AUCTUS ON FRIDAY - 17/05/2024

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; target price of £0.50 per share: Spudding high impact well – Drilling operations have started at the Carrizales Norte B Pad Horizontal Well 1. This is the first horizontal well drilled in the Ubaque on Tapir. Three more horizontal wells will be drilled on the pad. Delivering good flow rates at these wells will be very important for future production growth. Arrow held US$12.4 mm in cash at the beginning

SP Angel Morning Energiser: 13/05/24

UK E&P sector calls for pragmatic approach

Hybridan Small Cap Feast - 13 May 2024

13th May 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: Shanta Gold (SHG.L) has left AIM. What’s baking in the oven? ** Potential**** Initial Public Offerings: 7th May: Time To ACT plc, an engineering business focused on technology for the energy transition sector, has announced its intention to seek Admission to t

AUCTUS ON FRIDAY - 23/02/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of £A$0.65 per share: Drilling update in Austria - Drilling operations at the high impact Welchau prospect are now expected to commence on 24 February with a duration of ~39 days. ADX will now use the RED E200 rig instead of RED E202. Arrow Exploration (AXL LN/CN)C; target price of £0.60 per share: Successful appraisal drilling expected to boost reserves – The CN-5 well encountered 45 feet of Ubaque

Hybridan Small Cap Feast

13th February 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obj

Auctus on Friday - 22/12/2023

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.65 per share: Oversuscribed share purchase plan – ADX has raised a further ~A$1.6 mm as part of a share purchase plan. The terms are in line with the recently announced A$4.8 mm equity raise priced at A$0.10 per share. Chariot (CHAR LN)C; target price of £0.50 per share: Extending position in electricity trading company – Chariot is acquiring 49% of Etana Energy from the Neura Group, with H1 a

Auctus on Friday - 15/12/2023

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.65 per share: Narrowing uncertainty and resources range at Anshof - The Anshof-2 well encountered high quality Eocene sands with at least 12 metres vertical thickness and porosity of ~20%. The reservoir quality is much better than at Anshof-3 and the sands are ~5x thicker. The top of the Eocene sand was encountered ~40-50 m higher than expected, suggesting a much larger and flatter structure th

Hybridan Small Cap Feast - 11 Dec 23

11th December 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obj

Auctus on Friday - 08/12/2023

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Adding further exploration prospects in FY24 - ADX has farmed out a 50% interest in an exploration area within the ADX AT I licence to MND in return for a A$0.73 mm back costs payment plus A$7.34 mm funding in exploration drilling. The exploration area farmed-out to MND includes the LICHT and IRR gas prospects. These prospects are close to infrastructure and considered low risk. O

Auctus on Friday - 29/09/2023

AUCTUS PUBLICATIONS ________________________________________ Criterium Energy (CEQ CN)C; target price of C$0.45 per share: Transactions repriced on more attractive terms – Criterium has renegotiated the terms of the Mont d’Or (MOPL) acquisition. Criterium will now assume only ~US$25.5 mm of debt rather than ~US$37 mm previously. A US$4.8 mm payment to the lenders and the conversion of US$4.9 mm of debt into equity (US$2.5 mm on completion of the acquisition plus US$2.4 mm in 2025) reduce further

SP Angel Morning Energiser: 21/07/23

US OFS beats on upbeat outlook

Auctus on Friday - 21/07/2023

AUCTUS PUBLICATIONS ________________________________________ GeoPark (GPRK US)C; target price of US$25 per share: 2Q23 production in line. Adding horizontal wells at Llanos-34 – 2Q23 production of 36,581 boe/d was in line with our expectations with strong performance at Llanos-34, Platanillo and CPO-5, offsetting lower production in Chile and Ecuador. The Indico 6 and Indico 7 wells in the CPO-5 block in Colombia are now expected to return to production in August (rather than July) when the requ

Auctus on Friday - 23/06/2023

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN)C; target price of £0.50 per share: CN-1 well in production at 1.1 mbbl/d from the C7 sands – The C7 formation (~26 feet of net oil pay) in the Carrizales Norte-1 well (CN-1) is now in production at a rate of 1.1 mbbl/d (550 bbl/d net to Arrow). The well produced very light oil (33.5 deg API) and is on pump set at the lowest setting. During the flow test, the sands flowed at a peak rate of 1,272 bbl/d. During

SP Angel Morning Energiser: 19/06/23

Eden project commences geothermal project

AXL LN/CN, LBE LN, PTAL LN/TAL CN, SOUC LN/SOU CN, VLE CN, ANGS LN, AST LN, BP LN, CEG LN, COP US, EME LN, EQNR NO, GTE LN/CN/US, ITH LN, KIST LN, TCF CN, TRIN LN, TTE FP, UOG LN

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; target price of £0.50 per share: Zone at Carrizales Norte with no booked reserves has flowed >1 mbbl/d – The Ubaque horizon at the Carrizales Norte-1 (CN-1) exploration well was put on three tests, the last of which tested at 1,134 bbl/d of 13.5 API oil on pump. The flow rate was stabilized with a 28.3% water cut (completion fluid). The water cut has been decreasing throughout testing. This is a very go

