Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on Tlou Energy. We currently have 28 research reports from 4 professional analysts.
Diversified Gas & Oil (DGOC): Extended Kentucky Agreement | Gulf Keystone Petroleum (GKP): Shaikan Payment Update | Tlou Energy (TLOU): Active work programme in Botswana, financing crucial for development
Companies: DGOC GKP TLOU
Westmount Energy (WTE LN) (not covered): Subscription to raise up to £5.0 mm | Lekoil (LEK LN) (not covered): Acquisition of participating interest in OPL276 in Nigeria | Tlou Energy (TLOU LN) (not covered): Sustained gas flows
Companies: WTE LEK TLOU
Brickability - The br icks supplier , w hich a lso ha s a hea ting a nd plumbing business a s w ell a s a roofing division, expects to join the junior market at the end of this month with a market cap of circa £150m
Companies: SYM TEK TMT TLOU ALS SPDI RBD FOG SIM CLNR
ReAssure Group plc - The Group is a leading closed book life insurance consolidator in the United Kingdom with 4.3m policies, £68.7 billion of assets under administration on a Post-L&G Illustrative Basis. It is considering a premium listing segment of the main market. Voyager AIR The Com pany w ill focus on the acquisition, leasing and m anagement of prim arily widebody aircraft, w ith asset management services to be provided by Amedeo Limited the IPO will comprise a Placing and Offer for Subscription of Shares to raise up to approximately US$200m.
Companies: CRC XSG ELA REDX ORCP SIXH CAML TCN TLOU DBOX
SDX Energy plc—a North Africa focused oil and gas company, announces its intention to complete a Canadian plan of arrangement under section 192 of the Canada Business Corporations Act and will have shares de-listed from the TSX-V and admitted to trading on AIM. Expected 28 May 2019, anticipated market cap of £76m Renold plc—a leading international supplier of industrial chains and related power transmission products, announced that it will cancel the listing of the Company from the premium segment and apply for admission on AIM. Expected 06 June 2019. Distribution Finance Capital Holdings plc — specialist lender which builds relationships with manufacturers and then provides working capital solutions up and down their supply chains to drive their growth is looking to join AIM. No raise, secondary offering of £19.8m at 90p, expected market cap of £95.98m. Expected 09 May 2019. Alumasc Group plc, the premium building products, systems and solutions group, has announced its intention to move from the Premium Segment of the main market to AIM. Expected market cap of £33.4m. Expected 25 June 2019 NEX Exchange Arbuthnot Banking Group plc, primarily involved in banking and financial services including commercial banking, private banking, wealth planning and investment management, is looking to joining the NEX Exchange Growth Market. Expected 17 May 2019
Companies: NICL HUM TPG TLOU OSI KMK AUG FPO BIRD MTFB
Parex Resources (PXT CN); BUY, C$30.00: 1Q19 estimated production c. 51,200 boe/d | Premier Oil (PMO LN); BUY; £1.45: Well test result in Mexico | Europa Oil & Gas (EOG LN) (not covered) & UK Oil & Gas (UKOG LN) (not covered): Sale of interest in PEDL143, UK | Union Jack Oil (UJO LN) (not covered) & UK Oil & Gas (UKOG LN) (not covered): Holmwood update, UK | Tlou Energy (TLOU LN) (not covered): Placement with Botswana based investors | Tower Resources (TRP LN) (not covered): Proposed bridging loan
Companies: PXT PMO EOG UJO UKOG TLOU TRP
Ascent Resources (AST LN) (not covered) | Carlyle buys a stake in Cepsa | Volga Gas (VGAS LN) (not covered): FY18 results | SDX Energy (SDX LN/CN)1,6; BUY; £0.65 – Delisting from the TSX and potential delays at South Disouq | Orca Exploration (ORC.A/B CN) (not covered): Reserves update in Tanzania | Tlou Energy (TLOU LN) (not covered): New equity issue for Southern Africa
Companies: AST VGAS ORC.B TLOU SDX
Circassia Pharma (CIR.L) - specialty pharmaceutical company focused on respiratory disease transferring from the Main Market. No funds being raised. Due 4 Feb. 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: ITX GYM FORT SLN EDEN KAPE CLIN CALL TPG TLOU
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. Path Investments— First acquisition of a 50%. participating interest in the producing Alfeld-Elze II gas field in Germany. Seeking £10m raise. Transaction aborted. Was RTO. PATH to seek lifting of suspension. 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.
