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Parex Resources Expands and Accelerates Exploration and Appraisal Drilling Program
09 Sep 16
Parex has accelerated exploration drilling on the Jacana Field, with the newly planned Jacana-6 exploration well that is expected to spud prior to the end of September 2016e. If successful, the well will result in incremental reserve growth beyond what is already expected with the very successful Jacana-5 well. Parex will drill at least six appraisal wells on the Aguas Blancas Field (50% WI) prior to year-end 2016e. Appraisal drilling is low risk, will likely result in reserve growth with year-end 2016e results, and aid in the implementation of the waterflood program. We have reduced our ranking on Parex to Outperform, due to Parex’s stock price performance and maintain our $20.00 per share target price.
Jacana Field Reserve Upgrades and Growth
29 Aug 16
The Jacana-5 appraisal well was successfully drilled outside the mapped 3P reserve area and production tested at approximately 2,500 bbl/d (1,375 bbl/d net). The Jacana-5 well did not encounter the oil-water contact. There will be incremental exploration and appraisal drilling to complete in 2017e. The Field size will most definitely be increasing, with reserves being recognized at year-end 2016e and in future years. We value the potential reserve upgrades and reserve expansion at the Jacana Field at $1.02 per share, which is equivalent to value recognition of 10% above our current core NAV estimate of $10.42 per share. We have returned Parex to a Top Pick ranking and increased our target price to $20.00 per share.
Reports 2Q16 Results and Expands 2H16 Drilling Program
11 Aug 16
Parex has increased its 2016e capital expenditure program to range between US$100 mm and US$120 mm and is currently planning to drill an additional 13 (8.45 net) wells during the second half of 2016e. The Company has expanded the drilling program on the LLA-34 Block (55% WI). Exploration drilling in the Middle Magdalena Basin is not high risk. With success, Parex will achieve a new area for reserve and production growth. Early drilling results will be influential in the 2017e capital program. Parex previously released 2Q16 production results. Cash flow of US$32 mm was below expectations due to a build in inventory during the quarter and a hedging loss. Our go-forward production outlook remains relatively unchanged, which is potentially conservative given the increased capital expenditures now planned.
THE LLA-34 BLOCK (55% WI) CONTINUES TO INCREASE IN SIZE
07 Jul 16
Market Impact: Positive. The Jacana-3 appraisal well tested at a maximum rate of 1,700 bbl/d, with a 1% watercut. The Jacana-3 well was drilled at the edge of the 3P reserve map and will result in incremental reserve growth. The Company is immediately following up the success with the drilling of Jacana-4 and Jacana-5.
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£70m placing and open offer
21 Oct 16
Hurricane has successfully raised £70m by issuing c.205.9m shares at a price of 34p. The company is also undertaking an open offer at the same price to raise a further £4.4m. The proceeds will be used to fund two exploration wells on Lincoln and Warwick as well as further development activity on the Lancaster field.