Calima Energy (CE1 AU) C; Target price of A$0.75 per share: Well update in Canada – The Thorsby Leo #3 well commenced flowback on November 8th and is currently producing > 250boe/d of oil and gas, which is exceeding the company’s expectations. Leo #1 and #2 are both tied in and flowing back as of November 16th and currently cleaning up. Hydrocarbon flows for Leo #1 and #2 are expected to commence in the next 7-10 days. These are impor
Companies: XOM XOM TTE TLW SOU AOI WEN NOG LEK HUR GTC ENQ DEC XOP CHAR CNE CNE CE1 PHAR
PetroTal (PTAL LN/TAL CN)C; Target of £0.65 per share: Production of ~15,500 bbl/d – • Bretana’s ten-day average field production, ended September 27, was 15,494 bbl/d. This represents a small increase compared to ~15.4 mbbl/d, announced two weeks ago. This is very encouraging suggesting the BN-8H well is performing very well and that overall production efficiency is high with the water system working well. This also augurs well for th
Companies: AOI CHAR DNO DNO ECHO HUR I3E IOG TAL PPC RBD SLE SAVE SQZ TTE TGL
PetroTal (PTAL LN/TAL CN)C; Target of £0.65 per share: Latest well flows >7.6 mbbl/d. Sales pipeline back on line – The latest horizontal well (BN-8H) has achieved a ten day initial oil production rate of ~7.6 mbbl/d. This is materially above our expectations of ~5 mbbl/d. As a result, current oil production is ~ 15.4 mbbl/d, also above our expectations of >13 mbbl/d. This is a very good result and, with another development well due to
Companies: TRIN AOI ALV ALV HUR LEK LUPE TAL PHAR PGR TLW
Arrow Exploration (AXL CN) C: Operation update in Canada - Arrow has begun the process to tie-in the behind-pipe natural gas from the 03-26-52-23W5 exploration well located at West Pepper, The estimated on-stream costs are ~C$1.3 mm. Initial production is estimated at ~5.5. mmcf/d, suggesting a payback of four months.
Vaalco Energy (EGY US/ LN) C: Target of £3.80 per share: Advancing Equatorial Guinea – In our view, the highlight of t
Companies: AKRBP AKERBP JKX KOS SEN SNM SOU TETY TETY TXP CZA AOI ALV ALV AXL BP/ CNE CNE FEC HE1 EGY
Oil posted its sixth straight weekly gain, the longest winning streak since December, as the standoff between OPEC+ ministers over output dragged on at the alliance's full meeting on Friday. Futures in New York rose 1.7% this week. Most members of the alliance backed a proposal to increase supply and extend the deal into later next year, but United Arab Emirates remains opposed, according to delegates. The ongoing dispute leaves open the possibility of a supply deficit in the global oil market o
Companies: COP COP EOG SEN AOI 88E ADME AEX CASP ENOG GTC HTG LAM I3E PFC SLE SDX UKOG VOG ZOL CVN EQNR EQNR
Calima Energy (CE1 AU) C; Target of A$0.035 per share: Trading update in Canada – The Gemini #1 and #3 well encountered oil and gas shows as prognosed with production expected to be in line with the predicted type curves. Initial flow-back and production started on 26 June for the Gemini #1 well and on 24 June for the Gemini #2 well. Production will start at Gemini #3 in mid/late July, Calima has re-iterated its YE21 production guidanc
Companies: SNM AOI BP/ CE1 CEG ENQ GENL GPRK GPRK I3E IHC SDX
AUCTUS ON FRIDAY: EGY US/LN, PEN NO, PTAL LN/TAL CN, TETY SS, VLU LN/VLE CN, ALV CN, AOI CN/SS, CNE CN, CNE LN, CPI CN, ENQ LN, GKP LN, HRB LN, HUR LN, IGAS LN, KOS US/LN, NOR NO, OKE NO, SENX LN, TXP LN/CN
Vaalco Energy (EGY US/LN)C; Target price of £3.80 per share: Removing oil price risk in 2021 - 1Q21 cashflow was negatively impact by a ~US$12 working capital movement that should be reversed on the upcoming period given that the c
Companies: AOI ALV CNE CNE CNE ENQ HUR KOS PEN PEN TAL SEN TETY TETY TXP EGY VLE
Pharos Energy (PHAR LN)C; Target price of £0.50 per share: Increasing our target price by 25% on new fiscal terms in Egypt – Pharos has received provisional approval from EGPC on revised fiscal terms for its Egyptian assets. This results in an improvement of up to US$5.7/bbl in the breakeven price. Under the new terms, the cost stop (maximum share of revenue to be allocated to cost recovery) will be increased from 30% to 40%. In return, Pharos has agreed to (i) waive its rig
Companies: TXP 88E ADX AOI CNE CNE XOM XOM JKX MAHAA TAL PHAR VOG
