reports
- Stephane Foucaud
Zephyr Energy Plc (AIM: ZPHR): Accretive non-core divestments. Non-bin...
• Zephyr has completed additional divestments linked to its recent non‑operated acquisition, including ~160 acres of non‑operated, undeveloped leases sold for US$1.3 mm, and royalty plus working interests in a non‑producing Powder River Basin wellbore sold for US$0.4 mm in cash, with the buyer also assuming ~US$0.4 mm of near‑term capex obligations. • These sales were not anticipated and further strengthen Zephyr’s cash position. Including the divestments announced in 2H25, Zephyr has now recove...
- Stephane Foucaud
New Zealand Energy Corp. (TSX-V: NZ): Pipeline reflections
• Natural gas prices in New Zealand remain elevated at US$10–15/mcf. The closure of the Strait of Hormuz, and the subsequent bombing of the South Pars/North Field complex (the world’s largest gas field), have further tightened global LNG supply. • Construction of New Zealand’s first LNG import terminal in Taranaki is expected to begin this year , with commissioning targeted for late 2027 or early 2028. In this context, NZE’s existing gas infrastructure could become strategically significant. • N...
- Stephane Foucaud
Criterium Energy Ltd (TSX-V: CEQ): Large Reserves and Resources increa...
• Criterium has doubled its 2P reserves versus YE24, booking approximately 24 bcf for the SE‑MGH and N‑MGH developments, where first gas is expected from SE-MGH in 2Q26. • The reserves increase reflects not only the conversion of 14.9 bcf of 2C resources into 2P, but also: (1) a reassessment of reservoir properties informed by the extended well test at SEM‑01 (+6 bcf), and (2) the successful test of MGH‑20 (+3 bcf). • At Macan Gedang, the probability of development has risen to 70%, correspondin...
- Stephane Foucaud
Sintana Energy Inc. (TSX-V: SEI): Galp increases the contingent resour...
• Galp’s FY25 annual report estimates 1.1 bnboe of 3C contingent resources at Mopane net to its 80% WI, equivalent to 1.38 bnboe gross. • This represents a 57% increase versus the YE24 estimate (~0.7 bnboe net / 0.88 bnboe gross) and reflects the success of the 2025 appraisal campaign. • Mopane now represents ~67 mmboe of 3C contingent resources net to Sintana’s 4.9% carried interest. • TotalEnergies, having entered into a farm-in including operatorship, is preparing an ambitious appraisal and e...
- Stephane Foucaud
CanCambria Energy Corp. (TSX: CCEC): Initiating Coverage
CanCambria Energy (CCEC) is a ~US$55 mm TSX‑listed pure play on natural gas in Hungary, a hydrocarbon‑friendly jurisdiction where hydraulic stimulation is permitted. With Europe reassessing domestic gas supply in light of the Ukraine and Iran conflicts — and even countries traditionally considered environmentally progressive like Denmark now supporting increased local production — market sentiment is improving. CCEC acquired its licenses between 2022 and 2025. Although a multi-tcf discovery was ...
- Stephane Foucaud
Condor Energies Inc. (TSX: CDR): High production on good well results....
• 4Q25 production of 10,534 boe/d had been previously disclosed. Output has since increased to an average of 12,622 boe/d in March, reflecting the strong contributions from the A‑21 Hz well (+1.2 mboe/d) and the K‑45 vertical well (+0.9 mboe/d). • We expect production to climb further in the coming weeks with the continued active workover program that has been yielding strong results recently and the A‑23 Hz well, which is nearing first production following recent acidization and the upcoming re...
- Stephane Foucaud
Arrow Exploration Corp. (AIM: AXL): High production, reserves addition...
• Production has increased to 5,325 boe/d, up from 4,900 boe/d in early March, driven by rising output from the M‑9 Hz well. • Further growth is expected with the imminent addition of the M‑11 well, which encountered 48 ft of net pay across the C7 and C9 formations and is scheduled to be brought online in the coming weeks. • M‑11 intersected both zones structurally higher than any previous Mateguafa Attic well, extending the structure southward and confirming additional development potential. A ...
- Stephane Foucaud
AUCTUS ON FRIDAY - 20.03.2026
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.19 per share: New equity raise ahead of drilling in Austria – ADX has raised A$4.4 mm new equity at A$0.027 per share. Investors will also receive one option for every two new shares, with an exercise price of A$0.0405 per share. The proceeds will fund the HOCH‑1 shallow exploration well in Austria, which is expected to spud next month. The strengthened cash position also enables well‑site prep...
