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20 Nov 20

Auctus on Friday - 20/11/2020

Panoro Energy (PEN NO)c; Target price of NOK23.00: Revisiting Gabon - BW Energy provided an update on Dussafu with FY20 production guidance expectation marginally below previous guidance (14.25 mbbl/d versus 15 16 mbbl/d) due to COVID-19 restrictions and OPEC+ quotas. This results in FY20 opex expected to be US$19/bbl which is slightly above the previous guidance of US$17-18/bbl. The drilling of DTM-7H, and the tie-in of DTM-6H and -7H, has been deferred to mid-2021 with first oil expected in 3Q21 and our estimate of the timing of the field production ramp-up has been delayed by one quarter. BWE continues to expect production from the Dussafu area to reach >30 mbbl/d in 2023 and ~40 mbbl/d in 2024. The Hibiscus development is expected to offer 15% IRR at

Companies: TGL TGA 88E FEC JSE LUPE LUNE LNDNF LYV NOG GB_NTRM NSTRY 3NO PANR P3K PTHRF PTAL TETY TETY AOI ENOG PEN SDX EGY

30 Oct 20

Auctus on Friday - 30/10/2020

Panoro Energy (PEN NO)C; Target price of NOK23.00: Delivering production growth in Tunisia – Gross production in Tunisia has averaged 4,850 bbl/d in October, up from ~4,000 bbl/d in 1Q20 following the restart of operational activities in 3Q20. The Guebiba-10 sidetrack has encountered net pay in both the Berino and shallower Douleb reservoirs. Initially bringing the Berino onstream will add a few 100s bbl/d from mid November. There are three other work-overs due in the next few months on the field and while gross production of 5,000 bbl/d now represents a new very solid base, there is also potential to quickly take gross production in Tunisia to 6,000 bbl/d. The potentially more important story of Guebiba-10 is the Douleb reservoir. While the net pay in the Douleb is smaller than at the Berino, the reservoir is of better quality and this formation, once opened (after the Berino is depleted), could generate 1.0-1.5 mbbl/d production from Guebiba-10 only. Panoro has already identified new Douleb well locations with an ongoing remapping of the field. The results of the remapping and the associated work programme should be available in 1H 2021 and could offer material opportunities for further production growth. Tethys Oil (TETY SS)C; Target price of SEK75.00: Taking control of Block 56 – Tethys is acquiring a further 45% interest in the exploration and production license covering Block 56 onshore Oman. The consideration consists of US$5 mm in cash and up to US$2 mm by way of a carry of future expenditure. The agreement further includes additional consideration in the case of a declaration of commerciality. The transaction will increase Tethys’ interest in Block 56 from 20% to 65%. Tethys is also assuming operatorship. Given that Tethys had undertaken drilling and testing activities earlier this year, we view this additional commitment as very encouraging. Block 56 has a lot of similarities to Blocks 3 & 4 and Tethys could add value by applying its knowledge of the geology of Blocks 3 & 4 to Block 56. Medco acquired Ophir Energy for >£400 mm in cash last year and, in the context of lower oil prices, we can understand Medco’s need to reduce its capital exposure to its diversified portfolio of assets. With Tethys now in control of operations, there could be more activity taking place on Block 56 in 2021 including seismic and perhaps further drilling. The share price has dropped to its lowest point in 2020, which represents a ~35% discount to our Core NAV. The core dividend represents >5% yield. Our unrisked NAV for the Thameen prospect, assuming 15 mmbbl resources, is SEK17 per year (~50% of the current share price). The current share price represents EV/DACF multiples of only 2.2x for 2020 and 1.9x for 2021. IN OTHER NEWS ________________________________________ AMERICAS BP (BP LN): Exiting Brazilian assets – BP is transferring the operatorship