reports
- Stephane Foucaud
Sintana Energy Inc. (TSX-V: SEI): Materiality and diversification
• The completion of the acquisition by Sintana of Challenger creates one of the largest listed exploration-focused companies with a market cap of ~US$155 mm. The group benefits from a dual listing in London and Toronto. • The enlarged platform offers exposure to a geographically diverse set of exploration and appraisal assets, unified by common geological themes on both sides of the South Atlantic conjugate margin. Each jurisdiction provides material scale and the potential for high-impact news ...
- Daniel Slater
Sintana Energy (SEI CN) - Atlantic Margin, darling - Corporate
Sintana is a TSXV-listed E&P company, soon to be dual listed on AIM. The company is focussed on an extensive portfolio of exploration/appraisal assets around the Atlantic Margin in Namibia, Uruguay, and Angola, having recently acquired UK peer Challenger Energy. Sintana has met with great success with the giant Mopane discovery, and there are potential new work programmes and farm out process results upcoming across its portfolio. We value the shares at C$1.48, and have a positive outlook for th...
- Stephane Foucaud
Serica Energy Plc (AIM: SQZ): Another accretive gas acquisition
• Serica is acquiring a Southern North Sea (SNS) asset package from Spirit Energy for ~US$74 mm, with an effective economic date of 1 January 2025. The assets produced 13.5 mboe/d in 1H25 (96% gas) and hold 18.7 mmboe of 2P reserves. Completion is expected in 2H26, with an expected modest cash payment at closing. • Key assets acquired include: (1) a 15% WI in Cygnus, one of the UK’s largest gas fields (operated by Ithaca), contributing 8.6 mmboe net 2P reserves and 4 mboe/d net production, (2) ...
- Stephane Foucaud
AUCTUS ON FRIDAY - 12/12/2025
AUCTUS PUBLICATIONS ________________________________________ Corcel (CRCL LN)C; Target price of 1.40p per share: Equity raise from blue chip new investors bolsters balance sheet ahead of busy 2026 – Corcel has raised £3 mm of new equity at a price of 0.35 p per share from two blue chip new investors. Following the raise, Corcel’s cash balance is expected to reach ~£6 mm by YE25. In addition, Sintana Energy will pay Corcel ~US$2 mm in cash upon closing the acquisition of a 5% interest in KON‑16. ...
GALP GALP ENERGIA SGPS SA CLASS B
GTE GRAN TIERRA ENERGY
EGY VAALCO ENERGY INC.
RKH ROCKHOPPER EXPLORATION
ENI ENI S.P.A.
PXT PAREX RESOURCES INC.
REP REPSOL SA
ALVOF ALVOPETRO ENERGY LTD
SQZ SERICA ENERGY
PHAR PHAROS ENERGY
GKP GULF KEYSTONE PETROLEUM LTD.
ZEN ZENITH ENERGY
BLOE BLOCK ENERGY
BWE BW ENERGY
CRCL CORCEL
HBR HARBOUR ENERGY PLC
KIST KISTOS PLC
PLSR PULSAR HELIUM INC.
- Stephane Foucaud
AUCTUS ON FRIDAY - 05/12/2025
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.20 per share: Resource estimates boost in Sicily – ADX has increased its aggregated prospective gas resource estimates for its Sicily Channel permit from 103–369–772 bcf to 188–484–1,265 bcf (P90–P50–P10 cases). The new mean prospective resource of 619 bcf reflects the increased upside potential for the permit. Individual prospect sizes range between 37–111 bcf (P50 case), with four prospects e...
- Stephane Foucaud
ADX Energy (ASX: ADX): Resource estimates boost in Sicily
• ADX has increased its aggregated prospective gas resource estimates for its Sicily Channel permit from 103–369–772 bcf to 188–484–1,265 bcf (P90–P50–P10 cases). The new mean prospective resource of 619 bcf reflects the increased upside potential for the permit. • Individual prospect sizes range between 37–111 bcf (P50 case), with four prospects each estimated at 60–68 bcf (P50). • The updated volumes reflect representative reservoir parameters from the nearby Lippone-Mazara onshore producing g...
- Stephane Foucaud
AUCTUS ON FRIDAY - 28/11/2025
Arrow Exploration (AXL LN/CN)C; Target price of £0.40 per share: Another positive result at Mateguafa Attic – The M-6 vertical well has encountered 30 ft of net oil pay in the Carbonera C9 formation (previously named Guadalupe). This compares favourably with the results of the M-5 well that encountered ~ 26 feet of net oil pay in the same formation. This result provides a strong foundation for the first horizontal well at Mateguafa (M-HZ7), already spudded and expected to come onstream in Decemb...
