SP Angel Morning Energiser: 29/11/22

Oil whipsaws from 2022 lows on improved sentiment

WH Ireland: Jersey Oil & Gas (JOG) - Licence Extension and Farmout Update

Jersey Oil & Gas announced the extension of the Verbier licence (P2170) to end August 2023, which is now aligned with the company's core Greater Buchan Area licence (P2498).

Morning Note – 29 November 2022

Jersey Oil and Gas* - Verbier licence extension

Verbier licence extension

Jersey Oil and Gas* - Windfall tax update – GBA remains attractive

Windfall tax update – GBA remains attractive

SP Angel Morning Energiser: 22/09/22

UK fracking ban lifted

WH Ireland: Jersey Oil & Gas (JOG) - Interims and Farmout Update

We have an increasingly positive outlook for Jersey Oil & Gas based on the positive message conveyed today in the company's interims combined with the rapidly escalating acute energy crisis. We reiterate our 720p fair value estimate for Jersey Oil & Gas. We emphasise our increased confidence in our long-standing and high-conviction call that Jersey Oil & Gas will successfully secure a farmout (or otherwise secure value) for its 100% held and operated interest in the Greater Buchan Area.

Morning Note – 22 September 2022

Jersey Oil and Gas* - H1 2022 results and farm out update

H1 2022 results and farm out update

Switched On - finnCap Energy quarterly sector note

These are challenging times. The world is struggling to reduce CO2 emissions at the pace required to limit global temperature increases to 1.5°C. The combination of the Ukraine war (stratospheric gas prices), searing summer heat and widespread droughts (higher energy demand for cooling, reduced hydro and nuclear power output) is resulting in more coal being burnt in the US, Europe and China. It has also driven European carbon prices to record levels. Ambitious national climate targets are taking

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

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