reports
- Stephane Foucaud
Serica Energy Plc (AIM: SQZ): Another accretive gas acquisition
• Serica is acquiring a Southern North Sea (SNS) asset package from Spirit Energy for ~US$74 mm, with an effective economic date of 1 January 2025. The assets produced 13.5 mboe/d in 1H25 (96% gas) and hold 18.7 mmboe of 2P reserves. Completion is expected in 2H26, with an expected modest cash payment at closing. • Key assets acquired include: (1) a 15% WI in Cygnus, one of the UK’s largest gas fields (operated by Ithaca), contributing 8.6 mmboe net 2P reserves and 4 mboe/d net production, (2) ...
- Stephane Foucaud
AUCTUS ON FRIDAY - 12/12/2025
AUCTUS PUBLICATIONS ________________________________________ Corcel (CRCL LN)C; Target price of 1.40p per share: Equity raise from blue chip new investors bolsters balance sheet ahead of busy 2026 – Corcel has raised £3 mm of new equity at a price of 0.35 p per share from two blue chip new investors. Following the raise, Corcel’s cash balance is expected to reach ~£6 mm by YE25. In addition, Sintana Energy will pay Corcel ~US$2 mm in cash upon closing the acquisition of a 5% interest in KON‑16. ...
GALP GALP ENERGIA SGPS SA CLASS B
GTE GRAN TIERRA ENERGY
EGY VAALCO ENERGY INC.
RKH ROCKHOPPER EXPLORATION
ENI ENI S.P.A.
PXT PAREX RESOURCES INC.
REP REPSOL SA
ALVOF ALVOPETRO ENERGY LTD
SQZ SERICA ENERGY
PHAR PHAROS ENERGY
GKP GULF KEYSTONE PETROLEUM LTD.
ZEN ZENITH ENERGY
BLOE BLOCK ENERGY
BWE BW ENERGY
CRCL CORCEL
HBR HARBOUR ENERGY PLC
KIST KISTOS PLC
PLSR PULSAR HELIUM INC.
- Stephane Foucaud
AUCTUS ON FRIDAY - 28/11/2025
Arrow Exploration (AXL LN/CN)C; Target price of £0.40 per share: Another positive result at Mateguafa Attic – The M-6 vertical well has encountered 30 ft of net oil pay in the Carbonera C9 formation (previously named Guadalupe). This compares favourably with the results of the M-5 well that encountered ~ 26 feet of net oil pay in the same formation. This result provides a strong foundation for the first horizontal well at Mateguafa (M-HZ7), already spudded and expected to come onstream in Decemb...
- Stephane Foucaud
Serica Energy Plc (AIM: SQZ): UK budget neutral for Serica
• Average 3Q25 production was 27.5 mboe/d, comprising 15.4 mboe/d from Bruce, 7.7 mboe/d from Triton, and 4.4 mboe/d from other assets. This performance is in line with expectations, given issues at Triton, that are now solved, were previously flagged. • Production at the Bruce hub is above 20 mboe/d, though output was temporarily curtailed to ~16 mboe/d in October. • Portfolio production had rebounded to once again be over 50,000 boe/d, of which Triton was 25.3 mboe/d ahead of planned subsea wo...
- Stephane Foucaud
AUCTUS ON FRIDAY - 14/11/2025
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.20 per share: A$3.5 mm funding boost ahead of busy activity programme – ADX has raised A$3.5 mm through a new equity placement at A$0.026 per share. Investors in the placement will also receive one option for every two new shares subscribed, exercisable at A$0.039 per share. The capital raise strengthens ADX’s balance sheet ahead of its 2026 work programme and effectively removes the funding ov...
EGY VAALCO ENERGY INC.
TXP TOUCHSTONE EXPLORATION
GENL GENEL ENERGY
SQZ SERICA ENERGY
NTOG NOSTRA TERRA OIL & GAS COMPANY
FEC FRONTERA ENERGY CORP
AOI AFRICA OIL CORP
AXL. ARROW EXPLORATION LTD
TAL PETROTAL (TAL)
RECO RECONNAISSANCE ENERGY AFRICA LTD
ADX ADX ENERGY LTD
CDR CONDOR ENERGIES INC
PLSR PULSAR HELIUM INC.
- Stephane Foucaud
AUCTUS ON FRIDAY - 07/11/2025
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Busy 1H26 – 3Q25 WI sales averaged 251 boe/d, in line with expectations. The company held ~A$4 mm in cash at the end of September, also in line with forecasts. A busy operational period is anticipated in 1H26. Flow testing at Welchau is scheduled to recommence in January, starting with fluid sampling and pressure measurements in the already perforated Reifling formation—the shallo...
