Energy Morning - 3 February 2026

Q4 as expected - strong 2027 guidance

AUCTUS ON FRIDAY - 30.01.2026

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.40 per share: High production on low decline at Mateguafa – The M-8 well has been brought onstream in the C9 formation (30 ft of oil pay) at 230 bbl/d gross (115 bbl/d net) on a 28/128 choke with 78% water cut. The three C7 intervals did not flow commercial hydrocarbons. The well also encountered 12 ft of net pay in the Gacheta. Although M‑8 is the smallest contributor to field output,...

Discovers more oil/gas on Brage: value NOK 0.4-1.5/share

Energy Morning - 27 January 2026

AUCTUS ON FRIDAY - 22.01.2026

AUCTUS PUBLICATIONS ________________________________________ New Zealand Energy (NZ CN)C; Target price of C$1.70 per share: Raising new equity – New Zealand is raising up to C$3.5 mm of new equity at a price of C$0.20 per share to progress its gas storage project. Panoro Energy (PEN NO)C; Target price of NOK46 per share: 2026: Drilling Resumes in Gabon, EG Normalises, and Visibility Improves on EG‑23 – 4Q25 production averaged 9,928 boe/d, comprising 5,343 boe/d from Gabon (as previously report...

Enwell Energy (ENW LN) - Q4 update - Corporate

Enwell has released its Q4 update, reporting an ongoing very strong cash position, which underpins the company as it continues with initiatives to re-establish production.

Pharos Energy Plc (LSE: PHAR): Production boost expected by mid 2026

• FY25 production averaged 5,398 boe/d, comprising 4,095 boe/d from Vietnam and the balance from Egypt. This is consistent with the 5,391 boe/d reported in November and within the 5.2–6.0 mboe/d guidance range. • Two infill wells, TGT H1 and TGT H5, are now onstream and performing in line with expectations. We assume ~1.6 mboe/d of average gross production from each new TGT well over their first three months. • FY26 production guidance is 5.2–6.4 mboe/d, including 4.0–4.95 mboe/d from Vietnam an...

AUCTUS ON FRIDAY - 16.01.2026

AUCTUS PUBLICATIONS ________________________________________ Condor Energies (CDR CN)C; Target price of C$5.60 per share: Uzbekistan production boost: two new wells onstream in February – The first horizontal well is now onstream. Only the shallower interval has been tested to date, delivering 3.6 mmcf/d. The full ~1 km lateral — including the zones with the strongest gas‑show responses — has not yet been accessed. A larger‑diameter coiled‑tubing unit than is currently available is required to d...

Vaalco Energy (NYSE: EGY): Much stronger balance sheet than expected. ...

• FY25 WI production averaged 21,150 boe/d, landing comfortably within the upgraded guidance range of 20.8–22.2 mboe/d. • Vaalco ended FY25 with US$58.8 mm in cash, an increase of ~US$35 mm versus end‑September levels, achieved without drawing further on the RBL facility. • YE25 net debt position (based on cash and debt and excluding the rest of the balance sheet) was just US$1 mm, far below our expectation of ~US$100 mm. This reflects a substantial positive working‑capital swing, including a US...

NCS licensing round: fewer players, but high activity

Crude Quarterly Q4'25: tough H1, hope for higher prices in H2

Estimate changes from Crude Quarterly

Enwell Energy (ENW LN) - VAS facilities damaged - Corporate

Enwell has announced that its VAS facilities have been subject to a drone attack. There were no casualties, and the field is currently non-producing since early 2025 due to the ongoing regulatory licence suspension.

AUCTUS ON FRIDAY - 12/12/2025

AUCTUS PUBLICATIONS ________________________________________ Corcel (CRCL LN)C; Target price of 1.40p per share: Equity raise from blue chip new investors bolsters balance sheet ahead of busy 2026 – Corcel has raised £3 mm of new equity at a price of 0.35 p per share from two blue chip new investors. Following the raise, Corcel’s cash balance is expected to reach ~£6 mm by YE25. In addition, Sintana Energy will pay Corcel ~US$2 mm in cash upon closing the acquisition of a 5% interest in KON‑16. ...

Hybridan Small Cap Feast: 9 December 2025

9th December 2025 @HybridanLLP Our daily digest of news from UK Small Caps * 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: Non...

Pharos Energy Plc (LSE: PHAR): Production boost expected by mid 2026

• Year‑to‑date production to 30 November 2025 averaged 5,391 boe/d, comprising 4,074 boe/d in Vietnam and 1,317 boe/d in Egypt. Pharos expects FY25 production to be broadly similar, in line with guidance of 5.2–6.0 mboe/d. • The TGT‑H1 infill well was brought onstream on 20 November. Initial performance is above management’s pre‑drill expectations. While no rate has been disclosed, we note that in 2021 Pharos reported an initial gross rate of 2.2 mbbl/d from a prior TGT well. For modelling purpo...