AUCTUS ON FRIDAY - 14/06/2024
AUCTUS PUBLICATIONS________________________________________
Chariot (CHAR LN) C: target price of £0.50 per share: High impact well offshore Morocco on track to spud in August – The FY23 financials were in line with our forecasts. The high impact Anchois East well is expected to spud in August. A drilling success could increase the size of Anchois to over 1 tcf (300 bcf net to Chariot). Our overall unrisked NAV for Anchois, including Anchois East Footwall and Anchois East North Flank, is £0.42 per share. This represents 4.5 times the current share price. Testing of the Dartois discovery onshore Morocco is expected to take place in 3Q24. Subject to the results, first gas could occur in early 2025. Chariot will initially transport the gas to market as CNG. Demand is the area is estimated at 10 mmcf/d. Éclair and the adjacent Éclair West closures are follow-on prospects which share the same reservoir system, seismic attribute support and similar burial depths. This group of prospects is estimated to hold 32 bcf gross prospective resources.
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New Zealand (NZ CN)C; target price of C$5.00 per share: Initiating coverage – NZE is a ~US$10 mm market cap TSX listed company with ~1.6 mmboe of 2P reserves in mature fields onshore New Zealand. The story is about very material free cashflow. NZE is dividend oriented first and growth second. In late 2023, the newly elected New Zealand government commenced reversing historic anti-hydrocarbon regulations in response to an unexpected decline in domestic gas production and a spike in natural gas prices to >US$12/mcf. This coincided with NZE being re-capitalized and coming under new management with a primary focus on developing the Tariki Gas field where ~1 mmboe of net 2P gas reserves remained up-structure from the production well which ceased >15 years ago. The plan is to restore production for >12 months before converting the reservoir into a gas storage in mid-2026. By then, the free cashflow generation is expected to allow NZE to distribute to shareholders an amount at least equivalent to the current market cap. Our C$5.00/sh target price reflects our ReNAV and implies >5x the current share price.
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Pulsar Helium (PLSR CN)C: target price of C$1.80 per share – 0.75 mmcf/d gross gas flow rate would imply US$22 mm annual revenue for Jetstream #1 alone – The Jetstream # 1 appraisal well has been tested at a rate of up to 0.8 mmcf/d with helium concentration of 8.7%-14.5%. The flow rate initially reached 0.15 mmcf/d with flowing tubing head pressure of 34 psi. The bottom hole pressure was 162 psi. A compressor was then installed at the well head to reduce the flowing tubing head pressure to 20 psi, thereby increasing the difference between the flowing pressure and the reservoir pressure. The greater pressure differential resulted in the flow rate increasing to ~0.8 mmcf/d. The compressor used during the operation was not sufficient to further reduce the well head pressure (the target was to reach less than 10 psi). Further compression should result in an even higher flow rate (noting that the reduction in well head pressure from 34 psi to 20 psi had already resulted in a flow rate increase of ~0.65 mmcf/d). The flow rate was further constrained by the presence of drilling fluid in the well. Assuming a flow rate of 0.75 mmcf/d and a helium concentration of 12.5% suggests the well could generate revenue of ~US$22 mm (@US$650/mcf for helium) during the first year of production (with no decline). This suggests strong project economics given that development well costs of
AFC Energy is engaged in the development of alkaline fuel-cell systems, which converts hydrogen into power. Co. focuses on a product architecture that provide low-cost electricity for static power systems from 10kW to multi-MW applications, targeted at industrial, construction and back-up power applications that are often served by fossil-fuelled generators. Co. participates in two projects, ALKAMMONIA, which which examine the use of cracked ammonia as hydrogen source for fuel cells, and POWER-UP, which proved the scalability and manufacturability of Alkaline Fuel Cells.
Cairn Energy is an oil and gas exploration and development company. Co. has three groups of business unit: Senegal, which focuses on appraising the discoveries offshore Senegal and to identify further exploration prospects for drilling; U.K and Norway, which includes exploration activities in the North Sea, Norwegian Sea and Barents Sea and management of Co.'s development assets in the U.K. North Sea; and International, which consists of all other regions where Co. holds exploration licenses, including Greenland, Ireland, Morocco, Western Sahara, Mauritania and the Mediterranean. As at Dec 31 2016, Co. had total proved plus probable reserves of 51.5 million barrels of oil equivalent.
Chariot Oil & Gas is an independent oil and gas exploration company focused offshore in West Africa with a portfolio of assets located in the under-explored regions of Namibia, Mauritania and Morocco.
Cluff Natural Resources invests in global resources opportunities with a primary focus on U.K. based upstream energy projects. Co.'s principal activity is the exploration, evaluation and development of mineral exploration targets. As of Dec 31 2016, Co. held a 100% interest in two gas licenses in the Southern North Sea.
Empyrean Energy is engaged in the business of financing the exploration, development and production of energy resource projects in regions with energy hungry markets close to existing infrastructure. Co. is focused on non-operating working interest positions in projects that have drill ready targets that substantially short cut the life-cycle of hydrocarbon projects by entering the project after exploration concept, initial exploration and drill target identification work has been completed.
Equinor is engaged in oil and gas exploration and production activities. Co. is primarily focused on exploration, development and production of oil and gas on the Norwegian continental shelf (NCS). Co.'s operations are organized into four segments. The Development and Production Norway and Development and Production International segments explore, develop, produce and extract crude oil, natural gas and natural gas liquids. The Marketing, Processing and Renewable Energy segment markets, trades, transports and processes oil and natural gas and renewable energy. The Other segment consists of global well and project delivery, research and develpoment, and business development.
Jadestone Energy is engaged in the evaluation, acquisition, exploration and development of oil and gas properties.
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).
Reabold Resources is engaged in investing company in the natural resources sector.
Sintana Energy is a development stage company engaged in oil and gas exploration and development activities in the United States.
Total is an international integrated oil and gas company also active in solar and biomass energy sources. Co. engages all aspects of the petroleum industry, including Upstream operations (oil and gas exploration, development and production, and LNG (Liquefied Natural Gas)) and Downstream operations (refining, petrochemicals, specialty chemicals, marketing and marketing and trading and shipping of crude oil and petroleum products). In addition, Co. is engaged in the coal mining and power generation sectors. Co.'s worldwide operations are conducted through three business segments: Upstream, Refining & Chemicals, and Marketing & Services.
Rose Petroleum is an oil and gas (O&G) and mining company with exploration assets and an operational crushing and flotation mill. Co.'s principal activities are the exploration and development of O&G resources together with the evaluation and acquisition of other mineral exploration targets, principally gold, silver, uranium and copper, and the development and operation of mines in Mexico. In Co.'s O&G division, the area of focus is on two unconventional oil and gas basins in the U.S.: the Uinta Basin and the Paradox Basin. In its mining division, Co. continues its milling operations through its subsidiary, Minerales VANE S.A. de C.V., which owns the SDA Mill in Mexico.
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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