Companies: HYDG KRM TLOU SUN KEFI ZOO ATM CRW CTP CAB
i3 Energy (I3E LN) (not covered): Site survey operations for Liberator | UK Oil & Gas (UKOG LN) (not covered) & Solo Oil (SOLO LN) (not covered): Acquisition of Further Interest in Horse Hill | Exillon Energy (EXI LN) (not covered): July production in Russia | Tlou Energy (TLOU LN) (not covered): Final results
Companies: TLOU EXI UKOG SOLO I3E
Monreal PLC—AIM cash shell moving to NEX by taking advantage of opportunities to invest in the technology, media, and telecom (TMT) sector. Due 03 July Ananda Developments— Company has been established to invest in the developing market for medicinal or therapeutic Cannabis derivatives, or related products. Raising £750k at 0.45p with market cap of £1.3m. Due 04 July
Companies: ANP ANP AOR BCA TND TLOU DKL VNET EUSP KAPE ODX
Echo Energy (ECHO LN) (not covered): Oil to surface in Argentina | SDX Energy (SDX LN/CN)1,6; BUY, £0.70: Morocco gains materiality | Maurel & Prom (MAU FP) (not covered): 1Q18 results | Savannah Petroleum (SAVP LN) (not covered): Bushiya Oil Discovery | Tlou Energy (TLOU LN) (not covered): 1Q18 operations
Companies: ECHO MAU SAVP TLOU SDX
Ecopetrol (EC US) (not covered): YE17 reserves in Colombia | Range Resources (RRL LN/RRS AU) (not covered): Operating update | OMV (OMV AG) (not covered): 4Q17 results | SDX Energy (SDX LN)1,6; BUY, £0.60: Drilling results in Morocco | San Leon Energy (SLE LN) (not covered): Low production in Nigeria | Tlou Energy (TLOU LN) (not covered): Reserves increase in Botswana
Companies: ECOPETL RRL OMV SLE TLOU SDX
Volex VLX.L—The global provider of cable assemblies is proposing to move from the main market to AIM on 19 January. £71m market cap. FYMar18E rev £241.5m and £7.19m PBT Belluscura— Provider of premium medical devices at value prices to address part of the global unmet need for affordable, premium quality medical devices. Raising £7.5m to £10m. Offer TBA. Due early Dec Ten Lifestyle Hldgs - Technology-enabled lifestyle and travel platform providing trusted concierge services to the world's wealthy. Net revenue increased from £20m in the year ended 31 August 2015 to £33m in the year ended 31 August 2017, a compound annual growth rate of 29%. Offer raising £32.2m at 134p with market cap of £104.8m, expected 29 Nov 2017. Miriad Advertising—Global video advertising company incorporated in 2015 and is engaged in the development of native invideo advertising . 2016 rev £0.7m and £7.3m operating loss. Offer TBA 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. OG Graphite, brownfield development-stage graphite company focused on the reactivation of its wholly-owned Kearney natural flake graphite mine and mill located 280 km north of Toronto, Canada. Offer TBA, expected mid November.
Companies: PYC NQMI MTR TLOU D4T4 BCA IXI MPM EQLS
Research Tree provides access to ongoing research coverage, media content and regulatory news on Tlou Energy. We currently have 28 research reports from 4 professional analysts.
|30Oct19 07:00||RNS||Corporate Presentation|
|17Oct19 07:00||RNS||Results of AGM, Chairman's Address, Field visit|
|16Oct19 07:00||RNS||Operational Report Quarter Ended 30 September 2019|
|13Sep19 08:13||RNS||Appendix 4G and Corporate Governance Statement|
|13Sep19 08:07||RNS||Notice of Annual General Meeting|
|03Sep19 12:28||RNS||Managing Director Share Purchase|
|02Sep19 15:11||RNS||Director/PDMR Shareholding|
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.
