reports
- Stephane Foucaud
AUCTUS ON FRIDAY - 01/11/2024
AUCTUS PUBLICATIONS ________________________________________ Condor Energies (CDR CN)C; Target price of C$5.80 per share: Another positive operating update – The work-overs of two new existing wells have added 441 boe/d after a combined 20 m of previously unperforated reservoir pay was accessed. The first well is producing 410 boe/d. It was previously shut-in. The second well is producing an extra 31 boe/d (+65%) and continues to clean-up. With a total cost of 100 wells on Condor’s fields includ...
FP TOTAL SE
EQNR EQUINOR ASA
SEPL SEPLAT PETROLEUM DEVELOPMENT COMPANY
GALP GALP ENERGIA SGPS SA CLASS B
EOG EUROPA OIL & GAS (HOLDINGS) PLC
EGY VAALCO ENERGY INC.
A2PAZ7 TETHYS PETROLEUM
ENI ENI S.P.A.
REP REPSOL SA
SEI. SINTANA ENERGY
PEN PANORO ENERGY ASA
TOU TLOU ENERGY
SQZ SERICA ENERGY
DELT DELTIC ENERGY
BP. BP P.L.C.
AOI AFRICA OIL CORP
OKEA OKEA
NOG NOSTRUM OIL & GAS PLC
SEAPT NO SEACREST PETROLEO BERMUDA - SEAPT NO
J4V VAR ENERGI ASA
SHELL ROYAL DUTCH SHELL
CDR CONDOR ENERGIES INC
- ABGSC Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Stian Wibstad
- ABGSC Renewable Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
- ABGSC Oil & Oil Services Research
- John Olaisen
Scatec third quarter 2024: Strong financial performance
Scatec third quarter 2024: Strong financial performance Oslo, 1 November 2024: In the third quarter, Scatec reported proportionate revenues of NOK 2.42 billion (2.37 billion), with an EBITDA of NOK 1.52 billion (0.89 billion). Scatec’s power plants generated 1,254 GWh in the quarter, up from 1,047 GWh in the same quarter last year on a proportionate basis, mainly driven by new plants in operation. Power production revenues were NOK 1.77 billion (1.04 billion) and EBITDA ended at 1.54 billion (0.81 billion). The increase was mainly driven by an accounting gain from the divestment in South ...
- ABGSC Oil & Oil Services Research
- Haakon Amundsen
- ABGSC Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Stian Wibstad
- Martin Huseby Karlsen
Aker Solutions (Hold, TP: NOK48.00) - Small SOTP discount removed
Having repeatedly said a capital allocation strategy update would be provided with the Q4 results, it surprised the market by announcing a dividend of NOK21/share (46% of market cap) prior to the Q3 results, effectively meaning all liquid investments are to be distributed. We expect focus to be on the value of ‘the stub’, its 20% OneSubsea stake and proper working capital adjustments. As our SOTP had a 5% discount on the items now being distributed, we have increased our target price to NOK48 (4...
- Steffen Evjen
BlueNord (Buy, TP: NOK610.00) - Catalysts should be lined up ahead
The underlying Q3 results were virtually in line with our estimates and consensus. We see several potential share price catalysts over the next months, with the Tyra restart set for the second half of November and a sequential ramp-up to plateau in December. Moreover, we expect to gain more understanding of the volume potential from the recent successful HEMJ exploration well, which could help to extend the production plateau for BlueNord. We reiterate our BUY and have raised our target price to...
- ABGSC Oil & Oil Services Research
- John Olaisen
Transocean Ltd. Reports Third Quarter 2024 Results
Transocean Ltd. Reports Third Quarter 2024 Results Three months ended Three months ended September 30, June 30, sequential September 30, year-over-year 2024 2024 change 2023 change(In millions, except per share amounts, percentages and backlog) Contract drilling revenues$948 $861 $87 $713 $235 Adjusted contract drilling revenues$948 $861 $87 $721 $227 Revenue efficiency (1) 94.5 % 96.9 % 95.4 % Operating and maintenance expense$563 $534 $29 $524 $39 Net loss attributable to controlling interest$(494) $(123) $(371) $(2...
- Martin Huseby Karlsen
Transocean (Buy, TP: USD5.50) - Better positioned than peers
Despite increased uncertainty in the deepwater market, Transocean remains better positioned than peers for the coming years due to its high-quality fleet and service offering, backlog coverage and solid commercial capabilities. Due to these factors, and less downside to consensus than peers, we believe it deserves a premium valuation. We reiterate our BUY and USD5.5 target price.
- Martin Huseby Karlsen
Aker Solutions (Hold, TP: NOK46.00) - Low visibility beyond 2025
Despite our expectation of continued strong execution near-term (reflected in our increased 2025e EBITDA), we believe the combination of weak prospects for new large orders and the upcoming working capital unwind will weigh on the stock in the quarters ahead. We find it fairly valued on our SOTP and believe investor focus will gradually shift towards the lack of backlog upon completion of the Aker BP portfolio projects. We reiterate our HOLD and NOK46 target price.
- ABGSC Oil & Oil Services Research
- John Olaisen
- Martin Mauseth
- Oliver Dunvold
- Steffen Evjen
- Steffen Evjen
Potential exploration catalysts
Exploration activity on the NCS has remained high into Q4, with six exploration wells and one appraisal ongoing, and up to 10 more expected by year-end, representing 1.3bn boe in total resource potential. We consider Bounty, Arkenstone, Falstaff, and Kvernbit as key wells to keep an eye on. In our view, OKEA stands out relative to its own size due to its 20% stake in the upcoming Arkenstone well, with substantial upside potential if successful. Meanwhile, we believe Equinor, Aker BP, and Vår Ene...
- ABGSC Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Stian Wibstad
- ABGSC Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Stian Wibstad
- ABGSC Renewable Energy Research
- Adrian Gilani
- Åsne Holsen
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Stian Wibstad
ORSTED ORSTED
HEX HEXAGON COMPOSITES ASA
NEL NEL ASA
SSO SCATEC ASA
EOLU B EOLUS VIND AB
FKRFT FJORDKRAFT HOLDING ASA
CADLR CADELER
VOLUE VOLUE AS
A2QKGG HEXAGON PURUS
ZAP ZAPTEC
VWS VESTAS WIND SYSTEMS
EWIND EDDA WIND ASA
TOM TOMRA SYSTEMS ASA
IWS-NO INTEGRATED WIND SOLUTIONS
OX2-SE OX2
- Martin Huseby Karlsen
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