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.
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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.
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.
GTL transaction not going ahead
01 Dec 16
Intelligent Energy (IEH) has announced that the deal to acquire the Energy Management Business of GTL will not now be consummated. The move leaves management free to concentrate on driving sales of commercially ready B2B products, which is a key element of its strategy. We adjust our FY17e revenue estimate while leaving our pre-exceptional losses and cash-flow forecasts unchanged.
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.
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)