of a deep-water exploration block in the Foz do Amazonas basin off Brazil. Diversified Gas & Oil (DGOC LN): 3Q20 results and dividend increase– 3Q20 production in the USA was 107 mboe/d. Production from the legacy assets has been maintained at 69 mboe/d. Net debt at the end of September was US$730 mm. The company has declared a dividend for 3Q21 of US$0.04 per share up 7% versus 2Q20 dividend (US$0.0375 per share). Hess Corporation (HES US): Resources increase in Guyana – Gross resources encountered in Guyana have been increased from 8 bn boe to 9 bn boe. Maha Energy (MAHA-A SS): Strategy update – Maha plans to grow production to 15 mboe/d in Brazil, Oman and the USA over a five year horizon. President Energy (PPC LN): 1H20 results and update in Argentina – The LB-1001 well has now been tested with net pay 32% ahead of expectations. The company is expected to add ~1,030 boe/d of new gas production by the end of November including ~590 boe/d from the LB-1001 well. Production in 1H20 was 2,747 boe/d. Net debt at the end of June stood at US$11.3 mm. The exploration well EVN-x1 near the Estancia Vieja field encountered net pay of a total of 10 metres (including 7 metres of oil). These results provide support for the pre-drill projections of production of ~350 boe/d of gas and 188 bbl/d of oil. Westmount Energy (WTE LN): Drilling programme update in Guyana – Westmount holds small indirect interests in the ExxonMobil operated Kaieteur and Canje blocks, offshore Guyana. The Exxon Mobil drilling programme on both blocks has commenced, with the Tanager 1 well on the Kaieteur block currently drilling and a further two wells expected on the Canje Block over the next six to nine months. It is anticipated that the first well on the Canje Block, Bulletwood-1, will be spudded in November/December 2020. The Bulletwood-1 prospect is reported to be a 'Liza look-alike' confined channel complex and will target prospective resources of ~500 mmbbl of oil. The second well on the Canje Block will target either Sapote-1 in the east of the block or Jabillo-1, in the northwest of the block, which is reported as a billion-barrel class basin floor turbidite fan. The Tanager-1 well on the Kaieteur block (currently being drilled) targets unrisked gross prospective oil resource of 136 mmbbl to 452 mmbbl, with an aggregate chance of success 72%. EUROPE ADX Energy (ADX AU): 3Q20 update in Austria – 3Q20 production is Austria was 308 boe/d. ADX had A$2.1 mm in cash at the end of September. Aker BP (AKERBP NO): 3Q20 results – 3Q20 production in Norway was 201.6 mboe/d. The company maintains its FY20 production estimate and has narrowed the guidance range to 210-215 mboe/d from 205-220 mboe/d. Net debt at the end of September was US$3.64 bn. BP (BP LN): 3Q20 results – 3Q20 adjusted net profit was US$0.1 bn with overall production of 3,318 mboe/d (including Rosneft). 4Q20 production is expected to be slightly lower due to maintenance activities. ENI (ENI IM): 3Q20 results – 3Q20 production was 1,701 mboe/d. The company reported an adjusted net loss over the period of EUR 153 mm. The FY20 production guidance of 1.72-1.74 mmboe/d has been reiterated. Equinor (EQNR NO): 3Q20 results – 3Q20 adjusted net income was US$0.27 bn with 1,994 mboe/d production. Organic capital expenditures are estimated at ~US$8.5 bn for 2020 and ~US$10 bn for 2021, and ~US$12 bn annual average for 2022-2023. For the period 2019–2026, production is expected to grow by ~3% per year. IGas Energy (IGAS LN): Hydrogen MOU – IGas has signed a heads of terms with BayoTech, a manufacturer of modular hydrogen generation systems, to produce hydrogen IGas' existing gas resources. IGas has initially identified two of its existing sites, in the South East, where the gas resource can be reformed into hydrogen which will then be sold to local or national customers. Lundin Energy (LUNE SS): 3Q20 results – 3Q20 production