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...
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Important step to unlock Sicily – The Italian ministry has informed ADX that it will be granted the d 363C.R-.AX gas exploration permit in the Sicily Channel. In addition, the Regional Administrative Court of Rome has annulled the Plan for the Sustainable Energy Transition of Eligible Areas that prevented the oil redevelopment, appraisal and exploration activities on the licence. ...
AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; target price of NOK50 per share: Production update in Gabon – BW Energy reported 3Q23 gross production of 23.2 mbbl/d at Dussafu. This is below our expectations of ~26 mbbl/d due to the period during which production was constrained at two wells due to ESP issues which have now been resolved. Current total Dussafu gross production, with all the Tortue and Hibiscus wells in operation, is ~35,000 bbl/d. Tethys O...
AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; target price of £0.50 per share: CN-2 flows at up to 1 mbbl/d. Focusing on developping the Ubaque at Carrizales Norte - The Carrizales Norte-2 well (CN-2) encountered 60’ of net pay in the Ubaque formation. The well has been put on production in the Ubaque with initial flow rates of 1,012 barrels of fluid per day. The water cut stabilized at 3% and the oil gravity is 13.6 API. The CN-2 well is currently ...
Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Announced ITF 12 July: 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. Announced ITF 6 July: Blackpoint Biotech plc, a medical cannabinoids company established t...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Reiterate Hold. Nostrum Oil reported Q2 20 financial results delivering higher sales volumes than implied by the production decline rate derived from management's FY 20 guidance. This supports revenues, EBITDA and cash flow temporarily, but does not change the basic premise of the investment case: Nostrum's upstream operations are too small to justify its high leverage. In H1 2O, the net debt-to-EBITDA ratio increased to 8.2x, and interest coverage reduced to 1.5x. The company initiated restr...
A director at Nostrum Oil & Gas sold 16,111,100 shares at 8.5p and the significance rating of the trade was 78/100. 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 clearl...
We upgrade NOGLN 22s and 25s to Hold.After the publication of FY 19 financial results and a conference call hosted by the new management team, we carefully examineeverything we know about Nostrum to evaluate possible restructuring outcomes. Nostrum’s business in its current shape is weak and is not sustainable with oil prices below US$60/bbl. The good news is that management has given up efforts to turn around upstream and instead focus on monetising the recently completed gas processing faci....
The independent financial analyst theScreener just awarded an improved star rating to NOSTRUM OIL & GAS PLC. (GB), active in the Exploration & Production industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 2 out of 4 possible stars. Given its market behaviour as risky, theScreener considers that these elements allowing slightly upgrading its general evaluation to Slightly Negative; the title, however, remains unattractive. As of the analysis d...
Reiterate Sell.Nostrum Oil released an operating update focusing on three key messages: 1) a massive downgrade of reserves, 2) the termination of a formal sales process, and 3) debt restructuring. With oil price below Nostrum's operating breakeven level (according to our estimates), the absence of third party gas processing contracts and failed efforts to monetise existing assets through the formal sales process, the company has little to offer bondholders. We reiterate our Sell recommendatio...
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Currently '(TM)Value Indicator - UK main market' is a value analysis of the Basic Resources, Construction & Materials, Telecoms and Utilities sectors of quoted companies on the London Stock Exchange's main market that provides the reader with indicative longer-term tagrte prices.
Currently '(TM)Valule Indicator - UK main market' is a value analysis of the Basic Resources, Construction & Materials, Telcoms and Utilities sector of quoted companies on the London Stock Exchange's main market that provides the reader with indicative longer-term target prices.
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