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Elixir Energy Limited (ASX: EXR) – Reinstatement to Quotation
Description
The suspension of trading in the securities of Elixir Energy Limited (‘EXR’) will be lifted immediately following the release by EXR of an announcement with respect to the design, timing and intended outcomes of the stimulation program at Daydream-2 that commenced on 19 April 2024.
Issued by
ASX Compliance
Click here for the full ASX Release
This article includes content from Elixir Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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Elixir Energy
Overview
Elixir Energy (ASX:EXR) is a gas exploration and development company currently focused on its portfolio of natural gas assets in Queensland, Australia and Mongolia. As an early mover in both areas, Elixir Energy has been the first company ever to free-flow gas from the deep Taroom Trough in Queensland and flow gas of any description in Mongolia.
Elixir Energy’s Grandis Gas project in Queensland is located in the Taroom Trough in the Southern Bowen Basin, where Australia’s premier physical and commercial gas hub – Wallumbilla – is immediately adjacent. Market factors are now driving new rounds of drilling in the Taroom Trough contributing to its reputation as an emerging energy super basin with major electricity as well as gas infrastructure.
A successful free-flowing test was conducted on the Lorelle Sandstone and has indicated it could produce a commercial flow rate of gas, with the breakeven commercial initial flow rate estimated at 2.5 million cubic feet per day.Gas flow from Stage 1 Lorelle Sandstone post stimulation
Elixir Energy’s Nomgon coal-bed methane (CBM) project is located in Mongolia.
The Nomgon CBM project is in the South Gobi region of Mongolia and on the Chinese/Mongolian border. The ideal location of the asset provides access to excellent infrastructure, including planned pipelines and local mines as customers. The Nomgon project includes a CBM pilot production plant, which flowed gas in its early stages and is now moving to progressively de-water with a view to building up a sustained gas flow rate.
The company is led by a highly experienced team with direct histories in Queensland, Australia and Mongolia and expertise in the natural resources industry, community engagement and working with government stakeholders.
Company Highlights
- Elixir Energy (ASX:EXR) is an exploration and development company with energy assets in Australia and Mongolia, targeting natural gas and renewable energy/hydrogen.
- The company’s Grandis Gas project in Queensland is located in an established gas and oil region, with exceptional access to existing infrastructure and high gas prices.
- The region is currently hosting multi-operator activity, including by Shell.
- Elixir has discovered a deep free-flowing gas zone in Grandis – the first of its kind.
- The company was also the first to flow natural gas in Mongolia, pioneering production in the country.
- A management team with a wide range of expertise in the natural resources sector provides leadership for maximising the value of Elixir Energy’s assets.
Key Projects
Grandis Gas Project
The company’s asset in Queensland, Australia, covers approximately 1,000 square kilometers in an established oil and gas province. The project is well-suited for cost-effective transportation to domestic and international gas markets.
Project Highlights:
- Strong Local Infrastructure: The region's long history of oil and gas production has resulted in a robust infrastructure, including gas transportation and electricity transmission access – and community support for the industry.
- Adjacent to Current and Proposed Pipelines: The asset is located close to existing – and proposed gas pipelines to assist in efficient and low-cost transportation as production commences.
- Impressive Initial Flow Test Results: After a successful suite of DFITs, free-flowing test on the Lorelle Sandstone has been successfully stimulated. Elixir’s technical and economic modeling indicates the Lorelle Sandstone alone could produce a commercial flow rate of gas, with the breakeven commercial initial flow rate estimated at 2.5 million cubic feet per day.
Daydream-2 Lorelle Sandstone Flow Testing*
Nomgon CBM Project
Elixir Energy’s 100-percent-owned coal-bed methane (CBM) project is ideally located in the South Gobi region of Mongolia. This location gives the asset access to robust local infrastructure and close access to Chinese energy markets – the world’s largest.
