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  • 22 Nov 18
Discontinuing coverage

We are discontinuing coverage on Marquee Energy Ltd. after the company’s shareholders voted to approve the Prairie Provident Resources Inc. (TSX:PPR) offer to acquire all of the issued and outstanding shares of Marquee for consideration of 0.0886 common shares of Prairie Provident Resources Inc. per Marquee share held. Accordingly, all prior research ratings, price targets and earnings estimates must no longer be relied upon.

Companies: MARQUEE ENERGY
  • 09 Mar 18
Marquee reports 2017 reserve book

Marquee announced year-end reserves that were unexpectedly positive, with decent FD&A costs and material positive technical revisions over and above GMP FE expectations. Sproule, Marquee’s reserve evaluator, opted to increase the company’s core Banff/Michichi type curve by +30% to 200 mboe, while liquids ratios remain unchanged at 65%. Marquee plans to release its audited 2017 financial statements on or around April 12th , 2018. At this juncture, we are opting to leave our $0.08/sh 12-month target price unchanged, implying a 6.7x 2019e DACF multiple at the current strip, while continuing to support a HOLD rating. Despite an improved cost structure throughout 2017e and early indications of enhanced well results, as supported by a type curve increase, we continue to support a HOLD rating on the stock as the company navigates a challenging debt profile ahead. We point to greater tenure surrounding the company’s 2018e drilling program and the release of 4Q17 financial results as potential positive catalysts for the stock in the near term.

Companies: MARQUEE ENERGY
  • 31 Aug 16
Reports Second Quarter Results In Line, Estimates Up on Platform to Elevate Capex

Marquee reported second quarter financial and operating results that were largely in line with expectations. The Company reiterated its 2H16e outlook which will see a return to drilling activity at Michichi, with 4x Banff/Detrital horizontals planned for 2H16e, given an expected financial position of $15.0-$17.5 mm of net debt on a revised ~$30 mm LOC. While implied returns are robust on an unchanged 12-month target price, there appears to be some legal rumblings forthcoming from Alberta Oilsands shareholders. As such, until the transaction is closed, we view the equity as partially speculative, and hence now rank the stock as a Speculative Buy. All else equal, we are constructive on the stock at this price level.

Companies: MARQUEE ENERGY
  • 30 Aug 16
ANNOUNCES SECOND QUARTER 2016 OPERATING AND FINANCIAL RESULTS

Impact: Neutral. Quarterly results were overshadowed by the recent Alberta Oilsands acquisition, though per unit operating cost attrition continues to be positive.

Companies: MARQUEE ENERGY
  • 24 Aug 16
Announce Strategic Business Combination

This transaction provides much needed liquidity for Marquee, albeit undertaking significant dilution to common shareholders. The proforma entity should be able to continue as a going concern and be well capitalized enough to take advantage of Marquee’s strong asset base focused on its large footprint at Michichi. We have reduced our 12-month target price to $0.30/sh, effectively maintaining our prior 2017e EV/DACF valuation multiple. In the absence of the receipt of its 2Q16 results, we are maintaining our Market Perform ranking, though at current prices post initial market reaction, there is a basis forming to suggest the stock should be bought at current levels.

Companies: MARQUEE ENERGY
  • 22 Aug 16
AND ALBERTA OILSANDS INC. (AOS) ANNOUNCE STRATEGIC BUSINESS COMBINATION

Impact: Positive within the context of continuation of a going concern and a capital structure positioned to take advantage of future acquisition opportunities though the stock will initially trade lower. This transaction provides much needed liquidity for Marquee, albeit undertaking significant dilution to common shareholders. The proforma entity should be well capitalized enough to take advantage of Marquee's strong asset base focused on its large footprint at Michichi.

Companies: MARQUEE ENERGY
  • 26 Jul 16
2Q16e Quarterly Preview

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 reversed into summer, market likely to ignore financials for natural gas producers and look ahead to winter and formalization of sell-side 2018e estimates in coming months. Spot AECO natural gas prices recently crested C$2.60/mcf, and with a reasonable alignment of previously distressed NE BC Stn2 differentials, augmented by a withdrawal expected next week, view the market psyche as constructive and looking ahead, with the analogy that this market is shaping up to mirror 2012 still holding. That said, with crude oil poised to retest support levels, combined with strong stock price performance broadly observed YTD, we would characterize sentiment as slightly pessimistic in the near-term which could reduce or unwind momentum-based investment strategies that have worked thus far in 2016.

