PetroTal (PTAL LN/TAL CN)C; Target price £0.45: 1Q20 results/Bretaña expected to restart in July – 1Q20 financials are in line with expectations and 1Q20 production had been reported previously. At the end of 1Q20, current trade and other payables had been reduced to ~US$45 mm compared to ~US$55 mm at YE19. Most importantly. PetroTal continues to expect the Bretaña field to be re-opened this month. The contingent liability with Petroperu is estimated at US$25 mm at the current oil price and the
Companies: I3E MAHAA JKX PHAR EQNR AKRBP ENI HUR TAL REP RRE SOU TPL VOG OMV
RockRose Energy (RRE LN): All cash offer to purchase RockRose for 1,850p/share | I3 Energy Energy (I3E LN): Binding purchase and sale agreement for Gain Energy confirmed
Companies: Rockrose Energy (RRE:LON)i3 Energy Plc (I3E:LON)
In this note, we analyze the indebtedness of 35 international E&Ps publicly listed in the UK, Canada, Norway, Sweden and the USA. For each company, we look at (1) cash position, (2) level and nature of debt (including covenants), (3) debt service and principal repayment framework and (4) Brent price required from April to YE20 to meet all the obligations and keep cash positions intact. We also estimate YE20 cash if Brent were to average US$20/bbl from April to YE20. While the oil demand and oil
Companies: AKRBP AOI CNE CNE DEC EGY ENOG ENQ GENL GKP GPRK GTE HUR IOG JSE KOS LUNE MAHAA OKEA ORC/B PEN PHAR HBR TAL PXT RRE SDX SEPL TETY TGL TLW TXP WRL
Panoro Energy (PEN NO)C: Initiating coverage | 88 Energy (88E LN/AU): Acquisition in Alaska | BP (BP LN): Transaction in Alaska with Hilcorp renegotiated | Columbus Energy Resources (CERP LN): Oil discovery in Trinidad | Premier Oil (PMO LN) and Rockhopper Exploration (RKH LN): Sea Lion farm out (Falklands) exclusivity period extended | BP (BP LN): 1Q20 results | Equinor (EQNR NO): Dry hole in Norway | Getech (GTC LN): Business update | Hurricane Energy (HUR LN): Business update in the UK North
Companies: 88E AEX PEN BP/ CASP CERP EQNR FAR TTE HUR GENL GTC IGAS LEK LUNE NOG OKEA OMV ORC/B HBR PTR RKH RDSA RRE SAVE SLE SEPL SNM TETY SCIR UKOG
Royal Dutch Shell (RDSB LN): Dividend cut for the first time since the Second World War | Rockhopper Exploration (RKH LN): Navitas remains committed to farm-in, terms extended | RockRose Energy (RRE LN): Trading update, production remains strong, well hedged this year | Ascent Resources* (AST LN): Further expansion into Cuba
Companies: RDSA RKH RRE AST
RockRose Energy (RRE LN): FY19 results underline year of significant growth | Columbus Energy Resources (CERP LN): Goudron IPSC extended to June 2020
Companies: Rockrose Energy (RRE:LON)Columbus Energy Resources (CERP:LON)
88 Energy (88 LN/AU)/Premier Oil (PMO LN): Drilling update in Alaska | Eco (Atlantic) Oil & Gas (ECO LN/EOG CN): Update in Guyana | Maha Energy (MAHA-A SS): Acquisition in USA and production update | Parex Resources (PXT CN): Low capex programme and production update in Colombia | Total (FP FP): Significant discovery in Suriname | Aker BP (AKERBP NO): Small discovery on Norway | BP (BP LN): 1Q20 update and capex reduction | Providence Resources (PVR LN): US$3 mm equity raise | RockRose Energy (R
Companies: 88E AKRBP BP/ CASP XOP DNO ENOG GENL GKP JKX MAHAA NOG HBR PXT PRP RDSA RRE TGL TLW UOG VLE
Bahamas Petroleum Corporation (BPC LN): Delaying exploration activities in the Bahamas | i3 Energy (I3E LN): Canadian acquisition | Touchstone Exploration (TXP LN/CN): FY19 results | Cairn Energy (CNE LN): FY20 capex reduced but production guidance maintained | ENI (ENI IM): Capex reduction and new production guidance | Equinor (EQNR NO): Reducing spending | IGas Energy (IGAS LN): Update in the UK | Independent Oil & Gas (IOG LN): FY19 results | Lundin Petroleum (LUP SS): Reducing dividends, inc