GPRK GEOPARK
OMV OMV AG
ENI ENI S.P.A.
PXT PAREX RESOURCES INC.
ALVOF ALVOPETRO ENERGY LTD
PEN PANORO ENERGY ASA
SNM SHAMARAN PETROLEUM CORP.
SQZ SERICA ENERGY
DNO DNO ASA CLASS A
XOM EXXON MOBIL CORPORATION
BP. BP P.L.C.
MAY MELBANA ENERGY LIMITED
DGOC DIVERSIFIED GAS & OIL
BLOE BLOCK ENERGY
KOS KOSMOS ENERGY LTD.
ANGS ANGUS ENERGY
OKEA OKEA
BWE BW ENERGY
CRCL CORCEL
HBR HARBOUR ENERGY PLC
ADX ADX ENERGY LTD
TNZ TENAZ ENERGY CORP
PLSR PULSAR HELIUM INC.
- Stephane Foucaud
Serica Energy Plc (AIM: SQZ): Farm-in transaction boosts upside at Tri...
• Serica has agreed to acquire a 40% interest in Licence P2530 from Finder Energy for an upfront consideration of US$0.65 mm. The licence contains the Wagtail discovery. Should the joint venture proceed to Phase C (commitment to drill, with a decision to be made by the end of August 2026), Serica will pay Finder an additional £0.94 mm. • Wagtail was originally discovered in 1986, encountering an 11-metre net oil column within Fulmar reservoir sandstones. Recent 3D seismic reprocessing suggests t...
- Stephane Foucaud
AUCTUS ON FRIDAY - 24/10/2025
AUCTUS PUBLICATIONS ________________________________________ Condor Energies (CDR CN)C; Target price of C$5.80 per share: Well results derisk the deeper clastic play. The horizontal leg could add 13-20 mmcf/d – Condor’s inaugural well in Uzbekistan has intersected 28.5 meters of net gas pay within the productive carbonate reservoir; which in line with expectations. The company now plans to drill a 1,000-meter horizontal section through this interval, with results anticipated in November. IP rate...
- Stephane Foucaud
Serica Energy Plc (AIM: SQZ): 25 mboe/d net production at Triton
• Triton production has ramped to over 25,000 boed net to Serica. This elevated level of output could be sustained until the commencement of the Bittern pipework in November. • The pace of ramp-up has exceeded forecasts. For 4Q25, we currently model average production at Triton of approximately 7 mboe/d net to Serica. Our FY25 corporate production estimate stands at ~27.5 mboe/d. • Serica remains well-positioned for inorganic growth, supported by a robust balance sheet and substantial tax loss ...
- Stephane Foucaud
Serica Energy Plc (AIM: SQZ): Major potential acquisition
• Serica has agreed to acquire BP’s 32% interest in the P111 and P2544 licences in the Central North Sea. P111 includes the Culzean gas condensate field—the UK North Sea’s largest producing gas asset. • Culzean commenced production in 2019, with remaining net 2P reserves of ~33 mmboe attributable to BP as of 1 January 2025. Net production to BP in 1H25 was 25.5 mboe/d. The remaining interests are held by TotalEnergies (49.99%) and NEO NEXT (18.01%). • The transaction consideration includes an up...
- Stephane Foucaud
AUCTUS ON FRIDAY - 10/10/2025
Please click here to access the financial metrics for Auctus' coverage universe AUCTUS PUBLICATIONS ________________________________________ Serica Energy (SQZ LN)C; Target price of £3.05 per share: Another operational setback at Triton; value and distribution profile intact – Operational issues with the flare system at the Triton FPSO have resulted in a temporary suspension of production. Production is likely to restart shortly at very low rates until the root cause is identified and resolved...
FP TOTAL SE
OMV OMV AG
REP REPSOL SA
ALVOF ALVOPETRO ENERGY LTD
ENW ENWELL ENERGY
AEX AMINEX
RBD REABOLD RESOURCES
VLE VALEURA ENERGY INC.
SQZ SERICA ENERGY
ZPHR ZEPHYR ENERGY
PNOR PETRONOR E&P LTD
J4V VAR ENERGI ASA
BCE BEACON ENERGY PLC
HEVI HELIUM EVOLUTION
UKOG INC. (HEVI)
SHELL UK OIL & GAS PLC
ROYAL DUTCH SHELL
- Stephane Foucaud
Serica Energy Plc (AIM: SQZ): Another operational setback at Triton; v...
