AUCTUS ON FRIDAY - 11/07/2025
AUCTUS PUBLICATIONS________________________________________
New Zealand Energy (NZ CN)C: Equity raise – New Zealand will raise up to C$3 mm of new equity at a price of C$0.18 per share. This includes the settlement of outstanding loans of C$0.3 mm through the issue of ~1.7 mm shares.
Valeura Energy (VLE CN)C; Target price of C$12.70 per share: Another strong quarter. FY25 guidance re-iterated – 2Q25 production was 21.4 mbbl/d, which is very close to our forecast (~22 mbbl/d). The company reported a net cash position of US$241.9 mm at end-June, significantly above our expected US$210 mm. This reflects both the timing of capital expenditures across 2025 and continued strong operating performance. Despite a high oil inventory level of 0.93 mmbbl at end-June (vs. 0.89 mmbbl at end-March), the free cash flow was ahead of our expectations. For reference, YE24 inventory stood at 0.64 mmbbl; a reversion to that level (~–0.3 mmbbl) would imply a cash uplift of ~US$19 mm at current Brent pricing. Notably, a 0.24 mmbbl parcel was sold immediately post-quarter on 1 July. The FY25 production guidance of 23-25.5 mbbl/d has been re-iterated. We have raised our 2025 production estimate from ~23.7 mbbl/d to 24 mbbl/d, and - factoring in the stronger net cash position - increased our target price from C$12.30 to C$12.70 per share).
See website for full report
IN OTHER NEWS
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AMERICAS
Hess (HES US): Relinquishing block in Suriname – Hess has relinquished its interests in Block 59 in the ultra-deepwater.
Galp Energia (GALP LS): 2Q25 update – 2Q25 production in Brazil was 113 mboe/d.
NG Energy (GASX CN): Acquisition of minority interests in Colombian assets – NG and Maurel & Prom are acquiring a collective 28% WI (NG: 7%, M&P: 21%) in Sinu-9 from the company’s minority partners in the block. NG will pay the sellers US$26.25 mm for 7% WI including US$2.625 mm as an initial deposit and the balance on completion. Upon completion of the acquisition of the minority Interests and the sale to M&P of a 40% WI in Sinu-9, NG will hold a 39% WI in Sinu-9.
Pantheon Resources (PANR LN): Equity raise for Alaska – Pantheon has raised US$16.25 mm of new equity at a price of 21.15 p per share. The proceeds will fund drilling and operational activities at the Dubhe-1 appraisal well, progress the development planning activities for Ahpun, gas monetisation and support the preparation of a US stock exchange listing by YE25 or during 1Q26. The holder of the 2021 convertible bond has participated in the placing for US$3.0 mm. Pantheon will prepay the final two principal amortisation payments under the bond of $2.45 mm each by way of issuing ~20 mm new shares. Pantheon has also redeemed US$6.5 mm of the US$35 mm of the 2025 convertible bonds and will issue to those bondholders 22.6 mm shares.
Rockhopper Exploration (RKH LN): Insurance payment for Italy – Following the unsuccessful outcome in the Ombrina Mare ICSID arbitration, Rockhopper is confident it will receive the full EUR31 mm amount to which it is entitled under its insurance policy.
ASIA AND AUSTRALASIA
Georgina Energy (GEX LN): Resources upgrade in Australia – The helium, hydrogen and hydrocarbon resources estimates have increased by ~38% to respectively 234 bcf, 214 bcf and 1.7 tcf.
Synergia Energy (SYN LN): Selling 50% residual interest in Indian asset – Synergia is selling 50% WI in the Cambay PSC for US$14 mm in cash.
EUROPE
BlueNord (BNOR NO): 2Q25 results – 2Q25 net production in Denmark was 37.8 mboe/d. The company paid its first cash distribution to shareholders of US$203 mm on 4 July, and will launch a share buyback programme of up to US$50 mm early next week. A cash dividend of US$49 mm has been proposed for 2Q25.
OMV (OMV AG): Trading update – 2Q25 production was 304 mboe/d.
Repsol (REP SM): Operating update – 2Q25 production was 557 mboe/d.
Shell (SHEL LN): 2Q25 update – 2Q25 production is expected to be 2,560-2,700 mboe/d.
Var Energi (VAR NO): 2Q25 update – 2Q25 production in Norway was 288 mboe/d.
FORMER SOVIET UNION
Caspian Sunrise (CASP LN): Divestment approved in Kazakhstan – The required regulatory consent for the US$88 mm disposal of the BNG Contract Area's shallow MJF and South Yelemes structures has been received and a further US$46.4 mm of the disposal proceeds has been received.
Petro Matad (MATD LN): Raising equity for Mongolia – Petro Matad has raised £2.84 mm of new equity at a price of 0.80 p per share. This represents a discount of 32.2% to the previous day closing price. The proceeds of the raise will fund well testing operations at Heron-2, Gazelle-1 and Gobi Bear-1.
SUB-SAHARAN AFRICA
PetroNor E&P (PNOR NO): 2Q25 update in Congo – 2Q25 WI production was 4,684 bbl/d.
