reports
- Stephane Foucaud
PetroTal Corp (AIM: PTAL): Potential reserve addition
• The VS1 sand has produced ~320 bbl/d of 18.6 API oil during a brief test of a sidetrack of Well 20H. The oil gravity is similar to that found in the VS2 reservoir. • The VS1 reservoir has not been developed to date as the company has only focused on the VS2 that has much better permeability. • The initial oil in place in the VS1 reservoir estimated in the 2P case is ~84 mmbbl. Assuming 20% recovery factor would add ~17 mmbbl additional 2P reserves. Note that this is a long term goal as it wi...
- Daniel Slater
- Stephane Foucaud
AUCTUS ON FRIDAY - 09/08/2024
AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; Target price NOK52 per share: All eyes on EG – 1H24 production was 9,168 bbl/d. EG and Gabon production had already been disclosed. 1H24 production in Tunisia was 1,670 bbl/d (we forecasted 1,760 bbl/d) given subdued activities. In EG, the first infill well encountered the primary and secondary reservoirs in line with expectations. Production is expected to begin early September. The second infill well is expec...
GTE GRAN TIERRA ENERGY
EGY VAALCO ENERGY INC.
BLVN BOWLEVEN PLC
A2PAZ7 TETHYS PETROLEUM
CNE. CANACOL ENERGY LTD
GENL GENEL ENERGY
ALVOF ALVOPETRO ENERGY LTD
PEN PANORO ENERGY ASA
SAVE SAVANNAH ENERGY
VLE VALEURA ENERGY INC.
DNO DNO ASA CLASS A
FEC FRONTERA ENERGY CORP
KOS KOSMOS ENERGY LTD.
ORC/B ORCA EXPLORATION GROUP CL B
TAL PETROTAL (TAL)
HBR HARBOUR ENERGY PLC
PXOG PROSPEX OIL & GAS
PRD PREDATOR OIL & GAS HOLDINGS PLC
- Stephane Foucaud
PetroTal Corp (AIM: PTAL): Accelerating drilling programme. Successful...
• 2Q24 production of 18,290 bbl/d had been reported previously. • Production in July was 20,034 bbl/d, very close to the production of 20,555 bbl/d in June. • The dry river season indicators are at the moment at lower levels than 2023. However, the production guidance of ~13 mbbl/d for 3Q24 has been re-iterated thanks to the increased barge fleet size. • Our FY24 forecast of 16.8 mbbl/d is unchanged (unchanged guidance of 16.5-17.5 mbbl/d). • PetroTal is accelerating drilling capex to minimize...
- Daniel Slater
PetroTal (PTAL LN)
PetroTal has released its Q2 2024 results, providing further detail on a strong period of production and cash flow generation to augment data already reported in July. Going into H2, we look for further drilling results as the CAPEX programme continues, production performance updates as we go through the lower river levels part of the year, and progress on export routes, including the ongoing Ecuador trials.
- Stephane Foucaud
AUCTUS ON FRIDAY - 12/07/2024
AUCTUS PUBLICATIONS ________________________________________ PetroTal (PTAL LN/CN)C; Target price of £1.50 per share: Unrestricted cash position increased by >30% during the last quarter – 2Q24 production of 18,290 bbl/d was very near our forecasts of 18.5 mbbl/d but marginally below the company target of ~19 mbbl/d. A brief river blockade impacted production but production in June was 20,555 bbl/d. All regulatory approvals for the pilot to sell 100 mbbl of production through Ecuador have now be...
GALP GALP ENERGIA SGPS SA CLASS B
A2PAZ7 TETHYS PETROLEUM
ENI ENI S.P.A.
REP REPSOL SA
VLE VALEURA ENERGY INC.
DNO DNO ASA CLASS A
DGOC DIVERSIFIED GAS & OIL
ZPHR ZEPHYR ENERGY
OKEA OKEA
TAO TAG OIL LTD
TAL PETROTAL (TAL)
PNOR PETRONOR E&P LTD
SEY AFENTRA (PREVIOUSLY
PLSR CN STERLING ENERGY)
J4V PULSAR HELIUM INC.
VAR ENERGI ASA
- Stephane Foucaud
PetroTal Corp (AIM: PTAL): Unrestricted cash position increased by >30...
• 2Q24 production of 18,290 bbl/d was very near our forecasts of 18.5 mbbl/d but marginally below the company target of ~19 mbbl/d. A brief river blockade impacted production but production in June was 20,555 bbl/d. • Well 19H has achieved production rates of ~8.5 mbbl/d during the initial 7 days of production. This is one of the best wells drilled by the company, particularly given that the horizontal section was 600 m shorter than at other wells and that the well cost only US$11.5 mm. This com...
