reports
- Daniel Slater
- Stephane Foucaud
AUCTUS ON FRIDAY - 02.04.2026
AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.45 per share: Good flow rate at M-11. Very strong performance at Mateguafa Attic Hz wells – The M‑11 well has been brought online from the C7 formation, which contains 18 ft of net pay, at 784 bbl/d (392 bbl/d net) with a 26% water cut. The well also intersected ~30 ft of net oil pay in the C9, which will be brought into production at a later stage. Net production from the M‑7 and M‑9 ...
- Research Team
The Rear-View Mirror – EME markets: all indices down; energy the only ...
EME Equity Market – March 2026 All indices decline, with Greek ASE posting the steepest loss. The MSCI EM Europe Index fell 8.0% mom in EUR terms and 10.8% mom in USD terms in March. The Greek ASE was the worst performer (-9.3% mom); followed by the Czech PX (-6.7% mom); the Hungarian BUX (-6.2% mom); the Turkish ISE30 (-5.1% mom); and the Polish WIG20 (-4.5% mom; all in EUR terms). The Romanian BET proved the most resilient, declining just 1.2% mom, in EUR terms.
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
SNT SYNEKTIK
OMV OMV AG
PKO PKO BANK POLSKI S.A.
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
RBW RAINBOW TOURS S.A.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
THYAO TURK HAVA YOLLARI A.O.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
ALR ALIOR BANK SA
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
TLV BANCA TRANSILVANIA S.A.
SNP PETROM S.A.
DNP DINO POLSKA S.A.
RICHT RICHTER
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
R22 R22
SOKM SOK MARKETLER TICARET AS
ESLT ELBIT SYSTEMS LTD
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
KSPI KASPI KZ
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
WPS W.A.G PAYMENT SOLUTIONS PLC
PCO PEPCO GROUP NV
VRC VERCOM SA
GPP GRUPA PRACUJ DA
2381 ARABIAN DRILLING CO.
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
SHO SHOPER SA
ACAG AUSTRIACARD HOLDINGS AG
H2O HIDROELECTRICA S.A.
7203 ELM CO
OPTIMAr OPTIMA BANK S.A.
MUR2 MURAPOL SA
TRESTATES TRADE ESTATES REIC SA
THEON THEON INTERNATIONAL PLC
AIRA AIR ASTANA JSC
GEV GEVORKYAN A.S.
PRIUA PRIMOCO UAV SE
BOCHGR BANK OF CYPRUS
ZAB ZABKA GROUP
DSPW DOOSAN SKODA POWER A.S.
PE RO PREMIER ENERGY
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 1 April 2026
* 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 IPOs:*** 17 March: Vista Parcs Group has announced its intention to IPO onto AI...
- Daniel Slater
- Stephane Foucaud
Arrow Exploration Corp. (AIM: AXL): Good flow rate at M-11. Very stron...
• The M‑11 well has been brought online from the C7 formation, which contains 18 ft of net pay, at 784 bbl/d (392 bbl/d net) with a 26% water cut. The well also intersected ~30 ft of net oil pay in the C9, which will be brought into production at a later stage. • Net production from the M‑7 and M‑9 horizontal wells has increased materially, rising from 625 bbl/d and 425 bbl/d to 1,008 bbl/d and 693 bbl/d, respectively, following pump‑speed optimisation. This performance is encouraging ahead of t...
- Research Team
WOOD Daily: ACP PW; DAT PW; KTY PW; PGE PW; TPE PW; WPL PW; PKN PW; RB...
HEADLINES: • Asseco Poland: 4Q25 review – net profit up 4.5x yoy, in line with the consensus; 2026 backlog up 19% yoy NEUTRAL • DataWalk: actual 4Q25 numbers fully in line with preliminaries NEUTRAL • Kety: preliminary 1Q26 EBITDA and net profit above our expectations POSITIVE • PGE: decent 4Q25 preliminary results (adjusted recurring EBITDA 17% above expectations), distorted by one-offs POSITIVE • Tauron: 4Q25 conference call takeaways NEUTRAL • Wirtualna Polska: announces tender to acquire own...
