Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on BLACKPEARL RESOURCES INC. We currently have 21 research reports from 1 professional analysts.
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BLACKPEARL RESOURCES INC
BLACKPEARL RESOURCES INC
Commodity Price Update – Impact on Integrateds, Large Cap E&P, Oilsands
28 Sep 16
3Q16e WTI prices look set to average ~US$44.50/bbl vs. our $50.00/bbl prior estimate. We have also reduced our 4Q16e WTI forecasts by US$5.00 to US$50.00/ bbl, but left our 2016e+ oil & gas price deck largely unchanged. For the second time in three months we are increasing our forecasts for Canadian refined product premiums relative to New York Harbor.
BLACKROD SAGD PROJECT RECEIVES REGULATORY APPROVAL
16 Sep 16
Impact: Positive. Formal regulatory approval for BlackPearl's Blackrod project adds a significant resource and value wedge to the Company's development portfolio; however, with an estimated $800 mm in capital required for the first 20,000 bbl/d Phase of the project, a considerable corporate financing funding gap remains to be closed, potentially with the help of a financial JV partner.
Reports Very Strong Second Quarter Results
10 Aug 16
BlackPearl reported second quarter financial and operating results that were well ahead of our forecast and consensus, demonstrative of an ability to achieve success on the principal factor we are focused on – lower costs. While the market will likely remain observant until confirmation of a sustained crude oil price recovery or fundamental change in the ability to accelerate its growth prospects by alleviating a capital constrained position, we remain constructive on the stock and would continue to accumulate shares.
Integrateds, Oilsands & Large Caps
20 Jul 16
The Fort McMurray wildfire took more than 1.2 mmbbl/d of oilsands production offline at one point, disrupting operations of many companies within our coverage universe. We expect production estimates for many oilsands producers (HSE, IMO, SU, ATH) to be more varied than usual with more variables to account for than usual (downtime, ramp up, sales volumes). SCO prices were boosted by the wildfire, with CNQ best positioned to have taken advantage, given the upgrader at Horizon was only mildly affected by wildfires. CVE, HSE and SU likely benefited from a positive FIFO impact. We estimate a positive FIFO impact of $4-5/bbl of throughput assuming a 30 day lag, with a larger positive FIFO impact on longer lags. We are generally close to consensus for most CFPS estimates, with the exception of Suncor, where we are estimating $0.34/share versus consensus at $0.44/share. There are no target price or ranking changes with this publication.
RENEWS BANK CREDIT FACILITIES AND PROVIDES AN OPERATIONS UPDATE
12 Jul 16
Impact: Positive. BlackPearl's revised borrowing base of $117.5 mm remains sufficient to execute the Company's 2016e capital spending budget of $10-$15 mm with our outlook expecting its debt levels to continue to fall from current levels of $80 mm (or ~0.68x its current capacity) throughout the balance of the year. Operationally, BlackPearl's ramp-up at its thermal Onion Lake project continues to look strong having reached the project capacity of 6,000 bbl/d in June (on schedule) and then surpassing it with current production 5% ahead of nameplate at 6,300 bbl/d.
Provides Onion Lake Phase I SAGD Update Above Nameplate, Revised LOC
12 Jul 16
BlackPearl provided a status update surrounding its Onion Lake Thermal SAGD project (Phase I), noting current rates of 6,300 bbl/d which is above its nameplate capacity of 6,000 bbl/d and is obviously positive.Additionally, its revised LOC was taken down to $117.5 mm from $150 mm which should not be a surprise to the market in light of WCS price deterioration since last review.There are no changes to our forecasts. We continue to offer an Outperform ranking on a $1.55/sh 12-month target price.
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
Opuama production restarts
21 Feb 17
Eland has confirmed the successful restart of exports from OML 40 through the new shipping alternative that it has implemented. Sales from the export terminal are expected imminently, re-establishing cash generation for Eland. Cash at YE16 was US$11.1m which has since reduced to US$5.9m, mainly reflecting initial operating expenses for the shipping alternative. While it is early days, Eland has demonstrated its ability to restart exports and production from OML 40 following the shut-down of the Forcados terminal a year ago. Production to date is averaging around 7kbd and we expect that to ramp up as Opuama operational performance improves. At US$55/bbl Brent, we estimate Eland is generating a net cash margin of around US$25/bbl. We reiterate our Buy recommendation and 95p per share Target Price.
Small Cap Breakfast
24 Feb 17
GBGI—Schedule One update from integrated provider of international benefits insurance. Raising £32m at 150p. Admission expected tomorrow. Anglo African Oil & Gas— Admission expected early March. Acquiring stake in producing near offshore field in the Republic of the Congo. Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb.
Operating update and shareholder activism
15 Feb 17
December and January have seen the emergence of shareholder activism at Bowleven (BLVN), bringing its strategy and management into greater focus. Its largest shareholder (Crown Ocean Capital, COC) evolved from being a supportive shareholder to voting against a number of resolutions at the December AGM, to recently calling for the widespread removal of the board and a radically different company structure. Operationally, the company reports that a new development concept is under review by the stakeholders in Etinde, where production would be piped to existing gas processing facilities in Equatorial Guinea. Such a solution would (if approved) require significantly less capex and could be brought online relatively quickly vs other solutions (fertiliser, FLNG, gas to power). We leave our valuation largely unchanged, save for a revision to cash holding to reflect the recent operational update. Our new core NAV is 49p/share.