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: AAV ARX BTE BNP CPG ERF POU PEY PGF PWT PSK VII TOU VET WCP BNE CJ CR DEE JOY KEL LTS NVA PPY PNE RRX RMP SRX SGY TET ATU CKE GXE IKM LXE MQL PRQ SPE SKX TVE TVETF YO
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: AAV ARX BTE BNP CPG ERF POU PEY PGF PSK VII TOU VET WCP BNE CJ CR DEE JOY KEL LTS LRE NVA PPY PNE RRX RMP SRX SGY TET ATU CKE GXE IKM LXE ROAOF MQL RE SPE SKX TVE TVETF YGR YO
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: AAV ARX BTE BNP CPG ERF POU PEY PGF PWT VII TXP VET WCP BNE CJ KEL LTS LRE NVA PPY PNE RRX RMP SRX SGY TET ATU BXO CKE GXE IKM LXE MQL SKX TVE TVETF YGR YO
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
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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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Higher metal prices saw CAML achieve a 52% and 131% increase in EBITDA and FCF respectively in the first half of 2021, facilitating an attractive 8p interim dividend declaration (up 2p on H1 2020). The H1 results are tracking our full-year estimates, which if achieved would put CAML on an undemanding EV/EBITDA multiple of just 4x and see the shares yield over 8% at current market price. Given average copper, zinc and lead prices across H2 to date are around 10% higher than our pricing assumption
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EQTEC have confirmed that they have completed acquisition of a 1.2MW gasification plant. The plant is expected to be operational by Q4 2022.
Companies: EQTEC PLC
Today's raise is a testament to support for Jubilee's copper strategy in Zambia and once again showcases Jubilee's keen eye for value enhancing deals. The increase in ownership in the Tailings projects to produce the raw material for the Sable and Leopard refineries will allow Jubilee to benefit more from the profits generated and also to make choices on development speed and product output to closely match the requirements of the Integrated refineries. Today consolidates Jubilee's position in
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H1 2021 results
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EQTEC and KIBO Plc have confirmed a strategic partnership in the 25MW Billingham Plant. Kibo are investing £3m to acquire 54.54% of the Project SPV, with the remaining 45.46% owned by EQTEC.
Production and cash holding update
Companies: Hurricane Energy Plc
• The latest horizontal well (BN-8H) has achieved a ten day initial oil production rate of ~7.6 mbbl/d. This is materially above our expectations of ~5 mbbl/d.
• As a result, current oil production is ~ 15.4 mbbl/d, also above our expectations of >13 mbbl/d. This is a very good result and with another development well due to be spudded shortly, the company is well on track to meet its production target of ~16 mbbl/d in 4Q21.
• The results of the BN-8H well could also have positive implications f
Companies: PetroTal Corp.
Oil gained a third week as investors focused on the ongoing production shut-ins in the US Gulf of Mexico as more refineries have resumed operations nearly two weeks after Hurricane Ida tore through the region.
Futures in New York posted its longest set of weekly gains since July after ending Friday 2.3% higher. More than a million barrels a day of US offshore crude production remains shut in after Ida swept through the area nearly two weeks ago. Meanwhile, more Louisiana refineries are resumi
Companies: FO 88E DEC EME GTC TRIN UOG WEN
Despite the significant ongoing challenges posed to the business as a result of the COVID-19 pandemic and the sudden passing of founder and Executive Chairman, Bruce Dingwall, Trinity has released a strong set of interim results, with the Company's resilient production and strong balance sheet providing a solid foundation from which it can meaningfully scale the business. Higher oil price realisations during H1/21 more than offset an 8% natural decline in production, leading to a 69% increase in
Companies: Trinity Exploration & Production Plc
Bluejay Mining* (JAY LN) – BUY, Valuation 37.7p – Analyst call
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Eurasia Mining* (EUA LN) – Monchetundra detailed mining plan
Jubilee Metals Group (JLP LN) – Conditional placing to progress Zambian expansion
Empire Metals* (EEE LN) – Strategic technical review commenced at Eclipse project
Renascor Resources (RNU AU) – Major project status awarded by Austr
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• Pharos is farming out 55% WI in El Fayum and North Beni Suef to IPR Energy. In return IPR will fund US$38.425 mm of Pharos’ retained share of the costs of future activities, equating to funding a ~US$85 mm gross programme (opex + capex). In addition, IPR will pay US$5 mm in cash on closing and a contingent consideration of US$0.175 mm for each US$1 over US$62/bbl (with a cap of US$92/bbl) each year from 2022 to 2025. This represents a potential additional consideration of U$20 mm (US$5 mm x 4
Companies: Pharos Energy PLC
Exactly one year ago, the FTSE 100 closed at 5,862, having fallen 100 points on the day, the lowest point since mid-May 2020, due in part, to the strength of sterling vs US$ at $1.34. One year on, the FTSE 100 has risen to 7,119, a rise of 21%, it remains 7% below the peak in January 2020. From an international viewpoint, US and European markets continue to trade at record highs. The US Federal Reserve is close to withdrawing some of its economic support this year as inflation picks up and the e
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Companies: IronRidge Resources Ltd
Bluejay Mining* (JAY LN) – Greenland agrees new economic aid with the US
Ariana Resources (AAU LN) – Further drilling results from Kepez North
CATL (CATL N) – CATL may be joining the bidding war for Millennial Lithium Corp. as Chinese firms battle for EV material supply
Condor Gold* (CNR LN) – Senior mining engineer appointed to advance La India feasibility study
Cora Gold* (CORA LN) – Interims
Galileo Resources (GLR LN) – Sale of Kalahari Copper Belt licences expected to complete next week
Companies: AAU JAY CNR CORA GLR GGP POW RRR VUL SSW
Bond buyback offer and operational update