reports
- Stephane Foucaud
Valeura Energy (TSX: VLE): Operations and financials on track. Materia...
• The 3Q25 production and cash position at the end of September had been previously disclosed. • November production to date has averaged 24,537 bbl/d, exceeding the 3Q25 average of ~23 mbbl/d. • The FY25 production guidance of 23-25.5 mbbl/d has been re-iterated. • Valeura has completed a scheduled underwater survey of the sub-sea structural components. No anomalies were identified, reaffirming the facility’s integrity. Following redevelopment, production is expected to reach ~10 mbbl/d in 2H27...
- Stephane Foucaud
AUCTUS ON FRIDAY - 14/11/2025
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.20 per share: A$3.5 mm funding boost ahead of busy activity programme – ADX has raised A$3.5 mm through a new equity placement at A$0.026 per share. Investors in the placement will also receive one option for every two new shares subscribed, exercisable at A$0.039 per share. The capital raise strengthens ADX’s balance sheet ahead of its 2026 work programme and effectively removes the funding ov...
EGY VAALCO ENERGY INC.
TXP TOUCHSTONE EXPLORATION
GENL GENEL ENERGY
SQZ SERICA ENERGY
NTOG NOSTRA TERRA OIL & GAS COMPANY
FEC FRONTERA ENERGY CORP
AOI AFRICA OIL CORP
AXL. ARROW EXPLORATION LTD
TAL PETROTAL (TAL)
RECO RECONNAISSANCE ENERGY AFRICA LTD
ADX ADX ENERGY LTD
CDR CONDOR ENERGIES INC
PLSR PULSAR HELIUM INC.
- Stephane Foucaud
ADX Energy (ASX: ADX): A$3.5 mm funding boost ahead of busy activity p...
• ADX has raised A$3.5 mm through a new equity placement at A$0.026 per share. Investors in the placement will also receive one option for every two new shares subscribed, exercisable at A$0.039 per share. • The capital raise strengthens ADX’s balance sheet ahead of its 2026 work programme and effectively removes the funding overhang that had weighed on the stock. ADX Company is also preparing for a potential dual listing on Oslo Børs’ Euronext Growth market. • Key near-term activity includes th...
- Stephane Foucaud
PetroTal Corp (AIM: PTAL): Preserving capital in the context of drilli...
• 3Q25 production and net cash figures as of end-September have already been disclosed. • Bretana field output averaged 14,983 bbl/d during the first 10 days of November. Only one of the five wells previously shut due to tubing leaks has been worked over and returned to production so far. • Drilling activity is now postponed to mid-2026, following further delays with PetroTal’s own rig (previously expected to restart in 1Q26). This materially impacts the production trajectory and operating cash ...
- Stephane Foucaud
Vaalco Energy (NYSE: EGY): FY25 production guidance increased. CI on t...
• WI production averaged 19,887 boe/d in 3Q25, exceeding our forecast of ~19,160 boe/d. This outperformance was driven by stronger-than-expected volumes from Gabon (7,118 boe/d vs our estimate of 6.6 mboe/d and company guidance of 6.4–7.1 mboe/d). Despite a full platform shutdown in July for planned maintenance, Gabon’s production impact was less than anticipated. • On the back of robust Gabon performance and sustained drilling activity in Egypt, the lower end of FY25 production guidance has bee...
- Stephane Foucaud
Arrow Exploration Corp. (AIM: AXL): Discovery at Mateguafa Attic
• The M-5 vertical well at Mateguafa Attic encountered approximately 26 feet of net oil pay in high-quality Guadalupe sandstone (22% porosity), along with an additional 11 feet in the Carbonera C7 formation. The discovery will contribute new reserves, as none had previously been attributed to Mateguafa Attic. • The well was brought online in the Guadalupe interval, delivering a gross oil rate of 570 bbl/d with an 8% water cut on a tight 17/128 choke. Net to Arrow, this equates to ~285 bbl/d — a ...
- Stephane Foucaud
AUCTUS ON FRIDAY - 07/11/2025
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Busy 1H26 – 3Q25 WI sales averaged 251 boe/d, in line with expectations. The company held ~A$4 mm in cash at the end of September, also in line with forecasts. A busy operational period is anticipated in 1H26. Flow testing at Welchau is scheduled to recommence in January, starting with fluid sampling and pressure measurements in the already perforated Reifling formation—the shallo...
