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

SP Angel Morning Energiser: 08/03/23

Oil tumbles on Fed resolve

Auctus on Friday - 17/02/2023

AUCTUS PUBLICATIONS ________________________________________ Calima Energy (CE1 AU)C: Target price of A$0.50 per share: Positive testing results opens the Montney - Calima has so far obtained very good results from the re-testing of the Calima #2 and Calima #3 wells. This could de-risk the initial development of the Montney with potential for production in 2024. This could also materially increase the likelihood of attracting an industry partner. Calima has been estimated to hold 2C contingent r

Auctus on Friday - 27/02/2023

AUCTUS PUBLICATIONS ________________________________________ GeoPark (GPRK US)C: Target price of US$31 per share: Two new strong development wells at CPO-5 – Two new development wells, Indico 6 and Indico 7, tested over 11,000 bbl/d gross (in aggregate) with hardly any water (Indico 6: 6,270 bbl/d, Indico 7: 5,245 bbl/d). The wells are expected to be tied in later in 1Q23 and put on production at an initial constrained rate of 8 mbbl/d. This would take gross production from the field from ~20 mb

SP Angel Morning Energiser: 25/01/23

Energy prices edge lower

SP Angel Morning Energiser: 14/12/22

Brent pushes back above $80

Auctus on Friday - 18/11/2022

AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; Target price of NOK50 per share: Dry hole in South Africa – The Gazania- 1 well did not encounter hydrocarbons. Panoro, Africa Energy (AFE CN/AEC SS) and Eco Atlantic (ECO LN/EOG CN) hold respectively 12.5%, 27.5% and 50% WI in the well. PetroTal (PTAL LN/TAL CN)C; Target price of £1.30 per share: Production returning to normal – 3Q22 production, cash and receivables/payables as at the end of September had bee

SP Angel Morning Energiser: 16/11/22

Price volatility on war escalation fears

Auctus on Friday - 6/09/2022

AUCTUS PUBLICATIONS ________________________________________ Longboat Energy (LBE LN)C; Target price of £1.25 per share: Copernicus is dry - The Copernicus exploration well on licence PL1017 was dry. The well failed to encounter any effective reservoir. This was a high risk well. Drilling was much quicker than anticipated. As a result, the cost of the well was materially under budget, suggesting that the balance sheet of the company could be stronger than our current assumption. We reduce our ta

SP Angel Morning Energiser: 05/08/22

Crude prices retreat on recession fears

Auctus on Friday - 05/08/2022

AUCTUS PUBLICATIONS ________________________________________ Longboat Energy (LBE LN)C; Target price of £1.60 per share: Spudding high impact well in Norway – Drilling operations at the Oswig exploration well (Company 20%) have commenced. The well is targeting the Tarbert and Ness formations, two separate intervals which are estimated to contain combined gross unrisked mean resources of 93 mmboe (19 mmboe net to Longboat). The Oswig geological chance of success is estimated to be 36% and the key

Auctus on Friday - 15/07/2022

AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; Target price of NOK50 per share: Closing the Nigeria chapter and dividend in specie – The divestment of Nigeria has been completed. Panoro will receive 96.6 mm shares or 6.78% of PetroNor (US$10 mm). The shares will be distributed to Panoro’s shareholders as a dividend in specie, and represents the first dividend payment to Panoro’s shareholders. In addition, Panoro is entitled a ~US$16.7 mm contingent payment

Auctus on Friday - 10/06/2020

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.45 per share: Positive drilling results at RCS-1 could add further reserves - The RCS-1 well (the second well drilled by Arrow in Colombia this year) has encountered >55 feet of total net pay across six separate oil-bearing reservoirs in the C7, the Gacheta and the Ubaque, between 7,077 feet and 8,105 feet. No reserves were allocated to the Ubaque, C7 and one of the Gacheta sands. Thes

Tullow – Capricorn merger

The two companies want to merge in an all share deal. A surprising move but with some logic, as the two companies are centered around Africa. If it happens, we view this deal as rather positive, especially for Tullow shareholders, essentially allowing a better capital allocation around Tullow’s producing assets thanks to Capricorn’s balance sheet.

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

LIBERUM: Caledonia Mining* - Model updated

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