Companies: CEG I3E TXP CNE ENI EQNR IGAS IOG LUNE OMV REP RRE SEN BLOE ENW GKP AOI EGY
RockRose Energy (RRE LN): FY20 capex reduced by 25% | Touchstone Exploration (TXP LN): FY19 results, 6% increase in average production | Block Energy (BLOE LN): Acquisition of producing Block XIB (615 km2 ) and exploration Block IX (1,925 km2 ) | Upland Resources (UPL LN): Steady, if unexciting progress
Companies: RRE TXP BLOE UPL
Rockrose Energy (RRE LN): Drilling campaign on schedule | Cairn Energy (CNE LN): FY19 results, Cairn swings into profit | SDX Energy (SDX LN): Rabul-3 encounters 116ft of net pay, Egypt
Companies: Rockrose Energy (RRE:LON)SDX Energy PLC (SDX:LON)
Premier Oil (PMO LN): Proposed UK North Sea Acquisitions, Financing and Extension of Credit Facilities | SDX Energy (SDX LN): 35% reserves upgrade at South Disouq | RockRose Energy (RRE LN): Year End Trading Update | Rockhopper Exploration (RKH LNP): Heads of Terms with Navitas Petroleum to farm-in to the Sea Lion
Companies: HBR SDX RRE RKH
Rockrose Energy (RRE LN): Seven wells planned by the end of 2020 | Savannah Petroleum (SAVP LN): CPR confirms 2P reserves of 99.6MMboe (gross)
Companies: Rockrose Energy (RRE:LON)Savannah Energy Plc (SAVE:LON)
Alvopetro (ALV CN) (not covered): Development financing in Brazil | GeoPark (GPRK US) 1 : BUY, US$26.00: New oil discovery in Llanos 34 Block opens-up 20-40 mmbbl gross potential | Getech (GTC LN) (not covered): 1H19 results | RockRose Energy (RRE LN) (not covered): 1H19 results | Serica Energy (SQZ LN) (not covered): 1H19 results | Total (FP FP) (not covered): Dividend growth acceleration | Vaalco Energy (EGY US)1 ; BUY, US$3.00: Reserves and resources update
Companies: ALV GPRK GTC RRE SQZ EGY
Hurricane Energy (HUR) – Warwick West spuds today | RockRose Energy (RRE) – Strong financial results, 60p interim dividend proposed | Serica Energy (SQZ): Half Year Report, material cash flows in 2020 | Aminex (AEX): Ruvuma Farm-Out Update and Acceleration of Drilling Operations
Companies: HUR RRE SQZ AEX
Tullow Oil (TLW): H1 Results | Diversified Gas & Oil (DGOC): Trading Statement | Independent Oil & Gas (IOG): TRF Acquisition & Well Spud | RockRose (RRE): Re-admission | Exillon Energy (EXI): Production Report
Companies: TLW DEC IOG RRE
Research Tree provides access to ongoing research coverage, media content and regulatory news on Rockrose Energy.
We currently have 38 research reports from 5
Companies: Plus500 Ltd.
Palace Capital has released a good trading update of for the 6 months to 30 September. The Group has achieved good progress both across the portfolio and in sales achieved at Hudson Quarter. With cash reserves rising, the Group continues to look for value creative opportunities to recycle capital which should realise value for shareholders. Buy
Companies: Palace Capital plc
We see the UK Government’s Net Zero Strategy as being overall helpful but not especially definitive. Amongst our coverage group, Drax Group (DRX LN) and Velocys (VLS LN) benefit from the Humberside CCS cluster prioritisation and Velocys from SAF support. The amount of renewables is likely to boost the need for flexibility solutions where Drax, Gore Street (GSF LN) and SIMEC Atlantis (SAE LN) can benefit. Hydrogen companies ITM (ITM LN) and Powerhouse Energy (PHE LN) are likely to find support. T
Companies: ADN DRX GSF ITM NESF PHE SAE SIT STRLNG TLG VLS
The third quarter continued to enjoy record CIB revenues and loan provision recoveries. Consensus expectations have now largely aligned with our projections, thus leaving limited upside potential in our view.
