reports
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 9 December 2025
9th December 2025 @HybridanLLP Our daily digest of news from UK Small Caps * A corporate client of Hybridan LLP. ** Potential means Intention to Float (ITF) or similar announcement has been made. ***Arranged by type of listing and date of announcement. ****Alphabetically arranged and priced on Share Price and Market Capitalisation during the time of writing on the day of Publication. Dish of the Day Admissions: None Delistings: Non...
- Stephane Foucaud
Pharos Energy Plc (LSE: PHAR): Production boost expected by mid 2026
• Year‑to‑date production to 30 November 2025 averaged 5,391 boe/d, comprising 4,074 boe/d in Vietnam and 1,317 boe/d in Egypt. Pharos expects FY25 production to be broadly similar, in line with guidance of 5.2–6.0 mboe/d. • The TGT‑H1 infill well was brought onstream on 20 November. Initial performance is above management’s pre‑drill expectations. While no rate has been disclosed, we note that in 2021 Pharos reported an initial gross rate of 2.2 mbbl/d from a prior TGT well. For modelling purpo...
- 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
Pharos Energy Plc (LSE: PHAR): Kicking off high impact drilling progra...
• Drilling operations have commenced at the TGT-H1 infill well in Vietnam, with results expected within 28 days. This well is anticipated to enhance production ahead of year-end 2025. • This marks the beginning of a six-well drilling campaign across the TGT and CNV fields, utilizing two rigs operating in parallel. Four wells are planned at TGT. Following TGT-H1, Pharos will proceed with the H5 infill well. Subject to favorable weather conditions, drilling of the TGT-18X appraisal well—targeting ...
- Stephane Foucaud
AUCTUS ON FRIDAY - 26/09/2025
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Favourable court ruling allows Welchau testing operations to resume – The Upper Austrian State Administrative Court has rejected objections from environmental activist groups regarding drilling and testing at Welchau. The court confirmed that Environmental Clearances were issued in full compliance with applicable regulations. ADX is now authorized to resume operations at the Welch...
- Hybridan Team
Hybridan Small Cap Feast: 24/09/2025
Our daily digest of news from UK Small Caps 24th September 2025 @HybridanLLP * A corporate client of Hybridan LLP. ** Potential means Intention to Float (ITF) or similar announcement has been made. ***Arranged by type of listing and date of announcement. ****Alphabetically arranged and priced on Share Price and Market Capitalisation during the time of writing on the day of Publication. Dish of the day Admissions: None Delistings: ...
SEE SEEING MACHINES
TIME TIME FINANCE
SSTY SAFESTAY
HVO HVIVO
CLP CLEAR LEISURE
PHAR PHAROS ENERGY
AXS ACCSYS TECHNOLOGIES
DCTA DIRECTA PLUS
N4P N4 PHARMA
MTEC THE ARTISANAL SPIRITS COMPANY
ART MADE TECH GROUP PLC
CDGP ARTISANAL SPIRITS COMPANY PLC(THE)
CRDL CHAPEL DOWN GROUP PLC
DNM CORDEL GROUP PLC
HEMO DIANOMI PLC
TAP HEMOGENYX PHARMACEUTICALS PLC
INT TAP GLOBAL GROUP
MAST INTELLEGO TECHNOLOGIES AB
SWT MAST ENERGY DEVELOPMENTS PLC
SWITCH METALS PLC
- Stephane Foucaud
Pharos Energy Plc (LSE: PHAR): Largest Vietnam drilling programme sinc...
• 1H25 production of 5,642 boe/d and net cash of US$22.6 mm at the end of June had been reported previously. • 1H25 operating cashflow was US$16.1 mm, exceeding our forecast of US$13.4 mm, driven by stable output at TGT—Pharos’ most profitable asset. • The FY25 production guidance range has been narrowed from 5.0-6.2 mboe/d to 5.2-6.0 mboe/d. We forecast ~5.6 mboe/d. • Egyptian receivables currently stand just above US$30 mm, down from US$33.5 mm at end-June, following a US$5.6 mm payment recei...
- Hybridan Team
Hybridan Small Cap Feast: 23/09/2025
23rd September 2025 @HybridanLLP * A corporate client of Hybridan LLP. ** Potential means Intention to Float (ITF) or similar announcement has been made. ***Arranged by type of listing and date of announcement. ****Alphabetically arranged and priced on Share Price and Market Capitalisation during the time of writing on the day of Publication. Dish of the day Admissions: None Delistings: None What’s baking in the oven? Potential** Init...
- Stephane Foucaud
Pharos Energy Plc (LSE: PHAR): Better terms for Egypt licences
• Pharos and IPR have received approval from EGPC's Executive Board for the consolidation of the El Fayum and NBS concession agreements. Pharos retains its 45%. • The new consolidated concession carries a term of up to 20 years—comprising an initial 15-year period and a five-year extension—valid through 2045 (previously 2034 for El Fayum and 2043 for NBS). • The agreement includes three newly awarded exploration areas. Development leases awarded from these areas will have up to a 30-year term th...
