reports
- Stephane Foucaud
AUCTUS ON FRIDAY - 08/08/2025
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: High production at Z&G. Low risk exploration drilling in Austria to start in 4Q25/1Q26 – 2Q25 net production of 303 boe/d was higher than our expectations of ~270 boe/d following a 5 well intervention programme at the Zisterdorf and Gaiselberg fields in the Vienna Basin. The programme included (1) repair of subsurface equipment, (2) clean out of a down hole sand control (3) perfor...
EOG EUROPA OIL & GAS (HOLDINGS) PLC
GTE GRAN TIERRA ENERGY
GPRK GEOPARK
EGY VAALCO ENERGY INC.
GENL GENEL ENERGY
ALVOF ALVOPETRO ENERGY LTD
PEN PANORO ENERGY ASA
SNM SHAMARAN PETROLEUM CORP.
VLE VALEURA ENERGY INC.
SQZ SERICA ENERGY
FEC FRONTERA ENERGY CORP
BP. BP P.L.C.
CNE CANACOL ENERGY LTD
KOS KOSMOS ENERGY LTD.
ORC/B ORCA EXPLORATION GROUP CL B
TAL PETROTAL (TAL)
HBR HARBOUR ENERGY PLC
ADX ADX ENERGY LTD
TNZ TENAZ ENERGY CORP
- Stephane Foucaud
Valeura Energy (TSX: VLE): Another impressive acquisition in Thailand
• 2Q25 production of 23.15 mbbl/d and net cash of US$242 mm at the end of June have been previously disclosed. • Valeura’s average production over the first five days of August has increased to 23,150 bbl/d. The company has re-iterated its FY25 guidance including 23-25.5 mbbl/d for production. • With no further corporate tax payable in Thailand for the remainder of 2025, we forecast YE25 net cash to rise to US$310 mm—equivalent to ~45% of the current market cap. The shares continue to offer dee...
- Stephane Foucaud
AUCTUS ON FRIDAY - 01/08/2025
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Operating update – Net production in Austria was 303 boe/d. The company held A$4.8 mm in cash at the end of June. Criterium Energy (CEQ CN)C; Target price of C$0.35 per share: Successful flow test at North-MGH boosts expected 2H26 gas production to 7-10 mmcf/d – The MGH-20 well in the North Mengoepeh (MGH) field tested 2.8 mmcf/d with associated oil. This is a positive surprise a...
QEC QUESTERRE ENERGY CORP.
GTE GRAN TIERRA ENERGY
RKH ROCKHOPPER EXPLORATION
OMV OMV AG
PXT PAREX RESOURCES INC.
SEI. SINTANA ENERGY
VLE VALEURA ENERGY INC.
SQZ SERICA ENERGY
BWE BW ENERGY
SEPLAT SEPLAT ENERGY PLC
SOUC SOUTHERN ENERGY CORP
PXEN PROSPEX ENERGY PLC
CEQ CRITERIUM ENERGY LTD.
NOG NOSTRUM OIL & GAS PLC
PRD PREDATOR OIL & GAS HOLDINGS PLC
ADX ADX ENERGY LTD
MCFNF MCF ENERGY LTD
SHELL ROYAL DUTCH SHELL
- Stephane Foucaud
Valeura Energy (TSX: VLE): Another impressive acquisition in Thailand
• Valeura is acquiring from PTTEP 40% WI in Blocks G1/65 and G3/65 with a combined area of 20,134 km2 and bordering some of the largest gas fields in Thailand (Erawan and Bongkot). The blocks have multiple gas discoveries that could be developed shortly as tie backs to existing infrastructure—positioning Valeura to potentially book its first gas reserves in the near term. Both licences offer oil potential adjacent to Valeura’s current production. • Located immediately south of the Rossukon oil ...
- Stephane Foucaud
AUCTUS ON FRIDAY - 11/07/2025
AUCTUS PUBLICATIONS ________________________________________ New Zealand Energy (NZ CN)C: Equity raise – New Zealand will raise up to C$3 mm of new equity at a price of C$0.18 per share. This includes the settlement of outstanding loans of C$0.3 mm through the issue of ~1.7 mm shares. Valeura Energy (VLE CN)C; Target price of C$12.70 per share: Another strong quarter. FY25 guidance re-iterated – 2Q25 production was 21.4 mbbl/d, which is very close to our forecast (~22 mbbl/d). The company repor...
- Stephane Foucaud
Valeura Energy (TSX: VLE): Another strong quarter. FY25 guidance re-it...
