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

AUCTUS ON FRIDAY - 31/05/2024

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/AXL CN)C; target price of £0.65 per share: All eyes on the first horizontal well at Carrizales Norte – The 1Q24 production of 2,730 boe/d was close to our expectations. Arrow’s cash position of US$11.6 mm was also in line. The first water disposal well at RCE is being brought into production and the conversion of the CN-4 well is currently waiting regulatory approval. These two disposal wells are very importa

PROGRESSIVE: Pharos Energy: Trading update shows balance sheet strength

Pharos Energy released a trading update ahead of its AGM on 23 May. The key message is that the balance sheet has been further strengthened. This is predominantly due to the payment of some of the Egyptian receivables, with the group having net cash of US$8.7m at 23 May 2024. Elsewhere, the group continues to perform well, with production from Vietnam and Egypt being in line with guidance.

Pharos Energy Plc (LSE: PHAR): Net cash up by ~US$21.5 mm in four months

• Production from January to the end of April was 5,755 boe/d including 4,347 boe/d in Vietnam and 1,408 bbl/d in Egypt. This is in line with the company FY24 guidance of 5.2-6.5 mboe/d including 3.9-5.0 mbpoe/d in Vietnam and 1.3-1.5 mbbl/d in Egypt. • The FY24 capex guidance is unchanged. The key near term news flow remains the farm-out of an interest in Blocks 125 & 126 in Vietnam. Several interested farm-in parties are awaiting confirmation of timing of a rig slot and clarity on the well co

SP Angel Morning Energiser: 23/05/24

European gas prices rise on potential for disruption

Pharos Energy+ (PHAR, House Stock at 23p) - AGM statement reiterates FY24 outlook

Hybridan Small Cap Feast - 03 May 24

3rd 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: TheWorks (WRKS.L) has transferred to AIM from the Premium Segment of the Main Market. Electric Guitar (ELEG.L) has transferred to AIM from the Standard Segment of the Main Market. Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Tak

PROGRESSIVE: Pharos Energy: Delivering on operations and balance sheet

Pharos Energy reported FY23 results on 27 March. Group net production of 6,508 boepd (FY22: 7,166 boepd) was in line with guidance, assisted by successful development drilling in Vietnam and exploration successes in Egypt. Pharos’s strong cash generation resulted in a stronger balance sheet, with net debt reduced to US$6.6m (from US$28.9m at the end of 2022) and cash balances totalling US$32.6m. This left the group free to return more cash to shareholders, including a 10% increase in dividends,

AUCTUS ON FRIDAY - 28/03/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Logging results at Welchau further derisk the discovery – The logging program has confirmed open fracture networks and vuggy porosity (matrix porosity) essential for well productivity coincident with hydrocarbon shows between 1346 m and 1702 m measured depth. This represents 356 m of gross interval across three interpreted lithological sequences. This compares with only 115 m of l

Pharos Energy Plc (LSE: PHAR): Re-iterating guidance. Dividend up by 10%. Environment in Egypt improving

• FY23 production and YE23 net debt had already been reported. Pharos has re-iterated its FY24 guidance of 5.2-6.5 mboe/d (3.9-5.0 mboe/d in Vietnam plus 1.3-1.5 mbbl/d in Egypt) with net capex of US$27.1 mm. • In 2H24, Pharos plans to commence a two well drilling programme at TGT (Vietnam) and to start the development of NBS SW (Egypt). • The environment in Egypt is improving. Pharos has received a payment of ~US$10 mm from EGPC, reducing receivables from ~US$37 mm at YE23 to ~US$30 mm at the e

SP Angel Morning Energiser: 27/03/24

Ithaca considers Eni UK merger

Pharos Energy+ (PHAR, House Stock at 21p) - FY23A preliminary results

Auctus on Friday - 19/01/2024

AUCTUS PUBLICATIONS ________________________________________ GeoPark (GPRK US)C; target price of US$24 per share: Further exploration success in Colombia – The Perico-1 exploration well at CPO-5 encountered hydrocarbons in the Barco (Guadalupe) formation. The well is currently producing 650 bbl/d of 14 deg API oil with 8% water cut. This is an important well that confirms the extension of the Llanos-34 Guadalupe play into CPO-5 and is probably derisking further prospects. This is the fifth disco

PROGRESSIVE: Pharos Energy: FY23 update – production in-line, net debt down

Pharos Energy has released a trading update for FY23, ahead of the release of its final results on 27 March. Production over the last year was 6,508 boe/day, in line with guidance set at the interim results release in September. The balance sheet has strengthened further, with net debt of c.US$6.5m as at 31 December compared with US$16.4m at the half year (30 June). This net debt reduction comes despite the increase in Egyptian receivables, the payment of a final dividend and the share buyback p

Pharos Energy+ (PHAR, House Stock at 23p) - Trading and operations update; joint broker appointment

