reports
- Stephane Foucaud
Sintana Energy Inc. (TSX-V: SEI): Pure play on the world’s exploration...
• ~11 high impact appraisal/exploration wells will be drilled on various licences in Namibia over the coming months. This is very material and is expected to attract the attention of investors. Sintana provides exposure to three out of the six licences with high impact drilling. • We believe that the recent weakness of Sintana’s share price offers an opportunity with an asymmetric risk/reward profile. • We estimate that Sintana’s current share price trades at a discount to the market value of i...
- Stephane Foucaud
AUCTUS ON FRIDAY - 01/11/2024
AUCTUS PUBLICATIONS ________________________________________ Condor Energies (CDR CN)C; Target price of C$5.80 per share: Another positive operating update – The work-overs of two new existing wells have added 441 boe/d after a combined 20 m of previously unperforated reservoir pay was accessed. The first well is producing 410 boe/d. It was previously shut-in. The second well is producing an extra 31 boe/d (+65%) and continues to clean-up. With a total cost of 100 wells on Condor’s fields includ...
FP TOTAL SE
EQNR EQUINOR ASA
SEPL SEPLAT PETROLEUM DEVELOPMENT COMPANY
GALP GALP ENERGIA SGPS SA CLASS B
EOG EUROPA OIL & GAS (HOLDINGS) PLC
EGY VAALCO ENERGY INC.
A2PAZ7 TETHYS PETROLEUM
ENI ENI S.P.A.
REP REPSOL SA
SEI. SINTANA ENERGY
PEN PANORO ENERGY ASA
TOU TLOU ENERGY
SQZ SERICA ENERGY
DELT DELTIC ENERGY
BP. BP P.L.C.
AOI AFRICA OIL CORP
OKEA OKEA
NOG NOSTRUM OIL & GAS PLC
SEAPT NO SEACREST PETROLEO BERMUDA - SEAPT NO
J4V VAR ENERGI ASA
SHELL ROYAL DUTCH SHELL
CDR CONDOR ENERGIES INC
- Stephane Foucaud
New Zealand Energy Corp. (TSX-V: NZ): The Tariki-5 well needs to be si...
• The T-5 development well did not encounter the main reservoir target. The fault delimiting the reservoir is interpreted to be shallower (worst case scenario) than in the base case. The well will now be sidetracked to the west into the reservoir. The results are expected in November. • No natural fractures were encountered at the shallower Tikorangi secondary target. The sidetrack will provide a second opportunity to look for a fracture in this horizon. • Monumental Energy will fund the work-ov...
- Stephane Foucaud
Sintana Energy Inc. (TSX-V: SEI): Drilling on multiple licences in com...
• Drilling operations have started at the Mopane 1-A appraisal well on PEL 83. This appraisal well is the first of an up to four well programme potentially consisting of two appraisal wells and two exploration wells. While the programme is expected to increase the value of this asset, this comes at no cost to Sintana as they are fully carried by Galp. • The main purpose of Mopane 1-A is to confirm the continuity of the reservoir characteristics and liquid content at AVO-1. The potential phase 1 ...
- Stephane Foucaud
AUCTUS ON FRIDAY - 25/10/2024
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price A$0.75 per share: Welchau test to start on 4th of November. LICHT well to reach main target next week – MCF Energy (the partner of ADX at Welchau) has announced that the well test at Welchau is expected to start on 4th of November. The initial well test results could also be available during November. The full well test operations will last much longer given that there are multiple zones to test. Our...
SEPL SEPLAT PETROLEUM DEVELOPMENT COMPANY
GPRK GEOPARK
ENI ENI S.P.A.
SEI. SINTANA ENERGY
KAR KAROON GAS AUSTRALIA LTD.
PEN PANORO ENERGY ASA
ENQ ENQUEST PLC
DELT DELTIC ENERGY
OKEA OKEA
BWE BW ENERGY
TAO TAG OIL LTD
PXOG PROSPEX OIL & GAS
LBE LONGBOAT ENERGY PLC
ADX ADX ENERGY LTD
J4V VAR ENERGI ASA
CDR CONDOR ENERGIES INC
- Stephane Foucaud
New Zealand Energy Corp. (TSX-V: NZ): Unconsequential delays to drilli...