SDX Energy (SDX LN)C; Target price of £0.40: West Gharib contract extended by 10 years to 2031 – The increases SDX’s share of reserves in West Gharib (2.2 mmbbl at YE19), by 60%. The company plans to commence in 2Q21 a drilling programme of up to twelve wells over the next three years with the goal of growing gross production back to ~3,000bbl/d. The terms of the extension includes a commitment to drill six wells by YE22. In addition, up to six additional wells would have to
Companies: AOI FEC PXT SDX SEPL SNM TETY TETY TXP
Bahamas Petroleum Company (BPC LN)C; Target: 6.7p: Further funding secures the 2021 programme - BPC is raising US$10 mm of new equity immediately with a fund managed by Lombard Odier. The placing comprises 375 mm new shares at 2.0p per share. The investor is also issued warrants to subscribe for 93.75 mm shares at 3.0p and 93.75 mm shares at 4.0p over a period of one year. If all of these warrants were to be exercised, BPC would raise a further US$8.7 mm. BPC has also the option to raise up to a
Companies: SQZ HBR AOI CEG CNE XOP GTE HUR JOG MAHAA TAL PHAR TETY TETY
Bahamas Petroleum Company (BPC LN)C; Target: £7.20: Initiating Coverage - Bahamas Petroleum (BPC) is a £100 mm market cap company with onshore assets in the mature oil provinces of Trinidad and Suriname and high impact exploration offshore The Bahamas and Uruguay. In Trinidad and Suriname, BPC has production assets, development projects to quicky grow production and several exploration opportunities that attracted little attention from previous operators. In The Bahamas, after 12 years of incuba
Companies: WEN AOI ALV CEG GENL GTE MAHAA RBD
Panoro Energy (PEN NO)c; Target price of NOK23.00: Revisiting Gabon - BW Energy provided an update on Dussafu with FY20 production guidance expectation marginally below previous guidance (14.25 mbbl/d versus 15 16 mbbl/d) due to COVID-19 restrictions and OPEC+ quotas. This results in FY20 opex expected to be US$19/bbl which is slightly above the previous guidance of US$17-18/bbl. The drilling of DTM-7H, and the tie-in of DTM-6H and -7H, has been deferred to mid-2021 with first oil expected in 3Q
Companies: TGL 88E FEC JSE LUNE NOG PANR TAL TETY TETY AOI ENOG PEN SDX EGY
GeoPark (GPRK US)C; Target price of US$20.00: Re-instating dividend and up to 10% Buy back - FY21 production guidance has been set at 40-42 mboe/d excluding any contribution from exploration/appraisal with US$100-120 mm capex at US$40-45/bbl. This includes US$95-115 mm in Colombia (US$30-35 mm for exploration/appraisal) and US$4-5 mm in Ecuador. FY21 operating net back is guided at US$210-280 mm. 3-4 exploration wells will be drilled at CPO-5, some of which will test the continuity of the Guadal
Companies: EGY AOI FEC GPRK I3E MAHAA PXT SNM TETY TETY TXP
Panoro Energy (PEN NO)C; Target price of NOK23.00: Delivering production growth in Tunisia – Gross production in Tunisia has averaged 4,850 bbl/d in October, up from ~4,000 bbl/d in 1Q20 following the restart of operational activities in 3Q20. The Guebiba-10 sidetrack has encountered net pay in both the Berino and shallower Douleb reservoirs. Initially bringing the Berino onstream will add a few 100s bbl/d from mid November. There are three other work-overs due in the next few months on the fie
Companies: AKRBP BP/ LUNE MAHAA RDSA TETY TETY AOI DEC DNO ENI EQNR GENL HES NOG OMV PEN PTR REP SEPL SNM TTE VOG
PetroTal (PTAL LN)C; Target price £0.40: Important development in Peru – On August 28, 2020, the Government of Peru announced a Supreme Decree approving the financial Gap Closure Plan within a number of provinces in northeast Peru, including Loreto, the area where PetroTal operates the Bretana oil field. The decree provides for a six year financial commitment of approximately US$1.7 bn to the communities. This is important as the decree specifically addresses the local community participation cr
Companies: 88E AOI ALV ENOG XOM HUR JSE KOS PMG TAL RBD SQZ SNM TPL TTE TLW
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Friday's market sell off saw some violent downward moves in many stocks with little initial differentiation between sectors or the key drivers of businesses, creating significant share price drops in a number of higher quality or uncorrelated names. We take a look at some stocks we believe have either seen an unwarranted sell-off, have seen weakness go under the radar or where there is now a more attractive opportunity.
