In today’s briefing:
- Auctus on Friday – 11/08/2023
- VAALCO Energy (NYSE: EGY): Raising production guidance with lower capex budget on strong operational performance
Auctus on Friday – 11/08/2023
- ________________________________________ ADX Energy (ADX AU)C; target price of A$0.08 per share: A high-quality industry partner in Austria to fund and accelerate Anshof development – ADX is farming out 30% WI in the Anshof discovery to MND.
- MND will also fund ADX’s share of drilling and completion costs of A$3.9 mm per well (total of A$7.8 mm for two wells).
- Kosmos Energy (KOS US/LN): 2Q23 results – 2Q23 net production was ~58 mboe/d.
VAALCO Energy (NYSE: EGY): Raising production guidance with lower capex budget on strong operational performance
- In Egypt, 2Q23 WI production was 11,579 boe/d (guidance of 10.6-11.6 mboe/d) with 13 new wells drilled in 1H23. • As a result of this strong operational performance, VAALCO has increased the lower end of the FY23 production guidance range from 20.4-24.4 mboe.d to 22.4-24.3 mboe/d.
- With better drilling efficiency in Canada and Egypt, the FY23 capex guidance has been reduced from US$70-90 mm to US$65-75 mm.
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