- Stephane Foucaud
New Zealand Energy Corp. (TSX-V: NZ): Well recompletion successes open...
• The Ngaere‑2 well is delivering a stable, unstimulated oil rate of ~300 bbl/d from 36 metres of perforated Mount Messenger pay. This materially exceeds management expectations. • In early March, NZE confirmed that Ngaere‑1 recompletion work—targeting a previously bypassed interval—achieved ~120 bbl/d of oil, consistent with prior guidance. • Ngaere‑2 marks the third successful recompletion in the Mount Messenger formation. Additional reservoir intervals remain to be perforated and the encount...
- Stephane Foucaud
Helium Evolution Inc. (HEVI CN): Hormuz, Qatar LNG and helium
• The Strait of Hormuz is currently closed and the North Field/South Pars complex has been bombed. Doha has indicated that restoring full production capacity could take up to five years. North Field/South Pars is the world’s largest gas field, supplying ~20% of global LNG exports and 70–75% of Iran’s domestic gas output. • In Qatar, helium is produced as a by‑product of natural gas, and the country accounts for roughly one‑third of global helium supply. The shutdown of North Field/South Pars is ...
- Stephane Foucaud
Sintana Energy Inc. (TSX-V: SEI): QatarEnergy enters Uruguay. Drilling...
• Galp’s latest 3C contingent resource estimate for Mopane equates to ~67 mmboe net to Sintana’s 4.9% indirect carried interest. • TotalEnergies plans a three‑well appraisal programme on the Mopane licence (PEL 83) commencing in 2H26 to further grow the resource base. FID is targeted for 2028, with first oil expected in 2032. TotalEnergies has also highlighted a potential inboard extension of Mopane and identified two additional large prospects, Quiver and Sobreiro. • In Uruguay, QatarEnergy has...
- Daniel Slater
Sintana Energy (SEI LN) - Portfolio update - Corporate
Sintana has reported several updates across its portfolio, including progress on the company’s Uruguay seismic programme, receipt of cash from Exxon in Colombia, and highlighting the recent 57% Mopane resource upgrade from operator Galp. All of this helps emphasise broad recent progress for the company, and the benefit of its diverse portfolio.
- Stephane Foucaud
AUCTUS ON FRIDAY - 27.03.2026
AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.45 per share: High production, reserves addition at Tapir – Production has increased to 5,325 boe/d, up from 4,900 boe/d in early March, driven by rising output from the M‑9 Hz well. Further growth is expected with the imminent addition of the M‑11 well, which encountered 48 ft of net pay across the C7 and C9 formations and is scheduled to be brought online in the coming weeks. M‑11 in...
SEI. SINTANA ENERGY
CASP CASPIAN SUNRISE
ENQ ENQUEST PLC
SQZ SERICA ENERGY
PHAR PHAROS ENERGY
ZPHR ZEPHYR ENERGY
OKEA OKEA
AXL. ARROW EXPLORATION LTD
TAL PETROTAL (TAL)
PXEN PROSPEX ENERGY PLC
LBE LONGBOAT ENERGY PLC
CEQ CRITERIUM ENERGY LTD.
D3E D3 ENERGY LIMITED
CDR CONDOR ENERGIES INC
CCEC CN CANCAMBRIA ENERGY CORP.
- Stephane Foucaud
New Zealand Energy Corp. (TSX-V: NZ): Pipeline reflections
• Natural gas prices in New Zealand remain elevated at US$10–15/mcf. The closure of the Strait of Hormuz, and the subsequent bombing of the South Pars/North Field complex (the world’s largest gas field), have further tightened global LNG supply. • Construction of New Zealand’s first LNG import terminal in Taranaki is expected to begin this year , with commissioning targeted for late 2027 or early 2028. In this context, NZE’s existing gas infrastructure could become strategically significant. • N...
