Moody's Ratings (Moody's) has completed a periodic review of the ratings of Eni S.p.A. and other ratings that are associated with this issuer. The review was conducted through a rating committee held on 13 September 2024 in which we reassessed the appropriateness of the ratings in the context of th...
• The North Flank prospect at Anchois-3 is water wet (ReNAV: £0.03/sh), This has a negative impact on Anchois South (ReNAV: £0.07/sh). • The B sands that were the main appraisal targets were thinner than expected and the deeper C & M sands were water wet, however these were drilled down-dip from the Anchois-2 well where the sands were found gas-bearing. The B sands will not be tested and the main hole will be plugged an abandoned. This has a negative impact on the size of the contingent resource...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: GRIFOLS, IAG, NATURGY. EUROPA: ENI. Semana de rebote en las bolsas Las bolsas europeas terminaron la semana pasada con avances a ambos lados del Atlántico, recuperando parte de las últimas caídas y buscando volver a su zona de máximos de la mano de los cíclicos y el growth. El Ibex 35 lideró las subidas de la semana, marcando nuevos máximos anuales por encima de los 11.500 puntos. Así, en el STOXX 600 mayoría de ganancias en los sectores, lideradas ...
AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN)C; Target price £0.40 per share: Anchois-3 encounters gas in the appraisal targets but one of the exploration target is dry – The Anchois-3 well has 3 objectives. While the initial pilot hole encountered the targeted reservoirs at the Anchois Footwall prospect, they were interpreted as water wet. Our ReNAV for this prospect was £0.03/sh. The well was sidetracked in the B sands which are the main appraisal targets. Prel...
>Growth in demand slowing due to China - The IEA has just published its monthly report in which it has revised further down its demand growth estimates by 70kb/d to +900 kb/d for 2024 and by 30 kb/d to +950 kb/d for 2025. This level compares with +1.2 Mb/d pre-Covid and a record of +2.1 Mb/d in 2023, an exceptional year marked by a catch-up effect. This decline is mainly due to the slowdown in China, which contributes to the tune of ~60% to growth in global demand....
>La croissance de la demande ralentit à cause de la Chine - L’AIE vient de publier son rapport mensuel et révise une nouvelle fois en baisse ses estimations de croissance de la demande de 70 kb/j à +900 kb/j pour 2024 et de 30 kb/j à +950 kb/j pour 2025. Ce niveau se compare à +1.2 Mb/j avant le COVID et un record de +2.1 Mb/j en 2023, une année exceptionnelle marquée par un effet rattrapage. Cette baisse s’explique pour l’essentiel par le ralentissement en Chine, ...
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• The Anchois-3 well has 3 objectives. While the initial pilot hole encountered the targeted reservoirs at the Anchois Footwall prospect, they were interpreted as water wet. Our ReNAV for this prospect was £0.03/sh. • The well was sidetracked in the B sands which are the main appraisal targets. Preliminary interpretation indicates the presence of gas in these sands. Our unrisked NAV for the 2C resources is £0.27/sh. We carry 75% probability of development. • Drilling is ongoing towards the deepe...
>Oil prices impacted by bearish sentiment on oversupply - Brent prices fell yesterday by almost 5% to $ 73/b amid bearish sentiment. This is mainly due to news that i/ OPEC+ could start a planned gradual easing of the cut in October by 180 kb/d per month, ii/ weak economic data from China, the largest crude importer and iii/ news that Libya may soon resume production after a shutdown of 0.7 Mb/d out of its 1.2 Mb/d production.The market is expected to swing to...
>Oil prices impacted by bearish sentiment on oversupply - Brent prices fell yesterday by almost 5% to $ 73/b amid bearish sentiment. This is mainly due to news that i/ OPEC+ could start a planned gradual easing of the cut in October by 180 kb/d per month, ii/ weak economic data from China, the largest crude importer and iii/ news that Libya may soon resume production after a shutdown of 0.7 Mb/d out of its 1.2 Mb/d production.The market is expected to swing to...
• The VS1 sand has produced ~320 bbl/d of 18.6 API oil during a brief test of a sidetrack of Well 20H. The oil gravity is similar to that found in the VS2 reservoir. • The VS1 reservoir has not been developed to date as the company has only focused on the VS2 that has much better permeability. • The initial oil in place in the VS1 reservoir estimated in the 2P case is ~84 mmbbl. Assuming 20% recovery factor would add ~17 mmbbl additional 2P reserves. Note that this is a long term goal as it wi...
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...
• 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 2,375 bbl/d. This compares with our expectations of IP90 of 1.5 mbbl/d. • The second CN Horizontal well (CNB HZ-3) is being restricted to a current gross flow rate of 1,92...
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