VSA Morning Flow Test 27/03/24 (Prospex)

Prospex Energy (PXEN LN) has announced the final repayment of the convertible loan notes issued in September 2022, making the company debt free. The CLNs enabled the company to fund its contribution for construction of the now producing Selva asset in Italy. This instalment was repaid in cash rather than converted to shares with the final payment totalling £175k. This is an impressive achievement to have deleveraged in such a short period of time and reflects the strong performance at the compa

VSA Capital Daily Flow Test 01/02/24 (Prospex)

Prospex Energy (PXEN LN), following a quarterly update from its ASX-listed operating partner Po Vallley Energy (PVE AU), has provided additional detail on the performance of its Italian operations. The recent operational update demonstrated the strong progress in the ramp up and testing phase which, post period end, is enabling production to be increased to 78,000-80,000scmd, against testing ranges in Q4 2023 of between 42,000-62,000scmd.

VSA Capital Daily Flow Test 19/01/24 (Prospex)

Prospex Energy (PXEN LN) has provided a brief operational update highlighting positive progress at the Selva gas asset in Italy which it commissioned with its partner Po Valley Energy (PVE AU) in July last year. Production over the first few months has been strong with the last update highlighting October production stable at 62,000scmd with highs of 72,000scmd. Having successfully achieved stable production at this level the company is now conducting four weeks of testing at the 78,000-80,000sc

SP Angel Morning Energiser: 18/12/23

Energy prices stable

VSA Morning Flow Test 18/12/23 (Prospex Energy)

Prospex Energy (PXEN LN) has published an update highlighting the strong progress made in 2023. The company successfully permitted, constructed and commissioned (along with its partner PO Valley Energy (PVE AU)) the Selva gas project in Northern Italy. This now sits alongside the producing gas to power operation in Spain; El Romeral in which PXEN has a 49.9% interest.

SP Angel Morning Energiser: 01/11/23

Ørsted sinks as impairments mount

VSA Morning Flow Test 01/11/23 (Prospex)

Prospex Energy (PXEN LN) has announced a quarterly update highlighting strong revenues and stable production from its recently commissioned Selva gas project in Italy. This combined with continued robust performance from the producing gas to power assets in Spain gives PXEN a robust earnings’ base. Quadrise Plc (QED LN) has provided a brief update on the industrial test which has restarted in Morocco. The company had earlier announced that a pump failure had occurred early in the trial and altho

SP Angel Morning Energiser: 20/09/23

Crude pulls back ahead of Fed meeting

VSA Morning Flow Test 20/09/23

Prospex Energy (PXEN LN) has announced interim results for H1 2023. We highlight that although the company has significant stakes in two producing onshore gas assets PXEN is an investment company and reports accordingly. Secondly, the recent major milestone of first gas in Italy came after the period end.

SP Angel Morning Energiser: 07/08/23

Supply curbs maintaining crude above $85/bbl

VSA Morning Flow Test 07/08/23 (Prospex Energy)

Prospex Energy (PXEN LN) has announced successful ramp up progress at its Selva project in Italy in which it has a 37% stake. First gas was achieved from the PM-1 well in early July and production has been increased in stages to a maximum of c.80,000scm/d with a total of 1,800,000scm of gas produced in one month. This has all been sold to BP under the marketing agreement previously announced meaning that first cashflows will be returned to PXEN and its operating partner Po Valley Energy (PVE AU)

Prospex Energy Plc: Italy First Gas

Prospex Energy (PXEN LN) is an investment company with exposure to European gas and power markets. The company has recently reported full year results delivering net profit in 2022 of £7.14m as underlying investments generated profits and capital gains. These from an operating gas to power plant in Spain (49.9%) and gas assets in Italy (37%) which have just achieved the major milestone of first gas.

SP Angel Morning Energiser: 05/07/23

Commodity markets muted

SP Angel Morning Energiser: 28/06/23

Crude falls on ECB comments

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

Trinity Exploration and Production - Reserves Reduction but Solid Core Business

Trinity has announced a c28% reduction to its 2P reserves following a YE23 review. Despite the decrease in the Company’s 2P reserves, Trinity’s core business remains robust, with a reserves/production ratio of >12.5 years at YE23. Whilst there is significant potential for growth within the current portfolio, this will be difficult to unlock from the current balance sheet and we believe further financing will be required. We update our target price to 76p (from 202p), a c85% premium to the curren

Morning Note – 16 April 2024

Valeura Energy (TSX: VLE): Three exploration wells deliver three discoveries

• The Nong Yao-13 exploration well in the new Nong Yao D area that was targeting multiple zones has encountered >30 feet of new oil play across several new shallow intervals which have not been produced elsewhere on the concession. These reservoirs are believed to be recurring across the Nong Yao D area. • The drilling result confirms that oil has successfully migrated into this area of the block (a factor that was seen to be a risk in the Nong Yao D area) and open the opportunity for further a

I3 Energy (I3E LN) - Canada royalty assets sale

I3 has announced the sale of the majority of its royalty interests in Canada, for US$24.8m cash. This allows the company to fully repay amounts drawn on its debt facility and create a working capital surplus, giving I3 significant additional funding flexibility going forward

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

Morning Note – 15 April 2024

DEC FY23 Results Update

DEC reported FY23 results which were in line with expectations and announced the acquisition of joint venture assets from Oaktree along with an updated capital allocation framework.

Oil & Gas - Cavendish sector note

Chariot, Energean, Touchstone Exploration, Longboat Energy, Hartshead Resources, BP, Helix Exploration, PetroTal, Pantheon Resources, Caspian Sunrise, Petrofac, DNO ASA, Valeura Energy, Aker BP, Var Energi Source: FactSet, weekly change 08/04/24-12/04/24 Oil rose as Israel braced for a possible attack from Iran, a development that would threaten major disruptions in a region that accounts for a third of the world’s crude output. An assault is expected to come as soon as the next 48 hours, which

Union Jack Oil (UJO LN) - Wressle update

Union Jack has released an update on its Wressle asset, reporting maturing production from Wressle-1, alongside progress for significant further development activities on the field going forward.

SP Angel . Morning View . Copper prices hold higher as China processing fees fall below $0/t amid low feedstock availability

PROGRESSIVE: Pharos Energy: Delivering on operations and balance sheet

Pharos Energy reported FY23 results on 27 March. Group net production of 6,508 boepd (FY22: 7,166 boepd) was in line with guidance, assisted by successful development drilling in Vietnam and exploration successes in Egypt. Pharos’s strong cash generation resulted in a stronger balance sheet, with net debt reduced to US$6.6m (from US$28.9m at the end of 2022) and cash balances totalling US$32.6m. This left the group free to return more cash to shareholders, including a 10% increase in dividends,

Union Jack Oil+ (UJO, House Stock at 23p) - Wressle update

Hunting (HTG LN) - Q1 2024 trading update

Hunting has released its Q1 trading statement, reporting a strong period for OCTG and Subsea, steady growth in Advanced Manufacturing, and a softening in Perforating Systems.

Union Jack Oil* (UJO LN) - Wressle update and dividend plans

Union Jack announced an operational update on its onshore UK Wressle field and confirmed plans to announce the payment of a cash dividend to shareholders along with the FY23 results in May. Wressle continues to deliver material revenues to the Company, generating positive cash flow and providing it with sufficient cash resources to fund shareholder returns and invest in new development projects.