ANNOUNCES 1Q16 RESULTS, LENDERS HAVE NOT YET EXTENDED CREDIT PAST MAY 31ST

Impact: Negative. In 1Q16, LGX continued to consume cash flow with its net debt and working capital deficiency growing to $31.4 mm exiting the period. Previously, the Company's lenders agreed to an amended credit limit of $30.1 mm expiring May 31st, 2016, with no extension granted as of May 30th, 2016.

Intermediates, Mid Caps & Small Caps

With this publication we briefly summarize our projections for 1Q16e quarterly results for the Junior E&P (Intermediate, Mid & Small Cap) segments of our coverage universe

Year-End Results; Strategic Alternatives Still Ongoing

With limited capital spending, production levels continued to fall and led to negative cash flow during the quarter. Additionally, LGX’s 2P reserves declined by 22% y/y at the end of 2015.

ANNOUNCES YEAR-END RESERVES AND FINANCIAL RESULTS

Impact: Neutral as the impact of 4Q results are not material to our thesis on the stock. The Company was granted temporary covenant relief and a slight increase to its bank line (available till April 29th). The Company continues to explore strategic alternatives but has indicated it will sell its North Dakota overriding royalty interests for $1.3 mm.

Intermediate/Mid/Small Cap Commodity Price Update Impact

With this publication we highlight forecast revisions associated with our crude oil commodity price update. Concurrent within a dynamic time for E&Ps, some of which have already begun the process of 2016 capital budget downdrafts, revised estimates attempt to directionally capture a shift towards capital conservation, though severely weakened futures curves have influenced our thinking for the better part of 6 months anyway. We expect further capital investment reductions forthcoming from E&Ps i

LGX OIL + GAS INC. (OIL) ANNOUNCES INITIATION OF STRATEGIC REVIEW PROCESS

LGX Oil + Gas has announced initiation of a strategic review process by which the Company intends to consider a range of strategic alternatives available that may include, but not limited to, a sale of all or a material portion of the LGX assets, the outright sale of the Company, or merger or other transaction involving a third party, and/or alternative financing initiatives.

New Commodity Price Outlook Impact

“Worse? How could they get any worse? Take a look around you, Ellen. We’re at the threshold of hell”. These are the words spoken by Clark Gris-wold in the holiday classic “Christmas Vacation”, and seem aptly suited for the general sentiment in the Canadian energy space at the moment as we roll out a summary of our regular forecast revisions extending from our most recent crude oil and natural gas price forecast update.

LGX Oil + Gas Inc. (OIL) Announces 3Q15 Results

Production was in line with our estimates, albeit on a higher liquids weighting which assisted in a moderate beat in cash flow, all executed on virtually no expenditures during the quarter as the Company continues to focus on paying down debt. Operationally, the Company’s latest Banff recompletion propped up both production and cash flow in 3Q15e; however, the well is currently shut-in due to suspected mechanical issues that will impact 4Q15e volumes. The well is expected to be brought back onli

FirstEnergy- DAILY RESEARCH SUMMARY

Reissue: Global and Canadian Carbon Emissions - A Graphical Tour | LGX Oil + Gas Inc. (OIL) Announces 3Q15 Results | Striker Exploration Corp. (SKX) Announces 3Q15 Financial Results Ahead of Expectations, Reports Strong Early Performance from Belly River Program

LGX OIL + GAS INC. (OIL) ANNOUNCES THIRD QUARTER 2015 RESULTS

Impact: Neutral as production was in line with our estimates, albeit on a higher liquids weighting assisted in a moderate beat in cash flow. Overall, our outlook remains unchanged on receipt of 3Q15 results.

LGX OIL + GAS INC. (OIL) ANNOUNCES $30 MILLION BANK FACILITY

Impact: Neutral. The debt consolidation removes the non-revolving term portion of the Company's previous credit facility while keeping the total credit available unchanged, though no additional details were provided in regards to the status of covenants on the new credit facility.

