reports
- Stephane Foucaud
AUCTUS ON FRIDAY - 28/06/2024
AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN)C: target price of £0.50 per share: Key step towards developing future gas to industry business onshore Morocco – Chariot has signed Heads of Terms with Vivo Energy for the future offtake from the Loukos onshore licence where natural gas has been encountered at Dartois. Up to 3 mmcf/d would be initially sold to the CNG midstream business under a long-term gas sales agreement. Vivo intends to design, fund, construct and...
EQNR EQUINOR ASA
A2PAZ7 TETHYS PETROLEUM
ENI ENI S.P.A.
AOI. AFRICA OIL
ENW ENWELL ENERGY
CHAR CHARIOT OIL & GAS
VLE VALEURA ENERGY INC.
SQZ SERICA ENERGY
MATD PETRO MATAD
MAY MELBANA ENERGY LIMITED
ZPHR ZEPHYR ENERGY
LBE LONGBOAT ENERGY PLC
CEQ CRITERIUM ENERGY LTD.
J4V VAR ENERGI ASA
BCE BEACON ENERGY PLC
- Stephane Foucaud
Criterium Energy Ltd (TSX-V: CEQ): Results of work-over campaign above...
• The work-over programme has delivered a production increase of 180 bbl/d from six wells at a total cost of US$0.36 mm. This represents an average increase of ~30 bbl/d, which is 50% above management’s expectations (20 bbl/d). The overall costs are on budget. • One of the worked-over wells, MGH-07, is now producing 40 mcf/d of natural gas (no natural gas production previously). The produced gas is used as fuel for power generation, directly reducing diesel consumption by 50%, resulting in an an...
- Stephane Foucaud
AUCTUS ON FRIDAY - 07/06/2024
AUCTUS PUBLICATIONS ________________________________________ Criterium Energy (CEQ CN) C: target price of C$0.35 per share: Re-iterating production guidance – 1Q24 production was 802 bbl/d with average realized price of US$82/bbl. This is in line with our expectations. Operating netbacks for the period stood at C$2.2 mm, also in line with our expectations. Operating cashflow before changes in working capital was (C$0.37 mm). With a large proportion of opex being fixed, growing production is very...
- Stephane Foucaud
Criterium Energy Ltd (TSX-V: CEQ): Re-iterating production guidance
• 1Q24 production was 802 bbl/d with average realized price of US$82/bbl. • This is in line with our expectations. • Operating netbacks for the period stood at C$2.2 mm, also in line with our expectations. • Operating cashflow before changes in working capital was (C$0.37 mm). • With a large proportion of opex being fixed, growing production is very important to start generating positive operating cash flow. Production has already increased to 870 bbl/d with five well workovers executed in the M...
- Stephane Foucaud
AUCTUS ON FRIDAY - 24/05/2024
AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN)C; target price of £0.50 per share: Drilling at the second well onshore Morocco has commenced – Chariot has started to drill the Dartois prospect onshore Morocco. The well is targeting a different reservoir system and trapping style than the Gaufrette prospect. The main target at Dartois is estimated to hold 12 bcf of gross prospective resources. Success would de-risk a total of 20 bcf of gross prospective resources (+...
GALP GALP ENERGIA SGPS SA CLASS B
GPRK GEOPARK
CVX CHEVRON CORPORATION
SEY STERLING ENERGY PLC
CHAR CHARIOT OIL & GAS
PEN PANORO ENERGY ASA
SNM SHAMARAN PETROLEUM CORP.
INDI INDUS GAS
UJO UNION JACK OIL
UOG UNITED OIL & GAS
ENOG ENERGEAN PLC
BLOE BLOCK ENERGY
TETY TETHYS OIL AB
TRIN TRINITY CAPITAL INC
ORCA ORCADIAN ENERGY PLC
CEQ CRITERIUM ENERGY LTD.
SEAPT NO SEACREST PETROLEO BERMUDA - SEAPT NO
PLSR CN PULSAR HELIUM INC.
- Stephane Foucaud
Criterium Energy Ltd (TSX-V: CEQ): Signing a binding sale agreement fo...
• Criterium has signed a binding sale agreement for its interest in the Bulu PSC for US$7.75 mm in cash. The price is in line with previous indications. • This is a very important announcement as it provides more clarity on the divestment, the proceeds of which will boost the company's balance sheet and allow it to accelerate its investment program and grow production faster. • The total proceeds from the divestment are greater than the company's current market capitalization. • Pending the com...
- 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
Criterium Energy Ltd (TSX-V: CEQ): On track
• The work-over programme has started with the first two work-overs having added a total of ~40 bbl/d. The third work-over was not completed as damaged equipment was encountered downhole. • The second tranche of work-overs will start in May. Overall, 12-15 work-overs will be undertaken during 2024, at a pace of 2-3 workovers per month, potentially adding a total of 240-300 boe/d. • The drilling of new wells is expected to start in 3Q24 at a cost of US$1.8 mm per new well. 10 infill development a...