• Commencement of drilling operating at the high impact Tariki field is likely to be delayed by two weeks. • This has no impact on our valuation. Our unrisked NAV for the Tariki-5 well is C$4.90 per share, including C$2.50 per share for the oil target and the balance for the low risk gas target (2P reserves). • In addition, this will will open the future gas storage business (unrisked NAV C$0.80 per share). • The current planning indicates well drilling operations may not commence at Tariki un...
- 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
AUCTUS ON FRIDAY - 02/08/2024
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target of A$0.75 per share: Reflections on Welchau – IIndependent consultants have calculated that each of the three reservoirs encountered at Welchau (Reifling - 128 metres, Steinalm -118 metres and the Guttenstein - 111 metres) are hydrocarbon bearing with uncertainty on the hydrocarbon type. Laboratory work on the Steinalm reservoir has confirmed the full properties ofthe 43° API light sweet oil that was recove...
RDSA ROYAL DUTCH SHELL PLC CLASS A
GTE GRAN TIERRA ENERGY
OMV OMV AG
TXP TOUCHSTONE EXPLORATION
PXT PAREX RESOURCES INC.
SEI. SINTANA ENERGY
PEN PANORO ENERGY ASA
VLE VALEURA ENERGY INC.
SQZ SERICA ENERGY
XOM EXXON MOBIL CORPORATION
BP. BP P.L.C.
JSE JADESTONE ENERGY
AXL. ARROW EXPLORATION LTD
TRIN TRINITY CAPITAL INC
ADX ADX ENERGY LTD
BWEFF BW ENERGY LTD
TCF TRILLION ENERGY INTERNATIONAL INC
- Stephane Foucaud
New Zealand Energy Corp. (TSX-V: NZ): Increasing domestic natural gas ...
• The Tariki-5 well continues to be expected to spud in early September. Drilling operations are expected to take 28 days with production starting in late October or early November. Initial production is expected to be around 6-8 mmcf/d growing to 20 mmcf/d within 10 months once New Zealand Energy has upgraded its facilities to comply with current safety and production standards. • A gas offtake agreement has been signed for 1.8 bcf (0.9 bcf net to New Zealand). • The offtaker will also pay New ...
- 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
New Zealand Energy Corp. (TSX-V: NZ): Initiating Coverage
New Zealand Energy (NZE) is a ~US$10 mm market cap TSX listed company with ~1.6 mmboe of 2P reserves in mature fields onshore New Zealand. The story is about very material free cashflow. NZE is dividend oriented first and growth second. In late 2023, the newly elected New Zealand government commenced reversing historic anti-hydrocarbon regulations in response to an unexpected decline in domestic gas production and a spike in natural gas prices to >US$12/mcf. This coincided with NZE being re-capi...
- Stephane Foucaud
AUCTUS ON FRIDAY - 03/05/2024
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 ...
GALP GALP ENERGIA SGPS SA CLASS B
GTE GRAN TIERRA ENERGY
EGY VAALCO ENERGY INC.
OMV OMV AG
TXP TOUCHSTONE EXPLORATION
SEI. SINTANA ENERGY
CHAR CHARIOT OIL & GAS
PEN PANORO ENERGY ASA
DELT DELTIC ENERGY
CNE CANACOL ENERGY LTD
ZPHR ZEPHYR ENERGY
JSE JADESTONE ENERGY
AXL. ARROW EXPLORATION LTD
I3E I3 ENERGY
TRIN TRINITY CAPITAL INC
CEQ CRITERIUM ENERGY LTD.
ADX ADX ENERGY LTD
BWEFF BW ENERGY LTD
LNGE LNG ENERGY GROUP CORP.
SHELL ROYAL DUTCH SHELL
- Stephane Foucaud
Sintana Energy Inc. (TSX-V: SEI): Chevron farm-in rerates a new area i...
• Chevron is acquiring an 80% WI in PEL82 in the Walvis Basin, offshore north Namibia. As a result of the transaction NAMCOR and Custos’ 10% (each) residual interest will be carried. Sintana holds 49% of Custos. • The Orange Basin’s acreage is now in the hands of multiple large companies. As Chevron looks to expand its footprint in the country and explore other opportunities, the company could have been attracted by PEL82 because of the extensive G&G data available on the licence. PEL82 is the m...
