reports
- Daniel Slater
- Stephane Foucaud
AUCTUS ON FRIDAY - 03/10/2025
AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.40 per share: Dry hole at Mateguafa Oeste but three more prospects to drill – The Mateguafa Oeste was water wet. Our ReNAV for the well was £0.09 per share. We did not carry any production from this prospect in our cash flow forecast. The rig will now move to Mateguafa Attic where the Mateguafa 5 vertical well will be drilled in November. This is a low risk well that is a step out to M...
TLW TULLOW OIL PLC
TXP TOUCHSTONE EXPLORATION
ENI ENI S.P.A.
PXT PAREX RESOURCES INC.
ENW ENWELL ENERGY
SQZ SERICA ENERGY
MATD PETRO MATAD
XOM EXXON MOBIL CORPORATION
BP. BP P.L.C.
ZPHR ZEPHYR ENERGY
JSE JADESTONE ENERGY
CRCL CORCEL
AXL. ARROW EXPLORATION LTD
J4V VAR ENERGI ASA
UKOG UK OIL & GAS PLC
PLSR PULSAR HELIUM INC.
- Stephane Foucaud
AUCTUS ON FRIDAY - 26/09/2025
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Favourable court ruling allows Welchau testing operations to resume – The Upper Austrian State Administrative Court has rejected objections from environmental activist groups regarding drilling and testing at Welchau. The court confirmed that Environmental Clearances were issued in full compliance with applicable regulations. ADX is now authorized to resume operations at the Welch...
- Stephane Foucaud
Corcel plc (AIM: CRCL): Insiders and large shareholders exercise warra...
• Charlestown Energy Partners, certain of the company's directors, and other private investors have exercised 50 million warrants at an exercise price of 0.50 pence per share, representing a ~40% premium to the share price prior to the announcement. • These warrants formed part of a 125 million warrant transfer from SNPC (Shandong New Powder COSMO) to the participating shareholders. SNPC has retained 41.5 million warrants. • In exchange, the expiry date of the unexercised 116.5 million warrants...
- Stephane Foucaud
AUCTUS ON FRIDAY - 12/09/2025
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Deep dive into Italy – ADX has released further details on its C.R 150.AU permit; located in shallow waters offshore western Sicily, ~50 km from a potential onshore tie-in to the TransMed pipeline, which transports Algerian gas to Europe. While initial efforts centred on the Nilde oil field, ADX has shifted its strategic focus toward gas, reflecting the evidence of high quality ga...
- Daniel Slater
Corcel (CRCL LN) - Initiation: Massive drilling upside potential - Cor...
Corcel is an E&P with assets onshore Angola and Brazil. The company’s largest opportunity is its KON-16 block in the Kwanza basin in Angola, where Corcel is working up multi-hundred mmbbl pre-salt prospects, for potential exploration drilling in Q4 2026. This gives the potential for large drilling upside in an attractive, under-explored onshore basin. We have a positive outlook for the shares and value them at 1.22p.
- Stephane Foucaud
AUCTUS ON FRIDAY - 18/07/2025
AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.70 per share: AB wells deliver flow rates above expectations – Current production ranges between 4,600 and 4,800 bbl/d driven by strong performance from two new horizontal wells at Alberta Llanos (AB). AB-HZ5, onstream for ~2 weeks, is producing 1,790 bbl/d (895 bbl/d net to Arrow), while AB-HZ4, online for over a month, continues to produce 880 bbl/d (440 bbl/d net). Both wells are ou...
EQNR EQUINOR ASA
GPRK GEOPARK
OMV OMV AG
TXP TOUCHSTONE EXPLORATION
GENL GENEL ENERGY
SEY STERLING ENERGY PLC
ENI ENI S.P.A.
SEI. SINTANA ENERGY
PEN PANORO ENERGY ASA
ENQ ENQUEST PLC
SNM SHAMARAN PETROLEUM CORP.
PHAR PHAROS ENERGY
GKP GULF KEYSTONE PETROLEUM LTD.
ZEN ZENITH ENERGY
BP. BP P.L.C.
CNE CANACOL ENERGY LTD
ZPHR ZEPHYR ENERGY
OKEA OKEA
JSE JADESTONE ENERGY
BWE BW ENERGY
CRCL CORCEL
AXL. ARROW EXPLORATION LTD
TAL PETROTAL (TAL)
- Stephane Foucaud
Corcel plc (AIM: CRCL): Increasing the size of the prize
• Corcel has updated the prospectivity of its three Angolan blocks, following reinterpretation of legacy seismic and enhanced Full Tensor Gravity Gradiometry (eFTG) data. The revised analysis indicates more pre-salt and post-salt leads and prospects than previously anticipated. • At KON-16, five pre-salt leads and prospects have been identified, each estimated to hold 20–300 mmbbl of prospective resources, compared to three pre-salt prospects with 300 mmbbl recoverable estimates previously. The ...
