reports
- Stephane Foucaud
AUCTUS ON FRIDAY - 27/06/2025
AUCTUS PUBLICATIONS ________________________________________ New Zealand Energy (NZ CN)C: Financial update – New Zealand has received short term loans totalling C$0.48 mm from Charlestown Energy Partners and a company controlled by New Zealand’s Chairman. The loans, which were issued with an original issuance discount of 10%. are unsecured and non-convertible, with interest payable at 15% per annum and repayment is due on August 27, 2025, The company now intends to complete a private placement. ...
- Stephane Foucaud
AUCTUS ON FRIDAY - 16/05/2025
AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN)C: Recovering 75% WI of licences in Morocco – Energean has returned its Moroccan offshore interests to Chariot. As a result, Chariot now holds 75% in the Lixus Offshore and Rissana Offshore licences. Condor Energies (CDR CN)C; Target price of C$5.90 per share: Acquiring a LNG facility for Kazakhstan to deliver first LNG sale in 2Q26 – 1Q25 production in Uzbekistan was 11,179 boe/d (+6% vs. production in 4Q24). Condor ...
EGY VAALCO ENERGY INC.
TXP TOUCHSTONE EXPLORATION
SEI. SINTANA ENERGY
CHAR CHARIOT OIL & GAS
VLE VALEURA ENERGY INC.
EME EMPYREAN ENERGY
DNO DNO ASA CLASS A
PHAR PHAROS ENERGY
FEC FRONTERA ENERGY CORP
DGOC DIVERSIFIED GAS & OIL
AOI AFRICA OIL CORP
ZPHR ZEPHYR ENERGY
SENX SERINUS ENERGY
ORC/B ORCA EXPLORATION GROUP CL B
CRCL CORCEL
TAL PETROTAL (TAL)
SOUC SOUTHERN ENERGY CORP
CEQ CRITERIUM ENERGY LTD.
CDR CONDOR ENERGIES INC
- Stephane Foucaud
Sintana Energy Inc. (TSX-V: SEI): Adding high impact exploration onsho...
• Sintana has agreed terms to acquire a 5% net interest in KON-16 onshore Angola from Corcel for US$2.5 mm. In addition, Sintana will receive a 2.5% net profit interest on 71.5% of KON-16 until reaching US$50 mm, after which the net profit interest reduces to 1.5%. • There are multiple post-salt (shallow) and pre-salt (deeper) prospects that were highlighted by 2010 2D seismic. The pre-salt prospects are analogous to what is being developed offshore with significantly lower cost. Corcel, plans t...
- Stephane Foucaud
AUCTUS ON FRIDAY - 25/04/2025
Panoro Energy (PEN NO)C; Target price of NOK49 per share: Reserves addition much larger than expected – YE24 2P reserves were independently estimated at 42.3 mmbbl (+7.6 mmbbl vs YE23, representing a Reserve Replacement Ration of 309%). This figure far exceeds our previous expectation of 34.5 mmbbl for YE24 2P reserves - an estimate that included a 4 mmbbl addition in 1H24 to counterbalance 2024 production. The higher than expected reserves addition is driven by robust reservoir performance in G...
- Stephane Foucaud
Sintana Energy Inc. (TSX-V: SEI): Oil discovery adjacent to two Sintan...
• The Capricornus 1-X exploration well on PEL 85 (bp/Eni/Rhino) found 38 m of net pay, with the reservoir showing good petrophysical properties and no observed water contact. The well achieved a surface-constrained flow rate in excess of 11,000 bbl/d. The light 37° API oil exhibited limited associated gas with less than 2% CO2 and no hydrogen sulphide. • There are potential readthroughs for Sintana’s assets. Capricornus-1X is located ~40-50 km south of Mopane-3X that encountered light oil and c...
- Stephane Foucaud
AUCTUS ON FRIDAY - 11/04/2025
AUCTUS PUBLICATIONS Arrow Exploration (AXL LN/ CN)C; Target price of £0.70 per share: Stable production, 10% cash increase – Net production is currently exceeding 4.5 mboe/d, consistent with January levels. The CN HZ10 well, located in the northern area of the CN field, commenced production on 31 March, delivering 1,183 bbl/d of oil (591 bbl/d net to Arrow) with a 21% water cut from the Ubaque reservoir. The well is in the process of cleaning up, with the water cut gradually decreasing. The CN ...
