reports
- Stephane Foucaud
AUCTUS ON FRIDAY - 30.01.2026
AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.40 per share: High production on low decline at Mateguafa – The M-8 well has been brought onstream in the C9 formation (30 ft of oil pay) at 230 bbl/d gross (115 bbl/d net) on a 28/128 choke with 78% water cut. The three C7 intervals did not flow commercial hydrocarbons. The well also encountered 12 ft of net pay in the Gacheta. Although M‑8 is the smallest contributor to field output,...
GPRK GEOPARK
GENL GENEL ENERGY
EME EMPYREAN ENERGY
FEC FRONTERA ENERGY CORP
ENOG ENERGEAN PLC
ORC/B ORCA EXPLORATION GROUP CL B
OKEA OKEA
AXL. ARROW EXPLORATION LTD
LBE LONGBOAT ENERGY PLC
NOG NOSTRUM OIL & GAS PLC
IVZ INVICTUS ENERGY
J4V VAR ENERGI ASA
CDR CONDOR ENERGIES INC
PLSR PULSAR HELIUM INC.
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 28 January 2026
28th January 2026 @HybridanLLP Our daily digest of news from UK Small Caps * 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: Following a Reverse Tak...
- Daniel Slater
- Stephane Foucaud
Arrow Exploration Corp. (AIM: AXL): High production on low decline at ...
• The M-8 well has been brought onstream in the C9 formation (30 ft of oil pay) at 230 bbl/d gross (115 bbl/d net) on a 28/128 choke with 78% water cut. The three C7 intervals did not flow commercial hydrocarbons. The well also encountered 12 ft of net pay in the Gacheta. Although M‑8 is the smallest contributor to field output, it was drilled as a step out the north where it has extended the field with additional drilling opportunities.. • Mateguafa production remains robust, with lower‑than‑ex...
- 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.
- Daniel Slater
- Stephane Foucaud
Pharos Energy Plc (LSE: PHAR): Production boost expected by mid 2026
• FY25 production averaged 5,398 boe/d, comprising 4,095 boe/d from Vietnam and the balance from Egypt. This is consistent with the 5,391 boe/d reported in November and within the 5.2–6.0 mboe/d guidance range. • Two infill wells, TGT H1 and TGT H5, are now onstream and performing in line with expectations. We assume ~1.6 mboe/d of average gross production from each new TGT well over their first three months. • FY26 production guidance is 5.2–6.4 mboe/d, including 4.0–4.95 mboe/d from Vietnam an...
- Stephane Foucaud
AUCTUS ON FRIDAY - 09.01.2026
AUCTUS PUBLICATIONS ________________________________________ Condor Energies (CDR CN)C; Target price of C$5.60 per share: Accelerating drilling following C$13.65 mm financing – Following the closing of the C$13.65 mm convertible financing, Condor plans to accelerate its Uzbekistan drilling programme by deploying a second rig, enabling the drilling of 12 new wells in 2026. This programme has the potential to lift gross production to 18–20 mboe/d by YE26 and materially increase reserves. The C$13....
TXP TOUCHSTONE EXPLORATION
MUR MURPHY OIL CORPORATION
ALVOF ALVOPETRO ENERGY LTD
ZPHR ZEPHYR ENERGY
KOS KOSMOS ENERGY LTD.
KIST KISTOS PLC
RECO RECONNAISSANCE ENERGY AFRICA LTD
PRD PREDATOR OIL & GAS HOLDINGS PLC
SHELL ROYAL DUTCH SHELL
CDR CONDOR ENERGIES INC
PLSR PULSAR HELIUM INC.
- Daniel Slater
- Daniel Slater
- Stephane Foucaud
Arrow Exploration Corp. (AIM: AXL): High flow rate at first Mateguafa ...
• M-HZ7, the first horizontal well at Mateguafa Attic, has been brought onstream in the C9 zone. It is producing on a small choke (25/128) at a restricted gross oil rate of 1,694 bbl/d (847 bbl/d net to Arrow), with oil quality of 30.6° API and a 4% water cut. This initial rate is approximately double that of the M-6 vertical well. • This is a highly encouraging result, as it demonstrates the potential to develop the Mateguafa Attic field with horizontal wells. It suggests the field is larger th...