Project Highlights:
- CBM Pilot Project In Production: The pilot plant passed a key production milestone of 200,000 square cubic feet per day in its early stages. Water production has progressed since these early flows with a view to de-pressuring the CBM reservoir, leading to sustained gas flows.
- District-scale Asset: The Nomgon project covers a significant 30,000 square kilometers in Mongolia. Initial exploration campaigns have been promising and indicate the potential for the asset to become a significant producer of regional energy markets.
Management Team
Richard Cottee - Non-executive Chairman
Richard Cottee was appointed as the non-executive chairman of the company on April 29, 2019. Cottee was the managing director of coal-seam-gas(CSG)-focused Queensland Gas Company (QGC) during its growth from a $20-million market capitalization junior explorer through to its acquisition by BG Group for $5.7 billion. QGC’s CSG assets are now operated by Shell and produce gas that is sold to China and other LNG markets.
Originally a lawyer, Cottee has spent the vast majority of his career in senior executive roles in the energy industry, including as CEO at CS Energy, NRG Europe, Central Petroleum and Nexus Energy. A 32-year veteran of the industry, Cottee is a strong business development professional and a graduate of The University of Queensland.
Neil Young - Managing Director and Chief Executive Officer
Neil Young was appointed to the board of Elixir on December 14, 2018, as its chief executive officer. Young has more than 20 years of experience in senior management positions in the upstream and downstream parts of the energy sector, focusing on business development, new ventures, gas marketing and general commercial functions. He has worked for a range of companies in the UK and Australia, including EY, Tarong Energy and Santos. Young founded Golden Horde Ltd in 2011 to explore gas on the Chinese border in Mongolia. He has also developed various new ventures in other countries including Kazakhstan, Japan and the USA. Young has an M.A. (Hons) joint degree in economics/politics from the University of Edinburgh.
Stephen Kelemen - Non-executive Director
Stephen Kelemen was appointed as the non-executive director of the company on May 6, 2019. Kelemen led Santos’ coal seam gas (CSG) team from its inception in 2004 and drove the growth in this area that allowed Santos to become one of Australia’s leading CSG companies.
An engineering graduate from Adelaide University, Kelemen served Santos for 38 years in multiple technical and leadership roles.
Kelemen is currently an adjunct professor at the University of Queensland’s Centre for Coal Seam Gas and also acts as a non-executive director on the boards of Galilee Energy (ASX:GLL) and Advent Energy.
Anna Sloboda - Non-executive Director
Anna Sloboda was appointed as the non-executive director of the company on October 1, 2020. Sloboda is a joint Belarusian/Australian citizen and has more than 20 years of experience in corporate finance, and in developing junior resource companies operating around the world.
Sloboda is currently an executive director of Red Citadel Resources Pty Ltd, a privately owned mineral resources exploration company with a range of projects in Africa and South America.
She also serves as an advisory committee member, maritime archaeology, at the Western Australian Museum.
Previously she was a co-founder of Trans-Tasman Resources and in that capacity had substantial experience in dealing with Chinese off-takers and partners. Other prior employers include Lehman Brothers, Clough and Curtin University.
Sloboda has a Master of Economics from Belarusian University and an executive MBA from Melbourne Business School.
Victoria Allinson - Company Secretary and Chief Financial Officer
Victoria Allinson is a fellow of The Association of Certified Chartered Accountants, a fellow of the Governance Institute of Australia and an NSX-nominated advisor. She has more than 30 years of accounting and auditing experience, including senior accounting positions in a number of listed companies and was an audit manager for Deloitte Touche Tohmatsu. Allinson has gained professional experience while living and working in both Australia and the United Kingdom.
Her previous experience has included being company secretary and CFO for a number of listed companies, including ASX-listed: Kiland, Safety Medical Products, Marmota Limited, Centrex Metals, Adelaide Energy, Enterprise Energy NL, and Island Sky Australia as well as several unlisted companies.
