reports
- Stephane Foucaud
Pharos Energy Plc (LSE: PHAR): Five year licence extension adds reserv...
• The TGT and CNV licenses in Vietnam have been extended by five years, to December 2031 and December 2032, respectively. In return, Pharos' working interest in the licenses is reduced from 30.5% to 25.3% for TGT and from 25% to 20% for CNV. • This extension is significant for Pharos as it unlocks approximately 5.7 mmboe of resources and immediately adds 0.8 mmboe of 2P reserves. • The extension allows Pharos to convert approximately 0.8 mmboe from the 2C category to 2P reserves. Pharos' year-en...
- Stephane Foucaud
AUCTUS ON FRIDAY - 06/12/2024
AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN)C; Target price of £0.08 per share: US$100 mm guarantees highlight the value of the South Africa energy trading business - British International Investment (BII) and GuarantCo have announced a US$100 mm guarantee finance facility for Etana Energy, the South African electricity trading platform which is owned and was co-founded by Chariot (49%) and H1 Holdings (51%). Etana is one of the few companies holding an electric...
GPRK GEOPARK
A2PAZ7 TETHYS PETROLEUM
GENL GENEL ENERGY
CUE CUE ENERGY RESOURCES
SEI. SINTANA ENERGY
CHAR CHARIOT OIL & GAS
PEN PANORO ENERGY ASA
SAVE SAVANNAH ENERGY
SQZ SERICA ENERGY
DNO DNO ASA CLASS A
PHAR PHAROS ENERGY
CNE CANACOL ENERGY LTD
ZPHR ZEPHYR ENERGY
SDX SDX ENERGY
TAL PETROTAL (TAL)
ORCA ORCADIAN ENERGY PLC
SHELL ROYAL DUTCH SHELL
- Stephane Foucaud
Pharos Energy Plc (LSE: PHAR): Delivering on expectations. Continued p...
• Production from January to the end of November 2024 was 5,760 boe/d. This is line with our expectations. • FY24 production is expected to be around the same level. This is in line with our forecasts and within the FY24 production guidance range of 5.2-6.5 mboe/d. • The new wells at TGT are also performing in line with expectations and production in Vietnam from January to the end of November was 4,324 boe/d. This is in line with our forecasts. • The approval of the 5 year extension to the TG...
- Stephane Foucaud
AUCTUS ON FRIDAY - 20/09/2024
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX CN)C; Target price A$0.75 per share: Production boost at Anshof in October – The ANS-2A sidetrack well has encountered a 6.5 m net vertical oil column in high quality Eocene-aged sandstone reservoir. The reservoir quality encountered at ANS-2A is consistent with ANS-2 (porosity and permeability ~20% higher than at ANS-3). The oil-water contact was encountered very close to the top of the water wet reservoir encountered ...
- Stephane Foucaud
Pharos Energy Plc (LSE: PHAR): Very strong financials. Busy drilling p...
• 1H24 production of 5,851 boe/d had been reported previously. • Pharos has re-iterated its FY24 production guidance of 5.2-6.5 mboe/d. The company expects to spend US$26 mm (net) capex in 2024 (US$27 mm previously). • The highlight of this announcement is the strong financials. While the net cash of US$17.5 mm at the end of June is in line with what had been reported previously, the 1H24 operating cashflow had been negatively impacted by an inventory build of ~US$12 mm. This implies that the ne...
- Stephane Foucaud
AUCTUS ON FRIDAY - 19/07/2024
Condor Energies (CDR CN)C: Signing first LNG framework agreement in Kazakhstan – Condor has signed a first LNG Framework Agreement for the utilization of LNG to fuel Kazakhstan’s rail locomotives. The agreement was also signed by Kazakhstan Temir Zholy (KTZ), the national railway operator of Kazakhstan and Wabtec Corporation, a U.S. based locomotive manufacturer with existing facilities in Kazakhstan. KTZ and Wabtec previously signed a memorandum of understanding which includes modernization wor...
