Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on BOULDER ENERGY LTD. We currently have 11 research reports from 1 professional analysts.
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BOULDER ENERGY LTD
BOULDER ENERGY LTD
Domestic E&P Statistical Package and FD&A Review
12 Apr 16
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.
Posts 2015 Year-End Results
24 Mar 16
The Company’s 4Q15e production figure was ~5% behind our forecast however cash flow was 7% ahead on higher realized pricing and lower production costs. Boulder’s 2P reserves were largely flat since being spun out of DeeThree Exploration in May 2015, however 1P and PDP reserves were up 5% and 3% respectively. F&D costs over this period came in at $18.18/boe 2P and $18.90/boe 1P. The Company remains on track to close its previously announced going-private transaction with ARC Financial on or before April 15th. Recall, the all-cash bid was $2.59 per share, which we have since adopted as our target price.
Acquired for $268 mm in Going Private Agreement with ARC Financial
26 Feb 16
Boulder Energy has entered into a plan of arrangement with ARC Financial Corp. whereby the Company will be taken private for an all-cash consideration of $2.59 per share. Inclusive of $143 mm of debt, the deal is valued at $268 mm which implies compelling take-out metrics, particularly in light of where current commodity prices stand today. With our view this represents an attractive acquisition price that is unlikely to be topped, we have aligned our target price with the proposed cash bid of $2.59 per share while transitioning our ranking to Tender.
Intermediate/Mid/Small Cap Commodity Price Update Impact
08 Feb 16
With this publication we highlight forecast revisions associated with our crude oil commodity price update. Concurrent within a dynamic time for E&Ps, some of which have already begun the process of 2016 capital budget downdrafts, revised estimates attempt to directionally capture a shift towards capital conservation, though severely weakened futures curves have influenced our thinking for the better part of 6 months anyway. We expect further capital investment reductions forthcoming from E&Ps in the coming weeks.
Boulder Energy Provides 2016 Capital Spending and Production Guidance
18 Dec 15
Boulder Energy’s 2016 capital program includes spending of $26 - $28 mm and annual average production of 5,500 boe/d, which is below our prior forecast made following receipt of the Company’s 3Q15 actual results in early November. This conservative capital budget will aim to keep volumes flat from current levels by focusing efforts on early stage EOR projects while engaging in a 6 well drilling program across its Belly River asset.
27 Mar 17
Elecosoft* (ELCO): Steadily building profits (CORP) | Bioventix* (BVXP): Interim results lead to upgrades (CORP) | Hurricane Energy (HUR): Halifax discovery (BUY) | KBT Business Technology* (KBT): interims and contract win (CORP) | Independent Oil & Gas* (IOG): Licence updates (CORP)
28 Mar 17
ClearStar* (CLSU): Building a background for growth (CORP) | Sound Energy (SOU): TE-8 results (HOLD) | LiDCO* (LID): 2017 should be a transformative year (CORP) | Proteome Sciences* (PRM): FY 2016 in line. Moving towards breakeven (CORP) | Fulcrum (FCRM): Significant market potential, rising margins and a strong balance sheet (BUY) | Mortgage Advice Bureau (MAB1): Strong and growing intellectual property (BUY) | 7digital* (7DIG): Open offer result (CORP)
GMP FirstEnergy ― UK Energy morning research package
27 Mar 17
Amerisur Resources (AMER LN)6; HOLD, £0.30: Reduced 2017e production outlook and year-end 2016 reserves | Condor Petroleum (CPI CN)8 ; BUY, C$3.50: Reports 4Q16 results and remains on track for first production from Turkey in mid-2017e | Hurricane Energy (HUR LN) (not covered): Halifax well update in the UK | Cairn Energy (CNE LN): BUY, £2.90: Update on the VR-1 well in Senegal by Far (FAR AU) (Not covered) | Royal Dutch Shell (RDSA/B LN) (not covered): Divestment of Gabonese assets
Strong trading leads to upgrades
22 Mar 17
On the back of today’s positive trading update and slightly upgraded profit forecasts for FY2017, FY2018 and FY2019 we have reviewed our DCF analysis. This has led to an increased DCF valuation per share of 1500p (from 1200p) which we have made our new target price (from 1200p). Both TFP and JC Paper have contributed to the upgrades shown in the table below as have favourable currency movements. With the potential for further upgrades due to capitalising 3DP costs to come we maintain our Add recommendation.