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 PMT PNE RRX RMP SRX SGY TOG TET ATU CKE GXE IKM LXE MQL PRQ SPE SKX TVE TVL YO ZAR

  • 07 Jun 16
ANNOUNCES DISPOSITION AND CLOSING OF NON-CORE ASSETS

Impact: Positive as the Company continues to rationalize non-core assets while also reducing capital commitments associated with the PVR at Lloydminster. That said, we continue to await the completion of the Company's bank line review.

Companies: MARQUEE ENERGY
  • 24 May 16
Marquee Reports First Quarter Results In Line

Marquee reported first quarter financial and operating results that were in line with expectations.

Companies: MARQUEE ENERGY
  • 19 May 16
ANNOUNCES FIRST QUARTER 2016 FINANCIAL RESULTS AND UPDATES DATE OF AGM

Impact: Neutral as quarterly results were in line with our forecasts with no changes to formal 2016e guidance at this juncture.

Companies: MARQUEE ENERGY
  • 04 May 16
ANNOUNCES SALE OF NON-CORE SHALLOW GAS ASSET

Impact: Positive. The non-core disposition aligns with corporate strategy to focus on its Banff/Detrital asset at Michichi while helping to reduce the Company's current debt and future asset retirement obligations without sacrificing much in the way of cash flow generation.

Companies: MARQUEE ENERGY
  • 26 Apr 16
Intermediates, Mid Caps & Small Caps

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 PMT PNE RRX RMP SRX SGY TOG TET ATU CKE GXE IKM LXE MQL RE SPE SKX TVE TVL YGR YO ZAR

  • 12 Apr 16
Domestic E&P Statistical Package and FD&A Review

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 PMT PNE RRX RMP SRX SGY TOG TET ATU BXO CKE GXE IKM LXE MQL SKX TVE TVL YGR YO ZAR

  • 08 Apr 16
Fourth Quarter Trails Expectations, Offers Lower 2016e Guidance, Underlying Michichi Resource Opportunity Remains Intact

Marquee reported fourth quarter financial and operating results that fell short of our expectations. Its 2015 year-end reserve book was positive however, as is an updated NAV view on our price forecast ahead. The Company’s stock remains a compelling potential investment, exhibiting significant financial and operational leverage on crude oil price recovery, though may be too illiquid and too risky for renewed institutional interest as it moves downmarket looking for potential vehicles to invest in on that notion. Our revised 2016e and 2017e forecast is down materially on new 2016e guidance that is underwhelming relative to revised growth targets. We have increased our 12 month target price to $0.45/sh, though maintain a Market Perform ranking.

Companies: MARQUEE ENERGY
  • 07 Apr 16
ANNOUNCES 2015 FINANCIAL, OPERATING AND RESERVES RESULTS

Impact: Slightly negative. Fourth quarter operating results trailed our estimates while the announced 2016e capital program and production guidance will lead our estimates lower. FD&A metrics were strong, though were aided by the production volume royalty sale during the year.

Companies: MARQUEE ENERGY

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Research Tree provides access to ongoing research coverage, media content and regulatory news on MARQUEE ENERGY. We currently have 34 research reports from 1 professional analysts.

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  • 25 Mar 20
LIBERUM: Sylvania Platinum* - Best placed miner to weather the storm

Sylvania's share price has fallen 53% since its peaked on the 21st Feb, as the global economy hit the brakes. The short term demand outlook for PGMs is miserable, with supply chains breaking down as both luxury goods and car sales sales collapse.

Companies: Sylvania Platinum
  • 30 Mar 20
Cenkos: Oil & Gas Sector --

Oil declined for a fifth straight week amid a one-two punch from collapsing demand due to the coronavirus crisis and ballooning supply from producers vying for market share. Futures in New York slumped 4.8% on Friday and are poised for the biggest quarterly drop on record as weak demand and an onslaught of supply roil markets. Refineries across the globe are curbing consumption as fuel use declines with people staying home. Meanwhile, major trader Trafigura Group expects as much as 1 billion barrels to be sent into storage tanks. More oil is headed into stockpiles as the Russia-Saudi war for market share that exacerbated crude's crash this month shows no sign of abating. The kingdom held firm on Friday, saying it hasn't had any contacts with Moscow about output cuts or on enlarging the OPEC+ alliance of producers. Russia also doubled down, with Deputy Energy Minister Pavel Sorokin saying oil at $25 a barrel is unpleasant, but not a catastrophe for Moscow. US crude has tumbled about 65% so far this quarter. The crash has crippled domestic producers who are forced to cut production for the first time in 35 years. The International Energy Agency this week warned that global demand was in “free fall” amid coronavirus lockdowns. Meanwhile, Iraq -- OPEC's second-biggest producer -- will allow national oil companies to boost their output and export without imposing any ceiling. Algeria has asked for an emergency OPEC board meeting to discuss the cuts. It comes as one of the world's largest supertanker owners said that ships are being filled with crude at a record pace, as land storage rapidly diminishes. Prices:  West Texas Intermediate fell $1.09 to settle at $21.51 a barrel in New York on Friday. Prices dropped 4.1% this week.  Brent crude lost $1.41 to settle at $24.93 a barrel.  Swaps markets show that physical crude is selling several dollars below benchmark prices. The signs of storage starting to fill are growing, too. Inland tanks for heating oil in Germany are now full, while Pakistan banned oil imports on Thursday because its stockpiles are now sufficiently built up. Rigzone.