- Stephane Foucaud
AUCTUS ON FRIDAY - 05/04/2024
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Sample analysis at Welchau – Compositional analysis of a gas sample at Welchau shows 92 mole % methane, 4 mole % ethane with low CO2 and no H2S. Criterium Energy (CEQ CN)C; target price of C$0.30 per share: Growth within cashflow – The FY24 guidance reflects a self-funded development and debt repayment programme. While a reduced capital programme, we believe this is a prudent str...
- Stephane Foucaud
Criterium Energy Ltd (TSX-V: CEQ): Growth within cashflow
• The FY24 guidance reflects a self-funded development and debt repayment programme. While a reduced capital programme, we believe this is a prudent strategy with upside optionality should additional funds from the Bulu sale or higher oil prices materialize. • As a result of the Bulu sale not completed yet, Criterium is carrying more debt than we expected (the repayment of US$5.5 mm of debt in March would have also triggered a US$3.8 mm debt write down). Pending the divestment of Bulu, we expect...
- Stephane Foucaud
Auctus on Friday - 22/12/2023
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.65 per share: Oversuscribed share purchase plan – ADX has raised a further ~A$1.6 mm as part of a share purchase plan. The terms are in line with the recently announced A$4.8 mm equity raise priced at A$0.10 per share. Chariot (CHAR LN)C; target price of £0.50 per share: Extending position in electricity trading company – Chariot is acquiring 49% of Etana Energy from the Neura Group, with H1 a...
GPRK GEOPARK
RKH ROCKHOPPER EXPLORATION
OMV OMV AG
TXP CAIRN ENERGY PLC
GENL TOUCHSTONE EXPLORATION
BOIL GENEL ENERGY
CASP BARON OIL
CHAR CASPIAN SUNRISE
ENQ CHARIOT OIL & GAS
VLE ENQUEST PLC
DNO VALEURA ENERGY INC.
UOG DNO ASA CLASS A
ZEN UNITED OIL & GAS
CNE ZENITH ENERGY
ZPHR CANACOL ENERGY LTD
HE1 ZEPHYR ENERGY
HBR HELIUM ONE GLOBAL
KIST HARBOUR ENERGY PLC
TRIN KISTOS PLC
CEQ TRINITY EXPLORATION & PRODUCTION
COPL CRITERIUM ENERGY LTD.
ADX CANADIAN OVERSEAS PETROLEUM LTD
IVZ ADX ENERGY LTD
SYN INVICTUS ENERGY
SYNERGIA ENERGY LTD
- Stephane Foucaud
Criterium Energy Ltd (TSX-V: CEQ): Further improvements on Mont d’Or t...
• The completion payment by Criterium on the closing of the Mont d’Or acquisition has been reduced by 60% to US$4.5 mm. • The pro forma working capital held by Mont d’Or is estimated at ~US$8 mm. • Only US$4.1 mm will now be repaid to Mont d’Or debt holders on completing the acquisition (US$9.6 mm previously) with US$0.5 mm being written down (US$4.3 mm previously). • With these improved terms, Criterium no longer requires the expensive and dilutive ~US$9 mm (C$12.2 mm) convertible funding (...
- Stephane Foucaud
Auctus on Friday - 15/12/2023
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.65 per share: Narrowing uncertainty and resources range at Anshof - The Anshof-2 well encountered high quality Eocene sands with at least 12 metres vertical thickness and porosity of ~20%. The reservoir quality is much better than at Anshof-3 and the sands are ~5x thicker. The top of the Eocene sand was encountered ~40-50 m higher than expected, suggesting a much larger and flatter structure th...
A2PAZ7 TETHYS PETROLEUM
RBD REABOLD RESOURCES
VLE VALEURA ENERGY INC.
DNO DNO ASA CLASS A
MAHA A MAHA ENERGY
GKP GULF KEYSTONE PETROLEUM LTD.
FEC FRONTERA ENERGY CORP
ZPHR ZEPHYR ENERGY
BWE BW ENERGY
OXC FORZA PETROLEUM
KIST KISTOS PLC
CEQ CRITERIUM ENERGY LTD.
IGAS IGAS ENERGY
ADX ADX ENERGY LTD
IVZ INVICTUS ENERGY
BCE BEACON ENERGY PLC
- Stephane Foucaud
Criterium Energy Ltd (TSX-V: CEQ): Sale of Bulu unlocks value and tran...
• Criterium has signed a letter of intent to sell its 42.5% interest in Bulu for US$7.75 mm. US$2 mm will be received as a non-refundable deposit upon signing of the definitive agreement (expected imminently) and the remaining US$5.75 mm will be due upon closing, which is expected in 1Q24. • The company acquired the interest in Bulu for US$1.6 mm. The sale price represents ~5x that amount. • Completion of the transaction requires only customary notifications in New Zealand and Indonesia. • The c...
