UK-Listed Energy Sector: Review of the UK oil and gas landscape – why the country needs it, current policy and tax

The front of this note takes a look at the UK oil and gas sector, why domestic production is advantageous, what the main political parties think, and what could happen going forward. The latter part contains a review of the companies in our coverage – some that are UK centric, which give exposure to the note’s wider theme, and others that are focused elsewhere.

Auctus on Friday - 03/02/2023

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Drilling commences at Anshof-2 – Drilling at Anshof-2 has started. The well is targeting the field’s possible reserves with an unrisked NAV of A$0.23 per share. A success would open-up the 3C case with an additional A$0.26 per share unrisked NAV. Arrow Exploration (AXL LN/CN)C; target price of £0.55 per share: High flow and a new discovery at RCE-6. Larger volumes than expected a

SP Angel Morning Energiser: 14/11/23

OPEC forecasts strong crude demand growth

Genel Energy (GENL LN) - Q3 trading update

Genel has released its Q3 2023 trading update, reporting a measure of Q3 cash flows based on the resumption of Tawke production, helping balance costs while wider negotiations to bring the export pipeline back onstream continue.

Genel Energy (GENL LN) - Tawke update – Peshkabir back onstream

Peshkabir back online, Tawke licence production up. Genel has released an update on its Tawke licence (Genel 25%). The company had already announced average gross production from Tawke of 26.0mbbl/d for Q3 2023, with the Tawke main field having been brought back onstream on 18 July. Today Genel announces that the Peshkabir field has also now been brought back onstream, on 16 October, and that Q4 total Tawke licence production to date has averaged around double Q3 levels, driven by a combination

Genel Energy (GENL LN) - Tawke production update

Genel has announced a production update for its Tawke asset (Genel 25%), where gross production for Q3 2023 is reported at 26.0mbbl/d. This follows the asset coming back onstream for local sales in mid-July, selling volumes at prices around 50% of previous levels achieved via the export pipeline, but with sales and cash payments direct with customers.

SP Angel Morning Energiser: 12/10/23

Gas up on geopolitical risks

SP Angel Morning Energiser: 02/10/23

EU's low-carbon equaliser comes into effect

Cenkos: Oil & Gas Sector -- Argos Resources, Serinus Energy, Southern Energy, Zephyr Energy, Canadian Overseas Petroleum, Genel Energy, DNO ASA, Beacon Energy, Touchstone Exploration, Africa Oil, Maurel et Prom

Oil posted its first weekly loss since June as low trading volumes left the market vulnerable to macroeconomic concerns, overshadowing signs of a tight physical environment. West Texas Intermediate settled just above $81 a barrel, down nearly $2 for the week, as poor economic data and a widening housing slump in China weighed on risk assets. The gloom has eclipsed signs of a tighter crude market, including US stockpiles that declined to the lowest level since January. Aggregate open inter

Genel Energy (GENL LN) - Material Tawke production restart

Genel has announced a material restart of production at its Tawke field, which is now onstream at around 40mbbl/d gross (Genel 25%).

SP Angel Morning Energiser: 17/08/23

US refiners running hard

Auctus on Friday - 04/08/2023

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.10 per share: Growing production. New Anshof well to be spudded in September - 2Q23 production was 317 boe/d reaching 366 boe/d in June and including ~115 bbl/d at Anshof. Anshof-3 production performance continues to exceed expectations with strong pressure support and deliverability with no water production. Work-over activities at Zistersdorf and Gaiselberg (Vienna basin) in mid-August are ex

Genel Energy (GENL LN) - H1 2023 results

Genel has released its H1 2023 results. As fully expected, these have been significantly impacted by the shut-in of KRI pipeline oil exports in March, meaning no production or booked revenues for Genel since that time, nor any cash payments from the KRG.

SP Angel Morning Energiser: 02/08/23

US API reports huge 15mb draw

EGY US/LN, HHR AU, GPRK US, PTAL LN/TAL CN, TETY SS, AET LN, ALV CN, BNOR NO, BOE LN, CNE CN, DEC LN, DNO NO, ECHO LN, ECHO LN, ENQ LN, FEC CN, FORZ CN, GENL LN, HBR LN, KOS LN/US, PXT CN, RBD LN, SENX LN, SNM CN, TAO CN, TLOU AU/LN, TXP LN

