ADX Energy (ADX AU) C; Target price increased from A$0.040 to A$0.045 per share: 2P reserves increased by >150% with further upside possible – 2P reserves at the Zistersdorf and Gaiselberg fields in Austria as at 1 July 2021 have been estimated by the company’s reserves auditor at 1.8 mmboe. This represents a 154% increase versus previous estimates. The reserves increase reflects 32+ recompletions to access behind pipe reserves from d
Companies: GTE PPC ADX ALV ALV BP/ CE1 CNE CEG DNO DNO ENOG FEC GENL PXT SNM TETY TETY TGL EGY VOG ZEN
Adjusted net income came in slightly higher than expected and up 18% qoq at $3.32bn, on the back of the higher oil & gas prices, but note sequential improvements in every division (i.e. refining in the black, positive contributions from gas trading). The company is starting a new tranche of its share buy-back programme, at $1.25bn, a positive as it is above the surplus cash flow of $0.9bn, and supported by the strong prices seen in Q4.
Companies: BP p.l.c.
Arrow Exploration (AXL CN) C: Operation update in Canada - Arrow has begun the process to tie-in the behind-pipe natural gas from the 03-26-52-23W5 exploration well located at West Pepper, The estimated on-stream costs are ~C$1.3 mm. Initial production is estimated at ~5.5. mmcf/d, suggesting a payback of four months.
Vaalco Energy (EGY US/ LN) C: Target of £3.80 per share: Advancing Equatorial Guinea – In our view, the highlight of t
Companies: AKRBP AKERBP JKX KOS SEN SNM SOU TETY TETY TXP CZA AOI ALV ALV AXL BP/ CNE CNE FEC HE1 EGY
GeoPark (GPRK US) C: Target of US$27 per share: Doubling quarterly dividend – The highlight of the 2Q21 results is the doubling of the quarterly dividend to US$0.041 per share. Following the refinancing of its debt, GeoPark had indicated previously its ambitions to increase distributions. 5-6 wells will be drilled at CPO-5 in Colombia by the end of 1Q22. This includes 2-3 wells in 4Q21 (including 1-2 exploration wells) and 3 wells in 1Q22 (including 2 exploration wells). The first exploration w
Companies: ALV ALV BP/ CNE CNE CNE DEC ENI ENI GENL GPRK GPRK GTE IHC OSH PXT STO SDX TGL VOG
Positive developments on distribution, with the share buy-back programme becoming clearer and with the dividend having an element of growth. The amount of the share buy-back is in line with the policy of distributing 60% of surplus cash flow ($2.4bn in H1), and the dividend growth rate of 4% is similar to Shell. Operationally, the results are good and allowed for $0.7bn as cash surplus in Q2 against a guidance of a deficit, thanks to the higher oil prices.
Market update - 23/07/2021
Calima Energy (CE1 AU) C; Target of A$0.035 per share: Trading update in Canada – The Gemini #1 and #3 well encountered oil and gas shows as prognosed with production expected to be in line with the predicted type curves. Initial flow-back and production started on 26 June for the Gemini #1 well and on 24 June for the Gemini #2 well. Production will start at Gemini #3 in mid/late July, Calima has re-iterated its YE21 production guidanc
Companies: SNM AOI BP/ CE1 CEG ENQ GENL GPRK GPRK I3E IHC SDX
Bahamas Petroleum Company (BPC LN)/Challenger Energy Group (CEG LN)C; Target of 1.20p per share: Completing financing – BPC has raised £6.9 mm of new equity. This is an important step for the company to fund the upcoming work programme. The key near term newsflow is the drilling of the saffran#2 appraisal well that could derisk ~11 mmbbl. The company has now changed its name to Challenger Energy and will trade under the ticker of “CEG LN”.
