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...
- Daniel Slater
Enwell Energy (ENW LN) - Full year 2024 results - Corporate
Enwell has released its full year 2024 results. Production remains suspended at the company’s assets onshore Ukraine as a result of local regulatory actions, but these and the wider portfolio continue to contain significant potential for production, cash flows, and growth once these issues are worked through. In the meantime, the company has a very substantial cash position to fall back on, which itself can support new asset activity as and when appropriate.
- 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
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
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
Pharos Energy Plc (LSE: PHAR): High impact drilling in Vietnam in 4Q25...
• Production from January to April 2025 was 5,757 boe/d, comprising 4,216 boe/d from Vietnam and 1,541 bbl/d from Egypt. This is consistent with the FY25 production guidance of 5.0-6.2 mboe/d, which has been reaffirmed. • In Egypt, receivables increased from US$29.5 million at year-end 2024 to US$31.7 mm by the end of April. However, the company has received US$4.9 mm from EGPC over the same period. Pharos held US$22 mm in cash at the end of April, in line with our expectations. • The FY25 capex...
- Hybridan Team
Hybridan Small Cap Feast: 15/05/2025
Our daily digest of news from UK Small Caps 15th May 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 Dish of the day Admissions: None Delistings: Alliance Pharma (APH.L) and Zytronic (ZYT.L) delisted today from AIM. What’s baking in the oven? Potential** Init...
- Daniel Slater
- 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...
- Daniel Slater
Enwell Energy (ENW LN) - Q1 update - Corporate
Enwell has released its Q1 2025 operational update, reporting production numbers for the period (affected by ongoing licence suspensions) and continuing to show a substantial cash holding. The regulatory backdrop in Ukraine remains challenging, but Enwell’s assets continue to offer significant upside potential as and when production is able to re-start and material investment is brought forward.
- 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
Pharos Energy Plc (LSE: PHAR): Return to production growth in Vietnam
• FY24 production and YE24 net cash have already been reported. • The FY25 production guidance of 5.0-6.2 mboe/d is unchanged. However the highlight of the press release is the upcoming programme in Vietnam. • The FY25 capex guidance has increased to US$37–66 mm, up from the previous US$33 mm. The minimum programme includes drilling the TGT appraisal commitment well (18X) and procuring long-lead items for three TGT infill wells and two CNV wells (one appraisal well, 5X, and one infill well), sc...
- Stephane Foucaud
AUCTUS ON FRIDAY - 21/03/2025
AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN)C; Target price of £0.10 per share: Significant power transaction highlights the value of the S. Africa electricity trading business – Etana Energy, the South African electricity trading business (49% held by Chariot) has arranged a US$55 mm guarantee finance facility through Standard Bank and secured an equity investment of up to US$20 mm from Norfund for working capital. In exchange, Standard Bank and Norfund will ho...
EGY VAALCO ENERGY INC.
TXP TOUCHSTONE EXPLORATION
GENL GENEL ENERGY
ENI ENI S.P.A.
ALVOF ALVOPETRO ENERGY LTD
PCL PANCONTINENTAL OIL & GAS N.L.
SEI. SINTANA ENERGY
CHAR CHARIOT OIL & GAS
7777 3-D MATRIX
GKP GULF KEYSTONE PETROLEUM LTD.
DGOC DIVERSIFIED GAS & OIL
ENOG ENERGEAN PLC
BLOE BLOCK ENERGY
AOI AFRICA OIL CORP
SENX SERINUS ENERGY
JSE JADESTONE ENERGY
TAL PETROTAL (TAL)
SOUC SOUTHERN ENERGY CORP
CEQ CRITERIUM ENERGY LTD.
PRD PREDATOR OIL & GAS HOLDINGS PLC
CDR CONDOR ENERGIES INC
- Stephane Foucaud
AUCTUS ON FRIDAY - 14/03/2025
AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.80 per share: Reserves increase showcases FY24 drilling success – YE24 2P and 3P reserves are estimated at 13.6 mmboe and 22.3 mmboe, respectively. This represents an increase of 15% and 25%, respectively vs. YE23. Adding back FY24 production of 1.3 mmboe, the 2024 activity program has added approximately 2.8 mmboe of 2P reserves and 5.3 mmboe of 3P reserves at Tapir (overall increase ...
- Daniel Slater
Arrow Exploration (AXL LN) - Reserves update - BUY
Arrow has released its end 2024 reserves update, showing increases across various categories, including high reserves replacement ratios, based on the successful development and exploration drilling programmes during the year. Activity continues, with new horizontal development drilling ongoing.
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