Hybridan Small Cap Feast: 2 April 2024

2nd April 2024 @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 objecti

Morning Note – 2 April 2024

Oil & Gas - Cavendish sector note

Falcon Oil & Gas, Parkmead Group, 88 Energy, Westmount Energy, Baron Oil, Molecular Energies, Empyrean Energy, Coro Energy, Tethys Oil, Ithaca Energy, Pharos Energy, EnQuest, Genel Energy, Wood Group, Capricorn Energy, Arrow Exploration, Valeura Energy, Bowleven, i3 Energy. Source: FactSet, weekly change 25/03/24-28/03/24 Oil scored a 16% quarterly gain in the latest sign that export curbs by OPEC and its allies are reining in global supplies. West Texas Intermediate futures closed above $83 a b

Hybridan Small Cap Feast - 28 Mar 24

28th March 2024 Happy Easter @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 inve

Allenby Capital - Baron Oil update

Baron Oil (BOIL.L) is advancing apace with preparations for its Chuditch-2 appraisal well on its world class Chuditch project in the Timor Sea. The H1 2024 work programme includes a site survey and procurement of long lead items such as drill pipe. The former is required to identify potential hazards. It involves geophysical studies and a physical investigation of the seabed. Baron will also be looking to make a deposit on a rig, negotiate a bank guarantee and add to its drilling team. Planned,

Oil & Gas - Cavendish sector note

Empyrean Energy, Baron Oil, Diversified Energy, Tethys Oil, Plexus Holdings, EnQuest, Ithaca Energy, PetroTal, Jadestone Energy, Star Energy, Union Jack Oil, Synergia Energy, Eni SpA, Occidental Petroleum Source: FactSet, weekly change 12/02/24-16/02/24 Oil closed at its highest settling price this year as increasing tensions in the Middle East outweighed hotter-than-expected US inflation data that’s damping the prospect of interest rate cuts. West Texas Intermediate rose above $79 a barrel afte

AUCTUS ON FRIDAY - 16/02/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of £A$0.65 per share: Drilling update in Austria – The well site construction at the Welchau-1 drill site is complete. The drilling rig is expected to become available to ADX on 14 February. The rig move and rig assembly will take ~6 days after rig release. Drilling operations are expected to commence on 20 February with a duration of ~39 days. PetroTal (PTAL LN/TAL CN)C; target price of £1.45 per s

Morning Note – 16 February 2024

Baron Oil - £3m Placing to Fund Preparations for Chuditch Appraisal

Baron has raised £3m (before expenses) via an oversubscribed placing and subscription at a price of 0.05p – a c33% discount to yesterday’s closing price. The net proceeds (£2.7m) together with existing cash will allow Baron to progress with the preparations for the drilling of the Chuditch-2 appraisal well planned for Q4/24. In addition to the placing and subscription, Baron has also raised £260k via a retail offer.

Hybridan Small Cap Feast - 08 Feb 24

8th February 2024 @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 obje

Oil & Gas - Cavendish sector note

Parkmead Group, Chariot, Jersey Oil & Gas, Falcon Oil & Gas, 88 Energy, Hartshead Resources, Empyrean Energy, Coro Energy, Baron Oil, Longboat Energy, Trinity Exploration & Production, Diversified Energy, Savannah Energy, Shell, Gulf Keystone Petroleum, Jadestone Energy, Nostrum Oil & Gas, ExxonMobil, Chevron Corporation, TotalEnergies Source: FactSet, weekly change 29/01/24-02/02/24 Oil slumped as talks to pause the Israel-Hamas war reduced crude’s geopolitical risk premium, with the decline ac

Oil & Gas - Cavendish sector note

Diversified Energy, Tethys Oil, Getech Group, Jersey Oil & Gas, Afentra, Baron Oil, Molecular Energies, PetroTal Corp, Capricorn Energy, Gran Tierra Energy, Tullow Oil, Genel Energy, Rockhopper Exploration, United Oil & Gas, Eco (Atlantic) Oil & Gas, Woodside Energy, Santos, Panoro Energy, Var Energi, Maurel et Prom, Galp Energia Source: FactSet, weekly change 22/01/24-26/01/24 Oil rallied to the highest price in two months after a fuel tanker was struck near Yemen, underscoring the geopolitical

Allenby Capital - Baron Oil update

Baron Oil (BOIL.L) has signed its farm-up agreement for the Chuditch gas project with its joint-venture partner, Timor Gap, the Timor-Leste NOC (National Oil Company). We regard the agreement as a major move in the advancement of the world class Chuditch project. Under the agreement, Baron will remain the operator while its interest will drop from 75% to 60%. Timor Gap’s share will increase from 25% to 40% comprising the original 25% plus a new paying interest of 15%. Importantly, Timor Gap will

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.