Gulf Marine Services (GMS LN) - Full year 2023 results

GMS has released its full year 2023 results, coming in slightly ahead of EBITDA guidance, and showing a year of significant net debt reduction.

Gulf Marine Services (GMS LN) - Contract award

GMS has announced a new contract award, at improved day rates, adding to order book and overall revenue momentum.

Gulf Marine Services (GMS LN) - Contract awards and guidance upgrade

GMS has announced two new contract awards, alongside an upgrade to 2024 guidance, demonstrating ongoing strong business performance and faster deleveraging.

Gulf Marine Services (GMS LN) - Guidance upgrade

GMS has released a positive update to its guidance for 2023, guiding to the top of the previous US$83-86m EBITDA range. Guidance for 2024 is maintained, and target EBITDA for 2025, showing further growth, is also provided. Alongside this, the company has also begun to mention the potential for dividends.

UK-Listed Energy Sector: Review of the UK oil and gas landscape – why the country needs it, current policy and tax

The front of this note takes a look at the UK oil and gas sector, why domestic production is advantageous, what the main political parties think, and what could happen going forward. The latter part contains a review of the companies in our coverage – some that are UK centric, which give exposure to the note’s wider theme, and others that are focused elsewhere.

Gulf Marine Services (GMS LN) - Trading update and guidance increase

GMS has released a trading update, upgrading guidance for 2023 and also issuing new guidance for 2024, showing further growth.

Gulf Marine Services (GMS LN) - More new contract awards

GMS has announced three new contract awards for its Middle East business. Two of these are contract extensions (for a total of four years), with one a new award for two years. Two of the contracts run until December 2025, and the other to April 2026. Overall, these new contracts increase backlog from the US$301.4m reported for the end of June 2023 to US$326m currently. The statement also mentions that the contracts are on higher day rates, and that demand for GMS’s liftboats in its core Middle E

Gulf Marine Services (GMS LN) - H1 2023 results

GMS has released its H1 2023 results. These show a strong operational performance on higher utilisation and day rates, alongside higher interest due to underlying rates and GMS’s debt terms.

Hybridan Small Cap Feast 04/08/2023

4th August 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object

Gulf Marine Services (GMS LN) - Contract award

GMS has announced two new contract awards in the Gulf region. These are both extensions to existing contracts: one an extension of a large class vessel contract until November 2023, and the other extension of a small class vessel contract until March 2024.

Gulf Marine Services (GMS LN) - Forecast update

We have now updated our model for the recent 2022 results. For our 2023 forecasts, we have put through an upgrade to revenues underpinned by the level of 2023 utilisation and day rates currently secured (84% and US$29.9k/day respectively). Our EBITDA forecast remains broadly unchanged, as we have also increased our operating costs to reflect the rise seen in 2022 and a degree of ongoing inflation pressure. Our number remains towards the top end of GMS’s US$75-83m 2023 EBITDA guidance.

Gulf Marine Services (GMS LN) - Full year 2022 results

GMS has released its full year 2022 results, which are in line with guidance, and show ongoing net debt reduction. Guidance for 2023 is also maintained.

Gulf Marine Services (GMS LN) - Contract award

Further Middle East contract award. GMS has announced a new award for one of its small class vessels, in the Middle East. This is made up of two separate contracts, one to begin at the end of Q1 2023, and the other at the start of Q3 2023, with a total length of 272 days. According to the statement, the day rates achieved on these contracts “reflect strong demand for our vessels”. The release also reiterates GMS’s optimism for its liftboat markets, mentioning “high levels of utilisation and a ti

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

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

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

Morning Note – 22 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

LIBERUM: Ferrexpo: Production triples

SP Angel Morning View: Copper prices hit $9,700/t as China smelts concentrates for zero charge Tc/Rc

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

Transition to Mining Operator

Adriatic Metals has announced their transition from mining contractor to mining operator at Rupice. The transition is expected to continue to benefit the development and productivity rates being achieved at Rupice mine, as well as result in cost efficiencies and improved HSE standards. The company has also announced a short-term loan facility with Orion of $25m, that is drawable at the option of the company in Q3/4 this year.

Alien Metals - Hancock Project, Mining Lease Granted

Alien today reports intraday that the Western Australian Government has granted a mining licence for the Hancock iron ore project for a 21-year term. The granting of the mining licence is the latest milestone delivered by Alien as it advances the project towards development and production.

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

Jersey Oil & Gas (JOG LN) - Share price fall creates opportunity

Since November, the JOG share price has moderated from a high of 250p to current levels of 149.5p. This is despite JOG having now made significant progress towards FID on its c.70mmboe Buchan project, with FID upcoming later this year. In our view this share price move is unjustified, with current levels further enhancing the value on offer, and making an attractive opportunity for investors.

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

Clean Power Hydrogen - New customers and licensees circling…

CPH2 has released FY23 results with the company completing the period with a slightly lower cash outflow from operations and a higher cash balance than forecast. Looking ahead, with a new and improved technical and engineering team, the company has committed to completing Factory Acceptance Testing of its first MW scale electrolyser, the 0.5MW MFE110, within the next three months. In our view, this will be a major milestone for the company which will demonstrate that its unique technology can be