reports
- Stephane Foucaud
AUCTUS ON FRIDAY - 28/06/2024
AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN)C: target price of £0.50 per share: Key step towards developing future gas to industry business onshore Morocco – Chariot has signed Heads of Terms with Vivo Energy for the future offtake from the Loukos onshore licence where natural gas has been encountered at Dartois. Up to 3 mmcf/d would be initially sold to the CNG midstream business under a long-term gas sales agreement. Vivo intends to design, fund, construct and...
EQNR EQUINOR ASA
A2PAZ7 TETHYS PETROLEUM
ENI ENI S.P.A.
AOI. AFRICA OIL
ENW ENWELL ENERGY
CHAR CHARIOT OIL & GAS
VLE VALEURA ENERGY INC.
SQZ SERICA ENERGY
MATD PETRO MATAD
MAY MELBANA ENERGY LIMITED
ZPHR ZEPHYR ENERGY
LBE LONGBOAT ENERGY PLC
CEQ CRITERIUM ENERGY LTD.
J4V VAR ENERGI ASA
BCE BEACON ENERGY PLC
- Stephane Foucaud
Zephyr Energy Plc (AIM: ZPHR): Reducing the cost of debt. Testing at S...
• The FY23 operating cashflow after interests of ~US$9 mm was above our forecasts (US$7 mm) due to change of working capital. We expected a negative change of working capital given (1) Zephyr had to make advance payments for the remedial of the State 36-2R well ahead of being reimbursed by the insurance and (2) the fact that the proceeds of the production for the Slawson wells were not received until part way through 1H24. • Zephyr’s revolving credit facility (RCF) has been redetermined with an ...
- Stephane Foucaud
AUCTUS ON FRIDAY - 14/06/2024
AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN) C: target price of £0.50 per share: High impact well offshore Morocco on track to spud in August – The FY23 financials were in line with our forecasts. The high impact Anchois East well is expected to spud in August. A drilling success could increase the size of Anchois to over 1 tcf (300 bcf net to Chariot). Our overall unrisked NAV for Anchois, including Anchois East Footwall and Anchois East North Flank, is £0.42 p...
- Stephane Foucaud
AUCTUS ON FRIDAY - 07/06/2024
AUCTUS PUBLICATIONS ________________________________________ Criterium Energy (CEQ CN) C: target price of C$0.35 per share: Re-iterating production guidance – 1Q24 production was 802 bbl/d with average realized price of US$82/bbl. This is in line with our expectations. Operating netbacks for the period stood at C$2.2 mm, also in line with our expectations. Operating cashflow before changes in working capital was (C$0.37 mm). With a large proportion of opex being fixed, growing production is very...
Hybridan Small Cap Feast - 03 June 24
3rd June 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, or it is a rumour Dish of the day Admissions: The shares of Zegona Communications (ZEG.L) have been readmitted for trading on the Standard Segment of the Main Market, following the reverse takeover of 100% of Vodafone Spain for EUR5bn. Delistings: What’s baking in the oven? ** Potential**** Initial...
- Stephane Foucaud
Zephyr Energy Plc (AIM: ZPHR): Higher 1Q24 production than we anticipa...
• 1Q24 production (excluding NGL) in the Williston was 1,151 boe/d. This is 140 boe/d above our expectations and ~100 boe/d above 4Q23 production. • Production in March (excluding NGL) had increased to 1,212 boe/d. This does not represent the full production capacity as the Slawson wells were partially curtailed due to lingering infrastructure constraints. We forecast 1,320 boe/d in 2Q24. • The State 36-2R well has reached 10,084 feet depth and the casing string has been cemented in place. The ...
- 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...
AKRBF 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
AUCTUS ON FRIDAY - 17/05/2024
AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; target price of £0.50 per share: Spudding high impact well – Drilling operations have started at the Carrizales Norte B Pad Horizontal Well 1. This is the first horizontal well drilled in the Ubaque on Tapir. Three more horizontal wells will be drilled on the pad. Delivering good flow rates at these wells will be very important for future production growth. Arrow held US$12.4 mm in cash at the beginning ...
TLW TULLOW OIL PLC
GPRK GEOPARK
TXP TOUCHSTONE EXPLORATION
AOI. AFRICA OIL
CASP CASPIAN SUNRISE
CHAR CHARIOT OIL & GAS
MAHA A MAHA ENERGY
GKP GULF KEYSTONE PETROLEUM LTD.
ZPHR ZEPHYR ENERGY
SENX SERINUS ENERGY
TAO TAG OIL LTD
AXL. ARROW EXPLORATION LTD
HBR HARBOUR ENERGY PLC
KIST KISTOS PLC
PLSR CN PULSAR HELIUM INC.
- Stephane Foucaud
AUCTUS ON FRIDAY - 03/05/2024
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.75 per share: Raising new equity to fund a high impact activity programme – ADX has raised A$13.5 mm of new equity priced at A$0.105 per share. One free-attaching option will be issued for evert two placement shares with an exercise price of A$0.15 per share and an expiry date of 08/05/2026. The proceeds from the raise will fund (1) the production testing of the 450 m gas column encountered at ...
