Auctus on Friday - 24/03/2023

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN) C; Target price of £0.45 per share: Good flow rate at RCE-4 – The RCE-4 well has been put in production. It has produced at a rate of 728 bbl/d (364 bbl/d net to Arrow) of 28.5 API oil with a 1% water cut from the C7-A and C7 Stringer zones over the last 24 hours. This is a similar result as at RCE-3 (24 h flow rate of 968 bbl/d gross/484 bbl/d net). As was the case at RCE-3, the RCE-4 well is also flowing na

SP Angel Morning Energiser: 23/03/23

Record US oil exports

Auctus on Friday - 20/01/2023

AUCTUS PUBLICATIONS ________________________________________ Calima Energy (CE1 AU)C: Target price of A$0.60 per share: Activity programme to unlock the value of the Montney – Calima will start the re-testing of two wells in the Montney in late January. The testing of these two wells started late during the 2019 winter and had to be terminated early due to unseasonably warm weather which melted the ice road access. With the COVID-19 pandemic impacting activities in 2020 and the subsequent acquis

SP Angel Morning Energiser: 19/01/23

Crude falls on US recessionary fears

Auctus on Friday - 18/11/2022

AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; Target price of NOK50 per share: Dry hole in South Africa – The Gazania- 1 well did not encounter hydrocarbons. Panoro, Africa Energy (AFE CN/AEC SS) and Eco Atlantic (ECO LN/EOG CN) hold respectively 12.5%, 27.5% and 50% WI in the well. PetroTal (PTAL LN/TAL CN)C; Target price of £1.30 per share: Production returning to normal – 3Q22 production, cash and receivables/payables as at the end of September had bee

SP Angel Morning Energiser: 17/11/22

UK increases and expands Energy Profits Levy

Auctus on Friday - 11/11/2022

AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN) C; Target price of £0.55 per share: Meeting with management: Operations on track – The Anchois project continues to make progress towards FID in early 2023. Société Générale is leading the structuring and syndication of the debt funding for Anchois. We understand that the banking syndicate is likely to include Moroccan banks and that debt could represent 70% of the overall cost of the project to first gas. Discussion

SP Angel Morning Energiser: 07/11/22

US cold snap boosts gas prices

Auctus on Friday - 07/10/2022

AUCTUS ON FRIDAY: PEN NO, VLE CN, AEC NO/AFE CN, ALV CN, ANGS LN, CNE CN, CVX US, DME CN, ECO LN/EOG CN, ENOG LN, RBD LN, RHC CN, SEI CN, SENX LN, SHEL LN, VOG LN________________________________________ Please click here to access the financial metrics for Auctus' coverage universe AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PE NO) C; Target price of NOK50 per share: Commencement of drilling operations at high impact well in South Africa – Eco Atlantic has indica

Auctus on Friday - 09/09/2022

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.060 per share: Anshof production to start early October – Production from Anshof-3 is expected to start in mid-October. A sustained rate of approximately 100 bbl/d is expected during long term production testing. The processing, storage and transportation charge for Anshof crude will be ~US$11/bbl. Arrow Exploration (AXL LN/CN)C; Target price of £0.45 per share: Well test result at East Pepper

Auctus on Friday - 24/06/2022

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Gearing-up to drill a 800 bcf prospect in 6-12 months – ADX is looking to drill the Welchau prospect in Austria in the next 6-12 months. The well is ~1,100 m deep (TVD) and is expected to cost only ~US$ 4 mm, which could probably be funded from ADX’s own balance sheet or with a farm-in partner. The prospect is expected to hold ~650 bcf of natural gas plus 26 mmbbl of condensate (2U) with a downside case of ~170 bc

Auctus on Friday - 27/05/2022

AUCTUS PUBLICATIONS ________________________________________ Calima Energy (CE1 AU)C; Target price of A$0.75 per share: Becoming a dividend player - Calima intends to commence a half yearly dividend programme, beginning in 2H22 with first payment in 1H23. The initial half yearly dividend has been set at A$2.5 mm (~A$0.04 per share). On an annualized basis, this represents a 4.1% yield. The company also intends to undertake a share buy back programme for up to 10% of its issued capital in any 12

Auctus on Friday - 13/05/2022

AUCTUS PUBLICATIONS ________________________________________ 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

