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...

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...

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.

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.

AUCTUS ON FRIDAY - 21/06/2024

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C: target price of £0.65 per share: Flow rate of high impact horizontal well above expectations – The first CN Horizontal well (CNB HZ-1) from the Carrizales Norte B pad has been on production since 14 June at a rate of 3,150 bbl/d (~1.6 mbbl/d net) with less than 1% water cut while still recovering load fluid. The flow rate is currently constrained with the ESP operating on the minimum setting. The flow ra...

Johan Sverdrup water cut edging higher

Today, the Norwegian Offshore Directorate (NOD) published preliminary NCS production figures for May and field-by-field data for April. May production was ~3% above NOD’s prognosis, but down c7% MOM due to higher maintenance-related activities. We highlight that Johan Sverdrup’s water cut continues to edge higher, standing at 16% in April (up 1%-point from March). On a company-specific basis, April production for both Aker BP and Vår Energi was relatively stable MOM and remains within (Vår Energ...