in Norway was 157.5 mboe/d with free cash flow of US$164 mm. The FY20 production guidance increased from 157 mboe/d to 161-163 mboe/d with 4Q20 production targeting ~175 mboe/d. The company held US$3.7 bn net debt at the end of September. Neptune Energy: Small discovery in Norway – Well 6406/12-G-1 H (Fenja area) did not encounter reservoir rocks in either the primary or secondary exploration target. However, the well did encounter a total oil column of 38 m above the secondary exploration target in the lower part of the Intra-Melke Formation. The preliminary calculation of the 6406/12-3 A (Bue) oil discovery has now been reduced to between ~1.2 and 10 mmboe, while the estimate for the new oil discovery is between 3 and 10 mmboe. OMV (OMV AG): 3Q20 results – 3Q20 Adjusted net income was EUR80 mm with 444 mboe/d production. OMV expects total production to be between 450 mboe/d and 470 mboe/d in 2020 with total organic capex of EUR1.7 bn. Repsol (REP SM): 3Q20 resuts – 3Q20 adjusted net earnings were EUR7 mm with 616 mboe/d production. Royal Dutch Shell {RDSA/B LN): 3Q20 results – 3Q20 adjusted earnings were US$955 mm with 3,081 mboe/d production. 4Q20 production available for sales is forecasted to be 3,130-3,370 boe/d. Shell is increasing the 3Q20 dividend by 4%. Total (FP FP): 3Q20 results – 3Q20 adjusted net earnings were US$0.85 bn with 2,715 mboe/d production. Total is maintaining its quarterly dividend of EUR0/66 per share. FY20 production is expected to be ~2.9 mmboe/d with net investments of less than US$13 bn including US$2 bn in renewables and electricity. FORMER SOVIET UNION Epsilon Development: Discovery in Uzbekistan – Media reported indicated that Epsilon has discovered ~600 bcf of natural gas and 3 mmbbl of condensate at the Alouddin-4 well on the Kultak-Kamashinsky block. Overall, the company has discovered a total of ~1.4 tcf and 7 mmbbl of condensate since January. Nostrum Oil & Gas (NOG LN): 3Q20 update in Kazakhstan - Average sales volumes over the first 9 months of 2020 were 22,269 boe/d. FY20 production forecast has been increased to 21,000 boe/d, corresponding to sales volumes of 20,000 boe/d (19,000 boe/d previously). At the end of September, Nostrum held cash in excess of US$88 mm and net debt is expected not to exceed approximately US$1,074 mm. The upcoming reserves estimate may lead to a material downgrade in the company's Proven and Probable reserves. Petroneft (PTR LN): 1H20 results – 1H20 WI production in Russia was 783 bbl/d. The company held net debt of US$3.8 mm at the end of June. Zoltav Resources (ZOL LN): 1H20 results – 1H20 production in Russia was 24.3 mmcf/d for gas and 215 bbl/d for condensate. Zoltav has US$0.45 mm in cash at the end of June. MIDDLE EAST AND NORTH AFRICA Chariot Oil & Gas (CHAR LN): Potential debt funding for Moroccan offshore project – Chariot received a non-binding Expression of Interest Letter from Africa Finance Corporation for the provision of development debt finance for the Anchois Gas Discovery and the development of future discoveries from the wider prospect portfolio of the Licence. Chariot has also received a non-binding Expression of Interest for the provision of Reserves Base Lending for the development of the Anchois Gas Discovery with a Multinational Investment Bank. Both expressions of interest take into account an estimated capex of US$300-500 mm. Dana Gas: Selling Egyptian assets – Dana Gas is selling its Egypt onshore gas and condensate assets to IPR Energy for US$236 mm. The assets include 100% WI in the El Manzala, West El Manzala, West El Qantara and North El Salhiya onshore concessions and associated development leases. During 1H20, these concessions produced 30,950 boe/d, and contributed US$38 mm to the Company’s EBITDA. The consideration comprises (i) a base cash consideration of US$153 mm and (ii) contingent payments of up to US$83 mm subject to average Brent prices