Daily Brief Energy/Materials: PT Pertamina (Persero), Sovereign Metals, NAC Kazatomprom JSC, Rent.com.au Ltd, Adaro Energy, Pertamina Hulu Energi, Australis Oil & Gas, International Graphite, Armour Energy and more

• Pertamina Hulu Energi  is looking to raise around US$1bn in its upcoming Indonesia IPO.
• PHE is a subsidiary of  Pertamina (Persero), which operates an integrated end-to-end energy business, from upstream to downstream businesses. PHE manages the upstream oil and gas assets of its parent.
• In this note, we will talk about the positive aspects of the deal.

• Sovereign Metals Ltd (ASX:SVM) is an ASX-listed company focused on developing the world’s largest known natural rutile deposit and second largest flake graphite deposit in Malawi in south-east Africa.
• The company is well advanced with its pre-feasibility study and mineral resource update for the Kasiya rutile project and expects to complete this in coming months.
• In March 2023, Sovereign Metals demerged its other graphite projects into a new unlisted public vehicle, NGX Ltd, via an in-specie distribution to shareholders, in order to concentrate on developing Kasiya. 

• Kazatomprom is the world’s largest Uranium miner with the lowest cost of production.  
• The company has strong fundamentals with demand supply dynamics expected to steadily become more favorable going forward.
• Geopolitical concerns, which is the main reason for its low P/E, should subside as time passes by. 

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• Adaro Energy
• Azure Power Global Ltd
• ENN Natural Gas
• Vedanta Resources

• Pertamina Hulu Energi  is looking to raise around US$1bn in its upcoming Indonesia IPO.
• PHE is a subsidiary of  Pertamina (Persero), which operates an integrated end-to-end energy business, from upstream to downstream businesses. PHE manages the upstream oil and gas assets of its parent.
• In this note, we will talk about the not-so-positive aspects of the deal.

• International Graphite Ltd (ASX:IG6) is focused on developing its Springdale graphite project near Hopetoun, Western Australia, in conjunction with its planned Battery Anode Materials (BAM) facility 450kms away in Collie.
• The company listed in April 2022 raising $10m at $0.20/share to give a market capitalisation at listing of $35.9m, fully diluted.
• Since listing, the company has made significant progress with both projects, completing more than 20,400m of infill and exploration drilling at Springdale, leading to four new graphite discoveries; establishing a downstream research and development facility in Collie housing pilot graphite micronizing, spheroidising and purification equipment and completing a definitive feasibility study for a $12.5m commercial micronizing facility at the Collie operation. 

• Armour Energy Limited (ASX:AJQ) is a junior energy producer and explorer with assets across northern, southern and eastern Australia.
• The company is set to pursue a growth strategy with particular focus on production optimisation at Kincora to be delivered over the next 24-30 months.
• The success case should be readily apparent by end-2023.