UPL UPLAND RESOURCES
GTE GRAN TIERRA ENERGY
EGY VAALCO ENERGY INC.
GENL GENEL ENERGY
SEY STERLING ENERGY PLC
ENI ENI S.P.A.
ALVOF ALVOPETRO ENERGY LTD
SEI. SINTANA ENERGY
TRP TOWER RESOURCES PLC
VLE VALEURA ENERGY INC.
DNO DNO ASA CLASS A
MAHA A MAHA ENERGY
GKP GULF KEYSTONE PETROLEUM LTD.
FEC FRONTERA ENERGY CORP
ENOG ENERGEAN PLC
JSE JADESTONE ENERGY
CRCL CORCEL
AXL. ARROW EXPLORATION LTD
ITH ITHACA ENERGY PLC
ADX ADX ENERGY LTD
CDR CONDOR ENERGIES INC
- Stephane Foucaud
Valeura Energy (TSX: VLE): Beyond a simple production story
• FY25 production, YE25 reserves, and YE25 net cash positions have already been disclosed. Since the beginning of the conflict in Iran, the Dubai benchmark has outpaced Brent price with a current premium of US$40-50/bbl. Given the fiscal terms in Thailand, this has important positive implications for Valeura’s cashflow. • Valeura’s portfolio also contains several meaningful sources of upside that could be accelerated in the context of the current high oil price. We expect materially improved vis...
- Stephane Foucaud
Corcel plc (AIM: CRCL): Equity raise to accelerate activities
• Corcel has raised £3.6 mm of new equity at a price of 0.40p with Investors also receiving one warrant per new share, exercisable at 0.70p per share. • The warrants include an accelerator clause: if the shares trade at or above 0.85p for 25 consecutive trading days, the company may issue notice requiring warrant holders to exercise within 30 days. • The additional capital enables Corcel to procure long‑lead items for the upcoming KON‑16 exploration well. This strengthens the company’s negotiat...
- Stephane Foucaud
Vaalco Energy (NYSE: EGY): Restart of CI in a few weeks. Focus on Koss...
• The Baobab FPSO has arrived offshore South Africa and remains on schedule to reach Côte d’Ivoire in late March, keeping the planned 2Q26 restart on track. This milestone is critical to boost cash flow, particularly in the current high oil‑price environment. • 2P reserves are estimated at 90.6 mmboe. Excluding the 13.7 mmboe associated with the Canadian assets sold in 1Q26, YE25 WI 2P reserves of 76.9 mmboe represent a slight increase versus YE24. With minimal exploration spend, Vaalco replaced...
- Stephane Foucaud
ADX Energy (ASX: ADX): New equity raise ahead of drilling in Austria
• ADX has raised A$4.4 mm new equity at A$0.027 per share. Investors will also receive one option for every two new shares, with an exercise price of A$0.0405 per share. • The proceeds will fund the HOCH‑1 shallow exploration well in Austria, which is expected to spud next month. The strengthened cash position also enables well‑site preparation and materials for two additional Austrian wells. • HOCH-1 is a 5.2–8.0 Bcf (P50–Pmean) prospect (2.6–4.0 Bcf net to ADX) with an upside case of 17.3 Bcf ...
- Stephane Foucaud
AUCTUS ON FRIDAY - 13.03.2026
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A0.22 per share: Raising new equity for Austria and Italy – ADX has raised A$4.4 mm of new equity priced at A$0.027 per share. Participants will also receive one unlisted option for every two new shares with an exercise price of A$0.0405 per share. New Zealand Energy (NZ CN)C; Target price of C$1.25 per share: Positive well result. Supportive environment – Ngaere‑1 is currently producing around 1...
- Stephane Foucaud
Valeura Energy (TSX: VLE): Positive drilling results add production an...
• Following the drilling of three new wells at Manora, field production has increased from 1,950 bbl/d prior to the first well coming onstream to a recent average of 2,626 bbl/d—this is ahead of the company’s expectations. We have raised our 1Q26 production forecast for the field from 2,000 bbl/d to 2,200 bbl/d. • The MNA‑41 appraisal well has validated the prospectivity of key reservoir intervals. It encountered oil pay within the 300‑series sand, opening up additional exploration and appraisal...
- Stephane Foucaud
New Zealand Energy Corp. (TSX-V: NZ): Positive well result. Supportive...
• Ngaere‑1 is currently producing around 120 bbl/d of oil after perforating a previously bypassed interval. The zone has already delivered roughly 3,000 bbl, with an initial rate of 580 bbl/d when first opened, and it carries meaningful upside for additional reserves. • The same bypassed interval is now expected to be perforated at Ngaere‑2 and Waihapa H1, with all associated costs covered by Monumental Energy. These recompletions have the potential to add production, cash flow, and reserves. • ...
