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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.
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.
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