SP Angel Morning Energiser: 07/06/24

Norway resumes gas flows to UK

Savannah Energy+ (SAVE, Under review, Suspended) - 2023 results exceed guidance, multiple catalysts ahead

Oil & Gas - Cavendish sector note

Chariot, Jersey Oil & Gas, Savannah Energy, Touchstone Exploration, Kistos Holdings, i3 Energy, Tullow Oil, Harbour Energy, Serinus Energy, Gulf Keystone Petroleum, Caspian Sunrise, Equinor, IOG Source: FactSet, weekly change 13/05/2024-17/05/2024 Oil notched a weekly gain while futures stayed in a narrow range, with the outlook for supply and inflation in focus. West Texas Intermediate settled above $80 a barrel, posting a 2.3% weekly gain and the third advance in four weeks. Lower US crude sto

Oil & Gas - Cavendish sector note

Diversified Energy, Touchstone Exploration, Savannah Energy, Chariot, Plexus Holdings, Energean, Gulf Keystone Petroleum, PetroTal Corp, Ithaca Energy, Pantheon Resources, Serinus Energy, Angus Energy, Aker BP, Equinor, BlueNord ASA, Invictus Energy Source: FactSet, weekly change 18/03/24-22/03/24 Oil edged lower to settle below $81 a barrel after a stronger dollar curbed investor appetite for commodities, offsetting signs of a tighter global crude market.  Refined product supplies are looking m

AUCTUS ON FRIDAY - 15/03/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Very high impact exploration well encounters gas and condensate in Austria – The Welchau well (ADX WI: 75%) encountered 115 m of liquids-rich gas shows in the primary target formation (Steinalm Formation) between 1452 m and 1567 m. The deepest gas shows were encountered at a depth of 1645 m. The well has reached TD at 1733 m. The Steinalm Formation intersection in the well is in l

SP Angel Morning Energiser: 19/03/24

Supply outages elevate energy prices

Morning Note – 19 March 2024

Oil & Gas - Cavendish sector note

Parkmead Group, Chariot, Jersey Oil & Gas, Falcon Oil & Gas, 88 Energy, Hartshead Resources, Empyrean Energy, Coro Energy, Baron Oil, Longboat Energy, Trinity Exploration & Production, Diversified Energy, Savannah Energy, Shell, Gulf Keystone Petroleum, Jadestone Energy, Nostrum Oil & Gas, ExxonMobil, Chevron Corporation, TotalEnergies Source: FactSet, weekly change 29/01/24-02/02/24 Oil slumped as talks to pause the Israel-Hamas war reduced crude’s geopolitical risk premium, with the decline ac

Savannah Energy+ (SAVE, Suspended, Under Review) - South Sudan acquisition update

Oil & Gas - Cavendish sector note

88 Energy, Reabold Resources, Savannah Energy, Molecular Energies, Tethys Oil, Getech Group, Occidental, Gulf Keystone, Beacon Energy, Block Energy, Neptune Energy, Zephyr Energy, Tamboran Resources Source: FactSet, weekly change 21/12/23-15/12/23 Oil eked out a small gain for the week, snapping a seven-week losing streak, as signs that the Federal Reserve’s aggressive rate-hiking campaign is over bolstered risk assets. West Texas Intermediate settled little changed above $71 a barrel in the aft

Savannah Energy+ (SAVE, Suspended, Under Review) - South Sudan acquisition update

Savannah Energy - Interim results

Savannah’s Nigerian business continues to deliver strong and consistent operating performance; however, the interims were heavily impacted by the Naira harmonisation since mid-June. The Petronas South Sudan RTO is progressing, although publication of the Admission Document and the resumption of trading has slipped into Q4. Our forecasts remain under review ahead of this publication. This is a very substantial transaction for Savannah, especially at US$90+/bbl oil prices, which will be transforma

Savannah Energy+ (SAVE, Suspended, Under Review) - Interim results; readmission now expected in Q4

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

Auctus on Friday - 09/06/2023

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; target price of £0.50 per share: No flow from the Gacheta but overall reserves addition from CN-1 larger than initially expected – The Gacheta zones proved unproductive at the CN 1 well location. Management is investigating potential reasons for the lack of productivity and plans to re-evaluate these Gacheta zones in future wells. The Gacheta zones were located above the Ubaque that flowed at rates >1,10

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