska around the 15 February. The well will target 400 million barrels (mmbbls) of gross best estimate unrisked prospective resource within the Nanushuk Topset play and lies proximal to the 1.4 billion barrel Horseshoe-1/1A discovery. We assign the Winx prospect a risked valuation of US$30.2m or 0.4p per share, increasing to US$210.6m or 2.4p per share unrisked.
31 Jan 19
Cenkos: 88 Energy Ltd - Well Financed and Ready to Drill
This morning, 88 Energy released its Q4/18 report, updating investors on its progress across the Company's suite of unconventional and conventional assets in Alaska. 88 Energy is well financed following a successful capital raises in Q4/18 with cash reserves of A$21.7m (US$15.4m), the Company is in a good position for its near-term work programme which includes the drilling of the Winx-1 well in the Western Blocks and the farmout of its conventional Project Icewine acreage.
25 Jan 19
Cenkos: 88 Energy Ltd - Winx on Track
This morning, 88 Energy has announced that the Winx-1 exploration well, targeting gross mean prospective resources of 400 million barrels (mmbbls) remains on track to be spudded during mid-late February. This follows the news that the Company submitted the Permit to Drill prior to the end of 2018, and has commenced construction of the ~11 mile ice road to the Winx-1 well as planned.
07 Jan 19
Cenkos: 88 Energy Ltd - Operations Update
This morning, 88 Energy provided an operational update over its portfolio of high impact projects on the North Slope of Alaska. 88 Energy has seen several high-quality parties within the Project Icewine conventional dataroom, leading to the Company extending the deadline for bids. The Company has also announced that it has engaged with Baker Hughes and the US Geological Survey (USGS) to add additional value-add analysis to the Project Icewine HRZ shale in advance of farm-out proceedings. Q1/19 is expected to be a busy time for the Company, with the drilling of the Winx-1 exploration well in the Western Blocks, the farm-out of the Conventional Project Icewine acreage and the results of the Yukon Gold 3D seismic inversion over the Cascade prospect.
20 Dec 18
Small Cap Feast
PetroTal Corp is an oil and gas company whose shares are currently admitted to trading on the TSXV. The Company is focused on development of oil and gas assets in Peru and it currently has controlling interests in three onshore Peru license blocks. No new funds being raised. Due 21 Dec. Mkt cap c.£80m Greenfields Petroleum (TSX-V:GNF) production focused company with operated assets in Azerbaijan seeking AIM dual listing including $60m private placement. Mkt cap $12.6m CAD. Expected mid December.
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20 Dec 18
Cenkos: 88 Energy Ltd - Preparing to Drill
This morning, 88 Energy, in its capacity as Drilling Manager has received approval for all the major permits (except the Permit to Drill) required for the drilling of the Winx-1 exploration well within the Western Blocks, Alaska, including the Plan of Operations. The other main permit, the ‘Permit to Drill,' is due to be submitted prior to the end of the year, as planned with approval expected in January 2019, prior to spud in February 2019. The Winx-1 well will test the extension of the Nanushuk oil play, currently one of the world's most prospective oil plays, having yielded over one billion barrels of discovered resource in the last four years.
17 Dec 18
Cenkos: 88 Energy Ltd - Far from Cascading
8 Energy has last week provided both an operational update on its onshore Alaska conventional prospect portfolio and completed a successful placing to raise gross proceeds of A$10m. Fast tracked 3D seismic over the Yukon Leases has revealed three sand bodies, with the largest of these - the Cascade Prospect - containing an estimated 82.3 million barrels of net mean prospective oil resource. Significantly, 88 Energy have been able to assign a potentially transformational 2.445 billion barrels of conventional net mean prospective oil resource across its entire acreage position. We have updated our model and reduced our current price target to 4.2p (from 5.2p) to take into account the dilutive effect of the recent rights issue and placing. We reiterate our BUY recommendation.
12 Nov 18
Small Cap Feast
Greenfields Petroleum (TSX-V:GNF) production focused company with operated assets in Azerbaijan seeking AIM dual listing including $60m private placement. Mkt cap $12.6m CAD Wentworth Resources— oil and gas exploration and production company, with assets in the onshore Rovuma Basin of East Africa. Introduction only. Mkt Cap c £50m . Due today Finncap—proposed acquisition of M&A adviser Cavendish Corporate Finance and AIM admission. Offer TBA Kropz PLC—an emerging plant nutrient producer with an advanced stage phosphate mining project in South Africa, a phosphate project in the Republic of Congo and exploration assets in Ghana. Looking to join AIM, offer TBC, market cap TBC. Due Late October. Crossword Cybersecurity PLC* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is exploring its options in relation to a potential move to the AIM market of the London Stock Exchange which, if it were to proceed, would likely take place over the next few months. The Panoply parent company of a digitally native technology services group founded in 2016 with the aim of identifying and acquiring best-of-breed specialist information technology and innovation consulting businesses across Europe, is looking to join AIM. Offer TBC, expected late November 2018.
