reports
- Stephane Foucaud
AUCTUS ON FRIDAY - 29/11/2024
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of NOK51 per share: Water inflow from a small interval in Welchau deeper formation. Continuing well test up hole – Two intervals in the Steinalm formation (1452.5 m-1463.5 m and 1474.5 m-1480 m MD) were tested at a stable rate (natural flow) of 240-290 bbl/d of drilling mud, likely contaminated formation water and some oil traces. Gas was initially observed at surface. While the achieved flow rate hig...
GALP GALP ENERGIA SGPS SA CLASS B
TLW TULLOW OIL PLC
GTE GRAN TIERRA ENERGY
GPRK GEOPARK
RKH ROCKHOPPER EXPLORATION
A2PAZ7 TETHYS PETROLEUM
OMV OMV AG
REP REPSOL SA
ENW ENWELL ENERGY
VLE VALEURA ENERGY INC.
SQZ SERICA ENERGY
PMG PARKMEAD GROUP
ENOG ENERGEAN PLC
SENX SERINUS ENERGY
AXL. ARROW EXPLORATION LTD
HBR HARBOUR ENERGY PLC
SOUC SOUTHERN ENERGY CORP
CEQ CRITERIUM ENERGY LTD.
ADX ADX ENERGY LTD
BCE BEACON ENERGY PLC
CDR CONDOR ENERGIES INC
- Stephane Foucaud
Southern Energy Corp. (SOUC LN/SOU CN): Better balance sheet than expe...
• 3Q24 production of 2,336 boe/d was in line with our expectations. • Southern has monetized excess inventory for US$2 mm during 3Q24, resulting in net debt being reduced by US$1.4 mm. • Southern estimates that further excess inventory could be sold for US$1-1.5 mm. The company is also involved in an ongoing dispute around transportation fees, which Southern believes are governed by a regulated rate. In case of success, Southern could recover overpaid historical fees. In addition, future transp...
- Brendan Long
Southern Energy (SOUC LN) - Disciplined for Growth
Based on the steeply strengthening futures curve for natural prices (see Summary sheet), we believe that Southern Energy’s period of capital discipline will evolve into a period of growth as rising natural gas prices encourage organic growth via drilling.
- Stephane Foucaud
AUCTUS ON FRIDAY - 16/08/2024
AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN)C; Target price £0.45 per share: Commencing drilling operations at high impact well in Morocco – Drilling operations have commenced on the Anchois East well (now named Anchois-3). The well has three objectives. An initial pilot hole will be drilled to evaluate the potential of the Anchois Footwall prospect, located in an undrilled fault block to the east of the main field with a 2U Prospective Resource estimate of 170 ...
A2PAZ7 TETHYS PETROLEUM
OMV OMV AG
TXP TOUCHSTONE EXPLORATION
AOI. AFRICA OIL
SEI. SINTANA ENERGY
CHAR CHARIOT OIL & GAS
PEN PANORO ENERGY ASA
DGOC DIVERSIFIED GAS & OIL
JSE JADESTONE ENERGY
I3E I3 ENERGY
SOUC SOUTHERN ENERGY CORP
NOG NOSTRUM OIL & GAS PLC
J4V VAR ENERGI ASA
IAECN ITHACA ENERGY
- Stephane Foucaud
Southern Energy Corp. (SOUC LN/SOU CN): Improved gas fundamentals expe...
• 2Q24 production of 2,578 boe/d was in line with our forecasts (2,680 boe/d). In addition, ~150 boe/d are currently shut-in pending low-cost workovers. • Net debt (based on cash and debt) at the end of June was ~US$18.7 mm. This compares with our forecasts of US$19.1 mm but Southern has sold two compressors for US$1.36 mm. • While the company will not increase its capex programme until gas prices in the US improve, we note that the 3Q24 and 4Q24 futures for Henry Hub are now standing at ~US$2.3...
- Emily Liu
Hybridan Small Cap Feast 14 June 2024
14th June 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objecti...
- Stephane Foucaud
AUCTUS ON FRIDAY - 14/06/2024
AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN) C: target price of £0.50 per share: High impact well offshore Morocco on track to spud in August – The FY23 financials were in line with our forecasts. The high impact Anchois East well is expected to spud in August. A drilling success could increase the size of Anchois to over 1 tcf (300 bcf net to Chariot). Our overall unrisked NAV for Anchois, including Anchois East Footwall and Anchois East North Flank, is £0.42 p...
