Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on PETROAMERICA OIL CORP. We currently have 8 research reports from 1 professional analysts.
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PETROAMERICA OIL CORP
PETROAMERICA OIL CORP
PETROAMERICA OIL CORP. (PTA) ANNOUNCES 3Q15 RESULTS
27 Nov 15
Market Impact: Neutral. Petroamerica reported 3Q15 production of 3,655 bbl/d (FCC 3,250 bbl/d) and cash flow of US$3.5 mm (FCC US$0.7 mm). Production in 4Q15e of 2,912 bbl/d is tracking in line with our estimate of 2,950 bbl/d. While the 3Q15 results were better than expected, 3Q15 results are secondary to the arrangement agreement with Gran Tierra that is expected to close around the end of January 2016e.
Petroamerica Oil Corp. Announces Acquisition by Gran Tierra Energy
13 Nov 15
Petroamerica has entered into an agreement with Gran Tierra Energy (GTE – TSX), in which Gran Tierra will acquire all of its outstanding common shares of Petroamerica for total net consideration of approximately US$85 mm. As per the terms of the agreement, Petroamerica shareholders can elect to receive either 0.4 of a Gran Tierra share for each Petroamerica share held or C$1.32 per share in cash. This acquisition price represents a 43% premium to Thursday’s closing price of $0.92 per share. We assume that Petroamerica shareholders will elect to receive shares, thereby continuing to benefit from the upside potential of the combined entity. We recommend that Petroamerica shareholders vote in favour of the deal and tender their shares. The acquisition is expected to close at the end of January 2016e.
PETROAMERICA OIL CORP. (PTA) ANNOUNCES PRIVATE PLACEMENT OF UP TO US$20 MM SENIOR SECURED DEBENTURES
28 Oct 15
Market Impact: Negative. Petroamerica has entered into a private placement agreement to issue up to US$20 mm in senior secured debentures. The proceeds will be used to appraise and develop the Cumplidor Field on the PUT-7 Block (50% WI) and to reactivate development activity in the fields located on the Suroriente Block (15.8% WI). If the entire US$20 mm in senior secured debentures are issued, the financing is 46% dilutive to our current 2016e cash flow estimate to approximately US$3 mm (previously US$6 mm). Our dilution estimate does not include (1) the potential for cash flow growth from the appraisal and development activity on the Cumplidor Field and Suroriente Fields or (2) the potential dilution for the issuance of up to 6 mm warrants, versus the current basic share count of 58 mm shares.
PETROAMERICA OIL CORP. (PTA) REPORTS 2Q15 RESULTS AND PROVIDES 2H15 GUIDANCE
25 Aug 15
Market Impact: Negative. Petroamerica reported 2Q15 production of 3,634 bbl/d and cash flow of US$3.0 mm (US$0.03 per share), which was below expectations. Also, 2H15 production guidance is well below our production outlook, and as such, we will be reducing our go-forward production outlook. Offsetting the reduced production profile is also a substantial reduction in 2015e capital spending.
Petroamerica Oil Corp. Acquires PetroNova Energy in an All-Share Transaction
16 Jun 15
Petroamerica has agreed to acquire PetroNova Energy (PTA – TSX-V) in an all-share transaction that has been valued at approximately C$29 mm (US$23 mm). Petroamerica will issue 216 mm shares and assume C$1.6 mm of net debt. The acquisition is expected to close near the end of July 2015e, at which point Petroamerica will have approximately 1.1 billion shares outstanding. The Company plans to consolidate its shares on a 10:1 basis following the close of the acquisition.
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.
Playing the long term, with short-term risks
16 Feb 17
After the publication of the annual results, we update our view and highlight the key points. Q4 16 key highlights As a reminder, the company reported results 30% below expectations at $400m for Q4 16. By division: 1) In upstream, underlying replacement costs profit came to $400m, vs. a loss a year earlier of $728m and a loss of $224m in Q3 16, reflecting the ongoing lower costs which have benefited from simplifications, efficiencies and lower exploration write-offs. In the US, the loss is still $147m. Production came in at 2.19mbpd, down 5.5% yoy due to disposals and up 1.8% on an underlying basis thanks to ramp-ups. One of the key events during the quarter was the renewal of BP’s onshore concession in the UAE with a 10% interest in the ADCO onshore oil concession. In terms of outlook, production should be higher in 2017 and will depend on the timing of project start-ups, acquisitions, divestments, and OPEC quota. Also the Abu Dhabi concession will be visible as from Q1 17. 2) In downstream, replacement costs profit came to $877m, down from $1.2bn a year ago and $1.4bn in Q3 16. The US division showed a loss of $371m vs a gain of $1.25bn. Non-US Fuel business earnings halved to $417m due to the weaker refining environment as well as the impact from the particularly large turnaround at the Whiting refinery. In lubricants, profit rose to $357m, reflecting the continued strong performance in its growth markets and premium brands as well as simplifications and greater efficiencies. The margin should remain unchanged for Q1 17. 3) Rosneft. Underlying replacement costs profit came to $135m, down from $235m a year ago, affected by the increased government take. Production was at 1.15mbpd, up from 1.03mbpd a year ago. This reflects the completion of the acquisition of Bashneft and Rosneft’s increased stake in the PetroMonagas venture. BP received a dividend of $322m after deduction of the withholding tax, in July 2016. On the Macondo oil spill, the charge taken for the Q4 16 pre-tax was $530m. This reflects BP’s latest estimates for claims including business economic loss. The pre-tax cash outflow on costs related to the oil spill for the full year 2016 was $7.1bn. Cash flow Excluding the Gulf of Mexico payment, the operating cash flow was $4.5bn. Underlying operating cash flow excluding the oil spill-related payment was $17.8bn for the full year. Proceeds during the year and the scrip dividend were not enough to cover capex and the cash dividend. Gearing at the end of the year increased to 27% ($35.5bn debt), in the high range of the group’s target of 20-30%. Organic capital was $16bn, below original guidance of $17bn to $19bn. Capex in 2017 should be close to $16-17bn. Divestment proceeds should be higher in 2017, close to $5bn and then reducing by $2-3bn per year after 2018. The total costs of the Deepwater payment should fall to $2bn in 2018 and then $1bn per year as from 2019. In 2017, this should be close to $5bn. All in all, including the latest acquisitions, cash flow break-even should be close to $60/bbl in 2017.
Small Cap Breakfast
16 Feb 17
Saffron Energy—Schedule One update. Raising £2.5m, expected Mkt Cap £7.7m. Admission due 24 Feb. Italian Oil & Gas Play 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. Arix Bioscience — Intention to float on the main market from the global healthcare and life science Company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management
Share & share alike
14 Feb 17
The rally in the last fortnight, highlighted in the table, reflects a continued flow of positive updates and economic news. The FTSE 250, Small cap and Fledgling indices have reached record highs. We are in the lull ahead of results for those companies with a December year end, a welter of economic data regarding the UK economy, the State of the Union address in the US on 28 February and the UK Budget on Wednesday 8 March. We will learn at that stage the latest forecasts from the Office of Budget Responsibility. As highlighted previously, the reaction to corporate updates will continue to set the tone.
GMP FirstEnergy ― UK Energy morning research package
17 Feb 17
Enquest (ENQ LN): Speculative Buy, £0.65: Kraken FPSO in the field and hooked up in the North Sea | Ithaca Energy (IAE LN/CN)6: BUY, £1.40: Stella First Hydrocarbons in the North Sea | Bowleven (BLVN LN) (not covered): Denies claims made by Crown Ocean Capital