reports
- 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
Serica Energy Plc (AIM: SQZ): Triton ramp-up to full production delaye...
• Following the July production restart at Triton FPSO, ramp-up to the steady-state plateau of has been delayed into August. With Bittern now back online and Evelyn and Gannet expected to follow shortly, net production at Triton is set to reach 25 mboe/d in the near future. • It is expected that the production plateau will exceed this level once the new wells are then brought onstream later in August. • The delay has not resulted in any incremental costs. • Production from other assets remains r...
- Stephane Foucaud
AUCTUS ON FRIDAY - 25/07/2025
AUCTUS PUBLICATIONS ________________________________________ New Zealand Energy (NZE CN)C; Target price of C$1.70 per share: Equity raise to progress Tariki gas storage – New Zealand Energy (NZE) has raised C$3 mm of new equity priced at C$0.18 per share. The proceeds of the raise will fund the desktop studies required to prepare the field development plan, derisking the gas storage project ahead of expected monetization within the next 12 months. It will also fund the repayment of the convertib...
- Stephane Foucaud
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...
Serica Energy: 1 director
A director at Serica Energy bought 45,000 shares at 161p and the significance rating of the trade was 63/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly show...
- Stephane Foucaud
Serica Energy Plc (AIM: SQZ): Start up at Triton in line with expectat...
• Repairs and scheduled maintenance work on the Triton FPSO have been completed, and the restart process for production operations is now underway. • This is consistent with the management’s indicated timing of “around end of June” as stated in the AGM update. • Production is expected to ramp up progressively, reaching steady-state levels later in July. • No further shutdowns are planned for Triton in 2025. We continue to anticipate 2H25 production in the range of 41–47 mboe/d. Before shutdown, ...
- Stephane Foucaud
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...
TLW TULLOW OIL PLC
EGY VAALCO ENERGY INC.
CNE CAIRN ENERGY PLC
PANR PANTHEON RESOURCES
PEN PANORO ENERGY ASA
SAVE SAVANNAH ENERGY
SQZ SERICA ENERGY
FEC FRONTERA ENERGY CORP
ENOG ENERGEAN PLC
ANGS ANGUS ENERGY
JSE JADESTONE ENERGY
PNOR PETRONOR E&P LTD
ITH ITHACA ENERGY PLC
NOG NOSTRUM OIL & GAS PLC
ADX ADX ENERGY LTD
AST ASCENT RESOURCES PLC
HEX HELIX EXPLORATION PLC
- Stephane Foucaud
Serica Energy Plc (AIM: SQZ): Another very good well result. Triton on...
• From January to April 2025, production averaged 26.5 mboe/d. This is consistent with 1Q25 production of 27.6 mboe/d, which benefited from one month of output from Triton. • Repairs at Triton have been completed, and production remains on track to restart in June. The FY25 production guidance of 33–37 mboe/d, with US$220–250 mm in capex, has been reaffirmed. Assuming 2Q25 production of 25 mboe/d (excluding Triton), this implies 2H25 production of 41–47 mboe/d. • The BE01 well (SQZ: 100% WI) has...
- Stephane Foucaud
AUCTUS ON FRIDAY - 09/05/2025
AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; Target price of NOK49 per share: ~12 mbbl/d in 1Q25. Re-iterating FY25 guidance – 1Q25 production was ~12 mbbl/d, including 6,841 bbl/d in Gabon, 3,661 bbl/d in Equatorial Guinea and 1,492 bbl/d in Tunisia. Production in Gabon and Equatorial Guinea was previously reported by BW Energy and Kosmos Energy. Equatorial Guinea output was temporarily impacted by unplanned downtime at the Ceiba Cluster, but operations ...
EQNR EQUINOR ASA
GPRK GEOPARK
MSMN MOSMAN OIL AND GAS
CNE CAIRN ENERGY PLC
TXP TOUCHSTONE EXPLORATION
GENL GENEL ENERGY
MUR MURPHY OIL CORPORATION
PXT PAREX RESOURCES INC.