Companies: 88 Energy
Sirius’ announcement this morning has confirmed it will split the financing of the shafts and the remainder of the project, with the $600m shaft component targeted before April. We outlined the rationale for this strategy in September and ran through some of the maths, but today’s release implies scope for less dilution than expected, if it can be executed.
Companies: Sirius Minerals
Following continued delays of a Brexit agreement, few sectors within the UK market have remained attractive to investors despite low valuations. One sector which has continued to outperform despite the political drama has been the UK video gaming sector (henceforth UK gaming), which we are fans of. We believe a combination of sector-leading growth, strong cash conversion and timely cyclical positioning support our positive view on the UK video gaming sector.
Companies: ABBY AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CDM CSRT TIDE CYAN DTG DEMG ELM EMR FPO FDEV GTLY GENL GHH GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KAPE KEYS KWS KCT KGH LAM LIT LOK MACF MANO MOD OXIG PCA PANR APP SRE PHC PMO RBW RMM RBGP REDD RSW RNO ROR SUS SCPA SEN SHG SOLG SOM SUMO TM17 INCE TWD TRAK TRI VNET VTC ZOO ZTF
Following the successful appraisal of the Mako gas field at Tambak-2, Empyrean Energy has announced the spudding of the Tambak-1 well offshore Indonesia. The Tambak-1 well has been designed to appraise the extent of the Mako gas field as well as to test the underlying Tambak prospect. The Tambak prospect is a Lower Gabus structure that sits beneath the northern end of the Mako field and is estimated to contain 250Bcf of mid-case prospective resources. The well will take 33 days to drill, log and test, if successful, after which the well will be plugged and abandoned. We value the Tambak prospect at 0.9p per share, risked to Empyrean's 8.5% working interest or 4.5p per share unrisked. We make no changes to our model, maintain our price target at 33p and reiterate our BUY recommendation.
Companies: Empyrean Energy
Trinity recently released its Q3/19 operational update in which the Company continued to focus on maintaining base production, whilst increasing its low-cost, high margin production. Production averaged 2,816bopd in Q3/19, a 3% YoY increase (Q3/18 2,734bopd). Two of the four new onshore infill wells came onstream during the period, with a third well coming onstream post-period end, increasing base production to 3,017bopd during October, with an expected year-end exit production rate of c3,400bopd. Trinity continues to pioneer its SCADA (Supervisory Control and Data Acquisition) system to optimise producing wells, allowing the Company to increase production, reduce opex and add value. The focus for the remainder of 2019 will be on the completion of the H2/19 onshore drilling campaign; with the information learned to be used in preparation of further drilling during H1/20. With new wells coming onstream, and a low operating break-even we expect the Company's cash generation levels and balance sheet to further strengthen during Q4/19. We maintain our BUY recommendation but reduce our price target to 37p (from 40p) following the 2020 National Budget changes (see below) and the recent shift in the USD/GBP exchange rate.
Companies: Trinity Exploration & Production
Bacanora Lithium (BCN LN) # has paved the way to successful project financing, construction and commissioning with the completion of the previously announced investment and offtake agreement with Ganfeng Lithium, the third largest lithium producer in the world. The initial investment of £22m for 29.9% of BCN and 22.5% of the project level company gives BCN a strategic partner with both technical expertise in developing deposits like Sonora and financial firepower to help get the project into production.
Companies: Bacanora Lithium
Shell is acquiring the French offshore wind developer Eolfi. The Anglo-Dutch oil major, which wants to be on the “right side of history”, is increasing its investments in renewables. Having such a committed player now in France is positive for the domestic supply chain. With the ambition of reducing its net carbon footprint by half by 2050, this acquisition is further evidence of the potential of offshore wind in light of the energy transition.
Companies: Royal Dutch Shell
Diversified Gas & Oil (DGO) is an Appalachian Basin focussed E&P Company, with a portfolio of long-life, low operational cost, low decline assets. By acquiring high quality assets, with synergies to the Company's existing portfolio, DGO can reduce operating costs and enhance margins, thereby creating significant shareholder value. DGO looks to acquire non-core producing assets from the shale focussed E&P's, before maximising and optimising production to extend well life. This long well life underpins the Company's well retirement programme, with DGO negotiating agreements covering more than 98% of its total oil and gas wells, providing clear visibility into the Company's future expenditure whilst also building trust with the state regulators. Following recent updates by the Company and the recent change in USD/GBP FX rate we lower our price target to 141p and maintain our BUY recommendation.