Source Rock Royalties Declares Monthly Dividend
Source Rock Royalties Ltd. ("Source Rock") (TSXV: SRR), a pure-play oil and gas royalty company with an established portfolio of oil royalties, announces that its board of directors has declared a monthly dividend of $0.0065 per common share, payable in cash on June 14, 2024 to shareholders of record on May 31, 2024.
This dividend is designated as an "eligible dividend" for Canadian income tax purposes.
Source Rock is a pure-play oil and gas royalty company with an existing portfolio of oil royalties in southeast Saskatchewan, central Alberta and west-central Saskatchewan. Source Rock targets a balanced growth and yield business model, using funds from operations to pursue accretive royalty acquisitions and to pay dividends. By leveraging its niche industry relationships, Source Rock identifies and acquires both existing royalty interests and newly created royalties through collaboration with industry partners. Source Rock's strategy is premised on maintaining a low-cost corporate structure and achieving a sustainable and scalable business, measured by growing funds from operations per share and maintaining a strong netback on its royalty production.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this release.
Click here to connect with Source Rock Royalties (TSXV:SRR) to receive an Investor Presentation
QEC Presentation - Project Grandis
Gas - Macro Overview
The desired energy transition is very hard
- A wide variety of challenges – physical, economic and political – to the desired energy transition
- Increasingly being recognised by various (but not all) parties
- Gas is not optional – demand will in fact grow
LNG demand forecast to rise
- Multiple industry and Government parties forecast growing LNG demand
- Asian demand particularly strong
- Australian security of supply increasingly valued
East Coast Australia gas supply crisis
- The long recognised supply crunch is nearly upon us
- Govt now recognising depth of supply problems
- Current prices of >A$12 expected to be a long term floor
Click here for the full ASX Release
This article includes content from Elixir Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
BPH Energy Ltd Raises $1 Million to Accelerate Funding of Hydrocarbon and Cortical Investments
BPH Energy Limited (ASX: BPH) (“BPH” or “Company”) is pleased to announce that it has received binding commitments to raise $1 million (before costs) (“Placement”). The Placement will comprise the issue of 50,000,000 new fully paid ordinary shares (“Placement Shares”) in the Company at an issue price of $0.02 per share.
HIGHLIGHTS
- Binding commitments received to raise $1 million through a Placement at $0.02 per share
- New sophisticated investors including high net worth, family office and dedicated resource funds confirmed as participants
- Placement participants will receive one (1) Attaching Option (BPHOB) for every two (2) New Shares subscribed for under the Placement, exercisable at $0.03 per share, expiring 30 September 2024.
- BPH funded to execute its next phase of hydrocarbon and Cortical Dynamics funding
Oakley Capital Partners Pty Limited (“Oakley Capital”) and 62 Capital Limited (“62 Capital” acted as Joint Lead Managers for the Placement. Oakley Capital and 62 Capital will be paid a cash fee of 5% on funds raised under the Placement and 12,000,000 BHPOB Broker Options (“Broker Options”) exercisable at $0.03 each with an expiry date of 30 September 2024 pro-rata to their participation in the Placement.
The Placement (including the free Attaching Options and Broker Options) will be undertaken pursuant to the Company’s existing placement capacity under ASX Listing Rule 7.1 and ASX Listing Rule 7.1A.
Commenting on the capital raising, Executive Director Mr David Breeze said:
“We were pleased with the strong support in the Placement and will see the introduction of several new sophisticated investors, including high net worth, family office and resource funds to our register.
The funding allows BPH to accelerate the exploration programs to unlock the potential on our gas projects especially with the current gas supply crisis as well as assist the next phase of associate Cortical Dynamic Limited’s expansion.
Click here for the full ASX Release
This article includes content from BPH Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
BPH Energy Ltd (ASX: BPH) – Trading Halt
Description
The securities of BPH Energy Ltd (‘BPH’) will be placed in trading halt at the request of BPH, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Tuesday, 14 May 2024 or when the announcement is released to the market.
