Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on Serica Energy. We currently have 29 research reports from 4 professional analysts.
Alvopetro (ALV CN) (not covered): Development financing in Brazil | GeoPark (GPRK US) 1 : BUY, US$26.00: New oil discovery in Llanos 34 Block opens-up 20-40 mmbbl gross potential | Getech (GTC LN) (not covered): 1H19 results | RockRose Energy (RRE LN) (not covered): 1H19 results | Serica Energy (SQZ LN) (not covered): 1H19 results | Total (FP FP) (not covered): Dividend growth acceleration | Vaalco Energy (EGY US)1 ; BUY, US$3.00: Reserves and resources update
Companies: ALV GPRK GTC RRE SQZ EGY
Premier Oil (PMO LN): BUY, £1.45; Resource upgrade at Zama offshore Mexico | Aker BP (AKERBP NO) (not covered): Dry well in the North Sea |Igas Energy (IGAS LN) (not covered) & Egdon Resources (EDR LN) (not covered): Springs Road SR-01 shale exploration well results in the UK | Reabold Resources (RBD LN) (not covered): FY18 results | Serica Energy (SQZ LN) (not covered): Operational & financial Update | Wentworth Resources (WEN LN) (not covered): Production guidance & operational update in Tanzania
Companies: PMO IGAS EDR RBD SQZ WRL
Premier Oil (PMO): Zama Resource Upgrade | Serica Energy (SQZ): Operational Update | Wentworth Resources (WEN): Operational Update | I Gas (IGAS): Positive Well Result | President Energy (PPC): AGM Statement | Reabold Resources (RBD): Results
Companies: PMO SQZ WRL IGAS PPC RBD
Exploration bidding round results offshore Argentina | Trinity Exploration & production (TRIN LN) (not covered): 1Q19 update in Trinidad | Serica Energy (SQZ LN) (not covered): FY18 results | Block Energy (BLOE LN) (not covered): Operational update in Georgia | JKX (JKX LN) (not covered): Operational update in Ukraine and Russia
Companies: TRIN SQZ BLOE JKX
Phoenix Global Resources (PGR LN) (not covered): Unconventional concession at Puesto Rojas in Argentina | Cairn Energy (CNE LN); BUY, £2.80: Dry hole in Norway | Independent Oil & Gas (IOG LN)1 ; BUY, £0.50: FY18 results | Neptune Energy: FY18 results | Serica Energy (SQZ LN) (not covered): Dry hole in the UK | Regal Petroleum (RPT LN) (not covered): Ukraine update | Eco (Atlantic) Oil and Gas (ECO LN, EOG CN) (not covered): Equity raise in Guyana
Companies: PGR CNE IOG SQZ RPT ECO
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. Loungers plc—the operator of 146 café/bar/restaurants across England and Wales under the Lounge and Cosy Club brands, announces its intention to seek admission on AIM, offer TBC
Companies: MTR IMO NWF PPS RFX GHS SQZ WATR CNC
Crossword Cybersecurity PLC* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is investigating the possibility of AIM admission. The Company is proposing to raise up to £2.25 million before the end of December, conditional on Admission. Manolete Partners—leading UK insolvency litigation financing business looking to join AIM raising £16.3m as a placing and £13.1 realised by the selling shareholder at 175p. Market cap £76.3m, expected 14 December Titon holdings—international manufacturer and supplier of ventilation systems and window and door hardware. No capital raise. Due 10 Dec. Mkt cap c.£22m. 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 early December. Finncap—proposed acquisition of M&A adviser Cavendish Corporate Finance and AIM admission. Offer TBA. Due early Dec 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 £5m new capital, £400k sell-down, market cap of £30m, expected late 4 Dec 2018.
