reports
- Steffen Evjen
- Stephane Foucaud
Panoro Energy ASA (OSE: PEN): Material discovery in Gabon
• The Bourdon exploration well has encountered approximately 34 metres of net oil pay within a 45-metre column in the Gamba reservoir formation, representing the largest hydrocarbon column discovered to date at Dussafu. • Prior to drilling, Bourdon was expected to hold around 5.1 mmbbl prospective resources, net to Panoro’s WI • An appraisal side-track could be drilled to better assess the size of the discovery. Depending on the extent of the find, it could be developed as either a subsea tieb...
- ABGSC Energy Research
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Njål Kleiven
- Stian Wibstad
- ABGSC Oil & Oil Services Research
- John Olaisen
- Oliver Dunvold
- 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...
DNO to Acquire Sval Energi in Transformative Transaction; Quadruples N...
DNO to Acquire Sval Energi in Transformative Transaction; Quadruples North Sea Output Oslo, 7 March 2025 – DNO ASA, the Norwegian oil and gas operator, today announced it has reached agreement to acquire 100 percent of the shares of Sval Energi Group AS from HitecVision for a cash consideration of USD 450 million based on an enterprise value of USD 1.6 billion. The Sval Energi assets are complementary to DNO’s North Sea portfolio and will add scale and diversification to solidify the Company’s position as a leading listed European independent oil and gas company. The acquisition will be fi...
DNO Participates in Mistral Discovery; Eyes Quick Tieback
DNO Participates in Mistral Discovery; Eyes Quick Tieback Oslo, 5 March 2025 – DNO ASA, the Norwegian oil and gas operator, today confirmed a gas/condensate discovery on the Mistral prospect in the Norwegian Sea license PL1119 in which the Company’s wholly-owned subsidiary DNO Norge AS recently acquired a 10 percent interest. The well encountered a 45-meter hydrocarbon column with good reservoir properties in the Garn Formation. Preliminary estimates of gross recoverable resources encountered are in the range of 19-44 million barrels of oil equivalent. In addition to DNO, license partners ...
- Steffen Evjen
- Steffen Evjen
US shale: resilient growth in 2025e
Based on our Q4 survey of US shale companies, we expect continued efficiency gains, productivity improvements, and operational synergies from consolidation to drive ~5% YOY liquids production growth in 2025, broadly in line with 2024 levels. This is despite an estimated 5% YOY decline in capex, indicating that production is expanding steadily without a corresponding increase in activity. The combination of rising production and declining capex is likely to drive down breakeven levels, strengthen...
- ABGSC Energy Research
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Njål Kleiven
- Stian Wibstad
- Steffen Evjen
Weekly news, topics & discussion
This week, Panoro Energy reported Q4 results and 2025 guidance in line with expectations. While production may trend towards the lower end of the guided 11–13kboed, the stock’s ~30% NAV discount suggests solid execution could drive a re-rating. Meanwhile, BlueNord expects to complete the Tyra completion test by mid-March, having already surpassed the 34.0kboed gas export threshold – a key milestone that would enable shareholder distributions. In exploration, Vår Energi announced a ~13–45mmboe di...
- Stephane Foucaud
AUCTUS ON FRIDAY - 28/02/2025
AUCTUS PUBLICATIONS ________________________________________ Condor Energies (CDR CN)C; Target price of C$5.60 per share: 2nd success at bypassed carbonate formation intervals boosts production to >12 mboe/d - Condor has successfully perforated and brought online bypassed carbonate formations at a second well. As a result, production has increased from 11,455 boe/d reported last week to an average of 12,004 boe/d over the last six days. Using a combination of legacy data and reprocessed 3-D seis...
GTE GRAN TIERRA ENERGY
GPRK GEOPARK
CVX CHEVRON CORPORATION
ENI ENI S.P.A.
ALVOF ALVOPETRO ENERGY LTD
SEI. SINTANA ENERGY
CASP CASPIAN SUNRISE
PEN PANORO ENERGY ASA
SQZ SERICA ENERGY
AOI AFRICA OIL CORP
KOS KOSMOS ENERGY LTD.
ORC/B ORCA EXPLORATION GROUP CL B
JSE JADESTONE ENERGY
CRCL CORCEL
PXEN PROSPEX ENERGY PLC
ATOM ATOME ENERGY PLC
IGAS IGAS ENERGY PLC
J4V VAR ENERGI ASA
BP. BP PLC
HEVI HELIUM EVOLUTION
CDR INC. (HEVI)
CNECN CONDOR ENERGIES INC
CANACOL
- ABGSC Energy Research
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Njål Kleiven
- Oliver Dunvold
- Stian Wibstad
- ABGSC Oil & Oil Services Research
- John Olaisen
- Oliver Dunvold
- Steffen Evjen
Panoro Energy (Buy, TP: NOK38.00) - In line should be enough
The Q4 results were in line with our estimates and consensus, as was the 2025 production and capex guidance, although the partner and operator guidance suggest production may trend towards the lower end of the 11–13kboed range (we forecast 12kboed). Over the past three years, actual production has ended 5–10% below the initial guidance; hence, with the stock trading at a ~30% discount to NAV, we believe solid execution could restore investor confidence and support a re-rating. We reiterate our B...
- Stephane Foucaud
Panoro Energy ASA (OSE: PEN): Increasing shareholder distributions to ...
• FY24 production, YE24 cash and debt had been reported previously. • FY25 production is expected to be 11-13 mbbl/d with only US$35 mm capex. We have trimmed our production forecast from 13.1 mbbl/d to 12.5 mbbl/d and our capex estimates from US$40 mm to US$35 mm. • The highlight of the announcement is the significant increase in shareholder distributions. Panoro has declared a NOK80 mm dividend for 4Q24, up from NOK50 mm in 3Q24. In 2025, Panoro plans to distribute NOK500 mm, including quarter...
- Steffen Evjen
- ABGSC Energy Research
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Njål Kleiven
- Oliver Dunvold
- Stian Wibstad
- ABGSC Oil & Oil Services Research
- John Olaisen
- Oliver Dunvold
- ABGSC Energy Research
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Njål Kleiven
- Oliver Dunvold
- Stian Wibstad
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