Encouraging progress

Zenith Energy, the Africa and Italy focused E&P junior is in the early development phase for its recently acquired assets in the former. Progress in Tunisia has been encouraging and fortuitously the energy industry backdrop both globally and in Italy has been highly positive. Production in the six months to September 2021 was still modest but momentum should gather pace in the second half following the completion of a 22.5% interest in the Sidi El Kilani (SLK) Concession in Tunisia along with su

Auctus on Friday - 03/12/2021

AUCTUS PUBLICATIONS ________________________________________ N/A IN OTHER NEWS ________________________________________ AMERICAS Canadian Overseas (COPL LN/XOP CN): Raising US$8 mm of new equity – Canadian Overseas has raised US$8 mm of new equity priced at 20p per share. The net proceeds of the placing are intended to be used for a bid for Cuda Energy LLC, or its assets, through a receivership process. Southern Energy (SOUC LN): 3Q21 results – 3Q21 production in the USA was 12.3 mmcf/d with

Auctus on Friday - 05/11/2021

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU) C; Target price increased from A$0.040 to A$0.045 per share: 2P reserves increased by >150% with further upside possible – 2P reserves at the Zistersdorf and Gaiselberg fields in Austria as at 1 July 2021 have been estimated by the company’s reserves auditor at 1.8 mmboe. This represents a 154% increase versus previous estimates. The reserves increase reflects 32+ recompletions to access behind pipe reserves from d

Allenby Capital Natural Resources Update 06.10.21 - ZEN.L

Zenith Energy Ltd* (ZEN.L, 1.1p/£15.5m) Beneficiary of surging power prices

SP Angel Oil & Gas Daily Flow: 19/08/21

Market update - 19/08/2021

The Tilapia project could be transformational

Zenith Energy is an LSE and Oslo-listed oil and gas junior focused on production and nearterm development rather than exploration. Its geographic focus is Africa. Over the past 18 months Zenith has obtained development projects and oil production assets for modest consideration in Tunisia and the Republic of Congo. Both are well-established hydrocarbon provinces. In Tunisia Zenith is planning field revitalisation programmes across its four concessions while in the Congo it has the near offshore

SP Angel Oil & Gas Daily Flow: 08/07/21

Market update - 08/07/2021

Oil & Gas Daily Flow

Energean Oil & Gas (ENOG): Positive CPR report for offshore Israel | Union Jack Oil* (UJO LN): Further progress at Biscathorpe | Mosman Oil & Gas* (MSMN LN): Production led growth strategy sees further activity | 88 Energy (88E LN): ERCE estimates 1.77bnboe at Project Icewine | Zenith Energy (ZEN LN): Arab investors pull out of LOI

Oil & Gas Daily Flow

Reabold Resources (RBD LN): Tamaska walks away from potential farm-in, Romania | Zenith Energy (ZEN LN): Second purchase in Tunisia confirmed

Oil & Gas Daily Flow

Enwell Energy (ENW LN): Production up 2.5% yoy | Zenith Energy (ZEN LN): Further expansion in the Republic of Congo

AUCTUS ON FRIDAY

GeoPark (GPRK US)C; Target price US$20: Delivering on plan; boosting balance sheet | PetroTal (PTAL LN/TAL CN)C: Operation update | 88 Energy (88E AU/LN): Update in Alaska | Trinity Exploration and Production (TRIN LN) | Empyrean Energy (EME LN): Equity raise cancelled, launching open offer | Jadestone Energy (JSE LN): FY19 results | Aker BP (AKERBP NO): 1Q20 update in Norway |Dry hole in Norway |ENI (ENI IM): 1Q20 results | Equinor (EQNR NO): Reducing dividend | i3 Energy (I3E LN): Need to nego

Oil & Gas Daily Flow

Zenith Energy (ZEN LN): Delisting from TSX-V and repayment of largest liability | Baron Oil* (BOIL LN): Baron establishes 33.3% interest in SundaGas TLS, fully funded for FY20 and FY21

Oil & Gas Daily Flow

Zenith Energy (ZEN LN): Attractive entry into Tunisia | Coro Energy (CORO LN): FY19 Results, liquidity position an area of focus

AUCTUS ON FRIDAY:

Diversified Gas & Oil (DGOC LN): Moving to the main board | Echo Energy (ECHO LN): Argentina update | Hurricane Energy (HUR LN): Operating update in the UK | JKX Oil & Gas (JKX LN): 1Q20 update in Ukraine and Russia | Regal Petroleum (RPT LN): Ukraine update | Tethys Oil (TETY SS): Production update in Oman | Update on payments in Kurdistan | Victoria Oil & Gas (VOG LN): 1Q20 update in Cameroon | Zenith Energy (ZEN LN/ZEE CN/ZENA-ME NO): Renegotiate price of Congo acquisition

Oil & Gas Daily Flow

Zenith Energy (ZEN LN): Exclusivity Agreement for oil production asset, Tunisia | Tower Resources* (TRP LN): Heads of terms signed to farm out Thali PSC | Lekoil (LEK LN): Internal review complete, Lekoil’s financial exposure confirmed at US$450k

SHORE CAPITAL - SAVANNAH ENERGY+ (SAVE, 38p, Under Review) – Agreement in Chad for new renewable energy projects

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

IOG - Trading update

Trading update

AfriTin Mining: Operational efficiencies continue to drive down unit costs in another record quarter for Phase 1

AfriTin Mining (“ATM”) has announced another record-breaking quarter from Uis Phase 1. Tin production increased 13% QoQ to 152t for the three months to May (Q1 FY’23), supported by record recoveries, which along with cost initiatives drove a 16% improvement in All-In Sustaining Costs. The strong performance continues to support growth projects including incorporation of petalite lithium and tantalum by-products, upon which AfriTin recently announced positive drilling and metallurgical test work

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

Cenkos: Oil & Gas Sector -- Chariot, Empyrean Energy, Savannah Energy, Jadestone Energy, Serica Energy, Gran Tierra Energy, Kistos, Sound Energy, Longboat Energy, i3 Energy, Clontarf Energy, Bowleven, Southern Energy, SDX Energy, Arrow Exploration, Predato

Oil posted its seventh weekly gain as tight fuel-supply balances sustain bullish fundamentals, though headwinds brought on by accelerating US inflation capped crude's advance. West Texas Intermediate fell 0.7% after trading in a $4 range during a volatile session on Friday. Despite the fall, WTI ended the week 1.5% higher. The US Labor Department reported inflation quickened to a 40-year high, chilling broader markets and potentially signalling to the Federal Reserve to extend an aggressive

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

EQTEC - Debt Finance for Greek Project

EQTEC has accepted the offer of a loan with an up to 75% LTV on an existing waste to energy project in development in Greece. We think this shows that EQTEC’s technology is now able to demonstrate a commercial maturity ahead of most others in the sector. With the additional potential for funding support under the Recovery and Resilience Facility, the potential for both this and other EQTEC projects in Greece is strong.

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.

Uis Drilling Update

AfriTin Mining Limited (AIM: ATM), has released initial results from its Lithium and Tantalum drilling program at the Company's flagship polymetallic asset, the Uis Mine. This comes on the back of the announcement of positive lithium test work where a high purity (up to 94%) petalite lithium concentrate was produced from bulk ore samples by independent test facilities. Today's announcement combined with the test work adds further confidence of the Company successfully extracting lithium and doin

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

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

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

Morning Note – 8 June 2022