- Stephane Foucaud
AUCTUS ON FRIDAY - 31/05/2024
AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/AXL CN)C; target price of £0.65 per share: All eyes on the first horizontal well at Carrizales Norte – The 1Q24 production of 2,730 boe/d was close to our expectations. Arrow’s cash position of US$11.6 mm was also in line. The first water disposal well at RCE is being brought into production and the conversion of the CN-4 well is currently waiting regulatory approval. These two disposal wells are very importa...
DETNOR AKER BP ASA
MRO MARATHON OIL CORPORATION
GTE GRAN TIERRA ENERGY
EGY VAALCO ENERGY INC.
CHAR CHARIOT OIL & GAS
ENQ ENQUEST PLC
NOG NOSTRUM OIL & GAS PLC
VLE VALEURA ENERGY INC.
PHAR PHAROS ENERGY
MAHA A MAHA ENERGY
ZPHR ZEPHYR ENERGY
AXL. ARROW EXPLORATION LTD
SOUC SOUTHERN ENERGY CORP
LBE LONGBOAT ENERGY PLC
J4V VAR ENERGI ASA
LNGE LNG ENERGY GROUP CORP.
IAECN ITHACA ENERGY
- Stephane Foucaud
Pharos Energy Plc (LSE: PHAR): Net cash up by ~US$21.5 mm in four mont...
• Production from January to the end of April was 5,755 boe/d including 4,347 boe/d in Vietnam and 1,408 bbl/d in Egypt. This is in line with the company FY24 guidance of 5.2-6.5 mboe/d including 3.9-5.0 mbpoe/d in Vietnam and 1.3-1.5 mbbl/d in Egypt. • The FY24 capex guidance is unchanged. The key near term news flow remains the farm-out of an interest in Blocks 125 & 126 in Vietnam. Several interested farm-in parties are awaiting confirmation of timing of a rig slot and clarity on the well co...
Hybridan Small Cap Feast - 03 May 24
3rd May 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: TheWorks (WRKS.L) has transferred to AIM from the Premium Segment of the Main Market. Electric Guitar (ELEG.L) has transferred to AIM from the Standard Segment of the Main Market. Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Tak...
- Stephane Foucaud
AUCTUS ON FRIDAY - 28/03/2024
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Logging results at Welchau further derisk the discovery – The logging program has confirmed open fracture networks and vuggy porosity (matrix porosity) essential for well productivity coincident with hydrocarbon shows between 1346 m and 1702 m measured depth. This represents 356 m of gross interval across three interpreted lithological sequences. This compares with only 115 m of l...
CNE CAIRN ENERGY PLC
GENL GENEL ENERGY
ENI ENI S.P.A.
CASP CASPIAN SUNRISE
ENQ ENQUEST PLC
VLE VALEURA ENERGY INC.
EME EMPYREAN ENERGY
PHAR PHAROS ENERGY
PMG PARKMEAD GROUP
XOM EXXON MOBIL CORPORATION
ZPHR CANACOL ENERGY LTD
TETY ZEPHYR ENERGY
CORO TETHYS OIL AB
CRCL CORO ENERGY
AXL. CORCEL
I3E ARROW EXPLORATION LTD
BCOW I3 ENERGY
ITH 1895 BANCORP OF WISCONSIN INC
MEN ITHACA ENERGY PLC
PLSR CN MOLECULAR ENERGIES PLC
ADX PULSAR HELIUM INC.
ADX ENERGY LTD
- Stephane Foucaud
Pharos Energy Plc (LSE: PHAR): Re-iterating guidance. Dividend up by 1...
• FY23 production and YE23 net debt had already been reported. Pharos has re-iterated its FY24 guidance of 5.2-6.5 mboe/d (3.9-5.0 mboe/d in Vietnam plus 1.3-1.5 mbbl/d in Egypt) with net capex of US$27.1 mm. • In 2H24, Pharos plans to commence a two well drilling programme at TGT (Vietnam) and to start the development of NBS SW (Egypt). • The environment in Egypt is improving. Pharos has received a payment of ~US$10 mm from EGPC, reducing receivables from ~US$37 mm at YE23 to ~US$30 mm at the e...
