reports
- Stephane Foucaud
AUCTUS ON FRIDAY - 28/03/2025
AUCTUS PUBLICATIONS ________________________________________ Condor Energies (CDR CN)C; Target price of C$5.60 per share: Production rises again. Maiden reserves report. First LNG sales in Kazakhstan on track for 1H26 – YE24 2P reserves in Uzbekistan were estimated at 18.5 mmboe. 4Q24 production was 10,511 boe/d increasing to 12,019 boe/d in March to date and 12,288 boe/d over the past five days. In March, Condor signed a non-binding letter of intent outlining the basic terms and conditions for ...
RKH ROCKHOPPER EXPLORATION
CNE CAIRN ENERGY PLC
REP REPSOL SA
VLE VALEURA ENERGY INC.
DNO DNO ASA CLASS A
PHAR PHAROS ENERGY
XOM EXXON MOBIL CORPORATION
BLOE BLOCK ENERGY
SENX SERINUS ENERGY
OKEA OKEA
RDSA ROYAL DUTCH SHELL PLC
WDS WOODSIDE PETROLEUM LTD
SOUC SOUTHERN ENERGY CORP
ITH ITHACA ENERGY PLC
CDR CONDOR ENERGIES INC
PLSR PULSAR HELIUM INC.
- Stephane Foucaud
Pharos Energy Plc (LSE: PHAR): Return to production growth in Vietnam
• FY24 production and YE24 net cash have already been reported. • The FY25 production guidance of 5.0-6.2 mboe/d is unchanged. However the highlight of the press release is the upcoming programme in Vietnam. • The FY25 capex guidance has increased to US$37–66 mm, up from the previous US$33 mm. The minimum programme includes drilling the TGT appraisal commitment well (18X) and procuring long-lead items for three TGT infill wells and two CNV wells (one appraisal well, 5X, and one infill well), sc...
- Stephane Foucaud
Valeura Energy (TSX: VLE): FY24 results in line. Additional reserves e...
• FY24 production, YE24 reserves and YE24 net cash had been reported previously. The FY25 guidance has been re-iterated. • Production in March to date at Manora was 2.9 mbbl/d. • FID for the Wassana redevelopment is still anticipated in early 2Q25, with first oil expected in early-2027. A significant portion of the 10.6 mmbbl low-risk contingent resources at Wassana will be converted into 2P reserves upon FID. • 10 development and appraisal wells are currently planned for the Jasmine field in 2...
- Stephane Foucaud
Pulsar Helium Inc. (TSX-V: PLSR): Accessing project finance rather tha...
• Pulsar has signed a term sheet for a US$4 mm project finance facility set to mature in March 2026. The facility will bear interest at 12% per annum on any drawn amounts, with a 2% utilization fee on draws, which will be reimbursable at maturity. • We understand that Pulsar will be able to draw on this facility imminently. • This highlights the quality of the Topaz asset. Accessing project finance at this stage underscores its value, as such funding is typically only available closer to FID. •...
- Stephane Foucaud
Condor Energies Inc. (TSX: CDR): Production rises again. Maiden reserv...
• 4Q24 production in Uzbekistan was 10,511 (in line) rising to 12,019 boe/d in March-to-date and 12,288 boe/d in the past five days following the third successful workover in the area. At least six additional well candidates with similar geological characteristics have been identified, expected to further boost production. Multiple other independent workovers candidates being matured. • Since taking operatorship, Condor has completed 20 workovers with over 100 remaining candidates identified. Du...
- Stephane Foucaud
AUCTUS ON FRIDAY - 21/03/2025
AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN)C; Target price of £0.10 per share: Significant power transaction highlights the value of the S. Africa electricity trading business – Etana Energy, the South African electricity trading business (49% held by Chariot) has arranged a US$55 mm guarantee finance facility through Standard Bank and secured an equity investment of up to US$20 mm from Norfund for working capital. In exchange, Standard Bank and Norfund will ho...
EGY VAALCO ENERGY INC.
TXP TOUCHSTONE EXPLORATION
GENL GENEL ENERGY
ENI ENI S.P.A.
ALVOF ALVOPETRO ENERGY LTD
PCL PANCONTINENTAL OIL & GAS N.L.
SEI. SINTANA ENERGY
CHAR CHARIOT OIL & GAS
7777 3-D MATRIX
GKP GULF KEYSTONE PETROLEUM LTD.