ASX Compliance
Click here for the full ASX Release
This article includes content from BPH Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Crescent Point Deal and TMX Completion Fuel Activity in Canadian Oil Market
Crescent Point Energy (TSX:CPG,NYSE:CPG) has struck a deal with Saturn Oil & Gas (TSX:SOIL,OTCQX:OILSF) to divest certain non-core assets in Saskatchewan as part of its long-term sustainability plan.
“This transaction allows us to realize value for these non-core assets which had limited impact in the Company’s future plans while continuing to focus on our priorities of operational execution, optimizing our balance sheet and increasing our return of capital,” said Craig Bryksa, president and CEO of Crescent Point, in a company press release.
The strategic move involves the sale of assets, including Flat Lake and Battrum, for cash consideration of C$600 million.
The assets being divested are projected to contribute 13,500 barrels of oil equivalent per day (boe/d) over the next year, predominantly in oil and liquids. This divestment is part of Crescent Point's broader goal of streamlining its operations and focusing on core assets, as evidenced by the recent closure of other non-core asset sales.
During Q1, Crescent Point sold its Swan Hills and Turner Valley assets for C$140 million.
On the back of this news, the company has revised its 2024 average production guidance to a range of 191,000 to 199,000 boe/d, reflecting a reduction of 7,000 boe/d compared to its prior guidance range midpoint.
Crescent Point said proceeds from the non-core dispositions will be used to reduce its outstanding debt.
Since 2021, Crescent Point has been actively engaged in major acquisitions, particularly in the Montney and Kaybob Duvernay oil and gas regions of Northwest Alberta.
The financing for Saturn's acquisition includes a US$625 million committed debt financing from Goldman Sachs (NYSE:GS), alongside a C$150 million reserves-based loan arranged by National Bank of Canada. A C$100 million bought-deal equity financing further supports the transaction, with gross proceeds directed to fund the acquisition.
"The acquired assets are a perfect fit with Saturn’s existing Saskatchewan operations and offer meaningful synergies,” said Saturn CEO John Jeffrey on Monday (May 6). “The Acquisition is highly accretive for our shareholders and consistent with our strategy of acquiring quality assets where we can apply our strategic operating approach to enhance margins, grow Adjusted EBITDA, and increase Free Funds Flow."
Commenting on the deal, BMO analyst Jeremy McCrea emphasized the importance of identifying critical junctures in oil and gas investing, noting that when it comes to exploration and production companies this can involve new ventures or enhanced field economics, which can "ultimately result in a multiple expansion."
"As Crescent Point effectively completes its transformation with its asset sale for C$600-million (slightly more than our expectations given AROs/3rd quartile inventory), its improved balance sheet and ROC metrics for the years ahead may make CPG a ‘premium name’. In time, a premium multiple should reflect this," he said.
Shares of the company rose following the news, reaching C$12.18 early on Tuesday (May 7), before pulling back slightly.
Trans Mountain pipeline opens after a decade of delays
Canada's oil and gas industry has been in the spotlight since the start of the month, when the Trans Mountain pipeline expansion (TMX) went into commercial service after 12 years of delays.
The 1,150 kilometer pipeline, which is operated by the federal government's Trans Mountain Corporation, is linked to an existing pipeline that was constructed in 1953 and provides a connection between Alberta and BC. Collectively, the twin pipelines are anticipated to transport approximately 890,000 barrels of oil per day to the west coast.
Project delays stemmed from legal challenges due to inadequate Indigenous consultation and environmental impact assessments, and were exacerbated by natural disasters, such as flooding in BC in 2012 and COVID-19.
Ian Anderson, the now-retired CEO of Trans Mountain and the person who oversaw most of the project’s construction, said that what comes next will be crucial for the pipeline’s future. “The question will be how quickly do they want to sell it? And what kind of process do they want to run to sell it?” he told the National Post.
