Argonaut | The Natural Choice in Resources

Argonaut is a full service advisory, stockbroking & research and investment house with offices in Perth and Hong Kong. Argonaut is technically driven & focused on natural resource companies & businesses that service the metals, mining, energy and agri-business sectors. Argonaut has an established track record of creating significant wealth for clients.

Morning Notes

U.S. stocks edged lower after a handful of disappointing earnings reports. The moves added to Monday's declines, pulling major U.S. indexes further away from recent record highs. Most reports so far have been solid, if unspectacular. With 159 companies in the S&P 500 reporting, earnings in the index are on track to contract 4.5% in the second quarter from the prior year, marking the fifth consecutive quarter of earnings declines, according to FactSet.

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Latest Research

Sino Gas and Energy (SEH) has reached an agreement with Sanjiaobei (SJM) partner PetroChina CBM (PCCBM) for the allocation of pilot production sales revenue. While the outstanding payment was minor (~US$2m), the agreement clarifies payment terms under the piloting phase and sets the tone of the relationship under the Production Sharing Contract (PSC). SEH has been substantially de-risked year-to-date by the signing of gas sales allocation agreements at both SJB and Linxing (LX), as well as the replacement of indebted Sino Gas Energy (SGE) JV partner MIE Holdings with China New Energy Mining Limited (CNEML). The restart of SJM now is planned for Q3 2016 and SEH will chase the combined SJB and LX production target of 25MMscf/d by year’s end. Net cash at June 30 was $47.5m. Argonaut maintains a BUY recommendation and a $0.25 target price.

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Latest News

Argonaut is pleased to announce the appointments of Andrew Muir and James Wilson. Andrew has joined Argonaut in the role of Associate Director in the Corporate Finance team and commenced on Tuesday 19 July 2016. Andrew has extensive industry experience having worked as both an exploration and mine geologist for 12 years with various companies and as a Metals & Mining research analyst for the past 10 years with Hartleys and JP Morgan. 

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