DGOC DIVERSIFIED GAS & OIL
ENOG ENERGEAN PLC
BLOE BLOCK ENERGY
AOI AFRICA OIL CORP
SENX SERINUS ENERGY
JSE JADESTONE ENERGY
TAL PETROTAL (TAL)
SOUC SOUTHERN ENERGY CORP
CEQ CRITERIUM ENERGY LTD.
PRD PREDATOR OIL & GAS HOLDINGS PLC
CDR CONDOR ENERGIES INC
- Stephane Foucaud
Vaalco Energy (NYSE: EGY): Two large projects to boost FY26 production
• 4Q24 production was 25,300 boe/d; which is in line with our expectations. • The YE24 WI 2P reserves were estimated at 96.1 mmboe) Adjusting for the acquisition of the Ivory Coast assets, the company has organically replaced over 100% of the FY24 production of ~9 mmboe. This exceeds our expectations and reflects the strong performance of Vaalco’s various assets. • Vaalco expects to produce 19.3-22.3 mboe/d in 2025 with a capex of US$270-300 mm. The guidance is below our forecast of 24.9 mbbl/d,...
- Stephane Foucaud
PetroTal Corp (AIM: PTAL): Very high production YTD. Re-iterating FY25...
• FY24 production figures had been previously disclosed. • The total cash position of $114.5 mm, of which $102.8 mm was unrestricted, is in line with previous indications. The minimal working capital deficit of US$1.5 mm is also in line with our expectations. • YTD 2025 oil production has averaged 23,200 bbl/d, comprising 22,600 bbl/d from the Bretana field and 600 bbl/d from the Los Angeles field. This exceeds our forecast of 21.5 mbbl/d as the two last wells at Bretana have delivered very st...
- Stephane Foucaud
Sintana Energy Inc. (TSX-V: SEI): Woodside does not farm-into PEL 87 –...
• Woodside has elected not to exercise its option to farm into PEL 87. While this decision is disappointing and likely to result in some delays until Pancontinental secures a new partner, it likely reflects Woodside’s increased focus on LNG and its recent reduction in exploration spending. The company is currently advancing three capital-intensive development projects: Scarborough LNG (7.3 Tcf, ~80% complete), Trion Oil (20% complete), and the recently acquired Louisiana LNG expansion. • PEL 87 ...
- Stephane Foucaud
Chariot Limited (AIM: CHAR): Significant power transaction highlights ...
• Etana Energy, the South African electricity trading business (49% held by Chariot) has arranged a US$55 mm guarantee finance facility through Standard Bank and secured an equity investment of up to US$20 mm from Norfund for working capital. • In exchange, Standard Bank and Norfund will hold 10% and 20% of the project’s economics, respectively, via preferred equity. This leaves Etana with 70%, equating to ~34.7% net to Chariot. The US$20 mm preferred equity investment predominantly from Norfund...
- Stephane Foucaud
Criterium Energy Ltd (TSX-V: CEQ): Replacing 160% of FY24 oil producti...
• At YE24, Criterium was estimated to hold 4.6 mmbbl 2P oil reserves, a slight increase from estimated YE23, as the reserves additions from the work-over program (especially the new GH sand) more tan offsets FY24 production of approximately 0.3 mmboe. • The after-tax NPV10 of the 2P reserves is US$60 mm. • The 2C contingent gas resources at Tungkal are estimated at 27.5 bcf, higher than the previous estimate of 20 bcf. The auditor has attributed a 90% chance of development to Southeast Mengoepeh...
- Stephane Foucaud
Southern Energy Corp. (SOUC LN/SOU CN): Back to growth
• Southern is expecting to raise US$6 mm in new equity at a price of 4.3p/sh (C$0.08/sh). Investors participating in the transaction will also receive half a warrant for each new share, with an exercise price of 5.3p/sh (C$0.10 /sh). • The existing ~US$3.2 mm convertible debenture will be equitized, at 102.5% of the principal outstanding amount plus accrued interest will be converted into equity at a price of 4.3p/sh (C$0.08/sh). Southern's credit facility has been amended, reducing monthly prin...
- Stephane Foucaud
AUCTUS ON FRIDAY - 14/03/2025
AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.80 per share: Reserves increase showcases FY24 drilling success – YE24 2P and 3P reserves are estimated at 13.6 mmboe and 22.3 mmboe, respectively. This represents an increase of 15% and 25%, respectively vs. YE23. Adding back FY24 production of 1.3 mmboe, the 2024 activity program has added approximately 2.8 mmboe of 2P reserves and 5.3 mmboe of 3P reserves at Tapir (overall increase ...
