AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; target price of £0.50 per share: Spudding high impact well – Drilling operations have started at the Carrizales Norte B Pad Horizontal Well 1. This is the first horizontal well drilled in the Ubaque on Tapir. Three more horizontal wells will be drilled on the pad. Delivering good flow rates at these wells will be very important for future production growth. Arrow held US$12.4 mm in cash at the beginning ...
DNO Shares Traded Ex-Dividend Oslo, 16 May 2024 - DNO ASA, the Norwegian oil and gas operator, today announced that the Company's shares will be traded ex-dividend effective 16 May 2024. A dividend payment of NOK 0.25 per share will be made on or about 28 May 2024 to all shareholders of record as of 21 May 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 onshore and offshore licenses at...
DNO Completes Acquisition of 25 Percent of UK’s Arran Field Oslo, 16 May 2024 – DNO ASA, the Norwegian oil and gas operator, today announced the completion of the acquisition of a 25 percent interest in the Arran field on the UK Continental Shelf by the Company’s wholly-owned subsidiary DNO Exploration UK Limited from ONE-Dyas E&P Limited. The field is operated by Shell UK Limited (44.57 percent) and was brought on stream in 2021 as a subsea tie-back to the Shell-operated Shearwater A platform. DNO’s share of production of gas (principally) and liquids from Arran during the first four ...
Notice of Annual General Meeting 2024 Oslo, 15 May 2024 – DNO ASA, the Norwegian oil and gas operator, today announced that the Annual General Meeting scheduled for 6 June 2024 will be held at 1:00 pm Norwegian time at The National Museum, Brynjulf Bulls plass 3, 0250 Oslo. Remote participation is possible. Shareholders can also vote electronically in advance or submit a proxy. The formal notice of the Annual General Meeting is attached and provides further information on the proceedings. The electronic system for notification of attendance and for registration of advance votes is avail...
• The main target at Gaufrette (onshore Morocco) was water wet. While the reservoirs were thicker and of better quality than expected with multiple gas shows, the trap did not work and the reservoirs are interpreted to be water bearing. • Given the presence of water in the upper reservoirs at the main target, it was decided not to deepen the well to drill the secondary deeper target. Our ReNAV for the well was £0.02 per share. • The presence of gas and good reservoir quality is a positive for fu...
Our Q1 survey of the US shale universe showed limited revisions to guidance for 2024, and we still expect muted 2024 production growth of ~4% YOY (+8% YOY in 2023). The companies now expect fewer tailwinds from cost deflation, primarily due to operational efficiencies. Our survey also suggested capex down ~2% YOY, as companies guide for flat activity. For Q1, our universe spent 102% of its operating cash flow, split c50/50 capex and shareholder distributions.
Key takeaways from this week are: 1) BlueNord’s Q1 figures were in line with our estimates, and due to technical issues, the Tyra plateau ramp-up was prolonged to mid-Q4 (2024 production guidance reduced from >40kboed to ~35kboed); 2) DNO’s Q1 report showed net production slightly above consensus, and it announced it has acquired stakes in five fields in the Norne area from Vår Energi, adding ~3kboed of net production near-term; and 3) Panoro Energy’s Q1 trading update showed net production of 9...
AUCTUS PUBLICATIONS ________________________________________ GeoPark (GPRK US)C; target price of US$26 per share: More favourable offtake contract in Colombia – GeoPark has signe da new offtake contract with Vitol for a minimum of 20 mbbl/d. The agreement improves GeoPark’s price realizations by US$0.15/bbl vs the current agreement. As part of this transaction, GeoPark will obtain immediate access to committed funding from Vitol for up to US$300 mm, with an option to increase by another US$200 m...
