reports
- 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...
- Stephane Foucaud
AUCTUS ON FRIDAY - 20.02.2026
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of C$0.20 per share: Gas to surface at Welchau – Hydrocarbon gas (Methane - CH4) was observed at surface from the Reifling Formation for the first time within the shallowest part of the Welchau anticline following acidization. See website for full report Condor Energies (CDR CN)C; Target price of C$5.60 per share: Strong well test results point to meaningful reserves upgrade – The K‑45 vertical well ...
TLW TULLOW OIL PLC
UPL UPLAND RESOURCES
GTE GRAN TIERRA ENERGY
ENI ENI S.P.A.
REP REPSOL SA
FO. FALCON OIL & GAS LTD.
CHAR CHARIOT OIL & GAS
RBD REABOLD RESOURCES
JAY BLUEJAY MINING
KOS KOSMOS ENERGY LTD.
ANGS ANGUS ENERGY
PNOR PETRONOR E&P LTD
ADX ADX ENERGY LTD
CDR CONDOR ENERGIES INC
PLSR PULSAR HELIUM INC.
- Stephane Foucaud
AUCTUS ON FRIDAY - 13.02.2026
AUCTUS PUBLICATIONS ________________________________________ Criterium Energy (CEQ CN)C; Target price of C$0.35 per share: First Gas in 2Q26 with a Likely Upgrade to Discovered Gas Resources – The contract for the construction of a new 21 km gas pipeline (previously 14 km) for the SE‑MGH 5–7 mmcf/d development was signed in early January. Site preparation is already underway, with first gas expected in 2Q26. Project capex is now estimated at US$2 mm (vs. prior guidance of US$2–3 mm), of which US...
FP TOTAL SE
EOG EUROPA OIL & GAS (HOLDINGS) PLC
SEI. SINTANA ENERGY
CASP CASPIAN SUNRISE
VLE VALEURA ENERGY INC.
BP. BP P.L.C.
VISTAA VISTA OIL & GAS SA DE CV
KIST KISTOS PLC
SOUC SOUTHERN ENERGY CORP
CEQ CRITERIUM ENERGY LTD.
J4V VAR ENERGI ASA
HEVI HELIUM EVOLUTION
PLSR INC. (HEVI)
PULSAR HELIUM INC.
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 12 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: None Delistings: None What’s baking in the oven? Market Movers:*** 14 January: GlobalData (DATA.L), the data, insight, and technology Company e...
- Stephane Foucaud
New Zealand Energy Corp. (TSX-V: NZ): 100% focused on executing the Ta...
• New Zealand Energy (NZE) has raised C$3.5 mm of new equity priced at C$0.20 per share, providing the funding required to advance the Tariki gas‑storage project and ongoing negotiations with Genesis. • A key near‑term catalyst is securing an extension of the Petroleum Mining Licence for Tariki beyond its July 2026 expiry. Approval—expected within 4–6 weeks—would also defer decommissioning liabilities by an expected 10 years. Gas storage remains central to NZE’s strategy. • The Tariki‑5 well is ...
- Stephane Foucaud
Helium Evolution Inc. (HEVI CN): Initiating Coverage
Helium Evolution (HEVI) is a ~US$16 mm TSX‑listed company focused on Saskatchewan’s helium fairway, where the regulatory environment is prioritizing helium development. HEVI has already commissioned a helium processing plant and the focus is now on scaling-up. HEVI’s core assets are operated by North American Helium (NAH), Canada’s leading private helium producer with 10 helium plants in operation and over100 helium wells drilled to date. HEVI’s largest shareholder is ENEOS, one of the world’s l...
- Stephane Foucaud
AUCTUS ON FRIDAY - 02.06.2026
AUCTUS PUBLICATIONS ________________________________________ ADX Energy Exploration (ADX AU)C; Target price of A$0.20 per share: Momentum accelerating. Potential resources increase in Austria – The Welchau‑1 well is scheduled for re‑entry in February to test the Reifling reservoir. An acid stimulation will be performed on the perforated interval to address wellbore damage and improve productivity in the carbonate section. The operation should also yield additional insight into the deeper Welchau...
EGY VAALCO ENERGY INC.
OMV OMV AG
SEY STERLING ENERGY PLC
ALVOF ALVOPETRO ENERGY LTD
SEI. SINTANA ENERGY
SAVE SAVANNAH ENERGY
DNO DNO ASA CLASS A
KOS KOSMOS ENERGY LTD.
ORC/B ORCA EXPLORATION GROUP CL B
OKEA OKEA
GAS GALP ENERGIA
JSE JADESTONE ENERGY
NOG NOSTRUM OIL & GAS PLC
ADX ADX ENERGY LTD
BWEFF BW ENERGY LTD
SHELL ROYAL DUTCH SHELL
IAECN ITHACA ENERGY
- Stephane Foucaud
ADX Energy (ASX: ADX): Adding materiality to Welchau
• The continuous hydrocarbon shows and light oil recovered at Welchau‑1 indicate the presence of a light‑oil system within the broader Welchau anticline as well as a deeper gas condensate system in pressure communication with the historic Molln-1 gas discovery. • The latest mapping indicates the crest of Welchau structure is 500 m updip of Welchau-1 which ADX estimates to contain 11.7 mmbbl of P50 prospective resources (Pmean of 17.7 mmbbl). • The latest mapping also indicates the Welchau gas‑c...
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