Companies: SAR MTR SQZ REDX AVN LVCG BQE PAF
Cabot Energy (CAB LN)1 ; SPECULATIVE BUY, £0.10: Reserves update in Canada | Serica Energy (SQZ LN) (not covered): Further acquisition in the UK North Sea | Volga Gas (VGAS CN) (not covered): Production in Russia for October 2018 | Occidental Petroleum (OXY US) (not covered): Exit Qatar field | Tethys Oil (TETY SS)1,6; HOLD, SEK100: 3Q18 results
Companies: TETY OXY VGAS SQZ CAB
Cuadrilla Resources: First gas flowed from onshore UK fracking | Reabold Resources (RBD LN) (not covered): UK transaction | Serica Energy (SQZ LN) (not covered): Acquisition in the UK North Sea | Caspian Sunrise (CASP LN) (not covered): Operating update in Kazakhstan | Greenfields Petroleum (GNF CN) (not covered): Placing, debt to equity conversion and listing on AIM | Africa Oil (AOI CN/SS); BUY, C$2.60: Transferring coverage: Africa Oil adds production in Nigeria | Tullow Oil (TLW LN); REDUCE, £2.50: West Africa update from partner Kosmos Energy (KOS US/LN) (not covered): 3Q18 results
Companies: RBD SQZ CASP GNF AOI TLW KOS
PetroTal (TAL CN); BUY, C$0.90: Initiating Coverage | ADX Energy (ADX AU) (not covered): Farmout offshore Italy | OMV (OMV AG) (not covered): 3Q18 results | Repsol (REP SM) (not covered): 3Q18 results | Serica Energy (SQZ LN) (not covered): Columbus FDP approval
Companies: OMV REP SQZ
Acquisition in the UK North Sea | Equinor (EQNR NO) (not covered): Cost increase in Norway | Serica Energy (SQZ LN) (not covered): Update on the Rhum field in the UK North Sea | Genel Energy (GENL LN); Speculative Buy, £3.65: Production update in Kurdistan | Potential transaction in Libya
Companies: Serica Energy
Licences award the Santos basin in Brazil | Range Resources (RRL LN/RRS AU): Results for the year ending 30/06/2018 | Indus Gas (INDI LN) (not covered): 1H18 results | Ascent Resources (AST LN): Operational update in Slovenia | Serica Energy (SQZ LN) (not covered): Update on Rhum field in the UK | San Leo Energy (SLE LN) (not covered): Large shareholder transaction | Victoria Oil & Gas (VOG LN) 1,6; SPEC. BUY, £0.85: 1H18 results in line - Gross production had already been reported |
Companies: VOG SLE SQZ AST INDI RRL
Cabot Energy (CAB LN)1 ; Speculative Buy, £0.10: 1H18 results | Jadestone Energy (JSE LC/CN): BUY, £0.80; Montara acquisition completion | Equinor (EQNR NO) (not covered): Looking to acquire stake in Rosebank in the UK? | Serica Energy (SQZ LN) (not covered): 1H18 results | Cadogan Petroleum (CAD LN) (not covered): Operational update in the Ukraine | Caspian Sunrise (CASP LN) (not covered): 1H18 results | Volga Gas (VGAS LN) (not covered): 1H18 results | Aminex (AEX LN) (not covered): 1H18 results | Savannah Petroleum (SAVP LN) (not covered): 1H18 update in Niger and Nigeria | LEKOIL (LEK LN) (not covered): 1H18 results | Getech (GTC LN) (not covered): 1H18 results
Companies: GTC LEK SAVP AEX VGAS CASP CAD SQZ JSE CAB
Trinity Exploration & Production (TRIN LN) (not covered): Debt repayment | Jadestone Energy (JSE CN): C$1.40, BUY; US$110 mm fundraising & publication of AIM admission document | Serica Energy (SQZ LN) (not covered): Purchase of Total’s (FP FP) (not covered) interests in Bruce & Keith
Companies: Trinity Exploration & Production Serica Energy
Range Resources (RRL LN/RRS AU) (not covered): Report ended 31 March 2018 (FY 3Q18) | Serica Energy (SQZ LN) (not covered): Erskine field update in the UK North Sea | Exillon Energy (EXI LN) (not covered): March production in Russia | SDX Energy (SDX LN/CN): BUY, £0.70; Oil discovery at Rabul 4 well, Egypt | Oryx Petroleum (OXC CN): Under Review
Companies: RRL SQZ EXI OXC SDX
Research Tree provides access to ongoing research coverage, media content and regulatory news on Serica Energy. We currently have 29 research reports from 4 professional analysts.
|24Sep19 07:00||RNS||Interim Results|
|16Sep19 15:30||RNS||Notice of Interim Results|
|30Aug19 15:26||RNS||Total Voting Rights|
|23Aug19 07:00||RNS||Block Listing Six Monthly Return|
|16Aug19 13:15||RNS||Six Month Block Listing Return|
|31Jul19 16:02||RNS||Total Voting Rights|
|28Jun19 14:32||RNS||Total Voting Rights|
Yesterday Sirius has announced the cancellation of its Stage 2 financing plans and the implementation of a strategic review after it failed to issue the $500m high yield bond required to unlock the full financing package. What matters for shareholder returns from here is the structure of any future financing solution and its likelihood of success.
