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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 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 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 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
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
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We currently have 64 research reports from 3
Forecast and valuation update
Companies: IOG PLC
Companies: Savannah Energy Plc
With several opportunistic but timely acquisitions in 2021, coupled with the recent surge in the oil price, Zenith Energy has, in our view, completely transformed itself and its value proposition to investors. While for various reasons it has not been easy for the market to fully recognise and reward this transformation, we expect 1) doubling production, 2) further strengthening of its balance sheet and 3) becoming Free Cash Flow (FCF) generative this year, will make it difficult for the market
Companies: Zenith Energy Ltd.
Alternative Resource Capital
We are increasing our fair value estimate for Pantheon Resources to 208p, from under review (previously 184p). The change reflects what we believe was an unambiguously positive winter drilling campaign. This full note details the background analysis to the change in estimate of fair value, which includes a valuation table and an assessment of the forthcoming Alkaid#2 well.
Companies: Pantheon Resources plc
Chariot has signed a front-end engineering and design (FEED) agreement with Schlumberger and Subsea 7 (the Subsea Integration Alliance) for the Anchois gas development project. Chariot and the Subsea Integration Alliance will adopt a “one team” integrated and collaborative approach to fast-track first gas from Anchois to maximise the return on investment for all stakeholders. The scope of work covers all the development's offshore elements including well completions and subsea production systems
Companies: Chariot Limited
RCS-1 flow testing results
Companies: Arrow Exploration Corp.
Trinity has announced the commencement of its highly anticipated onshore drilling campaign. The Company's fully funded, six well drilling programme will target an aggregate 450-1,100mmbbls of reserves at a cost of US$14-17m. In addition to drilling four “conventional” low angle wells, Trinity will also drill one horizontal well and one deeper appraisal well, with both the horizontal and deeper appraisal wells having the potential to deliver substantially higher production and economic returns ve
Companies: Trinity Exploration & Production Plc
EQTEC has reached a key milestone in its Southport energy from waste project with the appointment of Anaergia as EPC and O&M partner. This is a complex project using multiple waste treatment solutions and we see EQTEC’s inclusion as a demonstration that it’s technology can combine with these to create an optimal outcome.
Companies: EQTEC PLC
Wentworth has announced a positive operational update ahead of its AGM to be held later today. Daily production year-to-date (YTD) has averaged 92.2MMscf/d, a c15% YoY increase (2021: 79.9MMscf/d) and ahead of Wentworth's 2022 guidance of 75-85MMscf/d. As noted previously, the strong performance of the Mnazi Bay asset YTD has allowed Wentworth to increase its total dividend distribution in respect of 2021 to 1.7p per share, a yield of c7.1%. Mnazi Bay continues to supply Tanzania with half of th
Companies: Wentworth Resources PLC
• Section II of the Northern Peruvian Pipeline has been temporary re-opened.
• As a result, 0.72 mmbbl of PetroTal’s Bretana oil has been tendered at the Bayovar port by Petroperu for the July lifting. This oil previously entered the pipeline in late 2020 for which PetroTal was paid just ~US$45/bbl at the time.
• PetroTal will receive the difference between this price and the price at which Petroperu will sell the oil in July (~US$120/bbl), generating over US$60 mm of price adjustment true-up r
Companies: PetroTal Corp.
Wentworth has announced the acquisition of a 25% non-operated working interest in the Ruvuma PSA from Scirocco Energy for an initial consideration of US$3m plus contingent payments of up to US$13m. The consideration is structured to ensure that the majority is only paid in a success case, providing Wentworth with a low-cost entry point into a high growth opportunity. The transaction has the potential to nearly double the Company's production by 2026 and add over 190Bcf of 2P reserves on a Final
Completion of commissioning of Kiln 3 at Vanchem last month keeps Bushveld on track to end 2022 with a sustainable production run rate of 5,000-5,400t V pa, a solid platform from which to refocus on longer-term growth. Fully utilising the vast array of processing infrastructure at Vanchem to treat feed from an expanded mining and ore concentration operation at Vametco makes a lot of sense given the fixed component of costs at the former and the large mineral resource at the latter. Bushveld’s re
Companies: Bushveld Minerals Limited
• 2022 YTD gross production was 92 mmcf/d, ahead of our expectations of 89 mmcf/d for 1H22.
• The FY22 production guidance remains unchanged at 75-85 mmcf/d. It looks very conservative in our view.
• The company currently holds US$26 mm in cash and no debt. This is in line with our expectations.
• TPDC continues to be current with regards to receivables.
• We re-iterate our target price of £0.45 per share.
Steady growth and dividend
Our Core NAV for the company based on its 2P reserves only i
Savannah, which operates the Barroso lithium mine project in Portugal, reports today the results of its locked cycle test to determine optimal flotation reagents to confirm lithium recoveries and spodumene concentrate grades. Savannah is aiming for a 5.5%Li2O concentrate grade with a near 80% recovery. The reported work confirms that these should be possible and that in larger scale, bulk testing these parameters may improve. The work also highlights that there are still optimisations to be h
Companies: Savannah Resources Plc