and production performance between 2020-2023 as well as the realization of potential third party business opportunities. DNO ASA (DNO NO): 3Q20 results – 3Q20 WI production was 97,900 boe/d, of which Kurdistan contributed 80,200 bbl/d and the North Sea 17,700 boe/d. DNO expects to exit the year with Kurdistan and North Sea production at 3Q20 levels. DNO held US$652 mm net debt at the end of September. Genel Energy (GENL LN): Update at in Kurdistan – 3Q20 gross production at the Tawke licence increased 12% versus 2Q20 to 113,700 bbl/d (50/50 split between the Tawke and the Peshkabir fields) following a campaign of quick turnaround, low cost well interventions and the startup of the Kurdistan region of Iraq’s first enhanced oil recovery project. Genel has received US$9.4 mm for crude sales in September. Gulf Keystone Petroleum (GKP LN): Payment in Kurdistan - Gulf Keystone has received a net payment of US$7.7 mm from the Kurdistan Regional Government for Shaikan crude oil sales during September 2020. ShaMaran Petroleum (SNM CN): Payment in Kurdistan – ShaMaran received a net payment of US$5.4 mm from the Kurdistan Regional Government for Atrush oil sales invoice entitlements for the month of September 2020. SUB-SAHARAN AFRICA Africa Oil (AOI SS/CN), Africa Energy (AEC SS/ AFE CN), Total (FP FP) and Impact Oil & Gas: Second gas and condensate discovery in South Africa – The Luiperd-1X deepwater exploration well on Block 11B/12B encountered 73 metres of net gas condensate pay over a mid-Cretaceous high-quality reservoir interval and did not encounter the water contact. The well will now be tested. The net pay encountered in the Luiperd target objective is much larger than the main reservoir at the Brulpadda discovery. The joint venture is now proceeding with development studies and will engage with authorities on the commercialization of gas instead of drilling another exploration well in this program. LEKOIL (LEK LN): 1H20 results - Otakikpo (Nigeria) production averaged 5,676 bbl/d over the period (2,271 bbl/d net to LEKOIL). Net debt at the end of June stood at US$15.6 mm. Seplat Petroleum (SEPL LN): 3Q20 results – Production in Nigeria over the first 9 months of 2020 was 50,653 boe/d including 100 mmcf/d for natural gas. There was a 77% uptime for the Trans Forcados Pipeline during the period and the produced liquid volumes from OMLs 4, 38 and 41 were subject to 8.6% reconciliation losses. Seplat was advised of production quota cuts of between 20%-30% across its assets in July and August. The cuts are expected to hold through January 2021. As a result, the FY20 production guidance is narrowed to 48-52 mboe/d (including 31-34 mbbl/d for liquid). The completion of the Amukpe-Escravos pipeline has been delayed again and the company now expects commencement of export of the initial permitted volume of 40 mbbl/d through the Escravos terminal in 2H21. First gas at the NOH project continues to be expected to occur in 4Q21. Seplat has declared an interim dividend of US$0.05 per share. Over the first 9 months of 2020, Seplat received a total of US$147 mm from NPDC towards the settlement of outstanding dollar-denominated cash calls and US$100 mm in Naira to offset Naira cash calls. Net debt at the end of September was US$480 mm. Victoria Oil & Gas (VOG LN): Update in Cameroon – 3Q20 gross sales rate were 4.7 mmcf/d of natural gas. During October 2020 weekday gas sales have occasionally exceeded 5 mmcf/d with a peak at 6.1 mmcf/d. One more thermal and power customer will be tied in shortly. Net debt at the end of June stood at US$12.5 mm. EVENTS TO WATCH NEXT WEEK ________________________________________ 03/11/2020: Tethys Oil (TETY SS) – 3Q20 results 03/11/2020: Genel Energy (GENL LN) – 3Q20 update 03/11/2020: Gran Tierra Energy (GTE LN/CN) – 3Q20 results 04/11/2020: GeoPark (GPRK LN) – 3Q20 results 05/11/2020: Frontera Energy (FEC CN) – 3Q20 results