GeoPark (GPRK US)C; Target price
Companies: CEG BP/ CNE CNE DEC ENI ENI FEC GPRK GPRK GTE HUR NOG PXT PGR RDSA SDX SNM TETY TETY
Bahamas Petroleum Company (BPC LN)C; Target price of 1.20p per share: Pressing the reset button - BPC announced important management changes with Eytan Uliel becoming CEO and Simon Potter transitioning to a NED role. The company will also change its name to Challenger Energy plc. The strategic focus has not changed with two imminent key appraisal wells due to be drilled in Trinidad and Suriname at a total initial cost of 2x the current share price. Importantly our unrisked N
Companies: ADX AKRBP AKERBP CEG BP/ CE1 DEC ENI ENI ENQ EQNR EQNR XOM XOM HUR JSE JKX LUPE NOG OMV OMV RBD REP REP RDSA TTE EGY VOG
Market update - 28/04/2021
Companies: EGY BP/ KIST
Consensus was beaten on the back of the higher oil price and “an exceptional gas marketing and trading performance”. The company is starting a first tranche of a $500m share buy-back, as it reached its net debt target ($35bn). While positive, the buy-back could be closer to $1bn, taking the capital allocation framework (60% of surplus cash flow, $1.7bn in Q1). Payments in Q2 seem to be the reason, as management expects a cash flow deficit in Q2.
Panoro Energy (PEN NO)C: Better deal than expected in EG – Increasing our target price from NOK30 to NOK34 per share – The acquisition of Tullow’s EG asset has now closed and Panoro has paid a final consideration of US$89 mm in line with the initial price announced earlier (US$90 mm). Panoro has also sold a 903 mbbl cargo in EG associated with historical production in 2H20 and 1Q21 for US$59 mm net to Panoro (after royalty). This amount corresponds to Panoro’s net entitlement
Companies: 88E ALV BP/ ENI ENI HUR OMV OMV PEN PEN TAL PHAR REP REP RDSA TETY TETY TTE
PetroTal (PTAL LN/TAL CN)C; Target Price: £0.50: Successful US$100 mm bond raise opens new horizons – PetroTal has raised ~US$100 mm through a 3 year senior bond issue with a fixed coupon of 12% per year and a borrowing limit of US$125 mm. ~US$20 mm will be used to repay the US$16.6 mm derivative liabilities to Petroperu (formalized in November) and the US$2.9 mm government pandemic loan, while US$20 mm are earmarked to make acquisitions. The balance will be invested in th
Companies: NOG CASP RDSA ADX AKRBP ALV BP/ DNO ENQ JSE LUNE MAHAA OMV PXT TAL SEPL WEN
Results missed estimates, mostly on downstream being impacted by weak refining. Net debt is down by $1.4bn to $39bn, with the completion of the disposal of the petrochemical unit. The group announces $4-6bn of divestments in 2021 but also expects payments to be front-loaded in H1 (e.g. severance payments, offshore wind). It therefore sees the $35bn target as being reached at the end of 2021/ beginning of 2022, opening the door for the share buy-back programme.
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Phoenix copper today announces an update on its deep drilling program below the proposed Empire oxide open pit resource and into the deeper sulphide zone. Phoenix is roughly 1/4 the way through a 4,500m drilling programme and has once again shown that high-grade zones of copper, zinc and lead sulphide mineralisation exist, nearly always associated with gold and/or silver and often with elevated concentrations of tungsten and molybdenum.
Companies: Phoenix Copper Ltd. (United Kingdom)
Friday's market sell off saw some violent downward moves in many stocks with little initial differentiation between sectors or the key drivers of businesses, creating significant share price drops in a number of higher quality or uncorrelated names. We take a look at some stocks we believe have either seen an unwarranted sell-off, have seen weakness go under the radar or where there is now a more attractive opportunity.
Companies: ANX IBPO CYAN SOM EQT AFM
Across a broader market sell off EQTEC have shown resilience and is trading at 1.55p, above its placing in May, up 25% from one month ago.
Companies: EQTEC PLC
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What’s cooking in the IPO kitchen?