- Stephane Foucaud
AUCTUS ON FRIDAY - 18/07/2025
AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.70 per share: AB wells deliver flow rates above expectations – Current production ranges between 4,600 and 4,800 bbl/d driven by strong performance from two new horizontal wells at Alberta Llanos (AB). AB-HZ5, onstream for ~2 weeks, is producing 1,790 bbl/d (895 bbl/d net to Arrow), while AB-HZ4, online for over a month, continues to produce 880 bbl/d (440 bbl/d net). Both wells are ou...
EQNR EQUINOR ASA
GPRK GEOPARK
OMV OMV AG
TXP TOUCHSTONE EXPLORATION
GENL GENEL ENERGY
SEY STERLING ENERGY PLC
ENI ENI S.P.A.
SEI. SINTANA ENERGY
PEN PANORO ENERGY ASA
ENQ ENQUEST PLC
SNM SHAMARAN PETROLEUM CORP.
PHAR PHAROS ENERGY
GKP GULF KEYSTONE PETROLEUM LTD.
ZEN ZENITH ENERGY
BP. BP P.L.C.
CNE CANACOL ENERGY LTD
ZPHR ZEPHYR ENERGY
OKEA OKEA
JSE JADESTONE ENERGY
BWE BW ENERGY
CRCL CORCEL
AXL. ARROW EXPLORATION LTD
TAL PETROTAL (TAL)
- Hybridan Team
- Stephane Foucaud
Pharos Energy Plc (LSE: PHAR): Operations on track. Six well drilling ...
• 1H25 production was 5,642 boe/d, broadly in line with our expectations of ~5,800 boe/d. This also compares well with production of 5,757 boe/d from January to April. • Production in Vietnam remained stable at 4,183 boe/d in 1H25, compared to 4,216 boe/d over the January–April period. • The company has reiterated its full-year production guidance of 5.0–6.2 mboe/d, with capital expenditure expected to range between US$33–40 mm. • The key near term newsflow remains the drilling programme in Vie...
- Stephane Foucaud
AUCTUS ON FRIDAY - 13/06/2025
AUCTUS PUBLICATIONS ________________________________________ Arrow Energy (AXL LN/CN)C; Target price of £0.70 per share: Share buyback programme – Arrow has announced a share buyback programme for up to £2.7 mm worth of shares, representing 5% of the company’s public float. This highlights the strength of the business and the cashflow. Pharos Energy (PHAR LN)C; Target price of £0.45 per share: Licence extension in Vietnam – The exploration period on Blocks 125 & 126 has been extended by two ye...
- 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
Pharos Energy Plc (LSE: PHAR): High impact drilling in Vietnam in 4Q25...
• Production from January to April 2025 was 5,757 boe/d, comprising 4,216 boe/d from Vietnam and 1,541 bbl/d from Egypt. This is consistent with the FY25 production guidance of 5.0-6.2 mboe/d, which has been reaffirmed. • In Egypt, receivables increased from US$29.5 million at year-end 2024 to US$31.7 mm by the end of April. However, the company has received US$4.9 mm from EGPC over the same period. Pharos held US$22 mm in cash at the end of April, in line with our expectations. • The FY25 capex...
- Hybridan Team
Hybridan Small Cap Feast: 15/05/2025
Our daily digest of news from UK Small Caps 15th May 2025 @HybridanLLP * A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) or similar announcement has been made ***Arranged by type of listing and date of announcement ****Alphabetically arranged Dish of the day Admissions: None Delistings: Alliance Pharma (APH.L) and Zytronic (ZYT.L) delisted today from AIM. What’s baking in the oven? Potential** Init...
- 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
Pharos Energy Plc (LSE: PHAR): Return to production growth in Vietnam
• FY24 production and YE24 net cash have already been reported. • The FY25 production guidance of 5.0-6.2 mboe/d is unchanged. However the highlight of the press release is the upcoming programme in Vietnam. • The FY25 capex guidance has increased to US$37–66 mm, up from the previous US$33 mm. The minimum programme includes drilling the TGT appraisal commitment well (18X) and procuring long-lead items for three TGT infill wells and two CNV wells (one appraisal well, 5X, and one infill well), sc...
- 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
Pharos Energy Plc (LSE: PHAR): MOU with EGPC in Egypt to improve terms...
• Pharos and IPR have signed a non-binding MOU with EGPC to use their best efforts to conclude negotiations for the merger of the El Fayum and North Beni Suef Concession Agreements. • While there is limited information at this stage, this is an important step that would unlock further investment through better fiscal terms and longer licence duration. • The El-Fayum licence has a current expiry date of 2034 (including a 5 year extension), with 9 years remaining. A typical new licence in Egypt h...
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