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ADX Energy (ADX AU)C; Target price of A$0.060 per share: Better reservoir performance than expected at Anshof - The Anshof-3 well has flowed at a maximum rate of 132 bbl/d (light oil and no water) from the Eocene reservoir. This is well above the flow rate of ~75 bbl/d announced two weeks ago and initial expectations of 40 80 bbl/d. Downhole pressure data recorded during the test also indicates better than expected reservoir flow perfo
Companies: TXP PXT TGL SENX KOS CZA AOI CNE CNE EQNR I3E TETY TETY VLE GENL FEC ENOG EME DNO DNO CNE AKRBP AKERBP ALV ALV PEN PEN GPRK GPRK ADX LBE
Arrow Exploration (AXL LN)C; Target price of £0.45 per share: Very encouraging drilling results at Colombia well - The RCE-2 well has encountered a total net pay of ~80’ across five separate known horizons. Importantly the C7 sand (the primary target) was encountered 10’ higher than expected and 25’ higher than in the RCE-1 well. Overall 30’ of pay was encountered in the C7 sand. This suggests larger volumes than expected. The well als
Companies: EME LEK TRIN SQZ SOU MAHAA HUR GTE DNO DNO XOP ALV ALV SDX CEG AXL
Arrow Exploration (AXL LN/CN)C: Target price of £0.30 per share: Operations update in Colombia – The RCE 2 well is expected to spud around March 15th, with drilling expected to take approximately three weeks, followed by the testing of the well. Depending on the number of zones encountered in the well bore, the testing is expected to take approximately two weeks. RCS-1 well (formerly named RCE-3), the next well in the campaign, is expe
Companies: 88E AXL CNE CNE DNO DNO GENL GTE I3E LEK PEN PEN TAL SEPL TETY TETY TTE
Calima Energy (CE1 AU)C; Target price of A$0.65 per share: A$20 mm equity raise to fund growth – Calima has raised A$20 mm of new equity priced at A$0.20 per share to fund growth and boost its balance sheet. With ~A$16 mm capex in 1Q22, a “maxed-out” debt facility and covenant restrictions, the additional equity funding will allow Calima to sustain its capex programme and secure equipment ahead of the spring break-up period rather than
Companies: 88E AKRBP AKERBP ALV ALV BP/ CE1 CNE DNO DNO EQNR EQNR I3E JSE PAT TAL SHEL TETY TETY TTE EGY
ADX Energy (ADX AU)C; Target price of A$0.040 per share: Positive logging results at Anshof-3 – Logging results from the Anshof-3 well confirmed 2.5-4 m of productive net pay at the primary Eocene oil target and 14 m of net gas pay at the Miocene sands. The secondary Cenomanian oil zone is not likely to be productive at this location due to low permeability (this is not a surprise). The Eocene net reservoir thickness at Anshof-3 locati
Companies: GPRK GPRK TTE TGL SQZ SOU REP REP MAHAA KOS LUPE LEK HUR GTE GENL ENOG ECHO ADX CE1 DNO DNO TAL PHAR TETY TETY VLE
ADX Energy (ADX AU) C; Target price increased from A$0.040 to A$0.045 per share: 2P reserves increased by >150% with further upside possible – 2P reserves at the Zistersdorf and Gaiselberg fields in Austria as at 1 July 2021 have been estimated by the company’s reserves auditor at 1.8 mmboe. This represents a 154% increase versus previous estimates. The reserves increase reflects 32+ recompletions to access behind pipe reserves from d
Companies: GTE PPC ADX ALV ALV BP/ CE1 CNE CEG DNO DNO ENOG FEC GENL PXT SNM TETY TETY TGL EGY VOG ZEN
Imperial Helium (IHC CN)C: Smaller resources but good well test results could suggest a commercial development – At the IHC-Steveville-2 well, a 12 metre zone was tested at a rate of ~2 mmcf/d. This zone is an interval equivalent to the blow-out zone in the offsetting 13-22 well. While the headline flow rate might appear low, it is in reality a good result that suggests that the well can be brought into production at 5-6 mmcf/d at leas
Companies: AKRBP AKERBP CASP GENL GTE HUR IHC KOS LUPE PEN PEN TAL RBD EGY DNO DNO JKX
PetroTal (PTAL LN/TAL CN)C; Target of £0.65 per share: Production of ~15,500 bbl/d – • Bretana’s ten-day average field production, ended September 27, was 15,494 bbl/d. This represents a small increase compared to ~15.4 mbbl/d, announced two weeks ago. This is very encouraging suggesting the BN-8H well is performing very well and that overall production efficiency is high with the water system working well. This also augurs well for th
