reports
- Stephane Foucaud
AUCTUS ON FRIDAY - 02.04.2026
AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.45 per share: Good flow rate at M-11. Very strong performance at Mateguafa Attic Hz wells – The M‑11 well has been brought online from the C7 formation, which contains 18 ft of net pay, at 784 bbl/d (392 bbl/d net) with a 26% water cut. The well also intersected ~30 ft of net oil pay in the C9, which will be brought into production at a later stage. Net production from the M‑7 and M‑9 ...
- Stephane Foucaud
New Zealand Energy Corp. (TSX-V: NZ): Well recompletion successes open...
• The Ngaere‑2 well is delivering a stable, unstimulated oil rate of ~300 bbl/d from 36 metres of perforated Mount Messenger pay. This materially exceeds management expectations. • In early March, NZE confirmed that Ngaere‑1 recompletion work—targeting a previously bypassed interval—achieved ~120 bbl/d of oil, consistent with prior guidance. • Ngaere‑2 marks the third successful recompletion in the Mount Messenger formation. Additional reservoir intervals remain to be perforated and the encount...
- Stephane Foucaud
Helium Evolution Inc. (HEVI CN): Hormuz, Qatar LNG and helium
• The Strait of Hormuz is currently closed and the North Field/South Pars complex has been bombed. Doha has indicated that restoring full production capacity could take up to five years. North Field/South Pars is the world’s largest gas field, supplying ~20% of global LNG exports and 70–75% of Iran’s domestic gas output. • In Qatar, helium is produced as a by‑product of natural gas, and the country accounts for roughly one‑third of global helium supply. The shutdown of North Field/South Pars is ...
- Stephane Foucaud
Sintana Energy Inc. (TSX-V: SEI): QatarEnergy enters Uruguay. Drilling...
• Galp’s latest 3C contingent resource estimate for Mopane equates to ~67 mmboe net to Sintana’s 4.9% indirect carried interest. • TotalEnergies plans a three‑well appraisal programme on the Mopane licence (PEL 83) commencing in 2H26 to further grow the resource base. FID is targeted for 2028, with first oil expected in 2032. TotalEnergies has also highlighted a potential inboard extension of Mopane and identified two additional large prospects, Quiver and Sobreiro. • In Uruguay, QatarEnergy has...
- Daniel Slater
Sintana Energy (SEI LN) - Portfolio update - Corporate
Sintana has reported several updates across its portfolio, including progress on the company’s Uruguay seismic programme, receipt of cash from Exxon in Colombia, and highlighting the recent 57% Mopane resource upgrade from operator Galp. All of this helps emphasise broad recent progress for the company, and the benefit of its diverse portfolio.
- Stephane Foucaud
AUCTUS ON FRIDAY - 27.03.2026
AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.45 per share: High production, reserves addition at Tapir – Production has increased to 5,325 boe/d, up from 4,900 boe/d in early March, driven by rising output from the M‑9 Hz well. Further growth is expected with the imminent addition of the M‑11 well, which encountered 48 ft of net pay across the C7 and C9 formations and is scheduled to be brought online in the coming weeks. M‑11 in...
SEI. SINTANA ENERGY
CASP CASPIAN SUNRISE
ENQ ENQUEST PLC
SQZ SERICA ENERGY
PHAR PHAROS ENERGY
ZPHR ZEPHYR ENERGY
OKEA OKEA
AXL. ARROW EXPLORATION LTD
TAL PETROTAL (TAL)
PXEN PROSPEX ENERGY PLC
LBE LONGBOAT ENERGY PLC
CEQ CRITERIUM ENERGY LTD.
D3E D3 ENERGY LIMITED
CDR CONDOR ENERGIES INC
CCEC CN CANCAMBRIA ENERGY CORP.
- Stephane Foucaud
Serica Energy Plc (AIM: SQZ): Increasing materiality with exposure to ...
• FY25 production and YE25 net debt were previously disclosed. • FY26 guidance of 40+ mboe/d is reiterated. YE26 output remains guided at ~65 mboe/d. • The guidance is unchanged despite 1Q26 production being impacted by a 24‑day maintenance shut-in at Triton. Legacy assets still averaged 38.5 mboe/d YTD, rising to 50+ mboe/d after Triton resumed on 9 March. • Adding the pro forma contributions from the recently acquired assets (not all the transactions are completed yet), production is running a...
- Stephane Foucaud
New Zealand Energy Corp. (TSX-V: NZ): Pipeline reflections
• Natural gas prices in New Zealand remain elevated at US$10–15/mcf. The closure of the Strait of Hormuz, and the subsequent bombing of the South Pars/North Field complex (the world’s largest gas field), have further tightened global LNG supply. • Construction of New Zealand’s first LNG import terminal in Taranaki is expected to begin this year , with commissioning targeted for late 2027 or early 2028. In this context, NZE’s existing gas infrastructure could become strategically significant. • N...
- Daniel Slater
Sintana Energy (SEI LN) - Mopane resource upgrade - Corporate
Sintana’s JV partner on its Mopane discovery, Galp Energia, has announced a 57% upgrade to Mopane 3C resources, based on drilling results since the last resource update in late 2024. This further emphasises the significant attractiveness of Mopane as new operator Total moves towards the next drilling programme, and subsequent development FID.
- Stephane Foucaud
Sintana Energy Inc. (TSX-V: SEI): Galp increases the contingent resour...
