NCS: May production spot on estimates

AUCTUS ON FRIDAY - 13/06/2025

AUCTUS PUBLICATIONS ________________________________________ Arrow Energy (AXL LN/CN)C; Target price of £0.70 per share: Share buyback programme – Arrow has announced a share buyback programme for up to £2.7 mm worth of shares, representing 5% of the company’s public float. This highlights the strength of the business and the cashflow. Pharos Energy (PHAR LN)C; Target price of £0.45 per share: Licence extension in Vietnam – The exploration period on Blocks 125 & 126 has been extended by two ye...

Norway: Best ideas Q2'25

AUCTUS ON FRIDAY - 06/06/2025

Criterium Energy (CEQ CN)C; Target price of C$0.35 per share: On track for first gas in 1Q26 – 1Q25 production of 988 boe/d had been previously reported. Criterium held ~C$1.6 mm in cash at the end of 1Q25. The company has reduced its accounts payable by ~C$3.5 mm while inventory + amounts receivable were flat vs. YE24. Operations are expected to commence at North MGH in June. Four wells were shut-in in 2014 due to high GOR. Criterium is looking to re-open some of the wells in the area. No resou...

Criterium Energy Ltd (TSX-V: CEQ): On track for first gas in 1Q26

AUCTUS ON FRIDAY - 30/05/2025

Arrow Exploration (AXL LN/CN)C; Target price of £0.70 per share: Gearing-up for acquisitions? – 1Q25 production was 4,085 boe/d with no horizontal wells drilled in the period. RCE is more mature than CN and while no drilling has taken place at RCE, the decline rate between 4Q24 and 1Q25 was only ~5%. 1Q25 Production was constrained by increased water production preventing the company increasing the speed of the pumps at some of its producing wells. The increased amount of produced water increase...

Energy Morning - 28 May 2025

AUCTUS ON FRIDAY - 23/05/2025

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Adding four low risk drill-ready shallow gas prospects to start drilling by YE25 – ADX has now matured 13 shallow gas prospects across the ADX-AT-I and ADX-AT-II licence areas in Austria. The play is proven, supported by historical discoveries within the basin. Nearby historical discoveries in the area have produced 220 bcf to date. The prospects benefit from AVO anomalies, enhanc...

Hybridan Small Cap Feast: 22/05/2025

Our daily digest of news from UK Small Caps 22nd May 2025 @HybridanLLP * A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) or similar announcement has been made ***Arranged by type of listing and date of announcement ****Alphabetically arranged Dish of the day Admissions: None Delistings: None What’s baking in the oven? Potential** Initial Public Offerings: 12th May: Cobalt Holdings, a Company create...

AUCTUS ON FRIDAY - 16/05/2025

AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN)C: Recovering 75% WI of licences in Morocco – Energean has returned its Moroccan offshore interests to Chariot. As a result, Chariot now holds 75% in the Lixus Offshore and Rissana Offshore licences. Condor Energies (CDR CN)C; Target price of C$5.90 per share: Acquiring a LNG facility for Kazakhstan to deliver first LNG sale in 2Q26 – 1Q25 production in Uzbekistan was 11,179 boe/d (+6% vs. production in 4Q24). Condor ...

Criterium Energy Ltd (TSX-V: CEQ): Stepping on the gas

• The staged development of gas discoveries at Tungkal is the primary driver of near-term growth. Assuming flat oil production, bringing just two gas discoveries online could enable Criterium to triple output to ~3 mboe/d and triple 2P reserves by early 2027 • The first discovery to be developed, SE MGH (15 bcf 2C resources), is expected to see resource conversion to reserves in 2025. In early 3Q25, the existing well—previously tested at 8 mmcf/d—will be re-tested, with initial production of 5-...

PetroTal Corp (AIM: PTAL): Good balance sheet. Flexible capex

• 1Q25 production and net cash at the end of March had been previously announced. • PetroTal maintains a solid financial position with US$116.6 mm in cash. Additionally, the company has secured a term loan with a syndicate of Peruvian banks, with commitments of up to US$65 mm to finance the erosion project at Bretana. The interest rate is 8.65%; which compares favourably with other credit options available to the company. The loan terms do not impose any material restrictions on PetroTal’s abili...

PetroTal (PTAL LN) - Q1 2025 results - Corporate

PetroTal has released its Q1 2025 results. These report strong Q1 production driving cash flows that have supported CAPEX during the period. The company continues to generate cash flow and to plan for recommencement of drilling in H2 2025, while retaining significant flexibility in this programme.

AUCTUS ON FRIDAY - 09/05/2025

AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; Target price of NOK49 per share: ~12 mbbl/d in 1Q25. Re-iterating FY25 guidance – 1Q25 production was ~12 mbbl/d, including 6,841 bbl/d in Gabon, 3,661 bbl/d in Equatorial Guinea and 1,492 bbl/d in Tunisia. Production in Gabon and Equatorial Guinea was previously reported by BW Energy and Kosmos Energy. Equatorial Guinea output was temporarily impacted by unplanned downtime at the Ceiba Cluster, but operations ...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 05/08/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 08/05/2025

Energy Morning - 8 May 2025

Aker BP : EBITDA 6% higher than expected – Good resilience in the face...

Aker BP : EBITDA 5% supérieur aux attentes. Vers une bonne résilience ...