Companies: Diversified Gas & Oil
Ceres has made a strategically important RNS this morning indicating it has launched its first hydrogen fuel cell system giving customers a zero carbon option system looking forward in addition to its low carbon natural gas systems - one of two areas we hoped it would develop into. Our note today explains the merits of having a fuell cell system designed specifically to work with clean hydrogen, flags next week's CMD at the new Redhill facility and Liberum's December's conference at Liberum and highlights the reasons why the hydrogen/FC sector has been booming.
Companies: Ceres Power
We are increasing our target price on PetroTal from £0.45 per share to £0.50 per share following the strong result of the BN 95-4H well. In our view, the initial flow rate of 6.2 mbbl/d combined with lower than expected drilling costs demonstrates the potential of horizontal wells to develop the field with better economics, shorter pay back and potentially more reserves. With current production of already 7.8 mbbl/d constrained by surface facilities, PetroTal is well on track to deliver 10 mbbl/d by YE19. We are incorporating the additional capital recently sanctioned to drill more wells and enhance further surface production capacity and increase our YE20 production forecast from 14 mbbl/d to 18 mbbl/d. This new profile and capital programme look increasingly similar to the 3P reserves case, which recovers c. 80 mmbbl (twice the company’s 2P reserves). A increase of 2P reserves at YE19 looks increasingly possible in our view. We are now incorporating into our Core NAV a risked value for the company’s possible reserves (@60%), resulting in our Core NAV increasing from £0.23 per share to £0.54 per share. The shares trade at c. one third of our new Core NAV and at EV/DACF multiples of 1.0x for 2020 and 0.5x for 2021. PetroTal continues to be a deep value name also offering production, cashflow and reserves growth.
Pantheon has released an update on its Alaska farm out process. The shares have exhibited weakness during recent weeks, during a period in which we have had the positive news of a potential upgrade to Talitha target resources and the acquisition of Halliburton’s 25% in the Alkaid/Phecda discovery (helping simplify Pantheon’s farm out process), and in which the company has continued to engage with potential partners for its key Alaska farm out. Today’s update reports that this process remains busy, with interest from oil and gas and also nonindustry companies. We believe that this price move creates a buying opportunity, with potential for forward catalysts from a successful farm out and subsequent up to four well drilling programme.
Companies: Pantheon Resources
Gas has started producing from SDX’s South Disouq concession (55% WI, op) in Egypt. It has been flowing through the South Disouq Central Processing Facility (CPF) since 7th November 2019. Each of the four discovery wells have been hooked up to the CPF and tested since then and have produced at their expected rates of 8 mmcf/d to 15 mmcf/d. Over the last three days, the CPF has been operating in line with company expectations, achieving average gross production of 23 mmcf/d of gas (GMP FEe 4Q19: 25 mmcf/d) and 120 bbl/d of condensate (GMP FEe 4Q19: 150 bbl/d) or 24 mmcfe/d overall (GMP FEe 4Q19: 25.9 mmcfe/d).
Companies: Sdx Energy
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
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
Kaspi.kz, the largest Paym ents, Marketplace and Fintech Ecosystem in Kazakhstan w ith a leading m arket share in each of its key products and services. GDR offering expected Oct 2019. In the first half of 2019, the Company generated total revenue of KZT226,862m (U.S. $598m), up 34% and net income of KZT77,001m (U.S. $203m), up 54%. Registration document approved for Helios Towers. The Group provides essential network services, flexible infrastructure solutions and reliable power supply to mobile network operators in five African growth economies. Revenue increased 7 per cent. year-on-year to US$191m (H1 2018: US$178m), with Adjusted EBITDA up 15 per cent. year-on-year at US$99m (H1 2018: US$86m) for the six months ended 30 June 2019.
Companies: XSG TRAK CREO BIDS VDTK BKS LSAI WHR CAB GYG