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Bonavista reported first quarter results which were in line to modestly behind, as production of 66,937 boe/d matched consensus expectations, and FFO of $58.2mm trailed the Street’s call of $61mm.
Companies: Bonavista Energy
Bonavista reported 4Q18 production of 68,011 boe/d, in line with the survey consensus of ~68,270 boe/d and GMPFE’s prior outlook of 68,391 boe/d.
Bonavista reported 3Q18 production of 68,036 boe/d, in line with the survey consensus of 67,680 boe/d and GMPFE’s prior outlook of 67,878 boe/d. Funds flow of $63.7 mm, or $0.24/sh, split GMPFE and consensus estimates of $65 mm ($0.25/sh) and $61 mm ($0.23/sh), respectively.
Bonavista reported 2Q18 production of 68,214 boe/d, relatively in line with the survey consensus of 69,013 boe/d and GMP FE’s outlook of 67,981 boe/d.
Volumes for 4Q17 were previously released at 74,799 boe/d, while cash flow during the same period came in at $86.1 mm, or $0.33/sh, which is slightly higher than the prior consensus view of $0.32/sh. In an effort to focus on debt repayment, Management has reduced its 2018 guidance to a $135 - $155 mm capital program that will deliver volumes between 69,000 to 71,000 boe/d. Drilling will be focused on the company’s most liquids-rich plays, most notably in Strachan (Glauconite) and Morningside (F
Impact: Positive. Bonavista's swap boosts corporate production over 10% compared to 2Q16e levels and adds drill ready inventory within its key play types while consolidating its core land holdings in exchange for its noncore Montney Blueberry asset that was previously part of the Company's longer term development strategy.
Bonavista reported second quarter results with production and cash flow in line with consensus, although ahead of our thinking with cash flow benefiting from lower royalties and controllable cash costs. With E&D spending representing only 38% of funds flow in the period, Bonavista was able to direct ~$34 mm to debt repayment with net debt exiting the year forecasted to decrease 25% y/y. The Company has increased its 2016e E&D spending by ~12% with average annual production unchanged, although is
Some Recovery on Segmented Cash Flow Generation Over Q1 Though Still Down 56% Y/Y. In aggregate, the Intermediate, Mid, and Small Cap groups are expected to generate 2Q16e cash flow of $1,281 mm, $183 mm, and $53 mm, or $1.517 billion in total, that while depressed relative to the same period last year (~$2.647 billion combined), is up 17% sequentially from the prior quarter, largely on the strength of crude oil price recovery in the period. Severely weak natural gas pricing picture markedly rev
Companies: ARX 0UG9 TNZ BTE BNP BNE CJ CKE 0UR7 CR DEE ERF GXE IKM JOY KEL MQL NVA PPY POU PGF PWT PMT PRQ 0VCO PNE PSK RMP RRX SKX SGY TVE TOU TVETF VET WCP YO TET SPE LTS
Coming off restriction from our participation in the Company’s most recent equity financing, whereby the Company issued ~34.3 mm common shares at a price of $3.35 per common share for gross proceeds of $115 mm, we update our estimates. Apart from incorporating the financing we have not made any changes to our estimates ahead of our upcoming commodity price update. Recall, the Company’s guidance includes net capital spending of $140-$145 mm and average annual production of 67,500 boe/d, which tak
Bonavista reported first quarter results with cash flow ahead of expectations on the back of higher realized pricing and operating costs that continue to trend lower. While 2016e capital expenditures remain unchanged, in response to current natural gas prices, Management has deferred some spending to the back half of the year while also shutting in ~2,900 boe/d of natural gas production resulting in a minor downdraft to annual production guidance. With a forecasted payout ratio below 70%, Manage
With this publication we briefly summarize our projections for 1Q16e quarterly results for the Junior E&P (Intermediate, Mid & Small Cap) segments of our coverage universe
Companies: ARX 0UG9 TNZ BTE BNP BNE CJ CKE 0UR7 CR DEE ERF GXE IKM JOY KEL ROAOF MQL NVA PPY POU PGF PMT 0VCO PNE PSK RMP RRX SKX SGY TVE TOU TVETF VET WCP YGR YO RE/ TET SPE LRE LTS
With this publication we highlight various metrics and statistics forthcoming from yearend reserve books for our Domestic E&P coverage universe (Integrateds, Large Cap, Oilsands, Intermediate, Mid Cap, and Small Cap). Similar charts for YE2014 reserves can be found in our Statistical Package dated April 7, 2015.
Companies: ARX 0UG9 TNZ BTE BNP BNE BXO CJ CKE 0UR7 ERF GXE IKM KEL MQL NVA PPY POU PGF PWT PMT 0VCO RMP RRX SKX SGY TVE TXP TVETF VET WCP YGR YO TET LRE LTS PNE
With this publication we highlight forecast revisions associated with our commodity price update (Natural Gas Update; Crude Oil Update), roughly characterized by near term lifts in crude oil prices concurrent with a reduction to portended 2016e and 2017e natural gas pricing outlooks. While there are a few ranking changes on mostly non-material moves to valuations, implied returns within the group on the whole are far less than postulated only a few months ago, reflective of resurgent equity pric
Companies: ARX 0UG9 BNP BNE CJ 0UR7 CR DEE KEL NVA PPY PMT 0VCO TVE VET
Fourth quarter produc on came as no surprise as it was previously disclosed with the year-end reserves release, while cash ow beat on lower cash costs. In response to further weakness in commodity prices, Management has reduced 2016e guidance for the second me this year in an e ort to protect the balance sheet, while also cu ng the dividend by 67%. We have updated our forecast leading to improved sustainability measures in 2016e and have maintained both our Outperform ranking and $3.00 per sha
Impact: Neutral to slightly positive. Despite lower capital spending and production guidance being offered in 2016, we view retrenchment as the preferable strategy at this stage versus unnecessarily drilling top tier inventory in a weak gas price environment.
