reports
- Stephane Foucaud
AUCTUS ON FRIDAY - 15/08/2025
AUCTUS PUBLICATIONS ________________________________________ Condor Energies (CDR CN)C; Target price of C$5.90 per share: 4Q25 drilling in Uzbekistan could add 26-40 mmcf/d. First LNG in Kazakhstan in 2Q26 – 2Q25 gross production averaged 10,258 boe/d, consistent with prior indications. Drilling of the first vertical well in Uzbekistan will begin in early September. The well will target the producing carbonate reservoir, as well as deeper clastic formations and fractured basement intervals. A su...
- Stephane Foucaud
Condor Energies Inc. (TSX: CDR): 4Q25 drilling in Uzbekistan could add...
• 2Q25 gross production averaged 10,258 boe/d, consistent with prior indications. • Drilling of the first vertical well in Uzbekistan will begin in early September. The well will target the producing carbonate reservoir, as well as deeper clastic formations and fractured basement intervals. A successful outcome in the deeper zones could result in material reserves additions. • Two new horizontal wells will be drilled in 4Q25, each expected to deliver initial production rates of 13–20 mmcf/d (26...
- Stephane Foucaud
Vaalco Energy (NYSE: EGY): Strong quarter on all fronts
• 2Q25 WI production averaged 21,654 boe/d, near the top end of the guidance range (20–22.1 mboe/d). Gabon production was particularly strong at 8,563 bbl/d (guidance of 7.8–8.6 mbbl/d), driven by continued flow from the 4H well at Ebouri, which remains ~1,000 bbl/d (gross). Despite high H₂S concentrations, chemical treatment has proven effective. This has positive implications for the development of the area. • The CI Baobab redevelopment project continues to run ahead of expectations. The time...
- Stephane Foucaud
AUCTUS ON FRIDAY - 08/08/2025
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: High production at Z&G. Low risk exploration drilling in Austria to start in 4Q25/1Q26 – 2Q25 net production of 303 boe/d was higher than our expectations of ~270 boe/d following a 5 well intervention programme at the Zisterdorf and Gaiselberg fields in the Vienna Basin. The programme included (1) repair of subsurface equipment, (2) clean out of a down hole sand control (3) perfor...
EOG EUROPA OIL & GAS (HOLDINGS) PLC
GTE GRAN TIERRA ENERGY
GPRK GEOPARK
EGY VAALCO ENERGY INC.
GENL GENEL ENERGY
ALVOF ALVOPETRO ENERGY LTD
PEN PANORO ENERGY ASA
SNM SHAMARAN PETROLEUM CORP.
VLE VALEURA ENERGY INC.
SQZ SERICA ENERGY
FEC FRONTERA ENERGY CORP
BP. BP P.L.C.
CNE CANACOL ENERGY LTD
KOS KOSMOS ENERGY LTD.
ORC/B ORCA EXPLORATION GROUP CL B
TAL PETROTAL (TAL)
HBR HARBOUR ENERGY PLC
ADX ADX ENERGY LTD
TNZ TENAZ ENERGY CORP
- Stephane Foucaud
Valeura Energy (TSX: VLE): Another impressive acquisition in Thailand
• 2Q25 production of 23.15 mbbl/d and net cash of US$242 mm at the end of June have been previously disclosed. • Valeura’s average production over the first five days of August has increased to 23,150 bbl/d. The company has re-iterated its FY25 guidance including 23-25.5 mbbl/d for production. • With no further corporate tax payable in Thailand for the remainder of 2025, we forecast YE25 net cash to rise to US$310 mm—equivalent to ~45% of the current market cap. The shares continue to offer dee...
- Stephane Foucaud
Panoro Energy ASA (OSE: PEN): Minor temporary production downtime in E...
• 2Q25 production averaged ~11,065 bbl/d, negatively affected by unplanned facilities-related downtime at the Ceiba field, as reported by Kosmos earlier this week. WI production in EG fell to 3,136 bbl/d (vs. 3,661 bbl/d in 1Q25). Remedial work is underway, with production expected to recover in 4Q25. The issue is linked to the subsea system, not reservoir performance. • WI production in Tunisia rose by ~100 bbl/d to 1,593 bbl/d in 2Q25, supported by successful well workovers. • In light of the...
