reports
- Stephane Foucaud
AUCTUS ON FRIDAY - 22.01.2026
AUCTUS PUBLICATIONS ________________________________________ New Zealand Energy (NZ CN)C; Target price of C$1.70 per share: Raising new equity – New Zealand is raising up to C$3.5 mm of new equity at a price of C$0.20 per share to progress its gas storage project. Panoro Energy (PEN NO)C; Target price of NOK46 per share: 2026: Drilling Resumes in Gabon, EG Normalises, and Visibility Improves on EG‑23 – 4Q25 production averaged 9,928 boe/d, comprising 5,343 boe/d from Gabon (as previously report...
UPL UPLAND RESOURCES
MUR MURPHY OIL CORPORATION
ENI ENI S.P.A.
PXT PAREX RESOURCES INC.
EOG. ECO ATLANTIC OIL & GAS
SEI. SINTANA ENERGY
PEN PANORO ENERGY ASA
SNM SHAMARAN PETROLEUM CORP.
SQZ SERICA ENERGY
DNO DNO ASA CLASS A
PHAR PHAROS ENERGY
GKP GULF KEYSTONE PETROLEUM LTD.
BLOE BLOCK ENERGY
HE1 HELIUM ONE GLOBAL
TAL PETROTAL (TAL)
HBR HARBOUR ENERGY PLC
PRD PREDATOR OIL & GAS HOLDINGS PLC
HEVI HELIUM EVOLUTION
SHELL INC. (HEVI)
PLSR ROYAL DUTCH SHELL
PULSAR HELIUM INC.
- Stephane Foucaud
PetroTal Corp (AIM: PTAL): Budget stress‑case ready: production to tro...
• PetroTal expects 2026 production of 11,750–12,250 bbl/d, landing at the lower end of the indicative forecasts of 12-15 mbbl/d provided in November (vs. our prior forecast of 13.9 mbbl/d). • The FY26 capex budget is set at US$80–90 mm, which is US$10–20 mm below our expectations. • The FY26 budget includes two new Bretana wells, US$15 mm allocated to erosion control (total capex for the project unchanged) and minimal upgrades to Bretana water handling facilities. The budget also includes ~US$1...
- Daniel Slater
PetroTal (PTAL LN) - 2026 guidance and work programme - Corporate
PetroTal has released its guidance for 2026, including production that reflects the November statement, and a now confirmed expected return to drilling in Q4 2026 alongside continued focus on protection of the balance sheet. This confirms a year of consolidation, with new production volumes beginning ongoing recovery that will then continue in 2027.
- Stephane Foucaud
AUCTUS ON FRIDAY - 16.01.2026
AUCTUS PUBLICATIONS ________________________________________ Condor Energies (CDR CN)C; Target price of C$5.60 per share: Uzbekistan production boost: two new wells onstream in February – The first horizontal well is now onstream. Only the shallower interval has been tested to date, delivering 3.6 mmcf/d. The full ~1 km lateral — including the zones with the strongest gas‑show responses — has not yet been accessed. A larger‑diameter coiled‑tubing unit than is currently available is required to d...
FP TOTAL SE
EGY VAALCO ENERGY INC.
OMV OMV AG
SEY STERLING ENERGY PLC
PXT PAREX RESOURCES INC.
REP REPSOL SA
EOG. ECO ATLANTIC OIL & GAS
SEI. SINTANA ENERGY
PANR PANTHEON RESOURCES
VLE VALEURA ENERGY INC.
XOM EXXON MOBIL CORPORATION
BWE BW ENERGY
TAL PETROTAL (TAL)
J4V VAR ENERGI ASA
SHELL ROYAL DUTCH SHELL
CDR CONDOR ENERGIES INC
- Stephane Foucaud
PetroTal Corp (AIM: PTAL): 4Q25 in line. Entering 2026 with a strong c...
• 4Q25 production averaged 15,258 bbl/d, comprising 14,766 bbl/d from Bretana and 492 bbl/d from the Los Angeles field. • The result is in line with our forecasts and consistent with the 14,983 bbl/d reported during the first 10 days of November. • Production from the six wells previously shut‑in due to tubing leaks has now been fully restored following workover operations. As a result, average production (including Los Angeles) during the first week of January has increased to ~15.6 mbbl/d, t...
- Daniel Slater
- Stephane Foucaud
AUCTUS ON FRIDAY - 14/11/2025
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.20 per share: A$3.5 mm funding boost ahead of busy activity programme – ADX has raised A$3.5 mm through a new equity placement at A$0.026 per share. Investors in the placement will also receive one option for every two new shares subscribed, exercisable at A$0.039 per share. The capital raise strengthens ADX’s balance sheet ahead of its 2026 work programme and effectively removes the funding ov...
EGY VAALCO ENERGY INC.
TXP TOUCHSTONE EXPLORATION
GENL GENEL ENERGY
SQZ SERICA ENERGY
NTOG NOSTRA TERRA OIL & GAS COMPANY
FEC FRONTERA ENERGY CORP
AOI AFRICA OIL CORP
AXL. ARROW EXPLORATION LTD
TAL PETROTAL (TAL)
RECO RECONNAISSANCE ENERGY AFRICA LTD
ADX ADX ENERGY LTD
CDR CONDOR ENERGIES INC
PLSR PULSAR HELIUM INC.
