reports
- Sanjeev Bahl
Egdon Resources - Termination of coverage
Edison Investment Research is terminating coverage on Egdon Resources (EDR). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.
- Stephane Foucaud
Auctus on Friday - 09/06/2023
AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; target price of £0.50 per share: No flow from the Gacheta but overall reserves addition from CN-1 larger than initially expected – The Gacheta zones proved unproductive at the CN 1 well location. Management is investigating potential reasons for the lack of productivity and plans to re-evaluate these Gacheta zones in future wells. The Gacheta zones were located above the Ubaque that flowed at rates >1,10...
- Stephane Foucaud
Auctus on Friday - 19/05/2023
AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; target price of £0.50 per share: Exploration success at Carrizales Norte –The Carrizales Norte-1 (CN-1) exploration well encountered a total of 148 feet of net oil pay measured depth (128 feet TVD) across three very high quality sands. We understand that this well above pre-drill expectations. This is the largest net oil pay encountered by a well so far on Tapir (RCE-5: 90 feet, RCE-4: 45 feet, RCE-3: 58...
- Stephane Foucaud
Auctus on Friday - 24/03/2023
AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN) C; Target price of £0.45 per share: Good flow rate at RCE-4 – The RCE-4 well has been put in production. It has produced at a rate of 728 bbl/d (364 bbl/d net to Arrow) of 28.5 API oil with a 1% water cut from the C7-A and C7 Stringer zones over the last 24 hours. This is a similar result as at RCE-3 (24 h flow rate of 968 bbl/d gross/484 bbl/d net). As was the case at RCE-3, the RCE-4 well is also flowing na...
RKH ROCKHOPPER EXPLORATION
A2PAZ7 TETHYS PETROLEUM
CNE. CANACOL ENERGY LTD
CNE CAIRN ENERGY PLC
TXP TOUCHSTONE EXPLORATION
GENL GENEL ENERGY
ENI ENI S.P.A.
GREAT EASTERN ENERGY CORP. LTD. GDR
SAVE SAVANNAH ENERGY
VLE VALEURA ENERGY INC.
PHAR PHAROS ENERGY
GKP GULF KEYSTONE PETROLEUM LTD.
CE1 CALIMA ENERGY
ENOG ENERGEAN PLC
ZPHR ZEPHYR ENERGY
OKEA OKEA
AXL. ARROW EXPLORATION LTD
TCF TRILLION ENERGY INTERNATIONAL INC. (TCF)
HHR HARTSHEAD RESOURCES NL
LBE LONGBOAT ENERGY PLC
NOG NOSTRUM OIL & GAS PLC
Hybridan Small Cap Feast - 02 Mar 23
02 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv...
- Sanjeev Bahl
Egdon Resources - Year-end revenue up by more than 530%
Production from Egdon Resources’ Wressle-1 well continues to exceed forecast expectations, delivering an average gross rate of 656bopd (197bopd net) in the year ending July 2022. This high rate, combined with high commodity prices, has driven a 530% increase in revenues to £6.91m for the period, up from £1.09m in 2021. With cash of £4.8m, Egdon says it is funded for near-term committed activities. It will now look to increase Wressle production further. Onshore drilling projects have been held u...
- Sanjeev Bahl
Egdon Resources - Wressle continues to deliver
Egdon Resources’ Wressle-1 well continues to produce above expectation, delivering 760–800bopd (228–240bopd net) during the six months to end January 2022. This high rate, combined with high commodity prices, has driven a 500% increase in revenues to £2.55m for the period, up from £0.42m in H121, and has made Egdon profitable for the first time since H111. With cash of £2.08m, the company says it is funded for near-term committed activities. Egdon will now look to increase Wressle production fur...
- Sanjeev Bahl
Egdon Resources - Wressle exceeds expectations
The Wressle-1 well has delivered above management’s expectation, producing at 884bod with a further c 80boed of gas. With a 30% working interest in Wressle, Egdon has achieved a significantly higher 289boed net versus its target of 150bod, with the full potential of the well yet to be tested. Further onshore drilling remains dependent on successful farm-outs, while offshore, the 3D seismic surveys on the Shell operated Resolution and Endeavour discoveries will now be delayed beyond the previousl...
- Sanjeev Bahl
Egdon Resources - Wressle exceeds expectations
The Wressle-1 well has delivered above management’s expectation, producing at 884bod with a further c 80boed of gas. With a 30% working interest in Wressle, Egdon has achieved a significantly higher 289boed net versus its target of 150bod, with the full potential of the well yet to be tested. Further onshore drilling remains dependent on successful farm-outs, while offshore, the 3D seismic surveys on the Shell operated Resolution and Endeavour discoveries will now be delayed beyond the previousl...
- Sanjeev Bahl
Egdon Resources - Wressle key to production increase
Egdon Resources’ core focus is on its conventional assets, and the commencement of oil flow at Wressle was the most significant event for the six months to 31 January 2021. The company is targeting 150boed net here, pending further activity. Production during the period was 92boed, down from 178boed in H120 and guidance for FY21 is 110–130boed. Further planned onshore drilling will depend on successful farm-outs, while offshore, the 2020 farm-out of the Resolution and Endeavour gas discoveries t...