Companies: AOI CHAR DNO DNO ECHO HUR I3E IOG TAL PPC RBD SLE SAVE SQZ TTE TGL
Calima Energy (CE1 AU)C; Target of A$0.75 per share: Brooks drilling update – The average of the four well program, over their respective 30-day initial production rates, was 176 boe/d (75% oil) per well. There was a significant variation in production results between the 4 wells. The variability was consistent with the results since Blackspur started drilling the Sunburst in 2014 and the average production of the four wells was close
Companies: XOM XOM CNE CNE CE1 DNO DNO GENL HUR I3E JSE TETY TETY
ADX Energy (ADX AU) C: Target of A$0.040 per share: High impact newsflow in 2H21 - 2H21 will be very important for the company with significant upcoming newsflow. In our view, the most meaningful eventis the drilling of the Anshoff well in Austria. We were previously anticipating that the company would need a farm-in partner to fund the well. However, in the context of the current high oil price, >A$4 mm in cash at the end of June and
Companies: XOM XOM SOU NOG SEPL LUPE SHEL TETY TETY ADX CE1 DNO DNO ENI ENI EQNR EQNR GENL IHC OMV OMV PEN PEN PHAR REP REP SNM TTE
GeoPark (GPRK US)C; Target price of US$25 per share: Excellent financial results. Increased production guidance. Additional exploration wells – With higher oil price expectations, GeoPark is increasing its FY21 capex guidance from US$100-120 mm to US$130-150 mm. The new guidance includes US$75-90 mm for development (up from US$60 70 mm) and US$55-60 mm for exploration (up from US$40 50 mm). The new capex guidance will allow GeoPark to produce 41 43 mboe/d in 2021 (up from 40
Companies: JOG SNM CNE CNE XOP DEC DNO DNO ENI ENI GENL GPRK GPRK TETY TETY TGL TLW EGY
Bahamas Petroleum Company (BPC LN)C: Target price of 1.90p: Looking beyond the Bahamas - The Perseverance #1 well encountered oil, validating the structural model and the petroleum system, but did not encounter oil in commercial quantities. While the drilling results were disappointing for the B North prospect, the company believes that the presence of (1) oil in good reservoirs and (2) a good seal derisk the B South prospect and the C structure and could improve the profile
Companies: CEG DNO ENI FAR FEC GPRK PEN PANR TAL REP SHEL SNM
Bahamas Petroleum Company (BPC LN)C: Uncommercial exploration well in the Bahamas – The Perseverance #1 well encountered oil, validating the structural model and the petroleum system, but did not encounter oil in commercial quantities. The well drilled a majority of the potential reservoirs of interest.
Tethys Oil (TETY SS)C; Target price increased from SEK75 to SEK85 per share: 120% reserves replacement, special dividend, entering busiest exploration drilling period in Tet
Companies: DNO SHEL 88E CEG EQNR TETY TETY TTE
PetroTal (PTAL LN/TAL CN)C; Target Price: £0.50: Successful US$100 mm bond raise opens new horizons – PetroTal has raised ~US$100 mm through a 3 year senior bond issue with a fixed coupon of 12% per year and a borrowing limit of US$125 mm. ~US$20 mm will be used to repay the US$16.6 mm derivative liabilities to Petroperu (formalized in November) and the US$2.9 mm government pandemic loan, while US$20 mm are earmarked to make acquisitions. The balance will be invested in th
Companies: NOG CASP SHEL ADX AKRBP ALV BP/ DNO ENQ JSE LUNE MAHAA OMV PXT TAL SEPL WEN
Panoro Energy (PEN NO)C; Target Price: NOK23.00: BW Energy (BWE NO) provides update in Gabon – BW indicated that 4Q20 gross production from the Tortue field was ~13,500 bbl/d, as an 11 day downtime took place in October for the annual maintenance program and to comply with Gabonese production allocations to meet OPEC quotas. A drilling contract for one development well (DTM-7H) and one exploration well has been recently awarded. There is also the option for another exploration well subject to th
Companies: AKRBP CNE DNO ENOG XOM GENL GTE JKX KOS PEN TAL PHAR REP SHEL SQZ TTE TGL
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Companies: Sylvania Platinum Ltd.
