Lucror Analytics - Morning Views Latam

In today's Morning Views publication we comment on developments of the following high yield issuers: AES Andes, Geopark, Ecopetrol, Petrobras, Ero Copper, Rumo, Frontera Energy, Ultrapar

AUCTUS ON FRIDAY - 06.03.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.22 per share: 3.5x resources estimates increase at Welchau incorporating deeper potential – As expected, prospective resource estimates at Welchau have been upgraded, now incorporating the deeper Duplex Array 2 gas‑condensate interval. The sands in this interval are estimated to contain 165–262 bcf of prospective gas (P50–Pmean), together with 5.8–9.2 mmbbl of associated condensate. Combined pr...

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Flora Food Group, TDC NET, Banijay, Progroup, Sasol, Tullow Oil, Seche Environnement, Ineos, Ineos Quattro

ADX Energy (ASX: ADX): 3.5x resources estimates increase at Welchau in...

• As expected, prospective resource estimates at Welchau have been upgraded, now incorporating the deeper Duplex Array 2 gas‑condensate interval. • The sands in this interval are estimated to contain 165–262 bcf of prospective gas (P50–Pmean), together with 5.8–9.2 mmbbl of associated condensate. • Combined prospective resources across Duplex Arrays 1 and 2 are now assessed at (P50–Pmean) 230–387 bcf, plus 8.1–13.6 mmbbl of condensate, representing more than a three‑fold increase versus previous...

Arrow Exploration (AXL LN) - M-9HZ and M-10 well results - BUY

Arrow has announced the successful results of its M-9HZ and M-10 wells, which are both now on production and contributing to overall company volumes.

Arrow Exploration Corp. (AIM: AXL): Two positive well results. Low dec...

• The M‑10 vertical well encountered approximately 20 ft of net oil pay with 20% porosity in the C7 formation, and around 25 ft of net oil pay in the C9. The C7 has been brought onstream on a very small 25/128 choke, producing 1,100 bbl/d gross (550 bbl/d net) of 31° API oil with a 6% water cut. This is a notably strong rate compared with other vertical wells at Mateguafa. • The M‑9 horizontal well has been placed on production on a 31/128 choke at 850 bbl/d gross (425 bbl/d net) with a 16% wate...

Lucror Analytics - Morning Views Latam

In today's Morning Views publication we comment on developments of the following high yield issuers: Millicom, Rede D'Or, Vista Energy Argentina, Geopark, Falabella, Grupo Posadas, YPF Luz, Nexa, CEMEX, Axia Energia (formerly Eletrobras), Iochpe-Maxion, Auna

AUCTUS ON FRIDAY - 27.02.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of C$0.21 per share: Well test results at Welchau support interpretation of an updip light oil accumulation – Following a small acidisation treatment (6 m³ across 45 m of perforations) in the Reifling interval at the Welchau‑1 well, gas and light oil were recovered at surface during swabbing operations. Although stable inflow was not achieved—indicating that the limited acid volume did not access the ...

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Cirsa, CEMEX, Opella, Nemak, Ahlstrom, Hapag-Lloyd, Tullow Oil, Ardagh, Ardagh Metal Beverage Packaging, Gestamp, Ineos Quattro, Odigeo, Nomad Foods (Iglo)

Lucror Analytics - Morning Views Latam

In today's Morning Views publication we comment on developments of the following high yield issuers: Orbia, Peru LNG, YPF Luz, Geopark, Vista Energy Argentina, Rede D'Or, Iochpe-Maxion, Total Play, Azul, Nemak

Hybridan Small Cap Feast: 25 February 2026

* A corporate client of Hybridan LLP. ** Potential means Intention to Float (ITF) or similar announcement has been made. ***Arranged by type of listing and date of announcement. ****Alphabetically arranged and priced on Share Price and Market Capitalisation during the time of writing on the day of Publication. Dish of the Day Admissions:  iFOREX Financial Trading Holdings Ltd (IFRX.L) the fintech business with a proprietary online and mobile trading platform for multi-asset contracts for di...

Panoro Energy ASA (OSE: PEN): Transformational acquisition in EG

• Panoro is acquiring 40.375% WI in Block G, Equatorial Guinea from Kosmos Energy for US$180 mm, effective 1 January 2025. Closing is expected in August, with an estimated ~US$140-150 mm payable at completion and up to US$39.5 mm in deferred contingent consideration tied to oil prices and production over 2026–2028. • The acquisition is highly material, increasing Panoro’s WI in Block G by ~3.9× and adding 46 mmbbl of 2P reserves (+110% versus the company’s current 2P base) and 29 mmbbl of 2C res...

PetroTal Corp (AIM: PTAL): 76% 2P Reserves Replacement Ratio despite B...

• YE25 reserves stand at 66.4 mmbbl (1P), 110.2 mmbbl (2P) and 185.5 mmbbl (3P). After adjusting for 7.1 mmbbl of 2025 production, PetroTal added 6.4 mmbbl of 1P and 3.6 mmbbl of 2P reserves during the year, while 3P reserves fell by 20.7 mmbbl. • The reduction in 3P volumes reflects volumes now considered unlikely to be produced within the remaining 15‑year licence life under current oil price assumptions. • After 6.9 mmbbl of 2025 production, YE25 1P and 2P reserves at Bretana are essentially...

Energy Morning - 25 February 2026

PetroTal (PTAL LN) - Reserves update - Corporate

PetroTal has released its annual reserves update, showing good replacement at Bretana based on expected additional wells, underlining the long-term attractiveness of this significant asset.

4x increase in Block G stake through M&A

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Gestamp, Nomad Foods (Iglo), Odigeo, Telecom Italia, Techem, Ahlstrom, Azelis, Tullow Oil, Cirsa, Ardagh Metal Beverage Packaging, Ardagh, Centrient, Ineos, Forvia (formerly Faurecia), Encore Capital (formerly Cabot)

ADX Energy (ASX: ADX): Well test results at Welchau support interpreta...

• Following a small acidisation treatment (6 m³ across 45 m of perforations) in the Reifling interval at the Welchau‑1 well, gas and light oil were recovered at surface during swabbing operations. Although stable inflow was not achieved—indicating that the limited acid volume did not access the open fracture network—the response is encouraging given that the formation had previously been unresponsive. • The light oil recovered from the Reifling Formation is non‑biodegraded and matches the densit...

Tullow Oil - Event Flash - Restructuring A Step Change Or Temporary So...

Tullow Oil has announced a restructuring, with the maturity on the notes and Glencore Energy facility extended by two years and four years, respectively. In addition, the company has procured a new super-senior cargo prepayment facility with Glencore. While this should buy Tullow some time as there is no haircut on the debt, overall debt levels will likely increase progressively (thanks to the PIK nature of part of the debt). Hence, it remains to be seen how the operational strategy will unfold,...

Energy Morning - 23 February 2026