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...

Hybridan Small Cap Feast: 17/07/2025

Dish of the day Admissions: None Delistings: Today, Ocean Harvest Technology Group (OHT.L) left AIM What’s baking in the oven? Potential** Initial Public Offerings:***

Pharos Energy Plc (LSE: PHAR): Operations on track. Six well drilling ...

• 1H25 production was 5,642 boe/d, broadly in line with our expectations of ~5,800 boe/d. This also compares well with production of 5,757 boe/d from January to April. • Production in Vietnam remained stable at 4,183 boe/d in 1H25, compared to 4,216 boe/d over the January–April period. • The company has reiterated its full-year production guidance of 5.0–6.2 mboe/d, with capital expenditure expected to range between US$33–40 mm. • The key near term newsflow remains the drilling programme in Vie...

Energy Morning - 16 July 2025

Energy Morning - 14 July 2025

Energy Morning - 9 July 2025

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...

Enwell Energy (ENW LN) - Q2 update - Corporate

Enwell has released its Q2 update, reporting an ongoing strong cash holding as the company continues to work to resolve the regulatory issues around its MEX-GOL/SV and VAS licences in order to resume production from these, and also to advance planning for development of the SC licence.

Crude Quarterly Q2'25: In the absence of war, the oil market is well s...

Down to HOLD (Buy) - oil price to stay low

AUCTUS ON FRIDAY - 13/06/2025

AUCTUS PUBLICATIONS ________________________________________ Arrow Energy (AXL LN/CN)C; Target price of £0.70 per share: Share buyback programme – Arrow has announced a share buyback programme for up to £2.7 mm worth of shares, representing 5% of the company’s public float. This highlights the strength of the business and the cashflow. Pharos Energy (PHAR LN)C; Target price of £0.45 per share: Licence extension in Vietnam – The exploration period on Blocks 125 & 126 has been extended by two ye...

Enwell Energy (ENW LN) - Full year 2024 results - Corporate

Enwell has released its full year 2024 results. Production remains suspended at the company’s assets onshore Ukraine as a result of local regulatory actions, but these and the wider portfolio continue to contain significant potential for production, cash flows, and growth once these issues are worked through. In the meantime, the company has a very substantial cash position to fall back on, which itself can support new asset activity as and when appropriate.

AUCTUS ON FRIDAY - 30/05/2025

Arrow Exploration (AXL LN/CN)C; Target price of £0.70 per share: Gearing-up for acquisitions? – 1Q25 production was 4,085 boe/d with no horizontal wells drilled in the period. RCE is more mature than CN and while no drilling has taken place at RCE, the decline rate between 4Q24 and 1Q25 was only ~5%. 1Q25 Production was constrained by increased water production preventing the company increasing the speed of the pumps at some of its producing wells. The increased amount of produced water increase...

Energy Morning - 28 May 2025

AUCTUS ON FRIDAY - 23/05/2025

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Adding four low risk drill-ready shallow gas prospects to start drilling by YE25 – ADX has now matured 13 shallow gas prospects across the ADX-AT-I and ADX-AT-II licence areas in Austria. The play is proven, supported by historical discoveries within the basin. Nearby historical discoveries in the area have produced 220 bcf to date. The prospects benefit from AVO anomalies, enhanc...

Vaalco Energy (NYSE: EGY): The road to 50 mboe/d by 2030

• During the capital markets day last week, Vaalco outlined a production growth profile reaching >45 mboe/d in 2029 and 50 mboe/d in 2030 – surpassing the peak production of ~40 mboe/d that we had anticipated. • Production is expected to reach ~30 mboe/d by mid-2026 , driven by the 2025/2026 drilling program in Gabon and the restart of production at Baobab in Côte d’Ivoire (CI). • The next major increase is forecasted for 3Q28, with the start-up of Venus in EG, adding +20 mbbl/d gross productio...

AUCTUS ON FRIDAY - 16/05/2025

AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN)C: Recovering 75% WI of licences in Morocco – Energean has returned its Moroccan offshore interests to Chariot. As a result, Chariot now holds 75% in the Lixus Offshore and Rissana Offshore licences. Condor Energies (CDR CN)C; Target price of C$5.90 per share: Acquiring a LNG facility for Kazakhstan to deliver first LNG sale in 2Q26 – 1Q25 production in Uzbekistan was 11,179 boe/d (+6% vs. production in 4Q24). Condor ...

Pharos Energy Plc (LSE: PHAR): High impact drilling in Vietnam in 4Q25...

• Production from January to April 2025 was 5,757 boe/d, comprising 4,216 boe/d from Vietnam and 1,541 bbl/d from Egypt. This is consistent with the FY25 production guidance of 5.0-6.2 mboe/d, which has been reaffirmed. • In Egypt, receivables increased from US$29.5 million at year-end 2024 to US$31.7 mm by the end of April. However, the company has received US$4.9 mm from EGPC over the same period. Pharos held US$22 mm in cash at the end of April, in line with our expectations. • The FY25 capex...

Hybridan Small Cap Feast: 15/05/2025

Our daily digest of news from UK Small Caps 15th May 2025 @HybridanLLP * 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 Dish of the day Admissions: None Delistings: Alliance Pharma (APH.L) and Zytronic (ZYT.L) delisted today from AIM. What’s baking in the oven? Potential** Init...

Vaalco Energy (NYSE: EGY): Strong quarter. Resilient to low oil price

• 1Q25 WI production of 22,402 boe/d was at the high end of expectations. The Ebouri well continues to produce at ~1 mbbl/d (gross) on test. • Cash flow from operations was US$32.7 mm, while capex of US$58 mm came in below projections. Underlying cash flow was even higher, at ~US$41 mm. Additionally, one lifting in Gabon (~US$30 mm) was allocated to the Gabonese State as its share of profit oil, with no further allocations expected for the remainder of 2025. • At the end of March, Vaalco reporte...