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.
30 Nov 16
Abzena (ABZA): Interim results indicate happy customers (BUY) | Horizonte Minerals* (HZM): Fund raise completed (CORP) | SacOil* (SAC): Half-year trading statement (CORP) | Revolution Bars (RBG): New openings (BUY) | Amino Technologies* (AMO): Multi operator FUSION roll out (CORP)
Small Cap Breakfast
29 Nov 16
Asia Pacific Investment Partner - the research-driven emerging and frontier markets real estate development business intends to float on AIM and conduct a placing in December RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.
24 Nov 16
Quixant* (QXT): Gaming gains (CORP) | SCISYS* (SSY): Bringing good news from Germany (CORP) | Hayward Tyler Group*: Contract wins (CORP) | Sound Energy (SOU): TE-7 flow rate and fund raise (BUY) | Water Intelligence* (WATR): Growth and improving returns in a defensive market (CORP) | Imaginatik* (IMTK): Interim trading update (CORP)
Small Cap Breakfast
28 Nov 16
Warpaint London—Schedule one update. Raising £2.5m at 97p. Expected mkt cap £62.6m vs revenues of £22.3m Walls & Futures REIT — Has raised £1m at £1 to acquire, refurbish or develop residential properties in the UK . Due to arrive on ISDX on 29 November Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.