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Directa Plus Plc
Cenkos: Directa Plus Plc -- Undervalued environmental technology

Directa Plus has had its contract with OMV Petrom extended and increased. The contract, initially awarded in July 2019, was for the provision of decontamination and oil recovery services using the Company's proprietary Grafysorber® technology. The initial value of the contract was €150k (of which €75k was delivered and invoiced in 2020) and this has now been increased to €410k, the balance of which is expected to be fulfilled by June 2021.

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  • 22 Jan 21
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Falcon Oil & Gas Ltd.
Cenkos: Falcon Oil & Gas Ltd -- Liquids Rich

Gas composition data from the Kyalla 117 well has confirmed the presence of liquids-rich gas within the Lower Kyalla Shale, with less than 1% CO2. Analysis of the Kyalla 117 well has shown that the gas stream contains c65% methane gas, with c33% being other liquid gases such as ethane and butane. The analysis also supports the view that the Kyalla gas stream will have elevated LPG and condensate yields. Operations are scheduled to recommence at Kyalla 117 at the beginning of the dry season in Q2/21 and will initially focus on flowing back sufficient hydraulic fracture stimulation water to allow the Kyalla 117 well to flow continually without assistance.

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  • 22 Jan 21
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Trinity Exploration & Production Plc
Cenkos: Trinity Exploration & Production Plc -- Growing Production and Cash Flow

Trinity has proven the sustainability and resilience of the Company's business model, increasing both production and cash despite significant challenges in 2020. FY20 average production volumes increased 7% on 2019 to 3,226bopd despite no new drilling activity in 2020. Cash at 31 December 2020 was US$20.2m, a 27% YoY increase – driven by strong operating cash flow, and achieved despite a 36% reduction in average oil price realisations versus 2019. Average production volumes in Q4/20 increased by 2% on Q3/20 to 3,206bopd, with Trinity offsetting natural production declines through its rigorous approach to production management. Post-period, the Trinidad and Tobago Government lifted the threshold for the imposition of SPT for small onshore producers from US$50/bbl to US$75/bbl in 2021 and 2022, providing a considerable boost to Trinity's cash generation potential. With a high number of growth initiatives underway across the energy spectrum, Trinity is well positioned to broaden its portfolio and create further value as it looks to further scale the business. We increase our price target to 34p (from 32p), almost 3x the current share price and reiterate our BUY recommendation.

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  • 22 Jan 21
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Corero Network Security plc
Cenkos: Corero Network Security plc -- growth in 2020E

FY20E order intake growth of 61% means Corero's revenue for last year of $16.8m will exceed our prior forecast. The trading update confirms c73% annual growth in revenues and further expansion of the annualised recurring revenue base. This performance highlights the increasing prioritisation of protecting networks against cyber and DDoS attacks. Buy.

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  • 20 Jan 21
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Time Finance plc
Cenkos: Time Finance plc -- Robust delivery with better times ahead

Time has produced robust interim results, slightly ahead of its earlier trading update, reflecting the gradual recovery of trading from a COVID-19 impacted March to June 2020, which saw a low in the lending book. With own-book origination holding up and arrears/forbearance falling, we view H2/21E positively but note the current UK lockdown presents uncertainty. Still trading at 20% below tangible book value, despite improved macro conditions, we see upside ahead and maintain a “BUY”.

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  • 19 Jan 21
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Falcon Oil & Gas Ltd.
Cenkos: Falcon Oil & Gas Ltd -- Let It Flow

Origin Energy has submitted a Notification of Discovery on the Kyalla 117 well in the Beetaloo Sub-basin, following the unassisted production of 0.4-0.6 MMscf/d of liquids-rich gas over a 17-hour period. The result follows the introduction of nitrogen to lift the fluids in the well. Longer-term measures will now be put in place to flow back sufficient hydraulic fracture fluid to allow for an extended well test during the dry season (Q2/21). The Australian Government has unveiled its plans to accelerate the development of the Beetaloo Sub-basin through the A$224m Beetaloo Strategic Basin Plan, creating the right conditions to grow the onshore gas industry in the Northern Territories. A new A$50m Beetaloo Cooperative Drilling Programme will support A$200m of exploration activity before 30 June 2022, capped at A$7.5m per well. The Government has also committed to establishing a new A$174m Roads of Strategic Importance corridor to upgrade roads supporting the development of gas resources in and around the Beetaloo.

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  • 19 Jan 21
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