The market mood is still cautious amid thin holiday trading. US stocks fell for a second day, and Treasury yields rose slightly.
The end of China’s zero-Covid policy weighed on market sentiments as investors fear a rise in cases around the world.
On the other hand, investors are hopeful that easing restrictions in China will bring a rebound in Chinese growth and global trade.
In this edition, we will focus on top stories leading the Bullboard discussions this week.
Trillion (TCF), an oil and gas-producing company with multiple assets throughout Turkey and Bulgaria, received November gas revenue from new production at the SASB gas field offshore Turkey.
South Akcakoca-2 entered production on November 4, 2022, producing for 27 days throughout the month. Akcakoca-3 came online immediately after perforation and was produced from November 24 to November 30.
Trillion’s 49-per-cent share of gas sales from these wells came to US$1,412,073 or US$1,235,564 after November royalties.
Based on the first 15 days of December gas production for both South Akcakoca-2 and Akcakoca-3, gas revenue for December will be approximately US$2.1 million (after royalties) net to Trillion.
Based on current pricing and production rates, revenue after royalties for the two wells is estimated between US$20 to US$24 million for calendar 2023.
In the mining sector, Snowline Gold (SGD) reported additional preliminary gold assay results from its 2022 drill program on its Rogue Project in Yukon.
Three holes were completed for these latest assays, with low to average grades found throughout several intercepts.
One hole, V-22-032, was drilled further than the other two to test a previously defined system. The entire hole reached about 532.70 metres and ended in mineralized rock with low grades of gold.
Snowline expects further assay results from its 2022 drill program, which includes more than 5,000 metres of drilling. Also, results from five holes from the neighbouring Gracie target are still pending.
As we draw a curtain on 2022, the market is finding new hopes of recovery and is approaching 2023 with increased optimism. Nonetheless, market participants are treading slowly to insulate against any unplanned risks that 2023 may present.