Forecast and valuation update
Companies: IOG PLC
Arc has recently signed an agreement with Anglo American (LSE:AAL, Market Cap $45bn) on a JV for its highly prospective Zambian licences (subject to final due diligence). The deal sees (3) main staged payments of up to $74m in the ground and $14.5m to Arc (by end of stage 1) and significantly leaving Arc with a 30% stake in the project. On a detailed reflection over the deal we want to reiterate how positive we see this is for Arc: i) Arc could never have raised this sort of capital to bring exp
Companies: ARC Minerals Limited
Jubilee today provides an operational update on the ongoing commissioning at the new Inyoni chrome and PGM plants with Jubilee building up to steady state production for nameplate capacity of 1.2Mt chrome concentrate and 44koz PGM production per year. Remember processing chrome creates the upgraded PGM tailings for Jubilee to recover the PGMs (Jubilee being paid a small margin to preconcentrate its own feed) and with the expanded Inyoni there is no need to share the PGM revenues via a JV struct
Companies: Jubilee Metals Group PLC
Last week Tamesis visited a number of Tharisa PLC's assets including the Tharisa Mine and Arxo Metals Beneficiation Site (AMBS) in South Africa and the Karo Platinum Project in Zimbabwe. Overall it was an extremely well received trip with evidence of efficiency improvements at the Tharisa mine, unexpected cash generation from the Vulcan Plant, further cash from the Salene Chrome Plant and, it also impressed on us that the Zimbabwe risk to the build out of Karo is lower than the market perhaps th
Companies: Tharisa Plc
Chariot has conditionally raised gross proceeds of US$25.5m (before costs), providing the Company with sufficient funds to advance the Anchois Gas Development towards a Final Investment Decision (FID) and to progress its renewable power pipeline. The placing was significantly oversubscribed, highlighting the market's confidence in Chariot's business model and its management team. We maintain our price target at 51p, with the recent rise in the European gas price forward curve offsetting the dilu
Companies: Chariot Limited
Pantheon Resources announced that it has contracted a rig (the Nabors 105AC) to the Alkaid #2 well, which the company indicated is scheduled to spud in July 2022. The company indicated that if the well is successful, Pantheon Resources will commence a long-term production test and truck and sell the produced oil to a nearby North Slope facility.
Companies: Pantheon Resources plc
RCE-2 well flow test result
Companies: Arrow Exploration Corp.
A pre-feasibility study for the c10 GW green hydrogen project named “Project Nour” has confirmed that Mauritania is exceptionally well-placed for green hydrogen due its world class solar and wind resources, with the project having the potential to produce some of the cheapest green hydrogen in the world. With up to 10GW of electrolysis installed, Project Nour has the potential to become one of the largest green hydrogen projects globally by 2030. Geographically proximal to the European markets,
Diversified has announced the acquisition of a portfolio of East Texas upstream assets and related facilities from a private seller for US$50m – an attractive 1.4x multiple based on the NTM adjusted EBITDA of US$35m and before any potential synergies. At US$50m, the net purchase price approximates a >PV40 valuation at the effective date and represents an attractive discount of c51% to the estimated PV10 using the NYMEX strip as of the 19 April 2022. The assets include PDP reserves of 18mmboe (11
Companies: Diversified Energy Company PLC
ARC has announced it has signed a JV agreement with Anglo American (LSE:AAL, Market Cap $45bn) over its Zambian licences. This has long been in the offing and we view the terms as advantageous to Arc and a validation of the prospectivity that it (and we) see in its licences. The headline JV payments are staged but could ultimately lead to Anglo owning 70% of the licences, by investing $74m in exploration and paying Arc $14.5m. The licences will be held under a JV which will have an initial ow
*A corporate client of Hybridan LLP
Dish of the day
EnSilica (ENSI.L), has join AIM. EnSilica provides an end-to-end service for the design and supply of mixed signal ASICs, outsourcing certain elements such as the wafer fabrication of the manufacturing and packaging to third parties - otherwise known as a Fabless Semiconductor Model. ASICs are Integrated Circuits or semiconductor chips developed for a particular use or product rather than for general purpose usage. ASICs help
Companies: YGEN AFRN ALBA ART BLV CCS EPWN FIPP NWT KETL
Companies: Thungela Resources Limited
Dish of the day
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What’s cooking in the IPO kitchen?
Psych Capital PLC, intends to list on the AQSE Growth Market. Psych operates the Psych Platform (a business-to-business networking platform), that is developing the Blossom Database pursuant to a third party licensing arrangement. The Company also has an investment of 426,000 common shares in Awakn, a Canadian NEO Exchange listed psychedelics research and clinical group, with operations in th
Companies: YCA 7DIG BOOM DMTR EYE KIBO NFC RST SPSY