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.
19 Apr 17
We take a look at the supply and demand dynamics of the world’s largest diamonds. Less than 200 very large (>200 carat) gem quality diamonds have ever been found, yet 23 of these have been found in the past three years. This dramatic increase is being driven by a combination of the rapid increase in the number of billionaires and hence price and demand, combined with technological developments that have improved large diamond recovery and a certain amount of geological good luck.
Small Cap Breakfast
19 Apr 17
Global Ports Holding—Intention to float on Standard List. International cruise ports operator. Seeking $250m raise including $75m primary offer. Dorcaster—Schedule One Update. Admission now expected 3 May. RTO of Escape Hunt raising £14m at 135p Verditek— Intention to float on AIM. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Raising £3.5m. Admission in May. Eddie Stobart Logistics— Schedule 1. Admission expected 25 April but capital raising details TBC. ADES International Holding— Intends to join the Standard List in May raising up to $170m plus a vendor sale. Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa. Admission expected in May. Tufton Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.