Companies: Sirius Minerals
Central Asia Metals (CAML LN) reported strong interim results, maintaining the 6.5p interims dividend along with an increase in H1 2019 free cash flow of 10% to US$35.5m despite a 7%, 18% and 22% YoY decline in average copper, lead and zinc pricing in the period. Metal sales were in line with previously announced production with 6.5kt of copper, 13.7kt of lead and 9.7kt of zinc sold, up 7%, 0% and 5% YoY respectively. This resulted in a decrease in revenue of 12% YoY to US$84.7m in H1 2019. However, a 35% reduction in SG&A along with a 4% reduction in Kounrad unit costs to US$0.51/lb YoY as well as lower than expected cost inflation at Sasa of 7% YoY to US$0.47/lb meant that EBITDA declined by 12% to US$56.7m maintaining a 63% margin. Minimal FX impact then meant that net income of US$27.6m was just 3% lower YoY. The period of challenging market conditions therefore highlights clearly CAML’s investment case based on low cost and consistently cash generative assets.
Companies: Central Asia Metals
Trans-Siberian Gold has reported an impressive set of interim results, driven by substantially lower All-in Sustaining Costs (AISC). These reduced 38% to US$850/oz from US$1,370/oz a year ago. As a consequence, EBITDA was up 62% YoY to US$14.4m. And the company has doubled its interim dividend to US$2m (US$0.023/share).
Companies: Trans-Siberian Gold
A great first half for Iofina, which has restructured its balance sheet, materially reducing debt levels, and accelerated its growth plans following a successful equity raise. Construction of its next iodine plant, IO#8, is underway while the search is on for a location for IO#9 in 2020. Strong cost controls in a tightening iodine market have boosted profitability and helped to deliver record results. The shares have performed accordingly and are now trading at a 17% discount to our 35p price target, albeit this does not include anything for its CBD business. These results bear all the hallmarks of a management team executing well and delivering on multiple fronts towards its iodine growth strategy. If they can replicate this with their CBD ambitions, well…
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.
Companies: 88 Energy
The shares of Bloom Energy (BE US), Ceres SO fuel cell rival, were down sharply yesterday following a short-seller research attack from Hindenburg Research. HR claims Bloom servers are wearing out much faster than anticipated resulting in a $2bn servicing cost liability that is not recognised in the accounts and big future cash expenses.
Companies: Ceres Power
In January, we provided a list of 11 stocks for 2019 that we believed would perform strongly with attractive catalysts that could lead to material outperformance. In this Quarterly Research Outlook, we revisit these views, analysing what has happened and how the remaining six months of the year could play out.
Companies: AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CALL CSRT TIDE CYAN DTG DEMG ELM EMR FPO FST GTLY GENL GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR HYR IBPO IOG INDI JHD JOG KAPE KEYS KCT KGH LAM LIT LOK MACF MANO PCA PANR PXC PHC PMO RBW RMM REDD RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG SOM TWD TRAK TSG TRI VNET VTC ZOO ZTF
Chariot has released a Competent Persons Report for the five prospects not previously audited on its Lixus licence, offshore Morocco. This results in a 20% increase in block-wide gross gas resources to 2.2 tcf. It also reinforces the extent of drilling running room across this acreage, where Chariot is seeking to bring in a strategic partner to help fund appraisal/development/exploration activity. Progress with the Lixus farm-out is said to be encouraging, with several leads being pursued across a wide range of potential partners. Success should result in a material re-rating of the shares, which continue to trade below last reported cash.
Companies: Chariot Oil & Gas
This morning Hurricane Energy announced the flow test results from its Lincoln Crestal well, the second well of a three-well drilling campaign in the Greater Warwick Area (GWA). The well tested at a maximum stable flow rate of 9,800bopd using electrical submersible pumps (ESPs). The well flowed at an average rate of 4,682bopd under natural conditions and no formation water was produced. The well will now be suspended, with the intention that it will be used for production via tie-back to Lancaster’s Aoka Mizu FPSO in 2020, subject to further work, regulatory consent and final investment decision by the joint venture. Production from the tie-back would generate reservoir data to be used in planning future phases of development of GWA. The drilling rig will now move to the location for the third and last well of the 2019 drilling programme, Warwick West. Our latest risked valuation of Hurricane Energy stands at 102.8p/share, with GWA tie-back being valued at 3.5p/share and GWA FFD at 21.6p/share. Hurricane Energy is currently trading at 49.0p/share.
Companies: Hurricane Energy
Landore raised £470,000 at 0.725p with existing holders to further fund the working capital of the Company and its exploration programme, which includes drilling to further extend the BAM Gold Deposit to the east and to test mineralisation identified by the ongoing exploration along the highly prospective area between the BAM Gold Deposit and Lamaune Gold Exploration Target.
