SP Angel Morning View: Gold shines as expectations for interest rates pull back

Outlook unchanged

SP Angel Morning View: Base Metals climb on reports of US$157bn construction stimulus in China

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: CTEC, LAND, IMB, INF, VOD, DOCS, ATYM, RQIH, TXP, & UOG.

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: BA., PHNX, HICL, BLND, KNOS, SED, BBSN, ATYM, & MIDW.

SP Angel Morning View: Lithium prices continue to slide as refiners boost output

FLASH: 3Q23 production

SP Angel Morning View: Copper climbs as US dollar weakens on soft inflation expectations

Costs falling faster than expected

FLASH: ATYM 2Q23 operations

1Q23 financials model update

FLASH: 1Q23 financials

Pan African Resources - Valuation up 22.2% with new gold price forecasts

On 22 November, Pan African Resources (PAF) announced that operations to date in FY24 had performed in line with, or better than, expected, with gold production for H124 anticipated to be in the range 94,000–98,000oz (cf 92,307oz in H123). As a result, it increased its production guidance for FY24 to 180,000–190,000oz, which caused us to increase our production estimate in turn by 1.9% (or 3,575oz) to 189,725oz. The change made only a modest difference to our EPS forecasts for FY24 (see Exhibit

New Debt Facility – Lowering TRR Cost of Capital

We have been roadshowing Trident Royalties all week during which time the company released an announcement that they have entered into a commitment letter with BMO and CIBC for a new $40m revolving credit facility (RCF), with the potential to increase the facility to $60m via an accordion feature. The proceeds from the $40m are going to be used to repay the existing secured debt facility of $40m with Macquire in Q1 next year.

Oil & Gas - Cavendish sector note

Jersey Oil & Gas, Serica Energy, Trinity Exploration & Production, Longboat Energy, Ithaca Energy, Neptune Energy, Pantheon Resources, Nostrum Oil & Gas, Kufpec, ORLEN.

SP Angel Morning View: Metals prices rise on rising China GDP and ongoing economic electrification

SP Angel Morning View: China Steel PMI recovering as construction sectors looks for fresh stimulus

88 Energy - £5.3m Fundraise

88 Energy has successfully raised £5.3m via a placing at a price of £0.0023, a c18.9% discount to the previous days’ close in London and a c22.0% discount to the 10-day VWAP. The proceeds of the placing, together with the Company’s existing cash reserves (A$10.2m at 30 September 2023) will be used to fund the flow testing of multiple zones at the Hickory-1 well in Q1/24, the initial farm-in exploration activities at the recently acquired onshore Namibia acreage (including 2D seismic acquisition)

LIBERUM: Restocking Indicator still says BUY: Equities lift too

SP Angel Morning View: Gold soars as US Treasuries rip higher off October lows on Fed pivot bet

i3 Energy - What-if analysis run at WTI $60/b and US natural gas at $2.50/mmbtu

A summary of our hypothetical “Car Crash” commodity price scenario analysis is outlined in Table 1, which provides increased confidence, we believe, in i3 Energy's capacity to fund its dividend under adverse conditions. Notably, the dividend yield is an attractive 10.3%. Effectively, our analysis reinforces our view that i3 Energy is mispriced. Details for our “Car Crash” commodity price scenario are provided in Tables 2, 3, 4 and 5. We reiterate our 20.9p fair value estimate, which is premised

DEC Q3 Trading Update & US Listing

DEC reported strong Q3 results with production in line while 9m EBITDA of $423m is equal to 80% of DCe FY23 $528m; it has also announced a US listing.

Strong second half trading

Diversified Energy Company - Delivering Consistent and Reliable Results

DEC’s Q3/23 trading update was in line with expectations as the company continued to deliver despite further commodity price headwinds. The Q3/23 Adjusted EBITDA margin of 52% (H1/23: 52%) reflects the quality of DEC’s asset base and its ability to efficiently manage every aspect of its operations. Average net daily production in Q3/23 was 134Mboepd (H1/23: 142Mboepd), with exit rate production of 134.4Mboepd. DEC has maintained its dividend at US$0.04375 per share. Since its IPO in 2017, DEC ha

Jersey Oil & Gas - Delivering zero-capex barrels

Last week, JOG successfully secured its second GBA farmout, locking in a path to delivering zero-capex barrels. The surprisingly muted share price response to the farm-out leaves JOG trading at an unjustifiably large discount to our valuation. With a material fully funded development project under its belt and a clean balance sheet, JOG presents a very low-cost way to access high quality development barrels for investors and potential acquirers alike. If the threat of M&A does not narrow JOG’s v

Morning Note – 28 November 2023

TENNYSON Morning news – Diversified Energy – New US listing plan