reports
- Steffen Evjen
Hybridan Small Cap Feast - 25 November 2024
* A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) has been announced, or it is a rumour ***Arranged by type of listing and date of announcement ****Alphabetically arranged Share prices and market capitalisations taken from the current price on the day of publication Dish of the day Admissions: None Delistings: Centamin Plc (CEY.L) has delisted from the main market of the London Stock Exchange. What’s baking in the oven? Transferring markets: 8 November: Zentra Grou...
- Steffen Evjen
Weekly news, topics & discussion
In the past week, we published an update on Equinor; we expect lowered renewables targets and capex guidance at the upcoming Capital Markets Update to be overshadowed by limited will or capacity for attractive shareholder distributions beyond 2025. We see significant downside risk for the stock to trade in line with peers on 2026e total shareholder yields. In other news, Panoro Energy released its Q3 results; we consider the report fairly neutral. Finally, production at Johan Sverdrup is back to...
- ABGSC Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Oliver Dunvold
- Stian Wibstad
Energy Morning - 20 November 2024
Brent spot: USD 73.0bbl, up 0.5/bbl from last OSE close.OSX: 77.3, down 1% since last OSE close.Borr (B): receives another suspension – not unexpected but a small negative.DNO (B): "good chance that a discovery has been made" on Falstaff, positive.PEN (B) Q3: Production now above 13kboe/d.API estim
- Steffen Evjen
- Steffen Evjen
US shale: limited revisions and colour on 2025 activity levels
Our Q3 survey of the US shale universe showed limited revisions to guidance for 2024, and we still expect muted 2024 production growth of ~4–5% YOY (+8% YOY in 2023). Our survey also suggests capex down ~2% YOY, as the companies continue to guide for flat activity. Limited colour was provided on 2025 activity levels and associated capex, which we will know more about in the Q4 results season. For Q3, our universe marginally underspent its cash flow, albeit with net debt continuing to build QOQ a...
DNO Shares Traded Ex-Dividend
DNO Shares Traded Ex-Dividend Oslo, 14 November 2024 – DNO ASA, the Norwegian oil and gas operator, today announced that the Company’s shares will be traded ex-dividend effective 14 November 2024. A dividend payment of NOK 0.3125 per share will be made on or about 22 November 2024 to all shareholders of record as of 15 November 2024. – For further information, please contact: Media: Investors: – DNO ASA is a Norwegian oil and gas operator active in the Middle East, the North Sea and West Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onsh...
- Steffen Evjen
- Steffen Evjen
Weekly news, topics & discussion
This week, DNO reported Q3 underlying results fairly in line with our estimates. It also introduced a long-term production guidance for its North Sea operations, which we find a bit too aggressive. Still, we estimate the North Sea net production to increase from 15kboed in 2024 to >20kboed in 2027. In other news, Equinor acquired a 11.8% stake from Sval Energi in the Halten East development, and BlueNord’s preliminary October production figures were at the lower end of its Q4 base production gui...
- Stephane Foucaud
AUCTUS ON FRIDAY - 01/11/2024
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.70 per share: Approvals to start well testing at Welchau received. Rig and test equipment mobilized – All necessary approvals have been received to commence flow testing operations on the Welchau-1 discovery well for the period from 30 October 2024 until 31 March 2025. A workover rig has been mobilised to the Welchau-1 drill site with flow testing due to commence during the second half of Novem...
GPRK GEOPARK
A2PAZ7 TETHYS PETROLEUM
SEY STERLING ENERGY PLC
ENI ENI S.P.A.
PXT PAREX RESOURCES INC.
ALVOF ALVOPETRO ENERGY LTD
PEN PANORO ENERGY ASA
SNM SHAMARAN PETROLEUM CORP.
VLE VALEURA ENERGY INC.
EME EMPYREAN ENERGY
DNO DNO ASA CLASS A
XOM EXXON MOBIL CORPORATION
FEC FRONTERA ENERGY CORP
KOS KOSMOS ENERGY LTD.
ORC/B ORCA EXPLORATION GROUP CL B
HBR HARBOUR ENERGY PLC
PRD PREDATOR OIL & GAS HOLDINGS PLC
PLSR CN PULSAR HELIUM INC.
ADX ADX ENERGY LTD
CNECN CANACOL
Approval of Prospectus and Commencement of Trading: 9.25 Percent Senio...
Approval of Prospectus and Commencement of Trading: 9.25 Percent Senior Unsecured USD 400 Million Bonds Oslo, 8 November 2024 – DNO ASA, the Norwegian oil and gas operator, today announced that the Financial Supervisory Authority of Norway on 6 November 2024 approved the prospectus prepared in connection with the listing on the Oslo Stock Exchange of the Company’s 9.25 percent USD 400 million senior unsecured callable bonds issued on 4 June 2024 with maturity in June 2029 (ISIN: NO0013243766). Trading in the bonds is expected to commence on or about 8 November 2024. The prospectus dated 6 ...
- ABGSC Oil & Oil Services Research
- John Olaisen
- Martin Mauseth
- Oliver Dunvold
- Steffen Evjen
DNO (Buy, TP: NOK15.00) - Set for North Sea growth
We consider the Q3 results in line with expectations, with EBITDAX of USD107m versus our estimate of USD109m. While we find the new long-term North Sea production guidance a tad aggressive, implying a near doubling in production over 2024–2027, we still estimate the company will increase net production from ~15kboed in 2024 to >20kboed in 2027, while sustaining the current dividend level (yielding 12%), which should be covered by Kurdistan cash flow. We reiterate our BUY and NOK15 target price.
- ABGSC Oil & Oil Services Research
- John Olaisen
- Martin Mauseth
- Oliver Dunvold
Key Information Relating to Cash Dividend
Key Information Relating to Cash Dividend Oslo, 7 November 2024 - DNO ASA, the Norwegian oil and gas operator, today announced that pursuant to the authorization granted at the Annual General Meeting held on 6 June 2024, the Board of Directors has approved a dividend payment of NOK 0.3125 per share to be made on or about 22 November 2024 to all shareholders of record as of 15 November 2024. DNO shares will be traded ex-dividend as of 14 November 2024. Dividend amount:NOK 0.3125 per share Declared currency:NOK Last day including right:13 November 2024 Ex-date:14 November 2024 Record date...
DNO Reports Solid Third Quarter Results
DNO Reports Solid Third Quarter Results Oslo, 7 November 2024 – DNO ASA, the Norwegian oil and gas operator, today reported a 24 percent increase in revenue to USD 170 million in the third quarter of 2024, with operating profit also higher at USD 31 million, up from an operating loss of USD 3 million in the previous quarter. Third quarter net production averaged 77,200 barrels of oil equivalent per day (boepd), to which Kurdistan contributed 63,200 boepd, North Sea 11,200 boepd and West Africa 2,800 boepd. Kurdistan production was up and sold at higher prices in the local market with payme...
- ABGSC Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Stian Wibstad
- Steffen Evjen
- Steffen Evjen
Weekly news, topics & discussion
This week, Aker BP reported Q3 results, with underlying figures in line with expectations. We believe operational tailwinds could benefit it going into 2025, with consensus perhaps underestimating the production potential. Meanwhile, although OKEA reported a strong Q3, we believe it was overshadowed by the introduction of production and capex guidance, which we consider soft. In other news, we see several potential share-price catalysts for BlueNord in the coming months, with the Tyra restart se...
- Steffen Evjen
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