Amerisur Resources (AMER LN)6; HOLD, £0.35: consolidates acreage in the Putumayo Basin | Vermilion Energy (VET CN); BUY, C$65.00: Closes acquisition of assets in Germany | Serinus Energy (SEN CN); HOLD, C$0.70: Well in Tunisia temporarily shut-in | Jersey Oil & Gas (JOG LN): Discontinuing coverage | SacOil (SAC LN) (not covered): Discontinuing coverage | Weekly Crude Oil Cut
Companies: AMER VET SEN JOG SAC
Gran Tierra (GTE CN)1, 6; BUY, C$5.50: Equity financing and acquisition of two blocks from Ecopetrol | Northern Petroleum (NOP LN)1; SPECUATIVE BUY, £0.15: Farm out and equity issue | President Energy (PPC LN) (not covered): IFC Equity Subscription | Primeline Energy (PEH CN) (not covered): 2Q16 Results ended 30 September 2016 | Faroe Petroleum (FPM LN)6 ; BUY, £1.20: Oda update in Norway | Jersey Oil & Gas (JOG LN)1
; Under Review: Placing | SacOil (SAC LN/SCL SJ)1 : SPECULATIVE BUY, £0.016,
Companies: GTE PPC PEH/H FPM JOG SAC CAB
Geopark (GPRK-NYSE) 1,6 ; BUY, US$6.50 | Royal Dutch Shell (RDSA/B LN) (not covered) – To divest malaysian assets | EnQuest (ENQ LN); SPEC. BUY, £0.60 – Capital Restructuring and £82 mm Equity issue. | Rosneft Acquiring 50% of Bashneft in Russia | Genel Energy (GENL LN); SPEC. BUY, £3.50 | SACoil (SAC LN)
; SPEC. BUY, £0.016
Companies: GENL SAC GPRK RDSA ENQ
Condor Petroleum (CPI-TSX); BUY, C$4.25 | Genel Energy (GENL-LSE); Speculative Buy, £3.50 | SacOil Holdings (SAC-AIM); Speculative Buy, £0.016
Companies: Genel Energy PLC (GENL:LON)Sacoil (SAC:LON)
Chevron (CVX US) (not covered): Looking to divest fields in aengladesh. | IGAS Energy (IGAS LN) (not covered): Bond summons for temporary waiver. | Petroneft Resources (PTR LN) (not covered): 3Q16 production Update in Russia. | Genel Energy (GENL LN); SPECULATIVE BUY: £3.50 - DNO (DNO NO) (not covered) announces an operating update in Kurdistan. | SacOil (SAC LN); SPECULATIVE BUY: £0.016 - Settlement agreement on OPL233 in Nigeria. | Tlou Energy (TLOU LN) (not covered): 2P CBM Reserves in Bostwa
Companies: CVX PTR GENL SAC TOU IGAS
We have updated our model to reflect SacOil’s latest CPR. A more conservative production profile has resulted in a slight reduction of our RENAV to 2.3p but this is still more than double the current share price of 1.1p. After the successful completion of the Company’s Phase II drilling program, which achieved peak production of 1,000 bbl/d, current production is at c.650-800 bbl/d, several orders of magnitude greater than before Phase II.This primarily involved drilling five additional low cos
Market Reaction: Neutral.
Market Reaction: Slightly positive. The 10% increase in reserves is positive. Net Cash is also slightly ahead of our numbers. Production in Egypt appears to have dropped but at current oil price not much cash was being generated and it is probably a good decision to wait for higher oil prices to boost production.
Market Reaction: Neutral. We understand from management that the Company expect margins of around US$0.25-0.50/bbl with very little upfront cost required to form the agreement. At this stage there is little visibility on the precise volumes involved as this will be dependent on Crude Allocation which in turn will depend on Nigeria's overall production levels.
Egypt: Company hits the 1,000 bbl/d production target at the Lagia field on me and under budget. Egypt: Light oil from Thebes forma on contributes to overall produc on for the rst me. DRC: The Company will reorganise its Block III ownership to simplify the structure and improve control of its investment. DRC: Fully carried 2D seismic program, operated by Total, has commenced. Our Core NAV is c. 3x the current share price. The Company is demonstra ng it can progress its well-diversi ed por ol
Market Reaction: positive. Achieving the increase that the Company had been guiding at confirms the potential of this field. With further well locations at Lagia, the Company believes it could continue to increase this production simply by drilling more wells. The shares continues to trade materially below our Core NAV of £0.03 per share. The Company is well capitalized with a very strong shareholder base. SacOil has completed Phase 2 of the development programme and achieved the production targ
Market Reaction: Neutral. Though these are encouraging developments they are of limited materiality particularly where the market isn't attaching much value to the Company's exploration assets. SacOil will reorganize its Block III ownership in the DRC where currently it owns 68% of Semliki which owns 18.3% of Block III giving SAC/SCL an effective 12.5% participating interest. As a result of the reorganization, the Company will have 12.5% participating interest directly in the asset rather than t
Market Reaction: positive. The drilling at Lagia 15 is the first time that producible oil has been demonstrated from the deeper, lighter oil Thebes formation. The oil will have to undergo further analysis and equipment will have to be brought to the rig before flow testing can commence but the potential is there for a reserves upgrade. With the continued drilling of the Nukhul formation, the Company remains on track to hit its target of 1,000 bbl/d by financial year end.
Market Reaction: neutral.
Market Reaction: Neutral. Though it is encouraging that the reservoir has not encountered any issues with the steam injection, this is what we would anticipate. We await confirmation of the magnitude of improved flow rates and the performance of the Lagia wells 11 to 15.
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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
No leavers today
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