Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on GREENFIELDS PETROLEUM CORP. We currently have 15 research reports from 1 professional analysts.
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GREENFIELDS PETROLEUM CORP
GREENFIELDS PETROLEUM CORP
PRESENTATION TO FIRSTENERGY
13 Sep 16
We had an opportunity to host Mr. John Harkins, CEO of Greenfields, for a corporate presentation. Greenfields completed the acquisition of its defaulted partner, Baghlan, of August 9, 2016 and the corporate restructuring was settled on August 18, 2016. Post corporate restructuring, Greenfields has senior secured debt of US$44 mm that matures on March 31, 2018 that will potentially be refinanced in the upcoming months and a share count of 157 mm shares. We previously anticipated a share count of 166 mm shares; therefore, this is 5% less dilution than expected. Our core NAV estimate is $0.47 per share and our risked NAV estimate is $1.40 per share.
Reports 2Q16 and Positive Operational Results
29 Aug 16
Greenfields’ corporate restructuring process continues, with the expectation of a successful conclusion by the end of September 2016. Operational activity has increased, with six workover rigs in operation at the Bahar Gas Field and Gum Deniz Oil Field. There has been a positive production response and q/q production growth is now expected throughout 2016e and 2017e. Greenfields reported 2Q16 production results that were in line with our expectations. Gross field production was 3,798 boe/d, while the Company’s entitlement volumes were 1,065 boe/d.
1Q16 Results Inconsequential to Acquisition and Restructuring Plan
31 May 16
Greenfields reported 1Q16 field production of 4,033 boe/d (1,053 boe/d net) and cash flow of negative US$2 mm. Results were modestly lower than expected, but inconsequential when compared to the Baghlan acquisition and corporate restructuring that is expected to close imminently.
Greenfields Petroleum Reports 4Q15 Results
02 May 16
Greenfields reported 4Q15 production results that were better than expected. At the field level, production was 4,428 boe/d (FCC 4,125 boe/d). Net to Greenfields,production was 1,178 boe/d (FCC 1,100 boe/d). The Company’s 4Q15 results are secondary to the proposed consolidation of Bahar Energy (33.3% WI to 100% WI) and restructuring plan, which is expected to close in May 2016e. Please refer to our report, Greenfields Petroleum (GNF) Consolidates Its Interest and Announces Restructuring Transaction. Our outlook for 2016e and 2017e remains unchanged.
ANNOUNCES SETTLEMENT OF SUBORDINATED REVOLVING LOAN
12 Apr 16
Impact: Neutral. Greenfields has announced it has entered into an agreement with Heaney Assets Corp. to settle all outstanding debt under its subordinated revolving loan agreement, dated June 27, 2014. Under the agreement, Greenfields will issue 11.5 mm shares to Heaney which fully satisfies all amounts outstanding under the original loan agreement, including principal in the amount of US$20.8 mm and accrued interest. Greenfields will also pay US$1 mm plus 0.5 mm shares to an agent for successfully negotiating the terms of the agreement. The share issuance will come from the 160 mm share target proposed from the share restructuring.
M&A coming to a company near you?
16 Mar 17
Markets have retained their relative strength over the last fortnight. We have seen a mixed reaction to the Budget last week, the passing of the Brexit Bill earlier in the week and the first interest rate hike by the Federal Reserve in the US yesterday. Against this backdrop, we have seen some notable M&A activity across a range of sectors which may move down the market capitalisation scale. We now face an extended period of heightened speculation but “no running commentary” regarding Brexit in the UK after Article 50 is triggered at the end of the month.
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.
GMP FirstEnergy ― UK Energy morning research package
15 Mar 17
President Energy (PPC LN) (not covered): Reserves update in Argentina | Jadestone Energy (JSE CN); Speculative Buy, C$1.30: Gains production footprint in Indonesia | Ophir Energy (OPHR LN); REDUCE, £0.80: January production in Thailand | Atlantic Petroleum (ATLA DKK/NO) (not covered): Divestment of interests in Orlando | Faroe Petroleum (FPM LN)6; HOLD, £1.10: Dry Hole in Norway | Premier Oil (PMO LN): Speculative Buy, £1.30: Positive progress at refinancing (no surprise) | Cuadrilla Resources (not covered): Fracking objections in Lancashire
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.
The Momentum Continues - 2017 to be a Good Year
16 Mar 17
Welcome to IIR’s second “Blue Book” for Junior Resource Companies. This publication covers over 60 resource companies that were present at the 121 Group’s 2017 Cape Town Conference, held at Welgemeende in the Gardens district on February 6-7, 2016. The summaries in the book have been prepared with the assistance of the 121 Group based in London/ Hong Kong and Gavin Wendt from Minelife in Sydney, with the introduction being prepared by Mark Gordon and Gavin Wendt. The company information is accurate as at the time of the conference – and further information on the companies can be provided upon request.