AUCTUS ON FRIDAY - 05/07/2024
AUCTUS PUBLICATIONS________________________________________
Panoro Energy (PEN NO)C; Target price of NOK52 per share: About to commence drilling in EG – The drilling rig has arrived in EG. The drilling campaign is about to commence. It will include two development wells plus an exploration well at the high impact Akeng Deep prospect.
Serica Energy (SQZ LN)C: target price of £2.90 per share: RBL redetermination – Reflecting the increased reserves, the borrowing base has been increased from US$463 mm up to the full amount of the committed facility of US$525 mm. Serica's liquidity is now in excess of £500 mm.
IN OTHER NEWS
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AMERICAS
Alvopetro Energy (ALV CN): Production update in Brazil – Production in June was 1,669 boe/d.
Blue Star Helium (BNL AU): Operation update in USA – State 16 well is expected to be able to produce a maximum rate of 0.44 mmscfd (gross gas) with stabilised rates constrained for production optimization projected to be between 0.25 mmcf/d and 0.35 mmcf/d.
Echo Energy (ECHO LN): Moving to precious metals in Peru – Echo is forming a 50:50 joint venture with the founding partners of Boku Resources, to participate in the interests of Boku, being gold and silver mining and the cleaning of known tailings deposits containing gold and silver in Peru.
EUROPE
Aker BP (AKEPBP NO): 2Q24 update in Norway – 2Q24 production was 444.1 mboe/d. The Hassel exploration well has encountered 3.2-4.4 mmboe recoverable resources. FY24 production is now forecasted to be 420-440 mboe/d (410-440 mboe/d previously).
MCF Energy (MCF CN): Raising new equity for Austria and Germany – MCF is raising C$2.5 mm of new equity priced at C$0.15 per share. Participants will also be issued one warrant per new share with an exercise price of C$0.16 per share.
Repsol (REP SM): Selling gas assets in the UK? – Media reports highlighted that Repsol could be selling its assets in the UK to NEO Energy.
Shell (SHEL LN): 2Q24 update – 2Q24 production is estimated at 2,660-2,800 mboe/d.
Waldorf Production: Debt refinancing for the UK North Sea – The remaining balance of US$52 mm of Waldorf’s US$300 mm bond will be refinanced with a new US$75 mm bond with a cash interest rate of 13% per annum.
FORMER SOVIET UNION
Caspian Sunrise (CASP LN): Operating update in Kazakhstan –Well 155 has been put on production at an oil rate of 900-1,000 bbl/d. Overall current oil production is 2,500-2,600 bbl/d.
MIDDLE EAST AND NORTH AFRICA
Capricorn Energy (CNE LN): Operating update in Egypt – Capricorn collected a payment of US$15 mm in Egypt on 1 July. The Company’s Egyptian receivables position has improved from US$169 mm at YE23 to US$145 mm . The FY24 capex for Egypt is US$56.6 mm. The company’s net cash position is currently ~US$41 mm. To the end of June, WI production in the Western Desert averaged 25.4 mboe/d (45% liquids) with the FY production guidance of 20.0-24.0 mboe/d.
ExxonMobil (XOM US): Entering Morocco offshore – ExxonMobil has signed two reconnaissance contracts offshore shallow water Morocco.
SUB-SAHARAN AFRICA
Africa Energy (EFE CN/ AEC SS): CNR withdraws from South African licence – CNR is withdrawing from its 20% interest in Block 11B/12B. Total is reviewing its option with regards to its 45% interest. Africa Energy holds 10% in the block. Block 11B/12B is the company’s main asset and holds the Luiperd and Brulpadda gas discoveries.
EVENTS TO WATCH NEXT WEEK
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08/07/2024: Repsol – 2Q24 operating update
12/07/2024: Aker BP (AKERBP NO) – 2Q24 results
Week of the 08/07/2024: Valeura Energy (VLE CN) - Operating update
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.
Alvopetro Energy is a resource company and is engaged in the exploration for, and the acquisition, development and production of, hydrocarbons in the Reconcavo, Tucano, Camamu-Almada and Sergipe-Alagoas basins in onshore Brazil. Co. develops producing hydrocarbons by appraising and developing existing discoveries and exploring in areas considered by management to be prospective for hydrocarbon resources. Co.'s assets consist of interests in three producing fields and 16 exploration blocks comprising 148,500 gross acres onshore Brazil.
Antares Energy is an exploration and production company pursuing oil and gas opportunities located onshore Texas in the U.S. Co.'s principal activity includes hydrocarbon production and exploration. Co. has exploration leases for the following projects located in in Texas: Oyster Creek, Southern Star, Big Star, Northern Star, and Hawkville. As of Dec 31 2012, Co.'s estimated total proved reserves were approximately 15.2 million barrels of oil equivalent (MMboe), proved and probable were approximately 53.2 MMboe and proved, probable and possible were approximately 66.8 MMboe.
Cairn Homes is predominantly involved in the development of residential property for sale. Co. constructs competitively priced new homes with an emphasis on design and innovation in attractive locations. Co. has a land bank of 12,100 units located within the Greater Dublin Area. Co.'s land bank composition consists of Parkside, Churchfields, Marianella, Six Hanover Quay, Glenheron, Shackleton Park, Naas Town Centre and Clonburris. Co. builds 2 and 3 bedroom apartments, penthouses, detached and semi-detached family homes, and 4 and 5 bedroom houses.
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.
Echo Energy is a holding company for a group of companies engaged in the exploration, appraisal and development of oil and natural gas producing assets.
Exxon Mobil operates or markets products in United States and other countries through its divisions and affiliated companies. The company's business involves exploration for, and production of, crude oil and natural gas and manufacture, trade, transport and sale of crude oil, natural gas, petroleum products, petrochemicals and other products. In United States, the company's development activities are focused on the onshore United States, in the Permian Basin of West Texas and New Mexico and the Bakken oil play in North Dakota. Gas development activities are also focused on the Marcellus Shale of Pennsylvania and West Virginia, the Utica Shale of Ohio and the Haynesville Shale of East Texas and Louisiana.
Panoro Energy is an international independent oil and gas company engaged in the exploration and production of oil and gas resources in Brazil and West Africa. In Brazil, Co. participates in a number of oil and gas licenses located in the Santos basin outside the south-east coast of Brazil and in the Camamu-Almada basin in the state of Bahia. In West Africa, Co. participates in a number of licences in Nigeria and Gabon. As of Dec 31 2013, Co.'s commercial production is from the Manati field in Brazil.
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.
Serica Energy is an independent oil and gas company with production, development and exploration licence interests in the U.K. Continental Shelf and exploration interests in Ireland, Morocco and Namibia. As of Dec 31 2016, Co. had proved plus probable reserves of 3.8 million barrels of oil equivalent, which consisted of 2.1 million barrels of oil and 10.40 billion cubic feet of gas.
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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