Companies: DETNOR AKERBP DETNOR DETNF ARC BP/ LUPE LUNE LNDNF LYV 7M7 0GEA MAHAA RDSB TETY TETY AOI DGOC NK1A DNO DTNOF DNO DNO ENI EQNR GENL HES NOG GB_NTRM NSTRY 3NO OMV PEN PTR REP RDSA RDS RDSA RDSA34 R6C RDSA RDSA R6C3 RYDBF RDSA RDSB RYDAF RDSB RDS/A RDS/A RDS/A RDSB RDS/B RDS/B R6C2 R6C1 RDSA 134 SEPL SEPLAT 0VH4 SNM 3B8 SNM SHASF FP VOG

24 Nov 20

AFT Pharmaceuticals - Growth despite COVID-19 challenges

AFT Pharmaceuticals recently reported its results for the first half of FY21. Operating revenue grew by a strong 4% year-on-year to NZ$48.8m driven mainly by 11% growth in Australia and despite the impact of COVID-19 across the business. Reported group operating profit was NZ$2.4m compared to NZ$13.7m in the same period a year ago (NZ$3.9m if a one-time gain of NZ$9.8m from the first half of FY20 is excluded). Importantly, AFT continues to guide to operating profit of NZ$14–18m in FY21.

Companies: AFT Pharmaceuticals Ltd.

30 Nov 20

Mesoblast - Novartis licenses ARDS program

Mesoblast announced that Novartis has signed a partnership with the company to develop remestemcel-L for acute respiratory distress syndrome (ARDS), whether or not the ARDS was caused by COVID-19. This is an important validation of both the platform as well as its application in the treatment of respiratory disease. Novartis will make a US$25m upfront payment and an additional US$25m equity investment. Mesoblast may receive a total of US$505m in development milestones, an additional US$750m in sales milestones and tiered double-digit royalties. Additionally, Novartis will fully fund global clinical development for all-cause ARDS and potentially other respiratory indications.

Companies: Mesoblast Limited

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Executive Interview - Cooks Global Foods

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Kleos Space on a mission to operate multiple data absorbing satellites

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Highfield Resources advancing flagship potash project towards construction phase

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Adriatic Metals at the Proactive virtual One2One Conference

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YPB Group secures two new key channel partners in China

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Strong momentum and positive sentiment in the gold price to continue - Davide Bosio

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Castillo Copper 'getting more confident' with shallow mineralisation up to 4.1% reported at Big One

Latest Content

Mesoblast - Novartis licenses ARDS program

Mesoblast Limited

30 Nov 20
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Castillo Copper 'getting more confident' with shallow mineralisation up to 4.1% reported at Big One

Castillo Copper Ltd.

29 Nov 20

Talga Resources Initiation

Talga Resources offers exposure to a portfolio of new lithium ion battery technologies including a drop-in silicon anode product. Supporting this is a developed anode product with lower emission and better performance than rival offerings. These benefits derive from the development of a graphite mine with a unique ore. The company appears mainly valued on the basis of the mine with insufficient value for anode manufacturing or technology development. We have valued these in this note and this results in a valuation of A$2.6 per share.

Talga Resources Ltd

26 Nov 20
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SP Angel . Morning View

Amur Minerals* (AMC LN) – Kun Manie TEO progress report | Beowulf Mining* (BEM LN) – In-depth geophysical survey at Viti identifies drill targets | Cardinal Resources (CDV AU) – Third bidder enters the fray for Namdini | Panthera Resources (PAT LN) – Resumption of exploration at Kalaka | Savannah Resources* (SAV LN) – Permitting update on Mina do Barroso | Vast Resources* (VAST LN) – First Baita Plai concentrate shipment | Zamare Minerals* (Private) - Zamare Assays 15.8% Copper Mineralisation on its Dongwe licence in Zambia

AMC BEM CDV PAT SAVE VAST

26 Nov 20
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SP Angel . Morning View

Anglo Asian Mining* (AAZ LN) – FY20 production guidance revised to 68-72koz GEO | Bezant Resources (BZT LN) – Drilling intersects copper mineralisation at the Gorob-Vendome project, Namibia | Bushveld Minerals* (BMN LN) – New orders from Invinity indicate rising demand for VRFB Grid storage systems | Keras Resources* (KRS LN) – Nayéga Project Update Togo | Kingston Resources (KSN AU) – Misima PFS | Panthera Resources (PAT LN) – Review of historical data from Beredo | Vast Resources* (VAST LN) – Shareholders approve the acquisition of the minority stake in Baita Plai |Versarien* (VRS LN) – MOD DSTL awards £1.95 for product development

AAZ BZT BMN KRS KSN PAT VAST VRS

24 Nov 20
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AFT Pharmaceuticals - Growth despite COVID-19 challenges

AFT Pharmaceuticals Ltd.

24 Nov 20
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Kazia Therapeutics - Phase IIa shows good safety, consistent efficacy

Kazia presented the results from a new interim data analysis of its ongoing Phase IIa study of paxalisib in glioblastoma multiforme (GBM). The data were consistent with previous data and showed progression-free survival (PFS) of 8.4 months and overall survival (OS) of 17.5 months. Importantly, Kazia also published some of the first safety data at the full 60mg dose, which show an attractive profile compared to other members of this class.