- Stephane Foucaud
AUCTUS ON FRIDAY - 10/05/2024
AUCTUS PUBLICATIONS ________________________________________ GeoPark (GPRK US)C; target price of US$26 per share: More favourable offtake contract in Colombia – GeoPark has signe da new offtake contract with Vitol for a minimum of 20 mbbl/d. The agreement improves GeoPark’s price realizations by US$0.15/bbl vs the current agreement. As part of this transaction, GeoPark will obtain immediate access to committed funding from Vitol for up to US$300 mm, with an option to increase by another US$200 m...
GPRK GEOPARK
EGY VAALCO ENERGY INC.
A2PAZ7 TETHYS PETROLEUM
GENL GENEL ENERGY
ENI ENI S.P.A.
PXT PAREX RESOURCES INC.
ALVOF ALVOPETRO ENERGY LTD
SNM SHAMARAN PETROLEUM CORP.
VLE VALEURA ENERGY INC.
DNO DNO ASA CLASS A
FEC FRONTERA ENERGY CORP
BP. BP P.L.C.
DGOC DIVERSIFIED GAS & OIL
CNE CANACOL ENERGY LTD
KOS KOSMOS ENERGY LTD.
TAL PETROTAL (TAL)
HBR HARBOUR ENERGY PLC
PLSR CN PULSAR HELIUM INC.
- Stephane Foucaud
PetroTal Corp (AIM: PTAL): Acquisition in Peru – More than meets the e...
• PetroTal is acquiring Block 131 onshore Peru including the Los Angeles field from CEPSA for US$5 mm. The field produces ~900 boe/d from 4 existing wells and holds 4.9 mmbbl of 40-45 deg API oil 2P reserves. • We estimate that 3 new wells (at ~US$12 mm per well) could increase production to 2-3 mbbl/d. There are also opportunities to develop bypassed oil with horizontal wells drilled high on the structure. • The oil is currently sold at the Iquitos refinery and passes by the Bretana field (in b...
- Stephane Foucaud
AUCTUS ON FRIDAY - 12/04/2024
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Restarting production at Anshof – The Permanent Production Facility (PPF), with a capacity of 3,000 bbl/d of liquids, has been commissioned and the Anshof-3 well has recommenced production at a rate of 134 bbl/d with no water. The operation has been undertaken in line with expectations and within budget. The oil production rate at Anshof-3 is 16% above the rate prior to shut-in. A...
GPRK GEOPARK
CVX CHEVRON CORPORATION
OMV OMV AG
TXP TOUCHSTONE EXPLORATION
ENI ENI S.P.A.
PXT PAREX RESOURCES INC.
REP REPSOL SA
CASP CASPIAN SUNRISE
CHAR CHARIOT OIL & GAS
VLE VALEURA ENERGY INC.
JSE JADESTONE ENERGY
TAL PETROTAL (TAL)
PNOR PETRONOR E&P LTD
ADX ADX ENERGY LTD
J4V VAR ENERGI ASA
MAHA-A MAHA ENERGY AB
- Stephane Foucaud
PetroTal Corp (AIM: PTAL): Better balance sheet than expected
• 1Q24 production of 18,518 bbl/d was in line with our expectations. • Production over the last 30 days was 20.5 mbbl/d with the recently drilled 17H well, now on pump, delivering 4,500 bbl/d. • This bodes very well for 2Q24 production given that the 18H well is expected to commence production in May. We currently forecast only 19 mbbl/d production in 2Q24, which could be on the low side. • PetroTal held US$63 mm in unrestricted cash plus US$22 mm of restricted March as the end of March. • Whi...
- Daniel Slater
- Stephane Foucaud
AUCTUS ON FRIDAY - 15/03/2024
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Very high impact exploration well encounters gas and condensate in Austria – The Welchau well (ADX WI: 75%) encountered 115 m of liquids-rich gas shows in the primary target formation (Steinalm Formation) between 1452 m and 1567 m. The deepest gas shows were encountered at a depth of 1645 m. The well has reached TD at 1733 m. The Steinalm Formation intersection in the well is in l...
CNE. CANACOL ENERGY LTD
TXP TOUCHSTONE EXPLORATION
ALVOF ALVOPETRO ENERGY LTD
CHAR CHARIOT OIL & GAS
SAVE SAVANNAH ENERGY
DNO DNO ASA CLASS A
XOM EXXON MOBIL CORPORATION
GKP GULF KEYSTONE PETROLEUM LTD.
DGOC DIVERSIFIED GAS & OIL
ENOG ENERGEAN PLC
AOI AFRICA OIL CORP
ZPHR ZEPHYR ENERGY
TETY TETHYS OIL AB
TAO TAG OIL LTD
TAL PETROTAL (TAL)
PLSR CN PULSAR HELIUM INC.
