Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on Tlou Energy. We currently have 26 research reports from 2 professional analysts.
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
AfriTin Mining—Demerger from Bushveld Minerals (BMN.L). Offer TBA. Due 6 Nov. The Uis Tin project (Namibia) is considered the flagship tin asset within the portfolio, as this was once the largest open cast tine mine of its kind in the world . Novacyt S.A.—Sch1 from the international diagnostics group, generating revenues from the sale of clinical products used in oncology, microbiology, haematology and serology testing. Offer to raise £8.8m at 59.38p with a value of £22.4m. Expected 01 Nov. Footasylum Ltd—UK-based fashion retailer focusing on the branded footwear and apparel markets announced its intention to seek admission to AIM. Expected value between £130m and £150m. Due Nov 2017. Central Asia Metals (CAML) -RTO of Lynx Resources. Anticipated market capitalisation at Admission: £404.8m. Raising £113m at 230p. Acquiring the SASA zinc-lead mine in Macedonia from Solway Industries. Due 15 Dec. 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. Orogen plc, to be renamed Sosandar plc on Admission. Sosandar is an online womenswear brand specifically targeted at a generation of women who have graduated from younger online and high street brands, and are looking for affordable clothing with a premium, trend-led aesthetic. Offer to raise £5.3m with market cap of £16.1m, expected 2 November 2017 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 late October .
Companies: ENGI SHRE BOD STEL DIS VCP TLOU GDP VIP
Xpediator Plc—Sch 1 from the holding Company for an integrated freight management business operating in the supply chain logistics and fulfilment sector across the UK and Europe with a strong presence in Central and Eastern Europe. Offer details TBC, expected Admission early August 2017. | GetBusy PLC—Sch1 from the holding Company of its subsidiary undertakings, which operates as a document management software business with over 110 full time employees, headquartered in Cambridge, UK and operating across the UK, USA, Australia and New Zealand. Capital to be raised via a rights issues of £3m at 28.3p with anticipated market cap of £13.7m. | Work Group PLC—Sch1 from the Company that proposes to acquire the entire issued share capital of Gordon Dadds Group Limited (GDG). GDG is an acquisitive law firm and a group of other complimentary businesses, including Prolegal, an acquisition vehicle model focused on smaller law firm. Capital to be raised is £20m with anticipated market cap of £40m. | Quiz—Sch 1 from the omni-channel and international own brand in the women's value fast fashion sector. Offer TBA. Expected late July. Last year Quiz posted sales of £87.4m while pre-tax profits grew by 17pc to £5.7m . | Arena Events Group -provider of temporary physical structures, seating, ice rinks, furniture and interiors. Raising £60m. Mkt cap £63m. Expected on the Chef’s birthday, 25th July. | Altus Strategies—African focused natural resource Company. Offer TBC. Expected Mid July. | Harvey Nash Group— Provider of professional recruitment and offshore solutions moving to AIM from Main. No capital to be raised. Mkt Cap c. £57.8m. | Greencoat Renewables - Schedule 1. Targeting a portfolio of operating renewable electricity generation assets, initially investing in wind generation assets in Ireland. Offer TBC. Due Mid July. | I3 Energy –Schedule 1 Update. Independent oil and gas Company with assets and operations in the UK. Issue price of 55p with anticipated market cap of £14.3m, 25 July Admission. | Verditek— Sch 1 update. The Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Issue price 10p. Admission late June.| Hipgnosis Songs Fund investment Company offering pure-play exposure to Songs and associated musical intellectual property rights. Prospectus yet to be published. | Impact Investment Trust—Exposure to a diversified portfolio of funds providing SMEs across developing economies with the growth capital they need to have a positive impact on the lives of the world's poorer populations. Raising up to $150m at $1.00. | Curzon Energy—Report on Proactive Investors of intended LSE float this year with acquisition of coal bed methane assets in Oregon. Looking to raise £3m plus. | Kuwait Energy— has not been able to complete its initial public offering as announced in its Intention To Float of 3 May 2017. However, in light of positive feedback from potential investors, the Company remains committed to obtaining a London listing and continues to explore its options. | Supermarket Income REIT– Up to £200m raise to acquire a diversified portfolio of supermarket real estate assets in the UK, providing long-term RPI-linked income. Due 21 July.