- Daniel Slater
Sintana Energy (SEI LN) - Mopane resource upgrade - Corporate
Sintana’s JV partner on its Mopane discovery, Galp Energia, has announced a 57% upgrade to Mopane 3C resources, based on drilling results since the last resource update in late 2024. This further emphasises the significant attractiveness of Mopane as new operator Total moves towards the next drilling programme, and subsequent development FID.
- Stephane Foucaud
Sintana Energy Inc. (TSX-V: SEI): Galp increases the contingent resour...
• Galp’s FY25 annual report estimates 1.1 bnboe of 3C contingent resources at Mopane net to its 80% WI, equivalent to 1.38 bnboe gross. • This represents a 57% increase versus the YE24 estimate (~0.7 bnboe net / 0.88 bnboe gross) and reflects the success of the 2025 appraisal campaign. • Mopane now represents ~67 mmboe of 3C contingent resources net to Sintana’s 4.9% carried interest. • TotalEnergies, having entered into a farm-in including operatorship, is preparing an ambitious appraisal and e...
- Stephane Foucaud
Arrow Exploration Corp. (AIM: AXL): High production, reserves addition...
• Production has increased to 5,325 boe/d, up from 4,900 boe/d in early March, driven by rising output from the M‑9 Hz well. • Further growth is expected with the imminent addition of the M‑11 well, which encountered 48 ft of net pay across the C7 and C9 formations and is scheduled to be brought online in the coming weeks. • M‑11 intersected both zones structurally higher than any previous Mateguafa Attic well, extending the structure southward and confirming additional development potential. A ...
- Research Team
WOOD Daily: OMV AV; BFT PW; HUG PW; DIGI RO; GEKTERNA GA; EME Macro/St...
HEADLINES: OMV: Strait-up winner (stays BUY) Benefit Systems: 4Q25 miss on adjusted EBIT; supportive update of 2025-27E strategy POSITIVE Huuuge Games: 4Q25 adjusted EBITDA above expectations, DTC channel continues to grow POSITIVE DIGI Communications: takes steps to enter UK telco market NEUTRAL GEK Terna: increases EYDAP stake to 12.8% POSITIVE EME Macro/Strategy: macro all-in-one (13-19 March) Austriacard: expands US footprint with new card personalisation facility POSITIVE
- Bram Buring
- CFA
- Jonathan Lamb
OMV: Strait-up winner (stays BUY)
We maintain our BUY on OMV, with an updated price target (PT) of EUR 70.2 (from EUR 61.7), offering upside of 19.0%. The conflict in the Persian Gulf has pushed margins up across OMV’s business and we expect these effects to continue, even after the Strait of Hormuz reopens. Temporary closures at petchems producers are driving margins. The Borealis/Borouge merger is almost upon us and OMV should benefit from high margins across the portfolio. OMV has growth projects which should be completed soo...
- Daniel Slater
LOGN LOGITECH INTERNATIONAL S.A.
AC ACCOR SA
JMT JERONIMO MARTINS SGPS S.A.
ACN ACCENTURE PLC CLASS A
RMS HERMES INTERNATIONAL SCA
CDR CD PROJEKT S.A.
OMV OMV AG
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ENI ENI S.P.A.
COTN COMET HOLDING AG
CICN CICOREL HOLDING S.A.
BAYN BAYER AG
ENEL ENEL SPA
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
NEM NEMETSCHEK SE
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
RAA RATIONAL AG
MONC MONCLER SPA
WAF SILTRONIC AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
MELE MELEXIS NV
NOD NORDIC SEMICONDUCTOR ASA
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
JEN JENOPTIK AG
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
ARM ARM HOLDINGS PLC
GALD GALDERMA GROUP AG
ZAB ZABKA GROUP
AMS AMS-OSRAM AG
IFCN INFICON HOLDING AG
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