Research, Charts & Company Announcements
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Reports 2Q16 Results, Activity to Pick-up in 2H16
16 Aug 16
Traverse announced its second quarter results, with production largely in line with expectations while cash flow fell short of our thinking. Similar to the first quarter, capital expenditures in the period were limited in the face of continued weakness in commodity prices. Management has reiterated its 2016e E&D capital program of $10 mm that is weighted to the back half of the year, although remains subject to improving commodity prices. With only modest changes to our 2017e outlook we maintain our $0.50 per share target price and Market Perform ranking.
ANNOUNCES BROKERED PRIVATE PLACEMENT OF CEE AND CDE FLOW-THROUGH COMMON SHARES FOR GROSS PROCEEDS OF $3 MM
04 May 16
Traverse has announced a best efforts flow-through offering of up to 2.5 mm CEE common shares at a price of $0.45 per CEE FT share and up to 4.7 mm CDE common shares at a price of $0.40 per CDE FT share for combined gross proceeds of $3.0 mm. The offering is expected to close on or about May 27, 2016 with the proceeds to be used for exploration and development initiatives across the Company's expansive land base in East Central Alberta, namely in the Coyote and Michichi areas.
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21 Oct 16
STM* (STM): Acquisition of London & Colonial (CORP) | Hurricane Energy (HUR): £70m placing and open offer (BUY) | Firestone Diamonds* (FDI): Liqhobong commissioning update (BUY) | Accsys (AXS): Acorn aiming to be a mighty oak – analyst interview (BUY) | Avacta* (AVCT): Act now… – analyst interview (CORP) | Tristel* (TSTL): Full year 2016 results – analyst interview (CORP)
£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.