Auctus on Friday - 06/05/2022

Imperial Helium (IHC CN)C; Under review: Merger with Royal Helium to build a material player with discovered resources and huge upside - Imperial Helium is merging with Royal Helium with Imperial Helium shareholders set to hold ~30% of the combined entity. The share exchange ratio suggests a 10% premium to the Imperial Helium share price on the day prior to the announcement. Shareholders will vote on the transaction in June with completion expected in the 2nd half of June. Management, insiders a

Auctus on Friday - 25/03/2022

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.040 per share: Subsidy from the Australian government – ADX has received a A$1.15 mm subsidy to cover a proportion of fixed costs incurred between September 2020 and February 2021. This amount will boost ADX balance sheet and be allocated to the appraisal and development of the Anshof discovery as well as the Vienna Basin Hydrogen Production and Storage Project. This is a material cash injectio

LIBERUM: Sylvania Platinum* - 3p interim dividend & new policy

Updated Alkaid #2 test results

SHORE CAPITAL - Savannah Energy+ (SAVE, Under Review, Suspended) - Chad upstream asset update

Loony for Bougouni

Jubilee Metals - H1 FY2023 results

Jubilee today provides its unaudited financial results for the half-year period ending December 2022. Group Revenue of £63.1m (H1 FY2022: £63m) with £58m from its chrome/PGM operations in South Africa and £5m from copper in Zambia. Headline EBITDA of £10.3m (£13.7m) with a closing cash position of £11.7m (£21.5m) after continuing its capital investment program of £24.1m (£28.4m). Production of PGM was down in the period at 18.2koz (20.3koz), but all was from its own facility at Inyoni so cap

Union Jack Oil (UJO LN) - Wressle update

Ongoing strong production from Wressle. Union Jack has released an update on revenues from its Wressle field (Union Jack 40%). Wressle has now achieved over US$14m of cumulative net revenues from the field since mid-August 2021, from US$13m as of early February 2023. The field continues to produce under natural flow and with zero water cut (most recently reported at a gross rate of 825-850bbl/d). These Wressle revenues continue to help underpin company financial performance, while also providing

Hybridan Small Cap Feast - 06 Mar 23

6 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objective

Union Jack Oil (UJO LN) - Interim dividend declaration

New interim dividend of 0.3p. Union Jack has announced an interim dividend of 0.3p/share. This follows the 0.8p/share paid in 2022, and is enabled by the ongoing cash flows being generated from the company's Wressle development. Union Jack's share buyback programme also continues, with 2,825k shares repurchased so far (out of a potential up to 11.3m).

FY22 - Focus on the next 6 months' operations

Savannah Energy - Chad upstream business nationalised

The Republic of Chad has nationalised the upstream assets Savannah recently acquired from ExxonMobil. While disappointing, Savannah remains highly free cash flow generative, an attribute the approaching completion of Petronas’s South Sudan oil business is set to boost further.

i3 Energy Update to Fair Value Estimate

We are updating our fair value estimate to reflect more conservative oil and gas price assumptions. We have lowered our 2023 WTI oil price estimate to $74.05/b from $83.10/b, to align our estimates with market dynamics. We have lowered our US benchmark (Henry Hub) natural gas price for 2023 to $3.02/mmbtu from $3.36/mmbtu, which reflects the most recent price forecast made by US EIA Short Term Energy Outlook. As a result, we are lowering our fair value estimate for i3 Energy to 26.2p from 31.6p

SHORE CAPITAL - TOUCHSTONE EXPLORATION+ (TXP, 61p, House Stock) - FY22A results exceed our forecasts; Cascadura remains on track versus prior guidance

Morning Note – 27 March 2023

PetroTal Corp (AIM: PTAL): Production back at 20 mbbl/d. Regular payments from Petroperu

• Production was constrained in January and February, with average production of ~7,600 bbl/d and 8,000 bbl/d respectively, due to restricted barging capacity over these two months. • The barging fleet schedules have now been re-established with an increased capacity of 1.5 mmbbl (1.2 mmbbl in 2022) and PetroTal’s production has been averaging 20 mbbl/d since the last week of February. • Given the constrained production rates over January and February, the company now expects 1Q23 production t

Kenmare Resources: FY22 another year of financial records culminating in a USc54.3/sh dividend

Kenmare (“KMR”) released record FY22 financial results this morning, with realised prices exceeding expectations and delivering EBITDA of US$298m, 6% above H&Pe and up 39% YoY. This generated the largest full year dividend to date at 54.3 cps, implying a trailing yield of 10.2%. As reported on 2nd March, an early set back caused by an unprecedent lightning strike has dented output in Q1’23, although KMR still believes the bottom end of its FY23 range is achievable. With the Company seeing some s