reports
- Stephane Foucaud
AUCTUS ON FRIDAY - 21/11/2025
AUCTUS PUBLICATIONS ________________________________________ Condor Energies (CDR CN)C; Target price of C$5.90 per share: Imminent flow rate results for first horizontal well. LNG facility construction 90% complete. – 3Q25 production averaged 9,978 mboe/d, broadly in line with expectations. In Uzbekistan, drilling of a 1,000‑meter lateral section at the first horizontal well is underway, with numerous mud gas shows recorded. The lateral may be extended, and the well is expected to be brought ons...
SEY STERLING ENERGY PLC
PEN PANORO ENERGY ASA
VLE VALEURA ENERGY INC.
DNO DNO ASA CLASS A
CNE CANACOL ENERGY LTD
ZPHR ZEPHYR ENERGY
BWE BW ENERGY
SOUC SOUTHERN ENERGY CORP
PNOR PETRONOR E&P LTD
CEQ CRITERIUM ENERGY LTD.
IAECN ITHACA ENERGY
CDR CONDOR ENERGIES INC
PLSR PULSAR HELIUM INC.
- Hybridan Team
Hybridan Small Cap Feast: 20 November 2025
* 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 and priced on Share Price and Market Capitalisation during the time of writing on the day of Publication. Dish of the Day Admissions: None Delistings: None What’s baking in the oven? Potential** Initial Public Offerings:*** 24th October: Sterling Digital, the bitcoin minin...
- Stephane Foucaud
Zephyr Energy Plc (AIM: ZPHR): Potential resource boost in the Paradox
• Zephyr has nominated ~38,000 net contiguous Paradox acres for inclusion in upcoming federal lease sales by the U.S. Bureau of Land Management. If fully awarded, this would represent a material expansion of the current 46,000 net acre position, of which only ~20,000 acres are currently covered by seismic. Existing estimates of ~35 mmboe 2P reserves and 39 mmboe contingent resources are based solely on those 20,000 acres. If successful, the company intends to shoot 3D seismic across the addition...
- Stephane Foucaud
Valeura Energy (TSX: VLE): Operations and financials on track. Materia...
• The 3Q25 production and cash position at the end of September had been previously disclosed. • November production to date has averaged 24,537 bbl/d, exceeding the 3Q25 average of ~23 mbbl/d. • The FY25 production guidance of 23-25.5 mbbl/d has been re-iterated. • Valeura has completed a scheduled underwater survey of the sub-sea structural components. No anomalies were identified, reaffirming the facility’s integrity. Following redevelopment, production is expected to reach ~10 mbbl/d in 2H27...
- 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.
- Daniel Slater
Arrow Exploration (AXL LN) - Successful Mateguafa-5 well result - BUY
Arrow has announced that it has successfully drilled and brought online the M-5 exploration well in the Mateguafa Attic prospect, supporting production and expanding its resource base as the company drills up its Tapir block in Colombia.
- Stephane Foucaud
Arrow Exploration Corp. (AIM: AXL): Discovery at Mateguafa Attic
• The M-5 vertical well at Mateguafa Attic encountered approximately 26 feet of net oil pay in high-quality Guadalupe sandstone (22% porosity), along with an additional 11 feet in the Carbonera C7 formation. The discovery will contribute new reserves, as none had previously been attributed to Mateguafa Attic. • The well was brought online in the Guadalupe interval, delivering a gross oil rate of 570 bbl/d with an 8% water cut on a tight 17/128 choke. Net to Arrow, this equates to ~285 bbl/d — a ...
- Stephane Foucaud
Valeura Energy (TSX: VLE): Quality partner to revive Turkiye
• TransAtantic Petroleum is acquiring 50% WI in the West Thrace Production and Exploration Licences, currently held 63% by Valeura and 37% by Pinnacle. In exchange, TransAtlantic will fund the re-entry of the Devepinar-1 well—including hydraulic stimulation and testing of the Kesan zones (4.7–4.8 km depth)—for up to US$2 mm. Operations could commence in 4Q25. • TransAtlantic has the option to acquire 50% of Valeura’s 100% WI in the Banarli exploration licence, contingent on drilling a deep appra...
- Stephane Foucaud
Zephyr Energy Plc (AIM: ZPHR): Initial investment through US$100 mm pa...
• The first investment under the US$100 mm Zephyr Hawk partnership has been approved, comprising a US$2.5 mm commitment fully funded by Zephyr’s partner. The investment secures a share in a work programme targeting up to 13 wells. • Zephyr estimates life-of-well undiscounted cashflows of ~US$1.8 mm, net to its interest. • This marks the first in a series of similar transactions. Even assuming a conservative NPV10 of 30–50% of the undiscounted cashflow, the US$2.5 mm investment by the funding par...
- Stephane Foucaud
AUCTUS ON FRIDAY - 10/10/2025
Please click here to access the financial metrics for Auctus' coverage universe AUCTUS PUBLICATIONS ________________________________________ Serica Energy (SQZ LN)C; Target price of £3.05 per share: Another operational setback at Triton; value and distribution profile intact – Operational issues with the flare system at the Triton FPSO have resulted in a temporary suspension of production. Production is likely to restart shortly at very low rates until the root cause is identified and resolved...
FP TOTAL SE
OMV OMV AG
REP REPSOL SA
ALVOF ALVOPETRO ENERGY LTD
ENW ENWELL ENERGY
AEX AMINEX
RBD REABOLD RESOURCES
VLE VALEURA ENERGY INC.
