reports
- Stephane Foucaud
Panoro Energy ASA (OSE: PEN): Likely reserves increase at Hibiscus fol...
• The DHIBM-7P pilot vertical well encountered 24 metres of net pay in an overall hydrocarbon column of 37 metres. • The well was drilled from the pilot hole of the recently drilled Hibiscus South well that had already encountered 5-6 mmbbl recoverable resources. The bottom part of this well had been plugged ahead of drilling a horizontal producer in the area (this horizontal well will be drilled next). • One of the producing wells at Hibiscus continues to deliver a very high flow rate without ...
DNO to Hold Fixed Income Investor Meetings
DNO to Hold Fixed Income Investor Meetings Oslo, 21 May 2024 – DNO ASA, the Norwegian oil and gas operator, today announced it has engaged DNB Markets, part of DNB Bank ASA, and Pareto Securities AS as Global Coordinators and Joint Bookrunners and with Arctic Securities AS as Joint Bookrunner to arrange fixed income investor meetings. Subject to inter alia market conditions and acceptable terms, a new senior unsecured bond issue with a tenor of five years may follow. The contemplated bond will materially have the same terms as DNO04, issued in September 2021. The purpose of the new...
- Stephane Foucaud
GeoPark Limited (NYSE: GPRK): Dividend distribution boosted by share b...
• 1Q24 production had been reported previously. GeoPark held US$151 mm in cash at the end of March. Adjusting for a negative working capital movement of ~US$20 mm in 1Q24, this would have been in line with our forecast. • Gross production at CPO-5 of ~30 mbbl/d continues to be very high. The Cisne 1 exploration well is expected to reach TD by the end of May. GeoPark will then drill another exploration well on the block. • Given the reduced share count following the share buyback resulting from t...
- Stephane Foucaud
AUCTUS ON FRIDAY - 17/05/2024
AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; target price of £0.50 per share: Spudding high impact well – Drilling operations have started at the Carrizales Norte B Pad Horizontal Well 1. This is the first horizontal well drilled in the Ubaque on Tapir. Three more horizontal wells will be drilled on the pad. Delivering good flow rates at these wells will be very important for future production growth. Arrow held US$12.4 mm in cash at the beginning ...
TLW TULLOW OIL PLC
GPRK GEOPARK
TXP TOUCHSTONE EXPLORATION
AOI. AFRICA OIL
CASP CASPIAN SUNRISE
CHAR CHARIOT OIL & GAS
MAHA A MAHA ENERGY
GKP GULF KEYSTONE PETROLEUM LTD.
ZPHR ZEPHYR ENERGY
SENX SERINUS ENERGY
TAO TAG OIL LTD
AXL. ARROW EXPLORATION LTD
HBR HARBOUR ENERGY PLC
KIST KISTOS PLC
PLSR CN PULSAR HELIUM INC.
- Daniel Slater
DNO Shares Traded Ex-Dividend
DNO Shares Traded Ex-Dividend Oslo, 16 May 2024 - DNO ASA, the Norwegian oil and gas operator, today announced that the Company's shares will be traded ex-dividend effective 16 May 2024. A dividend payment of NOK 0.25 per share will be made on or about 28 May 2024 to all shareholders of record as of 21 May 2024. -For further information, please contact:Media: Investors: - DNO ASA is a Norwegian oil and gas operator active in the Middle East, the North Sea and West Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onshore and offshore licenses at...
DNO Completes Acquisition of 25 Percent of UK’s Arran Field
DNO Completes Acquisition of 25 Percent of UK’s Arran Field Oslo, 16 May 2024 – DNO ASA, the Norwegian oil and gas operator, today announced the completion of the acquisition of a 25 percent interest in the Arran field on the UK Continental Shelf by the Company’s wholly-owned subsidiary DNO Exploration UK Limited from ONE-Dyas E&P Limited. The field is operated by Shell UK Limited (44.57 percent) and was brought on stream in 2021 as a subsea tie-back to the Shell-operated Shearwater A platform. DNO’s share of production of gas (principally) and liquids from Arran during the first four ...
