This is just a summary of ideas I have written in Notes and Twitter:
Enwell Energy ($ENW.L)
22/05/2023: O&G in Ukraine, Enwell Energy ( $ENW.L ), controlled by a pro-russian oligarch and chaired by an usual in AIM Cos. Extremely cheap, >$82M in cash outside UA and Mcap of ~$61M. Threatened with suspension in July if it cannot audit its UK account #highrisk
https://www.enwell-energy.com/wp-content/uploads/2023/05/Update-regarding-Auditor-and-2022-Annual-Report-and-Accounts-22.5.23.pdf
24/05/2023: Enwell ( $ENW.L ) has announced today a 15p "interim" divi, yesterday it closed at 15.53p. In the previous tweet I added the #highrisk and forgot the #highreward
https://www.londonstockexchange.com/news-article/ENW/interim-dividend/15969518
Afentra Energy ( $AET.L )
Afentra ( $AET.L ) management outperformed any one else in the sector in 2022, 100% achievement of their targets. However, there were no performance targets set in the 2021 report. Of course, it is a cash bonus PS. $1.1M vs. $1.5M of the 16 May 2023 update, weird!
Hartshead Resources ( $HHR.AX )
22/05/2023: Hartshead Resources ( $HHR.AX ) closed the farm-out to RockRose of 60% WI of the UK North Sea gas asset for US$96.2M, including US$61.8M of free carry. Phase 1 development costs ~US$435M (ex 91.4% allowance of EPL). NPV10 US$640M (@ 81p/th :| )
https://wcsecure.weblink.com.au/pdf/HHR/02651859.pdf
Gulf Keystone Petroleum ($GKP.L)
23/05/2023: Gulf Keystone Petroleum ( $GKP.L ) finally cancelled the dividend "while the importance of distributions to shareholders is recognised, it believes that it is prudent to cancel the dividend."
https://www.londonstockexchange.com/news-article/GKP/operational-corporate-update-and-notice-of-annual-general-meeting/15967591
Genel energy ($GENL.L)
23/05/2023: Genel Energy ( $GENL.L ) confirmed a dividend of 12¢ just 2 weeks ago, but it is in a much stronger financial position, net cash above $220 M in the last update. GKP had $99 M and no revenue, so an outflow of $25M could have hurt its financials.
Seacrest Petroleo ($SEAPT.OL)
24/05/2023: This morning Seacrest Petroleo ( $SEAPT.OL ) released the Q1 2023 results - it had a lot of one-off expenses due to the IPO and acquisition. Production ramp-up is going well, pro-forma 7,074 boepd. Released the FY guidance for opex, capex and production - AT LEAST 8,800 boepd.
Seplat Energy ( $SEPL.L )
24/05/2023: Seplat Energy ( $SEPL.L ) has extended the Share Sale and Purchase Agreement signed with $XOM for the acquisition of its Nigerian assets. Also, $XOM will retain part of the accrued value, effective date 25/02/2022.
Positive for $MAU.PA
BW Energy ($BWE.OL)
24/05/2023: BW Energy ( $BWE.OL ) has published the Q1 results, a lot of useful insight. Q1 impacted by lower production at Gabon, but a lot about to happen in Q2:
- May'23 lifting of ~900,000 bbls (gross)
- Opex for FY23 to be 34-43% of Q1
- Golfinho transaction is advancing (~9,000 boepd)
- Production Q2 end with Golfinho in ~30,000boepd
- Kudu 3D seismic survey already completed
- New data extends beyond the license and Kudu field boundaries, they are onto something...
PS. I attended the CC today and they confirmed the seismic collected data from all the formations of interest that have been identified in the neighbouring licenses.
I hope you enjoyed this light read and you have found these ideas interesting. Please, subscribe to this substack if you haven’t done yet. I may not follow a periodicity, but my goal is to send at least one article every Sunday.