AUCTUS ON FRIDAY - 18/04/2025
AUCTUS PUBLICATIONS________________________________________
Panoro Energy (PEN NO)C; Target price of NOK47 per share: High production in Gabon – BW Energy reported gross production in Gabon of 39.3 mbbl/d. This equates to 6.9 mbbl/d net to Panoro’s 17.5% WI.
IN OTHER NEWS
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AMERICAS
Galp Energia (GALP LI): 1Q25 update – 1Q25 production in Brazil was 104 mboe/d.
Pantheon Resources (PNR LN): Disappointing well test results in Alaska – The Megrez-1 well flowed in excess of 1,000 bbl/d of water on test with no appreciable hydrocarbons. This is the first of six intervals to be tested.
ASIA AND AUSTRALASIA
ConocoPhillips (COP US): Cancelling Malaysian project – Media reports highlighted that ConocoPhillips is cancelling the Salam-Patawali oil project offshore Malaysia.
Jadestone Energy (JSE LN): Selling asset in Thailand – Jadestone is selling its 9.52% interest in the producing Sinphuhorm gas field onshore Thailand to PTTEP, for a cash consideration of US$39.4 mm, with a further US$3.5 mm in cash payable contingent on future licence extensions. The focus of the future growth initiatives will be through the operated positions in Australia, Malaysia, Indonesia and Vietnam.
EUROPE
Angus Energy (ANGS LN): 1Q25 update in the UK – 1Q25 production from the Saltfleetby field was 4.6 mmcf/d plus 85 bbl/d of condensate.
Deltic Energy (DELT LN): Resources estimate increase in the UK – Deltic now estimates gross 2C contingent resources of 174 bcf at Selene, a 33% increase on earlier estimates. The new post tax NPV10 for Deltic’s 25% working interest in the project is US$83 mm.
SUB-SAHARAN AFRICA
BW Energy (BWE NO): 1Q25 update – 1Q25 net production was 35.6 mbbl/d including 28.9 mbbl/d on Gabon. Net debt at the end of March was US$297 mm.
Orca Energy (ORC.A/B CN): Settlement agreement in Tanzania – Orca, TPDC and TANESCO have signed a settlement agreement for TANESCO to pay Orca and TPDC US$52 mm for unpaid amounts for deliveries of natural gas from Songo Songo.
Tullow Oil (TLW LN): Selling Kenya – Tullow has agreed heads of terms with Gulf Energy to sell its interests in Kenya. The consideration will be split into a US$40 mm payment due on completion, US$40 mm payable at the earlier of Field Development Plan approval or 30 June 2026, and US$40 mmm payable over five years from 3Q28 and no later than 30 June 2033. In addition, Tullow will be entitled to a quarterly royalty payments of US$0.5/bbl multiplied by 80% of total production, subject to oil price, resource and production related conditions. Tullow also retains a back-in right for a 30% participation in potential future development phases at no cost.
EVENTS TO WATCH NEXT WEEK
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22/04/2025 – Nostrum Oil & Gas (NOG LN): FY23 resulys
23/04/2025 – Var Energi (VAR NO): 1Q25 results
24/04/2025 – Eni (ENI IM): 1Q25 results
24/04/2025 – Panoro Energy (PEN NO): Annual report and reserves update
Angus Energy is engaged in the on-shore, conventional production and development of hydrocarbons in the U.K.
BW Energy Ltd. BW Energy Limited is a Bermuda-based oil and gas company engaged in oil and gas exploration and production activities. The Company is involved in the acquisition, development and production of oil and natural gas fields. It has a diversified portfolio of production and development assets offshore West Africa and Brazil, and holds interests in three hydrocarbon licenses in Gabon, Brazil and Namibia. Its Dussafu Marin Permit and the associated Ruche Exclusive Exploitation Area (EEA) production license are located approximately 50 kilometers (km) off the coast of Gabon. The Ruche EEA covers an area of approximately 850 square kilometers. The Maromba discovery is located approximately 100 kilometers offshore in the southern part of the Campos Basin. The Kudu gas field is some 130 km offshore and covers an area approximately 4,500 square kilometers. The Company's subsidiaries include BW Energy Dussafu B.V., BW Energy Gabon Pte Ltd, BW Energy Gabon SA and BW Energy Holdings Pte Ltd.
ConocoPhillips is an exploration and production company engaged in exploring for, producing, transporting and marketing crude oil, bitumen, natural gas, liquefied natural gas and natural gas liquids. The company's segments include: Alaska, which operates in Alaska; Lower 48, which operates in the United States and the Gulf of Mexico; Canada, which operates in Alberta and British Columbia; Europe and North Africa, which consists of operations and exploration activities in Norway, the United Kingdom and Libya; Asia Pacific and Middle East, which operates in China, Indonesia, Malaysia, Australia, Qatar, and Timor-Leste; and Other International, which operates in Colombia, Chile and Argentina.
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.
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.
Jadestone Energy is engaged in the evaluation, acquisition, exploration and development of oil and gas properties.
Orca Exploration Group is an international company engaged in hydrocarbon exploration, development and supply of gas in Tanzania, the establishment of a coastal gas pipeline network in East Africa, oil appraisal and gas exploration in Italy and the acquisition of exploration opportunities in Europe and Africa.
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.
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.
Tullow Oil is an independent oil and gas exploration and production company. Co.'s focus is on finding oil in Africa and South America. Co.'s primary activities include targeted exploration and appraisal, selective development projects and growing its production. As of Dec 31 2017, Co.'s portfolio included 90 licences in 16 countries. Co.'s operations are organized into three business delivery teams: West Africa; East Africa; and New Ventures. As of Dec 31 2017, on a working interest basis, Co. had commercial reserves of 245.7 million barrels of oil, 268.90 billion cubic feet of gas, and 290.5 million barrels of oil equivalent (petroleum).
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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