OMV OMV AG
REP REPSOL SA
ENW ENWELL ENERGY
SEI. SINTANA ENERGY
VLE VALEURA ENERGY INC.
BP. BP P.L.C.
ZPHR ZEPHYR ENERGY
TAO TAG OIL LTD
AXL. ARROW EXPLORATION LTD
TAL PETROTAL (TAL)
KIST KISTOS PLC
SOUC SOUTHERN ENERGY CORP
PNOR PETRONOR E&P LTD
J4V VAR ENERGI ASA
HEVI HELIUM EVOLUTION
SHELL INC. (HEVI)
CORO ROYAL DUTCH SHELL
CORO ENERGY PLC
- Stephane Foucaud
Sintana Energy Inc. (TSX-V: SEI): Galp reports ~875 mmboe 3C contingen...
• Galp’s independent auditor estimated approximately 700 mmboe of 3C contingent resources net to Galp for Namibia as of the end of November 2024, translating to ~875 mmboe gross 3C contingent resources or 43 mmboe net to Sintana • The resources estimate is based on AVO-1, AVO-2 and AVO-3 and does not include the impact of the results of the Mopane-2A and Mopane-3X wells. Mopane-2A confirmed the lateral extent of AVO-3 and encountered a hydrocarbon column of light oil at AVO-4. Mopane-3X encounte...
- Stephane Foucaud
AUCTUS ON FRIDAY - 21/03/2025
AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN)C; Target price of £0.10 per share: Significant power transaction highlights the value of the S. Africa electricity trading business – Etana Energy, the South African electricity trading business (49% held by Chariot) has arranged a US$55 mm guarantee finance facility through Standard Bank and secured an equity investment of up to US$20 mm from Norfund for working capital. In exchange, Standard Bank and Norfund will ho...
EGY VAALCO ENERGY INC.
TXP TOUCHSTONE EXPLORATION
GENL GENEL ENERGY
ENI ENI S.P.A.
ALVOF ALVOPETRO ENERGY LTD
PCL PANCONTINENTAL OIL & GAS N.L.
SEI. SINTANA ENERGY
CHAR CHARIOT OIL & GAS
7777 3-D MATRIX
GKP GULF KEYSTONE PETROLEUM LTD.
DGOC DIVERSIFIED GAS & OIL
ENOG ENERGEAN PLC
BLOE BLOCK ENERGY
AOI AFRICA OIL CORP
SENX SERINUS ENERGY
JSE JADESTONE ENERGY
TAL PETROTAL (TAL)
SOUC SOUTHERN ENERGY CORP
CEQ CRITERIUM ENERGY LTD.
PRD PREDATOR OIL & GAS HOLDINGS PLC
CDR CONDOR ENERGIES INC
- Stephane Foucaud
Sintana Energy Inc. (TSX-V: SEI): Woodside does not farm-into PEL 87 –...
• Woodside has elected not to exercise its option to farm into PEL 87. While this decision is disappointing and likely to result in some delays until Pancontinental secures a new partner, it likely reflects Woodside’s increased focus on LNG and its recent reduction in exploration spending. The company is currently advancing three capital-intensive development projects: Scarborough LNG (7.3 Tcf, ~80% complete), Trion Oil (20% complete), and the recently acquired Louisiana LNG expansion. • PEL 87 ...
- Stephane Foucaud
AUCTUS ON FRIDAY - 28/02/2025
AUCTUS PUBLICATIONS ________________________________________ Condor Energies (CDR CN)C; Target price of C$5.60 per share: 2nd success at bypassed carbonate formation intervals boosts production to >12 mboe/d - Condor has successfully perforated and brought online bypassed carbonate formations at a second well. As a result, production has increased from 11,455 boe/d reported last week to an average of 12,004 boe/d over the last six days. Using a combination of legacy data and reprocessed 3-D seis...
GTE GRAN TIERRA ENERGY
GPRK GEOPARK
CVX CHEVRON CORPORATION
ENI ENI S.P.A.