- Daniel Slater
Jersey Oil & Gas (JOG LN) - UK government tax and licencing updates - ...
The UK government has announced a new tax regime to replace the Energy Profits Levy in 2030, and an updated licencing policy to facilitate new tiebacks to existing developments. While that means the EPL will remain in place until March 2030, we would expect that the long-term stability that this provides for UK fiscal terms, alongside the incentive for producers to expend CAPEX during the remaining EPL period, should underpin FID on JOG’s Buchan project in due course.
- Stephane Foucaud
Serica Energy Plc (AIM: SQZ): UK budget neutral for Serica
• Average 3Q25 production was 27.5 mboe/d, comprising 15.4 mboe/d from Bruce, 7.7 mboe/d from Triton, and 4.4 mboe/d from other assets. This performance is in line with expectations, given issues at Triton, that are now solved, were previously flagged. • Production at the Bruce hub is above 20 mboe/d, though output was temporarily curtailed to ~16 mboe/d in October. • Portfolio production had rebounded to once again be over 50,000 boe/d, of which Triton was 25.3 mboe/d ahead of planned subsea wo...
- Stephane Foucaud
New Zealand Energy Corp. (TSX-V: NZ): Gas storage MOU signed with Gene...
• New Zealand Energy, L&M Energy, and Genesis Energy have entered into a memorandum of understanding (MoU) to advance the Tariki gas storage project. The MoU establishes an exclusive framework for collaboration across technical studies, commercial negotiations, and project development milestones, ultimately leading to a final gas storage services agreement. This agreement will underpin the path toward a final investment decision, project completion, and commercial operations. • Genesis Energy’s ...
- Stephane Foucaud
AUCTUS ON FRIDAY - 14/11/2025
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.20 per share: A$3.5 mm funding boost ahead of busy activity programme – ADX has raised A$3.5 mm through a new equity placement at A$0.026 per share. Investors in the placement will also receive one option for every two new shares subscribed, exercisable at A$0.039 per share. The capital raise strengthens ADX’s balance sheet ahead of its 2026 work programme and effectively removes the funding ov...
EGY VAALCO ENERGY INC.
TXP TOUCHSTONE EXPLORATION
GENL GENEL ENERGY
SQZ SERICA ENERGY
NTOG NOSTRA TERRA OIL & GAS COMPANY
FEC FRONTERA ENERGY CORP
AOI AFRICA OIL CORP
AXL. ARROW EXPLORATION LTD
TAL PETROTAL (TAL)
RECO RECONNAISSANCE ENERGY AFRICA LTD
ADX ADX ENERGY LTD
CDR CONDOR ENERGIES INC
PLSR PULSAR HELIUM INC.
- Stephane Foucaud
ADX Energy (ASX: ADX): A$3.5 mm funding boost ahead of busy activity p...
• ADX has raised A$3.5 mm through a new equity placement at A$0.026 per share. Investors in the placement will also receive one option for every two new shares subscribed, exercisable at A$0.039 per share. • The capital raise strengthens ADX’s balance sheet ahead of its 2026 work programme and effectively removes the funding overhang that had weighed on the stock. ADX Company is also preparing for a potential dual listing on Oslo Børs’ Euronext Growth market. • Key near-term activity includes th...
- Stephane Foucaud
AUCTUS ON FRIDAY - 07/11/2025
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Busy 1H26 – 3Q25 WI sales averaged 251 boe/d, in line with expectations. The company held ~A$4 mm in cash at the end of September, also in line with forecasts. A busy operational period is anticipated in 1H26. Flow testing at Welchau is scheduled to recommence in January, starting with fluid sampling and pressure measurements in the already perforated Reifling formation—the shallo...
GPRK GEOPARK
OMV OMV AG
ENI ENI S.P.A.
PXT PAREX RESOURCES INC.
ALVOF ALVOPETRO ENERGY LTD
PEN PANORO ENERGY ASA
SNM SHAMARAN PETROLEUM CORP.
SQZ SERICA ENERGY
DNO DNO ASA CLASS A
XOM EXXON MOBIL CORPORATION
BP. BP P.L.C.
MAY MELBANA ENERGY LIMITED
DGOC DIVERSIFIED GAS & OIL
BLOE BLOCK ENERGY
KOS KOSMOS ENERGY LTD.
ANGS ANGUS ENERGY
OKEA OKEA
BWE BW ENERGY
CRCL CORCEL
HBR HARBOUR ENERGY PLC
ADX ADX ENERGY LTD
TNZ TENAZ ENERGY CORP
PLSR PULSAR HELIUM INC.
