reports
- Stephane Foucaud
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 ...
- Stephane Foucaud
Serica Energy Plc (AIM: SQZ): High production at Triton. More to come
• Net production at Triton has averaged 20 mboe/d over the past two weeks. This reflects the progressive restart of all the fields, with further upside expected as additional wells are brought online. These include (1) productive wells from Bittern and Gannet E, and (2) newly drilled wells at Guillemot North West and Evelyn, which have yet to commence production. • As a reminder, Serica has a 100% interest in the Evelyn field, and has already stated that the well showed ‘encouraging results’ whe...
- Stephane Foucaud
New Zealand Energy Corp. (TSX-V: NZ): Higher than expected production ...
• Monumental Energy reports that Copper Moki-1 and Copper Moki-2 are currently producing a combined 125 bbl/d, with rates trending upwards as pump speeds are gradually increased. Reflecting this momentum, we are revising our gross production estimate for Copper Moki from 125 boe/d to 180 boe/d (~175 bbl/d) for Q4 2025. • The Ngaere-1 pipeline was recommissioned in July with initial production from the well exceeding 400 bbl/d (200 bbl/d net to New Zealand Energy’s 50% working interest). Producti...
- Stephane Foucaud
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...
- Stephane Foucaud
AUCTUS ON FRIDAY - 15/08/2025
AUCTUS PUBLICATIONS ________________________________________ Condor Energies (CDR CN)C; Target price of C$5.90 per share: 4Q25 drilling in Uzbekistan could add 26-40 mmcf/d. First LNG in Kazakhstan in 2Q26 – 2Q25 gross production averaged 10,258 boe/d, consistent with prior indications. Drilling of the first vertical well in Uzbekistan will begin in early September. The well will target the producing carbonate reservoir, as well as deeper clastic formations and fractured basement intervals. A su...
- Stephane Foucaud
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...
EOG EUROPA OIL & GAS (HOLDINGS) PLC
GTE GRAN TIERRA ENERGY
GPRK GEOPARK
EGY VAALCO ENERGY INC.
GENL GENEL ENERGY
ALVOF ALVOPETRO ENERGY LTD
PEN PANORO ENERGY ASA
SNM SHAMARAN PETROLEUM CORP.
VLE VALEURA ENERGY INC.
SQZ SERICA ENERGY
FEC FRONTERA ENERGY CORP
BP. BP P.L.C.
CNE CANACOL ENERGY LTD
KOS KOSMOS ENERGY LTD.
ORC/B ORCA EXPLORATION GROUP CL B
TAL PETROTAL (TAL)
HBR HARBOUR ENERGY PLC
ADX ADX ENERGY LTD
TNZ TENAZ ENERGY CORP
- Stephane Foucaud
Serica Energy Plc (AIM: SQZ): Robust 1H25 cashflow ahead of production...
• While 1H25 production was only 24.7 mboe/d with BKR producing 16.7 mboe/d, Serica’s FY25 production guidance of 33-35 mboe/d implies a significant 2H25 uplift to 41.3–45.3 mboe/d, as Triton ramps up to full production and BKR rebounds. We continue to forecast 4Q25 production of ~48 mboe/d, supported by expected contributions of 21–22 mboe/d from BKR and ~25 mboe/d from Triton. • Production in 2H25 will benefit from new wells coming onstream as a result of Triton drilling, with five successful ...
- Stephane Foucaud
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...
- Stephane Foucaud
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...
QEC QUESTERRE ENERGY CORP.
GTE GRAN TIERRA ENERGY
RKH ROCKHOPPER EXPLORATION
OMV OMV AG
PXT PAREX RESOURCES INC.
SEI. SINTANA ENERGY
VLE VALEURA ENERGY INC.
SQZ SERICA ENERGY
BWE BW ENERGY
SEPLAT SEPLAT ENERGY PLC
SOUC SOUTHERN ENERGY CORP
PXEN PROSPEX ENERGY PLC
CEQ CRITERIUM ENERGY LTD.
NOG NOSTRUM OIL & GAS PLC
PRD PREDATOR OIL & GAS HOLDINGS PLC
ADX ADX ENERGY LTD
MCFNF MCF ENERGY LTD
SHELL ROYAL DUTCH SHELL
- Stephane Foucaud
Serica Energy Plc (AIM: SQZ): Triton ramp-up to full production delaye...
• Following the July production restart at Triton FPSO, ramp-up to the steady-state plateau of has been delayed into August. With Bittern now back online and Evelyn and Gannet expected to follow shortly, net production at Triton is set to reach 25 mboe/d in the near future. • It is expected that the production plateau will exceed this level once the new wells are then brought onstream later in August. • The delay has not resulted in any incremental costs. • Production from other assets remains r...
- Stephane Foucaud
AUCTUS ON FRIDAY - 25/07/2025
AUCTUS PUBLICATIONS ________________________________________ New Zealand Energy (NZE CN)C; Target price of C$1.70 per share: Equity raise to progress Tariki gas storage – New Zealand Energy (NZE) has raised C$3 mm of new equity priced at C$0.18 per share. The proceeds of the raise will fund the desktop studies required to prepare the field development plan, derisking the gas storage project ahead of expected monetization within the next 12 months. It will also fund the repayment of the convertib...