- Stephane Foucaud
PetroTal Corp (AIM: PTAL): Preserving capital in the context of drilli...
• 3Q25 production and net cash figures as of end-September have already been disclosed. • Bretana field output averaged 14,983 bbl/d during the first 10 days of November. Only one of the five wells previously shut due to tubing leaks has been worked over and returned to production so far. • Drilling activity is now postponed to mid-2026, following further delays with PetroTal’s own rig (previously expected to restart in 1Q26). This materially impacts the production trajectory and operating cash ...
- Daniel Slater
PetroTal (PTAL LN) - Q3 results and dividend suspension - Corporate
PetroTal has released its Q3 2025 results. These report a further period of production and cash flows, in line with the previous Q3 operational update. Given the expected timing of new wells in 2026, CAPEX requirements, and the desire to retain a strong balance sheet, the company is today suspending its dividend. We adjust our forecasts, particularly 2026 to account for lower drilling activity and hence production, and expect further news on the planned 2026 work programme in January. We believe...
- Daniel Slater
- Stephane Foucaud
PetroTal Corp (AIM: PTAL): Imminent work-over programme at Bretana
• 3Q25 production averaged 18,414 bbl/d. This rate is consistent with the previously reported rate of 18,805 bbl/d through 15 September, reflecting the impact of well shut-ins at Bretana since mid-August. • Five wells are currently offline at Bretana, with total group production (including Los Angeles) averaging ~16 mbbl/d over the first 10 days of October. A workover rig has been mobilised from Block 131, and operations to retrieve failed tubing in the shut-in wells are scheduled to begin at mo...
- 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
PetroTal Corp (AIM: PTAL): Minor production deferral. FY25 production ...
• 3Q25 production to 15 September averaged 18,805 bbl/d, comprising 479 bbl/d at Los Angeles and the balance at Bretana. • PetroTal has identified tubing leaks in six wells, impairing artificial lift efficiency. Four wells have been temporarily shut-in pending tubing replacement. Consequently, early September production averaged just 16,750 bbl/d, down from a peak of over 21 mbbl/d in mid-July. • The service rig is scheduled to mobilize to Bretana at the end of October, following completion of t...
- Daniel Slater
PetroTal (PTAL LN) - Operations update - Corporate
PetroTal has released an operations update, reporting on a production outage at four wells at the company’s Bretana field. The company will soon mobilise a workover rig to rectify these issues, the wells are expected back online on mid-November, and there is no change to full year production guidance.
- Stephane Foucaud
AUCTUS ON FRIDAY - 08/08/2025
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: High production at Z&G. Low risk exploration drilling in Austria to start in 4Q25/1Q26 – 2Q25 net production of 303 boe/d was higher than our expectations of ~270 boe/d following a 5 well intervention programme at the Zisterdorf and Gaiselberg fields in the Vienna Basin. The programme included (1) repair of subsurface equipment, (2) clean out of a down hole sand control (3) perfor...
EOG EUROPA OIL & GAS (HOLDINGS) PLC
GTE GRAN TIERRA ENERGY
GPRK GEOPARK
EGY VAALCO ENERGY INC.
GENL GENEL ENERGY
ALVOF ALVOPETRO ENERGY LTD
PEN PANORO ENERGY ASA
SNM SHAMARAN PETROLEUM CORP.
VLE VALEURA ENERGY INC.
SQZ SERICA ENERGY
FEC FRONTERA ENERGY CORP
BP. BP P.L.C.
CNE CANACOL ENERGY LTD
KOS KOSMOS ENERGY LTD.
ORC/B ORCA EXPLORATION GROUP CL B
TAL PETROTAL (TAL)
HBR HARBOUR ENERGY PLC
ADX ADX ENERGY LTD
TNZ TENAZ ENERGY CORP
- Stephane Foucaud
PetroTal Corp (AIM: PTAL): Large reduction of capex on rig delay
• 2Q25 production and net cash as of end-June have been previously disclosed. • July production at Bretana averaged ~20 mbbl/d. Elevated Amazon River levels may ease seasonal constraints in 3Q25, potentially avoiding the ~3 mbbl/d decline seen in 3Q24. • Following commissioning delays for the new rig (announced in July), PetroTal has reduced FY25 capex guidance from US$140 mm to US$80 mm (–45%). Consequently, the FY25 production guidance has been revised from 21–23 mbbl/d to 20–21 mbbl/d (–7%). ...
- Daniel Slater
PetroTal (PTAL LN) - Q2 2025 results - Corporate
PetroTal has released its Q2 2025 results. These reiterate the production cash flows achieved during the first half of the year and imply the ongoing cash flow potential of the business. The CAPEX programme for the rest of 2025 has been updated, with less drilling now planned, driving a reduction in expected production for the full year, though with our free cash flow expectations retained overall.
- 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
PetroTal Corp (AIM: PTAL): 2Q25 results in line. Production steady des...
• 2Q25 production averaged 21,039 bbl/d, in line with expectations. This includes 20,512 bbl/d from Bretana and 526 bbl/d from Los Angeles. Output was affected by previously disclosed pump failures in four wells. • Quarter-end cash stood at US$142.1 mm, up from US$113.6 mm at the end of March. This reflects US$50 mm of drawn debt, a US$24.1 mm positive working capital movement, and ~US$14 mm in dividends. This is consistent with forecasts that assumed a US$41 mm tax payment in 2Q25. • Three of t...
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