- Stephane Foucaud
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 ...
EGY VAALCO ENERGY INC.
TXP TOUCHSTONE EXPLORATION
SEI. SINTANA ENERGY
CHAR CHARIOT OIL & GAS
VLE VALEURA ENERGY INC.
EME EMPYREAN ENERGY
DNO DNO ASA CLASS A
PHAR PHAROS ENERGY
FEC FRONTERA ENERGY CORP
DGOC DIVERSIFIED GAS & OIL
AOI AFRICA OIL CORP
ZPHR ZEPHYR ENERGY
SENX SERINUS ENERGY
ORC/B ORCA EXPLORATION GROUP CL B
CRCL CORCEL
TAL PETROTAL (TAL)
SOUC SOUTHERN ENERGY CORP
CEQ CRITERIUM ENERGY LTD.
CDR CONDOR ENERGIES INC
- Hybridan Team
Hybridan Small Cap Feast: 14/05/2025
Our daily digest of news from UK Small Caps 14th 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...
- Stephane Foucaud
Corcel plc (AIM: CRCL): Material increase in KON-16 and subsequent far...
• Corcel has agreed to acquire a net 27% additional stake in KON-16 (onshore Angola) from Intank for US$0.5 mm in cash. As part of the deal, Intank will receive a 5% overriding royalty on the first development area. • Corcel has subsequently agreed terms to divest a 5% net interest in KON-16 to Sintana Energy for US$2.5 mm in cash. In addition, Sintana will receive a 2.5% net profit interest on Corcel’s share of KON-16 until reaching US$50 mm, after which the net profit interest reduces to 1.5%....
- Stephane Foucaud
AUCTUS ON FRIDAY - 28/02/2025
AUCTUS PUBLICATIONS ________________________________________ Condor Energies (CDR CN)C; Target price of C$5.60 per share: 2nd success at bypassed carbonate formation intervals boosts production to >12 mboe/d - Condor has successfully perforated and brought online bypassed carbonate formations at a second well. As a result, production has increased from 11,455 boe/d reported last week to an average of 12,004 boe/d over the last six days. Using a combination of legacy data and reprocessed 3-D seis...
GTE GRAN TIERRA ENERGY
GPRK GEOPARK
CVX CHEVRON CORPORATION
ENI ENI S.P.A.
ALVOF ALVOPETRO ENERGY LTD
SEI. SINTANA ENERGY
CASP CASPIAN SUNRISE
PEN PANORO ENERGY ASA
SQZ SERICA ENERGY
AOI AFRICA OIL CORP
KOS KOSMOS ENERGY LTD.
ORC/B ORCA EXPLORATION GROUP CL B
JSE JADESTONE ENERGY
CRCL CORCEL
PXEN PROSPEX ENERGY PLC
ATOM ATOME ENERGY PLC
IGAS IGAS ENERGY PLC
J4V VAR ENERGI ASA
BP. BP PLC
HEVI HELIUM EVOLUTION
CDR INC. (HEVI)
CNECN CONDOR ENERGIES INC
CANACOL
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 24/02/2025
Our daily digest of news from UK Small Caps @HybridanLLP 24th February 2025 * A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) has been announced, or it is a rumour ***Arranged by type of listing and date of announcement ****Alphabetically arranged Share prices and market capitalisations taken from the current price on the day of publication Dish of the day Admissions: Delistings: Argo Group (ARG...
- Stephane Foucaud
Corcel plc (AIM: CRCL): Successful workover in Brazil
• The EI-1 well at the Irai gas field in Brazil has been tested at a rate of 120 boe/d (~0.7 mmcf/d). The well had been shut-in since 2022. This test rate exceeds our forecast of ~0.5 mmcf/d for the first quarter of production, achieved within three months from signing the agreement with Irai's owner. • Once onstream, production from the EI-1 well will boost production from the existing EI-3 well, which we estimate at ~0.6-0.7 mmcf/d. • The next step involves working over a second well before de...
- Stephane Foucaud
AUCTUS ON FRIDAY - 21/02/2025
AUCTUS PUBLICATIONS ________________________________________ Condor Energies (CDR CN)C; Target price of C$5.60 per share: Very high flow rate at bypassed zone boosts production and unlocks reserves - A potential bypassed 60 m gas pay section, identified using advanced cased-hole logging tools and reprocessed existing 3-D seismic data, was put in production over a 23 m perforated interval at a rate of 1,100 boe/d, increasing to 1,300 boe/d over the past five days as the completion fluid has been ...
