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Faroe Petroleum (FPM LN): Discontinuing coverage
Companies: Faroe Petroleum
We are discontinuing coverage on Faroe Petroleum following the company’s upcoming delisting from AIM on 14/02/2019. The company is being acquired by DNO. Accordingly, all prior research ratings, price targets and earnings estimates must no longer be relied upon.
Equinor (EQNR NO) (not covered): Discovery in Norway | Faroe Petroleum (FPM LN); Tender, £1.60: Listing cancellation | i3 Energy (I3E LN)1; SPEC BUY, £2.50: Initiating coverage | Exploration licences award in Norway | Reabold Resources (RBD LN): Dry hole in the UK | Serinus Energy (SENX LN)1: Processing units in transit to Romania | Total (FP FP): Selling Dutch upstream? | Cadogan Petroleum (CAD LN) (not covered): Operational update in the Ukraine | Energean Oil & Gas (ENOG LN) (not covered): Tr
Companies: FPM I3E RBD SEN CAD ENOG GKP TLW TETY
Parex Resources (PXT CN); BUY, C$27.00: Andina-2 tests combined 3,800 bbl/d | Ophir Energy (OPHR LN): £0.55, HOLD; Rejection of Medco’s latest possible offer | Faroe Petroleum (FPM LN); TENDER, £1.60: Drilling update at Brasse | Lundin Petroleum (LUPE SS): Increased reserves and contingent resources | OMV (OMV AG) (not covered): 4Q18 trading update | ENI (ENI IM) (not covered): Transactions in the UAE | SDX Energy (SDX LN/CN)1,6: Update in Egypt
Companies: PXT OPHR FPM LUNE OMV ENI SDX
Jadestone Energy (JSE LN/CN): BUY, £0.50; Montara production restarts offshore Australia | Faroe Petroleum (FPM LN); TENDER, £1.60: DNO reaches 76.49% ownership | JKX Oil & GAS (JKX LN) (not covered): Operations update in the Ukraine and Russia | Wentworth Resources (WRLN LN) (not covered): Operating update in Tanzania
Companies: WRL JKX FPM JSE
Petro Matad (MATD LN) (not covered): Operational update in Mongolia | Faroe Petroleum (FPM LN); TENDER, £1.60: DNO wins hostile takeover battle | i3 Energy (I3E LN) (not covered): Operation and funding update in the UK North Sea | Manchester fracking ban in the UK | Premier Oil (PMO LN); BUY, £1.45: Trading update | Anglo African Oil & Gas (AAOG LN) (not covered): £6 mm equity raise for Congo | Eland Oil & Gas (ELA LN) (not covered): Gbetiokun operations in Nigeria
Companies: MATD FPM I3E HBR AAOG ELA
Columbus Energy Resources (CERP LN) (not covered): Operational update in Trinidad | President Energy (PPC LN) (not covered): Production update in Argentina | Regal Petroleum (RPT LN) (not covered): Ukraine update | Soco International (SIA LN) (not covered): Trading update | Faroe Petroleum (FPM LN); HOLD, £1.75: DNO increases its offer for Faroe | Independent Oil & Gas (IOG LN); BUY, £0.70: Boosting the value of the core developments | Lundin Petroleum ( LUPE SS) (not covered): Dry hole in Norwa
Companies: CERP PPC ENW PHAR FPM IOG LUNE ORC/B
DNO has increased its offer to acquire Faroe from £1.52 to £1.60 per share. The offer is now final and Faroe shareholders have until 23 January to accept it. DNO has already secured 52.44% of Faroe, which is above the required threshold to take control of Faroe’s board.
Faroe Petroleum (FPM LN); HOLD, £1.75: Reserves reduction at Oda? | Independent Oil & Gas (IOG LN); BUY, £0.80: Projects update in SNS | TransAtlantic Petroleum (TNP CN/TAT US) (not covered): Operations update in Turkey | San Leon Energy (SLE LN) (not covered): Refinancing of OML 18 RBL in Nigeria
Companies: FPM IOG VGAS SLE
Jadestone Energy (JSE LN/CN): BUY, £0.50; Montara production restart update in Australia | Faroe Petroleum (FPM LN): HOLD, £1.75 & DNO (DNO NO) (not covered): DNO purchases more shares
Companies: JSE FPM DNO
PetroTal Corp. (PTAL LN)1; BUY, £0.40: Moving to AIM: Transformational year ahead | Ophir Energy (OPHR LN); HOLD, £0.55: Transferring coverage: Possible cash offer for company | Faroe Petroleum (FPM LN); HOLD, £1.75: DNO extends duration of cash offer | Getech Group (GTC LN) (not covered): Large sale | Rockhopper Exploration (RKH LN) (not covered): Operational update
Companies: TAL OPHR FPM GTC RKH
Amerisur Resources (AMER LN) (not covered): Operational update in Colombia | Melbana Energy (MAY AU) (not covered): Farm-out in Cuba | Ophir Energy (OPHR LN); Speculative Buy, £0.55: Possible cash offer for the company | Faroe petroleum (FPM LN); HOLD, £1.75: Well results in Norway | RockRose Energy (RRE LN) (not covered): Operational update in the North Sea | Energean Oil & Gas (ENOG LN) (not covered): New gas contract in Israel
Companies: AMER OPHR FPM RRE ENOG
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 late January 2019.
