Cenkos: Longboat Energy Plc -- Lotus Rig Selected

The Deepsea Yantai semi-sub has been selected for the drilling of the Lotus (Kjøttkake) prospect in Q3/24. Lotus is situated 4kms southeast of Longboat's Kveikje discovery and is estimated to contain gross 27mmboe (Longboat net, 9mmboe) of gross mean prospective resources, with further potential upside estimated at gross 44mmboe. If successful, Lotus will form part of an area cluster development and would substantially add to Longboat's existing discovered reserves in the area. We reiterate our

Cenkos: Oil & Gas Sector -- Coro Energy, Hurricane Energy, Kistos Holdings, Pharos Energy, Prospex Energy, Petro Matad, Aker BP, Tullow Oil, Touchstone Exploration, Southern Energy, Baron Oil, Chevron Corporation, Corcel

Oil rose a second consecutive week as investors monitored progress made Friday on debt-ceiling talks to avoid a US default. Republican and White House negotiators were moving closer to an agreement to raise the debt limit, according to people familiar with the matter. Still, the agreed-upon details are tentative, and a final accord is not in hand. Prices:  WTI for July delivery rose 84 cents to settle at $72.67 a barrel in New York.  At that level, the contract is up about 1.6% for th

Cenkos: Oil & Gas Sector -- Trinity Exploration & Production, Diversified Energy, Tethys Oil, Pantheon Resources, Egdon Resources, Energean, IOG, Union Jack Oil, Arrow Exploration, Afentra, Canadian Overseas, Zephyr Energy, Tower Resources, EnQuest, Barryr

Oil posted the first weekly gain since early April after tracking broader market sentiment that embraced risk assets on rising optimism the US will reach a debt-ceiling deal. Crude largely abandoned the fundamental trade this week, with traders dissecting news from Washington on attempts to avert a catastrophic default. House Speaker Kevin McCarthy sent mixed messages by saying an agreement in principle may be reached as soon as this weekend, but adding on Friday that bipartisan talks in Was

Cenkos: Oil & Gas Sector -- Tethys Oil, Diversified Energy, Wentworth Resources, Hartshead Resources, Neptune Energy, Harbour Energy, PetroTal, Genel Energy, Kosmos Energy, Saudi Arabian Oil Company, Touchstone Exploration, Valeura Energy, VAALCO Energy, B

Oil slumped near $70 to mark a fourth-straight week of losses as concerns about demand growth persist. It briefly appeared like West Texas Intermediate would manage to snap its losing streak, supported by signs that Iraqi oil exports likely will not resume on Saturday and the US signalling it could purchase crude to refill the strategic reserve after next month. But a strong dollar Friday, which makes oil more expensive for holders of other currencies, wiped out those gains. Over the week,

Cenkos: Oil & Gas Sector -- Longboat Energy, Chariot, Empyrean Energy, Argos Resources, Sound Energy, Ithaca Energy, Gran Tierra Energy, IOG, Arrow Exploration, Hurricane Energy, Panoro Energy, bp, Shell, Equinor Energy, ConocoPhillips, OKEA ASA.

Oil fell for the third straight week as concerns about softening demand were exacerbated by low trading volumes. West Texas Intermediate settled above $71 a barrel on Friday after trading in a $13 range this week amid renewed instability among regional US lenders and fears the economy is headed into a recession. The string of weekly declines is the longest this year. Signs of strength in the physical oil market suggest the selloff — which included a brief, dramatic plunge to the lowest int

Auctus on Friday - 05/05/2023

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C: Target price of A$0.100 per share: 1Q23 in line with expectations. Growing production at Anshof – 1Q23 production was 299 boe/d including 88 bbl/d for Anshof. In March net production from Anshof has increased to 94 bbl/d. Overall net production in March including the Zistersdorf & Gaiselberg fields (Z&G) was 336 boe/d. Additional site storage is planned to be installed at the Anshof-3 well location in June which

Longboat Energy plc (AIM: LBE): US$1.8 bn oil producer joins Longboat in Norway.

• JAPEX (Japan Petroleum Exploration) is acquiring 49.9% of Longboat Energy Norge in return for an initial cash injection of US$16 mm in Longboat Norge with an additional contingent cash consideration of US$4 mm linked to a production acquisition in Norway. Longboat Energy will keep the remaining 50.1% in Longboat Norge. • JAPEX could inject up to a further US$30 mm in cash in case of a discovery at Velocette. The exact amount depends on the discovered volume with a sliding scale of US$/boe valu

Cenkos: Longboat Energy Plc

Longboat has agreed to a significant investment of up to US$50m from JAPEX into its Norwegian subsidiary, Longboat Energy Norge, to form a joint venture (Longboat JAPEX). The transaction provides Longboat Energy Norge with an immediate upfront cash capital investment of US$16m (2.4x the current market cap of Longboat), with no dilution for Longboat shareholders and up to a further US$34m in contingent payments. JAPEX will also provide the joint venture with a US$100m acquisition financing facili

Cenkos: Longboat Energy Plc -- Repeating a Successful Strategy

Longboat's vision is to build a full-cycle E&P company focused on growth both through value additive M&A transactions and with the drill-bit via exploration drilling. Longboat's management team has a proven track record of delivering success, having grown Faroe Petroleum from a North Sea focused pure explorer to a full-cycle E&P Company that was sold to DNO for cUS$900m in 2019. With the Company currently trading below cash and a near-term pipeline of M&A and drilling catalysts we believe now is

