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Reports Solid Second Quarter Results
12 Aug 16
Raging River reported second quarter financial and operating results that were in line with our estimates, highlighted by positive earnings generation in the period, illustrative of a highly economic top line revenue and enviable cost structure, coupled with affirmation of a disciplined acquisition strategy since inception. There are essentially zero changes to our forward outlook. We reiterate a $13.50/sh 12-month target price and Outperform ranking.
Announces Operations Update, Forgan Land Consolidation and Increased 2016 Guidance, Approval for Rock Energy Acquisition
22 Jul 16
An increased 2016 budget prompts slight boost to production estimates, despite a modestly trailing 2Q16 production figure. Consolidation of land at Forgan is positive and consistent with Corporate aggregation strategy, further expanding the Viking footprint.
ANNOUNCES OPERATIONS UPDATE, FORGAN LAND CONSOLIDATION AND INCREASED 2016 GUIDANCE, APPROVAL FOR ROCK ENERGY (RE) ACQUISITION
21 Jul 16
Impact: Neutral. 2Q16 production slightly trailed both FirstEnergy and consensus estimates, however, a modestly increased 2016 budget should bring annual production volumes above our prior expectations.
Raging River Announces Corporate Acquisition of Rock Energy
02 Jun 16
Raging River has entered into an agreement to acquire Rock Energy in an all share deal valued at $109 mm (inclusive of $67 mm in debt). Through this transaction, the Company adds 2,550 boe/d (95% oil), of which 1,950 bbl/d is outside Raging River’s core Viking asset base and producing from Rock’s heavy oil assets primarily at Mantario. Our proforma forecast portrays the transaction as 8% accretive to 2017e CFPS all while maintaining the Company’s balance sheet flexibility and strong production growth profile. We have increased our target price to $13.25 per share and are maintaining our Outperform recommendation.
ANNOUNCES CORPORATE ACQUISITION OF ROCK ENERGY INC. (RE)
01 Jun 16
Impact: Positive. The corporate acquisition of Rock Energy adds another layer of high quality, light oil Viking inventory at Kerrobert complementary to Raging River's existing position. While the market may be initially uncertain of the heavy oil barrels acquired from the Mantario pool, we view this as an opportunistic transaction at a low in the commodity cycle that may ultimately reside only temporary at Raging River. Further, tax pools of $208 mm will aid in reducing the Company's payable cash taxes in the near term, with our initial estimates pegging the value of these pools at ~$20 mm, a testament to the profitability of the business despite deteriorating crude prices.
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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.