• 2Q25 production was 21.4 mbbl/d, which is very close to our forecast (~22 mbbl/d). • The company reported a net cash position of US$241.9 mm at end-June, significantly above our expected US$210 mm. This reflects both the timing of capital expenditures across 2025 and continued strong operating performance. • Despite a high oil inventory level of 0.93 mmbbl at end-June (vs. 0.89 mmbbl at end-March), the free cash flow was ahead of our expectations. For reference, YE24 inventory stood at 0.64 m...
- Stephane Foucaud
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...
- Stephane Foucaud
Valeura Energy (TSX: VLE): Potential reserves additions following appr...
• Valeura has completed an 8 well drilling programme on Block B5/27. • Two wells at Jasmine C encountered more oil pay than expected. • Two development wells at Ban Yen A are now on production and appraised new reservoirs, adding drilling locations and will likely contribute to reserves when next evaluated at year-end. One of the wells (BYA-35ST1) encountered an oil pay 100% larger than expected. The third well was an appraisal well. It encountered an oil-water contact deeper than expected but t...
- Stephane Foucaud
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 ...
EGY VAALCO ENERGY INC.
TXP TOUCHSTONE EXPLORATION
SEI. SINTANA ENERGY
CHAR CHARIOT OIL & GAS
VLE VALEURA ENERGY INC.
EME EMPYREAN ENERGY
DNO DNO ASA CLASS A
PHAR PHAROS ENERGY
FEC FRONTERA ENERGY CORP
DGOC DIVERSIFIED GAS & OIL
AOI AFRICA OIL CORP
ZPHR ZEPHYR ENERGY
SENX SERINUS ENERGY
ORC/B ORCA EXPLORATION GROUP CL B
CRCL CORCEL
TAL PETROTAL (TAL)
SOUC SOUTHERN ENERGY CORP
CEQ CRITERIUM ENERGY LTD.
CDR CONDOR ENERGIES INC
- Stephane Foucaud
Valeura Energy (TSX: VLE): FID at Wassana adds 8.6 mmbbl 2P reserves
• The 1Q25 production and cash position at the end of March were in line with previous indications. However the adjusted working capital was ~US$15 mm higher than cash given an oil inventory increase of 0.89 mmbbl. • Valeura has taken FID at Wassana (G10/48 licence), resulting in the conversion of 8.6 mmbbl 2C contingent resources into 2P reserves. Wassana’s 2P reserves now stand at 20.5 mmbbl, with the field expected to produce 10 mbbl/d in 2H27, representing almost 45% of FY24 production. • T...
- Stephane Foucaud
AUCTUS ON FRIDAY - 11/04/2025
AUCTUS PUBLICATIONS Arrow Exploration (AXL LN/ CN)C; Target price of £0.70 per share: Stable production, 10% cash increase – Net production is currently exceeding 4.5 mboe/d, consistent with January levels. The CN HZ10 well, located in the northern area of the CN field, commenced production on 31 March, delivering 1,183 bbl/d of oil (591 bbl/d net to Arrow) with a 21% water cut from the Ubaque reservoir. The well is in the process of cleaning up, with the water cut gradually decreasing. The CN ...
OMV OMV AG
REP REPSOL SA
ENW ENWELL ENERGY
SEI. SINTANA ENERGY
VLE VALEURA ENERGY INC.
BP. BP P.L.C.
ZPHR ZEPHYR ENERGY
TAO TAG OIL LTD
AXL. ARROW EXPLORATION LTD
TAL PETROTAL (TAL)
KIST KISTOS PLC
SOUC SOUTHERN ENERGY CORP
PNOR PETRONOR E&P LTD
J4V VAR ENERGI ASA
HEVI HELIUM EVOLUTION
SHELL INC. (HEVI)
CORO ROYAL DUTCH SHELL
CORO ENERGY PLC
- Stephane Foucaud
Valeura Energy (TSX: VLE): Lower oil prices could generate acquisition...
• 1Q25 production averaged 23.9 mboe/d, which is in line with previous indications. This included a planned seven-day annual maintenance shutdown at the Nong Yao field near the end of the quarter. Production resumed on 1 April. • Valeura has re-iterated its FY25 production guidance of 23-25.5 mbbl/d. • FID for the Wassana redevelopment is still anticipated in 2Q25, with first oil expected in early-2027, though the company has indicated that it will "review and optimise its expenditures" given th...
- Stephane Foucaud
AUCTUS ON FRIDAY - 28/03/2025
AUCTUS PUBLICATIONS ________________________________________ Condor Energies (CDR CN)C; Target price of C$5.60 per share: Production rises again. Maiden reserves report. First LNG sales in Kazakhstan on track for 1H26 – YE24 2P reserves in Uzbekistan were estimated at 18.5 mmboe. 4Q24 production was 10,511 boe/d increasing to 12,019 boe/d in March to date and 12,288 boe/d over the past five days. In March, Condor signed a non-binding letter of intent outlining the basic terms and conditions for ...