PEN PANORO ENERGY ASA
SNM SHAMARAN PETROLEUM CORP.
SQZ SERICA ENERGY
ZPHR ZEPHYR ENERGY
KOS KOSMOS ENERGY LTD.
BWE BW ENERGY
HBR HARBOUR ENERGY PLC
IGAS IGAS ENERGY PLC
TNZ TENAZ ENERGY CORP
- Hybridan Team
Hybridan Small Cap Feast: 08/05/2025
Claire Louise Noyce Managing Partner, Chief Executive Birchin Court, 20 Birchin Lane, London EC3V 9DU Tel direct: +44 (0)203 764 2341 Mobile: +44 (0)7894 267 530 Call me on teams E-mail: Whilst it suits me to email now, I do not expect any response outside your own work times. Linkedin: /in/claire-louise-noyce-25b4588a Website: Follow us on X @hybridanllp Follow us on Linkedin Hybridan LLP would love your feedback. Post ...
Capricorn Energy: 1 director
A director at Capricorn Energy bought 164,274 shares at 239p and the significance rating of the trade was 65/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly ...
- Stephane Foucaud
Serica Energy Plc (AIM: SQZ): Catalysts ahead
• The envisaged merger between EnQuest and Serica is not proceeding at this time. Given the drop in Brent since the potential transaction leaked on 7 March, this outcome is unsurprising. Given Serica’s prospects as a standalone company, there was no imperative for the company to force a deal. There are multiple catalysts to the share price in the coming months. • Production at Triton is expected to restart in June. With the W7Z well on the Guillemot North West field (Serica: 10%) and the EV02 we...
- 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
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
- Stephane Foucaud
AUCTUS ON FRIDAY - 21/02/2025
AUCTUS PUBLICATIONS ________________________________________ Condor Energies (CDR CN)C; Target price of C$5.60 per share: Very high flow rate at bypassed zone boosts production and unlocks reserves - A potential bypassed 60 m gas pay section, identified using advanced cased-hole logging tools and reprocessed existing 3-D seismic data, was put in production over a 23 m perforated interval at a rate of 1,100 boe/d, increasing to 1,300 boe/d over the past five days as the completion fluid has been ...
SEY STERLING ENERGY PLC
MUR MURPHY OIL CORPORATION
ENI ENI S.P.A.
REP REPSOL SA
BOR BORDERS & SOUTHERN PETROLEUM PLC
PANR PANTHEON RESOURCES
BPV BAHAMAS PETROLEUM CO. PLC
SQZ SERICA ENERGY
PHAR PHAROS ENERGY
DGOC DIVERSIFIED GAS & OIL
ZPHR ZEPHYR ENERGY
CRCL CORCEL
TAL PETROTAL (TAL)
WDS WOODSIDE PETROLEUM LTD
PNOR PETRONOR E&P LTD
ITH ITHACA ENERGY PLC
Z29 029 GROUP SE
CDR CONDOR ENERGIES INC
PLSR PULSAR HELIUM INC.
- Stephane Foucaud
Serica Energy Plc (AIM: SQZ): Triton shut down until March: frustratin...
• Production at Triton has been suspended due to issues caused by Storm Éowyn, which resulted in minor damage to one of the cargo tanks. While preparing to conduct repairs, an integrity issue with a coupling in the inert gas line required for purging the tanks was identified. The FPSO remains offline pending identification of the root cause. • Production is now expected to restart in mid to late March, but the summer maintenance shutdown could also be longer than the expected 40 days as further ...
- Stephane Foucaud
AUCTUS ON FRIDAY - 31/01/2025
AUCTUS PUBLICATIONS ________________________________________ Corcel (CRCL LN)C; Target price of 1.00p per share: Restarting intervention activities at Tobias field -Intervention activities will soon restart at the Tobias-13 and Tobias-14 wells on Block KON-11, aiming to re-establish production at the Tobias field. Discovered in 1961, the Tobias field initially had an estimated 94 mmbbl of oil in place. Twelve wells were drilled, with eight producers reaching peak production of 17.5 mbbl/d. The T...