Companies: HZD HOTC TILS DPP TPOP TLOU VLG RENE
Research Tree provides access to ongoing research coverage, media content and regulatory news on Tlou Energy. We currently have 26 research reports from 2 professional analysts.
|22Aug19 07:00||RNS||Lesedi Pods Achieve Sustained Gas Flows|
|29Jul19 07:00||RNS||Operational Report - Quarter Ending 30 June 2019|
|10Jul19 07:00||RNS||Lesedi Gas Flow Testing Update|
|19Jun19 07:00||RNS||Project Development Update|
|20May19 14:10||RNS||Confirmation of Tender approval|
|15May19 07:00||RNS||Public Procurement & Asset Disposal Board Decision|
|01May19 07:00||RNS||Approval Of Downstream EIS|
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
Empyrean Energy has provided an update on its upcoming drilling programme in the Duyung PSC, offshore Indonesia, where the Company holds an 8.5% working interest. The two well campaign includes the Tambak-1 exploration/appraisal well, designed to appraise the central part of the Mako field and test the deeper 250Bcf Tambak prospect and the Tambak-2 appraisal well, designed as a 13.5km step out from the existing Mako South-1 gas well. Success at Tambak-2 would potentially convert some of the 392Bcf of 3C resources into 2C resources, which we value at a risked US$20.2m or 3.8p per share net to Empyrean (2C resources: US$13.6m or 2.5p per share). At a net cost of US$553-723k, the upcoming drilling campaign has the potential to deliver significant shareholder value with the minimal amount of capital expenditure. We maintain our BUY recommendation and our 33p price target.
Companies: Empyrean Energy
1H19 production of 3,539 boe/d had already been reported, as had net cash of US$11.2 mm at the end of June 2019. 2019 production and capex guidance are unchanged. In Egypt, the central processing facility is en route to site at South Disouq, thus achieving the second of the three key project milestones. The final milestone of first gas in 4Q19 remains on track, subject to the successful installation and hook-up of the CPF, which is scheduled to begin later in August, with the company still aiming for gross plateau production of c.50 mmcf/d by 1Q20.
Companies: Sdx Energy
88 Energy has signed a Sales and Purchase Agreement (SPA) with Premier Oil PLC (Premier), through which Premier will farm into the Western Play Fairway at Project Icewine. Under the SPA, Premier will earn a 60% operated interest by paying the full cost of the Charlie-1 appraisal well, up to a cap of US$23m, with an option to earn an additional 50% working interest on success in the Central or Eastern play fairways by spending a further US$15m. The Charlie-1 well is expected to be drilled and tested during Q1/20, penetrating multiple stacked horizons and potentially de-risking a large part of the conventional portfolio at Project Icewine. 88 Energy will retain a meaningful 30% working interest within the Western Play Fairway, containing net mean prospective resources of 720mmbls. We update our model, reducing 88 Energy's working interest across the Western Play Fairway, whilst increasing the chance of success across the Charlie-1 prospects. We reduce our price target to 2.6p (from 3.1p) and reiterate our BUY recommendation.
Companies: 88 Energy
Premier Oil had already reported 1H19 production of 84.1 mboe/d with net debt at the end of June of US$2.15 bn. 1H19 net cash flow from operations before interest payment was US$446 mm after lease payment (GMP FEe: US$491 mm, consensus of US$532 mm).
Companies: Premier Oil
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 FDL GATC HAT LEK MMH MCB MWE NXR NTBR NOG PAF PEG RFX SRC TEF TEG TPT VTU WYN XLM
Aura has now completed its feasibility Study into producing uranium (and potentially vanadium) from its Tiris deposit in Mauritania. The outcome was a viable project which is scalable, has a low All-In-Sustaining-Cost (AISC) cost at $30/lb U3O8 (compared with global peers) and most importantly has a low capital cost at $63m – particularly important in today’s unsteady capital market environment. We are firmly of the opinion that Tiris is a company maker for Aura as it moves along the next steps of optimisation and funding with a view at this stage to commission end 2020 / beginning 2021 – perfectly timed for what we perceive as a potential inflection point in the uranium price and a move to higher prices. We see additional value in Aura, we believe currently unrecognised in the market, with the large battery-metal Häggån project in Sweden and some prime greenstone belts in Mauritania which are (in our view) highly prospective for gold and base metals as limited prior exploration has shown. We currently see fair value in Aura at 3.2p/sh.
