reports
- Stephane Foucaud
AUCTUS ON FRIDAY - 28/11/2025
Arrow Exploration (AXL LN/CN)C; Target price of £0.40 per share: Another positive result at Mateguafa Attic – The M-6 vertical well has encountered 30 ft of net oil pay in the Carbonera C9 formation (previously named Guadalupe). This compares favourably with the results of the M-5 well that encountered ~ 26 feet of net oil pay in the same formation. This result provides a strong foundation for the first horizontal well at Mateguafa (M-HZ7), already spudded and expected to come onstream in Decemb...
- Stephane Foucaud
New Zealand Energy Corp. (TSX-V: NZ): Gas storage MOU signed with Gene...
• New Zealand Energy, L&M Energy, and Genesis Energy have entered into a memorandum of understanding (MoU) to advance the Tariki gas storage project. The MoU establishes an exclusive framework for collaboration across technical studies, commercial negotiations, and project development milestones, ultimately leading to a final gas storage services agreement. This agreement will underpin the path toward a final investment decision, project completion, and commercial operations. • Genesis Energy’s ...
- Stephane Foucaud
AUCTUS ON FRIDAY - 24/10/2025
AUCTUS PUBLICATIONS ________________________________________ Condor Energies (CDR CN)C; Target price of C$5.80 per share: Well results derisk the deeper clastic play. The horizontal leg could add 13-20 mmcf/d – Condor’s inaugural well in Uzbekistan has intersected 28.5 meters of net gas pay within the productive carbonate reservoir; which in line with expectations. The company now plans to drill a 1,000-meter horizontal section through this interval, with results anticipated in November. IP rate...
- Stephane Foucaud
New Zealand Energy Corp. (TSX-V: NZ): Farming out New Zealand appraisa...
• Monumental Energy will fund New Zealand Energy’s (NZE) share of costs for the workover of four wells—Waihapa-H1, Ngaere-1, Ngaere-2, and Ngaere-3. In return, Monumental will earn a 25% royalty on NZE’s production share, post full recovery of its capital investment, which will be repaid from 75% of NZE’s net revenue interest. The total investment is modest, at
- Stephane Foucaud
Sintana Energy Inc. (TSX-V: SEI): Widening high impact exploration foo...
• Sintana is acquiring Challenger Energy in an all-share transaction under which Challenger shareholders will receive 0.4705 new Sintana shares for each Challenger share held. Challenger shareholders will hold ~25% of the combined entity on completion. • Challenger holds interests in two exploration licences, offshore Uruguay. The transaction is strategically compelling, creating a combined entity with a diversified portfolio of high-impact exploration licences spanning both sides of the South A...
- 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
New Zealand Energy Corp. (TSX-V: NZ): Higher than expected production ...
• Monumental Energy reports that Copper Moki-1 and Copper Moki-2 are currently producing a combined 125 bbl/d, with rates trending upwards as pump speeds are gradually increased. Reflecting this momentum, we are revising our gross production estimate for Copper Moki from 125 boe/d to 180 boe/d (~175 bbl/d) for Q4 2025. • The Ngaere-1 pipeline was recommissioned in July with initial production from the well exceeding 400 bbl/d (200 bbl/d net to New Zealand Energy’s 50% working interest). Producti...
- 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 - 01/08/2025
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Operating update – Net production in Austria was 303 boe/d. The company held A$4.8 mm in cash at the end of June. Criterium Energy (CEQ CN)C; Target price of C$0.35 per share: Successful flow test at North-MGH boosts expected 2H26 gas production to 7-10 mmcf/d – The MGH-20 well in the North Mengoepeh (MGH) field tested 2.8 mmcf/d with associated oil. This is a positive surprise a...
QEC QUESTERRE ENERGY CORP.
GTE GRAN TIERRA ENERGY
RKH ROCKHOPPER EXPLORATION
OMV OMV AG
PXT PAREX RESOURCES INC.
SEI. SINTANA ENERGY
VLE VALEURA ENERGY INC.
SQZ SERICA ENERGY
BWE BW ENERGY
SEPLAT SEPLAT ENERGY PLC
SOUC SOUTHERN ENERGY CORP
PXEN PROSPEX ENERGY PLC
CEQ CRITERIUM ENERGY LTD.
NOG NOSTRUM OIL & GAS PLC
PRD PREDATOR OIL & GAS HOLDINGS PLC
ADX ADX ENERGY LTD
MCFNF MCF ENERGY LTD
SHELL ROYAL DUTCH SHELL
- 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...
- Stephane Foucaud
New Zealand Energy Corp. (TSX-V: NZ): Equity raise to progress Tariki ...
• 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 convertible note. • On completion, the company will be debt free and have a market cap of ~C$8 mm at current share price. • In 2017, the adjacent Ahuroa gas storage facility, wit...
- Stephane Foucaud
Sintana Energy Inc. (TSX-V: SEI): Multiple offers received by Galp for...
• Galp has received multiple non-binding offers from reputable parties for a stake in PEL 83, home to the Mopane discovery. • The company is actively engaging with several counterparties, aiming to announce a farm-in partner by YE25. • These counterparties bring strong operatorship credentials and have prioritized Namibia within their corporate strategies. They are committed to advancing and fully exploring the licence at a value-enhancing pace for Galp. • Any announced transaction would prov...
- 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)
- Stephane Foucaud
AUCTUS ON FRIDAY - 11/07/2025
AUCTUS PUBLICATIONS ________________________________________ New Zealand Energy (NZ CN)C: Equity raise – New Zealand will raise up to C$3 mm of new equity at a price of C$0.18 per share. This includes the settlement of outstanding loans of C$0.3 mm through the issue of ~1.7 mm shares. Valeura Energy (VLE CN)C; Target price of C$12.70 per share: Another strong quarter. FY25 guidance re-iterated – 2Q25 production was 21.4 mbbl/d, which is very close to our forecast (~22 mbbl/d). The company repor...
- Stephane Foucaud
AUCTUS ON FRIDAY - 04/07/2025
AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN)C; Under review: Potential demerger – The management of Chariot is considering splitting the company in two entities, one focusing on upstream oil and gas and the other on renewable power. The latter will also house the hydrogen and water assets. Pending further details, we are placing the company under review. New Zealand Energy (NZ CN)C: Operating update in New Zealand. Equity raise – The copper Moki-2 well has bee...
- 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...
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