AUCTUS PUBLICATIONS ________________________________________ GeoPark (GPRK US)C; Target price US$26 per share: Downtime and blockades continue to impact production. All eyes on Argentina – 3Q24 production was 33,215 boe/d with production in Colombia still impacted by downtime and blockades (we expected 34.6 mboe/d). Production at Llanos-34 continues to decline. Production in Brazil remains shut-in. GeoPark had highlighted these downside risks in August. This was partially offset by (1) high prod...
HEADLINES: • Graphisoft Park: still great value (stays BUY) • OMV: 3Q24 trading statement NEUTRAL • OMV Petrom: 3Q24 trading statement NEUTRAL • Wirtualna Polska: real users in September 2024 NEGATIVE • Polish telecoms: mobile number portability in 3Q24 NEUTRAL • EME macro/strategy: macro all-in-one (30 September-6 October)
HEADLINES: • CA Immo: easing alleviates risks; stock at fair levels after dip (upgraded to HOLD) • OMV: force majeure lifted on Libyan oil exports POSITIVE • Text: key takeaways from the 2Q24-25 earnings call NEUTRAL • Polish banks: FinMin on potential sector consolidation and bank tax changes • Türkiye macro: inflation declines to 49.4% yoy in September • European Oil and Gas Monthly: September 2024 - Brent, refining margins down • Wizz Air CMD: show me the money NEUTRAL
• 3Q24 production was 22.2 mbbl/d. This is well above our conservative forecast of 20.4 mbbl/d that incorporated more provisions for downtime and steeper declines. All the assets appear to be performing very well. • Production in September was 26.4 mbbl/d. This is above the already high rate of 26.2 mbbl/d announced at the end of August. • Valeura held US$156 mm in cash at the end of September. This was very close to our forecast of US$162 mm. However, the 3Q24 revenue and cash position at the e...
• Pulsar has signed a drilling contract to deepen the Jetstream #1 well later this quarter. A further 500 m will be drilled to intersect the full anticipated height of the reservoir. The prospective resources at Topaz are associated with these deeper horizons. • The well is then expected to be tested around the end of 2024. • The drilling contract includes the option to drill an additional two wells and Pulsar could drill a step-out well in 1Q25 to firm-up the resources. • A FEED study will the...
Canacol Energy Ltd. Announces Revised 2024 Capital Program, Comments on 2024 Guidance and Provides Drilling Update CALGARY, Alberta, Sept. 20, 2024 (GLOBE NEWSWIRE) -- Canacol Energy Ltd. (“Canacol” or the “Corporation”) (TSX: CNE; OTCQX: CNNEF; BVC: CNEC) announces that it has revised its 2024 capital program, comments on 2024 guidance and provides drilling update. Revised 2024 Capital Program The Corporation has revised its capital program to now drill a total of 11 wells in 2024, with an estimated capital spend of $138 million. The 11-well program includes five exploration wells, and...
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX CN)C; Target price A$0.75 per share: Production boost at Anshof in October – The ANS-2A sidetrack well has encountered a 6.5 m net vertical oil column in high quality Eocene-aged sandstone reservoir. The reservoir quality encountered at ANS-2A is consistent with ANS-2 (porosity and permeability ~20% higher than at ANS-3). The oil-water contact was encountered very close to the top of the water wet reservoir encountered ...
Canacol Energy Ltd. Announces the Closing of a US $75 Million Senior Secured Term Loan CALGARY, Alberta, Sept. 03, 2024 (GLOBE NEWSWIRE) -- Canacol Energy Ltd. (“Canacol” or the “Corporation”) (TSX: CNE; OTCQX: CNNEF; BVC: CNEC) is pleased to announce that, on September 3, 2024, it entered into a committed 24 month US $75 million senior secured term loan facility (the “Facility”) with Macquarie Group (“Macquarie”). The initial draw on funding is expected to be US $50 million, with a further commitment of US $25 million available for a twelve month period should certain production metrics...
EME Equity Market – August 2024 A red month for the EME indices, with only the Czech PX index in positive territory. The MSCI EM Europe index declined by 4.7% in EUR terms and 2.6% in USD terms in August. The Czech PX index was the only index to report a positive figure, adding 0.5% mom in EUR terms. The rest of the indices were in the red: the Turkish ISE30 index was down 11.5% mom in EUR terms, followed by Greece (-3.2% mom), Romania (-2.6% mom) and Hungary (-1.2% mom; all in EUR terms). The P...
AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price £0.70 per share: Key horizontal wells outperforms expectations – Arrow has now drilled 3 horizontal wells in Carrizales Norte. The flow rates of the wells are exceeding our expectations. The first CN horizontal well (CNB HZ-1) is being restricted to a current oil flow rate of 2,090 bbl/d with approximately 41% water cut. The average oil production for the first 60 days of production was 2,37...
High production • Net production at Nong Yao has reached a stable level of ~12.1 mbbl/d. This compares with 6.3 mbbl/d in 2Q24. • This production, when combined with the Wassana field being back online, has resulted in stable aggregate WI oil production over the past week of 26.2 mbbl/d. We are assuming only 20.4 mbbl/d for 3Q24, which might be too conservative. • Valeura plans to maintain production at ~25 mbbl/d for at least the next four months. We are forecasting 24.8 mbbl/d production in 4Q...
HEADLINES: • Kruk: expects PLN 603m of 1H24E net profit (flash estimate) NEGATIVE • EME Macro/Strategy: macro all-in-one (19-25 August) • EME Strategy: FTSE GEIS September 2024 Semi-Annual Review • OMV: announces gas discovery in the Norwegian Sea NEUTRAL • Eurocash: 2Q24E results preview – 19% yoy EBITDA decline expected (due on 28 August)
• The 2C (mid case) contingent helium gross recoverable resources at Topaz have been estimated at 22.9 mmcf (+44% vs previous estimate). We view the Pmean estimate of 79 mmcf as more representative. The deeper and more laterally extensive gross recoverable prospective helium resources estimated to at 1.3 bcf (Pmean) with an upside case of 2.8 bcf (P10).The overall resources estimate is much larger than previously estimated (C3 continent plus P10 prospective resources of 0.3 bcf) and more than we...
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 ...
AUCTUS PUBLICATIONS ________________________________________ Criterium Energy (CEQ CN)C; Target price C$0.35 per share: New drilling expected to start in September – A drilling rig is scheduled to be mobilized to site in August. The two-well infill program, targeting a previously undrilled section of the MGH Field, is anticipated to commence in early September with the wells expected to come on production in early November at a forecasted combined rate of 300 bbl/d. While this is a bit later tha...
AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; Target price NOK52 per share: All eyes on EG – 1H24 production was 9,168 bbl/d. EG and Gabon production had already been disclosed. 1H24 production in Tunisia was 1,670 bbl/d (we forecasted 1,760 bbl/d) given subdued activities. In EG, the first infill well encountered the primary and secondary reservoirs in line with expectations. Production is expected to begin early September. The second infill well is expec...
• The 2Q24 production and the cash position at the end of June had previously been reported. • Development drilling at Nong Yao C has been completed with the 6 development wells encountering the reservoirs in line with expectations. One appraisal well was successful and will be converted into a seventh production well. First production is expected later in August. Two of the development wells also encountered appraisal target; which could derisks potential future infill drilling and add some res...
Canacol Energy Ltd. Reports Record Natural Gas Netback and Adjusted EBITDAX for the Second Quarter of 2024 CALGARY, Alberta, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Canacol Energy Ltd. (“Canacol” or the “Corporation”) (TSX:CNE; OTCQX:CNNEF; BVC:CNEC) is pleased to report its financial and operating results for the three and six months ended June 30, 2024. Dollar amounts are expressed in United States dollars, with the exception of Canadian dollar unit prices (“C$”) where indicated and otherwise noted. Highlights for the three and six months ended June 30, 2024 Adjusted funds from operations i...
Benchmark refining margins rose in July, by USD 0.7/bbl, to USD 9.5/bbl, after four straight months of decline remaining about USD 1.9/bbl higher than usual for the season. Better petrol cracks were the main driver of margins and we believe that this may be temporary. Petrochemicals margins remain under pressure.
• Through advanced underwater inspection, including magnetic particle inspection, Valeura has concluded that the observed anomaly (a crack within a weld) on the Wassana MOPU is superficial, and accordingly does not constitute a risk to the structural integrity of the facility. • Valeura has begun the process of restarting production operations and anticipates achieving pre-suspension oil production rates of ~5,000 bbl/d within a week. • Valeura is looking to accelerate the redevelopment of the ...
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