Companies: Aura Energy
Shearwater has raised £17.6m via an equity placing to finance the transformational acquisition of Brookcourt Ltd. Brookcourt is a UK based cyber-solutions provider specialising in providing emerging technologies in cloud security to a blue-chip customer base. The investment case is compelling because of the growth rates in these markets and the subsequent financial position of the enlarged group.
Companies: Shearwater Group
We are updating our note on Getech to incorporate the 2018 actuals and 12 month figures to 31 December 2017 (restated due to a change in year end). Since our last update a month ago, the shares have fallen ~15% despite in line results (including 11% y-o-y revenue growth and 32% expansion in profit) and a recovering oil price (Brent +5% approx) which provides further long-term support for Getech’s products and services. Rolling our valuation thesis forward one year, our estimate of fair value for the shares stands at 42.5p (page 17). Getech is lean and mean and highly operationally geared to further improvements in the top line.
Companies: Getech Group
Thanks to material iron ore price tailwinds, Rio Tinto managed to deliver a healthy set of H1 results, despite various other issues. Moreover, by leveraging its balance sheet, the group announced record interim dividends of $3.5bn. While iron ore is (and is likely to remain) a cash cow, all eyes are now pinned on how the copper and aluminium divisions perform/recover in the coming years. After a strong ytd run-up, buying on (macro-driven) share price corrections should be apt entry opportunities.
Companies: Rio Tinto
PowerHouse Energy (PHE) has signed a collaboration agreement with Peel Environmental. This seeks to develop 11 DMG facilities at sites in the UK, primarily on Peel’s land, including the previously announced project at Peel’s Protos Energy Park on Merseyside. The collaboration is part of Peel’s strategy to develop ‘Plastic Parks’ where waste plastics that cannot be recycled are used to generate electric power and hydrogen rather than being sent to landfill.
Companies: Powerhouse Energy Group
Empyrean Energy is an international oil and gas company with a diverse portfolio of assets encompassing the full oil and gas lifecycle. The Company's foremost project is the exploration of Block 29/11, offshore China, with gross best case prospective resource of 774 million barrels (mmbbls). Beyond this, the Company is engaged in the appraisal and development of the Mako gas discovery in Indonesia, with 2C contingent resources of 373bcf and the exploration and production of gas within the prolific Sacramento Basin in California. With the recent uplift in prospective resources and oil migration study confirming the potential of Block 29/11, and with further upside potential in Mako Deep and Dempsey 1-15 coming onstream, these are exciting times for Empyrean. The next 12 months could be transformational for Empyrean. Foremost to the value proposition is the continued de-risking of the highly prospective Block 29/11, with the Company employing Gaffney Cline to undertake a third-party certification of the prospective resources. The Company will also continue to progress the development of the Mako gas discovery, whilst further delineating the high impact Mako Deep exploration target, which could be targeted via a 2019 high impact dual purpose exploration/appraisal well. In California, the Company will be drilling the low cost, high impact Alvares structure, with prospective resources of over 2tcf. We believe Empyrean offers a low-cost entry to investors seeking exposure to conventional, low cost onshore US production, with high impact international exploration. We initiate coverage with a price target of 20p and a BUY recommendation.
Companies: Empyrean Energy
After a long wait, Anglo American joins the elite list of large cap miners by announcing / reinstating share buy-backs. The H1 19 results were a beneficiary of healthy improvements in Iron Ore and Platinum, which clearly overshadowed issues in other divisions. Surprisingly, Anil Agarwal-controlled Volcan has sold its significant minority stake (19.4%) in the diversified miner. Despite these promising developments and the group targeting further growth / improvements, the strategy with respect to weak-prospect businesses remains a major uncertainty.
Companies: Anglo American