- Stephane Foucaud
Auctus on Friday - 06/10/2023
AUCTUS PUBLICATIONS ________________________________________ Calima Energy (CE1 AU)C; target price of A$0.45 per share: Operating update in Canada – The 3-well Pisces drilling programme has now been completed. The wells have been drilled under budget. The Pisces#10 well is already in production and the production performance is in line with the Pisces#6 and Pisces#7 wells that delivered production significantly above the typical glauconitic production curve. Peak production at these new wells is...
XOP. CANADIAN OVERSEAS PETROLEUM LT
FP TOTAL SE
EOG EUROPA OIL & GAS (HOLDINGS) PLC
GPRK GEOPARK
ENI ENI S.P.A.
REP REPSOL SA
ALVOF ALVOPETRO ENERGY LTD
VLE VALEURA ENERGY INC.
MAHA A MAHA ENERGY
DGOC DIVERSIFIED GAS & OIL
CE1 CALIMA ENERGY
ZPHR ZEPHYR ENERGY
OKEA OKEA
I3E I3 ENERGY
SOUC SOUTHERN ENERGY CORP
PNOR PETRONOR E&P LTD
CEQ CRITERIUM ENERGY LTD.
IGAS IGAS ENERGY
- Stephane Foucaud
Criterium Energy Ltd (TSX-V: CEQ): Funding for Indonesia acquisition u...
• The funding package associated with the acquisition of Mont d’Or (MOPL) has been upsized from C$15.3 mm to C$18.9 mm. • This comprises C$12.2 mm of convertible (C$10 mm previously) and C$6.7 mm of new equity (C$5.3 mm previously). The C$12.2 mm convertible plus C$2.5 mm (unchanged) of the new equity is being issued to a strategic investor. • The convertible continues to carry an interest rate of 14.75% per annum and has a duration of 5 years. Criterium can buy back the convertible after two ye...
- Stephane Foucaud
Auctus on Friday - 29/09/2023
AUCTUS PUBLICATIONS ________________________________________ Criterium Energy (CEQ CN)C; target price of C$0.45 per share: Transactions repriced on more attractive terms – Criterium has renegotiated the terms of the Mont d’Or (MOPL) acquisition. Criterium will now assume only ~US$25.5 mm of debt rather than ~US$37 mm previously. A US$4.8 mm payment to the lenders and the conversion of US$4.9 mm of debt into equity (US$2.5 mm on completion of the acquisition plus US$2.4 mm in 2025) reduce further...
EQNR EQUINOR ASA
BLVN BOWLEVEN PLC
AOI. AFRICA OIL
CASP CASPIAN SUNRISE
IOG INDEPENDENT OIL & GAS
SAVE SAVANNAH ENERGY
MATD PETRO MATAD
UOG UNITED OIL & GAS
GKP GULF KEYSTONE PETROLEUM LTD.
WEN WENTWORTH RESOURCES PLC
SDX SDX ENERGY
KIST KISTOS PLC
TRIN TRINITY EXPLORATION & PRODUCTION
ITH ITHACA ENERGY PLC
TCF TRILLION ENERGY INTERNATIONAL INC. (TCF)
LBE LONGBOAT ENERGY PLC
CEQ CRITERIUM ENERGY LTD.
MEN MOLECULAR ENERGIES PLC
PLSR CN PULSAR HELIUM INC.
- Stephane Foucaud
Criterium Energy Ltd (TSX-V: CEQ): Transactions repriced on more attra...
• Criterium has renegotiated the terms of the Mont d’Or (MOPL) acquisition. • Criterium will now assume only ~US$25.5 mm of debt rather than ~US$37 mm previously. A US$4.8 mm payment to the lenders and the conversion of US$4.9 mm of debt into equity (US$2.5 mm on completion of the acquisition plus US$2.4 mm in 2025) reduce further the existing debt to ~US$15.8 mm at closing. This is materially lower than the US$19.7 mm of debt under the previous terms. • Tourmalet (a subsidiary of Provident Capi...
- Stephane Foucaud
Auctus on Friday - 07/07/2023
AUCTUS PUBLICATIONS ________________________________________ Criterium Energy (CEQ CN)C; target price of C$0.55 per share: Financing priced – The C$22 mm offering for the acquisition of Mont D’Or Petroleum has been priced at C$0.20 per subscription receipt. Each subscription receipt will convert into a unit comprising one share and one warrant with an exercise price of C$0.25 per share valid for 36 months. On completion of the acquisition, Criterium will hold 1,050 bbl/d long life and high netba...
- Stephane Foucaud
Criterium Energy Ltd (TSX-V: CEQ): Initiating Coverage
• The C$22 mm offering for the acquisition of Mont D’Or Petroleum has been priced at C$0.20 per subscription receipt. Each subscription receipt will convert into a unit comprising one share and one warrant with an exercise price of C$0.25 per share valid for 36 months. • On completion of the acquisition, Criterium will hold 1,050 bbl/d long life and high netback production and 4.7 mmbbl 2P reserves across 2 PSCs in Indonesia (Tungkal in South Sumatra and West Salawati in Southwest Papua). • On ...
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