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07 Nov 18
Cenkos: 88 Energy Ltd - Quarterly Report and Rights Issue
88 Energy released its quarterly report and the results of the recent rights issue yesterday. During the period the Company commenced the farm-out process over the 2.3 billion barrels (bn bbls) conventional prospective oil resource of Project Icewine (upgraded post period to 2.89 bn bbls), whilst executing a definitive agreement to farm into the 144 million barrel (mmbbl) net to 88 Energy Winx prospect, scheduled to spud during Q1/19. We maintain our price target of 5.2p and our BUY recommendation.
30 Oct 18
Cenkos: 88 Energy Ltd - Conventional Portfolio Resource Upgrade
On Tuesday, 88 Energy released an update on its Project Icewine conventional prospect potentia. The processing and interpretation of the Project Icewine 3D seismic acquired in Q1/18 has revealed discrete geobodies in the Schrader and Torok sequences, resulting in a c25% uplift in the gross mean prospective resources of the Project Icewine acreage from 2,310 million barrels (mmbbls) to 2,896mmbbls. Further processing and interpretation of the 3D seismic data will continue to strengthen the case for the large conventional potential at Icewine, aiding the ongoing farm out process. We update our model to reflect the increased potential at Icewine, resulting in an increased price target of 5.2p and reiterate our BUY recommendation.
24 Oct 18
Cenkos: 88 Energy Ltd - Significant Multiple Play Potential
88 Energy Limited is a 100% Alaskan focussed explorer with a significant acreage position on the Central and Eastern North Slope. The Company has a diverse portfolio of conventional and unconventional opportunities, targeting multiple geological horizons. Foremost among which is the Nanushuk play, currently one of the most prospective oil plays globally, offering significant upside potential for 88 Energy. We resume coverage with a Buy recommendation. With four significant mature projects, the Company has today announced an open offer to raise up to £7.96m, allowing existing shareholders exposure to potentially transformational activity over the next nine months.
03 Oct 18
GMP FirstEnergy ― UK Energy morning research package
88 Energy (88E LN) (not covered): Proposed placing of up to A$17 mm | Diversified Gas & Oil (DGOC LN) (not covered): FY17 results | Echo Energy (ECHO LN) (not covered): Operational update in Argentina | Phoenix Global Resources (PGR LN) (not covered): Increased interests in Vaca Muerta in Argentina | Premier Oil (PMO LN); BUY, £1.30: Divestment of interests in Babbage | Statoil (STL NO) (not covered): Sells non-core asset on UK Continental Shelf | Nostrum Oil & Gas (NOG LN)6 ; BUY, £4.50: 1Q18 trading update | Chariot Oil & Gas (CHAR LN) (not covered): Operational update in Morocco | OMV (OMV AG) (not covered): New offshore concession agreement in Abu Dhabi | Aminex (AEX LN) (not covered): Preliminary results for 2017 | Seplat Petroleum (SEPL LN); BUY, £2.30: 1Q18 results and dividend re-instatement
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30 Apr 18
Small Cap Breakfast
Core Industrial REIT—established to invest in Irish-based industrial properties, predominantly located in the Greater Dublin Area . Vendor placing and new funds to a total of €225m, Target gross proceeds €207m. TruFin—holding company of an operating group comprising three growth-focused FinTech and banking businesses operating in three niche lending markets: supply chain finance, invoice finance and dynamic discounting. Offer TBC, expected late Feb Polarean - The medical drug-device combination companies operating in the high resolution medical imaging market. Offer TBC. Due 22 Feb Block Energy—a NEX Listed UK based oil exploration and production company whose main country of operation is the Republic of Georgia, looks to join AIM end of February 2018. Offer TBC
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14 Feb 18
Small Cap Breakfast
