reports
- Hybridan Team
Hybridan Small Cap Feast: 13/10/2025
13th October 2025 @HybridanLLP * 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: Ricardo (RCDO.L) left the Main Market on Friday 10th. ...
- Stephane Foucaud
AUCTUS ON FRIDAY - 10/10/2025
Please click here to access the financial metrics for Auctus' coverage universe AUCTUS PUBLICATIONS ________________________________________ Serica Energy (SQZ LN)C; Target price of £3.05 per share: Another operational setback at Triton; value and distribution profile intact – Operational issues with the flare system at the Triton FPSO have resulted in a temporary suspension of production. Production is likely to restart shortly at very low rates until the root cause is identified and resolved...
FP TOTAL SE
OMV OMV AG
REP REPSOL SA
ALVOF ALVOPETRO ENERGY LTD
ENW ENWELL ENERGY
AEX AMINEX
RBD REABOLD RESOURCES
VLE VALEURA ENERGY INC.
SQZ SERICA ENERGY
ZPHR ZEPHYR ENERGY
PNOR PETRONOR E&P LTD
J4V VAR ENERGI ASA
BCE BEACON ENERGY PLC
HEVI HELIUM EVOLUTION
UKOG INC. (HEVI)
SHELL UK OIL & GAS PLC
ROYAL DUTCH SHELL
- Stephane Foucaud
AUCTUS ON FRIDAY - 03/10/2025
AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.40 per share: Dry hole at Mateguafa Oeste but three more prospects to drill – The Mateguafa Oeste was water wet. Our ReNAV for the well was £0.09 per share. We did not carry any production from this prospect in our cash flow forecast. The rig will now move to Mateguafa Attic where the Mateguafa 5 vertical well will be drilled in November. This is a low risk well that is a step out to M...
TLW TULLOW OIL PLC
TXP TOUCHSTONE EXPLORATION
ENI ENI S.P.A.
PXT PAREX RESOURCES INC.
ENW ENWELL ENERGY
SQZ SERICA ENERGY
MATD PETRO MATAD
XOM EXXON MOBIL CORPORATION
BP. BP P.L.C.
ZPHR ZEPHYR ENERGY
JSE JADESTONE ENERGY
CRCL CORCEL
AXL. ARROW EXPLORATION LTD
J4V VAR ENERGI ASA
UKOG UK OIL & GAS PLC
PLSR PULSAR HELIUM INC.
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 01/10/2025
1st October 2025 @HybridanLLP * 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** Initial...
- Stephane Foucaud
Arrow Exploration Corp. (AIM: AXL): Dry hole at Mateguafa Oeste but th...
• The Mateguafa Oeste was water wet. Our ReNAV for the well was £0.09 per share. We did not carry any production from this prospect in our cash flow forecast. • The rig will now move to Mateguafa Attic where the Mateguafa 5 vertical well will be drilled in November. This is a low risk well that is a step out to Mateguafa 1 and Mateguafa 3, which together historically produced 0.6 mmbbl of oil out of the Carbonera zone, C7. This target is geologically independent from the Mateguafa Oeste prospect...
Santos Limited: 2 directors
Two Directors at Santos Limited bought 39,674 shares at between 6.800AUD and 6.980AUD. The significance rating of the trade was 56/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the l...
- Stephane Foucaud
AUCTUS ON FRIDAY - 05/09/2025
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Firming-up the exploration portfolio in Austria – ADX has matured its Austrian exploration portfolio following: (1) recent drilling results, (2) licence area modifications, and (3) updated technical evaluations. Excluding the Welchau-1 well drilled in 2024—where resource classification remains pending due to suspended flow testing (following an environmental objection)—ADX has del...
- Hybridan Team
Hybridan Small Cap Feast: 09/09/2025
9th September 2025 @HybridanLLP * 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: Delistings: Today, Mobile Tornado (MBT.L) left AIM What’s baking in th...
RARMF RARE EARTH MINERALS PLC
FLO FLOWTECH FLUIDPOWER
BPV BAHAMAS PETROLEUM CO. PLC
FCRM FULCRUM UTILITY SERVICES
THRU THRUVISION GROUP
KDNCY CADENCE MINERALS
KDNC FULCRUM METALS PLC
FMET FOX MARBLE HOLDINGS PLC
ECOB NORTHCODERS GROUP PLC
CODE PULSAR HELIUM INC.
PLSR QUANTUM BASE HOLDINGS
- Stephane Foucaud
Arrow Exploration Corp. (AIM: AXL): Potential reserves addition in the...
• Current production exceeds 4,800 boe/d, marking an increase of approximately 600 boe/d since the last reported figure on 28 August. • This uplift reflects the contribution of two new wells brought online. CN HZ13 is producing ~1,000 bbl/d gross (~500 bbl/d net) from the Ubaque reservoir, with a water cut of 32%. AB-3, a vertical well, has been recompleted in the C7 formation and is currently producing 840 bbl/d gross (420 bbl/d net) with a water cut of 73%. The well is still in clean-up phase....
- Stephane Foucaud
AUCTUS ON FRIDAY - 29/08/2025
Arrow Exploration (AXL LN/CN)C; Target price of £0.50 per share: High impact exploration drilling in 2H25 – 2Q25 production averaged 3,768 boe/d, impacted by water handling constraints and steeper-than-anticipated early declines at newly drilled wells. Current WI production stands at ~4,200 boe/d, down from the July peak of 4,600–4,800 boe/d, which reflected initial flush output from AB-HZ5 and AB-HZ4. While first-month decline rates are steep, Arrow has observed that post-month-one declines are...