AUCTUS PUBLICATIONS ________________________________________ GeoPark (GPRK US)C; target price of US$25 per share: Protecting shareholder returns as lower capex offsets delayed production – 1Q23 production of 36,578 boe/d had already been reported. The Indico 6 and Indico 7 wells in the CPO-5 block in Colombia are now expected to return to production in July (rather than May) when the definitive surface facilities are completed. The facilities are 60-65% complete and there is improved confidence

Jersey Oil & Gas - Delivering zero-capex barrels

Last week, JOG successfully secured its second GBA farmout, locking in a path to delivering zero-capex barrels. The surprisingly muted share price response to the farm-out leaves JOG trading at an unjustifiably large discount to our valuation. With a material fully funded development project under its belt and a clean balance sheet, JOG presents a very low-cost way to access high quality development barrels for investors and potential acquirers alike. If the threat of M&A does not narrow JOG’s v

Alien Metals - Setting the foundations for operations at the Hancock DSO project

Alien and the Iron Ore Company of Australia (IOCA), continue to lay the foundations for operations at Hancock, one of its direct shipping iron ore (DSO) projects in Western Australia. Progress made to date ensures that, should a positive investment decision be made following the conclusion of Definitive Feasibility Studies (DFS), Hancock will be in operation and generating cashflow soon after capital is invested.

Morning Note – 28 November 2023

Longboat Energy plc (AIM: LBE): All eyes on 2024

• With the acquisition of interests in Sygna and Statfjord Øst expected to complete in January, the process to establish a stable well-funded producing business in Norway is almost complete. FY23 production at Sygna and Statfjord Øst net to Longboat Norge is ~250 boe/d. • The acquisition of 49.9% of Longboat Norge by JAPEX in 2023 provides low cost capital and access to a strong balance sheet to develop further the Kveikje area and make acquisitions at no further dilution to Longboat plc. • With

Clean Power Hydrogen - Revised agreement with ATOME

CPH2 and ATOME have reached a mutual agreement to cease the previous production order made by ATOME. The CPH2 Board of Directors considers it is in the Company’s best of interests to focus its engineering and installation resources in ensuring roll out Membrane Free Electrolysers with current partners Fabrum Solutions Limited, KCA Deutag and, Northern Ireland Water. As part of the agreement, Molecular Energies has requested, and CPH2 has agreed to, a non-binding framework agreement with G-Mobili

Oil & Gas - Cavendish sector note

Jersey Oil & Gas, Serica Energy, Trinity Exploration & Production, Longboat Energy, Ithaca Energy, Neptune Energy, Pantheon Resources, Nostrum Oil & Gas, Kufpec, ORLEN.

Strong second half trading

i3 Energy - What-if analysis run at WTI $60/b and US natural gas at $2.50/mmbtu

A summary of our hypothetical “Car Crash” commodity price scenario analysis is outlined in Table 1, which provides increased confidence, we believe, in i3 Energy's capacity to fund its dividend under adverse conditions. Notably, the dividend yield is an attractive 10.3%. Effectively, our analysis reinforces our view that i3 Energy is mispriced. Details for our “Car Crash” commodity price scenario are provided in Tables 2, 3, 4 and 5. We reiterate our 20.9p fair value estimate, which is premised

Greenfield Exploration Programme Update – Palito Complex

Serabi Gold (AIM: SRB, TSX: SBI), the Brazilian-focused gold producer and developer released an update on its Greenfield Exploration activities in its Palito Complex. The exploration activity has been undertaken as part of the Exploration JV with Vale SA. The update from the announcement today reflects the high prospectivity of the Palito complex. During the year, the company ran a programme of collecting 5,5k soil samples which have increased their first-pass surface geochemistry coverage

SP Angel Morning View: Iron ore rises to $135/t as steel inventories fall

SP Angel Morning View: Metals prices rise on rising China GDP and ongoing economic electrification

SP Angel Morning View: Nickel prices jump following stainless steel price rise in China

Tlou Energy (TLOU LN) - Lesedi-6 well first gas flows

Tlou has reported first gas to surface from its Lesedi-6 well, representing the fastest time between beginning dewatering and flowing gas for any Lesedi well to date, and helping underpin gas supply for first electricity sales in 2024.

First diamond hole delivers the goods and more…

Assays have been received for the first of the three deep diamond drill holes recently completed at the company’s Pitfield project in Western Australia. As foreshadowed by the core logging and portable XRF, the assay data now confirms that the entire length of hole #1 is indeed titanium mineralised.

TENNYSON Energy Research - Falcon Oil & Gas - The final countdown