SP Angel Oil & Gas Daily Flow: 08/11/21

Market update - 08/11/2021

Ascent Resources (AST) - Non Recourse Funding Secured for Claim against the Republic of Slovenia

Ascent Resources announced that it has signed a binding damages-based agreement to pursue the Company's ECT and Slovenia-UK BIT arbitration claim against the Republic of Slovenia. Specifically, the company announced that it has signed a binding damages-based agreement with Enyo Law LLP, the specialist arbitration and litigation legal firm who filed the Notice of Dispute and represented the company in the pre-arbitration negotiations, to commence the arbitration proceedings against the Republic o

Ascent Resources (AST) - Update on Gas Prices and Slovenian Partner

Ascent Resources has announced that given the nine-fold increase in gas prices on the European Continent it is now generating net revenue of at least €100,000 per month from its two producing wells in Slovenia.

WHI First Light: Ascent Resources (AST) - Final Results

Ascent is focusing on i) progressing its entry into Cuba via its exclusive rights to negotiate PSCs for onshore blocks 9A, 12 and 15, which combined cover 7,000km2, ii) an ESG metals strategy, which includes secondary mining and metal recovery opportunities and iii) arbitration proceedings in respect of its Slovenian gas assets with the Republic of Slovenia. As a reminder post period end (31 December 2020), the company raised £1.1M

WHI First Light: Ascent resources (AST) - Strategy and Funding Update

Ascent Resources has announced the addition of an ESG Metals strategy alongside its current resource focus and that it has raised £1.0m by way of an oversubscribed subscription at 10.1p.

Small Cap Feast

Cellular Goods a UK-based provider of premium consumer products based on biosynthetic cannabinoids announced its intention to join the main market (standard) this spring. Target valuation £20m raising c. £8m “to finalise the development and launch of a range of the Company's premium-quality consumer products based on biosynthetic cannabinoids, which is fully compliant under UK law.” Kanabo Group (RTO by Spinnaker Opportunities SOP.L) on the main market (standard). Raising £6m, enlarged mkt cap £

WHI First Light: Ascent Resources (AST) - Interim Results

Ascent Resources announced its interim results for the period ended 30 June 2020. Over the period the company successfully restructured its board and management team. The company also restructured its RiverFort debt with the cancellation of the related equity swap agreement. The company has made material headway advancing oil & gas projects in Cuba, while instigating a new special situations strategy in Slovenia, where the company operates the Petisovci gas field.

Transformation in progress as proven new management adopt a compelling Special Situations strategy for the resources sector

Ascent joined AIM in 2004 and has focused on developing the large Petišovci tight gas project in Slovenia. Production began in 2017, but prolonged issues with the government over permits have stopped the optimisation of this development which has consequently resulted in significantly lower than expected gas sales which have been small. With little progress being made the share price fell substantially, promoting some big changes which have seen the arrival of a new board with a brand-new strate

WHI First Light: Ascent Resources (AST) - Successful Funding and Cuban Operational Developments

Ascent Resources announced that it has submitted an application to become an operator in Cuba and that it has successfully secured £700,000 of funding to support a Cuban work program and execution of a Special Situations strategy, working capital and other purposes.

WHI First Light: Ascent Resources (AST) - Board Changes

Ascent announced that Leonardo Salvadori, Non-Executive Director, will be assuming the part time role of Technical Director from 1 October 2020, leading the Company's technical work across both Cuba and Slovenia. Mr. Salvadori will therefore become an executive of the Company, relinquishing his Non-Executive duties and stepping down from the Board, effective 1 October 2020.

Oil & Gas Daily Flow

Lansdowne Oil & Gas* (LOGP LN): FY19 results, farm-out remains key | Ascent Resources* (AST LN): FY19 results, new country entry outweighs challenges in Slovenia

WHI Corporate Sponsored First Light: Immotion (IMMO), Thalassa (THAL) and Ascent Resources (AST)

Immotion Group (IMMO) – Corporate – Full year results – corrective actions taken to protect the business Market Cap £10.0m Share Price 2.7p Immotion is a leading UK-based ‘out of home' Virtual Reality (VR) experience provider. This morning, the group has released full year results to 31 December 2019, broadly in line with our forecasts. Post year-end and reacting to COVID-19, management took the previously reported actions to reduce the company's cash burn, including salary reductions and th

Oil & Gas Daily Flow

Great Eastern Energy Corporation* (GEEC LN): FY20 results, resistance to volatility | Ascent Resources* (AST LN): Administrative Court rules that EIA is required ahead of well stimulation

