Calima Energy (CE1 AU) C; Target price of A$0.75 per share: Well update in Canada – The Thorsby Leo #3 well commenced flowback on November 8th and is currently producing > 250boe/d of oil and gas, which is exceeding the company’s expectations. Leo #1 and #2 are both tied in and flowing back as of November 16th and currently cleaning up. Hydrocarbon flows for Leo #1 and #2 are expected to commence in the next 7-10 days. These are impor
Companies: XOM XOM TTE TLW SOU AOI WEN NOG LEK HUR GTC ENQ DEC XOP CHAR CNE CNE CE1 PHAR
Strong results with the adjusted EBITDA up 29% qoq at $11.2bn and adjusted net income up by 38% qoq at $4.77bn, on strong contributions from exploration & production as well as integrated gas, led by higher oil & gas prices and an “outperformance” from gas and electricity trading.
Companies: TotalEnergies SE
PetroTal (PTAL LN/TAL CN)C; Target of £0.65 per share: Production of ~15,500 bbl/d – • Bretana’s ten-day average field production, ended September 27, was 15,494 bbl/d. This represents a small increase compared to ~15.4 mbbl/d, announced two weeks ago. This is very encouraging suggesting the BN-8H well is performing very well and that overall production efficiency is high with the water system working well. This also augurs well for th
Companies: AOI CHAR DNO DNO ECHO HUR I3E IOG TAL PPC RBD SLE SAVE SQZ TTE TGL
The company maintained its bullish stance on oil prices over 2021-25 as it sees a need for 3-5mbd of additional greenfield conventional projects to be sanctioned by the end of 2022 against an average of less than 1.5mbd between 2015 and 2021. This seems to underpin the company’s mid-term production profile (i.e. flat oil production until 2025), while the pace of the energy transition will determine the long-term one.
TotalEnergies scores projects in oil & gas and in solar in Iraq, effectively wearing its new multi-energy specialist hat. There seems to be a pattern, whereby the company leverages on its experience in oil & gas to get into low carbon projects. Early this year, total acquired a stake in the Indian company Adani green energy, a transaction that came after several deals in natural gas in India.
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
With gearing at 18.5%, the company is restarting its share buy-back programme. While this is in line with its strategy, this came as a surprise, as the company was the only one to maintain the dividend during the crisis. In our view, this is a positive development for the stock, as it will give more upside to the stock with the oil price.
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
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
Another consensus beat this quarter with an adjusted net income up by $1.2bn at $3bn, with exploration & production up by $900m (at $1.97bn) and Integrated Gas, Renewables & Power up by $600m (at $985m, the highest in the group’s history). Gearing is down to 19.5% (vs $21.7%), and management commented that maintaining it below 20% (giving the example of 15%) had the priority over buy-backs. This is logical given Total’s defensive stance which served the company in 2020.
GeoPark (GPRK US)C; Target price of US$26 per share: Debt restructuring frees-up cash for potentially enhanced shareholder distributions - GeoPark has repurchased US$255 mm of the 6.5% Senior Notes due 2024 to be funded by a combination of cash in hand and a US$150 mm new issuance from the reopening of the 5.5% Senior Notes due 2027. The new 2027 Notes were priced above par at 101.875%, representing a yield to maturity of 5.117%. As a result of the transaction, the company’s
Companies: WPL WEN VOG ENI ENI EQNR EQNR FEC GPRK GPRK HUR JSE PEN PEN TAL TTE
GeoPark (GPRK US)C: Strong performance at CPO-5 and increasing free cash flow through deleveraging – 1Q21 production was 38,131 boe/d with Llanos-34 WI oil production of ~24.9 mbbl/d as, out of the six new wells drilled during the period, only four were production wells (the other two were water disposal wells). Production growth at Llanos-34 is expected to accelerate in the subsequent quarters as the Company is adding a third drilling rig with more wells coming on stream and
Companies: ADX AKRBP AKERBP CNE GENL GPRK GPRK GTE JKX SQZ SNM TTE TXP VLE
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
Bahamas Petroleum Company (BPC LN)C: Uncommercial exploration well in the Bahamas – The Perseverance #1 well encountered oil, validating the structural model and the petroleum system, but did not encounter oil in commercial quantities. The well drilled a majority of the potential reservoirs of interest.
Tethys Oil (TETY SS)C; Target price increased from SEK75 to SEK85 per share: 120% reserves replacement, special dividend, entering busiest exploration drilling period in Tet
Companies: DNO RDSA 88E CEG EQNR TETY TETY TTE
While busy making deals in the renewables space, Total, soon to be renamed TotalEnergies, benefited from improving fundamentals in oil & gas. This will be the case for a long time as management does not expect to be cash-neutral in renewables before 2030 and also excludes an IPO of the renewables activities.
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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