Companies: Barclays PLC
Updating at the end of H1, Urban Logistics REIT (“ULR”) continued to deploy capital, with 2 further transactions in the last weeks of H1 bringing the total to £103m since the last raise (£109m in Jul-21). There is a further £50m in advanced stages and a £400m pipeline beyond that. Yields are in line with expectations and assets are pregnant with active management opportunities, which ULR thrives on. The board is seeking to move to Premium List to facilitate future growth. We leave forecasts unch
Companies: Urban Logistics REIT plc
Non-Standard Finance (‘NSF’), one of the leading providers of unsecured credit to UK adults, published interim results for the half year to 30 June 2021 on 28 September. Overall, these showed a significantly lower loss before tax due to improved operational performance and lower below the line charges. The group also reported that current trading was ahead of plan primarily due to strong collections performance. Discussions with the FCA regarding the redress programme for guarantor loans custome
Companies: Non-Standard Finance Plc
NextEnergy Solar Fund’s investment in NextPower III opens up geographic opportunities in Latin America, Asia and other parts of Europe much earlier than could have been delivered by direct project investment. Additionally, the JV announcement with energy storage system (ESS) developer Eelpower is also an attractive way to accelerate portfolio diversity as well as opening up the door to further asset growth. By working with partners experienced in different geographies and the energy storage segm
Companies: Nextenergy Solar Fund
What’s new: Tatton’s interims trading update confirm it has “delivered strong growth in all its key metrics during the period including revenue, profits and assets under management” (AUM). It is “trading in line with expectations”.
Companies: Tatton Asset Management Plc
No Joiners Today.
No Leavers Today.
What’s cooking in the IPO kitchen?
Devolver Digital to join AIM, an award-winning digital video games publisher and developer in the indie games space. Recently awarded indie 'Publisher of the Year 2021' by GamesIndustry.biz. Offer TBA. Due early Nov.
Life Science REIT to join AIM raising up to £100m. This will be the first London listed real estate investment trust (REIT) focused on UK life science properties providing investors with exposure
Companies: SYS1 ARE SO4 SNG TMG TMT OHG IDE KIBO MRL
AuM pushed on in Q2, hitting £10.8bn – including the acquisition of the Verbatim funds (+13% in H1 organic only). Crucially, net inflows have remained strong through the whole of H1 at £109m avg pcm. This flow momentum underpins an encouraging outlook, both near and medium-term. We leave our forecasts unchanged although note risk to the upside heading into H2. We will review our model again at the Interims. Given the pace of growth and scale of opportunity from already established relationships,
Gore Street’s trading update confirms expectations of a strong trading environment for batteries in both the GB and Irish markets. Driven principally by high gas prices creating electricity market volatility and with tight capacity margins likely to remain, we see the company continuing to generate excess cash returns in this financial year at least.
Companies: Gore Street Energy Storage Fund PLC
No Joiners Today
No Leavers Today
What’s cooking in the IPO kitchen?
Arrow Exploration Corp. (AIM: AXL ; TSXV: AXL) , the oil and gas exploration and production company, has conditionally raised approximately £8.8m and is due to complete its dual listing on AIM on 25 Oct. Market cap c£13.1m.
Devolver Digital to join AIM, an award-winning digital video games publisher and developer in the indie games space. Recently awarded indie 'Publisher of the Year 2021' by GamesIndustry.biz.
Companies: ZYT CIC DMTR GILD LMS MMAG PYC SMRT SBI
Currently, Gore Street Energy Storage Fund (GSF) primarily relies on revenue from frequency response services, including Dynamic Containment (DC), to estimate near-term returns. The dislocation in the UK power market has led to a sharp rise in returns available from energy arbitrage leaving GSF’s assets well placed to benefit from this increased volatility. In September, those of GSF’s GB storage assets that participated in the actively-traded GB power markets generated revenues that were signif
Companies: Chrysalis Investments Limited
Today's news & views, plus announcements from BHP, MGGT, RIO, BWY, MONY, BGO, YOU, AVAP, PCA & SOLG.
Companies: AVAP BGO RIO SOLG