- Stephane Foucaud
AUCTUS ON FRIDAY - 31/05/2024
AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/AXL CN)C; target price of £0.65 per share: All eyes on the first horizontal well at Carrizales Norte – The 1Q24 production of 2,730 boe/d was close to our expectations. Arrow’s cash position of US$11.6 mm was also in line. The first water disposal well at RCE is being brought into production and the conversion of the CN-4 well is currently waiting regulatory approval. These two disposal wells are very importa...
AKRBF AKER BP ASA
MRO MARATHON OIL CORPORATION
GTE GRAN TIERRA ENERGY
EGY VAALCO ENERGY INC.
CHAR CHARIOT OIL & GAS
ENQ ENQUEST PLC
NOG NOSTRUM OIL & GAS PLC
VLE VALEURA ENERGY INC.
PHAR PHAROS ENERGY
MAHA A MAHA ENERGY
ZPHR ZEPHYR ENERGY
AXL. ARROW EXPLORATION LTD
SOUC SOUTHERN ENERGY CORP
LBE LONGBOAT ENERGY PLC
J4V VAR ENERGI ASA
LNGE LNG ENERGY GROUP CORP.
IAECN ITHACA ENERGY
- Stephane Foucaud
Southern Energy Corp. (SOUC LN/SOU CN): Increased premium to Henry Hub...
• 1Q24 production of 3,009 boe/d was in line with our forecasts. The net debt at the end of March was ~US$1 mm below our expectations. • We continue to assume that the 2nd DUC will not be completed before 4Q24 with the further DUCs being completed in 1Q25 and 2Q25. • We note however the strengthening of US gas prices with 3Q24 futures for Henry Hub now standing at ~US$2.8/mcf (we previously forecasted US$2.5/mcf). • In addition, Southern is seeing a realization basis premium to Henry Hub in th...
Hybridan Small Cap Feast - 26 April 24
26th April 2024 A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: C4X Discovery Holdings (C4XD.L) has left AIM. What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acqu...
- Stephane Foucaud
AUCTUS ON FRIDAY - 26/04/2024
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Important step to unlock Sicily – The Italian ministry has informed ADX that it will be granted the d 363C.R-.AX gas exploration permit in the Sicily Channel. In addition, the Regional Administrative Court of Rome has annulled the Plan for the Sustainable Energy Transition of Eligible Areas that prevented the oil redevelopment, appraisal and exploration activities on the licence. ...
FP TOTAL SE
EQNR EQUINOR ASA
GPRK GEOPARK
SOU SOUND ENERGY PLC
ENI ENI S.P.A.
REP REPSOL SA
SEI. SINTANA ENERGY
PEN PANORO ENERGY ASA
NOG NOSTRUM OIL & GAS PLC
SQZ SERICA ENERGY
ZPHR ZEPHYR ENERGY
OKEA OKEA
I3E I3 ENERGY
RHC ROYAL HELIUM LTD
TRIN TRINITY CAPITAL INC
SOUC SOUTHERN ENERGY CORP
ITH ITHACA ENERGY PLC
TCF TRILLION ENERGY INTERNATIONAL INC. (TCF)
SEAPT NO SEACREST PETROLEO BERMUDA - SEAPT NO
ADX ADX ENERGY LTD
J4V VAR ENERGI ASA
LNGE LNG ENERGY GROUP CORP.
- Stephane Foucaud
Southern Energy Corp. (SOUC LN/SOU CN): Managing the balance sheet in ...
• 4Q23 production of 2,793 boe/d and YE23 net debt of US$26.7 mm were in line with forecasts. • The GH 14-06 #3 Upper Selma Chalk well delivered an IP30 rate of 5.2 mmcf/d. This is a good rate compared to the other Upper Selma Chalk wells of 2022-2023 which had IP30 rates of 3.3-6.5 mmcf/d. The overall completion cost was only US$2.1 mm, ~40% lower than the two previous 18-10 pad Upper Selma Chalk wells that were completed earlier in 2023. • With low US gas prices, we are now assuming that the ...
- Stephane Foucaud
Auctus on Friday - 19/01/2024
AUCTUS PUBLICATIONS ________________________________________ GeoPark (GPRK US)C; target price of US$24 per share: Further exploration success in Colombia – The Perico-1 exploration well at CPO-5 encountered hydrocarbons in the Barco (Guadalupe) formation. The well is currently producing 650 bbl/d of 14 deg API oil with 8% water cut. This is an important well that confirms the extension of the Llanos-34 Guadalupe play into CPO-5 and is probably derisking further prospects. This is the fifth disco...
EOG EUROPA OIL & GAS (HOLDINGS) PLC
GPRK GEOPARK
EGY VAALCO ENERGY INC.
PXT PAREX RESOURCES INC.
REP REPSOL SA
ENW ENWELL ENERGY
VLE VALEURA ENERGY INC.
