reports
- Stephane Foucaud
Arrow Exploration Corp. (AIM: AXL): High flow rate at first Mateguafa ...
• M-HZ7, the first horizontal well at Mateguafa Attic, has been brought onstream in the C9 zone. It is producing on a small choke (25/128) at a restricted gross oil rate of 1,694 bbl/d (847 bbl/d net to Arrow), with oil quality of 30.6° API and a 4% water cut. This initial rate is approximately double that of the M-6 vertical well. • This is a highly encouraging result, as it demonstrates the potential to develop the Mateguafa Attic field with horizontal wells. It suggests the field is larger th...
- Stephane Foucaud
Sintana Energy Inc. (TSX-V: SEI): Materiality and diversification
• The completion of the acquisition by Sintana of Challenger creates one of the largest listed exploration-focused companies with a market cap of ~US$155 mm. The group benefits from a dual listing in London and Toronto. • The enlarged platform offers exposure to a geographically diverse set of exploration and appraisal assets, unified by common geological themes on both sides of the South Atlantic conjugate margin. Each jurisdiction provides material scale and the potential for high-impact news ...
- Stephane Foucaud
Serica Energy Plc (AIM: SQZ): Another accretive gas acquisition
• Serica is acquiring a Southern North Sea (SNS) asset package from Spirit Energy for ~US$74 mm, with an effective economic date of 1 January 2025. The assets produced 13.5 mboe/d in 1H25 (96% gas) and hold 18.7 mmboe of 2P reserves. Completion is expected in 2H26, with an expected modest cash payment at closing. • Key assets acquired include: (1) a 15% WI in Cygnus, one of the UK’s largest gas fields (operated by Ithaca), contributing 8.6 mmboe net 2P reserves and 4 mboe/d net production, (2) ...
- Stephane Foucaud
AUCTUS ON FRIDAY - 12/12/2025
AUCTUS PUBLICATIONS ________________________________________ Corcel (CRCL LN)C; Target price of 1.40p per share: Equity raise from blue chip new investors bolsters balance sheet ahead of busy 2026 – Corcel has raised £3 mm of new equity at a price of 0.35 p per share from two blue chip new investors. Following the raise, Corcel’s cash balance is expected to reach ~£6 mm by YE25. In addition, Sintana Energy will pay Corcel ~US$2 mm in cash upon closing the acquisition of a 5% interest in KON‑16. ...
GALP GALP ENERGIA SGPS SA CLASS B
GTE GRAN TIERRA ENERGY
EGY VAALCO ENERGY INC.
RKH ROCKHOPPER EXPLORATION
ENI ENI S.P.A.
PXT PAREX RESOURCES INC.
REP REPSOL SA
ALVOF ALVOPETRO ENERGY LTD
SQZ SERICA ENERGY
PHAR PHAROS ENERGY
GKP GULF KEYSTONE PETROLEUM LTD.
ZEN ZENITH ENERGY
BLOE BLOCK ENERGY
BWE BW ENERGY
CRCL CORCEL
HBR HARBOUR ENERGY PLC
KIST KISTOS PLC
PLSR PULSAR HELIUM INC.
- Stephane Foucaud
Pharos Energy Plc (LSE: PHAR): Production boost expected by mid 2026
• Year‑to‑date production to 30 November 2025 averaged 5,391 boe/d, comprising 4,074 boe/d in Vietnam and 1,317 boe/d in Egypt. Pharos expects FY25 production to be broadly similar, in line with guidance of 5.2–6.0 mboe/d. • The TGT‑H1 infill well was brought onstream on 20 November. Initial performance is above management’s pre‑drill expectations. While no rate has been disclosed, we note that in 2021 Pharos reported an initial gross rate of 2.2 mbbl/d from a prior TGT well. For modelling purpo...
- Stephane Foucaud
Corcel plc (AIM: CRCL): Equity raise from blue chip new investors bols...
• Corcel has raised £3 mm of new equity at a price of 0.35 p per share from two blue chip new investors. • Following the raise, Corcel’s cash balance is expected to reach ~£6 mm by YE25. In addition, Sintana Energy will pay Corcel ~US$2 mm in cash upon closing the acquisition of a 5% interest in KON‑16. Together, the estimated cash position and receivable from Sintana represent ~25% of Corcel’s post‑raise market capitalization. • The cash balance is significantly greater than the ~US$3 mm remain...