Companies: Landore Resources
Salt Lake Potash has completed Pilot Plant test work at the Saskatchewan Research Council (SRC) on five tonnes of salt harvested from Lake Way. This confirmed production of a premium water soluble SOP product with a +53% K2O grade. Potassium Chloride (KCl), also known as MOP, was also successfully added into the process to utilise the excess of sulphate naturally present in the Lake Way brine. The addition of MOP provides an increase in the SOP output from equivalent input of Lake Way brine volumes, with no material additional capital expenditure. The process flowsheet that has been developed and confirmed as part of the Pilot Plant test work has been incorporated in the Lake Way Bankable Feasibility Study which is scheduled for completion in early October 2019. The addition of MOP to the process will increase the SOP output from an equivalent volume of Lake Way brine. This will have a positive effect on the project NPV, EBITDA and IRR. Australian Potash (APC.ASX) have completed a feasibility study on their Lake Wells project that is also planning on a similar MOP addition process. In terms of scale, the 200ktpa scoping study was for a Brine fed SOP only plant. We estimate that back hauling MOP to provide additional feed to the plant, to use the excess Lake Way brine sulphate will mean reducing SOP from brine to 180ktpa and additional MOP will produce a further 70 to 120ktpa of SOP, bringing the total SOP produced to 250-300 ktpa. This can be achieved without significant changes to the processing equipment and no material additional capital expenditure. MOP is dissolved in a mixing tank with high purity schoenite then fed into the SOP crystalliser, so very little additional CAPEX is required other than possibly for a larger crystalliser. The supply of MOP is potentially linked to SOP Sales and, while the pricing mechanism is not finalised, feed supply of MOP is readily available with a 70Mtpa global market as supply currently outweighs demand with prices ranging from US$230-360/t. To produce an additional 70ktpa SOP would require approximately 60ktpa MOP. This also means that there are both shipping and road transport synergies with backloading, as less low value MOP coming in than high value SOP going out. The SOP premium over MOP averages at US$269/t for the past five years and the floor premium is approximately US$100/t as this is the Mannheim conversion cost for MOP. MOP to SOP conversion should produce a margin even at those levels. Current SOP prices range from US$510- 585/t and have been consistent over the last few years.
Companies: Salt Lake Potash
Warren Buffett once said that as an investor, it is wise to be ‘fearful when others are greedy and greedy when others are fearful’. Fear is not in short supply right now.
Companies: OPM ALU ANCR BLV CONN CRC STU GATC HAT LEK MMH MCB MWE NXR NTBR NOG PAF PEG RFX SRC TEF TEG TPT VTU WYN XLM
JOG has announced a set of substantial new UK North Sea licence awards from the OGA, and a three-month option agreement for Equinor to take a 50% interest in these. JOG has been awarded 100% in several blocks which contain the Buchan field (82mmboe gross mean contingent resource, expected 98% oil), Buchan Andrew discovery (3mmboe gross mean contingent resource) and J2 discovery (20mmboe gross mean contingent resource). These are located next door to JOG’s existing P2170 licence in the Outer Moray Firth.
Companies: Jersey Oil And Gas
Sylvania has reported FY19 results (June Y/E) of $6.37/sh versus expectations of $5.95/sh due to a lighter tax expense than assumed. They have entered into a binding agreement to sell Grasvally for R115m ($7.6m at current FX), which should be settled in the next eight months.
Companies: Sylvania Platinum
Cadence Minerals is at a crossroads with an extraordinary opportunity to gain a significant share in an advanced brownfield restart of an iron ore mine. The move from Investment Company to a company holding a JV in an operating mine (generating significant revenue, profits and cash flow) could be transformational for the fortunes of this AIM-listed junior. The Amapá iron ore mine was previously closed after a port failure during the last decline in iron ore prices. Before this it had been operating well, producing significant quantities of premium iron ore products and had returned profits to its owners. The new Amapá JV (Cadence option to own 27% initially) has a plan, backed by the regional judiciary and government at all levels, to sell stockpiled iron ore, reinvest the money from this into studies to restart the mine which could, in short-order, be producing upwards of over 5Mt/a of premium iron ore for the far east and China. The current Cadence share price is underpinned by its investments in lithium and REE projects and companies, but the potential for Amapá is not yet factored into what we believe could be a bright future for Cadence. Following the addition of this transformation project to its portfolio, we reinitiate on Cadence and see fair value at 44p/sh.
Companies: Cadence Minerals