GeoPark Reports First Quarter 2024 Results
BOGOTA, Colombia--(BUSINESS WIRE)-- GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator, and consolidator, reports its consolidated financial results for the three-month period ended March 31, 2024 (“First Quarter” or “1Q2024”). A conference call to discuss these financial results will be held on May 16, 2024, at 10:00 am (Eastern Daylight Time). FIRST QUARTER 2024 SUMMARY In 1Q2024, GeoPark delivered $111.5 million Adjusted EBITDA, an Adjusted EBITDA margin of 67%, and $30.2 million net profit that was 15% higher t...
Notice of Annual General Meeting 2024
Notice of Annual General Meeting 2024 Oslo, 15 May 2024 – DNO ASA, the Norwegian oil and gas operator, today announced that the Annual General Meeting scheduled for 6 June 2024 will be held at 1:00 pm Norwegian time at The National Museum, Brynjulf Bulls plass 3, 0250 Oslo. Remote participation is possible. Shareholders can also vote electronically in advance or submit a proxy. The formal notice of the Annual General Meeting is attached and provides further information on the proceedings. The electronic system for notification of attendance and for registration of advance votes is avail...
- Stephane Foucaud
Panoro Energy ASA (OSE: PEN): Discovery in Gabon. Reiterating producti...
• The Hibiscus South exploration well on the Dussafu permit has encountered 25 m of pay in an overall hydrocarbon column of 35 m in the Gamba formation. • This discovery could add ~5-6 mmbbl gross recoverable reserves (~1 mmbbl net to Panoro). • The Hibiscus South structure is a separate accumulation with a deeper oil-water contact than the nearby Hibiscus Field. • Importantly, a production well could now be drilled at Hibiscus South and tied to the MaBoMo facility, which would boost the overal...
- Steffen Evjen
- Stephane Foucaud
GeoPark Limited (NYSE: GPRK): Entering the Vaca Muerta
• GeoPark is acquiring 49.5 mmboe 2P reserves (>90% light oil), 118 mmboe 3C contingent resources and ~5 mmboe unconventional production across four blocks in the oil window of the Vaca Muerta in Argentina from a subsidiary of Mercuria. • The Vaca Muerta in Argentina is a hot spot for unconventional development and a strategic area for most supermajors and YPF. The formation is estimated to hold 16 bn bbl of oil and 300 tcf of natural gas and produces >350 mbbl/d (x4 since 2019). • The asset pa...
- Steffen Evjen
Panoro Energy (Buy, TP: NOK41.00) - Positive prospects
At its Q1 trading update, Panoro Energy reported net production of 9.6kboed, in line with our 9.5kboed forecast. We estimate EBITDA of USD42m (Bloomberg consensus at USD41m) ahead of the Q1 results (due at c07:00 CET on 23 May). We view the recent discovery at Hibiscus South as accretive to our NAV by ~NOK1/share, illustrating the strong prospectivity and commerciality at the Dussafu licence. We reiterate our BUY and NOK41 target price.
GeoPark Announces Acquisition of Working Interest in Four High Quality...
BOGOTA, Colombia--(BUSINESS WIRE)-- GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator, and consolidator, today announced that it has signed an Asset Purchase Agreement with Phoenix Global Resources (“PGR”), a subsidiary of Mercuria Energy Trading (“Mercuria”), for the acquisition of non-operated working interest (WI) in four adjacent unconventional blocks in the Neuquén Basin in Argentina as follows: a 45% WI in each of the Mata Mora Norte producing block and Mata Mora Sur exploration block, located in Neuquén Provinc...
- Steffen Evjen
US shale: limited growth expected
Our Q1 survey of the US shale universe showed limited revisions to guidance for 2024, and we still expect muted 2024 production growth of ~4% YOY (+8% YOY in 2023). The companies now expect fewer tailwinds from cost deflation, primarily due to operational efficiencies. Our survey also suggested capex down ~2% YOY, as companies guide for flat activity. For Q1, our universe spent 102% of its operating cash flow, split c50/50 capex and shareholder distributions.