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Last week, JOG successfully secured its second GBA farmout, locking in a path to delivering zero-capex barrels. The surprisingly muted share price response to the farm-out leaves JOG trading at an unjustifiably large discount to our valuation. With a material fully funded development project under its belt and a clean balance sheet, JOG presents a very low-cost way to access high quality development barrels for investors and potential acquirers alike. If the threat of M&A does not narrow JOG’s v
Companies: Jersey Oil & Gas PLC
Plexus FY23 revenue and losses were in line with expectations. As well as the further development of its licensee relationship with SLB (Schlumberger), Plexus is focussed on its re-entry into the rental of exploration wellheads from Jack-up rigs, the sale of surface production wellheads and the provision of specialised solutions and applications to operators, particularly for Plug & Abandonment (P&A) work. Plexus won a substantial c£5m special project contract during the year, which was expanded
Companies: Plexus Holdings
• 3Q23 production was 2,518 boe/d, near our forecast of 2,674 boe/d.
• Arrow held US$12.9 mm in cash at the end of September. This is ahead of our expectations of US$6.6 mm on lower capex and opex.
• Four new wells are expected to be on stream by YE23 including RCE 7, RCE-8 and two wells at Oso Pardo.
• Following interpretation of the recently shot 3D seismic at Tapir, Arrow plans to drill a total of 15 wells in 2024 including five exploration wells targeting 3 material and low risk exploration
Companies: Arrow Exploration Corp.
Companies: CPH2 TIDE MRL BRCK JNEO
Companies: 88E GENI BMS CRU POS XSG
Alien and the Iron Ore Company of Australia (IOCA), continue to lay the foundations for operations at Hancock, one of its direct shipping iron ore (DSO) projects in Western Australia. Progress made to date ensures that, should a positive investment decision be made following the conclusion of Definitive Feasibility Studies (DFS), Hancock will be in operation and generating cashflow soon after capital is invested.
Companies: Alien Metals Ltd
• With the acquisition of interests in Sygna and Statfjord Øst expected to complete in January, the process to establish a stable well-funded producing business in Norway is almost complete. FY23 production at Sygna and Statfjord Øst net to Longboat Norge is ~250 boe/d.
• The acquisition of 49.9% of Longboat Norge by JAPEX in 2023 provides low cost capital and access to a strong balance sheet to develop further the Kveikje area and make acquisitions at no further dilution to Longboat plc.
Companies: Longboat Energy Plc
CPH2 and ATOME have reached a mutual agreement to cease the previous production order made by ATOME. The CPH2 Board of Directors considers it is in the Company’s best of interests to focus its engineering and installation resources in ensuring roll out Membrane Free Electrolysers with current partners Fabrum Solutions Limited, KCA Deutag and, Northern Ireland Water. As part of the agreement, Molecular Energies has requested, and CPH2 has agreed to, a non-binding framework agreement with G-Mobili
Companies: Clean Power Hydrogen PLC
Jersey Oil & Gas, Serica Energy, Trinity Exploration & Production, Longboat Energy, Ithaca Energy, Neptune Energy, Pantheon Resources, Nostrum Oil & Gas, Kufpec, ORLEN.
Companies: TRIN LBE JOG
Companies: Trident Royalties Plc
Companies: Good Energy Group PLC
The front of this note takes a look at the UK oil and gas sector, why domestic production is advantageous, what the main political parties think, and what could happen going forward. The latter part contains a review of the companies in our coverage – some that are UK centric, which give exposure to the note’s wider theme, and others that are focused elsewhere.
Companies: TLOU PTAL HTG ENW ITM BLVN RKH HBR UJO GMS JOG MATD CEG GENL AXL
Andrada Mining (“ATM”) has released interim financial results to 31st Aug, revealing weaker than expected EBITDA of -£0.6m vs H&Pe +£1.8m, but a lower than forecast free cash outflow of -£8.3m vs H&Pe -£9.4m. Post period end, ATM secured a total US$30m in new funding from Orion Resource Partners and Development Bank of Namibia, giving a solid (unaudited) cash balance of £23m as of 27th Nov. We expect profitability to improve in H2 as strip ratios are expected to fall. Earlier this week, ATM anno
Companies: Andrada Mining Limited
Hannam & Partners
Companies: HZM BMN ATM CMCL THX EST GROC PRU
Ariana today reports further results from the on-going drill programme at the Salinbas gold-copper project in northern Turkey, in which it has a 23.5% interest. With the Kiziltepe gold mine in operation (and satellite drill results – RNS 28.11.2023 – pointing to an extended mine life) and the Tavsan copper-gold mine under construction, Salinbas could be the third Ariana project to reach production. Ariana and its partners have been aggressively exploring Salinbas, and the adjoining Ardala and
Companies: Ariana Resources PLC