ADX Energy (ADX AU) C; Target price of A$0.040 per share: Farm-out of a small portion of drilling prospect in Upper Austria showcases the acreage’s quality – ADX is farming out 20% of the Anshof prospect in Upper Austria to ASX listed Xstate Resources. In return Xstate will fund 40% of the cost of the Anshof exploration well with a cap of EUR0.72 mm net to Xstate (corresponding to a gross well cost of EUR1.8 mm). Xstate could also fund
Companies: ADX AXL ENI ENI GTE IOG JSE LBE MAHAA PEN PEN TAL PHAR PPC REP REP
Eni presented its retail & renewables company, Plenitude, which will be listed next year. Both divisions are set for growth, but the retail side of the business will partly help in funding the strong expansion in renewables. While expectations on returns in renewables have been set lower, they are now in line with utilities companies. The project pipeline in renewables is visible, and within reach, mainly where Eni has customers (Italy, Spain, France), which could bring some synergies.
Companies: Eni (ENI:BIT)Eni S.p.A. (ENI:MIL)
Strong results in Upstream, leading to a cash flow from operations before working capital of €3.3bn (+19% qoq). While Brent was up by 7% qoq, natural gas realised prices were up by 40% qoq, which appears higher than expected given the company’s gas portfolio. All in all, a solid set of results.
ADX Energy (ADX AU) C; Target price of A$0.040 per share: 3Q21 results – 3Q21 production in Austria was 275 boe/d, below our forecasts of ~315 boe/d due to well downtime. A well workover programme has started in October to add 100-150 boe/d. The Anshof-1 exploration well is expected to be spudded in December. An updated reserves report is expected in the coming weeks. The green Energy project is on track and engineering, planning and p
Companies: SOU PPC AXL CHAR DME DEC EQNR IHC LUPE NOG OMV OMV REP REP RDSA TETY TETY I3E ADX AKRBP AKERBP CE1 ENI ENI SEPL
The group confirmed that it will spin off its gas & power retail and renewables business. The value creation lies in the (re)appreciation of the renewables business thanks to this transaction. Since Eni has currently a small renewables capacity (300MW), we expect the valuation to be centred on the strong growth ahead (6GW by 2025, 15GW by 2030).
Arrow Exploration (AXL CN)C: 2Q21 results – 2Q21 production in Canada and Colombia was 331 boe/d including 147 boe/d at Tapir. The Company exited Q2 2021 with corporate production of 535 boe/d. At the end of June, Arrow held positive working capital of US$3.1 mm.
Calima Energy (CE1 CN)C; Target of A$0.75 per share: Key take away from reserves update and July production – Calima’s 2P reserves, net of ~13% royaties, at the end of June w
Companies: SNM AKRBP AKERBP XOP ENQ RBD 88E AXL CE1 CNE ENI ENI HUR IHC LEK PEN PEN 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
Dividend goes back to the pre-crisis level, along with a €400m share buy-back programme. While in line with the strategy this is nonetheless a positive surprise. After the somewhat weak Q1, Q2 shows strong results with CFFO up by 43% qoq at €2.8bn, and every division reporting a gain on EBIT.
ADX Energy (ADX AU) C: Target of A$0.040 per share: High impact newsflow in 2H21 - 2H21 will be very important for the company with significant upcoming newsflow. In our view, the most meaningful eventis the drilling of the Anshoff well in Austria. We were previously anticipating that the company would need a farm-in partner to fund the well. However, in the context of the current high oil price, >A$4 mm in cash at the end of June and
Companies: XOM XOM SOU NOG SEPL LUPE RDSA TETY TETY ADX CE1 DNO DNO ENI ENI EQNR EQNR GENL IHC OMV OMV PEN PEN PHAR REP REP SNM TTE
Arrow Exploration (AXL CN) C; Restarting in Colombia. New team. New focus – Arrow Exploration is a C$7 mm market cap E&P focused on Colombia with 7 mmboe of 2P reserves and ~535 boe/d production. While many of the early stage companies of a decade ago such as GeoPark, Parex,, Canacol or Frontera have become larger independents, the environment for start-ups in Colombia remains fertile and Arrow is one of the few micro cap companies th
Companies: ALV AXL CNE CEG DEC ENI ENI EQNR EQNR GPRK GPRK I3E IHC JSE KOS OMV OMV PXT PESA BRDT3 REP REP RDSA UKOG
Challenger Energy (CEG LN)C; Target of 12p per share: 42’ of additional pay. Additional casing to protect the integrity of the primary target - Since the last update, the Saffron-2 well has encountered a further 42’ of net pay in the lower Middle Cruse increasing the total of oil-bearing sands thus far identified in the Upper Cruse and Middle Cruse (up to a total depth of 3,530’) to over 200’. Because of more challenging drilling condi
Companies: 88E ADX CNE CNE CEG ENI ENI EQNR EQNR IHC RBD TTE TGL
Challenger Energy (CEG LN)C; Target of 12p per share: Drilling update in Trinidad - The Saffron well penetrated various Middle Cruse zones including hydrocarbons zones as prognosed pre-drill, and with drilling rates and impact on surrounding clays and mobile shales improved significantly from Saffron-1 owing to the use of synthetic-based muds and a solid foundation for drilling design in any future field development. Initial petrophysi
Companies: VOG LUPE TLW WEN SOU AKRBP AKERBP REP REP I3E HUR EQNR EQNR ENI ENI
Arrow Exploration (AXL CN) C: 1Q21 update in Colombia/Moving to London – Arrow Exploration is intending to dual list on AIM. The company holds assets in Colombia and Canada. 1Q21 production was 242 boe/d. The company held US$6.4 mm in cash at the end of March.
Challenger Energy (CEG LN)C; Target of 1.20p per share: Commencing high impact well in Trinidad – Challenger has started drilling the Saffron#2 well. If successful, the well would add 200-300 bbl/d production and deris
Companies: VLE TXP ENOG ENI ENI GENL HES HES MAHAA PEN PEN SQZ
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
While upstream benefits from the higher oil prices (e&p division adjusted EBIT of €1.38bn vs €802m in Q4), the outlook for FY21 disappoints.
The group has announced it intends to sell a minority stake in its gas & renewables division, confirming the recent rumours. this is the second oil company (Repsol being the first) to announce this type of operation.
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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
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)
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
No joiners today
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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