SQZ SERICA ENERGY
ZPHR ZEPHYR ENERGY
PNOR PETRONOR E&P LTD
J4V VAR ENERGI ASA
BCE BEACON ENERGY PLC
HEVI HELIUM EVOLUTION
UKOG INC. (HEVI)
SHELL UK OIL & GAS PLC
ROYAL DUTCH SHELL
- Stephane Foucaud
Valeura Energy (TSX: VLE): Potential reserves addition. Wassana redeve...
• 3Q25 production averaged ~23 mbbl/d (above 2Q25 production of 21.4 mbbl/d), exiting the quarter at 24.8 mbbl/d. • Ten wells were drilled at Nong Yao, of which seven are now producing. Field output has increased from ~8 mbbl/d to ~11.6 mbbl/d as of end-September. • Several wells indicate potential reserves upside. At Nong Yao A, the lateral extent of the H2.0 sand encountered in well NYA-40H exceeded expectations. Additional bypassed oil was identified in the shallower H2.5 and H3.0 zones. • A...
- Stephane Foucaud
Zephyr Energy Plc (AIM: ZPHR): ~35 mmboe net 2P reserves in the Parado...
• Zephyr is estimated to hold 35.2 mmboe net 2P reserves (net of royalty) and 74.2 mmboe 3P plus contingent resources in the Paradox. The 2P case assumes 12 drilling locations, including 3 existing wells. These volumes are materially higher than in the 2022 CPR (25x for 2P) and align with the May management estimates (25.6–89.5 mmboe vs. 35.2–74.2 mmboe in the new CPR’s 2P–3P+2C range). The 3P+2C case includes 11 additional locations (further from the existing wells) vs. the 2P case. • The CPR a...
- 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.
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 01/10/2025
1st October 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 and priced on Share Price and Market Capitalisation during the time of writing on the day of Publication. Dish of the day Admissions: None Delistings: None What’s baking in the oven? Potential** Initial...
- Stephane Foucaud
Arrow Exploration Corp. (AIM: AXL): Dry hole at Mateguafa Oeste but th...
• 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 Mateguafa 1 and Mateguafa 3, which together historically produced 0.6 mmbbl of oil out of the Carbonera zone, C7. This target is geologically independent from the Mateguafa Oeste prospect...
- Stephane Foucaud
Zephyr Energy Plc (AIM: ZPHR): All eyes on upcoming CPR for the Parado...
• 2Q25 sales (excluding NGLs) averaged 632 boe/d, reflecting continued operator-imposed constraints on the six Slawson wells due to prevailing low commodity prices. Aggregate production from these wells in 1H25 was 141 boe/d, below management’s forecast of 214 boe/d. Importantly, there are no reservoir integrity concerns. With the recent completion of a production acquisition which has added approximately 380 moe/d from June, and the potential for the Slawson wells to come back online, we believ...
- Stephane Foucaud
AUCTUS ON FRIDAY - 05/09/2025
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Firming-up the exploration portfolio in Austria – ADX has matured its Austrian exploration portfolio following: (1) recent drilling results, (2) licence area modifications, and (3) updated technical evaluations. Excluding the Welchau-1 well drilled in 2024—where resource classification remains pending due to suspended flow testing (following an environmental objection)—ADX has del...
- Stephane Foucaud
Arrow Exploration Corp. (AIM: AXL): Potential reserves addition in the...
• Current production exceeds 4,800 boe/d, marking an increase of approximately 600 boe/d since the last reported figure on 28 August. • This uplift reflects the contribution of two new wells brought online. CN HZ13 is producing ~1,000 bbl/d gross (~500 bbl/d net) from the Ubaque reservoir, with a water cut of 32%. AB-3, a vertical well, has been recompleted in the C7 formation and is currently producing 840 bbl/d gross (420 bbl/d net) with a water cut of 73%. The well is still in clean-up phase....
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 01/09/2025
Our daily digest of news from UK Small Caps 1st September 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 and Closing Price on prior day to Publication. Dish of the day Admissions: Astrid Intelligence (AQSE:ASTR) moved to the AQSE Growth Market from the Main marke...
- Stephane Foucaud
AUCTUS ON FRIDAY - 29/08/2025
Arrow Exploration (AXL LN/CN)C; Target price of £0.50 per share: High impact exploration drilling in 2H25 – 2Q25 production averaged 3,768 boe/d, impacted by water handling constraints and steeper-than-anticipated early declines at newly drilled wells. Current WI production stands at ~4,200 boe/d, down from the July peak of 4,600–4,800 boe/d, which reflected initial flush output from AB-HZ5 and AB-HZ4. While first-month decline rates are steep, Arrow has observed that post-month-one declines are...
ALVOF ALVOPETRO ENERGY LTD
KAR KAROON GAS AUSTRALIA LTD.
SAVE SAVANNAH ENERGY
GKP GULF KEYSTONE PETROLEUM LTD.
ZPHR ZEPHYR ENERGY
AXL. ARROW EXPLORATION LTD
PXEN PROSPEX ENERGY PLC
CEQ CRITERIUM ENERGY LTD.
NOG NOSTRUM OIL & GAS PLC
IVZ INVICTUS ENERGY
HEVI HELIUM EVOLUTION
INC. (HEVI)
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