Egdon Resources - Management estimates commercial upside
Egdon Resources has provided an update on its Biscathorpe project (45% interest) in Lincolnshire. The company has integrated reprocessed 3D seismic data with data from the 2019 Biscathorpe-2 well and concluded that the project holds a potentially material and commercial resource. Management estimates that the project is robust at the current oil price with an NPV10 break-even Brent price of $18.07/bbl for the primary Westphalian target. In addition, the company sees significant commercial upside...
Egdon Resources - Wressle development robust at current prices
Egdon has provided an update on its Wressle development in north Lincolnshire. Given the current macroeconomic environment, the company has updated its economic model. Management estimates that the project is still economically robust at the current oil price with an NPV10 break-even Brent price of $17.62/bbl. This is broadly in line with our own analysis using company guidance. First oil remains on track for H220 and the forward development plan comprises a number of key stages, with progress t...
Egdon Resources - Developments at Wressle and Resolution
Egdon Resources started the year with two important developments. The first was the announcement of the positive result of Egdon’s appeal against the refusal of planning consent at the Wressle oil field, which will allow the company to proceed with project development. The second was the farm-in agreement for the P1929 and P2304 licences with Shell. In November 2019, Egdon announced it had signed an exclusivity agreement for the licences, which contain the Resolution and Endeavour gas discover...
Egdon Resources - Wressle and Resolution updates
On 17 January 2020, Egdon announced the Planning Inspectorate has upheld the company’s appeal and granted planning consent for the development of the Wressle oil field in North Lincolnshire licences PEDL180 and PEDL182. Wressle has incurred numerous delays due to rejected planning applications; however, now Egdon will be able to begin working on the detailed planning for the development works. The company estimates it will take six months to bring Wressle onstream and Egdon’s total productio...
Egdon Resources - 2020 focus on conventional assets
Egdon Resources’ recently announced results showed that FY19 production increased by 117% to 182boepd, largely driven by the Ceres gas field. Revenue increased to £2.2m from £1.2m in FY18 and the company remains debt-free following the c £2m June 2019 capital raise. In FY19, Egdon made significant progress at its unconventional Springs Road play, with the Bowland Shale sharing key characteristics with North American shale. However, in November 2019 the UK government announced a moratorium o...
Egdon Resources - Farm-out update and government moratorium
Egdon has announced it has signed an exclusivity agreement with a large internationally recognised E&P company for UK offshore licences P1929 and P2304. The licences sit in the Southern North Sea and contain the Resolution and Endeavour gas discoveries. Resolution has been independently assessed by Schlumberger to hold mean contingent gas resources of 231bcf. Egdon has also responded to the government announcement that it will introduce a temporary moratorium on hydraulic fracturing for shale ga...
Egdon Resources - Positive results from Springs Road core analysis
Egdon Resources and IGas Energy provided further details on the results from the Springs Road-1 core analysis. The analysis suggests that key characteristics of the Bowland Shale in the Springs Road-1 well compare to commercial shale operations in North America. The core results indicate a mature, organic content-rich source rock with good porosity confirming favourable gas resource density. The low clay content in the Lower Bowland Shale at c 22% is encouraging and an indication that hydraulic ...
- Sanjeev Bahl
Egdon Resources - Springs Road exploration well results
Egdon and IGas have provided a summary of initial analysis of the core extracted from Springs Road-1 (SR-01), in which Egdon holds a 14.5% interest. The well was drilled as a vertical exploration well in the centre of the Gainsborough Trough Basin where Egdon holds 82,000 net acres. The Bowland Shale, the Millstone Grit and the Arundian Shale were encountered with 429m of hydrocarbon bearing shale (147m cored) within the Bowland. Core analysis is positive with key shale characteristics comparabl...
- Sanjeev Bahl
Egdon Resources - Underwritten open offer announced
Egdon has announced a proposed underwritten open offer of c 43.3m shares (representing 14.29% of the enlarged share capital) at 5p/share to raise £2.17m before expenses. Under the open offer, qualifying shareholders have an opportunity to subscribe to one open offer share for every six existing ordinary shares held at market close on 14 May 2019. Net proceeds will be used to progress Egdon’s Gainsborough Trough shale-gas assets and the Resolution gas discovery (the focus of our last note), an...
- Sanjeev Bahl
Egdon Resources - Resolution CPR published ahead of farm-out
We have re-visited our conventional valuation of Egdon post the company’s interim results (to end January 2019) and the recent resource assessment for Resolution. We also factor in a decrease in our short-term gas price expectations, lower than previously forecast production for FY19 and the removal of the risked value for Biscathorpe-2 exploration. As a result, our RENAV is reduced by 1.2p/share to 11.5p/share. These reductions are partly offset by an increase in our valuation for Resolution ...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.