Morning Note – 1 July 2024

Oil & Gas - Cavendish sector note

Longboat Energy, Chariot, Empyrean Energy, Coro Energy, PetroMatad, Zephyr Energy, Serica Energy, Jadestone Energy, United Oil & Gas, Angus Energy, Echo Energy, Beacon Energy, Caspian Sunrise, Challenger Energy, Africa Oil Corp, Var Energi, Tamboran Resources. Source: FactSet, weekly change 24/06/2024-28/06/2024 Oil settled little changed after retreating from a nearly two-month high as traders weighed swelling supplies against escalating Middle East tensions. West Texas Intermediate crude fell

Angus Energy* (ANGS LN) - Strong Saltfleetby volumes and financial reset

Angus Energy is an Aim-listed E&P with operated UK oil and gas production and development assets and a focus on becoming a leading onshore UK energy infrastructure company.

SP Angel Morning View: Commodities drift ahead of US inflation data today and US holiday next week

BeMetals* (BMET CN) – C$7m placement to fund drilling program to extend newly discovered mineralisation at Pangeni Eurasia Mining* (EUA LN) – Annual accounts update and suspension Keras Resources* (KRS LN) – Keras starts to commission the integrated granulator plant at its Delta processing facility in Utah Lundin Mining (LUN CN) – Speculation over a potential sale of zinc operations in Sweden and Portugal

Stillwater Critical Minerals (TSXV: PGE) – Resource Expansion Drilling Results Indicate Significant Mineralization with High-Grade Intervals at Stillwater West

• Stillwater Critical Minerals Corp. (TSX-V: PGE) (“PGE”, or “Company”) is a junior mining company with a focus on battery metals, platinum group metals (“PGMs”), and gold. The Company owns three district-scale projects 100% in its exploration portfolio, with a focus on its flagship asset, Stillwater West in Montana, USA.

SP Angel Morning View: Commodity prices stagnate as US dollar strengthens ahead of US Presidential debate

Challenger Energy (CEG LN) - Full year 2023 results

Challenger has released its full year 2023 results. These further reassure that progress towards closure of the Chevron farm out on the OFF-1 license in Uruguay continues, alongside desktop work on the OFF-3 licence preparatory to a farm out process there next year.

PROGRESSIVE: Petro Matad: Placing to fund operational growth

Petro Matad has announced that it is has completed a capital raising providing gross proceeds of approximately US$9m. On top of the US$4.5m cash at the year-end, this will give Petro Matad sufficient funds to grow the business. The immediate task will be to commence the development of the Heron Oil discovery, which will allow the group to start generating cash flows. Management will also look to drill the high-impact Gobi-Bear prospect and invest in its developing renewables business. We believe

Serica Energy Plc (AIM: SQZ): Operations on track. High net cash.

• 2023 production to date was 43,781 boe/d. very close to our expectations of 44.3 mboe/d. • Production in June at the Bruce Hub of 25,771 boe/d was particularly strong following the recent Light Well Intervention Vessel campaign. This partially offsets the low production in May at the Triton Hub following a trip of a compressor that shut down production for three weeks (the production at Triton has been restored since then). • A 90 day well intervention campaign at Bruce from mid-July is like

Andrada Mining: Value-accretive deal to increase ownership in Uis, with positive implications for Strategic Process; Q1 update

Andrada Mining (“ATM”) has announced a conditional deal with its minority partner, the Small Miners of Uis (“SMU”) to increase its stake in the Uis and Lithium Ridge projects from 85% to 100%. Total consideration for the transaction will be ~£1.5m in shares, £780k in deferred cash over a 20-year term, and the transfer of the early stage Spodumene Hill mining licence to SMU. Aside from adding ~18% to our risked SOTP for ATM, a simplified ownership structure broadens scope to attract new investmen

SP Angel Morning View: Chinese lithium producers rally sharply on reports major mine has gone on maintenance

Pharos Energy+ (PHAR, House Stock at 21p) - New CEO appointed

AUCTUS ON FRIDAY - 28/06/2024

AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN)C: target price of £0.50 per share: Key step towards developing future gas to industry business onshore Morocco – Chariot has signed Heads of Terms with Vivo Energy for the future offtake from the Loukos onshore licence where natural gas has been encountered at Dartois. Up to 3 mmcf/d would be initially sold to the CNG midstream business under a long-term gas sales agreement. Vivo intends to design, fund, construct and

Sound Energy (SOU LN) - Managem announced as Moroccan partner

Sound Energy (SOU LN) - NAV Update - Managem announced as Moroccan partner

New Zealand Energy Corp. (TSX-V: NZ): Initiating Coverage

New Zealand Energy (NZE) is a ~US$10 mm market cap TSX listed company with ~1.6 mmboe of 2P reserves in mature fields onshore New Zealand. The story is about very material free cashflow. NZE is dividend oriented first and growth second. In late 2023, the newly elected New Zealand government commenced reversing historic anti-hydrocarbon regulations in response to an unexpected decline in domestic gas production and a spike in natural gas prices to >US$12/mcf. This coincided with NZE being re-capi