In today’s briefing:
- Rising on Geopolitical Tides, Gold Braces for Pressure in 2024
- ASP Isotopes: New Alliance With PET Labs
- Pharos Energy Plc (LSE: PHAR): Reducing net debt by a further US$10 mm
- Valeura Energy Inc (Tsx: Vle/Otcqx: Vlerf)
Rising on Geopolitical Tides, Gold Braces for Pressure in 2024
- Geopolitical risk has driven a resurgence in gold with price 1.5% higher following heightened tensions in the middle-east.
- In a soft-landing scenario in 2024, gold faces downside risk from investor rotation to other assets.
- Options metrics point to bullish positioning in gold, central bank demand remains a strong driver in H2 2023.
ASP Isotopes: New Alliance With PET Labs
- In the evolving landscape of isotope production, ASP Isotopes stands poised for significant growth.
- With production scalability and a substantial interest backlog, ASP Isotopes is on the cusp of substantial free cash flow realization in 2024.
- Currently undervalued, the stock presents a rare opportunity for early investors to capitalize on ASP Isotopes’ anticipated market ascendancy and potential to redefine secure isotope supply chains globally.
Pharos Energy Plc (LSE: PHAR): Reducing net debt by a further US$10 mm
- FY23 production was 6,508 boe/d, which is the middle of the production guidance of 6.35-6.75 mboe/d.
- This includes 5,127 boe/d for Vietnam (guidance of 5.0-5.3 mboe/d) and 1,381 boe/d in Egypt (guidance of 1.35-1.45 mbbl/d).
- While the production guidance is below our expectations of 6.8 mboe/d, the net capex forecast is also below our numbers (US$30 mm).
Valeura Energy Inc (Tsx: Vle/Otcqx: Vlerf)
- 4Q23 production was 19,165 bbl/d (we expected ~21,300 boe/d) with minimal production at Wassana and declining production at Jasmine only partially offset by growing production at Nong Yao.
- The capex programme includes US$50 mm for Jasmine and US$47 mm for the new Nong Yao C development.
- YE23 net cash and YE24 net cash forecast Valeura held ~US$150.9 mm in net cash at YE23.
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