Maurel on Friday announced a comprehensive agreement with the Gabonese Republic with regards to its upstream assets in the country. We see the deal as a net positive for Maurel as we believe that the NPV of the improvement in fiscal terms should more than offset the initial cash payment to Gabon. Maurel has agreed to allow the US$43mm it was owed by the Government that was in escrow to be released back to the Government and will pay a further US$57mm to the Government as a signature bonus. We ex
Companies: Etablissements Maurel & Prom SA
Chevron (CVX US) buying Noble Energy (NBL US) – Chevron is buying Noble for US$5 bn in shares. Chevron is also assuming Noble’s US$8 bn debt. The premium paid by Chevron on Noble’s share price is only 7% compares to the last trading day before the acquisition was announced.
Touchstone Exploration (TXP LN/CN): Material reserves estimates in Trinidad – Touchstone’s WI 2P reserves at Cascadura are estimated at 45 mmboe (including 234 bcf) with 3P reserves of 73 mmboe (including 381 bcf).
Companies: MAU UKOG REP EQNR NBL TXP CVX
Karoon Energy (KAR AU) (not covered): Equity raise for Brazil | PetroTal (PTAL LN/TAL CN) 1 ; BUY, £0.50: Increasingly gearing towards the 3P case | Maurel & Prom (MAU FP) (not covered): Trading update
Companies: KAR TAL MAU
Arrow Exploration (AXL CN) (not covered): Operational update | Maurel & Prom (MAU FP) (not covered): 1H19 results
Gran Tierra Energy (GTE CN/LN); HOLD, C$2.75: Eases investor concern surrounding production outages, guidance revision forthcoming | Aker BP (AKERBP NO) (not covered): Discovery in Norway and 2Q19 results | Caspian Sunrise (CASP LN) (not covered): Operating update in Kazakhstan | JKX Oil & Gas (JKX LN) (not covered): 2Q19 update | Maurel & Prom (MAU FP) (not covered): Production update
Companies: GTE CASP JKX MAU
Columbus Energy Resources (CERP LN) (not covered): Operational update in Trinidad | PetroTal (PTAL LN/TAL CN)1; BUY, £0.40: Exploration drilling results in adjacent block | G3 Exploration (G3E LN) (not covered): FY18 results | Jadestone Energy (JSE LN/CN); HOLD, £0.50: 4Q18 results | Equinor (EQNR NO) (not covered): Divestment in Norway | Valeura Energy (VLE CN)7; BUY, C$10.00: London listing | Maurel & Prom (MAU FP) (not covered): 1Q19 update
Companies: CERP TAL G3E JSE VLE MAU
Ophir Energy (OPHR LN); HOLD, £0.55: Increased final offer from Medco | Energean Oil & Gas (ENOG LN) (not covered): FY18 results | EnQuest (ENQ LN); HOLD, £0.25: FY18 results | Serinus Energy (SENX LN)1 ; Speculative Buy, £0.25: 4Q18 results | Aminex (AEX LN)1 (not covered): Farm-out update in Tanzania | Nigeria to sell down stake in JV to 40% | Maurel & Prom (MAU FP): FY18 results
Companies: OPHR ENOG ENQ SEN AEX MAU
Aminex (AEX LN) (not covered): Kiliwani work programme acceleration in Tanzania & capital raise | Impact Oil & Gas: Farm-in in Namibia | Lekoil (LEK LN) (not covered): OPL 310 update in Nigeria | Maurel & Prom (MAU FP) (not covered): Activity and sales 2018
Companies: AEX LEK MAU
TransGlobe Energy (TGL LN/CN)1 ; BUY, £3.50: Operations update in Egypt | Anglo African Oil & Gas (AAOG LN) (not covered): Operational update in the Republic of the Congo & financing facility | Maurel & Prom (MAU FP) (not covered): Update for the first 9 months of 2018
Companies: MAU AAOG TGL
Columbus Energy Resources (CERP LN) (not covered): Placing for Trinidad | Maurel & Prom (MAU FP) (not covered): Potential transaction in Venezuela | President Energy (PPC LN) (not covered): Acquisition in the USA | Independent oil & Gas (IOG LN) (not covered): Resources update at Goddard in the UK
Companies: CERP MAU PPC IOG
i3 Energy (I3E LN) (not covered): US$2.1 mm placing | Total (FP FP) (not covered): UK strike | Genel Energy (GENL LN): HOLD, £3.00 & DNO (DNO NO) (not covered) Update on Tawke PSC in Kurdistan | Canadian Overseas Petroleum (COPL LN) (not covered): Project financing term sheet agreed | Global Petroleum (GBP LN)1: Speculative Buy, £0.05; June | Maurel & Prom (MAU FP) (not covered): 1H18 results quarterly report | Seplat Petroleum (SEPL LN); BUY, £2.60: 1H18 results