ALVOF ALVOPETRO ENERGY LTD
KAR KAROON GAS AUSTRALIA LTD.
SAVE SAVANNAH ENERGY
GKP GULF KEYSTONE PETROLEUM LTD.
ZPHR ZEPHYR ENERGY
AXL. ARROW EXPLORATION LTD
PXEN PROSPEX ENERGY PLC
CEQ CRITERIUM ENERGY LTD.
NOG NOSTRUM OIL & GAS PLC
IVZ INVICTUS ENERGY
HEVI HELIUM EVOLUTION
INC. (HEVI)
- Stephane Foucaud
Arrow Exploration Corp. (AIM: AXL): High impact exploration drilling i...
• 2Q25 production averaged 3,768 boe/d, impacted by water handling constraints and steeper-than-anticipated early declines at newly drilled wells. • Current WI production stands at ~4,200 boe/d, down from the July peak of 4,600–4,800 boe/d, which reflected initial flush output from AB-HZ5 and AB-HZ4. While first-month decline rates are steep, Arrow has observed that post-month-one declines are minimal. For example, recent horizontal wells have delivered initial rates exceeding 1,000 bbl/d, decli...
- Daniel Slater
- Stephane Foucaud
AUCTUS ON FRIDAY - 15/08/2025
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Formal permit award in Italy adds gas exploration upside – ADX has been formally awarded the C.R150.AU offshore exploration permit in Sicily. The permit has an initial term of 6 years, with the option for 2 additional 3-year renewal periods. In the event of a commercial discovery, an exploitation concession may be granted for 20 years, extendable by a further 10 years. ADX is now ...
- Stephane Foucaud
AUCTUS ON FRIDAY - 15/08/2025
AUCTUS PUBLICATIONS ________________________________________ Condor Energies (CDR CN)C; Target price of C$5.90 per share: 4Q25 drilling in Uzbekistan could add 26-40 mmcf/d. First LNG in Kazakhstan in 2Q26 – 2Q25 gross production averaged 10,258 boe/d, consistent with prior indications. Drilling of the first vertical well in Uzbekistan will begin in early September. The well will target the producing carbonate reservoir, as well as deeper clastic formations and fractured basement intervals. A su...
- Stephane Foucaud
AUCTUS ON FRIDAY - 25/07/2025
AUCTUS PUBLICATIONS ________________________________________ New Zealand Energy (NZE CN)C; Target price of C$1.70 per share: Equity raise to progress Tariki gas storage – New Zealand Energy (NZE) has raised C$3 mm of new equity priced at C$0.18 per share. The proceeds of the raise will fund the desktop studies required to prepare the field development plan, derisking the gas storage project ahead of expected monetization within the next 12 months. It will also fund the repayment of the convertib...
- Daniel Slater
Audio Note: Challenger Energy - Uruguay operational update
In this audio note, Zeus’ Dan Slater summarises the investment case for Challenger Energy. Challenger has released an update on its activities in Uruguay, where consents in support of the upcoming 3D seismic programme on OFF-1 are being progressed, and studies on OFF-3 are advancing towards launch of a farm out process in the coming months, all of which highlights a period of increasing news flow going forward.
- Stephane Foucaud
AUCTUS ON FRIDAY - 18/07/2025
AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.70 per share: AB wells deliver flow rates above expectations – Current production ranges between 4,600 and 4,800 bbl/d driven by strong performance from two new horizontal wells at Alberta Llanos (AB). AB-HZ5, onstream for ~2 weeks, is producing 1,790 bbl/d (895 bbl/d net to Arrow), while AB-HZ4, online for over a month, continues to produce 880 bbl/d (440 bbl/d net). Both wells are ou...
EQNR EQUINOR ASA
GPRK GEOPARK
OMV OMV AG
TXP TOUCHSTONE EXPLORATION
GENL GENEL ENERGY
SEY STERLING ENERGY PLC
ENI ENI S.P.A.
SEI. SINTANA ENERGY
PEN PANORO ENERGY ASA
ENQ ENQUEST PLC
SNM SHAMARAN PETROLEUM CORP.
PHAR PHAROS ENERGY
GKP GULF KEYSTONE PETROLEUM LTD.
ZEN ZENITH ENERGY
BP. BP P.L.C.
CNE CANACOL ENERGY LTD
ZPHR ZEPHYR ENERGY
OKEA OKEA
JSE JADESTONE ENERGY
BWE BW ENERGY
CRCL CORCEL
AXL. ARROW EXPLORATION LTD
TAL PETROTAL (TAL)
- Daniel Slater
- Stephane Foucaud
Arrow Exploration Corp. (AIM: AXL): AB wells deliver flow rates above ...
• Current production ranges between 4,600 and 4,800 bbl/d driven by strong performance from two new horizontal wells at Alberta Llanos (AB). AB-HZ5, onstream for ~2 weeks, is producing 1,790 bbl/d (895 bbl/d net to Arrow), while AB-HZ4, online for over a month, continues to produce 880 bbl/d (440 bbl/d net). Both wells are outperforming expectations in terms of flow rates and pressure, which may positively impact reserves estimates. By comparison, AB-1 and AB=3 had IP rates of 658 bb/d and 580 b...
- Daniel Slater
Challenger Energy (CEG LN) - Uruguay operational update - Corporate
Challenger has released an update on its activities in Uruguay, where consents in support of the upcoming 3D seismic programme on OFF-1 are being progressed, and studies on OFF-3 are advancing towards launch of a farm out process in the coming months, all of which highlights a period of increasing news flow going forward.
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