- Stephane Foucaud
New Zealand Energy Corp. (TSX-V: NZ): Equity raise to progress Tariki ...
• New Zealand Energy (NZE) has raised C$3 mm of new equity priced at C$0.18 per share. The proceeds of the raise will fund the desktop studies required to prepare the field development plan, derisking the gas storage project ahead of expected monetization within the next 12 months. It will also fund the repayment of the convertible note. • On completion, the company will be debt free and have a market cap of ~C$8 mm at current share price. • In 2017, the adjacent Ahuroa gas storage facility, wit...
- Daniel Slater
Audio Note: Jersey Oil & Gas - Great value going into new UK tax terms...
In this audio note, Zeus’ Dan Slater summarises the investment case for Jersey Oil & Gas. Jersey Oil & Gas has a material stake in the Buchan development project in the UK North Sea, in partnership with NEO and Serica. Clarity on forward UK tax terms is expected in H2 2025, and this should pave the way for FID on this attractive project in 2026 - important value catalysts for the shares, which offer good value at current levels. Listen to the audio note below.
- Stephane Foucaud
Sintana Energy Inc. (TSX-V: SEI): Multiple offers received by Galp for...
• Galp has received multiple non-binding offers from reputable parties for a stake in PEL 83, home to the Mopane discovery. • The company is actively engaging with several counterparties, aiming to announce a farm-in partner by YE25. • These counterparties bring strong operatorship credentials and have prioritized Namibia within their corporate strategies. They are committed to advancing and fully exploring the licence at a value-enhancing pace for Galp. • Any announced transaction would prov...
- Stephane Foucaud
AUCTUS ON FRIDAY - 18/07/2025
AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.70 per share: AB wells deliver flow rates above expectations – Current production ranges between 4,600 and 4,800 bbl/d driven by strong performance from two new horizontal wells at Alberta Llanos (AB). AB-HZ5, onstream for ~2 weeks, is producing 1,790 bbl/d (895 bbl/d net to Arrow), while AB-HZ4, online for over a month, continues to produce 880 bbl/d (440 bbl/d net). Both wells are ou...
EQNR EQUINOR ASA
GPRK GEOPARK
OMV OMV AG
TXP TOUCHSTONE EXPLORATION
GENL GENEL ENERGY
SEY STERLING ENERGY PLC
ENI ENI S.P.A.
SEI. SINTANA ENERGY
PEN PANORO ENERGY ASA
ENQ ENQUEST PLC
SNM SHAMARAN PETROLEUM CORP.
PHAR PHAROS ENERGY
GKP GULF KEYSTONE PETROLEUM LTD.
ZEN ZENITH ENERGY
BP. BP P.L.C.
CNE CANACOL ENERGY LTD
ZPHR ZEPHYR ENERGY
OKEA OKEA
JSE JADESTONE ENERGY
BWE BW ENERGY
CRCL CORCEL
AXL. ARROW EXPLORATION LTD
TAL PETROTAL (TAL)
- Stephane Foucaud
AUCTUS ON FRIDAY - 11/07/2025
AUCTUS PUBLICATIONS ________________________________________ New Zealand Energy (NZ CN)C: Equity raise – New Zealand will raise up to C$3 mm of new equity at a price of C$0.18 per share. This includes the settlement of outstanding loans of C$0.3 mm through the issue of ~1.7 mm shares. Valeura Energy (VLE CN)C; Target price of C$12.70 per share: Another strong quarter. FY25 guidance re-iterated – 2Q25 production was 21.4 mbbl/d, which is very close to our forecast (~22 mbbl/d). The company repor...
- Stephane Foucaud
AUCTUS ON FRIDAY - 04/07/2025
AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN)C; Under review: Potential demerger – The management of Chariot is considering splitting the company in two entities, one focusing on upstream oil and gas and the other on renewable power. The latter will also house the hydrogen and water assets. Pending further details, we are placing the company under review. New Zealand Energy (NZ CN)C: Operating update in New Zealand. Equity raise – The copper Moki-2 well has bee...
Serica Energy: 1 director
A director at Serica Energy bought 45,000 shares at 161p and the significance rating of the trade was 63/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly show...
- Stephane Foucaud
Serica Energy Plc (AIM: SQZ): Start up at Triton in line with expectat...
• Repairs and scheduled maintenance work on the Triton FPSO have been completed, and the restart process for production operations is now underway. • This is consistent with the management’s indicated timing of “around end of June” as stated in the AGM update. • Production is expected to ramp up progressively, reaching steady-state levels later in July. • No further shutdowns are planned for Triton in 2025. We continue to anticipate 2H25 production in the range of 41–47 mboe/d. Before shutdown, ...
- Stephane Foucaud
AUCTUS ON FRIDAY - 27/06/2025
AUCTUS PUBLICATIONS ________________________________________ New Zealand Energy (NZ CN)C: Financial update – New Zealand has received short term loans totalling C$0.48 mm from Charlestown Energy Partners and a company controlled by New Zealand’s Chairman. The loans, which were issued with an original issuance discount of 10%. are unsecured and non-convertible, with interest payable at 15% per annum and repayment is due on August 27, 2025, The company now intends to complete a private placement. ...
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