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Given the stellar performance of PGM prices, it is no surprise that Sylvania have achieved another record quarter with EBITDA of $58.7m and cash balance increasing 52% to $102.1m. Annualising this past quarter, the stock trades on a ridiculously cheap EV/EBITDA of 1.5x. Production of 17.4koz was inline with expectations and guidance of 70koz for the year remains in place. We remain very comfortable on rhodium on a five-year view (see here) and expect the abnormal cashflows to continue (30% FY22
Companies: Sylvania Platinum Ltd.
Jubilee has announced that Phase 1 of its Roan copper project in Zambia is complete and that Roan has delivered its first shipment of copper-bearing concentrate to the Sable Refinery for processing. Jubilee will deliver 240t of copper concentrate per month in this first phase, rising to 400t/month in Phase 2 expected in Q3 2021. At the same time, Jubilee has signed a contract with a third-party to also supply copper units which are expected to add a further 150t/month by the end of June. We i
Companies: Jubilee Metals Group PLC
Trinity has announced the strategic bolt-on acquisition of a 100% operated interest in the producing PS-4 lease block, onshore Trinidad, for a headline cash consideration of US$3.5m. Strategically located up-dip of Trinity's largest and most prolific onshore block, WD-5/6, PS-4 adds considerable additional opportunity in a licence which has been significantly underinvested in over the last 30-40 years. With 80% of the PS-4 block covered by Trinity's 3D seismic, Trinity will be able to integrate
Companies: Trinity Exploration & Production Plc
i3 Energy has provided an operational and financial update, which, we believe, is both material and highly positive.
Companies: i3 Energy Plc
Full year 2020 results
Companies: Jersey Oil & Gas PLC
Company Carbon Policy
Cconsensus was beaten, with adjusted earnings at $3.2bn vs $393m in Q4, with the upstream division up by $1.7bn (at $963m) on the higher oil prices. Gearing is down to 30% (32% in Q4), net debt down to $71.2bn (vs $75.4bn in Q4) and the dividend is further increased by 4%. All in all, a positive release which shows a strong cash generation from upstream, while awaiting improvements in downstream in H2.
Companies: Royal Dutch Shell Plc Class A
The UK market showed a continued recovery in the first quarter albeit the indices are still well short of their all-time peaks, unlike many of their international peers. The FTSE 100 has risen by 1,186 points (21.4%) since the end of October and the FTSE 250 by 4,304 points (25.0%). The comparable performance since the start of the year is less spectacular- the FTSE 100 has risen by 253 points (3.9%) and the FTSE 250 has risen by 1,070 points (5.0%). The factors behind the sustained rally are fa
Companies: AMYT ARBB BPC BAG BVC BEG BONH BLVN BRSD CML CWK CRPR EYE ECHO FDM FAR FA/ GPH GSF HUW INSE JDG KAPE KP2 MACF MPAC MNZS NESF NBI OTMP OBD PREM QFI RUA SCS SEN SOS SUR TON TOU TXP TGL TCN UEM VLS WYN
Testing has commenced on sidewall cores, cuttings, mud gas and fluid samples from the Merlin-1 exploration well. As previously discussed, interpretation of logging while drilling data indicated that the Merlin-1 well had intersected multiple potentially hydrocarbon bearing zones in the primary Nanushuk target; however, operational issues prevented hydrocarbon samples being collected from the two most prospective zones. Significantly, several of the prospective zones encountered had previously be
Companies: 88 Energy Limited
Diversified Gas & Oil has announced the US$135m (gross) conditional acquisition of certain Cotton Valley upstream assets and related facilities from Indigo Minerals LLC. The acquisition represents the first for the Company outside of its existing Appalachia footprint and provides Diversified with a platform to replicate its proven business model in a newly identified Regional Focus Area (RFA). The RFA includes the producing areas within Louisiana, Texas, Oklahoma and Arkansas and provides a sign
Companies: Diversified Gas & Oil PLC
Jersey has announced a carbon emissions policy as well as its intention to position itself as an oil & gas company leading in the energy transition within the UK oil & gas sector. We believe that Jersey is a major oil & gas company disguised as a junior. The ethos, controls, management systems and ESG leadership of Jersey Oil & Gas are, we believe, setting a very high standard of best practice, even relative to major oil & gas companies. Amongst other measures, Jersey has announced its intention
MAST Energy Developments (MED) is to IPO on the Standard List on 14th April 2021 under the ticker MAST. The company has raised £5m giving a market capitalisation on listing of c. £23m. MED is currently a 100% subsidiary company of AIM quoted, Kibo Energy*. MED was established to acquire and develop a portfolio of flexible power plants in the UK and become a multi-asset operator in the rapidly growing Reserve Power market. PensionBee has confirmed its intention to float on the High Growth Se
Companies: SYM CGNR EKF KBT GGP VLS TMO ECK B90 MDZ
Semper Fortis Esports* recently announced its intention to IPO onto the Access Segment of the Aquis Stock Exchange Growth Market. Semper is a multi-operational Esports organisation focusing on gaming technology solutions, brand enhancement and high growth team infrastructures. The company plans to raise £2.5m to develop their three core areas of establishing an esports team, forming partnerships with brands for sponsorship and B2B consultancy services. The Board are highly experienced in spor
Companies: BOKU RBGP MUL WATR GFIN MKA TIDE MNO INX TUNE
Bahamas Petroleum Company (BPC LN)C; Target price of 1.20p per share: Pressing the reset button - BPC announced important management changes with Eytan Uliel becoming CEO and Simon Potter transitioning to a NED role. The company will also change its name to Challenger Energy plc. The strategic focus has not changed with two imminent key appraisal wells due to be drilled in Trinidad and Suriname at a total initial cost of 2x the current share price. Importantly our unrisked N
Companies: ADX AKERBP AKERBP BPC BP/ CE1 DGOC ENI ENI ENQ EQNR EQNR XOM XOM HUR JSE JKX LUPE NOG OMV OMV RBD REP REP RDSA FP EGY VOG
InfraStrata has conditionally raised £10.3m in a placing (with potential for up to a further £4.1m through an open offer) to support delivery of a transformational £26.5m fabrication contract with Saipem. This project validates management's vision for the company, and paves the way for future fabrication contracts. With the substantial pipeline of opportunities being targeted (c£1.7bn), alignment to structural growth drivers that are underpinned by government policy, and the credibility provided
Companies: InfraStrata plc