TMX cost over US$25 billion to build, and Canada's Liberal government was forced to buy it in 2018. As the country looks to sell the operation, experts have doubts about whether it will be able to recoup its costs.
As the government goes through its options, Ottawa plans to start collecting tolls on the barrels passing through TMX daily, estimated at C$11.46 per barrel, potentially totaling nearly C$4 billion annually.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Top 5 Oil and Gas Stocks on the TSX and TSXV in 2024
The first quarter of 2024 saw increasing trends in Brent Crude and West Texas Intermediate prices, attributed to ongoing tensions from the Russia-Ukraine conflict and global economic conditions. OPEC countries' production cuts and Russia's commitment to reduce exports also supported prices.
Despite volatility, prices remained stable between US$70– US$87 per barrel. Natural gas prices, however, sank to multi decade lows due to warmer-than-expected weather and ample supply.
Looking ahead, FocusEconomics panelists forecast a 10 percent decline in spot prices for oil over the next decade, while gas prices are expected to remain below highs set in 2022, with potential declines in Asia and Europe and steady prices in the US. Increased US LNG export capacity could lead to price convergence among regions by 2025.
The price stability in the oil market also helped some oil and gas stocks register gains for the quarter. The five top oil and gas stocks on the TSX and TSXV listed below saw significant share price growth over the first three months of 2024. All year-to-date performance and share price data was obtained on April 25, 2024, using TradingView’s stock screener, and the top oil and gas stocks listed had market caps above C$10 million at that time.
1. Sintana Energy (TSXV:SEI)
Year-to-date gain: 222.7 percent; market cap: C$396.4 million; share price: C$1.07
Sintana Energy, an oil and gas exploration and development company, operates across five highly prospective onshore and offshore petroleum exploration licenses in Namibia and Colombia.
Share prices saw early year tailwinds after the company released two updates on exploration activity in Namibia’s Orange Basin. During the exploration campaign of Petroleum Exploration License 83 (PEL 83) two significant light oil discoveries were made in January.
February saw more share price growth when Sintana was listed on the TSX Venture 50 ranking as the top energy performer.
In mid-March Sintana announced the results of its warrant exercise activity, revealing an approximate 99 percent exercise rate, which generated an additional C$22.5 million in cash resources for the company. A few days later the company reported a third light oil discovery for the quarter in the Orange Basin.
Shares rose to a quarterly high of C$0.58 at the end of March.
2. MEG Energy (TSX:MEG)
Year-to-date gain: 31.8 percent; market cap: C$8.6 billion; current share price: C$31.57
MEG is an energy company with a focus on in situ thermal oil production in Alberta's southern Athabasca oil region. Utilizing innovative enhanced oil recovery projects, including steam-assisted gravity drainage extraction methods, the company aims to increase oil recovery responsibly while reducing carbon emissions.
Shares of MEG spent the three-month session trending higher reaching a Q1 high of C$31.48 at the end of March.
In late February MEG reported its fourth-quarter and full-year 2023 financial and operating results. Included in the results was record annual bitumen production and increased funds flow from operations.
MEG's production outlook for 2024 remains positive, with plans to optimize operations and enhance capital efficiency. Additionally, the company announced a capital allocation strategy focused on debt reduction and returning capital to shareholders.
On March 6, the energy company launched a share buyback program, aiming to repurchase up to 24,007,526 common shares between March 11, 2024, to March 10, 2025. This initiative is part of the company's strategy to enhance shareholder returns and reduce debt.
3. Obsidian Energy (TSX:OBE)
Year-to-date gain: 29.4 percent; market cap: C$912.9 million; current share price: C$11.79
Obsidian Energy is an intermediate-sized oil and gas producer, with a portfolio of assets that yield approximately 32,000 barrels of oil equivalent per day. The company's primary operations are in the Peace River, Cardium, and Viking regions of Alberta, Canada.