Shell (SHEL LN): Drilling authorization granted offshore South Africa – Shell has received environmental authorisation to drill in the Orange basin in South Africa.
EVENTS TO WATCH NEXT WEEK
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14/07/2025: PetroTal (PTAL LN/TAL CN) – 2Q25 update
15/07/2025: Aker BP (AKERBP NO) – 2Q25 results
15/07/2025: Corcel (CRL LN) – Webinar
16/07/2025: OKEA (OKEA NO) – 2Q25 results
Aker BP ASA engages in the exploration, development, and production of petroleum resources on the Norwegian Shelf. In addition, Co. has a separate Johan Sverdrup business unit to manage its interest.
Caspian Sunrise is engaged in exploration and production of crude oil. Co. builds a portfolio of oil and gas exploration and production assets in Central Asia and in particular Kazakhstan.
Galp Energia is a holding company. Through its subsidiaries, Co. operates in the following segments: exploration and production, with activities relating to exploration, development and production of hydrocarbons, particularly in Angola, Brazil and Mozambique; refining and marketing, which owns refineries in Portugal and also includes activities relating to the retail and wholesale commercialization of oil products; and gas and power, which covers the purchasing, commercialization, distribution and storage of natural gas and electric and thermal power production. As of Dec 31 2014, Co. had proved and probable reserves of 638.0 million barrels of oil equivalent.
Hess is a global exploration and production company engaged in exploration, development, production, transportation, purchase and sale of crude oil, natural gas liquid (NGL), and natural gas with production operations located primarily in the United States, Guyana, the Malaysia/Thailand Joint Development Area, Malaysia and Denmark. The company's Midstream operating segment provides fee-based services, including gathering, compressing and processing natural gas and fractionating NGL; gathering, terminaling, loading and transporting crude oil and NGL; storing and terminaling propane, and water handling services primarily in the Bakken shale play in the Williston Basin area of North Dakota.
OMV is an international energy company with activities in Exploration and Production (E&P), Refining and Marketing including petrochemicals (R&M), and Gas and Power (G&P). Co. explores and develops oil and gas resources and supply energy to over 100 million people. OMV has three operating segments: Exploration and Production (E&P), Refining and Marketing, including petrochemicals (R&M), and Gas and Power (G&P), as well as the segment Corporate and Other (Co&O).
Pantheon Resources is engaged in the investment in oil and gas exploration and development. Co. operates in the U.K. through its parent undertaking and in the U.S. through subsidiary companies. Co. operates in two reportable segments: USA and Head Office. Non-current assets, income and operating liabilities are attributable to the USA, whilst most of the corporate administration is conducted through Head Office. As of June 30 2017, Co. held 58% working interest in the VOBM#1 & VOBM#2H wells in Polk County. Co. also held 75% working interest in VOBM#4 in Tyler County.
Petro Matad's principal activity consists of oil exploration in Mongolia. Co. is focused on its exploration activities on its Production Sharing Contracts with the Mineral Resources and Petroleum Authority of Mongolia on Blocks IV, V and XX in Mongolia.
Repsol is an oil and gas company. Co. is engaged in all the activities relating to the oil and gas industry, including exploration, development and production of crude oil and natural gas, transportation of oil products, liquefied petroleum gas (LPG) and natural gas, refining, the production of a wide range of oil products and the retailing of oil products, oil derivatives, petrochemicals, LPG and natural gas, as well as the generation, transportation, distribution and supply of electricity. Co. operates in more than 40 countries. Co.'s operations are divided into four segments: Upstream, Downstream, LNG and Gas Natural Fenosa.
Rockhopper Exploration is an oil and gas exploration and production company with key interests in the North Falkland Basin and the Greater Mediterranean region.
Sintana Energy is a development stage company engaged in oil and gas exploration and development activities in the United States.
Valeura Energy is engaged in the exploration, development and production of petroleum and natural gas in Turkey and Western Canada. As of Dec 31 2010, proven gross reserves for light and medium oil was 116 thousand barrels (net reserves of 104 thousand barrels); proven gross reserves for heavy oil was 10 thousand barrels (net reserves of 9 thousand barrels); proven gross reserves for natural gas was 1,047 million cubic feet (net reserves of 938 million cubic feet); and proven gross reserves for natural gas liquids was 26 thousand barrels (net reserves of 19 thousand barrels).
Auctus Advisors is a specialist Equity Capital Markets and Advisory business with a focus in the Energy Sector.
The partners have complementary skill sets, with decades of experience across Equity Capital Markets, Investment Banking and the Energy industry. We have worked at Société Générale, Canaccord Capital, BMO Capital Markets and Schlumberger. Most recently we have worked together for many years at GMP FirstEnergy.
Auctus has been set up at the beginning of a new decade in which we see significant opportunities in the Energy space. Globally, demand for energy is at record levels and continues to grow. Conversely, investment in traditional energy sources has been severely constrained. We believe this imbalance creates opportunities for both companies and investors.
Auctus provides Corporate Broking, Equity Research and Investment Banking services.
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