Companies: I3E JKX GENL DNO XOP GBP MAU SEPL
Echo Energy (ECHO LN) (not covered): Oil to surface in Argentina | SDX Energy (SDX LN/CN)1,6; BUY, £0.70: Morocco gains materiality | Maurel & Prom (MAU FP) (not covered): 1Q18 results | Savannah Petroleum (SAVP LN) (not covered): Bushiya Oil Discovery | Tlou Energy (TLOU LN) (not covered): 1Q18 operations
Companies: ECHO MAU SAVE TOU SDX
Aker BP (not covered); 1Q17 results | PetroNeft Resources (PTR LN) (not covered): 1Q17 Production in Russia | Regal Petroleum (RPT LN) (not covered): FY16 Result | Maurel & Prom (MAU FP) (not covered): 1Q17 production update | Seplat petroleum (SEPL LN); Speculative Buy, £1.50: 1Q17 results
Companies: PTR MAU SEPL ENW
Research Tree provides access to ongoing research coverage, media content and regulatory news on Etablissements Maurel & Prom SA.
We currently have 12 research reports from 2
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)
Companies: IOG PLC
GBA project update, board & management changes
Companies: Jersey Oil & Gas PLC
Jersey Oil & Gas has announced that it has recomposed its leadership team with immediate effect. Les Thomas, formerly Non-Executive Director, has assumed the role of Non-Executive Chairman. Graham Forbes has been appointed CFO. Richard Smith has been appointed Chief Commercial Officer. Les Thomas and Graham Forbes previously served, respectively, as the CEO (2013-2020) and CFO (2010-2020) for Ithaca Energy. Richard Smith spent ten years in various senior roles also at Ithaca Energy. We believe t
• Current production of 11,775 bbl/d (down from ~14,200 bbl/d in early October) reflects the natural decline and potential completion flow restriction at Well-8H which had IP rate of ~7.7 mbbl/d 2 months ago).
• First oil for Well-9H has been delayed by three weeks to the first week of December due to operational issues and the need to drill a sidetrack. As a result, the 4Q21 production guidance has been reduced from 16.0 16.5 mbbl/d to 12.5-13.5 mbbl/d and the expected average production in Dec
Companies: PetroTal Corp.
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.
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
Harland & Wolff (H&W) has raised £8.2m gross through a placing and PrimaryBid at 20p to secure its next stage of growth. Over the past two years, H&W has acquired a series of strategically important assets across the UK, and is proceeding to convert its pipeline opportunities into contracts. The positive recent announcement that DAERA would award the full marine licence for Islandmagee represents a significant milestone in allowing H&W to monetise this asset, with management estimating that sale
Companies: Harland & Wolff Group Holdings 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
West Newton planning update
Companies: Union Jack Oil 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
Shanta Gold (AIM: SHG), the East Africa-focused gold producer, has today announced an update on its exploration drilling at its New Luika Gold Mine (NLGM) based on activity carried out in Q3 2021. More specifically, the drill results are from the Luika Deposit, Bauhinia Creek (BC) Main, BC East Area 1 and Porcupine South. Importantly, all of today's drill intersections are outside existing mineral reserves and will be incorporated into the next update of the mine plan as the Company continues it
Savannah Energy’s shares have been suspended since 2 June when it announced the reverse takeover of ExxonMobil’s Chad and Cameroon oil business. Investors have been frustrated by this long suspension but, nevertheless, Savannah has delivered a positive financial and operating update that demonstrates its core Nigerian gas business is performing strongly, with 2P reserves upgraded by 27% and FY21 guidance reiterated. The maximum six-month suspension of the shares comes to an end soon and we shoul
Companies: Savannah Energy 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