- Stephane Foucaud
PetroTal Corp (AIM: PTAL): Large reduction of capex on rig delay
• 2Q25 production and net cash as of end-June have been previously disclosed. • July production at Bretana averaged ~20 mbbl/d. Elevated Amazon River levels may ease seasonal constraints in 3Q25, potentially avoiding the ~3 mbbl/d decline seen in 3Q24. • Following commissioning delays for the new rig (announced in July), PetroTal has reduced FY25 capex guidance from US$140 mm to US$80 mm (–45%). Consequently, the FY25 production guidance has been revised from 21–23 mbbl/d to 20–21 mbbl/d (–7%). ...
- Stephane Foucaud
Serica Energy Plc (AIM: SQZ): Robust 1H25 cashflow ahead of production...
• While 1H25 production was only 24.7 mboe/d with BKR producing 16.7 mboe/d, Serica’s FY25 production guidance of 33-35 mboe/d implies a significant 2H25 uplift to 41.3–45.3 mboe/d, as Triton ramps up to full production and BKR rebounds. We continue to forecast 4Q25 production of ~48 mboe/d, supported by expected contributions of 21–22 mboe/d from BKR and ~25 mboe/d from Triton. • Production in 2H25 will benefit from new wells coming onstream as a result of Triton drilling, with five successful ...
- Stephane Foucaud
ADX Energy (ASX: ADX): High production at Z&G. Low risk exploration dr...
• 2Q25 net production of 303 boe/d was higher than our expectations of ~270 boe/d following a 5 well intervention programme at the Zisterdorf and Gaiselberg fields in the Vienna Basin. The programme included (1) repair of subsurface equipment, (2) clean out of a down hole sand control (3) perforation of a new oil production zone in a well. • Despite a drop in oil price revenue during June, adjusted 2Q25 sales were A$3.5 mm. This represents an increase of 26%. • A farm-in partner for the GOLD cl...
- Stephane Foucaud
AUCTUS ON FRIDAY - 01/08/2025
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Operating update – Net production in Austria was 303 boe/d. The company held A$4.8 mm in cash at the end of June. Criterium Energy (CEQ CN)C; Target price of C$0.35 per share: Successful flow test at North-MGH boosts expected 2H26 gas production to 7-10 mmcf/d – The MGH-20 well in the North Mengoepeh (MGH) field tested 2.8 mmcf/d with associated oil. This is a positive surprise a...
QEC QUESTERRE ENERGY CORP.
GTE GRAN TIERRA ENERGY
RKH ROCKHOPPER EXPLORATION
OMV OMV AG
PXT PAREX RESOURCES INC.
SEI. SINTANA ENERGY
VLE VALEURA ENERGY INC.
SQZ SERICA ENERGY
BWE BW ENERGY
SEPLAT SEPLAT ENERGY PLC
SOUC SOUTHERN ENERGY CORP
PXEN PROSPEX ENERGY PLC
CEQ CRITERIUM ENERGY LTD.
NOG NOSTRUM OIL & GAS PLC
PRD PREDATOR OIL & GAS HOLDINGS PLC
ADX ADX ENERGY LTD
MCFNF MCF ENERGY LTD
SHELL ROYAL DUTCH SHELL
- Stephane Foucaud
Criterium Energy Ltd (TSX-V: CEQ): On track for first gas in 1Q26
• The MGH-20 well in the North Mengoepeh (MGH) field tested 2.8 mmcf/d with associated oil. This is a positive surprise as there are currently no estimated resources at the field that was shut in in 2014. • Following the extended well test at SE-MGH, Criterium plans to initiate extended testing on MGH-20 and three additional shut-in wells on the North MGH well pad. • Assuming two wells are brought online, North MGH could add 2–3 mmcf/d to SE-MGH output, lifting combined volumes to 7–10 mmcf/d ...