ALVOF ALVOPETRO ENERGY LTD
SEI. SINTANA ENERGY
CASP CASPIAN SUNRISE
PEN PANORO ENERGY ASA
SQZ SERICA ENERGY
AOI AFRICA OIL CORP
KOS KOSMOS ENERGY LTD.
ORC/B ORCA EXPLORATION GROUP CL B
JSE JADESTONE ENERGY
CRCL CORCEL
PXEN PROSPEX ENERGY PLC
ATOM ATOME ENERGY PLC
IGAS IGAS ENERGY PLC
J4V VAR ENERGI ASA
BP. BP PLC
HEVI HELIUM EVOLUTION
CDR INC. (HEVI)
CNECN CONDOR ENERGIES INC
CANACOL
- Stephane Foucaud
Sintana Energy Inc. (TSX-V: SEI): New material discovery at Mopane
• The Mopane-3X exploration well has encountered columns of light oil and gas-condensates across the AVO-10 interval, as well as light oil columns at AVO-13 and at a deeper sand. • The sandstone reservoirs are of excellent quality, with high permeability and porosity, and higher-than-estimated pressure. The oil has low viscosity, with minimal CO2 and H2S content. • This new discovery has multiple positive implications. It could open up a new development area in the southeast of PEL-83, with incr...
- Stephane Foucaud
AUCTUS ON FRIDAY - 14/02/2025
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: New acreage in Austria increases prospect inventory with a focus on low risk, shallow gas - ADX’s acreage in Austria has been modified to include additional near-term, low-risk gas prospects, as well as high-impact, higher-risk opportunities. One focus of the 2025 program is to drill shallow, low-risk, high initial production gas prospects that can be rapidly put into production. ...
- Stephane Foucaud
New Zealand Energy Corp. (TSX-V: NZ): Tariki-5A flow constrained by li...
• Tariki-5A has been put on production at a stable rate of 1 mmcf/d plus 25-30 bbl/d of condensate. This is less than anticipated (2-5.5 mmcf/d during clean-up with deliverability estimates of ~12 mmcf/d based on wellhead data) due to liquid loading in the tubing and difficulties in managing liquid slugging at Waihapa after ~30 km of pipeline. NZE is considering remediation operations to reduce the amount of liquid production, which could increase wellhead pressure and potentially gas production...
- Stephane Foucaud
AUCTUS ON FRIDAY - 17/01/2025
AUCTUS PUBLICATIONS ________________________________________ Corcel (CRCL LN)C; Target price of 1.00p per share: Initiating Coverage - Corcel is a ~£6 mm market cap AIM-listed E&P company focused on Portuguese-speaking Angola and Brazil. It offers a unique exposure to the prolific Kwanza onshore basin in Angola which reopened to international companies in 2021. Corcel is also building a portfolio of mature onshore producing assets in Brazil. The key asset in Angola is the KON-16 licence, which C...
FP TOTAL SE
EQNR EQUINOR ASA
GPRK GEOPARK
MSMN MOSMAN OIL AND GAS
OMV OMV AG
PXT PAREX RESOURCES INC.
REP REPSOL SA
SEI. SINTANA ENERGY
DNO DNO ASA CLASS A
MATD PETRO MATAD
XOM EXXON MOBIL CORPORATION
ANGS ANGUS ENERGY
OKEA OKEA
BWE BW ENERGY
CRCL CORCEL
TAL PETROTAL (TAL)
SEAPT NO SEACREST PETROLEO BERMUDA - SEAPT NO
PLSR PULSAR HELIUM INC.
- Stephane Foucaud
Sintana Energy Inc. (TSX-V: SEI): Kapana-1X uncommercial but Chevron e...
• The Kapana 1-X well on PEL-90 did not encounter commercial hydrocarbons. • The rig is likely to be demobilized, but the well’s results have increased confidence in the block. Chevron has indicated that it anticipates further exploration in Namibia. • Sintana was carried for this well, but the company will fund its share of future capex on PEL-90. Assuming drilling costs of US$100-150 mm for a new well, this suggests a net capex exposure of approximately US$5-7 mm per well, net to Sintana’s 4.9...