- Stephane Foucaud
AUCTUS ON FRIDAY - 05/12/2025
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.20 per share: Resource estimates boost in Sicily – ADX has increased its aggregated prospective gas resource estimates for its Sicily Channel permit from 103–369–772 bcf to 188–484–1,265 bcf (P90–P50–P10 cases). The new mean prospective resource of 619 bcf reflects the increased upside potential for the permit. Individual prospect sizes range between 37–111 bcf (P50 case), with four prospects e...
- Stephane Foucaud
ADX Energy (ASX: ADX): Resource estimates boost in Sicily
• ADX has increased its aggregated prospective gas resource estimates for its Sicily Channel permit from 103–369–772 bcf to 188–484–1,265 bcf (P90–P50–P10 cases). The new mean prospective resource of 619 bcf reflects the increased upside potential for the permit. • Individual prospect sizes range between 37–111 bcf (P50 case), with four prospects each estimated at 60–68 bcf (P50). • The updated volumes reflect representative reservoir parameters from the nearby Lippone-Mazara onshore producing g...
- Stephane Foucaud
AUCTUS ON FRIDAY - 28/11/2025
Arrow Exploration (AXL LN/CN)C; Target price of £0.40 per share: Another positive result at Mateguafa Attic – The M-6 vertical well has encountered 30 ft of net oil pay in the Carbonera C9 formation (previously named Guadalupe). This compares favourably with the results of the M-5 well that encountered ~ 26 feet of net oil pay in the same formation. This result provides a strong foundation for the first horizontal well at Mateguafa (M-HZ7), already spudded and expected to come onstream in Decemb...
- Stephane Foucaud
Arrow Exploration Corp. (AIM: AXL): Rebuilding cash momentum; Icaco pr...
• Arrow reported 3Q25 production of 4,214 boe/d, broadly in line with our ~4.4 mboe/d expectation. • The company held US$6.5 mm in cash at end‑September (with no debt), rising to US$8.2 mm by 1 November. • With only one rig currently in operation, recent drilling success at M‑5 and M‑6, and the imminent contribution from the M‑HZ7 horizontal well, we expect Arrow’s cash position to continue to strengthen. • The next four months will be very material. M‑HZ7 is the first horizontal well targeting...
- Stephane Foucaud
Serica Energy Plc (AIM: SQZ): UK budget neutral for Serica
• Average 3Q25 production was 27.5 mboe/d, comprising 15.4 mboe/d from Bruce, 7.7 mboe/d from Triton, and 4.4 mboe/d from other assets. This performance is in line with expectations, given issues at Triton, that are now solved, were previously flagged. • Production at the Bruce hub is above 20 mboe/d, though output was temporarily curtailed to ~16 mboe/d in October. • Portfolio production had rebounded to once again be over 50,000 boe/d, of which Triton was 25.3 mboe/d ahead of planned subsea wo...
- Stephane Foucaud
New Zealand Energy Corp. (TSX-V: NZ): Gas storage MOU signed with Gene...
• New Zealand Energy, L&M Energy, and Genesis Energy have entered into a memorandum of understanding (MoU) to advance the Tariki gas storage project. The MoU establishes an exclusive framework for collaboration across technical studies, commercial negotiations, and project development milestones, ultimately leading to a final gas storage services agreement. This agreement will underpin the path toward a final investment decision, project completion, and commercial operations. • Genesis Energy’s ...
- Stephane Foucaud
Pulsar Helium Inc. (TSX-V: PLSR): Jetstream #4 – 2nd well with high pr...
• Jetstream #4 has penetrated the entire interpreted helium-bearing interval encountering pressurized gas during drilling. Bottom-hole pressure measured ~674 psi at 444 m depth, rising to 887 psi at 578 m. • These measurements align with the pressure regime observed at Jetstream #3, located 600 m to the north, where bottom-hole pressure was estimated at ~960 psi at 661 m depth. • The elevated pressures are highly encouraging, indicating the potential for materially higher flow rates and improved...
- Stephane Foucaud
Arrow Exploration Corp. (AIM: AXL): Another positive result at Mategua...