Morning Note – 1 July 2024

PANMURE LIBERUM: Commodity snapSHOT: Gold’s rate sensitivity, re-emerges

Metallic Minerals Corp. (TSXV: MMG) – Maiden NI 43-101 MRE at Keno Silver; 2024 Drilling Program Underway

• Metallic Minerals Corp. (TSXV: MMG) (“MMG,” or “Company”) has achieved multiple exploration milestones at its La Plata Copper Project and Keno Silver Project. The Company is now earning royalty monies on alluvial gold claims at its Australia Creek property near Dawson City, Yukon, in the historic Klondike gold district. • Inaugural NI 43-101 MRE at Keno Silver: MMG announced its first NI 43-101 mineral resource estimate at the Keno Silver project from four separate deposits (Formo, Fox,

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

Caspian Sunrise - Operational Update

Caspian Sunrise has made the following operational updates this morning: Firstly, Well 155 at the shallow MJF structure has been completed over a 22m interval. 16m of that interval was perforated, from which oil has flowed for three days. The company has stated that oil is now flowing from the well a rate of 900-1000 b/d through a 4.5mm choke. Secondly, the company stated testing at the Deep Well 803 (targeting the Yelemes Deep structure) is ongoing in an unexpected shallower oil bearing h

SP Angel Morning View: Copper demand to rise significantly with shift to cleaner energy sources in India

Anglo American (AAL LN) – Operations suspended at Grosvenor mine, Queenland Ariana Resources (AAU LN) – Completion of merger with Rockover Holdings Bluejay Mining* (JAY LN) – Potential for hydrogen and helium by the Geological Survey of Finland on Outokumpu licenses Bushveld Minerals* (BMN LN) – Orion agrees to provide up to $10m buying Company more time to close on Vanchem disposal and FY23 accounts Caledonia Mining (CMCL LN) – Quarterly dividend maintained Eurasia Mining* (EUA LN) – Tempo

Ariana Resources - Takeover of Rockover Holdings (the Dokwe gold project, Zimbabwe) complete

Ariana announced yesterday that the merger between Rockover Holdings and Ariana has been completed. Ariana has issued 687m new shares (now 1,834m shares now in issue) in Ariana to shareholders in Rockover and will appoint a few key Rockover directors to the board of Ariana. Ariana now owns 100% of the Dokwe gold project in Zimbabwe where the resource has been updated to a Global JORC resource of 56Mt grading 1.0g/t gold for 1.8Moz contained gold.

NextSource Materials | Proposed Saudi Arabian battery anode facility

NextSource has published an important update on its global active anode material strategy which follows hard on the heels of the proposed IFC debt funding for the expansion of the company's Molo graphite mine to 150kt pa. NextSource has released the results of a study on a potential 20kt pa Battery Anode Facility to be built in Saudi Arabia with contemplated expansion to 100kt pa. The initial plant could have an unlevered post-tax net present value of US$677m, using an 8% discount rate, generat

SP Angel Morning View: EV manufacturers rally after upbeat delivery data

Amaroq Minerals (AMRQ LN) – US$35m Revolving Credit Facilities Bezant Resources (BZT LN) – Mankayan project update Chaarat Gold (CGH LN) – Board changes and refinancing update CleanTech Lithium (CTL LN) – Results of Laguna Verde project PFS process plant location study. Endeavour Mining (EDV LN) 1,731p, Mkt Cap £4.1bn – Lafigue commissioning, reports of a cyanide leak at Ity (presumably) Gem Diamonds (GEMD LN) – Eighth large diamond recovered from the Letšeng mine this year Liontown Resour

Small group reserve reduction expected

NextSource Materials - Initiation

NextSource is uniquely positioned to build a leading vertically integrated position, ex China, in the supply of Lithium-ion battery anode material which is essential for the Energy Transition. The company is commissioning phase 1 of its world-class Molo graphite mine in Madagascar and is in the final permitting process for its first Battery Anode Facility (BAF) to be located in Mauritius. The company is backed by Vision Blue, established by Sir Mick Davis, former CEO of Xstrata. On our calculat

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

SP Angel Morning View:

Anglo Asian Mining* (AAZ LN) – PSA amendments Aston Bay Holdings (BAY CN) - Drilling underway on Storm copper project, Somerset Island American West Metals (AW1 AU) - Drilling underway on Storm copper project, Somerset Island Arkle Resources* (ARK LN) – Drilling at Stonepark, Co Limerick First Class Metals (FCM LN) – Progress report on Ontario exploration First Quantum Minerals (FM CN) – Government to order an environmental audit of Cobre Panama Sovereign Metals* (SVML LN) – Rio Tinto rais

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

Hybridan Small Cap Feast - 3 July 2024

3rd July 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, or it is a rumour Dish of the day Admissions: IntelliAM AI plc (AQSE: INT) has joined the Aquis Stock Exchange Growth Market. IntelliAM, an artificial intelligence company focused on the consumer goods industry, acquired 53 Degrees North Engineering Limited, to become the Company’s Consultancy divi