appScatter Group—Sch1 from the B2BSaaS platform that allows its paying users to distribute their apps to, and manage their apps on, multiple app stores. Following admission, appScatter intends to launch the public version of the platform, at which point the platform will be available to all app developers and publishers worldwide. Offer TBC, expected early Sept 2017 | Warehouse REIT - The Company will invest in a diversified portfolio of UK warehouse assets located in urban areas. The Company is targeting a dividend yield of 5.5p equivalent to a yield of 5.5 per cent. for the year ending 31 March 2019. Issue price 100p. Raising up to £150m. | Destiny Pharma—A clinical stage biotechnology company - lead asset (XF-73) targets antibiotic-resistant bacterial infections in hospitals. Offer TBA. Due early September. | Avingtrans (AVG.L) Sch1 on its Reverse Takeover of Hayward Tyler (HAYT). Combined market cap of c.£75m. Expected 01 September 2017 | OnTheMarket—Intention to float on AIM to raise c. £50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Expected valuation £200m to £250m. | Chesterfield Resources-newly established company formed for the purpose of acquiring a company, business or asset that has operations in the mining sector that it will then look to develop and expand. Raising £1.3m at 5p. Due 29 Aug. Mkt cap £1.4m. | Hipgnosis Songs Fund investment Company offering pure-play exposure to Songs and associated musical intellectual property rights. Offer raising £200m at 100p. The Company has decided to extend the closing date for the Placing, Offer for Subscription and Intermediaries Offer to 1 August 2017. The Company may bring forward this closing date at any time. Admission 15 September 2017
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24 Aug 17
Small Cap Breakfast
Logicor—Report in City A.M. that Blackstone is aiming to list warehouse business Logicor, which is valued at around €13bn (£11bn), on the London Stock Exchange in 2017. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
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13 Jan 17
Small Cap Breakfast
Ultimate Products—The Telegraph reports Jim McCarthy, former chief of Poundland has been appointed Chairman of Ultimate Products ahead of a £100m listing in H1 2017. Ultimate Products owns the Beldray cleaning brand and the licence to sell Russell Hobbs and Salter electrical products in the UK.
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15 Dec 16
Shoe Zone (SHOE.L) | Beximco Pharmaceuticals (BXP.L) | Valirx (VAL.L) | Galileo Resources (GLR.L) | Alba Mineral Resources (ALBA.L) | Tekcapital (TEK.L) | Swallowfield (SWL.L) | Clinigen Group (CLIN.L) | 88 Energy (88E.L) | Share (SHRE.L)
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25 Oct 16
Directa Plus (DCTA.L) | Clinigen Group (CLIN.L) | Accesso Technology (ACSO.L) | Digital Barriers (DGB.L) | Orogen Gold (ORE.L) | Tethyan Resources (TETH.L) | Botswana Diamonds (BOD.L) | 88 Energy (88E.L) | Hardide (HDD.L) | Marshall Motor Hldgs (MMH.L)
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18 Oct 16
Rig contract executed for Icewine #1 well
88 Energy (88E) has announced that it has successfully contracted a rig to drill its fully funded Icewine #1 well in Alaska. The well is scheduled to spud in October 2015 and targets the potentially liquids-rich, unconventional shale play, HRZ. The three shale layers present at HRZ have been independently assessed by DeGoyler and MacNaughton (D&M) as containing 446mmbbls of prospective resource potential. Due to state rebates in place in Alaska, the group can obtain a rebate for 85% of the cost of the well. Contingent on the results of this first well, the group plans a 3D seismic survey and a further well, to include a multi-stage frack, for the first half of 2016.
11 Sep 15
Alaskan exploration programme takes shape
Amid growing industry activity in Alaska, 88 Energy has announced a clearly defined exploration programme for its core North Slope project, Icewine. In three phases to be completed by mid-2016, the group aims to drill two wells and undertake a significant 3D seismic survey to test the potentially liquids-rich shale horizon, ‘HRZ’. We believe the company is able to meet the capital commitments of this programme (significantly reduced due to Alaskan exploration rebates) from a mixture of bank debt and proceeds from the share placing (A$12m) announced in July
03 Aug 15
Hybridan - Small Cap Wrap
FOUR Final results, BNK Settlement of Lawsuit, BDI Contract Win, CAZA $4m Convertible Loan, CGNR* Interims, CHAR 2D Seismic Programme , CLIN Adds New Program, CNC Product Launch, FITB* Appeal and Integration with Samsung, IMTK Contracts win, Herschel heaters connected by LWRF, MARL* Equity Raising, Conversion and Drilling Update, MWE Financial Results, OPTI* Board Appointment, PEG* Contract Win, ROL Acquisition, RTC Network Rail award, SAR* Interims and Research Update, SND AGM Statement, TPET Placement
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04 Mar 15