Kazia Therapeutics Ltd

24 Nov 20
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Auctus on Friday - 20/11/2020

TGL TGA 88E FEC JSE LUPE LUNE LNDNF LYV NOG GB_NTRM NSTRY 3NO PANR P3K PTHRF PTAL TETY TETY AOI ENOG PEN SDX EGY

20 Nov 20
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SP Angel . Morning View

Altus Strategies (ALS LN) – BUY, Target 132p – 10,000m of drilling underway at Diba | KAZ Minerals (KAZ LN) – Buyout faces growing opposition from minority shareholders | Petra Diamonds (PDL LN) – Reports signs of an improving diamond market | Tietto Minerals (TIE AU) – Extended 70,000m drilling programme for PFS/DFS at Abujar

ALS KAZ PDL TIE

17 Nov 20
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Auctus on Friday -13/11/2020

GeoPark (GPRK US)C; Target price of US$20.00: Drilling success at first well in CPO-5 campaign - The Indico 2 appraisal well encountered 161 feet of net pay and flowed ~ 5,500 bbl/d of 35.2 degrees API light oil, with a 0.1% water cut. This appears to be a relatively low risk appraisal well. The well pays back in less than three months. The Indico 2 well could add imminently 1.5 mbbl/d net production to GeoPark’s ~40 mbbl/d (as of the end of 3Q20), which bodes well for the FY21 production guidance of 40-42 mboe/d. GeoPark expects to spud a well at the Aguila prospect by the end of November. GeoPark will then drill 5-6 wells (including 3-4 exploration wells) at CPO 5 in 1H21. Upon success and depending on oil prices, GeoPark could potentially drill additional development, appraisal or exploration wells at CPO-5 during 2H21. Even after the recent share price appreciation, the shares trade at ~50% discount to our Core NAV and ~25% discount to our 2P NAV of ~US$11 per share. Our unrisked NAV for the 2021 drilling programme is ~US$9.00 per share (mostly associated with Colombia), which represents over 100% of the current share price. Tethys Oil (TETY SS)C; Target price of SEK75.00: Farming out exploration asset in Oman – Tethys is farming out 50% WI in Block 49 to EOG Resources. EOG will also have the option to assume operatorship of the Block and increase its interest to 85% for any operation relating to unconventional hydrocarbon resources. In return EOG will refund all costs incurred on the Block and fund the Thameen-1 exploration well, up to a combined amount of US$15 mm. The parties will retain 50% each of any operations relating to conventional hydrocarbon resources. We view this transaction as an endorsement of the quality of Tethys Oil’s asset. The Thameen prospect is expected to be spudded in December. IN OTHER NEWS ________________________________________ AMERICAS 88 Energy (88E LN): Resources update in Alaska – Total Prospective Resources of 1.77 bn boe have been estimated at the Ice Wine project. The Seabee formation is estimated to hold 1.4 bn bbl. Alvopetro Energy (ALV CN): Update in Brazil – Gas sales at the Caburé Project was 10.8 mmcf/d (plus 84 bbl/d of condensates) in October. The company held US$2.2 mm in working capital surplus at the end of September. Touchstone Exploration (TXP LN/CN): 3Q20 results – 3Q20 production in Trinidad was 1,310 bbl/d. The company had net debt of US$14.1 mm at the end of September. Drilling operations are ongoing at the Cascadura Deep-1 prospect. EUROPE Aker BP (AKERBP NO): Minor discovery in Norway – Exploration well 6607/12-4 on the PL 127 C licence encountered 3-6 mmboe (recoverable) at the Jurassic/Triassic primary target and 6-18 mmboe at the secondary Lower Cretaceous target. ConocoPhillips (COP US): Discovery in Norway – Wildcat well 6507/4-1 on licence PL 1009 has encountered 55 180 mmboe of recoverable resources in the Lange Formation (primary target), with moderate but uncertain reservoir quality. The gas/water contact was not encountered. Premier Oil (PMO LN) and Chrysaor: Operational update – Premier production from January to the end of October was 62.5 mboe/d with FY20 production guidance reduced from 65-70 mboe/d to 61-64 mboe/d on restrictions at Catcher. FY20 capex guidance is now US$325 mm (US$340 mm previously). Net debt at the end of October was US$2.05bn (up from US$1.97 bn at the end of June). Summer maintenance work at Catcher took longer than