Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

Canacol Energy released its Q223 results on 10 August, which were in line with our full year expectations. Adjusted Q2 EBITDAX increased to US$60.7m, which represents a 10% increase year on year. This was driven primarily by a rise in netbacks, which increased to US$3.94/mcf in the quarter, compared to US$3.66/mcf in Q222. We are not changing our forecasts after these numbers.

Canacol Energy released its Q223 results on 10 August, which were in line with our full year expectations. Adjusted Q2 EBITDAX increased to US$60.7m, which represents a 10% increase year on year. This was driven primarily by a rise in netbacks, which increased to US$3.94/mcf in the quarter, compared to US$3.66/mcf in Q222. We are not changing our forecasts after these numbers.

Equity Capital Markets and Advisory Business, Auctus Advisors

Auctus Advisors

Equity Capital Markets and Advisory Business

Auctus Advisors is a specialist Equity Capital Markets and Advisory business with a focus in the Energy Sector. The partners have complementary skill sets, with decades of experience across Equity Capital Markets, Investment Banking and the Energy industry. We have worked at Société Générale, Canaccord Capital, BMO Capital Markets and Schlumberger. Most recently we have worked together for many years at GMP FirstEnergy. Auctus has been set up at the beginning of a new decade in which we see significant opportunities in the Energy space. Globally, demand for energy is at record levels and continues to grow. Conversely, investment in traditional energy sources has been severely constrained. We believe this imbalance creates opportunities for both companies and investors. Auctus provides Corporate Broking, Equity Research and Investment Banking services.

<ul>
<li>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.</li>
<li>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).</li>
<li>Kosmos Energy (KOS US/LN): 2Q23 results – 2Q23 net production was ~58 mboe/d.</li>
</ul>


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.


Canacol Energy issued an operational update on 3 August that included gas sales and drilling plans. July 2023 gas sales were 197mmcf/day, in line with sales a year earlier. However, perhaps more importantly, the group is mobilising two additional rigs to increase production capacity to meet potential higher demand due to the emerging El Niño effect.

Canacol Energy issued an operational update on 3 August that included gas sales and drilling plans. July 2023 gas sales were 197mmcf/day, in line with sales a year earlier. However, perhaps more importantly, the group is mobilising two additional rigs to increase production capacity to meet potential higher demand due to the emerging El Niño effect.

On 5 July Canacol Energy issued an operating update that included gas sales and drilling results. June 2023 gas sales were 186mmcf/day, down from 199mmcf/day last year, but within guidance. Management also explained progress at the Lulo-2 and Chimela-1 wells. This confirms the company is on track to meet guidance.

On 5 July Canacol Energy issued an operating update that included gas sales and drilling results. June 2023 gas sales were 186mmcf/day, down from 199mmcf/day last year, but within guidance. Management also explained progress at the Lulo-2 and Chimela-1 wells. This confirms the company is on track to meet guidance.

Canacol Energy - On track to meet guidance

Canacol Energy has solid visibility of its cash flows on the back of its long-term gas contracts. Production is set to ramp up significantly once a new pipeline is operational in 2024. This will allow the company to start generating significant cash flows, which will be used to grow the business and potentially give higher returns to shareholders. This is an exciting time for Canacol and investors should start focusing on potential returns. The shares are well backed by our asset valuation of C$23.7794/share.

Canacol Energy has solid visibility of its cash flows on the back of its long-term gas contracts. Production is set to ramp up significantly once a new pipeline is operational in 2024. This will allow the company to start generating significant cash flows, which will be used to grow the business and potentially give higher returns to shareholders. This is an exciting time for Canacol and investors should start focusing on potential returns. The shares are well backed by our asset valuation of C$23.7794/share.

Canacol Energy - Poised for strong growth

Canada

Canacol Energy Limited is an international junior energy company with production and exploration operations located in South America. The Company's operations are focused in Colombia, with operations also in Ecuador.

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Canacol Energy (CNE CN)

Canacol Energy - Q2 results in line

Canacol Energy released its Q223 results on 10 August, which were in line with our full year expectations. Adjusted Q2 EBITDAX increased to...

Edison Investment Research

Auctus on Friday - 11/08/2023

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.

Auctus Advisors

Canacol Energy - Increasing activity

Canacol Energy issued an operational update on 3 August that included gas sales and drilling plans. July 2023 gas sales were 197mmcf/day, in line...

Edison Investment Research

Canacol Energy - On track to meet guidance

On 5 July Canacol Energy issued an operating update that included gas sales and drilling results. June 2023 gas sales were 186mmcf/day, down from...

Edison Investment Research

Canacol Energy - Poised for strong growth

Canacol Energy has solid visibility of its cash flows on the back of its long-term gas contracts. Production is set to ramp up significantly once a...

Edison Investment Research

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