Companies: FOG PVR 88E DGOC EME POS TRIN UOG

  • 02 Apr 20
Cenkos: Shearwater Group Plc -- Resilient cyber performance

Shearwater sells resilience and today's trading update shows us how resilient demand has been for its products and services. The Group has swung to EBITDA profitability and cash flow is well ahead of expectations. The macro themes of cyber security and remote working are supportive of robust demand levels going forward. We are maintaining our forecasts. Buy.

Companies: Shearwater Group
  • 30 Mar 20
WHI Equity Research: i3 Energy (I3E)

Strategic Production Acquisition and TSX Listing i3 Energy announced today that is has entered an option agreement to acquire all of the outstanding shares of TSX listed Toscana Energy Income Corporation. Toscana produced on average 1,065 boe/d in 2019 and has 2P reserves of 4.65 mmboe of which 55% consists of oil (and natural gas liquids) and 45% consists of natural gas. Toscana's low-decline production is located in Western Canada. Toscana's lands include a very large holding over one of Western Canada's leading new oil plays targeting the Clearwater formation. i3 Energy has acquired the entirety of Toscana's $C28.2M of senior and junior secured debt for $C3.4M representing a price of $C0.12 per dollar of outstanding debt. i3 is now Toscana's secured lender. The debt purchase was funded with i3 Energy's existing cash resources. i3 Energy has agreed to issue up to 4,399,224 of its shares, representing circa 4% of i3 Energy's existing share capital to acquire the entirety of Toscana's shares, representing a market value of circa $C0.55M based on the market values of 27 March 2020. We believe the announcement represents a positive and transformational change for i3 Energy.

Companies: I3 Energy
  • 01 Apr 20
WHI First Light: Caledonia Mining (CMCL) & Touchstar (TST)

Caledonia today announces that it has taken the prudent decision to defer its approval for the payment of the second quarterly dividend (7.5c/sh - $0.9m - 7% of declared Caledonia cash). The Blanket mine in Zimbabwe remains in operation (at a slightly reduced capacity to secure Covid-19 social distancing) and the mine site remains well-stocked with supplies, so despite the current difficulties getting supplies from South Africa production at the mine can continue for some time to come; 2-3 months in our opinion, if the supply chain from South Africa ceased altogether. Touchstar is a supplier of mobile data computing solutions and managed services to a variety of industrial sectors. This morning, the group has released an update in light of COVID-19. The Board reports that it has taken swift action to re-engineer processes to adhere to government guidelines, whilst maintaining client service levels. Q1 2020 trading is reported to have been ‘broadly' in line, with revenue growth of 40% from continuing operations and outstanding orders to ship to customers in the coming months. Q1 was cash neutral, which follows on from the RNS on 5 February, of a net cash position of £849k as at 31 December 2019.

Companies: Caledonia Mining Corporation Plc Com Shs Npv Touchstar

  • 02 Apr 20
LIBERUM: ilika* - Reinstating coverage after growth placing

We are reinstating coverage with a Buy rating and price target of 50p following the recent £15m share placing to fund production scale-up for micro-batteries. Our TP reflects a DCF of the micro-battery business which has sufficient customer interest to achieve over £12m annual sales by FY23 and £25m later this decade we believe, generating EBITDA of £1.7m and £7m respectively.

Companies: Ilika
  • 02 Mar 20
THE MONTHLY March 2020

Much of the UK’s privatisation programme took place between the early 1980s and the mid-1990s: subsequent sales have been few. Undoubtedly, privatisation attracted many private investors to the market, many for the first time.

