SP Angel Morning Energiser: 24/08/23

Gas prices fall on positive Australian LNG talks

Harbour Energy (HBR LN) - H1 2023 results

Harbour has released H1 2023 results. These show another period of strong cash flows for the company, supported by sustained production within guidance, ongoing firm oil and gas prices, and favourable timing of CAPEX and tax payments.

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: ITRK, HBR, DRX, HAS, LIO, CORD, & BMK.

SP Angel Morning Energiser: 11/08/23

LNG import capacity to expand 16% by 2024

Auctus on Friday - 11/08/2023

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.08 per share: A high-quality industry partner in Austria to fund and accelerate Anshof development - ADX is farming out 30% WI in the Anshof discovery to MND. On closing, ADX will hold 50% WI in Anshof. MND will pay ADX ~A$3.2 mm for back costs and long lead items for the Anshof-1 and 2 wells on completion of the transaction. MND will also fund ADX’s share of drilling and completion costs of A$

Harbour Energy (HBR LN) - Sale of Vietnam assets

Harbour has announced the sale of its assets in Vietnam – the producing Chim Sao and Dua fields

SP Angel Morning Energiser: 09/08/23

Crude up on Ukraine threats

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: NWG, FRAS, BT., PSON, HBR, CPI, ORIT, TRR, & ALL.

SP Angel Morning Energiser: 19/07/23

Energy prices broadly unchanged

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

Harbour Energy (HBR LN) - Trading update

Trading update reports strong production. Harbour has released a Q1 2023 trading update. This reports production of 202mboe/d for the Q1 period, resulting in estimated revenue of US$1.

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: MRO, HBR, JDW, ANX, AWE, CPI, & AVAP.

Auctus on Friday - 28/04/2023

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C: Target price of A$0.100 per share: 1Q23 update – 1Q23 production in Austria was 299 boe/d. The company held A$3.41 mm in cash at the end of March. Criterium Energy (CEQ CN)C: On track for near term acquisition – The FY22 financials were in line with our expectations. The company held C$3.7 mm in cash at YE22. Criterium has also filed the notice of intention to file a short form prospectus. This could be an indica

Harbour Energy (HBR LN) - Kan-1 discovery in Mexico

Harbour has announced a discovery in its Kan-1 well (Harbour 30%), offshore Mexico and in the same Sureste basin as the company’s Zama development project. The well encountered 170m of net pay, and c.250m of core was recovered from an updip sidetrack

SP Angel Morning Energiser: 26/04/23

API records large draw

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

Independent confirmation of c.1bn barrels liquid hydrocarbons at Kodiak

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*: 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.

LIBERUM: Trident Royalties: Benefitting from rising rate environment

Bushveld Minerals: Fully integrated vanadium exposure with potential for operational turnaround & share price rerating

We initiate coverage of Bushveld Minerals (“BMN”) with a price target of GBp9/sh, implying 339% upside to the current price. BMN is a fully integrated vanadium producer that operates mines and plants in South Africa, which we estimate will produce 3,700t of vanadium in 2023E, accounting for >3% of global supply. After operational difficulties, pricing headwinds, and associated balance sheet stress led to a steep de-rating in BMN shares, we expect a rerating to be driven by growing production and

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

IOG (IOG LN) - Operational update

Blythe H2 well production update. IOG has released an operational update. This reports that gross production from the Blythe H2 well declined from 27.7mmcf/d to 21.2mmcf/d over the course of August, from an initial stabilised rate of 32mmcf/d in early July, with an average rate of 17.8mmcf/d gross achieved over August due to a planned one-week shutdown of the Bacton terminal.

Introduction of Vanchem partner alleviates pressure