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 ...

Panoro Energy ASA (OSE: PEN): Large cash build-up expected in 2H25

• 2Q25 production of 11,064 bbl/d had already been reported. The production was impacted by unplanned downtime at Ceiba (~5,000 bbl/d gross or ~700 bbl/d net to Panoro’s 14.25% WI). Remedial works are expected to restore production in 4Q25. • In 2026, Panoro will drill four development wells at Hibiscus and Hibiscus South on the Dussafu licence, targeting first oil in 2H26. This programme is designed to restore gross plateau production to ~ 40,000 bbl/d. With the rig already on site, Panoro coul...

Energy Morning - 21 August 2025

Q2: Results and distribution in line with expectations

ADX Energy (ASX: ADX): Formal permit award in Italy adds gas explorati...

• 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 recognized as a qualified operator in Italy. • ADX has high-graded 5 gas prospects within the permit area, with best-case prospective resources estimated at 369 bcf. As addit...

Lucror Analytics - Morning Views Latam

In today's Morning Views publication we comment on developments of the following high yield issuers: Geopark, YPF, GOL, BRF, Marfrig, Total Play, Cosan SA

Energy Morning - 18 August 2025

AUCTUS ON FRIDAY - 08/08/2025

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: High production at Z&G. Low risk exploration drilling in Austria to start in 4Q25/1Q26 – 2Q25 net production of 303 boe/d was higher than our expectations of ~270 boe/d following a 5 well intervention programme at the Zisterdorf and Gaiselberg fields in the Vienna Basin. The programme included (1) repair of subsurface equipment, (2) clean out of a down hole sand control (3) perfor...

Valeura Energy (TSX: VLE): Another impressive acquisition in Thailand

• 2Q25 production of 23.15 mbbl/d and net cash of US$242 mm at the end of June have been previously disclosed. • Valeura’s average production over the first five days of August has increased to 23,150 bbl/d. The company has re-iterated its FY25 guidance including 23-25.5 mbbl/d for production. • With no further corporate tax payable in Thailand for the remainder of 2025, we forecast YE25 net cash to rise to US$310 mm—equivalent to ~45% of the current market cap. The shares continue to offer dee...

Lucror Analytics - Morning Views Latam

In today's Morning Views publication we comment on developments of the following high yield issuers: Avianca, Minerva, Pampa Energia, Brava Energia, TGS, Geopark, YPF Luz, CSN, Agrosuper, Rede D'Or, Klabin, Suzano, Iochpe-Maxion, Aegea, Braskem, Eletrobras

Panoro Energy ASA (OSE: PEN): Minor temporary production downtime in E...

• 2Q25 production averaged ~11,065 bbl/d, negatively affected by unplanned facilities-related downtime at the Ceiba field, as reported by Kosmos earlier this week. WI production in EG fell to 3,136 bbl/d (vs. 3,661 bbl/d in 1Q25). Remedial work is underway, with production expected to recover in 4Q25. The issue is linked to the subsea system, not reservoir performance. • WI production in Tunisia rose by ~100 bbl/d to 1,593 bbl/d in 2Q25, supported by successful well workovers. • In light of the...

Energy Morning - 7 August 2025

Lucror Analytics - Morning Views Latam

In today's Morning Views publication we comment on developments of the following high yield issuers: TGS, Geopark, Embraer, Gran Tierra Energy, Klabin, Pemex, YPF, BRF, Aegea

ADX Energy (ASX: ADX): High production at Z&G. Low risk exploration dr...

• 2Q25 net production of 303 boe/d was higher than our expectations of ~270 boe/d following a 5 well intervention programme at the Zisterdorf and Gaiselberg fields in the Vienna Basin. The programme included (1) repair of subsurface equipment, (2) clean out of a down hole sand control (3) perforation of a new oil production zone in a well. • Despite a drop in oil price revenue during June, adjusted 2Q25 sales were A$3.5 mm. This represents an increase of 26%. • A farm-in partner for the GOLD cl...

Lucror Analytics - Morning Views Latam

In today's Morning Views publication we comment on developments of the following high yield issuers: Gran Tierra Energy, CSN, Gerdau, Nexa, Vale, Volcan, GOL

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...

Q2 slightly below, FY'25 guidance reiterated

Lucror Analytics - Morning Views Latam

In today's Morning Views publication we comment on developments of the following high yield issuers: Nemak, Gran Tierra Energy, Aeromexico, Embraer, Braskem

Valeura Energy (TSX: VLE): Another impressive acquisition in Thailand

• Valeura is acquiring from PTTEP 40% WI in Blocks G1/65 and G3/65 with a combined area of 20,134 km2 and bordering some of the largest gas fields in Thailand (Erawan and Bongkot). The blocks have multiple gas discoveries that could be developed shortly as tie backs to existing infrastructure—positioning Valeura to potentially book its first gas reserves in the near term. Both licences offer oil potential adjacent to Valeura’s current production. • Located immediately south of the Rossukon oil ...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 07/25/2025