AUCTUS ON FRIDAY - 28/03/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Logging results at Welchau further derisk the discovery – The logging program has confirmed open fracture networks and vuggy porosity (matrix porosity) essential for well productivity coincident with hydrocarbon shows between 1346 m and 1702 m measured depth. This represents 356 m of gross interval across three interpreted lithological sequences. This compares with only 115 m of l

SP Angel Morning Energiser: 26/03/24

OPEC+ expected to maintain output policy

Genel Energy (GENL LN) - Full year 2023 results

Genel has released its full year 2023 results. The January trading statement has already given guidance on several key metrics, and the results today reflect this. Expenditure was significantly reigned in during the year after the export pipeline was closed in March 2023, and material local oil sales have now helped the company move into a cash flow neutral position while resumption of exports is awaited.

AUCTUS ON FRIDAY - 15/03/2024

AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN)C; target price of £0.50 per share: Feasibility study as a first step to unlocking a mega green hydrogen project – The feasibility study for the green hydrogen “Project Nour” has now been presented to the government of Mauritania. Chariot holds a 50% interest in the project and TotalEnergies is a partner. Mauritania benefits from an ideal geography for wind and solar energy. The 10 GW project will be developed in sever

Genel Energy (GENL LN) - End 2023 reserves update

Genel has announced updated reserves numbers for the end of 2023. These are largely unchanged for Tawke and Taq Taq, with technical upgrades making up for production, with a small downward revision for the removal of Sarta.

Auctus on Friday - 26/01/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.65 per share: Drilling rig on location of high impact well by the end of January – A rig is expected to be mobilised to the high impact Welchau-1 drilling location during the last week of January. Drilling is expected to last for 6-8 weeks. The total vertical depth of the well is only 1,800 m with a dry hole cost estimated at ~EUR5.1 mm. Welchau gross prospective resources have been independent

Genel Energy (GENL LN) - Full year trading statement

Genel has released its full year 2023 trading statement, reporting that on the back of domestic oil sales and cost cuts it is likely to move into a broadly cash flow neutral situation in the coming months, helping preserve the balance sheet while we wait for pipeline exports to resume.

SP Angel Morning Energiser: 24/01/24

UK nuclear costs on the rise

Auctus on Friday - 22/12/2023

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.65 per share: Oversuscribed share purchase plan – ADX has raised a further ~A$1.6 mm as part of a share purchase plan. The terms are in line with the recently announced A$4.8 mm equity raise priced at A$0.10 per share. Chariot (CHAR LN)C; target price of £0.50 per share: Extending position in electricity trading company – Chariot is acquiring 49% of Etana Energy from the Neura Group, with H1 a

Genel Energy (GENL LN) - Tawke production update

Genel has released an update on production from its Tawke field (Genel 25%). This has previously been reported as having been achieving Q4 2023 levels of double those achieved in Q3 (Q3 levels were 26.0mbbl/d gross), with a significant boost from the Peshkabir field having been brought back onstream in mid-October. Average December Tawke production rates are now reported as approaching 90mbbl/d gross to date, with 65.0mbbl/d gross average currently expected for Q4 as a whole. Volumes continue to

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.

Auctus on Friday - 03/02/2023

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Drilling commences at Anshof-2 – Drilling at Anshof-2 has started. The well is targeting the field’s possible reserves with an unrisked NAV of A$0.23 per share. A success would open-up the 3C case with an additional A$0.26 per share unrisked NAV. Arrow Exploration (AXL LN/CN)C; target price of £0.55 per share: High flow and a new discovery at RCE-6. Larger volumes than expected a

SP Angel Morning Energiser: 14/11/23

OPEC forecasts strong crude demand growth

Genel Energy (GENL LN) - Q3 trading update

Genel has released its Q3 2023 trading update, reporting a measure of Q3 cash flows based on the resumption of Tawke production, helping balance costs while wider negotiations to bring the export pipeline back onstream continue.

Genel Energy (GENL LN) - Tawke update – Peshkabir back onstream

Peshkabir back online, Tawke licence production up. Genel has released an update on its Tawke licence (Genel 25%). The company had already announced average gross production from Tawke of 26.0mbbl/d for Q3 2023, with the Tawke main field having been brought back onstream on 18 July. Today Genel announces that the Peshkabir field has also now been brought back onstream, on 16 October, and that Q4 total Tawke licence production to date has averaged around double Q3 levels, driven by a combination

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

i3 Energy - 2024 Guidance: Consolidation for Growth

i3 Energy announced that its 2024 guidance consists of expectations to drill 10.5 net wells (7.6 net wells in Central Alberta, 1.9 net wells in Simonette and 1.0 net wells in the Clearwater play) with 85% of capex allocated to the second half of the year. Total capex expenditure for the year is guided at $US 50.9m. The company indicated that it intends to commence pad drilling of its Montney acreage in Q1 2025 and we perceive the company is bulking up for that significant growth opportunity for

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

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

Beowulf Mining (BEM LN) – Initiation Note – BUY – Supporting Scandinavia's Green Transition

Beowulf is an AIM/Spotlight-listed developer of two flagship assets; Kallak, a high-grade iron ore project in Sweden and the Grafintec Graphite Anode Materials Plant. The Company's Kallak North project has the potential to produce 2.5mtpa of high-grade, premium iron ore concentrate suitable for the growing green steel industry in Sweden. Additionally, Grafintec's Anode Material Plant Project is well positioned to serve the growing EV battery supply chain in Europe, whilst supporting EU plans

I3 Energy (I3E LN) - 2024 work programme and budget

I3 has released its work programme and budget for 2024, alongside providing guidance for the year. This represents a larger programme than 2023, with the focus now shifting to greater operational activity and production gains given the additional balance sheet strength achieved in recent months.

Morning Note – 22 April 2024

Morning Note – 24 April 2024

Trifast (TRI LN) - Trading conditions remain difficult but self-help initiatives coming through

Despite end market demand remaining difficult in several regions Trifast has announced that revenue and profitability will be marginally ahead of the guidance provided at the end of January. Self-help initiatives instigated during 2023 are starting to come through providing visibility on the majority of the £3.0m savings identified to come through in the current financial year (Mar FY25). Zeus estimates were in line with guidance of £230m revenue, £11.5m EBIT and £6.0m PBT. We leave forecasts un

Morning Note – 25 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

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

LIBERUM: Ferrexpo: Production triples

SP Angel Morning View: Gold prices slide following profit taking as traders look to US data