SEY STERLING ENERGY PLC
MUR MURPHY OIL CORPORATION
ENI ENI S.P.A.
REP REPSOL SA
BOR BORDERS & SOUTHERN PETROLEUM PLC
PANR PANTHEON RESOURCES
BPV BAHAMAS PETROLEUM CO. PLC
SQZ SERICA ENERGY
PHAR PHAROS ENERGY
DGOC DIVERSIFIED GAS & OIL
ZPHR ZEPHYR ENERGY
CRCL CORCEL
TAL PETROTAL (TAL)
WDS WOODSIDE PETROLEUM LTD
PNOR PETRONOR E&P LTD
ITH ITHACA ENERGY PLC
Z29 029 GROUP SE
CDR CONDOR ENERGIES INC
PLSR PULSAR HELIUM INC.
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 20/02/2025
Our daily digest of news from UK Small Caps @HybridanLLP 20th February 2025 * A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) has been announced, or it is a rumour ***Arranged by type of listing and date of announcement ****Alphabetically arranged Share prices and market capitalisations taken from the current price on the day of publication Dish of the day Admissions: Delistings: What’s ...
- Stephane Foucaud
Corcel plc (AIM: CRCL): Raising new equity to grow and progress Angola
• Corcel has raised £2.72 million of new equity at a price of 0.16p per share, representing a premium of 6.7% to yesterday's close. The company will also issue one warrant per new share with a strike price of 0.225p per share (24-month duration). Following a six-month period, Corcel will have the right to request the warrants to be exercised if the share price is equal to or above 0.30p per share for a period of 25 consecutive trading days. • The proceeds from the raise will allow Corcel to (1) ...
- Stephane Foucaud
AUCTUS ON FRIDAY - 31/01/2025
AUCTUS PUBLICATIONS ________________________________________ Corcel (CRCL LN)C; Target price of 1.00p per share: Restarting intervention activities at Tobias field -Intervention activities will soon restart at the Tobias-13 and Tobias-14 wells on Block KON-11, aiming to re-establish production at the Tobias field. Discovered in 1961, the Tobias field initially had an estimated 94 mmbbl of oil in place. Twelve wells were drilled, with eight producers reaching peak production of 17.5 mbbl/d. The T...
TLW TULLOW OIL PLC
CNE CAIRN ENERGY PLC
GENL GENEL ENERGY
CAD CADOGAN PETROLEUM
DGOC DIVERSIFIED GAS & OIL
OKEA OKEA
BWE BW ENERGY
CRCL CORCEL
RECO RECONNAISSANCE ENERGY AFRICA LTD
NOG NOSTRUM OIL & GAS PLC
J4V VAR ENERGI ASA
SHELL ROYAL DUTCH SHELL
CNECN CANACOL
PLSR PULSAR HELIUM INC.
- Stephane Foucaud
Corcel plc (AIM: CRCL): Restarting intervention activities at Tobias f...
• Intervention activities will soon restart at the Tobias-13 and Tobias-14 wells on Block KON-11, aiming to re-establish production at the Tobias field. • Discovered in 1961, the Tobias field initially had an estimated 94 mmbbl of oil in place. Twelve wells were drilled, with eight producers reaching peak production of 17.5 mbbl/d. • The Tobias-13 and Tobias-14 wells, drilled in late 2023/early 2024, did not flow oil to the surface during initial testing. • Overall, the field could be re-develop...
- Stephane Foucaud
AUCTUS ON FRIDAY - 17/01/2025
AUCTUS PUBLICATIONS ________________________________________ Corcel (CRCL LN)C; Target price of 1.00p per share: Initiating Coverage - Corcel is a ~£6 mm market cap AIM-listed E&P company focused on Portuguese-speaking Angola and Brazil. It offers a unique exposure to the prolific Kwanza onshore basin in Angola which reopened to international companies in 2021. Corcel is also building a portfolio of mature onshore producing assets in Brazil. The key asset in Angola is the KON-16 licence, which C...
FP TOTAL SE
EQNR EQUINOR ASA
GPRK GEOPARK
MSMN MOSMAN OIL AND GAS
OMV OMV AG
PXT PAREX RESOURCES INC.
REP REPSOL SA
SEI. SINTANA ENERGY
DNO DNO ASA CLASS A
MATD PETRO MATAD
XOM EXXON MOBIL CORPORATION
ANGS ANGUS ENERGY
OKEA OKEA
BWE BW ENERGY
CRCL CORCEL
TAL PETROTAL (TAL)
SEAPT NO SEACREST PETROLEO BERMUDA - SEAPT NO
PLSR PULSAR HELIUM INC.
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