GPRK GEOPARK
OMV OMV AG
ENI ENI S.P.A.
PXT PAREX RESOURCES INC.
ALVOF ALVOPETRO ENERGY LTD
PEN PANORO ENERGY ASA
SNM SHAMARAN PETROLEUM CORP.
SQZ SERICA ENERGY
DNO DNO ASA CLASS A
XOM EXXON MOBIL CORPORATION
BP. BP P.L.C.
MAY MELBANA ENERGY LIMITED
DGOC DIVERSIFIED GAS & OIL
BLOE BLOCK ENERGY
KOS KOSMOS ENERGY LTD.
ANGS ANGUS ENERGY
OKEA OKEA
BWE BW ENERGY
CRCL CORCEL
HBR HARBOUR ENERGY PLC
ADX ADX ENERGY LTD
TNZ TENAZ ENERGY CORP
PLSR PULSAR HELIUM INC.
- Stephane Foucaud
Panoro Energy ASA (OSE: PEN): Returning to growth during 2026
• Panoro reported average production of 8,811 bbl/d in 3Q25, in line with prior disclosures from BW Energy (Gabon) and Kosmos Energy (Equatorial Guinea). Gabon volumes were impacted by a three-week planned maintenance, while EG production was constrained by mechanical failures on subsea pumps at Ceiba. • The first pump was restored in early 4Q25, with the second expected online later this quarter and the third in 1Q26. EG production is anticipated to normalize by 1Q26. • Reflecting recent downti...
- Stephane Foucaud
Corcel plc (AIM: CRCL): Seismic and drilling permits received
• Corcel has received final ministerial approval for the Environmental Impact Assessment, granting full environmental clearance to proceed with seismic acquisition activities within the KON-16 Block. • The approved licence encompasses both 2D seismic acquisition and future exploration drilling operations. • The seismic programme is underpinned by £3.85 mm in proceeds from the accelerated exercise of warrants. Additional funding is anticipated upon completion of the farm-in agreement with Sintana...
- Stephane Foucaud
Serica Energy Plc (AIM: SQZ): Farm-in transaction boosts upside at Tri...
• Serica has agreed to acquire a 40% interest in Licence P2530 from Finder Energy for an upfront consideration of US$0.65 mm. The licence contains the Wagtail discovery. Should the joint venture proceed to Phase C (commitment to drill, with a decision to be made by the end of August 2026), Serica will pay Finder an additional £0.94 mm. • Wagtail was originally discovered in 1986, encountering an 11-metre net oil column within Fulmar reservoir sandstones. Recent 3D seismic reprocessing suggests t...
- Stephane Foucaud
ADX Energy (ASX: ADX): Busy 1H26
• 3Q25 WI sales averaged 251 boe/d, in line with expectations. The company held ~A$4 mm in cash at the end of September, also in line with forecasts. • A busy operational period is anticipated in 1H26. Flow testing at Welchau is scheduled to recommence in January, starting with fluid sampling and pressure measurements in the already perforated Reifling formation—the shallowest reservoir. The well is expected to be acid-stimulated to mitigate formation damage and enhance productivity, with estima...
- Stephane Foucaud
AUCTUS ON FRIDAY - 31/10/2025
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Calendar of upcoming activities – Well testing at Welchau is now expected to start in January. The shallow gas drilling programme will start February 2026 while oil appraisal drilling is scheduled for 3Q26. Pulsar Helium (PLSR LN)C; Target price of £0.80 per share: High pressure at Jetstream #3 – Jetstream #3 has intersected two gas-bearing intervals at ~523 meters and 621 meters...
EQNR EQUINOR ASA
SEPL SEPLAT PETROLEUM DEVELOPMENT COMPANY
GALP GALP ENERGIA SGPS SA CLASS B
GTE GRAN TIERRA ENERGY
GPRK GEOPARK
OMV OMV AG
PXT PAREX RESOURCES INC.
REP REPSOL SA
CHAR CHARIOT OIL & GAS
LKOH OIL COMPANY LUKOIL PJSC
JAY BLUEJAY MINING
ENOG ENERGEAN PLC
OKEA OKEA
NOG NOSTRUM OIL & GAS PLC
ADX ADX ENERGY LTD
BWEFF BW ENERGY LTD
SHELL ROYAL DUTCH SHELL
PLSR PULSAR HELIUM INC.