TLW TULLOW OIL PLC
CNE CAIRN ENERGY PLC
GENL GENEL ENERGY
CAD CADOGAN PETROLEUM
DGOC DIVERSIFIED GAS & OIL
OKEA OKEA
BWE BW ENERGY
CRCL CORCEL
RECO RECONNAISSANCE ENERGY AFRICA LTD
NOG NOSTRUM OIL & GAS PLC
J4V VAR ENERGI ASA
SHELL ROYAL DUTCH SHELL
CNECN CANACOL
PLSR PULSAR HELIUM INC.
- Stephane Foucaud
AUCTUS ON FRIDAY - 24/01/2025
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Historic permit award in Italy opens a new growth area - ADX has been offered and accepted the “d 363 C.R-.AX” permit in the Sicily Channel, offshore Italy, covering a maximum area of 346 km2. ADX applied for the permit in 2018, but the moratorium on awarding new exploration blocks in Italy was only lifted last year. ADX will become a licensed operator in Italy as well as Austria ...
GPRK GEOPARK
EGY VAALCO ENERGY INC.
SEY STERLING ENERGY PLC
ENW ENWELL ENERGY
IOX INTEROIL EXPLORATION & PRODUCTION ASA
PANR PANTHEON RESOURCES
ENQ ENQUEST PLC
SAVE SAVANNAH ENERGY
SQZ SERICA ENERGY
PHAR PHAROS ENERGY
NTOG NOSTRA TERRA OIL & GAS COMPANY
GKP GULF KEYSTONE PETROLEUM LTD.
ENOG ENERGEAN PLC
ZPHR ZEPHYR ENERGY
OKEA OKEA
JSE JADESTONE ENERGY
HBR HARBOUR ENERGY PLC
CEQ CRITERIUM ENERGY LTD.
PRD PREDATOR OIL & GAS HOLDINGS PLC
ADX ADX ENERGY LTD
J4V VAR ENERGI ASA
SHELL ROYAL DUTCH SHELL
HEX HELIX EXPLORATION PLC
- Stephane Foucaud
Serica Energy Plc (AIM: SQZ): 40 mboe/d production in 2025. Expect gen...
• FY24 production of 34.6 mboe/d had been reported previously. • The GE-05 well (Serica WI: 100%) has been brought into production at a stable rate of 6 mbbl/d after having flowed 9 mbbl/d on test. This exceeds our estimate of 3 mbbl/d. The recent B6 well had a net IP rate of over 5 mboe/d (~8 mboe/d gross) when brought online. • YE24 net debt was US$71 mm; which is below our estimate of US$105 mm. The company expects an additional US$12 mm cash inflow from a December lifting post YE24 (to be re...
- Stephane Foucaud
AUCTUS ON FRIDAY - 10/01/2025
AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/ CN)C; Target price of £0.80 per share: Flow rate in line with expectations at AB-1. Two more appraisal wells in January - The AB-1 (Alberta Llanos) exploration well is now on production at an oil rate of 658 bbl/d gross (329 bbl/d net) with 49% water cut from 62 feet of net pay in the Ubaque. The IP rate is in line with the expectations set out in the company’s September corporate presentation (321 bbl/d net)...
ALVOF ALVOPETRO ENERGY LTD
SEI. SINTANA ENERGY
TRP TOWER RESOURCES PLC
VLE VALEURA ENERGY INC.
SQZ SERICA ENERGY
DGOC DIVERSIFIED GAS & OIL
ZPHR ZEPHYR ENERGY
CORO CORO ENERGY
AXL. ARROW EXPLORATION LTD
TAL PETROTAL (TAL)
KIST KISTOS PLC
PNOR PETRONOR E&P LTD
SHELL ROYAL DUTCH SHELL
PLSR PULSAR HELIUM INC.
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