RKH ROCKHOPPER EXPLORATION
CNE CAIRN ENERGY PLC
REP REPSOL SA
VLE VALEURA ENERGY INC.
DNO DNO ASA CLASS A
PHAR PHAROS ENERGY
XOM EXXON MOBIL CORPORATION
BLOE BLOCK ENERGY
SENX SERINUS ENERGY
OKEA OKEA
RDSA ROYAL DUTCH SHELL PLC
WDS WOODSIDE PETROLEUM LTD
SOUC SOUTHERN ENERGY CORP
ITH ITHACA ENERGY PLC
CDR CONDOR ENERGIES INC
PLSR PULSAR HELIUM INC.
- Stephane Foucaud
Valeura Energy (TSX: VLE): FY24 results in line. Additional reserves e...
• FY24 production, YE24 reserves and YE24 net cash had been reported previously. The FY25 guidance has been re-iterated. • Production in March to date at Manora was 2.9 mbbl/d. • FID for the Wassana redevelopment is still anticipated in early 2Q25, with first oil expected in early-2027. A significant portion of the 10.6 mmbbl low-risk contingent resources at Wassana will be converted into 2P reserves upon FID. • 10 development and appraisal wells are currently planned for the Jasmine field in 2...
- Stephane Foucaud
AUCTUS ON FRIDAY - 14/03/2025
AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.80 per share: Reserves increase showcases FY24 drilling success – YE24 2P and 3P reserves are estimated at 13.6 mmboe and 22.3 mmboe, respectively. This represents an increase of 15% and 25%, respectively vs. YE23. Adding back FY24 production of 1.3 mmboe, the 2024 activity program has added approximately 2.8 mmboe of 2P reserves and 5.3 mmboe of 3P reserves at Tapir (overall increase ...
- Stephane Foucaud
Valeura Energy (TSX: VLE): Investor visit: adding depth and breadth
• Valeura hosted an investor trip to its operations in Thailand earlier this month. The visit underscored three key aspects: (1) the extensive experience of the management team, (2) the strong relationships with Thai authorities, and (3) the substantial breadth of its assets, offering more potential than previously anticipated. • Greg Kulawski, Valeura's COO, brings extensive experience to the company's shallow water operations in Thailand. His previous roles at Shell include Deputy CEO of Sakha...
- Stephane Foucaud
AUCTUS ON FRIDAY - 07/03/2025
GeoPark (GPRK US)C; Target price of US$17 per share: Four new exploration wells at Confluencia Sur – The FY24 production had been reported previously. Gross production in Argentina is approximately 15,000 boe/d and is expected to increase to around 16,000-17,000 boe/d by the end of 2025. The acquisition of the Argentinian assets is anticipated to be completed in late 1Q25 or early 2Q25 pending the regulatory approval of the Neuquen province. While the test results at the three wells drilled at C...
- Stephane Foucaud
Valeura Energy (TSX: VLE): Production boost and likely reserves increa...
• Valeura has drilled three new production wells and two appraisal wells at Manora. Four of these wells are now online, boosting production from 2,144 bbl/d to 2,866 bbl/d. • The results of the A35 and A36 appraisal wells have derisked 3-5 potential future drilling targets. The associated resources were not included in the YE24 reserves estimates and are likely to be booked as reserves, extending the field's life. • The A38 well was completed with an innovative downhole autonomous inflow contro...
- Stephane Foucaud
AUCTUS ON FRIDAY - 14/02/2025
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: New acreage in Austria increases prospect inventory with a focus on low risk, shallow gas - ADX’s acreage in Austria has been modified to include additional near-term, low-risk gas prospects, as well as high-impact, higher-risk opportunities. One focus of the 2025 program is to drill shallow, low-risk, high initial production gas prospects that can be rapidly put into production. ...
- Stephane Foucaud
Valeura Energy (TSX: VLE): 245% Reserves Replacement Ratio. 2C Resourc...
• YE24 2P reserves were estimated at 50 mmbbl (up from 38 mmbbl at YE23). This represents a Reserves Replacement Ratio of 245%, significantly above our expectations of ~100%. • The reserves revision reflects (1) upward revision of STOIIP estimates (the high achieved recovery factors suggest that the volumes initially in place had been underestimated), (ii), positive drilling results which reflect Valeura's application of advanced drilling and completion technologies including geosteering and inf...
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