Companies: TMT FPM SPSY LEX RENX AMER VOG WPHO
The Brasse East exploration well was water wet. The Brasse appraisal well in the northern area however encountered 40 m of gross hydrocarbon-bearing reservoir. Both the reservoir depths and the hydrocarbon contact are similar to the pre-drill expectations.
President Energy (PPC LN) (not covered): Operating update in Argentina | Ophir Energy (OPHR LN): Speculative Buy, £0.70; Drilling update | Faroe Petroleum (FPM LN)6 ; HOLD, £1.75: Accounting for the assets swap with Equinor | Premier Oil (PMO LN); BUY, £2.25: Operation update |
Companies: PPC OPHR FPM HBR
Research Tree provides access to ongoing research coverage, media content and regulatory news on Faroe Petroleum.
We currently have 175 research reports from 6
Companies: Sylvania Platinum Ltd.
Forecast and valuation update
Companies: IOG PLC
Jubilee today provides an operational update on the ongoing commissioning at the new Inyoni chrome and PGM plants with Jubilee building up to steady state production for nameplate capacity of 1.2Mt chrome concentrate and 44koz PGM production per year. Remember processing chrome creates the upgraded PGM tailings for Jubilee to recover the PGMs (Jubilee being paid a small margin to preconcentrate its own feed) and with the expanded Inyoni there is no need to share the PGM revenues via a JV struct
Companies: Jubilee Metals Group PLC
Last week Tamesis visited a number of Tharisa PLC's assets including the Tharisa Mine and Arxo Metals Beneficiation Site (AMBS) in South Africa and the Karo Platinum Project in Zimbabwe. Overall it was an extremely well received trip with evidence of efficiency improvements at the Tharisa mine, unexpected cash generation from the Vulcan Plant, further cash from the Salene Chrome Plant and, it also impressed on us that the Zimbabwe risk to the build out of Karo is lower than the market perhaps th
Companies: Tharisa Plc
Pantheon Resources announced that it has contracted a rig (the Nabors 105AC) to the Alkaid #2 well, which the company indicated is scheduled to spud in July 2022. The company indicated that if the well is successful, Pantheon Resources will commence a long-term production test and truck and sell the produced oil to a nearby North Slope facility.
Companies: Pantheon Resources plc
RCE-2 well flow test result
Companies: Arrow Exploration Corp.
Chariot has conditionally raised gross proceeds of US$25.5m (before costs), providing the Company with sufficient funds to advance the Anchois Gas Development towards a Final Investment Decision (FID) and to progress its renewable power pipeline. The placing was significantly oversubscribed, highlighting the market's confidence in Chariot's business model and its management team. We maintain our price target at 51p, with the recent rise in the European gas price forward curve offsetting the dilu
Companies: Chariot Limited
Diversified has announced the acquisition of a portfolio of East Texas upstream assets and related facilities from a private seller for US$50m – an attractive 1.4x multiple based on the NTM adjusted EBITDA of US$35m and before any potential synergies. At US$50m, the net purchase price approximates a >PV40 valuation at the effective date and represents an attractive discount of c51% to the estimated PV10 using the NYMEX strip as of the 19 April 2022. The assets include PDP reserves of 18mmboe (11
Companies: Diversified Energy Company PLC
ARC has announced it has signed a JV agreement with Anglo American (LSE:AAL, Market Cap $45bn) over its Zambian licences. This has long been in the offing and we view the terms as advantageous to Arc and a validation of the prospectivity that it (and we) see in its licences. The headline JV payments are staged but could ultimately lead to Anglo owning 70% of the licences, by investing $74m in exploration and paying Arc $14.5m. The licences will be held under a JV which will have an initial ow
Companies: ARC Minerals Limited
Dish of the day
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What’s cooking in the IPO kitchen?
Psych Capital PLC, intends to list on the AQSE Growth Market. Psych operates the Psych Platform (a business-to-business networking platform), that is developing the Blossom Database pursuant to a third party licensing arrangement. The Company also has an investment of 426,000 common shares in Awakn, a Canadian NEO Exchange listed psychedelics research and clinical group, with operations in th
Companies: YCA 7DIG BOOM DMTR EYE KIBO NFC RST SPSY
Companies: Thungela Resources Limited
Dish of the day
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What’s cooking in the IPO kitchen?
EnSilica, intends to join AIM. EnSilica is a designer and supplier of mixed signal Application Specific Integrated Circuits (ASICs). ASICs are integrated circuits or semiconductor chips developed for a particular use or product rather than for general purpose usage. ASICs help differentiate products through optimised hardware thereby making products smaller, faster, lower power and more
Companies: XTR XLM VRS SUP ROCK SLE SEMP OHG HDD FIH
Caledonia Mining Corporation delivers high yield exposure to the gold sector with increasing production from the 64% owned Blanket Gold Mine in Zimbabwe. With an improving political situation, Caledonia offers the in-country experience to capitalise on production backed exploration in a significant under-explored African greenstone belt. We value Caledonia on a base case in the region of $233m or £14.85/share, based on a long-term $1,750/oz gold price and assuming a 12% discount rate. With a foc
Companies: Caledonia Mining Corporation PLC
Cenkos:Oil & Gas Sector - 23 May 2022
Companies: FO 88E CHAR DEC EME GTC TRIN WEN