In today’s briefing:
- Tanzanian Reset And Indiana’s Arbitration
- JEV: First Boiler Order; Increasing Target Price
- EDG: Eagle Zone Reports High-Grade Gold at Depth
- Panoro Energy ASA (OSE: PEN): Growing Production in Gabon.
- Riley Exploration Permian, Inc. – New Mexico Acquisition to Lift 2Q23 Results
- Shell PLC ADR: Insights Into $15.1 Billion Cash Flow and Key Causes You Need to Know! – Key Drivers
Tanzanian Reset And Indiana’s Arbitration
- Back in 2018, mini-exploration mining play – rare earths, gold, and base metals – Indiana Resources (IDA AU) had its Tanzanian retention licence revoked. With no compensation.
- Indiana pursued its claim through the World Bank-backed ICSID’s tribunal, which subsequently ordered the Tanzanian government to pay US$109.5mn in damages and costs, versus Indiana’s current market cap of US$21mn.
- Not surprisingly, the Tanzanian government is pushing back on the claim. The question is whether Indiana will ever get paid. And Indiana’s not the only company seeking revocation retribution.
JEV: First Boiler Order; Increasing Target Price
- JEV announced its first boiler sales order which will support a district heating system of a prominent university.
- This morning, Jericho Energy Ventures Inc. (JEV:TSXV, OTC:JROOF) announced that it has signed its first boiler sales order with a prominent Western University to support its district heating system.
- Additionally, last week, JEV announced a collaboration with a leading alcoholic beverage company to conduct a study using the DCC boiler.
EDG: Eagle Zone Reports High-Grade Gold at Depth
- EDG reported assay results for four drill holes at the Eagle Zone, intersecting high-grade mineralization to a downhole depth of 284m, extending the down-dip plunge by ~180m.
- This morning, Endurance Gold Corporation (EDG:TSXV) provided an update on the ongoing exploration program at its Reliance Gold Project and assay results for four of the deepest holes drilled to date in the Eagle Zone.
- The assays summarized in Table 1, are from the first four holes drilled to test the downdip extensions of mineralization at the Eagle Zone.
Panoro Energy ASA (OSE: PEN): Growing Production in Gabon.
- 2Q23 production was 8,093 boe/d, below our forecasts of 9,055 boe/d, mostly due to lower production in EG.
- We forecast 28 mbbl/d gross production in 3Q23 (4.9 mbbl/d net to Panoro 17.5% WI).
- With a total of 6 new Hibiscus Ruche wells (including 3 wells already on production), Panoro is on track to reach gross production plateau of ~40 mbbl/d (7 mbbl/d net to Panoro WI) in Gabon and overall WI corporate production of 13 mbbl/d at the end of the campaign.
Riley Exploration Permian, Inc. – New Mexico Acquisition to Lift 2Q23 Results
Riley’s 2Q23 financial and operating results will include the impact of the $330-million New Mexico acquisition, which closed on April 3, 2023.
Around the time of the closing, the acquired assets were producing ~7.2 MBOE/d (58% oil / 81% liquids).
1Q23 production averaged ~13.2 MBOE/d. Riley’s 2Q23 production guidance range is 20.0-21.0 MBOE/d, representing a 56% Q/Q increase and a 101% Y/Y increase at the midpoints.
Shell PLC ADR: Insights Into $15.1 Billion Cash Flow and Key Causes You Need to Know! – Key Drivers
- Shell PLC ADR delivered a mixed result in the recent quarter, with revenues above market expectations but failed to surpass the analyst consensus in terms of earnings.
- The company generated $15.1 billion in cash flow from operations, including $4.8 billion in working capital, and its adjusted earnings were $5.1 billion.
- The decrease in prices, inflows from the initial margin, and decrease in accounts receivable were the key causes of the working capital inflow.
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