Companies: ANX IBPO CYAN SOM EQT AFM
Phoenix copper today announces an update on its deep drilling program below the proposed Empire oxide open pit resource and into the deeper sulphide zone. Phoenix is roughly 1/4 the way through a 4,500m drilling programme and has once again shown that high-grade zones of copper, zinc and lead sulphide mineralisation exist, nearly always associated with gold and/or silver and often with elevated concentrations of tungsten and molybdenum.
Companies: Phoenix Copper Ltd. (United Kingdom)
Across a broader market sell off EQTEC have shown resilience and is trading at 1.55p, above its placing in May, up 25% from one month ago.
Companies: EQTEC PLC
Savannah today announces that it is amicably terminating its JV arrangement with Rio Tinto over the Mutamba Minerals Sands project in Mozambique. Savannah has been paid $9.5m (which translates into 0.4p/sh) in cash to relinquish the 20% it has earned in the project and will cease all activity in country. All staff will transfer to Rio Tinto.
Companies: Savannah Resources Plc
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What’s cooking in the IPO kitchen?
Trinistar Liverpool S.a r.L announces its potential listing of a newly formed single asset company which will own the Capital Building in Liverpool on the IPSX. Upon admission the Company would become a real estate investment trust (REIT). The Capital Building occupies close to a 3.5 acre freehold site in the centre of Liverpool’s business district; the building comprises c425,000 square feet of predominantly of
Companies: ADBE ADBE SYM ARC AVCT CMCL CLIN DCTA FRAN OSI
SolGold (“SOLG”) has published the first partial assay results from its drilling programme at the Varela target on the Rio Amarillo concession, 35km from the flagship Cascabel project. Hole 1 has been assayed to a depth of 1,052m, revealing an intercept of 72m @ 2.16 g/t Au from 639.7m, including 24m @ 5.77 g/t Au. More interestingly assay results are pending from 1,052m to 1,708.1m (EOH) where free gold and porphyry mineralisation have been identified. Intersections of porphyry style mineralisa
Companies: SolGold Plc
West Newton planning update
Companies: Union Jack Oil Plc
Savannah Resources has sold its interest in the Mozambique mineral sands project (Mutamba) to JV partner Rio Tinto for $9.5m in cash. The payment has already been made to one of Savannah’s UK subsidiaries.
Given Barroso’s importance and capital requirements over the coming months, we view this as very good news. It allows management to dedicate all its time to Barroso and reduces future SAV equity dilution. Despite the strong lithium price and exceptional performance of ASX and TSX lithium sto
Trinity has received FDP approval from the Ministry of Energy and Energy Industries (MEEI) for the Phase 1 development of the Galeota licence. The submitted development plan has the potential to add additional peak production of c4,000 bopd; however more recent modelling suggests that intra-year peak production could be significantly higher, up to 7,000 bopd. Whilst the current development concept comprises the installation of a low-cost eight well platform (Echo), we note that Trinity is also w
Companies: Trinity Exploration & Production Plc
European gas prices are never far away from the headlines at the moment, although Parkmead’s results to end-June did not capture this surge in prices – that is yet to come. Parkmead is well placed to benefit from the current strength in European gas prices, while the potential for another commodity super-cycle suggests there is further progress to come on its major GPA oil project. A strong net cash position also puts it in the driving seat for potential acquisitions.
Companies: Parkmead Group PLC
Shanta Gold (AIM: SHG), the East Africa-focused gold producer has today announced a drilling update on its West Kenya Project (WKP) based on its Phase 2 drilling program which aims to infill 17 modelled zones across both Isulu and Bushiangala deposits up to 450-500m below surface. The Company has also reported drilling results from a regional exploration target, Ramula, where assays have been received from the first of 12 holes drilled, as part of the resource drill-out programme, totalling 451m
Companies: Shanta Gold Limited
Atlantic Lithium* (ALL LN) – Shareholders approve demerger of gold assets
Castillo Copper (CCZ LN) – Extension of options to acquire the Litchfield and Picasso lithium projects
Cornish Lithium (Private) – $18m funding package secured from TechMet
Hochschild (HOC LN) – Shares rise as government appears to back away from closure plans
Hummingbird Resources (HUM LN) – Updated mineral reserves extend Yanoflila LOM and delivers maiden estimate at Kouroussa
Phoenix Copper* (PXC LN) – Deep drilli
Companies: HOC HUM PXC PREM CCZ ALL
Q3 2021 results; new Romania drilling planned
Companies: Serinus Energy plc
Companies: Atlantic Lithium Limited.
Initiating Coverage: Price Target 20p
Potential Beyond Tin
AfriTin Mining Limited (ATM) is one of only three listed tin producers in Western markets. It has a large (820km2) land package in Namibia comprising 5 prospective licenses of which the Uis mine is the most advanced and already in production. Near term growth is being delivered with an 80% increase in tin production between 2022 and 2024. However, this is only scratching the surface and there are more than conceptual plans being fo
Companies: AfriTin Mining Ltd.