GALP GALP ENERGIA SGPS SA CLASS B
GTE GRAN TIERRA ENERGY
EGY VAALCO ENERGY INC.
OMV OMV AG
TXP TOUCHSTONE EXPLORATION
SEI. SINTANA ENERGY
CHAR CHARIOT OIL & GAS
PEN PANORO ENERGY ASA
DELT DELTIC ENERGY
CNE CANACOL ENERGY LTD
ZPHR ZEPHYR ENERGY
JSE JADESTONE ENERGY
AXL. ARROW EXPLORATION LTD
I3E I3 ENERGY
TRIN TRINITY CAPITAL INC
CEQ CRITERIUM ENERGY LTD.
ADX ADX ENERGY LTD
BWEFF BW ENERGY LTD
LNGE LNG ENERGY GROUP CORP.
SHELL ROYAL DUTCH SHELL
- Stephane Foucaud
AUCTUS ON FRIDAY - 26/04/2024
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. ...
FP TOTAL SE
EQNR EQUINOR ASA
GPRK GEOPARK
SOU SOUND ENERGY PLC
ENI ENI S.P.A.
REP REPSOL SA
SEI. SINTANA ENERGY
PEN PANORO ENERGY ASA
NOG NOSTRUM OIL & GAS PLC
SQZ SERICA ENERGY
ZPHR ZEPHYR ENERGY
OKEA OKEA
I3E I3 ENERGY
RHC ROYAL HELIUM LTD
TRIN TRINITY CAPITAL INC
SOUC SOUTHERN ENERGY CORP
ITH ITHACA ENERGY PLC
TCF TRILLION ENERGY INTERNATIONAL INC. (TCF)
SEAPT NO SEACREST PETROLEO BERMUDA - SEAPT NO
ADX ADX ENERGY LTD
J4V VAR ENERGI ASA
LNGE LNG ENERGY GROUP CORP.
- Stephane Foucaud
AUCTUS ON FRIDAY - 19/04/2024
AUCTUS PUBLICATIONS ________________________________________ Tethys Oil (TETY SS)C; target price of SEK100 per share: Increasing further the size of the prize/Considering Algeria – The South Lahan area on Block 58 is estimated to hold 55-523 mmbl prospective resources (P90-P10 case) with a mean case of 251.8 mmbbl prospective resources across six prospects in the Ara Carbonate. Combined with the previously disclosed prospective resources of the Fahd area in the north-eastern part of Block 58, Te...
EOG EUROPA OIL & GAS (HOLDINGS) PLC
A2PAZ7 TETHYS PETROLEUM
CNE. CANACOL ENERGY LTD
ENW ENWELL ENERGY
IOX INTEROIL EXPLORATION & PRODUCTION ASA
BPV BAHAMAS PETROLEUM CO. PLC
VLE VALEURA ENERGY INC.
UJO UNION JACK OIL
UOG UNITED OIL & GAS
ZPHR ZEPHYR ENERGY
OKEA OKEA
SCIR SCIROCCO ENERGY
CRCL CORCEL
SDX SDX ENERGY
I3E I3 ENERGY
RHC ROYAL HELIUM LTD
TRIN TRINITY CAPITAL INC
WDS WOODSIDE PETROLEUM LTD
J4V VAR ENERGI ASA
- 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
Zephyr Energy Plc (AIM: ZPHR): Potential for helium well to be drilled...
• In October 2023, Zephyr announced the acquisition of at least a 75% WI in the Salt Wash field, located ~3 miles to the south of the Paradox project. • Salt Wash has a 15 feet oil rim, above which is an inert gas cap (~500 feet of gas column) which consists of ~72% nitrogen, 22% hydrocarbon gases, and 1.4% to 1.7% helium content. • The field was abandoned in 2014 after having produced 1.65 mmbbl of oil and 11.7 bcf of natural gas. Zephyr believes that producible gas remains in the reservoir as ...
Hybridan Small Cap Feast - 22 Mar 24
22nd March 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object...
- Stephane Foucaud
AUCTUS ON FRIDAY - 15/03/2024
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Very high impact exploration well encounters gas and condensate in Austria – The Welchau well (ADX WI: 75%) encountered 115 m of liquids-rich gas shows in the primary target formation (Steinalm Formation) between 1452 m and 1567 m. The deepest gas shows were encountered at a depth of 1645 m. The well has reached TD at 1733 m. The Steinalm Formation intersection in the well is in l...
CNE. CANACOL ENERGY LTD
TXP TOUCHSTONE EXPLORATION
ALVOF ALVOPETRO ENERGY LTD
CHAR CHARIOT OIL & GAS
SAVE SAVANNAH ENERGY
DNO DNO ASA CLASS A
XOM EXXON MOBIL CORPORATION
GKP GULF KEYSTONE PETROLEUM LTD.
