In today’s briefing:
- AUCTUS ON FRIDAY – 23/02/2024
- SPAC Rules – A Case of After the Lord Mayor’s Show
AUCTUS ON FRIDAY – 23/02/2024
- ADX Energy (ADX AU)C; target price of £A$0.65 per share: Drilling update in Austria – Drilling operations at the high impact Welchau prospect are now expected to commence on 24 February with a duration of ~39 days.
- ADX will now use the RED E200 rig instead of RED E202.
- Arrow Exploration (AXL LN/CN)C; target price of £0.60 per share: Successful appraisal drilling expected to boost reserves – The CN-5 well encountered 45 feet of Ubaque pay to base of sand with 25% porosity and 5 Darcy permeability.
SPAC Rules – A Case of After the Lord Mayor’s Show
- SPAC IPO market continues at a slow pace. The first seven weeks of 2024 have seen four new SPACs come to market.
- By comparison, there have been more than three times as many traditional IPO listings since the start of the year.
- On a more positive note, two of the three SPAC IPOs priced in February have been relatively sizeable offerings: Legato Merger Corp III (LEGT) generated gross proceeds of $201.25 million, while Helix Acquisition Corp II (HLXB) delivered $184 million in funds to its trust.
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