ADX ADX ENERGY LTD
IVZ INVICTUS ENERGY
UKOG UK OIL & GAS PLC
- Stephane Foucaud
PetroTal Corp (AIM: PTAL): Delivering on guidance
• FY23 production of 14,248 bbl/d had been reported previously and the YE23 cash position of US$105 mm (including ~US$15 mm of restricted cash) is very close to previous indications. • PetroTal is re-iterating its FY24 production guidance of ~17 mbbl/d with US$134 mm capex. • Production currently trends ahead of guidance with 24,453 bbl/d in January and 17,411 bbl/d in February. While PetroTal had to shut down the field for two days in early March for safety precautions and, as a result, product...
- Stephane Foucaud
AUCTUS ON FRIDAY - 16/02/2024
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of £A$0.65 per share: Drilling update in Austria – The well site construction at the Welchau-1 drill site is complete. The drilling rig is expected to become available to ADX on 14 February. The rig move and rig assembly will take ~6 days after rig release. Drilling operations are expected to commence on 20 February with a duration of ~39 days. PetroTal (PTAL LN/TAL CN)C; target price of £1.45 per s...
GALP GALP ENERGIA SGPS SA CLASS B
ENI ENI S.P.A.
PXT PAREX RESOURCES INC.
BOIL BARON OIL
CASP CASPIAN SUNRISE
ENQ ENQUEST PLC
SNM SHAMARAN PETROLEUM CORP.
VLE VALEURA ENERGY INC.
MAHA A MAHA ENERGY
FEC FRONTERA ENERGY CORP
ZPHR ZEPHYR ENERGY
TETY TETHYS OIL AB
JSE JADESTONE ENERGY
TAL PETROTAL (TAL)
WDS WOODSIDE PETROLEUM LTD
ITH ITHACA ENERGY PLC
ADX ADX ENERGY LTD
BNL BLUE STAR HELIUM LTD
J4V VAR ENERGI ASA
- Daniel Slater
Audio Note: PetroTal - Reserves update
In this audio note, Zeus’ Daniel Slater summarises the investment case for PetroTal. PetroTal has released its end 2023 reserves update, reporting an increase in 2P reserves from 96.7mmbbl to 100.2mmbbl, and a larger uptick in 3P reserves, from 168.3mmbbl to 199.6mmbbl. Listen to the audio note below, and read the full research here.
- Stephane Foucaud
PetroTal Corp (AIM: PTAL): Replacing >165% of 2P reserves in 2023
• YE23 1P, 2P and 3P reserves were estimated at 48 mmbbl, 100 mmbbl and 200 mmbbl respectively. • This represents an increase of 6%, 4% and 19% respectively compared to YE22. • The YE23 1P and 2P reserves estimates imply a Reserves Replacement Ratio of 150% and 167% during 2023. • The increased reserve estimates reflect improved recovery factor assumptions (from 24% to 26% in the 2P case) with 3 additional development wells. • The YE23 Original Oil in Place assumptions are broadly unchanged com...
- Stephane Foucaud
Auctus on Friday - 26/01/2024
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.65 per share: Drilling rig on location of high impact well by the end of January – A rig is expected to be mobilised to the high impact Welchau-1 drilling location during the last week of January. Drilling is expected to last for 6-8 weeks. The total vertical depth of the well is only 1,800 m with a dry hole cost estimated at ~EUR5.1 mm. Welchau gross prospective resources have been independent...
FP TOTAL SE
EQNR EQUINOR ASA
TLW TULLOW OIL PLC
RKH ROCKHOPPER EXPLORATION
GENL GENEL ENERGY
KAR KAROON GAS AUSTRALIA LTD.
PEN PANORO ENERGY ASA
SNM SHAMARAN PETROLEUM CORP.
UOG UNITED OIL & GAS
BP. BP P.L.C.
TAL PETROTAL (TAL)
WDS WOODSIDE PETROLEUM LTD
BCOW 1895 BANCORP OF WISCONSIN INC
SEY AFENTRA (PREVIOUSLY
GTE STERLING ENERGY)
ADX GRAN TIERRA ENERGY INC.
IVZ ADX ENERGY LTD
J4V INVICTUS ENERGY
BWEFF VAR ENERGI ASA
BW ENERGY LTD
- Andy Hanson
- Bob Liao
- Carl Smith
- Daniel Slater
- Rachel Birkett
- Robin Byde
- Robin Savage
- Zeus Research Team
- Stephane Foucaud
PetroTal Corp (AIM: PTAL): FY24 production expected to grow by 20%. Tw...
• The FY24 production guidance stands at 16.5-17.5 mbbl/d (we forecasted 18.6 mbbl/d assuming a moderate dry season) with US$135 mm capex (broadly in line with our expectations of US$130 mm). • The FY24 production guidance assumes a dry season as severe as in 2023 with production of only 13 mbbl/d in 3Q24 and 17.5 mbbl/d in 4Q24. The Ecuador export route through the OCP will be operational in October (2 mbbl/d) while a new route via Yurimaguas to Bayovar (2 mbbl/d) could be operational in July....
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