- Steffen Evjen
Weekly news, topics & discussion
Key takeaways from this week are: 1) BlueNord’s Q1 figures were in line with our estimates, and due to technical issues, the Tyra plateau ramp-up was prolonged to mid-Q4 (2024 production guidance reduced from >40kboed to ~35kboed); 2) DNO’s Q1 report showed net production slightly above consensus, and it announced it has acquired stakes in five fields in the Norne area from Vår Energi, adding ~3kboed of net production near-term; and 3) Panoro Energy’s Q1 trading update showed net production of 9...
- Stephane Foucaud
AUCTUS ON FRIDAY - 10/05/2024
AUCTUS PUBLICATIONS ________________________________________ GeoPark (GPRK US)C; target price of US$26 per share: More favourable offtake contract in Colombia – GeoPark has signe da new offtake contract with Vitol for a minimum of 20 mbbl/d. The agreement improves GeoPark’s price realizations by US$0.15/bbl vs the current agreement. As part of this transaction, GeoPark will obtain immediate access to committed funding from Vitol for up to US$300 mm, with an option to increase by another US$200 m...
GPRK GEOPARK
EGY VAALCO ENERGY INC.
A2PAZ7 TETHYS PETROLEUM
GENL GENEL ENERGY
ENI ENI S.P.A.
PXT PAREX RESOURCES INC.
ALVOF ALVOPETRO ENERGY LTD
SNM SHAMARAN PETROLEUM CORP.
VLE VALEURA ENERGY INC.
DNO DNO ASA CLASS A
FEC FRONTERA ENERGY CORP
BP. BP P.L.C.
DGOC DIVERSIFIED GAS & OIL
CNE CANACOL ENERGY LTD
KOS KOSMOS ENERGY LTD.
TAL PETROTAL (TAL)
HBR HARBOUR ENERGY PLC
PLSR CN PULSAR HELIUM INC.
GeoPark Signs New Offtake Agreement With Vitol for the Llanos 34 Block...
BOGOTA, Colombia--(BUSINESS WIRE)-- GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator, today announces the execution of an offtake and prepayment agreement with Vitol, one of the world’s leading energy and commodity companies. The offtake agreement provides for GeoPark to sell and deliver to Vitol a minimum of 20,000 bopd of production from the Llanos 34 Block (GeoPark operated, 45% WI). The agreement improves GeoPark’s price realizations by 15 cents (USD) per barrel vs the current agreement, or by ...
Canacol Energy Ltd. Reports a 22% Increase in Netback and an Adjusted ...
Canacol Energy Ltd. Reports a 22% Increase in Netback and an Adjusted EBITDAX of $61 Million in Q1 2024 CALGARY, Alberta, May 09, 2024 (GLOBE NEWSWIRE) -- Canacol Energy Ltd. (“Canacol” or the “Corporation”) (TSX:CNE; OTCQX:CNNEF; BVC:CNEC) is pleased to report its financial and operating results for the three months ended March 31, 2024. Dollar amounts are expressed in United States dollars, with the exception of Canadian dollar unit prices (“C$”) where indicated and otherwise noted. Highlights for the three months ended March 31, 2024 Adjusted funds from operations increased 2...
- Stephane Foucaud
VAALCO Energy (NYSE: EGY): Good quarter. Gearing-up for growth
• 1Q24 WI production was 21,807 boe/d, in line with our expectations. VAALCO held ~US$113 mm in cash at the end of March, which is also in line. • With the completion of the acquisition of Svenska, the company now expects to produce 23.6-26.5 mboe/d in FY24. This incorporates 2.8-3.1 mboe/d for Cote d’Ivoire (the production expectations for the other assets are unchanged). • The FY24 capex guidance has been increased from US$70-90 mm to US$115-140 mm. It now incorporates (1) the capex for the pr...
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