reports
- Stephane Foucaud
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...
- Stephane Foucaud
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...
- Stephane Foucaud
Zephyr Energy Plc (AIM: ZPHR): Paradox Resources boost following inter...
• The analysis of the well test result at well 36-2R suggests recoverable resources of 0.84-1.24 mmboe for the 4,000 feet lateral. The reservoir characteristics are consistent across the length of the lateral with consistent contribution from the reservoir matrix to the flow rate. Extrapolating these results across a longer lateral of 10,000 to 15,000 feet suggests recoverable volumes per well of 9 bcf to 37.5 bcf with a condensate yield of 20-60 bbl/mmcf. The base case is 15-17 bcf (plus conden...
- Stephane Foucaud
Arrow Exploration Corp. (AIM: AXL): 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 increased opex. • In order to address the increased water production, remove the oil production bot...
- Daniel Slater
- Stephane Foucaud
Valeura Energy (TSX: VLE): Potential reserves additions following appr...
• Valeura has completed an 8 well drilling programme on Block B5/27. • Two wells at Jasmine C encountered more oil pay than expected. • Two development wells at Ban Yen A are now on production and appraised new reservoirs, adding drilling locations and will likely contribute to reserves when next evaluated at year-end. One of the wells (BYA-35ST1) encountered an oil pay 100% larger than expected. The third well was an appraisal well. It encountered an oil-water contact deeper than expected but t...
- 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
- Stephane Foucaud
Valeura Energy (TSX: VLE): FID at Wassana adds 8.6 mmbbl 2P reserves
• The 1Q25 production and cash position at the end of March were in line with previous indications. However the adjusted working capital was ~US$15 mm higher than cash given an oil inventory increase of 0.89 mmbbl. • Valeura has taken FID at Wassana (G10/48 licence), resulting in the conversion of 8.6 mmbbl 2C contingent resources into 2P reserves. Wassana’s 2P reserves now stand at 20.5 mmbbl, with the field expected to produce 10 mbbl/d in 2H27, representing almost 45% of FY24 production. • T...
- Daniel Slater
- Stephane Foucaud
Zephyr Energy Plc (AIM: ZPHR): Private equity funding unlocks growth i...
• Zephyr has secured a US$100 mm drilling funding agreement with a US private equity firm to enable growth in its non-operated asset portfolio in the Williston Basin. The structure appears to be similar to a “DrillCo”, in which the investor will fund up to 100% of Zephyr’s drillex on a case by case basis. The agreement covers drilling on future well acquisitions but also could apply to new wells proposed on the Zephyr’s existing acreage. • The funding should enable Zephyr to scale production in ...
- Stephane Foucaud
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 ...
EQNR EQUINOR ASA
GPRK GEOPARK
MSMN MOSMAN OIL AND GAS
CNE CAIRN ENERGY PLC
TXP TOUCHSTONE EXPLORATION
GENL GENEL ENERGY
MUR MURPHY OIL CORPORATION
PXT PAREX RESOURCES INC.
PEN PANORO ENERGY ASA
SNM SHAMARAN PETROLEUM CORP.
SQZ SERICA ENERGY
ZPHR ZEPHYR ENERGY
KOS KOSMOS ENERGY LTD.
BWE BW ENERGY
HBR HARBOUR ENERGY PLC
IGAS IGAS ENERGY PLC
TNZ TENAZ ENERGY CORP
- Stephane Foucaud
Zephyr Energy Plc (AIM: ZPHR): Well test success unblocks the Paradox
• The State 36-2 well achieved peak rates of 2,848 boe/d, including 856 bbl/d of oil, on a small 18/64 choke. During a separate, 48-hour phase of testing on an 8/64 choke, production ranged between 700-1,066 boe/d, with 200-400 bbl/d of oil. Importantly, there was no material drop in bottomhole pressure in either test, confirming that sustained production at these levels is feasible long-term. Zephyr highlighted that well deliverability is more than sufficient for commercial operations. • In add...
- Daniel Slater
Arrow Exploration (AXL LN) - Full year 2024 results - BUY
Arrow has released its full year 2024 results, demonstrating the cash generation achievable from its onshore Colombia production, and the ability to generate overall free cash flow while still implementing an extensive drilling programme to support and grow production. We expect more of the same over the rest of 2025, with a total 23 well drilling programme currently underway.
- Stephane Foucaud
Arrow Exploration Corp. (AIM: AXL): Second drilling rig to be mobilize...