expected and production had to be shut down in early November due to a fire. Production is expected to restart next week. First gas at Tolmount remains on track for 2Q21. Chrysaor’s production averaged 175 mboe/d to the end of October. Chrysaor’s FY20 forecast remains unchanged at 170-180 mboe/d. The merger transaction between Premier and Chrysaor is expected to complete in 1Q21. Serinus Energy (SENX LN): 3Q20 results – Production over January to September was 2,415 boe/d including 1,841 boe/d in Romania and the balance in Tunisia. The production exit rate the end of September was 2,211 boe/d including 1,730 boe/d in Romania. The duration of the Satu Mare licence in Romania has been extended by one year until October 2021 with a commitment to drill two new wells. Serinus carried a working capital deficit of US$22.3 mm (including US$15.6 mm due to the EBRD) at the end of September. Valeura Energy 9VLE CN/VLU LN) : 3Q20 update – 3Q20 production in Turkey was 615 boe/d. The company held US$32.2 mm in working capital at the end of September. The company continues to evaluate inorganic opportunities, spanning Eastern Europe and the greater Mediterranean region. Valeura will only consider assets that would add both cash flow in the near term and opportunities for significant follow-on organic growth in the medium term. FORMER SOVIET UNION Zenith Energy (ZEN LN: Exiting Azerbaijan – The Contract Exploration Area of the 25-year Rehabilitation, Exploration, Development and Production Sharing Agreement has been terminated. MIDDLE EAST AND NORTH AFRICA Energean Oil & Gas (ENOG LN): Resources update in Israel – Gross 2P reserves at the Karish, Karish North and Tanin fields have been estimated at 3.5 tcf and 99.6 mmbbl of liquids. Approximately 241 mmboe of gross 2C resources associated with Karish North have been upgraded into the 2P category following approval of the Field Development Plan by the Israeli government. Liquids production from the fields is now expected to average 28 mbbl/d over a plateau period of approximately five years. Gross best estimate risked prospective resources across the Karish and Tanin leases and Block 12 are estimated at 2.2 tcf of gas plus 33.4 mmbbl of liquids. The Geological Probability of Success of these prospective resources ranges from approximately 15% to 79%. SUB-SAHARAN AFRICA Africa Energy (AEC SS, AFE CN): 3Q20 update in South Africa - The Gazania-1 exploration well on Block 2B is now expected to spud in 2Q21. At September 30, 2020, the Company had cash of US$39.1 mm and no debt. FAR Limited (FAR AU): Selling Senegal – FAR is selling its 13.67% stake in the Sangomar project offshore Senegal to ONGC for US$45 mm in cash. In addition ONGC will repay US$66 mm in working capital. There is also a contingent payment of up to US$55 mm if the oil price increases above US$58/bbl. Kosmos Energy (KOS US/LN): 3Q20 results – 3Q20 net production in Africa and the USA was 56,700 boe/d. FY20 production is expected to be 61,000 - 62,000 boe/d (62,000-70,000 boe/d previously) with US$140-150 mm capex. Net debt at the end of September was US$2.1 bn. Gross production rates at Jubilee averaged ~87,700 bbl/d during the quarter with FPSO uptime of around 98%. TEN production averaged ~49,600 bbl/d gross in 3Q20 with FPSO uptime of 98%. Production in Equatorial Guinea averaged ~33,000 bbl/dd gross. Victoria Oil & Gas (VOG LN): Positive update in Cameroon – The litigation with CHL regarding the payment of a royalty has been settled. Overall, Victoria will have to pay CHL a total of US$12.5 mm at a monthly rate of US$0.09 to US$0.1 mm. The fish that prevented production at the La-1089 well has now been removed. Following the perforation of two sand intervals in the Upper Logbaba formation, the well flowed 19 mmcf/d on test. The company believes that the full potential of the well is likely to exceed the capacity of the plant, which is 20 mmcf/d. EVENTS TO WATCH NEXT WEEK ________________________________________ 17/11/2020: Nostrum Oil & Gas (NOG LN) - 3Q20 results 18/11/2020: BWE Energy (BWE LN) - 3Q20 results 19/11/2020: SDX Energy (SDX LN) - Capital Markets Day

88E DETNOR AKERBP DETNOR DETNF ARC ALV ALVOF A6Y COP ENOG GPRK KOS PMO SENX TETY TETY TXP VLE VOG