Jersey Oil & Gas (JOG) - Valuation Uplift

We are increasing our fair value estimate for Jersey Oil & Gas to 720p from 660p to reflect i) a change in our long-term oil price assumption to $100/b (inflated at 1% p.a.) from $75/b (inflated at 1% p.a.) and ii) the economic impact of the newly announced Energy Profits Levy. The 60p increase in our fair value estimate is composed of an increase of 419p related to the increase in our assumed oil price, and a decrease of 359p related to the economic impact of the Energy Profits Levy. Although

Morning Note – 1 June 2022

Jersey Oil & Gas - UK windfall tax should boost GBA farm-out ambitions

The announcement of a UK windfall tax on oil and gas companies hit JOG and other UK upstream players’ shares. However, the new levy is specifically designed to encourage higher investment in the North Sea, which can only be good news for JOG’s GBA development farm-out ambitions.

Jersey Oil and Gas* - UK windfall tax could encourage investment

UK windfall tax could encourage investment

SP Angel Morning Energiser: 28/04/22

Market Update: 28 April 2022

WH Ireland: Jersey Oil & Gas (JOG) - Final Results

Jersey Oil & Gas made significant disclosure in respect of its farm-out process in the commentary published with its full year 2021 results – we are encouraged. The company also announced it had a cash balance of £13M at 31 December 2021. We are using the opportunity to increase our Brent oil price assumption to $75/b from $70/b, resulting in an increase in our fair value estimate to 660p from 620p.

Morning Note – 28 April 2022

Jersey Oil & Gas - GBA farm-out advancing

JOG has reported audited results for 2021, with the company ending the year with a strong cash position and no debt. This should more than comfortably see it through the ongoing farm-out process, which has seen interest levels intensify in recent months, driven by the strong macro environment and a renewed desire for domestic energy security. JOG’s Greater Buchan Area is one of few material, ‘development ready’ North Sea projects, and multiple high-quality companies are showing interest. A succe

Jersey Oil and Gas* - Full year 2021 results and farm out update

Full year 2021 results and farm out update

Jersey Oil and Gas* - New UK energy strategy supportive for GBA

New UK energy strategy supportive for GBA

UK-Listed Energy Sector - What are the implications of the Ukraine situation and higher oil and gas prices?

What are the implications of the Ukraine situation and higher oil and gas prices?

Jersey Oil and Gas* - Strong oil price supports GBA farm out process

Strong oil price supports GBA farm out process

Jersey Oil & Gas (JOG) - Directorship Changes and GBA Update

Jersey Oil & Gas has announced that it has recomposed its leadership team with immediate effect. Les Thomas, formerly Non-Executive Director, has assumed the role of Non-Executive Chairman. Graham Forbes has been appointed CFO. Richard Smith has been appointed Chief Commercial Officer. Les Thomas and Graham Forbes previously served, respectively, as the CEO (2013-2020) and CFO (2010-2020) for Ithaca Energy. Richard Smith spent ten years in various senior roles also at Ithaca Energy. We believe t

Morning Note – 22 November 2021

Jersey Oil and Gas* - GBA project update, board & management changes

GBA project update, board & management changes

IOG - Forecast and valuation update

Forecast and valuation update

SHORE CAPITAL - SAVANNAH ENERGY+ (SAVE, 40p, Under Review) – FY21 results; completion of Chad-Cameroon entry expected in Q3

Exceptional transformation… and it may be just a beginning

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

Pantheon Resources (PANR) - Significant Increase in Fair Value Estimate

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.

Cenkos: Chariot Ltd -- Fast-Tracking the Anchois Development

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

Arrow Exploration - RCS-1 flow testing results

RCS-1 flow testing results

EQTEC - Key Milestone for Southport

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.

Cenkos: Wentworth Resources Plc -- 7.1% Yield and Growth

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

Cenkos: Trinity Exploration & Production Plc --Commencement of Drilling Programme

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

PetroTal Corp (AIM: PTAL): 0.72 mmbbl sales will trigger a US$60 mm payment to PetroTal earlier than expected

• 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

Cenkos: Wentworth Resources Plc -- Tanzania's Leading Domestic Gas Producer

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

Wentworth Resources plc (AIM: WEN): Delivering on targets

• 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

Hybridan Small Cap Feast 28/06/2022

Joiners: No Joiners Today. Leavers: Raven Property Group has left the Main Market. What’s cooking in the IPO kitchen? Immediate acquisitions (IME.L) is to re-join AIM via a Reverse Takeover of Fiinu Holdings Limited. Once complete the Company is proposing to change its name to Fiinu Group plc. Fiinu intends to be a provider of a consumer banking product, the Plugin Overdraft ®, which is designed to provide customers with an overdraft facility without having to change their current account or req

WH Ireland: Savannah Resources (SAV) - Locked cycle flotation tests confirms recoveries and grades

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

Arrow Exploration Corp. (AIM: AXL): Another well delivers flow rate above expectations

• The RCS-1 well was flow tested at oil rates of up 1,872 bbl/d (936 bbl/d net to Arrow) of 30 API crude from the C7B sands. • The zone was tested for 33 hours at an average oil rate of 1,076 bbl/d (538 bbl/d net to Arrow) with no formation water. Production will start next week at ~1,000 bbl/d (500 bbl/d net) in order to minimize water cut. We understand that the zone has the potential to produce 2,000-3,000 bbl/d of oil. • This is again above our expectations (~800 bbl/d). • The shallower C7