DNO DNO ASA CLASS A
PHAR PHAROS ENERGY
DELT DELTIC ENERGY
ENOG ENERGEAN PLC
TETY TETHYS OIL AB
JSE JADESTONE ENERGY
HBR HARBOUR ENERGY PLC
RDSA ROYAL DUTCH SHELL PLC
SOUC SOUTHERN ENERGY CORP
TCF TRILLION ENERGY INTERNATIONAL INC. (TCF)
LBE LONGBOAT ENERGY PLC
PLSR CN PULSAR HELIUM INC.
MAHA-A MAHA ENERGY AB
- Stephane Foucaud
Southern Energy Corp. (SOUC LN/SOU CN): Positive results at first DUC....
• The recently completed GH 14-06 #3 Upper Selma Chalk well at Gwinville has delivered average natural gas flow rate in excess of 6.5 mmcf/d over the first days of production. The well is still cleaning up with ~33% of load fluid recovered so far. • This is one of the best well results so far by Southern and it is tracking the Gen 2 IP30 type curve. By comparison, the 18-10#2 Upper Selma Chalk well completed in 1Q23 had an IP rate of only 3.3 mmcf/d. During 2022, the GH 19-3 #2, GH 19-3 #3 and t...
- Stephane Foucaud
Auctus on Friday - 01/12/2023
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Key environmental permit received for key well – An Environmental Clearance has been received from the Department of Nature Protection of the State Government of Upper Austria to drill the Welchau-1 gas well. The Environmental Clearance is the last regulatory requirement to commence operations at the Welchau gas exploration project. The well is expected to spud in January and targ...
CNE CAIRN ENERGY PLC
PEN PANORO ENERGY ASA
ENQ ENQUEST PLC
MAHA A MAHA ENERGY
SENX SERINUS ENERGY
OKEA OKEA
AXL. ARROW EXPLORATION LTD
HBR HARBOUR ENERGY PLC
SOUC SOUTHERN ENERGY CORP
PNOR PETRONOR E&P LTD
TCF TRILLION ENERGY INTERNATIONAL INC. (TCF)
LBE LONGBOAT ENERGY PLC
SEAPT NO SEACREST PETROLEO BERMUDA - SEAPT NO
ADX ADX ENERGY LTD
- Stephane Foucaud
Southern Energy Corp. (SOUC LN/SOU CN): Resilient quarter. Waiting on ...
• 3Q23 production of 2,814 boe/d had been previously reported. • While the level of drilling activity is closely tied to the evolution of gas prices in the USA, the financial performance in 3Q23 showcases the resilience of the business in the current low gas price environment. • While Henry Hub gas prices were only US$2.55/mcf in 3Q23, Southern captured a premium of US$0.28/mcf. • Even at these low levels for gas prices, net debt increased by only ~US$ 1mm in the three months to the end of Sept...
Hybridan Small Cap Feast - 29/11/2023
29th November 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obj...
- Stephane Foucaud
Auctus on Friday - 03/11/2023
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: On Track to start drilling in early November - 3Q23 production of 324 boe/d and cash of A$5.7 mm at the end of September were near our expectations. This includes 101 bbl/d gross production for Anshof that was shut-in on 19 September after reaching the regulatory limit for test production. Until that date the Anshof-3 well produced at a stable rate of 114 bbl/d, which is above the...
GTE GRAN TIERRA ENERGY
CVX CHEVRON CORPORATION
OMV OMV AG
CASP CASPIAN SUNRISE
CHAR CHARIOT OIL & GAS
XOM EXXON MOBIL CORPORATION
CE1 CALIMA ENERGY
ZPHR ZEPHYR ENERGY
SDX SDX ENERGY
RDSA ROYAL DUTCH SHELL PLC
SOUC SOUTHERN ENERGY CORP
TCF TRILLION ENERGY INTERNATIONAL INC. (TCF)
ADX ADX ENERGY LTD
IVZ INVICTUS ENERGY
BP. BP PLC
Hybridan Small Cap Feast - 02 Nov 2023
2nd November 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obje...
- Stephane Foucaud
Southern Energy Corp. (SOUC LN/SOU CN): Raising equity to grow product...
• Southern has raised ~US$5 mm of new equity at a price of 15.5p per share to boost the balance sheet to fund the completion of four drilled and uncompleted (DUC) wells at Gwinville and grow production to 4.7 mboe/d in 2Q24 from 2.8 mboe/d in 3Q23. • We had previously assumed that the completion of these DUCs would have been funded with the credit facility. The credit facility would have been fully drawn under these conditions. The proceeds of the equity raise allow the company to keep a liquid...
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