Weekly news, topics & discussion

This week, BW Energy and Panoro Energy have been in the news. An oil discovery on the northern flank of the Hibiscus field was announced, and according to the partners, it is substantial in size. Also, Panoro Energy and BW Energy reported Q1 figures, which were fairly in line with expectations.

AUCTUS ON FRIDAY - 24/05/2024

AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN)C; target price of £0.50 per share: Drilling at the second well onshore Morocco has commenced – Chariot has started to drill the Dartois prospect onshore Morocco. The well is targeting a different reservoir system and trapping style than the Gaufrette prospect. The main target at Dartois is estimated to hold 12 bcf of gross prospective resources. Success would de-risk a total of 20 bcf of gross prospective resources (+...

Starting to ramp up distribution

Q1 figures in line. Ramping up distribution with buybacks. Still only starting the harvesting phase, BUY, TP up to NOK 42 (39).

Panoro Energy (Buy, TP: NOK41.00) - Set to generate solid cash flow in...

Q1 EBITDA of USD39m was just below our USD42m estimate and Bloomberg consensus of USD41m. The shareholder distribution policy and capex programme for 2024 were maintained, but a share buyback programme was launched as part of its distribution framework. We have cut our 2024e EBITDA by 7% after factoring in the planned maintenance offshore Gabon in Q2, but reiterate our BUY and NOK41 target price.

Panoro Energy ASA (OSE: PEN): NOK100 mm share buyback

• The 1Q24 production of 9,605 bbl/d, the cash position of US$22.4 mm and the debt position of US$80.6 mm had been reported previously. • The 1Q24 operating cash flow of US$25 mm was impacted by US$5.4 mm of negative working capital movement and US$3.6 mm negative inventory movement. This suggests an underlying operating cash flow of US$34 mm for the period. • While the yearly maintenance shutdown period at Dussafu is now expected to be three weeks rather than two, the FY23 production guidance o...

Q1: Figures in line, initiates share buybacks

NCS production well above forecast

Preliminary Norwegian Offshore Directorate (NOD) April production figures for the NCS showed solid liquids production of 2,104kboed, c5% above its forecast. Gas production was c347mcm/d, 7% above NOD’s estimate. In total, NCS production was down 2.4% MOM but up 1.9% YOY. On a company level, for March, Aker BP and Equinor saw Johan Sverdrup tailwinds, following a period of maintenance. Also, Vår Energi was up 4% MOM on an increase from Fenja, OKEA was down 3% MOM, and DNO was up 10% MOM.

WOOD Daily: JAHEZ AB; ILRA CZ; FROTO TI; TOASO TI; APR PW; CAI AV; WPL...

HEADLINES: • Jahez: shifting up a gear (upgraded to BUY) • Ilirija d.d.: on track for another solid summer season (NOT RATED) • Ford Otosan: 1Q24 results – operating margin evolution as expected NEUTRAL • Tofas: 1Q24 results – operating performance as expected NEUTRAL • Auto Partner: 1Q24 results in line with the prelims; 34% yoy increase in logistics costs is the major concern NEUTRAL • CA Immo: 1Q24 – rents up 6% yoy lfl, more sales above book, pre-tax FFO I of EUR 26m NEUTRAL • Wirtualna Pols...

Valuation update

In this note, we show updated valuation statistics for the E&P sector.