- Stephane Foucaud
Pulsar Helium Inc. (TSX-V: PLSR): High pressure at Jetstream #3
• Jetstream #3 has intersected two gas-bearing intervals at ~523 meters and 621 meters depth, with bottom-hole pressure estimated at ~960 psi at 661 meters. For comparison, Jetstream #1 and #2 recorded bottom-hole pressures of just 185–205 psi. Gas bubbling was observed in the drilling mud returns at surface during pipe connections, indicating active gas influx from the formation during drilling. • The elevated pressure encountered at Jetstream #3 is highly encouraging, as it suggests the potent...
- Stephane Foucaud
AUCTUS ON FRIDAY - 24/10/2025
AUCTUS PUBLICATIONS ________________________________________ Condor Energies (CDR CN)C; Target price of C$5.80 per share: Well results derisk the deeper clastic play. The horizontal leg could add 13-20 mmcf/d – Condor’s inaugural well in Uzbekistan has intersected 28.5 meters of net gas pay within the productive carbonate reservoir; which in line with expectations. The company now plans to drill a 1,000-meter horizontal section through this interval, with results anticipated in November. IP rate...
- Stephane Foucaud
Condor Energies Inc. (TSX: CDR): Well results derisk the deeper clasti...
• Condor’s inaugural well in Uzbekistan has intersected 28.5 meters of net gas pay within the productive carbonate reservoir; which in line with expectations. The company now plans to drill a 1,000-meter horizontal section through this interval, with results anticipated in November. IP rates are estimated between 13–20 mmcf/d, representing a potentially significant uplift in output. Current reserve estimates are based solely on vertical wells; transitioning to horizontal drilling is expected to ...
- Stephane Foucaud
Pharos Energy Plc (LSE: PHAR): Kicking off high impact drilling progra...
• Drilling operations have commenced at the TGT-H1 infill well in Vietnam, with results expected within 28 days. This well is anticipated to enhance production ahead of year-end 2025. • This marks the beginning of a six-well drilling campaign across the TGT and CNV fields, utilizing two rigs operating in parallel. Four wells are planned at TGT. Following TGT-H1, Pharos will proceed with the H5 infill well. Subject to favorable weather conditions, drilling of the TGT-18X appraisal well—targeting ...
- Stephane Foucaud
Serica Energy Plc (AIM: SQZ): 25 mboe/d net production at Triton
• Triton production has ramped to over 25,000 boed net to Serica. This elevated level of output could be sustained until the commencement of the Bittern pipework in November. • The pace of ramp-up has exceeded forecasts. For 4Q25, we currently model average production at Triton of approximately 7 mboe/d net to Serica. Our FY25 corporate production estimate stands at ~27.5 mboe/d. • Serica remains well-positioned for inorganic growth, supported by a robust balance sheet and substantial tax loss ...
- Stephane Foucaud
New Zealand Energy Corp. (TSX-V: NZ): Farming out New Zealand appraisa...
• Monumental Energy will fund New Zealand Energy’s (NZE) share of costs for the workover of four wells—Waihapa-H1, Ngaere-1, Ngaere-2, and Ngaere-3. In return, Monumental will earn a 25% royalty on NZE’s production share, post full recovery of its capital investment, which will be repaid from 75% of NZE’s net revenue interest. The total investment is modest, at
- Stephane Foucaud
Sintana Energy Inc. (TSX-V: SEI): Widening high impact exploration foo...
• Sintana is acquiring Challenger Energy in an all-share transaction under which Challenger shareholders will receive 0.4705 new Sintana shares for each Challenger share held. Challenger shareholders will hold ~25% of the combined entity on completion. • Challenger holds interests in two exploration licences, offshore Uruguay. The transaction is strategically compelling, creating a combined entity with a diversified portfolio of high-impact exploration licences spanning both sides of the South A...
- Stephane Foucaud
Valeura Energy (TSX: VLE): Quality partner to revive Turkiye
• TransAtantic Petroleum is acquiring 50% WI in the West Thrace Production and Exploration Licences, currently held 63% by Valeura and 37% by Pinnacle. In exchange, TransAtlantic will fund the re-entry of the Devepinar-1 well—including hydraulic stimulation and testing of the Kesan zones (4.7–4.8 km depth)—for up to US$2 mm. Operations could commence in 4Q25. • TransAtlantic has the option to acquire 50% of Valeura’s 100% WI in the Banarli exploration licence, contingent on drilling a deep appra...
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