• Operational issues with the flare system at the Triton FPSO have resulted in a temporary suspension of production. • Production is likely to restart shortly at very low rates until the root cause is identified and resolved. • In the absence of further clarity, we conservatively assume that Triton production will be constrained until the scheduled Bittern pipeline shutdown in November. • We now forecast 2025 group production of 27.5 mboe/d, revised down from 30.8 mboe/d. • Reflecting the 2025 d...
- Stephane Foucaud
AUCTUS ON FRIDAY - 03/10/2025
AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.40 per share: Dry hole at Mateguafa Oeste but three more prospects to drill – The Mateguafa Oeste was water wet. Our ReNAV for the well was £0.09 per share. We did not carry any production from this prospect in our cash flow forecast. The rig will now move to Mateguafa Attic where the Mateguafa 5 vertical well will be drilled in November. This is a low risk well that is a step out to M...
TLW TULLOW OIL PLC
TXP TOUCHSTONE EXPLORATION
ENI ENI S.P.A.
PXT PAREX RESOURCES INC.
ENW ENWELL ENERGY
SQZ SERICA ENERGY
MATD PETRO MATAD
XOM EXXON MOBIL CORPORATION
BP. BP P.L.C.
ZPHR ZEPHYR ENERGY
JSE JADESTONE ENERGY
CRCL CORCEL
AXL. ARROW EXPLORATION LTD
J4V VAR ENERGI ASA
UKOG UK OIL & GAS PLC
PLSR PULSAR HELIUM INC.
- Stephane Foucaud
Serica Energy Plc (AIM: SQZ): Depth, breadth, and a cash windfall
• Serica is acquiring Prax Upstream from administrators for ~US$26 mm, adding 8–10 mboe/d net production in 2026 and 11 mmboe of 2P reserves, diversifying exposure to a key growth basin. • Prax holds a 100% WI in Lancaster with 2.6 mmbbl 2P oil reserves, 3-4 mbbl/d production forecast in 2026 (given COP in 3Q26). • Prax has also executed two SPAs (closing in 1Q26). Serica will acquire from TotalEnergies a 40% WI in the Greater Laggan Area (GLA), a gas producing hub (4.6 mmboe 2P reserves and 5....
- Stephane Foucaud
AUCTUS ON FRIDAY - 12/09/2025
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Deep dive into Italy – ADX has released further details on its C.R 150.AU permit; located in shallow waters offshore western Sicily, ~50 km from a potential onshore tie-in to the TransMed pipeline, which transports Algerian gas to Europe. While initial efforts centred on the Nilde oil field, ADX has shifted its strategic focus toward gas, reflecting the evidence of high quality ga...
- Stephane Foucaud
AUCTUS ON FRIDAY - 05/09/2025
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Firming-up the exploration portfolio in Austria – ADX has matured its Austrian exploration portfolio following: (1) recent drilling results, (2) licence area modifications, and (3) updated technical evaluations. Excluding the Welchau-1 well drilled in 2024—where resource classification remains pending due to suspended flow testing (following an environmental objection)—ADX has del...
- Stephane Foucaud
Serica Energy Plc (AIM: SQZ): Temporary blip at Triton
• Production at the Triton FPSO is currently running at a reduced rate due to a vibration issue within the compression trains, requiring bearing replacement. Normal output is expected to resume by end-September. Triton achieved net production of over 25,000 boe/d in August using only one compressor. The restart of the second unit could push volumes above this level. • In parallel, subsea intervention work on a pipeline at the Bittern field, originally scheduled for 2026, has been scheduled for N...
- Stephane Foucaud
AUCTUS ON FRIDAY - 15/08/2025
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Formal permit award in Italy adds gas exploration upside – ADX has been formally awarded the C.R150.AU offshore exploration permit in Sicily. The permit has an initial term of 6 years, with the option for 2 additional 3-year renewal periods. In the event of a commercial discovery, an exploitation concession may be granted for 20 years, extendable by a further 10 years. ADX is now ...
- Stephane Foucaud
Serica Energy Plc (AIM: SQZ): High production at Triton. More to come
• Net production at Triton has averaged 20 mboe/d over the past two weeks. This reflects the progressive restart of all the fields, with further upside expected as additional wells are brought online. These include (1) productive wells from Bittern and Gannet E, and (2) newly drilled wells at Guillemot North West and Evelyn, which have yet to commence production. • As a reminder, Serica has a 100% interest in the Evelyn field, and has already stated that the well showed ‘encouraging results’ whe...
- 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
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