Auctus on Friday - 22/09/2023

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.08 per share : Completing farm-out transaction in Austria – The farm-out transaction of Anshof to MND has now completed with an initial payment of EUR1.93 mm. MND has further Anshof development funding obligations of EUR4.683 mm for the drilling, completion and tie-in of the Anshof-2 and Anshof-1 wells as well as payment of further contingent amounts of EUR1.335 mm and EUR3.57 mm (A$ 5.95 milli

Hybridan Small Cap Feast 18/09/2023

Dish of the day Joiners: No joiners today. Leavers: Egdon Resources has left AIM. What’s cooking in the IPO kitchen?** Announced ITF 12 July: Substrate Artificial Intelligence, an artificial intelligence company based in Spain that creates, buys and scales companies around AI in diverse sectors such as fintech, agritech, energy, human resources, and health, intends to join the Access Segment of the AQSE Growth Market. Admission delayed. Announced ITF 6 July: Blackpoint Biotech plc, a medical can

Arrow Exploration Corp. (AIM: AXL): Good flow rate in the C7 at Carrizales Norte-3

• A 23 foot pay zone (25% porosity) in the Carbonera C7 formation in the CN-3 well has been perforated and put initially on production at a rate of 1,149 bbl/d on pump with a water cut of

Arrow Exploration (AXL LN) - Carrizales Norte reserves report

Significant new reserves number reported for Carrizales Norte. Arrow has released the results of a new reserves report on its Carrizales Norte discovery. This reports net 2P reserves of 3.9mmbbl for Arrow from the field, with a 1P number of 1.8mmbbl and a 3P number of 6.6mmbbl. This is a significant addition for Arrow: at its last reserves report as of the end of 2022 Arrow held 7.7mmboe of net 2P reserves, but this included 4.5mmboe for the currently non-producing Capella heavy oil field, meani

Arrow Exploration Corp. (AIM: AXL): Tripling 2P reserves at Tapir

• The 2P reserves at Carrizales Norte (net to Arrow) have been estimated at 3.92 mmbbl with an 3P upside case of 6.62 mmbbl (1.82 mmbbl of 1P reserves). • The 2P reserves at Carrizales Norte are ~2x larger than at Rio Crave Este with overall net 2P reserves at Tapir increased to ~6 mmbbl. • The 2P reserves of Carrizales Norte are also 2x the pre drill estimate (1.8 mmbbl), which is in line with our estimate (4 mmbbl). • The Ubaque reservoir alone is estimated to hold ~3 mmbbl of 2P reserves (out

CN field reserve update - excellent result

Auctus on Friday - 08/09/2023

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C: target price of A$0.08 per share: Transaction with MND receives Austrian Ministerial acceptance – ADX has received clearance from the ministry of finance in Austria for the partnership documentation between ADX, MND and Xstate Resources. This was a key condition precedent to completing the transaction. The transaction will provide funding for the drilling of key wells at Anshof that are expected to add reserves an

Arrow Exploration (AXL LN) - CN-3 well result

Arrow has announced the initial results of its CN-3 well (Arrow 50%), which has been drilled on its Carrizales Norte field onshore Colombia.

Arrow Exploration Corp. (AIM: AXL): CN-3 encounters thick oil pay but flow test hampered by poor cement job

• The CN-3 well encountered 67 feet of oil pay in two Ubaque zones plus 23 feet of oil pay in the C7 and 59 feet in the Lower Gacheta formations. • The oil pay encountered in the Ubaque at CN-3 is thicker than at CN-2 (~60 feet). The characteristics of the reservoir are very good and similar to those encountered in the CN-1 and CN-2 wells. • The Lower Ubaque zone was initially tested at 593 bbl/d of oil with a 30% water cut. The water cut subsequently increased and the test was terminated. The U

CN-3 well - multiple oil zones, testing ongoing

Auctus on Friday - 01/09/2023

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C: target price of A$0.08 per share: Funding from the Austrian Science Fund to collaborate on study at Welchau – The Austrian Science Fund will fund a scientific project in the Welchau area to better understand the geology of the area. An Environment Sustainability project will also be conducted by a group of experts funded by ADX. The project budget is A$0.75 mm to which the Austrian Science Fund will contribute A$0

SP Angel Morning Energiser: 29/08/23

Gas markets jittery ahead of Chevron LNG talks

Arrow Exploration (AXL LN) - H1 2023 results, CN-2 update

Arrow has released its H1 2023 results, alongside an update on its CN-2 well and wider work programme plans.

Arrow Exploration Corp. (AIM: AXL): CN-2 now in production at 1 mbbl/d. Carrizales Norte to be developed with 21 wells

• 2Q23 production was 2,169 boe/d. This is below our forecast of 2,600 boe/d due to the timing of production ramp-up at Carrizales Norte and some wells at RCE being temporarily offline. • The CN-2 well is now in production at 1,000 bbl/d (500 bbl/d net). This is above the previous reported figure of 680 bbl/d gross (340 bbl/d net). • The CN-3 well is expected to be put into production in the Ubaque next week. • Arrow indicated that Carrizales Norte well will be developed with 21 wells. This incl

Q2 23 - very good progress and operational activity continues at pace

LIBERUM: Trident Royalties: Mexican standoff

LIBERUM: Sylvania Platinum: Record year for production

PetroTal (PTAL LN) - Paddington would be proud – initiating coverage

PetroTal is a London and Toronto-listed E&P company, holding a 100% interest in the Bretana field, onshore Peru. This delivered production of 19.0mbbl/d in Q2 2023, supporting strong cash flows for the company based on its established oil export routes, onshore cost profile and fiscal terms. On the back of these cash flows and a healthy balance sheet, PetroTal has now established returns to shareholders. As such, the stock offers a strong prospective yield of over 10%, alongside production grow

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.

PetroTal (PTAL LN) - Production and operations update

PetroTal has announced production numbers for July and August, maintaining full year guidance, alongside providing an operational update.

Bushveld Minerals: Investment agreed to strengthen balance sheet

Bushveld Minerals (“BMN”) has announced that it has signed a binding term sheet with a South African investment group, Southern Point Resources (“SPR”), that should provide a strengthened balance sheet and greater financial flexibility through cumulative funding of up to US$69.5m-US$77.5m. As part of the funding package, BMN will sell down 50% of its interest in the Vanchem plant and its 64% interest in the Mokopane deposit for a total consideration of US$25m. In our view, this package represent

Jersey Oil & Gas - Interims

Jersey Oil & Gas released its interim results for the period ended 30 June 2023 indicating that it had a period-end cash position of £5.6M, with no debt. The company stated that further cash receipts amounting to $9.4M will be due on completion of the FPSO acquisition agreement and $12.5M on Buchan FDP approval (from NEO Energy, pursuant to the farm-out agreement).

Interim results: solid performance amid challenging macro

The quality of CAML’s asset base came to the fore yet again in H1 2023 as the group maintained an impressively wide EBITDA margin despite the twin challenges of weaker base-metal prices and inflationary pressures on costs. The robust financial performance enabled CAML to declare a 9p interim dividend, maintaining its position amongst the top yielders in the junior mining sector. Capex requirements should reduce materially from next year as the project to transition to more flexible and sustainab

Introduction of Vanchem partner alleviates pressure

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

FLASH: Two birds with one pegmatite

Pantheon Resources - Positive Outlook for Pantheon Resources

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