Auctus on Friday - 02/02/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.65 per share: Operations on track – 4Q23 production was 218 boe/d as Anshof did not contribute to production during the quarter (in line with previous indications). Commercial production at Anshof is expected to restart in March after the commissioning of a permanent production facility. ADX held ~A$8 mm in cash as at YE23. Drilling at the high impact Welchau-1 well targeting between 365 bcf an

Oil & Gas Daily Flow

Gulf Keystone Petroleum (GKP LN): 50% yoy reduction in capex spend | Cadogan Petroleum (CAD LN): Resumption of production

Auctus on Friday

Panoro Energy (PEN NO)C; target price: NOK20.00: Balance sheet withstanding US$25/bbl | PetroTal (PTAL LN/TAL CN)C: Temporary Shut In of Bretana Oil Field Due to COVID-19 Pipeline Closure | Cairn Energy (CNE LN): Dry hole in Mexico – The Ehecatl-1 exploration well on Block 7 did not encounter hydrocarbons | Diversified Gas and Oil (DGOC LN): 1Q20 trading update and dividend payment | Frontera Energy (FEC CN): 1Q20 update; dividend suspended; FY20 production guidance withdrawn | Maha Energy (MAHA

GMP FirstEnergy ― UK Energy morning research package

Carnarvon Petroleum (CVN AU) (not covered): Strong flow test in Australia | Jersey Oil & Gas (JOG LN) (not covered): Equinor option to acquire 50% of the Buchan blocks not exercised | Reabold Resources (RBD LN) (not covered): Placing | United Oil & Gas (UOG LN) (not covered): Divestment in the UK | Cadogan Petroleum (CAD LN) (not covered): Trading update in Ukraine | Condor Petroleum (CPI CN) (not covered): Receives initial deposit for divestment of Kazakh assets | Regal Petroleum (RPT LN) (not

GMP FirstEnergy ― UK Energy morning research package

Cadogan Petroleum (CAD LN) (not covered): Sale of Gazvydobuvannya in Ukraine

GMP FirstEnergy ― UK Energy morning research package

Jadestone Energy (JSE LN): HOLD, £0.60; 2Q19 results | Cadogan Petroleum (CAD LN) (not covered): 1H19 update in Ukraine | Greenfields Petroleum (GNF CN) (not covered): 2Q19 update in Azerbaijan | Total (FP FP) (not covered): Farm out transactions with Qatar Petroleum

SP Angel – Oil & Gas View

Energean Oil & Gas (ENOG): Proposed Acquisition of Edison and $265 million Placing | IGas (IGAS): Onshore UK Wells | Cadogan Petroleum (CAD): Licence Application

GMP FirstEnergy ― UK Energy morning research package

PetroTal (PTAL LN/TAL CN)1 ; BUY, £0.40: Very positive operational update in Peru | i3 Energy (I3E LN)1 ; Speculative Buy, £1.80: Investment and further commitment to the junior facility | Ithaca Energy acquires Chevron’s UK North Sea assets | Neptune Energy: 1Q19 results | Cadogan Petroleum (CAD LN) (not covered): Well update in Ukraine | Greenfields Petroleum (GNF CN) (not covered): 1Q19 results | Orca Exploration (ORC.A/B CN) (not covered): New gas sales agreement with TPDC in Tanzania

GMP FirstEnergy ― UK Energy morning research package

Arrow Exploration (AXL CN) (not covered): FY18 results | Cadogan Petroleum (CAD LN) (not covered): Blazh-10 well update in the Ukraine | Greenfields Petroleum (GNF CN) (not covered): Update in Azerbaijan

GMP FirstEnergy ― UK Energy morning research package

Melbana Energy (MAY AU) (not covered): Farm-out agreement terminated in Cuba | Aker BP (AKER BP NO) (not covered): 1Q19 results | Serinus Energy (SENX LN)1 : Speculative Buy, £0.20: Gas production commences at Moftinu in Romania | Total (FP FP) (not covered): 1Q19 results | United Oil & Gas (UOG LN) (not covered): Resources estimates in Italy | Valeura Energy (VLU LN/VLE CN)1,6; BUY, C$10.00: Positive operating update in Turkey | Cadogan Petroleum (CAD LN) (not covered): Update in Ukraine | Gulf

GMP FirstEnergy ― UK Energy morning research package

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

GMP FirstEnergy ― UK Energy morning research package

PetroTal (TAL CN); BUY, C$0.90: Increased production from Bretaña field in Peru | Ineos looking to buy North Sea assets? | Cadogan Petroleum (CAD LN) (not covered): Vovche-2 well test results in the Ukraine | Kirkuk flow restart in Iraq | Sound Energy (SOU LN) (not covered): No producible gas at exploration well in Morocco | TransGlobe Energy (TGL LN/CN)1, BUY, £3.50: Very strong well test results in Egypt | Eland Oil & Gas (ELA LN) (not covered): share buy back programme