- Stephane Foucaud
AUCTUS ON FRIDAY - 10/01/2025
AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/ CN)C; Target price of £0.80 per share: Flow rate in line with expectations at AB-1. Two more appraisal wells in January - The AB-1 (Alberta Llanos) exploration well is now on production at an oil rate of 658 bbl/d gross (329 bbl/d net) with 49% water cut from 62 feet of net pay in the Ubaque. The IP rate is in line with the expectations set out in the company’s September corporate presentation (321 bbl/d net)...
ALVOF ALVOPETRO ENERGY LTD
SEI. SINTANA ENERGY
TRP TOWER RESOURCES PLC
VLE VALEURA ENERGY INC.
SQZ SERICA ENERGY
DGOC DIVERSIFIED GAS & OIL
ZPHR ZEPHYR ENERGY
CORO CORO ENERGY
AXL. ARROW EXPLORATION LTD
TAL PETROTAL (TAL)
KIST KISTOS PLC
PNOR PETRONOR E&P LTD
SHELL ROYAL DUTCH SHELL
PLSR PULSAR HELIUM INC.
- Stephane Foucaud
Sintana Energy Inc. (TSX-V: SEI): Mopane-2A encounters gas condensate ...
• The Mopane-2A well at PEL-83 found a hydrocarbon column of gas-condensate in AVO-3 with a thin net pay in the reservoir sweet spot. Encountering AVO-3 at Mopane-2A confirms the lateral extent of the reservoir. The thin net pay is in line with the geological model. The presence of condensate in high quality reservoir with minimal CO2 and no H2S is another positive. • The well also discovered a hydrocarbon column of light oil in a smaller high quality reservoir, AVO-4. While AVO-4 had been mappe...
- Stephane Foucaud
New Zealand Energy Corp. (TSX-V: NZ): Tariki-5A well test performance ...
• Tariki-5A has been perforated over the top 8 m of the 20 m of gas bearing sands intersected. Gas sales have commenced. • The well initially flowed at estimated rates increasing from 2 to 5.5 mmcf/d during clean-up. • The full well testing program has only just commenced. While a maximum flow rate test has not yet been carried out, the Tariki-5A well is estimated to be able to deliver ~12 mmcf/d of gas and associated condensate to market through the existing Cheal infrastructure based on well...
- Stephane Foucaud
AUCTUS ON FRIDAY - 20/12/2024
AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.80 per share: Material discovery at Alberta Llanos - The AB-1 (Alberta Llanos) exploration well has encountered four main hydrocarbon bearing reservoirs with a total true vertical depth of 121 feet, including the C7, Gacheta, Guadalupe, and Ubaque formations. The main pre-drill targets were the C7 and the Ubaque formations. The Gacheta and Guadalupe formations carried a higher risk, an...
TLW TULLOW OIL PLC
OMV OMV AG
ALVOF ALVOPETRO ENERGY LTD
SEI. SINTANA ENERGY
CAD CADOGAN PETROLEUM
ENQ ENQUEST PLC
DNO DNO ASA CLASS A
FEC FRONTERA ENERGY CORP
ZPHR ZEPHYR ENERGY
KOS KOSMOS ENERGY LTD.
ORC/B ORCA EXPLORATION GROUP CL B
OKEA OKEA
TAO TAG OIL LTD
AXL. ARROW EXPLORATION LTD
PXEN PROSPEX ENERGY PLC
J4V VAR ENERGI ASA
BP. BP PLC
CDR CONDOR ENERGIES INC
AST ASCENT RESOURCES PLC
- Stephane Foucaud
Sintana Energy Inc. (TSX-V: SEI): More drilling in Namibia
• QatarEnergy has acquired 27.5% WI in PEL 90 from Chevron. While no details have been disclosed, it's noteworthy that QatarEnergy is a partner of TotalEnergies on the adjacent PEL 56 license, where the Venus discovery is located. QatarEnergy is also a partner of Shell on PEL 39. • We view QatarEnergy’s decision to enter PEL 90 as a very positive sign regarding the block's prospectivity. • A rig is mobilizing to PEL 90 to drill the Kapana-1X well in the second half of December. • This is an ult...
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