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...
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. ...
• 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 ...
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...
• 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...
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...
• 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...
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...
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...
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...
• 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...
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Two high impact wells to commence drilling by YE23 – ADX is expected to start drilling the Anshof-2 appraisal well in November. The well is targeting 4.9 mmboe possible reserves (net to ADX). Anshof is also estimated to hold 5.5 mmboe net 3C contingent resources (net to ADX). The Anshof-2 well is anticipated to be onstream together with the existing Anshof-3 well in 1H24. The Ansh...
• 3Q23 production stood at 2,814 boe/d, broadly in line with our expectations. • Current production continues to be ~2.9 mboe/d (as reported in August). This does not include the potential addition of ~0.25 mmcf/d of fuel gas that will now be sold as Southern consolidates the existing gathering systems. Southern has also initiated workover operations on two shut-in wells to re-establish production that could add a further 0.8 mmcf/d. • In light of the recent recovery in US natural gas prices to...
AUCTUS PUBLICATIONS ________________________________________ Calima Energy (CE1 AU)C; target price of A$0.45 per share: Operating update in Canada – The 3-well Pisces drilling programme has now been completed. The wells have been drilled under budget. The Pisces#10 well is already in production and the production performance is in line with the Pisces#6 and Pisces#7 wells that delivered production significantly above the typical glauconitic production curve. Peak production at these new wells is...
• 2Q23 production stood at 2,651 boe/d, in line with 1Q23 (2,607 boe/d). • Current production (including the recently acquired asset in Gwinville) is ~2.9 mboe/d. • Net debt at the end of March stood at ~US$26.2 mm including working capital (net debt at the end of March: US$19.7 mm). The company held ~US$2.2 mm in cash at the end of June as it paid US$15.4 mm in capex payables during 2Q23. As at the end of June, US$11.5 mm from the credit facility remains unused and available. • During the rest...
18th August 2023 The Hybridan Team will take a well earned break today for a few weeks. Back on 4 September. Enjoy the Summer! @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 connec...
AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; target price of £0.50 per share: Zone at Carrizales Norte with no booked reserves has flowed >1 mbbl/d – The Ubaque horizon at the Carrizales Norte-1 (CN-1) exploration well was put on three tests, the last of which tested at 1,134 bbl/d of 13.5 API oil on pump. The flow rate was stabilized with a 28.3% water cut (completion fluid). The water cut has been decreasing throughout testing. This is a very go...
• 1Q23 production stood at 2,607 boe/d, which is in line with our forecasts. • Net debt at the end of March stood at ~US$19 mm including working capital. The company held ~US$12 mm in cash, which is line with previous indications. • Southern has achieved drilling cost efficiencies and the cost of drilling and completing new wells is expected to be around US$5.7 mm. • The completion costs of the four drilled but uncompleted wells is ~US$3.4 mm per well. • These are expected to be completed at ga...
AUCTUS PUBLICATIONS ________________________________________ Hartshead Resources (HHR AU)C; target price of A$0.18 per share: On tack for first gas in 2025 – The FDP for Phase I is nearing completion and will be submitted in two weeks. The project continues to be expected to reach first gas in 2025. Panoro Energy (PEN NO)C; target price of NOK50 per share: Executing on plans. Declaring a ~US$3 mm quarterly dividend – 1Q23 production of 6,320 bbl/d had already been reported and net debt of US$25...
• Southern is acquiring the remaining producing acreage (>8,500 acres) in the Gwinville field it does not own from PetroTx Energy for US$3.2 mm in cash. PetroTX will also be granted a minor overriding royalty over two of the acquired wells that were previously producing 0.4 mmcf/d. These wells are currently not producing and would require remedial work to re-commence production. • The transaction adds 400 boe/d net production, 1.8 mmboe PDP reserves and 14.5 mmboe 2P reserves (+57% versus the YE...
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