AUCTUS ON FRIDAY - 24/05/2024

AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN)C; target price of £0.50 per share: Drilling at the second well onshore Morocco has commenced – Chariot has started to drill the Dartois prospect onshore Morocco. The well is targeting a different reservoir system and trapping style than the Gaufrette prospect. The main target at Dartois is estimated to hold 12 bcf of gross prospective resources. Success would de-risk a total of 20 bcf of gross prospective resources (+

AUCTUS ON FRIDAY - 19/04/2024

AUCTUS PUBLICATIONS ________________________________________ Tethys Oil (TETY SS)C; target price of SEK100 per share: Increasing further the size of the prize/Considering Algeria – The South Lahan area on Block 58 is estimated to hold 55-523 mmbl prospective resources (P90-P10 case) with a mean case of 251.8 mmbbl prospective resources across six prospects in the Ara Carbonate. Combined with the previously disclosed prospective resources of the Fahd area in the north-eastern part of Block 58, Te

TENNYSON Morning news – United O&G – Egypt receivables

AUCTUS ON FRIDAY - 01/03/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of £A$0.65 per share: High impact well spud in Austria - The Welchau-1 gas exploration well was spudded on 24 February. Calima Energy (CE1 AU)C; target price of A$0.13 per share: Completing divestment of Blackspur – Blackspur has been sold for A$81.6 mm, after tax provisions and net debt adjustments. Calima will distribute A$80 mm (~A$12.6 per share) as dividends. The distribution is well above the m

Auctus on Friday - 26/01/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.65 per share: Drilling rig on location of high impact well by the end of January – A rig is expected to be mobilised to the high impact Welchau-1 drilling location during the last week of January. Drilling is expected to last for 6-8 weeks. The total vertical depth of the well is only 1,800 m with a dry hole cost estimated at ~EUR5.1 mm. Welchau gross prospective resources have been independent

SP Angel Morning Energiser: 22/01/24

Natural gas prices fall on warmer outlook

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

Hybridan Small Cap Feast - 23 Nov 23

23rd November 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

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: CTEC, LAND, IMB, INF, VOD, DOCS, ATYM, RQIH, TXP, & UOG.

Auctus on Friday - 10/11/2023

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Rig-up at Anshof-2 – The rig-up at Anshof-2 has commenced with an expected spud date of 11 November. XST (20% WI in Anshof) will not participate in the well. ADX and MND will fund XST’s share of well costs on 50:50 basis and will in turn retain the right to 60% and 40% respectively of production from the well unless XST opts to buy back into the well at a premium of 400% to the we

SP Angel Morning Energiser: 01/11/23

Ørsted sinks as impairments mount

Hybridan Small Cap Feast 04/10/2023

Dish of the day Joiners: No joiners today. Leavers: Inland Homes, Fulcrum Utility Services and DWF Group have left AIM. What’s cooking in the IPO kitchen?** Announced ITF 12 July: Substrate Artificial Intelligence, an artificial intelligence company based in Spain that creates, buys and scales companies around AI in diverse sectors such as fintech, agritech, energy, human resources, and health, intends to join the Access Segment of the AQSE Growth Market. Admission expected on 10 October. Announ

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: 28/09/23

Crude up on EIA inventory draw

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: WG., ANX, EYE, UOG, BHP, WDS, & NOG.

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