- Stephane Foucaud
Auctus on Friday - 19/01/2024
AUCTUS PUBLICATIONS ________________________________________ GeoPark (GPRK US)C; target price of US$24 per share: Further exploration success in Colombia – The Perico-1 exploration well at CPO-5 encountered hydrocarbons in the Barco (Guadalupe) formation. The well is currently producing 650 bbl/d of 14 deg API oil with 8% water cut. This is an important well that confirms the extension of the Llanos-34 Guadalupe play into CPO-5 and is probably derisking further prospects. This is the fifth disco...
EOG EUROPA OIL & GAS (HOLDINGS) PLC
GPRK GEOPARK
EGY VAALCO ENERGY INC.
PXT PAREX RESOURCES INC.
REP REPSOL SA
ENW ENWELL ENERGY
VLE VALEURA ENERGY INC.
DNO DNO ASA CLASS A
PHAR PHAROS ENERGY
DELT DELTIC ENERGY
ENOG ENERGEAN PLC
TETY TETHYS OIL AB
JSE JADESTONE ENERGY
HBR HARBOUR ENERGY PLC
RDSA ROYAL DUTCH SHELL PLC
SOUC SOUTHERN ENERGY CORP
TCF TRILLION ENERGY INTERNATIONAL INC. (TCF)
LBE LONGBOAT ENERGY PLC
PLSR CN PULSAR HELIUM INC.
MAHA-A MAHA ENERGY AB
- Stephane Foucaud
Pharos Energy Plc (LSE: PHAR): Reducing net debt by a further US$10 mm
• FY23 production was 6,508 boe/d, which is the middle of the production guidance of 6.35-6.75 mboe/d. This includes 5,127 boe/d for Vietnam (guidance of 5.0-5.3 mboe/d) and 1,381 boe/d in Egypt (guidance of 1.35-1.45 mbbl/d). • YE23 net debt is just ~US$6.5 mm, down from US$16.4 mm at the end of June. The US$10 mm net debt reduction has been achieved despite a US$6.4 mm increase in EGPC receivables from US$30.9 mm at the end of June to US$37.3 mm at YE23. This implies an underlying free cash f...
- Stephane Foucaud
Auctus on Friday - 08/12/2023
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Adding further exploration prospects in FY24 - ADX has farmed out a 50% interest in an exploration area within the ADX AT I licence to MND in return for a A$0.73 mm back costs payment plus A$7.34 mm funding in exploration drilling. The exploration area farmed-out to MND includes the LICHT and IRR gas prospects. These prospects are close to infrastructure and considered low risk. O...
AOI. AFRICA OIL
ALVOF ALVOPETRO ENERGY LTD
CHAR CHARIOT OIL & GAS
SQZ SERICA ENERGY
PHAR PHAROS ENERGY
ENOG ENERGEAN PLC
JSE JADESTONE ENERGY
KIST KISTOS PLC
WDS WOODSIDE PETROLEUM LTD
ORCA ORCADIAN ENERGY PLC
HHR HARTSHEAD RESOURCES NL
LBE LONGBOAT ENERGY PLC
SEAPT NO SEACREST PETROLEO BERMUDA - SEAPT NO
SEY AFENTRA (PREVIOUSLY
PLSR CN STERLING ENERGY)
ADX PULSAR HELIUM INC.
IVZ ADX ENERGY LTD
SYN INVICTUS ENERGY
SYNERGIA ENERGY LTD
- Stephane Foucaud
Pharos Energy Plc (LSE: PHAR): More share buybacks and more dividends
• Pharos has declared an interim dividend of 0.33 p per share for 2023 payable in January. The interim dividend represents ~33% of the final dividend of the previous year. This is in line with the dividend policy and our expectations. • The company is also looking to commit a further US$3 mm to share buybacks in 2024 which will provide additional support to the share price. • In Egypt, the carry by IPR is expected to last until 1Q24. Within the current context, the receivables are expected to re...