Trinistar Liverpool S.a r.L announces its potential listing of a newly formed single asset company which will own the Capital Building in Liverpool on the IPSX. Upon admission the Company would become a real estate investment trust (REIT). The Capital Building occupies close to a 3.5 acre freehold site in the centre of Liverpool’s business district; the building comprises c425,000 square feet of predominantly of
Companies: ADBE ADBE SYM ARC AVCT CMCL CLIN DCTA FRAN OSI
SolGold (“SOLG”) has published the first partial assay results from its drilling programme at the Varela target on the Rio Amarillo concession, 35km from the flagship Cascabel project. Hole 1 has been assayed to a depth of 1,052m, revealing an intercept of 72m @ 2.16 g/t Au from 639.7m, including 24m @ 5.77 g/t Au. More interestingly assay results are pending from 1,052m to 1,708.1m (EOH) where free gold and porphyry mineralisation have been identified. Intersections of porphyry style mineralisa
Companies: SolGold Plc
West Newton planning update
Companies: Union Jack Oil Plc
Trinity has received FDP approval from the Ministry of Energy and Energy Industries (MEEI) for the Phase 1 development of the Galeota licence. The submitted development plan has the potential to add additional peak production of c4,000 bopd; however more recent modelling suggests that intra-year peak production could be significantly higher, up to 7,000 bopd. Whilst the current development concept comprises the installation of a low-cost eight well platform (Echo), we note that Trinity is also w
Companies: Trinity Exploration & Production Plc
European gas prices are never far away from the headlines at the moment, although Parkmead’s results to end-June did not capture this surge in prices – that is yet to come. Parkmead is well placed to benefit from the current strength in European gas prices, while the potential for another commodity super-cycle suggests there is further progress to come on its major GPA oil project. A strong net cash position also puts it in the driving seat for potential acquisitions.
Companies: Parkmead Group PLC
Shanta Gold (AIM: SHG), the East Africa-focused gold producer has today announced a drilling update on its West Kenya Project (WKP) based on its Phase 2 drilling program which aims to infill 17 modelled zones across both Isulu and Bushiangala deposits up to 450-500m below surface. The Company has also reported drilling results from a regional exploration target, Ramula, where assays have been received from the first of 12 holes drilled, as part of the resource drill-out programme, totalling 451m
Companies: Shanta Gold Limited
Atlantic Lithium* (ALL LN) – Shareholders approve demerger of gold assets
Castillo Copper (CCZ LN) – Extension of options to acquire the Litchfield and Picasso lithium projects
Cornish Lithium (Private) – $18m funding package secured from TechMet
Hochschild (HOC LN) – Shares rise as government appears to back away from closure plans
Hummingbird Resources (HUM LN) – Updated mineral reserves extend Yanoflila LOM and delivers maiden estimate at Kouroussa
Phoenix Copper* (PXC LN) – Deep drilli
Companies: HOC HUM PXC PREM CCZ ALL
Q3 2021 results; new Romania drilling planned
Companies: Serinus Energy plc
Initiating Coverage: Price Target 20p
Potential Beyond Tin
AfriTin Mining Limited (ATM) is one of only three listed tin producers in Western markets. It has a large (820km2) land package in Namibia comprising 5 prospective licenses of which the Uis mine is the most advanced and already in production. Near term growth is being delivered with an 80% increase in tin production between 2022 and 2024. However, this is only scratching the surface and there are more than conceptual plans being fo
Companies: AfriTin Mining Ltd.
Last week, as part of Diversified's Capital Markets Day, CEO Rusty Hutson and the Diversified senior leadership team provided investors with an in-depth overview of the Company's strategy and operations, with a specific focus on the Company's Environmental, Social and Governance (ESG) initiatives. Some of the key takeaways include US$15m of additional investment from 2022 on emission reduction activities and equipment. Mid-term plans (2023-2026) include plans to curb Scope 1 methane emissions in
Companies: FO 88E DEC EME GTC TRIN UOG WEN
Q3 2021 results
Companies: Arrow Exploration Corp.
Alien today announces that it has entered into a Binding Heads of Agreement with Platina Resources (ASX:PGM, Mkt. Cap. A$29m) to acquire Platina's 30% interest in the Munni Munni Platinum Group Metals (PGM) Project in Western Australia. This has an established resource (JORC 2004) of 24Mt grading 2.9g/t PGE + gold (2.2Moz PGE). Alien will look to advance the Munni Munni PGM project with its JV partner Artemis Resources (ASX:ARV, Mkt Cap A$110m). The purchase will cost Alien £1.2m (cash of £0.
Companies: Alien Metals Ltd