Jubilee Metals - Operational Update Q3 FY2024

Jubilee today reports its Q3 and third quarter operational results from its expanding operations in Zambia (copper) and South Africa (chrome and PGM). South Africa is on a growth trajectory with record chrome production of 409kt in the quarter (Q2 FY2024 381kt) and a monthly record in March of 145kt and production YTD of 1.13Mt (0.94Mt). Jubilee is well underway to its annual target capacity of 2,1Mt/yr especially with the new 300kt/yr chrome plant at Thutse expected to be operational in August

Trinity Exploration and Production - Reserves Reduction but Solid Core Business

Trinity has announced a c28% reduction to its 2P reserves following a YE23 review. Despite the decrease in the Company’s 2P reserves, Trinity’s core business remains robust, with a reserves/production ratio of >12.5 years at YE23. Whilst there is significant potential for growth within the current portfolio, this will be difficult to unlock from the current balance sheet and we believe further financing will be required. We update our target price to 76p (from 202p), a c85% premium to the curren

I3 Energy (I3E LN) - Canada royalty assets sale

I3 has announced the sale of the majority of its royalty interests in Canada, for US$24.8m cash. This allows the company to fully repay amounts drawn on its debt facility and create a working capital surplus, giving I3 significant additional funding flexibility going forward

Morning Note – 16 April 2024

Valeura Energy (TSX: VLE): Three exploration wells deliver three discoveries

• The Nong Yao-13 exploration well in the new Nong Yao D area that was targeting multiple zones has encountered >30 feet of new oil play across several new shallow intervals which have not been produced elsewhere on the concession. These reservoirs are believed to be recurring across the Nong Yao D area. • The drilling result confirms that oil has successfully migrated into this area of the block (a factor that was seen to be a risk in the Nong Yao D area) and open the opportunity for further a

NextSource Materials - Initiation

NextSource is uniquely positioned to build a leading vertically integrated position, ex China, in the supply of Lithium-ion battery anode material which is essential for the Energy Transition. The company is commissioning phase 1 of its world-class Molo graphite mine in Madagascar and is in the final permitting process for its first Battery Anode Facility (BAF) to be located in Mauritius. The company is backed by Vision Blue, established by Sir Mick Davis, former CEO of Xstrata. On our calculat

DEC FY23 Results Update

DEC reported FY23 results which were in line with expectations and announced the acquisition of joint venture assets from Oaktree along with an updated capital allocation framework.

Morning Note – 15 April 2024

Oil & Gas - Cavendish sector note

Chariot, Energean, Touchstone Exploration, Longboat Energy, Hartshead Resources, BP, Helix Exploration, PetroTal, Pantheon Resources, Caspian Sunrise, Petrofac, DNO ASA, Valeura Energy, Aker BP, Var Energi Source: FactSet, weekly change 08/04/24-12/04/24 Oil rose as Israel braced for a possible attack from Iran, a development that would threaten major disruptions in a region that accounts for a third of the world’s crude output. An assault is expected to come as soon as the next 48 hours, which

Clean Power Hydrogen - New customers and licensees circling…

CPH2 has released FY23 results with the company completing the period with a slightly lower cash outflow from operations and a higher cash balance than forecast. Looking ahead, with a new and improved technical and engineering team, the company has committed to completing Factory Acceptance Testing of its first MW scale electrolyser, the 0.5MW MFE110, within the next three months. In our view, this will be a major milestone for the company which will demonstrate that its unique technology can be

SP Angel . Morning View . Copper prices hold higher as China processing fees fall below $0/t amid low feedstock availability

Union Jack Oil (UJO LN) - Wressle update

Union Jack has released an update on its Wressle asset, reporting maturing production from Wressle-1, alongside progress for significant further development activities on the field going forward.

PROGRESSIVE: Pharos Energy: Delivering on operations and balance sheet

Pharos Energy reported FY23 results on 27 March. Group net production of 6,508 boepd (FY22: 7,166 boepd) was in line with guidance, assisted by successful development drilling in Vietnam and exploration successes in Egypt. Pharos’s strong cash generation resulted in a stronger balance sheet, with net debt reduced to US$6.6m (from US$28.9m at the end of 2022) and cash balances totalling US$32.6m. This left the group free to return more cash to shareholders, including a 10% increase in dividends,

Alien Metals - Hancock Project, Mining Lease Granted

Alien today reports intraday that the Western Australian Government has granted a mining licence for the Hancock iron ore project for a 21-year term. The granting of the mining licence is the latest milestone delivered by Alien as it advances the project towards development and production.

Union Jack Oil+ (UJO, House Stock at 23p) - Wressle update