GMP FirstEnergy ― UK Energy morning research package

President Energy (PPC LN) (not covered): Well test result | Valeura Energy (VLE CN)1 ; BUY, C$11.00: 3Q18 results | Cadogan Petroleum (CAD LN) (not covered): Eni (ENI IM) (not covered) exit from the shale gas project in Ukraine | Caspian Sunrise (CASP LN) (not covered): 3A Best acquisition update | Eni (ENI IM) (not covered): Sale of interest offshore Egypt & concession award in UAE

GMP FirstEnergy ― UK Energy morning research package

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 r

NextSource Materials - Initiation

NextSource is uniquely positioned to build a leading vertically integrated position, ex China, in the supply of Lithium-ion battery anode material which is essential for the Energy Transition. The company is commissioning phase 1 of its world-class Molo graphite mine in Madagascar and is in the final permitting process for its first Battery Anode Facility (BAF) to be located in Mauritius. The company is backed by Vision Blue, established by Sir Mick Davis, former CEO of Xstrata. On our calculat

i3 Energy - 2024 Guidance: Consolidation for Growth

i3 Energy announced that its 2024 guidance consists of expectations to drill 10.5 net wells (7.6 net wells in Central Alberta, 1.9 net wells in Simonette and 1.0 net wells in the Clearwater play) with 85% of capex allocated to the second half of the year. Total capex expenditure for the year is guided at $US 50.9m. The company indicated that it intends to commence pad drilling of its Montney acreage in Q1 2025 and we perceive the company is bulking up for that significant growth opportunity for

Initiation of Coverage - Critical raw materials for Europe’s green transition

Beowulf is advancing a portfolio of projects in Europe focussed on metals and minerals that are critical to enabling the continent’s transition to a greener economy. Awareness of Europe’s over-reliance on external supply sources for such vital raw materials is driving growing political support for ‘home-grown’ projects. Beowulf is strategically positioned to leverage this fast-evolving trend – its Kallak project in Sweden holds potential to deliver high-quality iron ore to lower the carbon-inten

Falcon Oil & Gas - Funding a Multi TCF Resource

Falcon has raised gross proceeds of US$8.9m via a placing and subscription at a price of 6p/share and the granting of overriding royalty interests. The net proceeds, together with Falcon’s existing cash resources (cUS$4.3m) will be used to fund Falcon’s net share of 2024 capex (cUS$9m) associated with the 40MMscf/d Shenandoah South Pilot Project, including the drilling, stimulation, and flow testing of two 10,000ft horizontal wells. The funds will also enable Falcon to fund its share of the cost

I3 Energy (I3E LN) - 2024 work programme and budget

I3 has released its work programme and budget for 2024, alongside providing guidance for the year. This represents a larger programme than 2023, with the focus now shifting to greater operational activity and production gains given the additional balance sheet strength achieved in recent months.

Morning Note – 22 April 2024

Beowulf Mining (BEM LN) – Initiation Note – BUY – Supporting Scandinavia's Green Transition

Beowulf is an AIM/Spotlight-listed developer of two flagship assets; Kallak, a high-grade iron ore project in Sweden and the Grafintec Graphite Anode Materials Plant. The Company's Kallak North project has the potential to produce 2.5mtpa of high-grade, premium iron ore concentrate suitable for the growing green steel industry in Sweden. Additionally, Grafintec's Anode Material Plant Project is well positioned to serve the growing EV battery supply chain in Europe, whilst supporting EU plans

Trifast (TRI LN) - Trading conditions remain difficult but self-help initiatives coming through

Despite end market demand remaining difficult in several regions Trifast has announced that revenue and profitability will be marginally ahead of the guidance provided at the end of January. Self-help initiatives instigated during 2023 are starting to come through providing visibility on the majority of the £3.0m savings identified to come through in the current financial year (Mar FY25). Zeus estimates were in line with guidance of £230m revenue, £11.5m EBIT and £6.0m PBT. We leave forecasts un

Morning Note – 24 April 2024

Morning Note – 25 April 2024

Sintana Energy Inc. (TSX-V: SEI): Constrained test rate of 14 mboe/d at Mopane-1X. 10+ bn boe in place confirmed.

• Multiple tests over multiple zones in multiple horizons were run at the Mopane-1X exploration well. The flows achieved during the well test reached the maximum allowed limits of 14 mboe/d. The flow rate was constrained by the size of the available surface facilities. • The AVO-1 horizon encountered at Mopane-1X and Mopane-2X are in the same pressure regime, suggesting that the entire area (8 km diameter) between the two wells is connected. Overall, in the Mopane complex alone, and before dril

Touchstone Exploration+ (TXP, House Stock at 44p) - Closing of expanded bank facilities

Jubilee Metals - Operational Update Q3 FY2024

Jubilee today reports its Q3 and third quarter operational results from its expanding operations in Zambia (copper) and South Africa (chrome and PGM). South Africa is on a growth trajectory with record chrome production of 409kt in the quarter (Q2 FY2024 381kt) and a monthly record in March of 145kt and production YTD of 1.13Mt (0.94Mt). Jubilee is well underway to its annual target capacity of 2,1Mt/yr especially with the new 300kt/yr chrome plant at Thutse expected to be operational in August

LIBERUM: Ferrexpo: Production triples

SP Angel Morning View: Gold prices slide following profit taking as traders look to US data