- Stephane Foucaud
Serica Energy Plc (AIM: SQZ): Triton ramp-up to full production delaye...
• Following the July production restart at Triton FPSO, ramp-up to the steady-state plateau of has been delayed into August. With Bittern now back online and Evelyn and Gannet expected to follow shortly, net production at Triton is set to reach 25 mboe/d in the near future. • It is expected that the production plateau will exceed this level once the new wells are then brought onstream later in August. • The delay has not resulted in any incremental costs. • Production from other assets remains r...
- Stephane Foucaud
Southern Energy Corp. (SOUC LN/SOU CN): IP30 flow rate at first DUC co...
• The GH LSC 13-13 #2 well (Lower Selma Chalk) commenced production at ~4.0 mmcf/d and averaged 3.6 mmcf/d over its IP30 period. Although below the initial 5.5 mmcf/d forecast, the observed decline rate is notably shallower than expected, with flow rates holding at 3.4 mmcf/d after one month (~15% decline). • This performance benchmarks favourably against Upper Selma Chalk (USC) wells, which typically exhibit higher IP30 rates of 5.0–6.5 mmcf/d but decline more steeply, often down to ~3.0 mmcf/d...
- Stephane Foucaud
Valeura Energy (TSX: VLE): Another impressive acquisition in Thailand
• Valeura is acquiring from PTTEP 40% WI in Blocks G1/65 and G3/65 with a combined area of 20,134 km2 and bordering some of the largest gas fields in Thailand (Erawan and Bongkot). The blocks have multiple gas discoveries that could be developed shortly as tie backs to existing infrastructure—positioning Valeura to potentially book its first gas reserves in the near term. Both licences offer oil potential adjacent to Valeura’s current production. • Located immediately south of the Rossukon oil ...
- Stephane Foucaud
AUCTUS ON FRIDAY - 25/07/2025
AUCTUS PUBLICATIONS ________________________________________ New Zealand Energy (NZE CN)C; Target price of C$1.70 per share: Equity raise to progress Tariki gas storage – New Zealand Energy (NZE) has raised C$3 mm of new equity priced at C$0.18 per share. The proceeds of the raise will fund the desktop studies required to prepare the field development plan, derisking the gas storage project ahead of expected monetization within the next 12 months. It will also fund the repayment of the convertib...
- Stephane Foucaud
New Zealand Energy Corp. (TSX-V: NZ): Equity raise to progress Tariki ...
• New Zealand Energy (NZE) has raised C$3 mm of new equity priced at C$0.18 per share. The proceeds of the raise will fund the desktop studies required to prepare the field development plan, derisking the gas storage project ahead of expected monetization within the next 12 months. It will also fund the repayment of the convertible note. • On completion, the company will be debt free and have a market cap of ~C$8 mm at current share price. • In 2017, the adjacent Ahuroa gas storage facility, wit...
- Stephane Foucaud
Sintana Energy Inc. (TSX-V: SEI): Multiple offers received by Galp for...
• Galp has received multiple non-binding offers from reputable parties for a stake in PEL 83, home to the Mopane discovery. • The company is actively engaging with several counterparties, aiming to announce a farm-in partner by YE25. • These counterparties bring strong operatorship credentials and have prioritized Namibia within their corporate strategies. They are committed to advancing and fully exploring the licence at a value-enhancing pace for Galp. • Any announced transaction would prov...
- 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)
- Stephane Foucaud
Zephyr Energy Plc (AIM: ZPHR): Refining the path to first production i...
• The Paradox initial processing capacity is envisaged to be able to handle 5-10 mmcf/d. Our base case assumes a conservative 5 mmcf/d, although throughput capacity is expected to increase with the tie-in of additional wells, including 16-2LN-CC and 28-11. Notably, the plant’s initial capacity is below the production potential of the 36-2R well. • The light condensate (52–60° API) produced is expected to command a premium over benchmark crudes, given its suitability for blending with lower-qual...
- 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...
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