- Stephane Foucaud
Serica Energy Plc (AIM: SQZ): Farm-in transaction boosts upside at Tri...
• Serica has agreed to acquire a 40% interest in Licence P2530 from Finder Energy for an upfront consideration of US$0.65 mm. The licence contains the Wagtail discovery. Should the joint venture proceed to Phase C (commitment to drill, with a decision to be made by the end of August 2026), Serica will pay Finder an additional £0.94 mm. • Wagtail was originally discovered in 1986, encountering an 11-metre net oil column within Fulmar reservoir sandstones. Recent 3D seismic reprocessing suggests t...
- Stephane Foucaud
ADX Energy (ASX: ADX): Busy 1H26
• 3Q25 WI sales averaged 251 boe/d, in line with expectations. The company held ~A$4 mm in cash at the end of September, also in line with forecasts. • A busy operational period is anticipated in 1H26. Flow testing at Welchau is scheduled to recommence in January, starting with fluid sampling and pressure measurements in the already perforated Reifling formation—the shallowest reservoir. The well is expected to be acid-stimulated to mitigate formation damage and enhance productivity, with estima...
- Stephane Foucaud
AUCTUS ON FRIDAY - 31/10/2025
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Calendar of upcoming activities – Well testing at Welchau is now expected to start in January. The shallow gas drilling programme will start February 2026 while oil appraisal drilling is scheduled for 3Q26. Pulsar Helium (PLSR LN)C; Target price of £0.80 per share: High pressure at Jetstream #3 – Jetstream #3 has intersected two gas-bearing intervals at ~523 meters and 621 meters...
EQNR EQUINOR ASA
SEPL SEPLAT PETROLEUM DEVELOPMENT COMPANY
GALP GALP ENERGIA SGPS SA CLASS B
GTE GRAN TIERRA ENERGY
GPRK GEOPARK
OMV OMV AG
PXT PAREX RESOURCES INC.
REP REPSOL SA
CHAR CHARIOT OIL & GAS
LKOH OIL COMPANY LUKOIL PJSC
JAY BLUEJAY MINING
ENOG ENERGEAN PLC
OKEA OKEA
NOG NOSTRUM OIL & GAS PLC
ADX ADX ENERGY LTD
BWEFF BW ENERGY LTD
SHELL ROYAL DUTCH SHELL
PLSR PULSAR HELIUM INC.
- Stephane Foucaud
AUCTUS ON FRIDAY - 24/10/2025
AUCTUS PUBLICATIONS ________________________________________ Condor Energies (CDR CN)C; Target price of C$5.80 per share: Well results derisk the deeper clastic play. The horizontal leg could add 13-20 mmcf/d – Condor’s inaugural well in Uzbekistan has intersected 28.5 meters of net gas pay within the productive carbonate reservoir; which in line with expectations. The company now plans to drill a 1,000-meter horizontal section through this interval, with results anticipated in November. IP rate...
- Stephane Foucaud
Serica Energy Plc (AIM: SQZ): 25 mboe/d net production at Triton
• Triton production has ramped to over 25,000 boed net to Serica. This elevated level of output could be sustained until the commencement of the Bittern pipework in November. • The pace of ramp-up has exceeded forecasts. For 4Q25, we currently model average production at Triton of approximately 7 mboe/d net to Serica. Our FY25 corporate production estimate stands at ~27.5 mboe/d. • Serica remains well-positioned for inorganic growth, supported by a robust balance sheet and substantial tax loss ...
- Stephane Foucaud
New Zealand Energy Corp. (TSX-V: NZ): Farming out New Zealand appraisa...
• Monumental Energy will fund New Zealand Energy’s (NZE) share of costs for the workover of four wells—Waihapa-H1, Ngaere-1, Ngaere-2, and Ngaere-3. In return, Monumental will earn a 25% royalty on NZE’s production share, post full recovery of its capital investment, which will be repaid from 75% of NZE’s net revenue interest. The total investment is modest, at
- Stephane Foucaud
Sintana Energy Inc. (TSX-V: SEI): Widening high impact exploration foo...
• Sintana is acquiring Challenger Energy in an all-share transaction under which Challenger shareholders will receive 0.4705 new Sintana shares for each Challenger share held. Challenger shareholders will hold ~25% of the combined entity on completion. • Challenger holds interests in two exploration licences, offshore Uruguay. The transaction is strategically compelling, creating a combined entity with a diversified portfolio of high-impact exploration licences spanning both sides of the South A...
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