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

Longboat Energy plc (AIM: LBE): Looking at potential next steps

• Longboat has reported its preliminary FY22 results. There were no surprises. The YE22 cash position was ~£12 mm, £3 mm above previous indications. The difference is associated with working capital movement with a payment on the Velocette well due in 1Q23. • Longboat now expects the monetization of the Kveikje discovery by the end of 2Q23. We value this asset at £0.17 per share (US$13 mm), which would boost the company’s balance sheet and address funding concerns. • In November 2023, Longboat

SP Angel Morning Energiser: 21/03/23

Energy prices steady

Auctus on Friday - 10/03/2023

AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LM) C; Target price of £0.55 per share: One step closer to FID – Production ramp-up quicker than expected – Chariot has completed the Front-End Engineering and Design (FEED) on the key components of the Anchois gas development project. The FEED confirms a plateau production of 105 mmcf/d from three wells including the existing Anchois-2 well, subsea infrastructure to an onshore central processing facility and an onshore g

Hybridan Small Cap Feast - 03 Mar 23

3 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

Longboat Energy plc (AIM: LBE): Egyptian Vulture to be relinquished but Longboat plans to take the asset forward

• As part of an assessment of Egyptian Vulture, the discovery has been estimated to hold 4-68 mmboe contingent resources (1C-3C case). The study focused on seismic interpretation and distribution of areas with good reservoir. • For an appraisal well on Egyptian Vulture to be successful, it would need to encounter better reservoir quality than that penetrated by the discovery well. • Reflecting differing views on the asset, the Joint Venture participants have not reached an agreement on an appr

Fully funded for range of activities - operational and key third party evaluations

Andrada Mining: Lithium driving value after “numerous unsolicited approaches” to accelerate Uis development

Andrada Mining (“ATM”) has announced several unsolicited approaches from international entities to accelerate production from its lithium portfolio through a potential strategic partnership in its Uis project in Namibia. A global investment bank has been appointed to provide a structured assessment of potential partners based on financial and technical merits. After the expansion of the Phase 1 tin operation in 2022, Uis achieved record quarterly tin concentrate output for the three months to Fe

Initial Equity Trading Comments - 15 May 2023

Touchstone Exploration+ (TXP, House Stock at 58p) - US$7m revolving loan facility

Jersey Oil and Gas (JOG LN) - Full year 2022 results

JOG has released its full year 2022 results. These report a net cash holding of £6.6m which, alongside upcoming payments under the GBA farm out deal with NEO Energy, gives JOG a very strong funding base. The statement also reiterates the company’s focus on progressing its GBA project, including approval and closure of the farm out, progression of the Buchan development plan, likely a second farm out, and then FID in H1 2024. We expect this to represent a series of catalysts over the coming month

Cenkos: Diversified Energy Company Plc -- 54% Cash Margin & 37% Annualised FCF Yield

Despite the challenging commodity price environment, Diversified has announced a strong set of Q1/23 results. Cash margins and annualised free cash flow yield increased to c54% and c37% respectively, as a result of lower per-unit expenses and the Company's robust hedging portfolio. Diversified's hedging strategy continues to advantageously position the Company, with remaining 2023 average natural gas hedge floors of US$3.79/Mcf at a 35% premium to current strip pricing, and a 55% premium to the

Pantheon Resources (PANR) – Corporate – Successful $22m Placing

Pantheon Resources announced the closing of a $22m significantly oversubscribed placing and subscription priced at 17p. The use of proceeds will include: i) funding the flow testing of the Alkaid#2 well from the SMD horizon, ii) funding a competent person report to be prepared by Netherland Sewell and Associates covering the Theta West and Alkaid oil discoveries, iii) funding the preparation of dynamic models and field development models to be prepared by SLB (formerly Schlumberger) and iv) fund

Successful first test at CN-1

The time has come!

In the next six months, Aminex (AEX) will embark on a development programme that will see the company become a producer and free cash flow (FCF) generator. Between drilling the new Chikumbi-1 well (CH-1), re-entering the existing two wells, processing of the new 3D seismic, signing a GSA, and reaching first gas, there will be plenty of milestones in 2023 to, in our view, gradually “guide” the market towards recognising a full value for the targeted initial 60mmscf/d gross production in late 2023

LIBERUM: Caledonia Mining* - The worst should be behind us; onwards and upwards from here

LIBERUM: Helium One* - >60% increase in Helium resource

Hybridan Research: Sector Review: Critical minerals for UK - mining and battery recycling: 09-05-2023

Virgin mining: Energy security and decarbonisation are driving the race in the sourcing of critical minerals from the natural world. This has contributed to the revival of exploration activities in the US, Europe and to a lesser degree the UK. For example, the global identified lithium resources increased from 40m tonnes in 2015 (the Paris Agreement year) to 97m tonnes in 2023, at a CAGR of 12%, according to the U.S. Geological Survey data. For example, there was no identified lithium resources

Hybridan Small Cap Feast - 23 Feb 23

23rd May 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 objectiv

Reserves at Shell: Shooting itself in the foot?

Hangover from the noughties debacle still seems to weigh Is Shell''s seeming conservatism on SEC reserves accounting effectively shooting itself in the foot? After two weeks of talking with investors, several of whom expressed concern that Shell''s lowly reserves life would require it to spend beyond guidance to sustain its hydrocarbon business, our impression is, most likely, yes. Push into the details and time and time again, all too apparent in our view is that when it comes to reserves accou

Anglo Asian Mining* - FY22 reflect lower gold production, FY23 guidance reiterated and 8c dividend maintained