In early January, Obsidian released its full year 2023 results which included a 6 percent year-over-year increase. Later in the month the Calgary-based company provided the results of a 2023 independent reserves evaluation.
“We replaced 124 percent of 2023 production on a proved developed producing (PDP) basis, 157 percent on a total proved (1P) basis and 217 percent on a total proved plus probable (2P) basis,” the statement read.
In February Obsidian announced the completion of the first half 2024 capital program, highlighting ongoing development in the Willesden Green/Pembina assets in Cardium and exploration and appraisal activity in the Clearwater and Bluesky formations in Peace River.
Additionally, Optimization of Viking wells drilled in late 2023 yielded strong production results.
“Current production has surpassed 36,500 barrels of oil equivalent per day (boe/d) based on field estimates. Despite production impacts from January's cold weather, operations have resumed normalcy, with production slightly exceeding planned targets year-to-date, aided by strong initial rates from wells brought online in February,” the company said.
In March, Obsidian successfully completed a previously announced offer to purchase 2 million of its outstanding senior unsecured notes.
Share reached a quarterly high on March 31 and were trading for C$11.26.
4. Imperial Oil (TSX:IMO)
Year-to-date gain: 27.25 percent; market cap: C$51.92 billion; current share price: C$96.91
Calgary-based Imperial Oil is a prominent Canadian energy company involved in exploration, production, refining, and marketing of petroleum products. With a history spanning over 140 years, Imperial operates diverse assets across Canada, including oil sands, conventional crude oil, and natural gas assets.
On February 2, Imperial released its Q4 2023 results which highlighted upstream production of 452,000 gross oil-equivalent barrels per day, “marking its highest level in over three decades.”
Additionally, Imperial initiated steam injection at Cold Lake Grand Rapids, pioneering the industry's first deployment of a solvent assisted SAGD technology. Downstream operations performed strongly, with refinery capacity utilization reaching 94 percent, following the successful completion of the largest planned turnaround at the Sarnia site.
The company returned more than C$2.7 billion to shareholders, including the completion of a substantial issuer bid. Additionally, Imperial increased its quarterly dividend by 20 percent, from C$0.50 to C$0.60 cents per share. Lastly, the company released its annual corporate Sustainability report, highlighting its sustainability focus areas and achievements.
In March Imperial implemented temporary measures to ensure fuel supplies to Winnipeg during unplanned pipeline maintenance. The Winnipeg Products Pipeline, which transports gasoline, diesel, and jet fuel to the area, required preventative maintenance, including the replacement of a section under the Red River.
The work that began in mid-March is expected to take three months.
Shares marked a Q1 high of C$94.69 on March 31.
5. Condor Energies (TSX:CDR)
Year-to-date gain: 23.94 percent; market cap: C$99.4 million; current share price: C$1.76
Condor Energies concentrates on the exploration, development, and production of natural gas resources across Turkey, Kazakhstan, and Uzbekistan. Notably, the company is currently building Central Asia's inaugural liquefied natural gas facility.
Furthermore, in mid-2023, it disclosed the procurement of a lithium brine mining license in Kazakhstan.
In late January Condor secured a natural gas allocation from the Government of Kazakhstan for its maiden modular liquefied natural gas (LNG) production facility. The gas allocation will be instrumental in liquefying feed gas to produce up to 350 tonnes per day of LNG, equivalent to about 210,000 gallons per day, the company said.
Condor shares rose to a quarterly high of C$2.76 on February 20.
In March, the energy company began a production enhancement operation for eight natural gas-condensate fields in Uzbekistan. Gas output will be directed to the domestic market through state entity agreements. Condor has agreed to cover project costs and receive a share of the generated revenues. The production increase plans will be facilitated through several measures including artificial lift and drilling programs, exploring deeper horizons, and conducting seismic reprocessing.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
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