INTERMEDIATES, MID CAPS & SMALL CAPS - 3Q15e Quarterly Preview

With this publication we briefly summarize our projections for 3Q15e quarterly results for our Junior E&P (Intermediate, Mid & Small Cap) coverage universe. Within the backdrop of continued weakness in the commodity price complex that saw the retrenchment of crude oil pricing during the quarter, after what was a short lived rally during the second quarter, we are anticipating yet another lacklustre reporting period in the Junior E&P space, with the key themes coming out of the quarter likely to

INTERMEDIATES, MID CAPS & SMALL CAPS - Crude Oil Downdraft, Though Remain Far More Constructive Than Current Forward Strip Would Suggest

With this publication we highlight forecast revisions stemming from an interim commodity price update centered around the crude oil pricing complex. Moves for crude oil weighted producers are significant, with 2016e cash flows down 12%-15%, and portended NAVs reduced sizably on the employment of a materially lower terminal value within the scope of the forecast period, though not reflective of the potential attrition in E&D capital investment and dividend policy should the current forward strip

Junior E&P 2Q15 Review

Within this publication we summarize changes to forward estimates coming off of the reporting of second quarter financial and operating results, highlighting equity price movements and a few valuation comparatives through to the end of 2016e.

LGX Oil + Gas Inc. (OIL) Announces Second Quarter 2015 Results

While the Company lagged our estimates on production, cash flow was ahead of our thinking on account of lower cash costs which included operating expenses that were better than expected.

Chariot Limited (AIM: CHAR): Imminent partner in Morocco

• The US$2.7 mm cash position at the end of June is in line with our expectations. • Although inflation across the industry and rig availability had complicated and delayed the finalization of a farm-in agreement for Anchois in Morocco, negotiations on partnering are in the final stages. A partner could be announced very soon. • Progress has been made across the portfolio. Onshore Morocco, permitting is under way with drilling now expected to start in early 2024 with up to four wells. Prospects

LIBERUM: Trident Royalties: Benefitting from rising rate environment

LIBERUM: Trident Royalties*: Utah lithium royalty acquisition

Interim Results

Diversified reported strong interim results, with production that was marginally below our estimate more than outweighed by tight cost control to deliver EBITDA ahead of our forecast; we broadly retain our FY23 estimates.

Savannah Energy+ (SAVE, Suspended, Under Review) - Interim results; readmission now expected in Q4

Pantheon Resources - Positive Outlook for Pantheon Resources

We believe that the outlook for Pantheon Resources is significantly improving.

Touchstone Exploration+ (TXP, House Stock at 68p) - Cascadura production update

Central Asia Metals: H1 2023 Interim Results

Central Asia Metals (CAML LN) results in H1 2023 follow a record prior comparable period, with the swing between the two primarily due to commodity price performance. H1 2023 net revenue of US$93.6m was down 18% YoY, EBITDA of US$48.9m was down 35% YoY. COGS was up 9.8% YoY given global inflationary pressures. Other charges on the P&L were minimal particularly now CAML is debt free. Owing to the timing of tax charges and some unfavourable working capital movements which we expect to be resolved

Touchstone Exploration+ (TXP, House Stock at 62p) - Cash generation and scale in Trinidad to the fore

Bushveld Minerals: H1 results; progress at Vanchem post period end

Bushveld Minerals (“BMN”) has released its results for H1 2023 having already released production of 1,784t at a weighted average cash cost of US$26.6/kgV, with H1 sales of 2,096tV through destocking during the period. Revenue for the period was US$78.4m, with adj EBITDA of US$10.3m and attributable NPAT of -US$14m. The company finished H1 with US$3.7m of cash and US$90.7m of debt. We expect H2 production of 1,992tV, split between 925tV from Vanchem and 1,067tV from Vametco, bringing full year p

LIBERUM: Lithium - Rock Developers: EMH, SAV, ALL, PLL & ZNWD are all stand outs, on post-tax bases

Interim results

Bushveld delivered as robust a financial performance as could reasonably be expected in H1 2023 given the operational challenges faced. We are encouraged by the reported progress made at both Vametco and Vanchem since, and vanadium price aside (current prices are soft, and pose a downside risk if they do not recover in-line with our assumptions) we think Bushveld is broadly on course to meet our full-year estimates. But given its stressed balance sheet, concluding the refinancing of its c.US$45m

Chariot - Anchois Partnering in Final Stages

The partnering process at Anchois is now close to a conclusion, with farm-out negotiations in their final stages. The FEED phase of the Anchois gas development was completed in March, with Chariot continuing to make progress across all the Anchois technical and commercial workstreams. Post period, Chariot added the synergistic, low-cost, low-risk Loukos Onshore licence. Loukos Onshore contains several near-term drilling opportunities, which, if successful could lead to fast-tracked gas productio

Value anomaly despite resilient trading

CMD - still plenty of growth potential