- Stephane Foucaud
Auctus on Friday - 15/09/2023
AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C: target price of £0.55 per share: Tripling 2P reserves at Tapir – The 2P reserves at Carrizales Norte (net to Arrow) have been estimated at 3.92 mmbbl with an 3P upside case of 6.62 mmbbl (1.82 mmbbl of 1P reserves). The 2P reserves at Carrizales Norte are ~2x larger than at Rio Crave Este with overall net 2P reserves at Tapir increased to ~6 mmbbl. The 2P reserves at Carrizales Norte are also 2x the pre ...
EOG EUROPA OIL & GAS (HOLDINGS) PLC
TLW TULLOW OIL PLC
CNE CAIRN ENERGY PLC
PEN PANORO ENERGY ASA
IOG INDEPENDENT OIL & GAS
PHAR PHAROS ENERGY
MAHA A MAHA ENERGY
CE1 CALIMA ENERGY
PTAL PETROTAL
AXL. ARROW EXPLORATION LTD
ITH ITHACA ENERGY PLC
LBE LONGBOAT ENERGY PLC
SEY AFENTRA (PREVIOUSLY
IGAS STERLING ENERGY)
IGAS ENERGY
- Stephane Foucaud
Pharos Energy Plc (LSE: PHAR): Net cash positive by YE23 and new growt...
• 1H23 production of 6,915 boe/d and net debt of US$16 mm at the end of June had already been reported. • Being paid in US$ in Egypt remains challenging and the FY23 drilling and capital programme has been curtailed to 5 development wells (9 previously). As a result, Pharos anticipates FY23 WI production in Egypt of 1.35-1.45 mbbl/d, at the lower end of the previous guidance range (1.35-1.80 mbbl/d). • In Vietnam, the work-over programme at TGT is now expected to take place in 1Q24 rather than 4...
- Stephane Foucaud
Auctus on Friday - 21/07/2023
AUCTUS PUBLICATIONS ________________________________________ GeoPark (GPRK US)C; target price of US$25 per share: 2Q23 production in line. Adding horizontal wells at Llanos-34 – 2Q23 production of 36,581 boe/d was in line with our expectations with strong performance at Llanos-34, Platanillo and CPO-5, offsetting lower production in Chile and Ecuador. The Indico 6 and Indico 7 wells in the CPO-5 block in Colombia are now expected to return to production in August (rather than July) when the requ...
A2PAZ7 TETHYS PETROLEUM
PXT PAREX RESOURCES INC.
PEN PANORO ENERGY ASA
UKOG UK OIL & GAS PLC
DNO DNO ASA CLASS A
PHAR PHAROS ENERGY
UOG UNITED OIL & GAS
DGOC DIVERSIFIED GAS & OIL
JSE JADESTONE ENERGY
TRIN TRINITY CAPITAL INC
KIST KISTOS PLC
WDS WOODSIDE PETROLEUM LTD
SEY AFENTRA (PREVIOUSLY
STERLING ENERGY)
- Emily Liu
- Sacha Morris
Hybridan Small Cap Feast: 20/07/2023
Dish of the day Joiners: Ora Technology has joined the Access Segment of the AQSE Growth Market. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Substrate Artificial Intelligence, an artificial intelligence company based in Spain that creates, buys and scales companies around AI in diverse sectors such as fintech, agritech, energy, human resources, and health, intends to join the Access Segment of the AQSE Growth Market. Blackpoint Biotech plc, a medical cannabinoids company esta...
- Stephane Foucaud
Pharos Energy Plc (LSE: PHAR): Enhancing investment profile with very ...
• Pharos 1H23 trading update was dominated by the publication of the first independent resources assessment of Blocks 125 & 126 that highlighted gross prospective (recoverable) resources of between 1.2 bnbbl and 29.8 bnbbl (mean of 13.3 bnbbl). This is much more material than we anticipated and should attract industry attention in the context of the large discoveries made in “new” areas around the world in recent years (Guyana, Suriname, South Africa and Namibia). Pharos holds 70% WI. • The reso...
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