Companies: AVO AGY ARBB ARIX BUR CLIG DNL FLTA GDR NSF PCA PIN PXC PHP RE/ RECI RMDL STX SCE SIXH TRX SHED VTA

  • 30 Mar 20
WHI First Light: Caledonia Mining (CMCL)

Caledonia today provides an update on its Blanket mine in Zimbabwe in the light of the full lockdown other than “for essential services” from today as ordered by President Mnangagwa. The mine is still operating as the authorities will grant exemptions for businesses which demonstrate they can operate in a manner that contributes to the management of the spread of Covid-19 infections. Caledonia has applied for this exemption.

Companies: Caledonia Mining Corporation Plc Com Shs Npv
  • 30 Mar 20
Quadrise Fuels International - Business development intensifying

Quadrise’s business development activity has intensified in the last nine months, with progress on opportunities in Morocco, South America, Saudi Arabia (KSA) and the marine sector. COVID-19 will potentially extend the length of time taken to complete trials. However, management notes that the current low oil prices are not likely to have a material impact on interest in using its innovative MSAR fuel as a heavy fuel oil substitute.

Companies: Quadrise Fuels International
  • 30 Mar 20
Strategic financing from IIG

Ironveld has signed a range of conditional financing agreements with Inclusive Investment Group (IIG) that mark a step change in its ability to advance its iron, vanadium and titanium project in the prolific Bushveld Complex of South Africa. The agreements will see IIG provide Ironveld with $3.2m in both debt and equity with IIG to take a stake of up to 46.8% in the company subject to certain shareholder approvals. This locks IIG in as a meaningful strategic partner and should allow Ironveld to progress Phase I of its project while it seeks the broader financing required to bring it in to development

Companies: Ironveld
  • 02 Apr 20
Genel Energy

October 2019 Tawke and Taq Taq payments received

Companies: Genel Energy
  • 16 Mar 20
Cenkos: Oil & Gas Sector - Diversified Gas & Oil, UK Oil & Gas, Trinity Exploration & Production, Tullow Oil, Cairn Energy, Pharos Energy, Vaalco Energy, Transglobe Energy, Valeura Energy, Touchstone Exploration, Serica Energy, Gran Tierra Energy, EnQuest

Oil posted the biggest weekly plunge since 2008, capping its most dramatic week in recent memory as major producers prepare to drench the market with supply just as the coronavirus crushes demand. But prices jumped following the close, after President Donald Trump said the U.S. would fill the nation's strategic reserve. Losses for the week totalled 23% after the collapse of talks between members of the OPEC+ group triggered the biggest crash in a generation. Instead of reaching a deal to cut output to mitigate the fallout from the virus, producers led by Saudi Arabia and Russia embarked on a war for market share and pledged to pump more.

Companies: TGL TXP VLU EGY GTE CNE DGOC ENQ SQZ UKOG TRIN TLW PHAR

  • 27 Mar 20
Cenkos: Diversified Gas & Oil Plc -- In a league of its own

Diversified Gas & Oil is emerging as a new model for the E&P market, balancing low fixed costs with efficient operations to generate consistent cash flows. Since the Company's foundation, DGO's strategy has remained unchanged, delivering stable production, whilst maintaining capital discipline to deliver cash flows and shareholder returns. Efficient operations combined with low fixed costs means DGO can deliver strong margins at low prices - vital in the current environment. The DGO model does not follow that of its capital intensive North American “peers” and nor does it follow that of its international London listed “peers”, putting DGO in a league of its own. With many of the Permian oil producers and Appalachian gas producers cutting back on capex in the current price environment, we see a recovery in the gas prices, with the current oversupply of gas turning into an undersupply as production and stores fall away. We believe the M&A market will provide a great opportunity for DGO over the next 12-24 months, with inevitably some E&P's not being able to survive the current low price environment. We update our model incorporating the extension of the Company's asset retirement agreement with the state of Ohio, the latest forward price curves and the GBP/USD exchange rate, increasing our price target to 148p/share (from 121p/share) and our BUY recommendation.

Companies: Diversified Gas & Oil
  • 01 Apr 20
Oil & Gas Flash Note

Against the backdrop subdued commodity pricing, JKX has delivered another robust set of annual results. Yesterday’s FY19 figures show a 9.5% yoy increase in revenues, coming in at the upper end of guidance, and a 116% increase in PBT to US$30.4m. Operationally, FY19 was an active year for JKX, delivering material value accretive barrels to the company’s production base in the Ukraine, whilst declines in Russia at Well 20 have been largely offset by Wells 18 and 5. The Company’s shares currently trade at only 83% of annualised cash generated from operations, underlining its deep discount to NAV therefore offers compelling value to shareholders in our view.

Companies: JKX Oil And Gas
  • 02 Apr 20
Gulf Keystone Petroleum#

October 2019 production payment received

Companies: Gulf Keystone Petroleum