- Stephane Foucaud
AUCTUS ON FRIDAY - 06.03.2026
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.22 per share: 3.5x resources estimates increase at Welchau incorporating deeper potential – As expected, prospective resource estimates at Welchau have been upgraded, now incorporating the deeper Duplex Array 2 gas‑condensate interval. The sands in this interval are estimated to contain 165–262 bcf of prospective gas (P50–Pmean), together with 5.8–9.2 mmbbl of associated condensate. Combined pr...
GALP GALP ENERGIA SGPS SA CLASS B
GTE GRAN TIERRA ENERGY
GPRK GEOPARK
PXT PAREX RESOURCES INC.
ALVOF ALVOPETRO ENERGY LTD
SEI. SINTANA ENERGY
SNM SHAMARAN PETROLEUM CORP.
GKP GULF KEYSTONE PETROLEUM LTD.
FEC FRONTERA ENERGY CORP
KOS KOSMOS ENERGY LTD.
AXL. ARROW EXPLORATION LTD
HBR HARBOUR ENERGY PLC
PRD PREDATOR OIL & GAS HOLDINGS PLC
ADX ADX ENERGY LTD
PLSR PULSAR HELIUM INC.
- Stephane Foucaud
ADX Energy (ASX: ADX): 3.5x resources estimates increase at Welchau in...
• As expected, prospective resource estimates at Welchau have been upgraded, now incorporating the deeper Duplex Array 2 gas‑condensate interval. • The sands in this interval are estimated to contain 165–262 bcf of prospective gas (P50–Pmean), together with 5.8–9.2 mmbbl of associated condensate. • Combined prospective resources across Duplex Arrays 1 and 2 are now assessed at (P50–Pmean) 230–387 bcf, plus 8.1–13.6 mmbbl of condensate, representing more than a three‑fold increase versus previous...
- Stephane Foucaud
Arrow Exploration Corp. (AIM: AXL): Two positive well results. Low dec...
• The M‑10 vertical well encountered approximately 20 ft of net oil pay with 20% porosity in the C7 formation, and around 25 ft of net oil pay in the C9. The C7 has been brought onstream on a very small 25/128 choke, producing 1,100 bbl/d gross (550 bbl/d net) of 31° API oil with a 6% water cut. This is a notably strong rate compared with other vertical wells at Mateguafa. • The M‑9 horizontal well has been placed on production on a 31/128 choke at 850 bbl/d gross (425 bbl/d net) with a 16% wate...
- Stephane Foucaud
AUCTUS ON FRIDAY - 27.02.2026
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of C$0.21 per share: Well test results at Welchau support interpretation of an updip light oil accumulation – Following a small acidisation treatment (6 m³ across 45 m of perforations) in the Reifling interval at the Welchau‑1 well, gas and light oil were recovered at surface during swabbing operations. Although stable inflow was not achieved—indicating that the limited acid volume did not access the ...
EGY VAALCO ENERGY INC.
CNE CAIRN ENERGY PLC
TXP TOUCHSTONE EXPLORATION
MUR MURPHY OIL CORPORATION
ENI ENI S.P.A.
PXT PAREX RESOURCES INC.
AOI. AFRICA OIL
ALVOF ALVOPETRO ENERGY LTD
PEN PANORO ENERGY ASA
ENQ ENQUEST PLC
BP. BP P.L.C.
DGOC DIVERSIFIED GAS & OIL
JSE JADESTONE ENERGY
BWE BW ENERGY
CRCL CORCEL
TAL PETROTAL (TAL)
SEPLAT SEPLAT ENERGY PLC
VISTAA VISTA OIL & GAS SA DE CV
IGAS IGAS ENERGY PLC
ADX ADX ENERGY LTD
PLSR PULSAR HELIUM INC.
HEX HELIX EXPLORATION PLC
- Stephane Foucaud
Panoro Energy ASA (OSE: PEN): Transformational acquisition in EG
• Panoro is acquiring 40.375% WI in Block G, Equatorial Guinea from Kosmos Energy for US$180 mm, effective 1 January 2025. Closing is expected in August, with an estimated ~US$140-150 mm payable at completion and up to US$39.5 mm in deferred contingent consideration tied to oil prices and production over 2026–2028. • The acquisition is highly material, increasing Panoro’s WI in Block G by ~3.9× and adding 46 mmbbl of 2P reserves (+110% versus the company’s current 2P base) and 29 mmbbl of 2C res...
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