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.
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.
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.
08 Dec 16
Elderstreet stake acquired 02 GENERAL NEWS Globalworth premium In this issue Venture capital firm Draper Esprit has taken a 30.8% stake in venture capital trust manager Elderstreet. Both investment managers focus on the technology sector and they will be able to co-invest. Elderstreet has investments in a number of AIM-quoted companies through its VCTs. The purchase was funded by an issue of Draper Esprit shares worth just over £250,000. Simon Cook, the chief executive of Draper Esprit, is a former partner at Elderstreet so he knows the business and the people who run it, although he did leave more than 14 years ago. Cook has previously acquired portfolios from 3i and Cazenove, two other firms where he has worked. Draper Esprit has an option to acquire the remaining shares in Elderstreet, which has more than £25m under management. Adding Elderstreet to the group enables Draper Esprit to offer investors a range of EIS funds, VCTs and an ISA qualifying listed evergreen patient capital fund. The enlarged group has venture capital assets under management of more than £350m. At the end of September 2016, Draper Esprit had a net asset value of 352p a share, which is similar to the current share price. The June 2016 flotation price was 300p a share. Draper Esprit is quoted on Ireland’s Enterprise Securities Market as well as AIM.
01 Nov 16
Since our last outlook note, Quadrise has begun to supply MSAR for extended LONO sea trials, paving the way for commercial adoption from calendar H217 onwards. In August it signed a memorandum of understanding with clients in the Kingdom of Saudi Arabia (KSA), which is a key enabler for progressing the production-to-combustion pilot there. In October it completed a placing and open offer raising a total of £5.25m (gross). This should enable it to transition comfortably to the commercial phase on successful completion of the LONO and KSA trials.
Dividends reinstated; is it time to turn (more) optimistic?
08 Dec 16
Glencore continues to surprise the markets, earlier with its fast pace of asset disposals and now with the reinstatement of dividends. The following were the key details shared with investors in a meeting held on 1 December 2016: 1/ completed $6.3bn of asset disposals; 2/ reduced net debt (including readily marketable inventories) by $12.5bn over the last 18 months; 3/ reiterated trading’s 2016 EBIT guidance towards the upper end of the $2.5-2.7bn range; 4/ expects healthy annualised 2016 free cash flows – even at Q1 16 commodity price lows; at 2017 forward prices, FCFs are guided to be $6.5bn; 5/ dividends would be reinstated from 2017 – with $1bn to be paid in two equal tranches in H1 and H2; thereafter (i.e. 2018 onwards), $1bn would be a fixed annual dividend payment (banking on the stability of trading’s cash flows) plus a minimum 25% of FCFs from industrial activities. Production guided to grow Source – Investor Presentation December 2016 While copper would be negatively impacted by the end-of-life impact at Alumbera and the Ernest Henry divestment, the output for all other commodities is guided to be higher (in varying degrees).
Raising Target Price to 2,500p per share
01 Nov 16
Royal Dutch reported clean EPS of US$0.35, nearly 50% ahead of consensus. More importantly, cash flow jumped QoQ to US$8.5bn which should go a long way to confirming Shell’s capacity to maintain the current dividend, despite the increase in gearing to 29.2%. Upstream returned to profitability on an underlying basis for the first time since 1Q15. We believe these results confirm our view that Shell’s dividend can and will be maintained at US$0.47 per quarter and we increase our Target Price to 2,500p per share, given further sterling weakness.