• The M-6 vertical well has encountered 30 ft of net oil pay in the Carbonera C9 formation (previously named Guadalupe). This compares favourably with the results of the M-5 well that encountered ~ 26 feet of net oil pay in the same formation. This result provides a strong foundation for the first horizontal well at Mateguafa (M-HZ7), already spudded and expected to come onstream in December. Additional horizontal wells could follow, with the Mateguafa Attic potentially proving more material tha...
- Stephane Foucaud
Condor Energies Inc. (TSX: CDR): Two bypassed pay zones add ~2 mboe/d....
• The A-23 horizontal well at the Andakli field has reached total depth, completing a ~1,000 m open-hole section which is Uzbekistan’s longest on record. Initial gas flowback has already been observed at surface. A service rig will conduct flow testing, with the well scheduled to enter production in December. Meanwhile, the drilling rig will spud an even longer lateral second horizontal well from the same pad, targeting a separate carbonate reservoir currently produced via vertical wells in the ...
- Stephane Foucaud
AUCTUS ON FRIDAY - 21/11/2025
AUCTUS PUBLICATIONS ________________________________________ Condor Energies (CDR CN)C; Target price of C$5.90 per share: Imminent flow rate results for first horizontal well. LNG facility construction 90% complete. – 3Q25 production averaged 9,978 mboe/d, broadly in line with expectations. In Uzbekistan, drilling of a 1,000‑meter lateral section at the first horizontal well is underway, with numerous mud gas shows recorded. The lateral may be extended, and the well is expected to be brought ons...
SEY STERLING ENERGY PLC
PEN PANORO ENERGY ASA
VLE VALEURA ENERGY INC.
DNO DNO ASA CLASS A
CNE CANACOL ENERGY LTD
ZPHR ZEPHYR ENERGY
BWE BW ENERGY
SOUC SOUTHERN ENERGY CORP
PNOR PETRONOR E&P LTD
CEQ CRITERIUM ENERGY LTD.
IAECN ITHACA ENERGY
CDR CONDOR ENERGIES INC
PLSR PULSAR HELIUM INC.
- Stephane Foucaud
Criterium Energy Ltd (TSX-V: CEQ): Gas development on track. Capex to ...
• Pipeline construction for the SE-MGH 5–7 mmcf/d development is scheduled to begin in early 2026, with first gas expected in 1H26. Capex has been reduced further to US$2–3 mm (from US$2.5–4 mm), of which US$1.7 mm has already been spent. The subsequent North MGH development (incremental capex of ~US$1 mm) would lift total production to 7–10 mmcf/d. • The company now expects gas prices of US$6-7/mc, in line with recent South Sumatra sales, versus the prior assumption of US$5–7/mcf. • Criterium h...
- Stephane Foucaud
Panoro Energy ASA (OSE: PEN): More than meets the eyes at EG-23
• 3Q26 production and net debt (end-September) have already been reported. The company has reiterated FY25 capex guidance of ~US$40 mm. • Gross production in Gabon remains on track to return to ~40 mbbl/d in 2026. • 3D seismic campaign across the Niosi, Guduma, and Dussafu licenses has commenced and is expected to run for ~two months. The program could also yield additional insights into undeveloped discoveries at Dussafu. • On EG-23, seismic data is being reprocessed to remap seven existing dis...
- Stephane Foucaud
Zephyr Energy Plc (AIM: ZPHR): Potential resource boost in the Paradox
• Zephyr has nominated ~38,000 net contiguous Paradox acres for inclusion in upcoming federal lease sales by the U.S. Bureau of Land Management. If fully awarded, this would represent a material expansion of the current 46,000 net acre position, of which only ~20,000 acres are currently covered by seismic. Existing estimates of ~35 mmboe 2P reserves and 39 mmboe contingent resources are based solely on those 20,000 acres. If successful, the company intends to shoot 3D seismic across the addition...
- Stephane Foucaud
Southern Energy Corp. (SOUC LN/SOU CN): Gas prices up. Liquid rich opp...
• 3Q25 production averaged 2,076 boe/d, in line with our expectations. • The GH LSC 13-13 #2 well in the Lower Selma Chalk continues to exhibit a notably shallower decline profile than prior Upper Selma Chalk wells. Current output is ~1.7 mmcf/d, with an IP120 outperforming typical Upper Selma Chalk results. • The U.S. government shutdown has contributed to the delayed resolution of the transportation tariff dispute. We now anticipate the ~400 boe/d of curtailed volumes will return online in 1Q...
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