DGOC DIVERSIFIED GAS & OIL
ENOG ENERGEAN PLC
AOI AFRICA OIL CORP
ZPHR ZEPHYR ENERGY
TETY TETHYS OIL AB
TAO TAG OIL LTD
TAL PETROTAL (TAL)
PLSR CN PULSAR HELIUM INC.
ADX ADX ENERGY LTD
IVZ INVICTUS ENERGY
UKOG UK OIL & GAS PLC
Hybridan Small Cap Feast - 15 Mar 2024
15th March 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: Delistings: Forward Partners Group (FWD.L) has left AIM following its acquisition by Molten Ventures (GROW.L) What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Change of Market: Our daily digest of news from UK Small Caps If you wo...
- Stephane Foucaud
AUCTUS ON FRIDAY - 15/03/2024
AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN)C; target price of £0.50 per share: Feasibility study as a first step to unlocking a mega green hydrogen project – The feasibility study for the green hydrogen “Project Nour” has now been presented to the government of Mauritania. Chariot holds a 50% interest in the project and TotalEnergies is a partner. Mauritania benefits from an ideal geography for wind and solar energy. The 10 GW project will be developed in sever...
GTE GRAN TIERRA ENERGY
GPRK GEOPARK
EGY VAALCO ENERGY INC.
GENL GENEL ENERGY
ENI ENI S.P.A.
SEI. SINTANA ENERGY
CHAR CHARIOT OIL & GAS
MAHA A MAHA ENERGY
SLE SAN LEON ENERGY
ZPHR ZEPHYR ENERGY
SEY AFENTRA (PREVIOUSLY
BNL STERLING ENERGY)
LNGE BLUE STAR HELIUM LTD
LNG ENERGY GROUP CORP.
- Stephane Foucaud
AUCTUS ON FRIDAY - 08/03/2024
AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; target price of NOK47 per share: Hibiscus South on stream at 5-6 mbbl/d – The Hibiscus South well has been put in production at a rate of 5-6 mbbl/d. Once stabilized this should take production at Dussafu to ~30 mbbl/d. Pulsar Helium (PLSR CN)C; target price of C$0.80 per share: High Helium concentration at high impact appraisal well – The Jetstream #1 appraisal well at the Topaz helium project in Minnesota en...
TLW TULLOW OIL PLC
TXP TOUCHSTONE EXPLORATION
AOI. AFRICA OIL
ALVOF ALVOPETRO ENERGY LTD
EOG. ECO ATLANTIC OIL & GAS
BPV BAHAMAS PETROLEUM CO. PLC
PEN PANORO ENERGY ASA
SNM SHAMARAN PETROLEUM CORP.
SQZ SERICA ENERGY
FEC FRONTERA ENERGY CORP
BLOE BLOCK ENERGY
ZPHR ZEPHYR ENERGY
HE1 HELIUM ONE GLOBAL
HBR HARBOUR ENERGY PLC
HHR HARTSHEAD RESOURCES NL
PLSR CN PULSAR HELIUM INC.
IVZ INVICTUS ENERGY
- Stephane Foucaud
Zephyr Energy Plc (AIM: ZPHR): Gearing-up for the return to drilling i...
• 4Q23 production in the Williston was 1,053 boe/d. This only reflects oil and natural gas production. Adding our estimates of NGL production (reported in previous periods but not in 4Q23) would lead to ~1,200 boe/d (we forecasted ~1,400 boe/d). • While production reached 1,440 boe/d in late November (~1,650 boe/d including NGL), 4Q23 production was negatively impacted by the curtailment of production from the new Slawson wells in mid-December due to adverse weather condition and infrastructure ...
- Stephane Foucaud
AUCTUS ON FRIDAY - 16/02/2024
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of £A$0.65 per share: Drilling update in Austria – The well site construction at the Welchau-1 drill site is complete. The drilling rig is expected to become available to ADX on 14 February. The rig move and rig assembly will take ~6 days after rig release. Drilling operations are expected to commence on 20 February with a duration of ~39 days. PetroTal (PTAL LN/TAL CN)C; target price of £1.45 per s...
GALP GALP ENERGIA SGPS SA CLASS B
ENI ENI S.P.A.
PXT PAREX RESOURCES INC.
BOIL BARON OIL
CASP CASPIAN SUNRISE
ENQ ENQUEST PLC
SNM SHAMARAN PETROLEUM CORP.
VLE VALEURA ENERGY INC.
MAHA A MAHA ENERGY
FEC FRONTERA ENERGY CORP
ZPHR ZEPHYR ENERGY
TETY TETHYS OIL AB
JSE JADESTONE ENERGY
TAL PETROTAL (TAL)
WDS WOODSIDE PETROLEUM LTD
ITH ITHACA ENERGY PLC
ADX ADX ENERGY LTD
BNL BLUE STAR HELIUM LTD
J4V VAR ENERGI ASA
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