• The 1Q24 production of 21.9 mbbl/d and cash position of ~US$194 mm at the end of March had been reported previously. • Operations are on track. Drilling is underway at the Nong Yao A platform, with two new wells that are expected to be completed in the coming week. • Drilling at the Nong Yao C development is expected to result in first oil in 3Q24 to boost production from the area to 11 mbbl/d, and later in the year there will be a 5-well infill drilling programme on Jasmine/Ban Yen, also int...
Refining margins retreated again in April, by USD 1.2/bbl, to USD 12.6/bbl, remaining about 40% higher than usual for the season. Petrol cracks continued their seasonal rising trend, but diesel weakened more. Polymer margins had a positive month, but olefins and aromatics saw their margins go the other way.
Key Information Relating to Cash Dividend Oslo, 8 May 2024 - DNO ASA, the Norwegian oil and gas operator, today announced that pursuant to the authorization granted at the Annual General Meeting held on 25 May 2023, the Board of Directors has approved a dividend payment of NOK 0.25 per share to be made on or about 28 May 2024 to all shareholders of record as of 21 May 2024. DNO shares will be traded ex-dividend as of 16 May 2024. Dividend amount: NOK 0.25 per shareDeclared currency: NOKLast day including right: 15 May 2024Ex-date: 16 May 2024Record date: 21 May 2024Payment date: 28 May 202...
DNO Reports Strong First Quarter Results, Steps Up North Sea Activity Oslo, 8 May 2024 – DNO ASA, the Norwegian oil and gas operator, today reported first quarter 2024 operating profit of USD 61 million, 61 percent higher than the previous quarter, on the back of revenues totaling USD 183 million. Free cash flow at USD 44 million was up 31 percent from the fourth quarter of 2023. Net production climbed 14 percent quarter-on-quarter and averaged 74,800 barrels of oil equivalent per day (boepd) in the first three months of 2024, to which the Kurdistan region of Iraq contributed 57,200 boep...
DNO Acquires Portfolio of Producing Assets Boosting Position in Norne Area Offshore Norway Oslo, 8 May 2024 – DNO ASA, the Norwegian oil and gas operator, today announced that the Company’s wholly-owned subsidiary DNO Norge AS has entered into an agreement to acquire stakes in five oil and gas fields in the Norne area in the Norwegian Sea from Vår Energi ASA. The transaction creates a new core area for DNO in the North Sea as DNO will hold interests in all producing and under development fields in the greater Norne area, including the Norne hub. The transaction includes an interest in fo...
Key Message OMV reported a clean CCS-based operating result of EUR 1,483 mn, marking a29% decrease YoY, but a 4% increase QoQ. This result is also considerablyabove the consensus estimate by 7%. With this result, OMV exceeded marketconsensus by 15%. The positive surprise was driven by the Chemicals(Petrochemistry) and Energy (E&P) segments, although the Fuels and Feedstocksegment performed below expectations.Key positives The most significant positive development is the recovery indicated by E...
Invitation to DNO Q1 2024 Earnings Call Oslo, 6 May 2024 – DNO ASA, the Norwegian oil and gas operator, will publish its Q1 2024 operating and interim financial results on 8 May at 07:00 (CET). A videoconference call with executive management will follow at 12:30 (CET). Please visit for login details ahead of the call. – 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 onshore an...
This week, we published a note on Aker BP highlighting our growing concerns of sharp cuts to consensus FCF, with capex assumptions beyond 2026 looking far too low to us – we are ~40% below consensus on 2027–2030e FCF. As well as BW Energy’s Q1 trading update revealing net production just below our estimate, it announced a sale & leaseback agreement, which we see as marginally accretive to our NAV. In other news, we believe the Tyra ramp-up will be in focus in BlueNord’s Q1 results, due next week
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.75 per share: Raising new equity to fund a high impact activity programme – ADX has raised A$13.5 mm of new equity priced at A$0.105 per share. One free-attaching option will be issued for evert two placement shares with an exercise price of A$0.15 per share and an expiry date of 08/05/2026. The proceeds from the raise will fund (1) the production testing of the 450 m gas column encountered at ...
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