• 4Q24 net production was 4,738 boe/d. The YE24 cash position had been reported previously and there are no surprises in the remainder of the YE24 balance sheet. • The existing rig is being mobilized to Alberta Llanos to drill two new horizontal development wells in 2Q25. • In May, a second rig will be mobilized to undertake development drilling at Rio Cravo Este and Carrizales Norte. • The company has maintained its US$51 million capital expenditure plan for 2025, which includes drilling 23 wel...
- Stephane Foucaud
AUCTUS ON FRIDAY - 11/04/2025
AUCTUS PUBLICATIONS Arrow Exploration (AXL LN/ CN)C; Target price of £0.70 per share: Stable production, 10% cash increase – Net production is currently exceeding 4.5 mboe/d, consistent with January levels. The CN HZ10 well, located in the northern area of the CN field, commenced production on 31 March, delivering 1,183 bbl/d of oil (591 bbl/d net to Arrow) with a 21% water cut from the Ubaque reservoir. The well is in the process of cleaning up, with the water cut gradually decreasing. The CN ...
OMV OMV AG
REP REPSOL SA
ENW ENWELL ENERGY
SEI. SINTANA ENERGY
VLE VALEURA ENERGY INC.
BP. BP P.L.C.
ZPHR ZEPHYR ENERGY
TAO TAG OIL LTD
AXL. ARROW EXPLORATION LTD
TAL PETROTAL (TAL)
KIST KISTOS PLC
SOUC SOUTHERN ENERGY CORP
PNOR PETRONOR E&P LTD
J4V VAR ENERGI ASA
HEVI HELIUM EVOLUTION
SHELL INC. (HEVI)
CORO ROYAL DUTCH SHELL
CORO ENERGY PLC
- Daniel Slater
- Stephane Foucaud
Arrow Exploration Corp. (AIM: AXL): Stable production, 10% cash increa...
• Net production is currently exceeding 4.5 mboe/d, consistent with January levels. • The CN HZ10 well, located in the northern area of the CN field, commenced production on 31 March, delivering 1,183 bbl/d of oil (591 bbl/d net to Arrow) with a 21% water cut from the Ubaque reservoir. The well is in the process of cleaning up, with the water cut gradually decreasing. • The CN HZ09 well, situated in the southern area of the field, is producing 244 bbl/d of oil (122 bbl/d net) from the Ubaque res...
- Stephane Foucaud
Valeura Energy (TSX: VLE): Lower oil prices could generate acquisition...
• 1Q25 production averaged 23.9 mboe/d, which is in line with previous indications. This included a planned seven-day annual maintenance shutdown at the Nong Yao field near the end of the quarter. Production resumed on 1 April. • Valeura has re-iterated its FY25 production guidance of 23-25.5 mbbl/d. • FID for the Wassana redevelopment is still anticipated in 2Q25, with first oil expected in early-2027, though the company has indicated that it will "review and optimise its expenditures" given th...
- Stephane Foucaud
AUCTUS ON FRIDAY - 28/03/2025
AUCTUS PUBLICATIONS ________________________________________ Condor Energies (CDR CN)C; Target price of C$5.60 per share: Production rises again. Maiden reserves report. First LNG sales in Kazakhstan on track for 1H26 – YE24 2P reserves in Uzbekistan were estimated at 18.5 mmboe. 4Q24 production was 10,511 boe/d increasing to 12,019 boe/d in March to date and 12,288 boe/d over the past five days. In March, Condor signed a non-binding letter of intent outlining the basic terms and conditions for ...
RKH ROCKHOPPER EXPLORATION
CNE CAIRN ENERGY PLC
REP REPSOL SA
VLE VALEURA ENERGY INC.
DNO DNO ASA CLASS A
PHAR PHAROS ENERGY
XOM EXXON MOBIL CORPORATION
BLOE BLOCK ENERGY
SENX SERINUS ENERGY
OKEA OKEA
RDSA ROYAL DUTCH SHELL PLC
WDS WOODSIDE PETROLEUM LTD
SOUC SOUTHERN ENERGY CORP
ITH ITHACA ENERGY PLC
CDR CONDOR ENERGIES INC
PLSR PULSAR HELIUM INC.
- Stephane Foucaud
Valeura Energy (TSX: VLE): FY24 results in line. Additional reserves e...
• FY24 production, YE24 reserves and YE24 net cash had been reported previously. The FY25 guidance has been re-iterated. • Production in March to date at Manora was 2.9 mbbl/d. • FID for the Wassana redevelopment is still anticipated in early 2Q25, with first oil expected in early-2027. A significant portion of the 10.6 mmbbl low-risk contingent resources at Wassana will be converted into 2P reserves upon FID. • 10 development and appraisal wells are currently planned for the Jasmine field in 2...
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