Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on IKKUMA RESOURCES CORP. We currently have 23 research reports from 1 professional analysts.
Frequency of research reports
Research reports on
IKKUMA RESOURCES CORP
IKKUMA RESOURCES CORP
Reports 2Q16 Results In Line, Lowered Credit Capacity, Operational Catalysts Anticipated by YearEnd
26 Aug 16
Ikkuma announced its 2Q16 results that, despite ongoing volume curtailments and uneconomic natural gas shut-ins that resulted in production below our outlook, matched our expectations on a cash flow and capital spending basis. The Company has increased its 2016e capital guidance to $15-$17 mm (previously $10-15 mm) for the second time this year to allow for 2 (gross) additional natural gas recompletions over the back half of 2016e. In acknowledgement of a number of upcoming and potentially meaningful operational catalysts slated for 2H16e, particularly the 2x light oil well results, our 12-month target price is increased to $1.10/share (previously $0.90/share). We are maintaining our Outperform ranking
ANNOUNCES 2Q16 FINANCIAL AND OPERATING RESULTS IN LINE WITH EXPECTATIONS, LOWERED CREDIT FACILITY
25 Aug 16
Impact: Neutral to slightly negative. Ikkuma's 2Q16 financial results were consistent with expectations on a cash flow and capital spending basis, while the Company's lowered credit capacity of $40 mm ($65 mm prior) remains sufficient to execute on its modestly increased capital budget for between $15-$17 mm (up from $10-$15 mm prior) in 2016e. Operationally, Ikkuma's drilling and completion plans for its emerging light oil play have been delayed slightly due field conditions; however, these wells are still anticipated to be completed by year-end.
2Q16e Quarterly Preview
26 Jul 16
Some Recovery on Segmented Cash Flow Generation Over Q1 Though Still Down 56% Y/Y. In aggregate, the Intermediate, Mid, and Small Cap groups are expected to generate 2Q16e cash flow of $1,281 mm, $183 mm, and $53 mm, or $1.517 billion in total, that while depressed relative to the same period last year (~$2.647 billion combined), is up 17% sequentially from the prior quarter, largely on the strength of crude oil price recovery in the period. Severely weak natural gas pricing picture markedly reversed into summer, market likely to ignore financials for natural gas producers and look ahead to winter and formalization of sell-side 2018e estimates in coming months. Spot AECO natural gas prices recently crested C$2.60/mcf, and with a reasonable alignment of previously distressed NE BC Stn2 differentials, augmented by a withdrawal expected next week, view the market psyche as constructive and looking ahead, with the analogy that this market is shaping up to mirror 2012 still holding. That said, with crude oil poised to retest support levels, combined with strong stock price performance broadly observed YTD, we would characterize sentiment as slightly pessimistic in the near-term which could reduce or unwind momentum-based investment strategies that have worked thus far in 2016.
ANNOUNCES 1Q16 RESULTS
27 May 16
Impact: Neutral to slightly positive. We view production and cash flow as in line to our estimates on lower E&D spending, which is positive. The Company has offered a modest bump to its 2016e capital guidance, though this was expected due to its recent flow-through financing, and will use the increased spending to test a new light oil concept on its existing acreage.
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.