• Galp’s FY25 annual report estimates 1.1 bnboe of 3C contingent resources at Mopane net to its 80% WI, equivalent to 1.38 bnboe gross. • This represents a 57% increase versus the YE24 estimate (~0.7 bnboe net / 0.88 bnboe gross) and reflects the success of the 2025 appraisal campaign. • Mopane now represents ~67 mmboe of 3C contingent resources net to Sintana’s 4.9% carried interest. • TotalEnergies, having entered into a farm-in including operatorship, is preparing an ambitious appraisal and e...
- Stephane Foucaud
AUCTUS ON FRIDAY - 20.03.2026
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.19 per share: New equity raise ahead of drilling in Austria – ADX has raised A$4.4 mm new equity at A$0.027 per share. Investors will also receive one option for every two new shares, with an exercise price of A$0.0405 per share. The proceeds will fund the HOCH‑1 shallow exploration well in Austria, which is expected to spud next month. The strengthened cash position also enables well‑site prep...
UPL UPLAND RESOURCES
GTE GRAN TIERRA ENERGY
EGY VAALCO ENERGY INC.
GENL GENEL ENERGY
SEY STERLING ENERGY PLC
ENI ENI S.P.A.
ALVOF ALVOPETRO ENERGY LTD
SEI. SINTANA ENERGY
TRP TOWER RESOURCES PLC
VLE VALEURA ENERGY INC.
DNO DNO ASA CLASS A
MAHA A MAHA ENERGY
GKP GULF KEYSTONE PETROLEUM LTD.
FEC FRONTERA ENERGY CORP
ENOG ENERGEAN PLC
JSE JADESTONE ENERGY
CRCL CORCEL
AXL. ARROW EXPLORATION LTD
ITH ITHACA ENERGY PLC
ADX ADX ENERGY LTD
CDR CONDOR ENERGIES INC
- Daniel Slater
- Stephane Foucaud
ADX Energy (ASX: ADX): New equity raise ahead of drilling in Austria
• ADX has raised A$4.4 mm new equity at A$0.027 per share. Investors will also receive one option for every two new shares, with an exercise price of A$0.0405 per share. • The proceeds will fund the HOCH‑1 shallow exploration well in Austria, which is expected to spud next month. The strengthened cash position also enables well‑site preparation and materials for two additional Austrian wells. • HOCH-1 is a 5.2–8.0 Bcf (P50–Pmean) prospect (2.6–4.0 Bcf net to ADX) with an upside case of 17.3 Bcf ...
- Stephane Foucaud
AUCTUS ON FRIDAY - 13.03.2026
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A0.22 per share: Raising new equity for Austria and Italy – ADX has raised A$4.4 mm of new equity priced at A$0.027 per share. Participants will also receive one unlisted option for every two new shares with an exercise price of A$0.0405 per share. New Zealand Energy (NZ CN)C; Target price of C$1.25 per share: Positive well result. Supportive environment – Ngaere‑1 is currently producing around 1...
- Stephane Foucaud
New Zealand Energy Corp. (TSX-V: NZ): Positive well result. Supportive...
• Ngaere‑1 is currently producing around 120 bbl/d of oil after perforating a previously bypassed interval. The zone has already delivered roughly 3,000 bbl, with an initial rate of 580 bbl/d when first opened, and it carries meaningful upside for additional reserves. • The same bypassed interval is now expected to be perforated at Ngaere‑2 and Waihapa H1, with all associated costs covered by Monumental Energy. These recompletions have the potential to add production, cash flow, and reserves. • ...
- Stephane Foucaud
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...
GALP GALP ENERGIA SGPS SA CLASS B
GTE GRAN TIERRA ENERGY
GPRK GEOPARK
PXT PAREX RESOURCES INC.
ALVOF ALVOPETRO ENERGY LTD
SEI. SINTANA ENERGY
SNM SHAMARAN PETROLEUM CORP.
GKP GULF KEYSTONE PETROLEUM LTD.
FEC FRONTERA ENERGY CORP
KOS KOSMOS ENERGY LTD.
AXL. ARROW EXPLORATION LTD
HBR HARBOUR ENERGY PLC
PRD PREDATOR OIL & GAS HOLDINGS PLC
ADX ADX ENERGY LTD
PLSR PULSAR HELIUM INC.
- Stephane Foucaud
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...
- Daniel Slater
- Stephane Foucaud
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 ...
EGY VAALCO ENERGY INC.
CNE CAIRN ENERGY PLC
TXP TOUCHSTONE EXPLORATION
MUR MURPHY OIL CORPORATION
ENI ENI S.P.A.
PXT PAREX RESOURCES INC.
AOI. AFRICA OIL
ALVOF ALVOPETRO ENERGY LTD
PEN PANORO ENERGY ASA
ENQ ENQUEST PLC
BP. BP P.L.C.
DGOC DIVERSIFIED GAS & OIL
JSE JADESTONE ENERGY
BWE BW ENERGY
CRCL CORCEL
TAL PETROTAL (TAL)
SEPLAT SEPLAT ENERGY PLC
VISTAA VISTA OIL & GAS SA DE CV
IGAS IGAS ENERGY PLC
ADX ADX ENERGY LTD
PLSR PULSAR HELIUM INC.
HEX HELIX EXPLORATION PLC
- Stephane Foucaud
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...
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