reports
- 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...
- Stephane Foucaud
Serica Energy Plc (AIM: SQZ): Major potential acquisition
• Serica has agreed to acquire BP’s 32% interest in the P111 and P2544 licences in the Central North Sea. P111 includes the Culzean gas condensate field—the UK North Sea’s largest producing gas asset. • Culzean commenced production in 2019, with remaining net 2P reserves of ~33 mmboe attributable to BP as of 1 January 2025. Net production to BP in 1H25 was 25.5 mboe/d. The remaining interests are held by TotalEnergies (49.99%) and NEO NEXT (18.01%). • The transaction consideration includes an up...
- Stephane Foucaud
AUCTUS ON FRIDAY - 10/10/2025
Please click here to access the financial metrics for Auctus' coverage universe AUCTUS PUBLICATIONS ________________________________________ Serica Energy (SQZ LN)C; Target price of £3.05 per share: Another operational setback at Triton; value and distribution profile intact – Operational issues with the flare system at the Triton FPSO have resulted in a temporary suspension of production. Production is likely to restart shortly at very low rates until the root cause is identified and resolved...
FP TOTAL SE
OMV OMV AG
REP REPSOL SA
ALVOF ALVOPETRO ENERGY LTD
ENW ENWELL ENERGY
AEX AMINEX
RBD REABOLD RESOURCES
VLE VALEURA ENERGY INC.
SQZ SERICA ENERGY
ZPHR ZEPHYR ENERGY
PNOR PETRONOR E&P LTD
J4V VAR ENERGI ASA
BCE BEACON ENERGY PLC
HEVI HELIUM EVOLUTION
UKOG INC. (HEVI)
SHELL UK OIL & GAS PLC
ROYAL DUTCH SHELL
- Stephane Foucaud
Serica Energy Plc (AIM: SQZ): Another operational setback at Triton; v...
• Operational issues with the flare system at the Triton FPSO have resulted in a temporary suspension of production. • Production is likely to restart shortly at very low rates until the root cause is identified and resolved. • In the absence of further clarity, we conservatively assume that Triton production will be constrained until the scheduled Bittern pipeline shutdown in November. • We now forecast 2025 group production of 27.5 mboe/d, revised down from 30.8 mboe/d. • Reflecting the 2025 d...
- Stephane Foucaud
AUCTUS ON FRIDAY - 03/10/2025
AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.40 per share: Dry hole at Mateguafa Oeste but three more prospects to drill – The Mateguafa Oeste was water wet. Our ReNAV for the well was £0.09 per share. We did not carry any production from this prospect in our cash flow forecast. The rig will now move to Mateguafa Attic where the Mateguafa 5 vertical well will be drilled in November. This is a low risk well that is a step out to M...
TLW TULLOW OIL PLC
TXP TOUCHSTONE EXPLORATION
ENI ENI S.P.A.
PXT PAREX RESOURCES INC.
ENW ENWELL ENERGY
SQZ SERICA ENERGY
MATD PETRO MATAD
XOM EXXON MOBIL CORPORATION
BP. BP P.L.C.
ZPHR ZEPHYR ENERGY
JSE JADESTONE ENERGY
CRCL CORCEL
AXL. ARROW EXPLORATION LTD
J4V VAR ENERGI ASA
UKOG UK OIL & GAS PLC
PLSR PULSAR HELIUM INC.
- Stephane Foucaud
Serica Energy Plc (AIM: SQZ): Depth, breadth, and a cash windfall
• Serica is acquiring Prax Upstream from administrators for ~US$26 mm, adding 8–10 mboe/d net production in 2026 and 11 mmboe of 2P reserves, diversifying exposure to a key growth basin. • Prax holds a 100% WI in Lancaster with 2.6 mmbbl 2P oil reserves, 3-4 mbbl/d production forecast in 2026 (given COP in 3Q26). • Prax has also executed two SPAs (closing in 1Q26). Serica will acquire from TotalEnergies a 40% WI in the Greater Laggan Area (GLA), a gas producing hub (4.6 mmboe 2P reserves and 5....
- Stephane Foucaud
AUCTUS ON FRIDAY - 26/09/2025
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Favourable court ruling allows Welchau testing operations to resume – The Upper Austrian State Administrative Court has rejected objections from environmental activist groups regarding drilling and testing at Welchau. The court confirmed that Environmental Clearances were issued in full compliance with applicable regulations. ADX is now authorized to resume operations at the Welch...
- Stephane Foucaud
ADX Energy (ASX: ADX): Favourable court ruling allows Welchau testing ...
• The Upper Austrian State Administrative Court has rejected objections from environmental activist groups regarding drilling and testing at Welchau. The court confirmed that Environmental Clearances were issued in full compliance with applicable regulations. • ADX is now authorized to resume operations at the Welchau-1 site during the winter drilling window, spanning 1 October to 31 March. • Fluid sampling of the Reifling formation is scheduled for late 4Q25. This interval was previously perfor...
- Stephane Foucaud
AUCTUS ON FRIDAY - 12/09/2025
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Deep dive into Italy – ADX has released further details on its C.R 150.AU permit; located in shallow waters offshore western Sicily, ~50 km from a potential onshore tie-in to the TransMed pipeline, which transports Algerian gas to Europe. While initial efforts centred on the Nilde oil field, ADX has shifted its strategic focus toward gas, reflecting the evidence of high quality ga...
- Stephane Foucaud
ADX Energy (ASX: ADX): Deep dive into Italy
• ADX has released further details on its C.R 150.AU permit; located in shallow waters offshore western Sicily, ~50 km from a potential onshore tie-in to the TransMed pipeline, which transports Algerian gas to Europe. • While initial efforts centred on the Nilde oil field, ADX has shifted its strategic focus toward gas, reflecting the evidence of high quality gas from historic oil exploration in the permit, Europe’s growing demand for domestic supply and the recent offshore development of near...
- Stephane Foucaud
AUCTUS ON FRIDAY - 05/09/2025
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Firming-up the exploration portfolio in Austria – ADX has matured its Austrian exploration portfolio following: (1) recent drilling results, (2) licence area modifications, and (3) updated technical evaluations. Excluding the Welchau-1 well drilled in 2024—where resource classification remains pending due to suspended flow testing (following an environmental objection)—ADX has del...
- Stephane Foucaud
Serica Energy Plc (AIM: SQZ): Temporary blip at Triton
• Production at the Triton FPSO is currently running at a reduced rate due to a vibration issue within the compression trains, requiring bearing replacement. Normal output is expected to resume by end-September. Triton achieved net production of over 25,000 boe/d in August using only one compressor. The restart of the second unit could push volumes above this level. • In parallel, subsea intervention work on a pipeline at the Bittern field, originally scheduled for 2026, has been scheduled for N...
- Stephane Foucaud
ADX Energy (ASX: ADX): Firming-up the exploration portfolio in Austria
• ADX has matured its Austrian exploration portfolio following: (1) recent drilling results, (2) licence area modifications, and (3) updated technical evaluations. • Excluding the Welchau-1 well drilled in 2024—where resource classification remains pending due to suspended flow testing (following an environmental objection)—ADX has delineated 24 drillable prospects across five distinct plays, with P50 prospective resources of ~247 bcf and 31 mmbbl (~72 mmboe). The proportion of gas in the explor...
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