AUCTUS ON FRIDAY - 15/03/2024

AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN)C; target price of £0.50 per share: Feasibility study as a first step to unlocking a mega green hydrogen project – The feasibility study for the green hydrogen “Project Nour” has now been presented to the government of Mauritania. Chariot holds a 50% interest in the project and TotalEnergies is a partner. Mauritania benefits from an ideal geography for wind and solar energy. The 10 GW project will be developed in sever

Auctus on Friday - 22/12/2023

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.65 per share: Oversuscribed share purchase plan – ADX has raised a further ~A$1.6 mm as part of a share purchase plan. The terms are in line with the recently announced A$4.8 mm equity raise priced at A$0.10 per share. Chariot (CHAR LN)C; target price of £0.50 per share: Extending position in electricity trading company – Chariot is acquiring 49% of Etana Energy from the Neura Group, with H1 a

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

COPL: Q3’23 results should mark production low point with upside from higher gas injection

COPL reported revenue (pre-hedging) of US$5.8mm, +4% q/q but -18% y/y. Realised oil prices of US$78.34/bbl were 9% higher q/q, offsetting lower net production of 1,029bbl/d (-7% q/q). Opex increased 13% q/q to US$3.1mm due to follow-up works after the gas gathering system (“GGS”) upgrade and continued weather related repairs. G&A costs were down to US$1.6mm (-10% q/q) on the back of the focused G&A reduction programme. EBITDA (pre-hedging) stood at US$0.3mm, which is up 26% q/q. There was a US$2

Hybridan Small Cap Feast - 13 Oct 23

13th October 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

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

Auctus on Friday - 08/09/2023

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C: target price of A$0.08 per share: Transaction with MND receives Austrian Ministerial acceptance – ADX has received clearance from the ministry of finance in Austria for the partnership documentation between ADX, MND and Xstate Resources. This was a key condition precedent to completing the transaction. The transaction will provide funding for the drilling of key wells at Anshof that are expected to add reserves an

COPL: New CEO/Chairman appointed alongside Equity Raise to ensure liquidity through Q1’24

COPL plans to raise US$3.5mm in new equity from Anavio Capital Partners, issuing 70mm shares and 70mm warrants both at a price of 4p/sh. The terms of the financing will see the the strike price for the outstanding 138mm warrants and conversion price of the remaining US$25mm in Convertible Bonds both amended to 4p/sh from 6.75p/sh. COPL has the full support of its existing Senior Credit Facility Lender who has agreed to provide (i) a continued waiver of the application of financial ratios (ii) re

COPL: Q2’23 results- Infrastructure upgrade plan to enhance H2’23 production

COPL’s pre-hedging revenue stood at US$5.6mm (-22% y/y) given a sharp drop in its realised sale price (-32% y/y) to US$71/bbl and operational interruptions, although production increased to 1,103 bbl/d (+15% y/y). Opex doubled y/y to US$2.8mm (US$27.5/bbl) but fell 9% q/q of which US$1.9mm were lifting costs. EBITDA was marginally positive pre-hedging. COPL’s net derivative liability amounted to -US$7.2mm. Cash flow from operations (pre- w/c) was -US$0.3mm. Capex for the quarter was US$4mm and w

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.

Auctus on Friday - 07/07/2023

AUCTUS PUBLICATIONS ________________________________________ Criterium Energy (CEQ CN)C; target price of C$0.55 per share: Financing priced – The C$22 mm offering for the acquisition of Mont D’Or Petroleum has been priced at C$0.20 per subscription receipt. Each subscription receipt will convert into a unit comprising one share and one warrant with an exercise price of C$0.25 per share valid for 36 months. On completion of the acquisition, Criterium will hold 1,050 bbl/d long life and high netba

Auctus on Friday - 09/06/2023

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; target price of £0.50 per share: No flow from the Gacheta but overall reserves addition from CN-1 larger than initially expected – The Gacheta zones proved unproductive at the CN 1 well location. Management is investigating potential reasons for the lack of productivity and plans to re-evaluate these Gacheta zones in future wells. The Gacheta zones were located above the Ubaque that flowed at rates >1,10

Auctus on Friday - 19/05/2023

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; target price of £0.50 per share: Exploration success at Carrizales Norte –The Carrizales Norte-1 (CN-1) exploration well encountered a total of 148 feet of net oil pay measured depth (128 feet TVD) across three very high quality sands. We understand that this well above pre-drill expectations. This is the largest net oil pay encountered by a well so far on Tapir (RCE-5: 90 feet, RCE-4: 45 feet, RCE-3: 58

COPL: Site Visit Feedback and Model Update

Hannam & Partners had the opportunity to visit COPL's assets in Wyoming in late March and met with some of the key personnel responsible for the operations. In this note we describe the learnings and updated development plans, analyse the updated reserves report and we factor in the impact of the recent financings. Our major takeaways are that COPL’s early stage, high quality oil assets have significant resource potential to be unlocked, which have been held back by infrastructure, operational a

Auctus on Friday - 21/04/2023

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C: Target price of A$0.100 per share: Competent person report confirms the materiality of the Welchau pospect – The Welchau prospect has been estimated to hold between 365 bcfe and 1,128 bcfe of prospective resources by Gaffney, Cline & Associates (GCA) with a mid-case at 645 bcfe including 10.1 mmbbl of condensate. While this is below the 807 bcfe mid-case estimated by ADX, the fact that the lower end of the GCA ran

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.

SP Angel Morning View: Global Li-ion battery demand reaches all-time in Q1 2024

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

Tethys Oil AB (SSE: TETY): Increasing further the size of the prize

• The South Lahan area on Block 58 is estimated to hold 55-523 mmbl prospective resources (P90-P10 case) with a mean case of 251.8 mmbbl prospective resources across six prospects in the Ara Carbonate. • Combined with the previously disclosed prospective resources of the Fahd area in the north-eastern part of Block 58, Tethys Oil’s unrisked recoverable prospective resources on the block are estimated to be 435.9 mmbbl (Pmean). • The geological chance of success ranges from 6% to 11% for the six