- Stephane Foucaud
Arrow Exploration Corp. (AIM: AXL): Appraisal drilling results at Albe...
• YE24 2P and 3P reserves are estimated at 13.6 mmboe and 22.3 mmboe, respectively. This represents an increase of 15% and 25%, respectively vs. YE23. • Adding back FY24 production of 1.3 mmboe, the 2024 activity program has added approximately 2.8 mmboe of 2P reserves and 5.3 mmboe of 3P reserves at Tapir (overall increase including all the company’s assets: +3.0 mmboe of 2P reserves and +5.7 mmboe of 3P reserves). • The 2P reserves addition during 2024 is in line with our forecasts (+3.4 mmboe...
- Stephane Foucaud
Valeura Energy (TSX: VLE): Investor visit: adding depth and breadth
• Valeura hosted an investor trip to its operations in Thailand earlier this month. The visit underscored three key aspects: (1) the extensive experience of the management team, (2) the strong relationships with Thai authorities, and (3) the substantial breadth of its assets, offering more potential than previously anticipated. • Greg Kulawski, Valeura's COO, brings extensive experience to the company's shallow water operations in Thailand. His previous roles at Shell include Deputy CEO of Sakha...
- Stephane Foucaud
Zephyr Energy Plc (AIM: ZPHR): Key Paradox well test results expected ...
• FY24 sales volumes averaged 1,149 boe/d including 139 bbl/d of NGL. The NGL sales were higher than we were anticipating (~100 bbl/d) but FY24 production of 1,052 boe/d was impacted by downtime experienced in the Williston Basin in 4Q24 due to extreme weather in the area. 4Q24 net production was 829 boe/d (plus NGL that we estimate at 90-100 bbl/d). • In the Paradox basin, 97% of the lateral in the State 36-2 LNW-CC-R well was drilled in the Cane Creek reservoir with elevated mud gas levels. ...
- Stephane Foucaud
Panoro Energy ASA (OSE: PEN): Material discovery in Gabon
• The Bourdon exploration well has encountered approximately 34 metres of net oil pay within a 45-metre column in the Gamba reservoir formation, representing the largest hydrocarbon column discovered to date at Dussafu. • Prior to drilling, Bourdon was expected to hold around 5.1 mmbbl prospective resources, net to Panoro’s WI • An appraisal side-track could be drilled to better assess the size of the discovery. Depending on the extent of the find, it could be developed as either a subsea tieb...
- Stephane Foucaud
AUCTUS ON FRIDAY - 07/03/2025
GeoPark (GPRK US)C; Target price of US$17 per share: Four new exploration wells at Confluencia Sur – The FY24 production had been reported previously. Gross production in Argentina is approximately 15,000 boe/d and is expected to increase to around 16,000-17,000 boe/d by the end of 2025. The acquisition of the Argentinian assets is anticipated to be completed in late 1Q25 or early 2Q25 pending the regulatory approval of the Neuquen province. While the test results at the three wells drilled at C...
- Stephane Foucaud
GeoPark Limited (NYSE: GPRK): Four new exploration wells at Confluenci...
• The FY24 production had been reported previously. • Gross production in Argentina is approximately 15,000 boe/d and is expected to increase to around 16,000-17,000 boe/d by the end of 2025. • The acquisition of the Argentinian assets is anticipated to be completed in late 1Q25 or early 2Q25 pending the regulatory approval of the Neuquen province. • While the test results at the three wells drilled at Confluencia Norte in 2024 exceeded expectations, no reserves were booked for this area in 2024...
- Stephane Foucaud
Vaalco Energy (NYSE: EGY): Adding exploration upside in Cote d’Ivoire
• Vaalco has farmed into the CI-705 block offshore Côte d’Ivoire. Vaalco will become operator of the block with a 70% WI and a 100% paying interest though a commercial carry arrangement. The partners are Ivory Coast Exploration Oil & Gas (ICE) and PETROCI. Vaalco has invested US$3 mm to acquire its 70% WI in the block. • The CI-705 block is located in the Tano basin and is ~70 km to the west of Vaalco’s CI-40 Block, where the Baobab and Kossipo oil fields are located, and 60 km west of ENI’s 202...
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