Serica Energy: 1 director

A director at Serica Energy maiden bought 125,430 shares at 136p and the significance rating of the trade was 80/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clea...

European breakthrough for Chinese OEM

AUCTUS ON FRIDAY - 28/06/2024

AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN)C: target price of £0.50 per share: Key step towards developing future gas to industry business onshore Morocco – Chariot has signed Heads of Terms with Vivo Energy for the future offtake from the Loukos onshore licence where natural gas has been encountered at Dartois. Up to 3 mmcf/d would be initially sold to the CNG midstream business under a long-term gas sales agreement. Vivo intends to design, fund, construct and...

Enwell Energy (ENW LN) - VAS and SC licence suspensions lifted

Enwell announced yesterday afternoon that the suspensions for its VAS and SC licences, in place since May 2023, have now been lifted. This is very good news for the company, allowing production and operational work programmes to recommence on the two licences, while also having positive implications for work programmes on the wider portfolio

Valeura Energy (TSX: VLE): Operational blip offers an opportunity for ...

• Production at Wassana has been suspended following the discovery of a crack within one of the MOPU’s steel jack-up legs that could pose a risk to the structural integrity of the MOPU. • The company is conducting further inspections and analysis to plan next steps. Further visibility is expected in the coming weeks. • Pending further details, we are assuming no production at Wassana during 2H24 (~4 mbbl/d previously). • We are also reducing our opex forecast for 2H24 by US$12 mm (50% of US$24 m...

Serica Energy Plc (AIM: SQZ): Operations on track. High net cash.

• 2023 production to date was 43,781 boe/d. very close to our expectations of 44.3 mboe/d. • Production in June at the Bruce Hub of 25,771 boe/d was particularly strong following the recent Light Well Intervention Vessel campaign. This partially offsets the low production in May at the Triton Hub following a trip of a compressor that shut down production for three weeks (the production at Triton has been restored since then). • A 90 day well intervention campaign at Bruce from mid-July is like...

Zephyr Energy Plc (AIM: ZPHR): Reducing the cost of debt. Testing at S...

• The FY23 operating cashflow after interests of ~US$9 mm was above our forecasts (US$7 mm) due to change of working capital. We expected a negative change of working capital given (1) Zephyr had to make advance payments for the remedial of the State 36-2R well ahead of being reimbursed by the insurance and (2) the fact that the proceeds of the production for the Slawson wells were not received until part way through 1H24. • Zephyr’s revolving credit facility (RCF) has been redetermined with an ...

Criterium Energy Ltd (TSX-V: CEQ): Results of work-over campaign above...

• The work-over programme has delivered a production increase of 180 bbl/d from six wells at a total cost of US$0.36 mm. This represents an average increase of ~30 bbl/d, which is 50% above management’s expectations (20 bbl/d). The overall costs are on budget. • One of the worked-over wells, MGH-07, is now producing 40 mcf/d of natural gas (no natural gas production previously). The produced gas is used as fuel for power generation, directly reducing diesel consumption by 50%, resulting in an an...

Petro Matad (MATD LN) - Equity raise for Block XX drilling

Petro Matad has raised US$8.9m through an issue of 350m shares at 2.0p. The company is currently preparing to bring onstream the existing Heron-1 well on its field in Mongolia, and the raise is planned to fund the subsequent drilling of the Heron-2 development well. The raise is also planned to fund drilling of the high impact Gobi Bear-1 exploration well, on the same Block XX as Heron. All this activity is expected in 2024.

Crude Quarterly Q2'24: tighter oil market ahead

Oil inventory draws for the rest of 2024. IEA is wrong – peak demand is not imminent. Both E&P and oil service shares look highly attractive.

Estimate changes from Crude Quarterly, 26 June

In our 26 June Crude Quarterly report, we update our oil and gas price assumptions for our covered E&Ps. See the report for more details on our new oil market estimates and our updated price assumptions.