- Stephane Foucaud
AUCTUS ON FRIDAY - 12/12/2025
AUCTUS PUBLICATIONS ________________________________________ Corcel (CRCL LN)C; Target price of 1.40p per share: Equity raise from blue chip new investors bolsters balance sheet ahead of busy 2026 – Corcel has raised £3 mm of new equity at a price of 0.35 p per share from two blue chip new investors. Following the raise, Corcel’s cash balance is expected to reach ~£6 mm by YE25. In addition, Sintana Energy will pay Corcel ~US$2 mm in cash upon closing the acquisition of a 5% interest in KON‑16. ...
GALP GALP ENERGIA SGPS SA CLASS B
GTE GRAN TIERRA ENERGY
EGY VAALCO ENERGY INC.
RKH ROCKHOPPER EXPLORATION
ENI ENI S.P.A.
PXT PAREX RESOURCES INC.
REP REPSOL SA
ALVOF ALVOPETRO ENERGY LTD
SQZ SERICA ENERGY
PHAR PHAROS ENERGY
GKP GULF KEYSTONE PETROLEUM LTD.
ZEN ZENITH ENERGY
BLOE BLOCK ENERGY
BWE BW ENERGY
CRCL CORCEL
HBR HARBOUR ENERGY PLC
KIST KISTOS PLC
PLSR PULSAR HELIUM INC.
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 9 December 2025
9th December 2025 @HybridanLLP Our daily digest of news from UK Small Caps * 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: Non...
- Stephane Foucaud
Pharos Energy Plc (LSE: PHAR): Production boost expected by mid 2026
• Year‑to‑date production to 30 November 2025 averaged 5,391 boe/d, comprising 4,074 boe/d in Vietnam and 1,317 boe/d in Egypt. Pharos expects FY25 production to be broadly similar, in line with guidance of 5.2–6.0 mboe/d. • The TGT‑H1 infill well was brought onstream on 20 November. Initial performance is above management’s pre‑drill expectations. While no rate has been disclosed, we note that in 2021 Pharos reported an initial gross rate of 2.2 mbbl/d from a prior TGT well. For modelling purpo...
- Daniel Slater
- Stephane Foucaud
AUCTUS ON FRIDAY - 28/11/2025
Arrow Exploration (AXL LN/CN)C; Target price of £0.40 per share: Another positive result at Mateguafa Attic – The M-6 vertical well has encountered 30 ft of net oil pay in the Carbonera C9 formation (previously named Guadalupe). This compares favourably with the results of the M-5 well that encountered ~ 26 feet of net oil pay in the same formation. This result provides a strong foundation for the first horizontal well at Mateguafa (M-HZ7), already spudded and expected to come onstream in Decemb...
- Stephane Foucaud
Arrow Exploration Corp. (AIM: AXL): Rebuilding cash momentum; Icaco pr...
• Arrow reported 3Q25 production of 4,214 boe/d, broadly in line with our ~4.4 mboe/d expectation. • The company held US$6.5 mm in cash at end‑September (with no debt), rising to US$8.2 mm by 1 November. • With only one rig currently in operation, recent drilling success at M‑5 and M‑6, and the imminent contribution from the M‑HZ7 horizontal well, we expect Arrow’s cash position to continue to strengthen. • The next four months will be very material. M‑HZ7 is the first horizontal well targeting...
- Daniel Slater
- Stephane Foucaud
Arrow Exploration Corp. (AIM: AXL): Another positive result at Mategua...
• The M-6 vertical well has encountered 30 ft of net oil pay in the Carbonera C9 formation (previously named Guadalupe). This compares favourably with the results of the M-5 well that encountered ~ 26 feet of net oil pay in the same formation. This result provides a strong foundation for the first horizontal well at Mateguafa (M-HZ7), already spudded and expected to come onstream in December. Additional horizontal wells could follow, with the Mateguafa Attic potentially proving more material tha...
- 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.
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