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...
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Adding four low risk drill-ready shallow gas prospects to start drilling by YE25 – ADX has now matured 13 shallow gas prospects across the ADX-AT-I and ADX-AT-II licence areas in Austria. The play is proven, supported by historical discoveries within the basin. Nearby historical discoveries in the area have produced 220 bcf to date. The prospects benefit from AVO anomalies, enhanc...
• 1Q25 production of ~12 mbbl/d and net debt at the end of March had been previously disclosed. • The company has reaffirmed its FY25 production guidance of 11–13 mbbl/d but has raised its expected capex for 2025 from US$35 mm to US$40 mm. This increase reflects additional spending to appraise the Bourdon discovery. • Panoro has initiated an audit of 112 mmboe WI 2C resources on Block EG-23, offshore Equatorial Guinea, in 50–100 metres of water depth. Some of these resources, estimated by the M...
AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; Target price of NOK49 per share: ~12 mbbl/d in 1Q25. Re-iterating FY25 guidance – 1Q25 production was ~12 mbbl/d, including 6,841 bbl/d in Gabon, 3,661 bbl/d in Equatorial Guinea and 1,492 bbl/d in Tunisia. Production in Gabon and Equatorial Guinea was previously reported by BW Energy and Kosmos Energy. Equatorial Guinea output was temporarily impacted by unplanned downtime at the Ceiba Cluster, but operations ...
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