Valeura reported 4Q15 results that were in line with expectations. Our 2016e and 2017e produc on and cash flow estimates remain unchanged. The Company’s 1P reserves increased 5% to 1.8 mmboe, while 2P reserves decreased 5.5 mmboe at year-end 2015. With greater emphasis and capital spending on the Banarli License (100% WI) in 2016e, we expect that reserve additions will be more meaningful in the upcoming year. Our target price has increased to $1.25 per share and we maintain our Outperform rankin ....
10 Mar 2016
2015 year-end Results and Unchanged outlook
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2015 year-end Results and Unchanged outlook
Valeura reported 4Q15 results that were in line with expectations. Our 2016e and 2017e produc on and cash flow estimates remain unchanged. The Company’s 1P reserves increased 5% to 1.8 mmboe, while 2P reserves decreased 5.5 mmboe at year-end 2015. With greater emphasis and capital spending on the Banarli License (100% WI) in 2016e, we expect that reserve additions will be more meaningful in the upcoming year. Our target price has increased to $1.25 per share and we maintain our Outperform rankin ....