- 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
Sintana Energy Inc. (TSX-V: SEI): Reloading in Namibia
• Sintana is acquiring up to 67% of Giraffe Energy from Crown Energy. Giraffe holds 33% interest in PEL79, located inboard of blocks operated by BW Energy, Rhino Resources and Shell. NAMCOR, Namibia’s national company, holds 67% in the licence. • The success at PEL83 has proven that the shallower water area in the Orange basin can be very attractive. PEL79 is one of the last remaining licenses in the basin not operated by a private operator. There is already over 4,760 km of 2D seismic, 1137 k...
- Stephane Foucaud
Sintana Energy Inc. (TSX-V: SEI): Constrained test rate of 14 mboe/d a...
• Multiple tests over multiple zones in multiple horizons were run at the Mopane-1X exploration well. The flows achieved during the well test reached the maximum allowed limits of 14 mboe/d. The flow rate was constrained by the size of the available surface facilities. • The AVO-1 horizon encountered at Mopane-1X and Mopane-2X are in the same pressure regime, suggesting that the entire area (8 km diameter) between the two wells is connected. Overall, in the Mopane complex alone, and before dril...
- Stephane Foucaud
AUCTUS ON FRIDAY - 15/03/2024
AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN)C; target price of £0.50 per share: Feasibility study as a first step to unlocking a mega green hydrogen project – The feasibility study for the green hydrogen “Project Nour” has now been presented to the government of Mauritania. Chariot holds a 50% interest in the project and TotalEnergies is a partner. Mauritania benefits from an ideal geography for wind and solar energy. The 10 GW project will be developed in sever...
GTE GRAN TIERRA ENERGY
GPRK GEOPARK
EGY VAALCO ENERGY INC.
GENL GENEL ENERGY
ENI ENI S.P.A.
SEI. SINTANA ENERGY
CHAR CHARIOT OIL & GAS
MAHA A MAHA ENERGY
SLE SAN LEON ENERGY
ZPHR ZEPHYR ENERGY
SEY AFENTRA (PREVIOUSLY
BNL STERLING ENERGY)
LNGE BLUE STAR HELIUM LTD
LNG ENERGY GROUP CORP.
- Stephane Foucaud
Sintana Energy Inc. (TSX-V: SEI): Second Mopane well confirms initial ...
• Galp Energia has announced that the Mopane-2X well has encountered light oil in high quality reservoirs across three horizons. • The first horizon (AVO-1) was an appraisal target of the same horizon encountered in the Mopane-1X well. The pressure regime at both wells is consistent, confirming the lateral extension of the discovery made ~8 km to the East. • The second horizon (AVO-3) and the deeper target are new discoveries. • The Mopane-1X well had made two discoveries (AVO-1 and AVO-2). • Th...
- Stephane Foucaud
Sintana Energy Inc. (TSX-V: SEI): Second light oil discovery at PEL83
• Galp Energia has announced a second discovery of light oil in deeper and high quality reservoir sands at the Mopane-1X exploration well on PEL83. • This follows the light oil discovery in shallower sands announced earlier this month. • On completion of operations, the rig will move to drill Mopane-2X. This is an appraisal well that might also test different targets. • A DST is then expected to be carried out at Mopane-1X. • Pending further details on the size of the discoveries, we have increa...
- Stephane Foucaud
Auctus on Friday - 12/01/2024
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.65 per share: Closing new farm-out transaction with MND/Amendment of agreement for Welchau farmout – The farm-out of 50% economic interest in a part of the ADX-AT-I licence has been completed and ADX has received EUR0.45 mm from MND for back costs payments. MND will fund EUR4.5 mm for exploration drilling. ADX and MND currently intend to drill either the LICHT or the IRR gas exploration prospec...
EQNR EQUINOR ASA
A2PAZ7 TETHYS PETROLEUM
CNE. CANACOL ENERGY LTD
OMV OMV AG
AOI. AFRICA OIL
SEI. SINTANA ENERGY
PEN PANORO ENERGY ASA
UKOG UK OIL & GAS PLC
MAHA A MAHA ENERGY
SLE SAN LEON ENERGY
CE1 CALIMA ENERGY
BWE BW ENERGY
AXL. ARROW EXPLORATION LTD
SDX SDX ENERGY
TAL PETROTAL (TAL)
RDSA ROYAL DUTCH SHELL PLC
TRIN TRINITY EXPLORATION & PRODUCTION
ADX ADX ENERGY LTD
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