Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on YANGARRA RESOURCES LTD. We currently have 20 research reports from 1 professional analysts.
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YANGARRA RESOURCES LTD
YANGARRA RESOURCES LTD
Domestic E&P Statistical Package and FD&A Review
12 Apr 16
With this publication we highlight various metrics and statistics forthcoming from yearend reserve books for our Domestic E&P coverage universe (Integrateds, Large Cap, Oilsands, Intermediate, Mid Cap, and Small Cap). Similar charts for YE2014 reserves can be found in our Statistical Package dated April 7, 2015.
Resources Reports Year-End Financial Results, Updates Guidance
17 Mar 16
Yangarra reported year-end results with production, cash flow, capital expenditures, and net debt all largely as expected, as the Company had provided preliminary year-end estimates in an early January operations update. Recall the Company released its year-end reserve report one month ago as detailed in our Facts dated February 17, 2016. While previously alluding to a cash flow budget for 2016e, Management has put forth more formal guidance, with the Board of Directors approving a $24 mm capital budget that is expected to generate average annual production of 2,750- 3,000 boe/d. We have incorporated actual fourth quarter results and updated our forecast to align with Management’s new guidance. Based on the positive moves to our forecast we have maintained our Outperform ranking on a revised target price of $1.25 per share.
Yangarra Resources Reports 2015 Year-End Reserve Report
17 Feb 16
Current production volumes appear reasonably in line with our 1Q16e forecast. Yangarra reported year-end reserves which were up ~9% on a 2P basis, while the 2P NPV was up ~26% benefitting from improved economics as a result of the use of cemented liner technology, extended reach wells, and lower costs. We have updated our NAV methodology which continues to point towards considerable upside from current trading levels. We maintain our Outperform ranking on an elevated target price of $1.00 per share, which is based upon our updated NAV methodology on current strip pricing.
YANGARRA RESOURCES LTD. (YGR) ANNOUNCES 2015 YEAR END CORPORATE RESERVES INFORMATION
16 Feb 16
Impact: Slightly positive. Yangarra reported lower y/y reserves on a per share basis, but incorporated higher NPVs given improvements to play economics for the Company's core properties in central Alberta. For the year ended 2015, Deloitte has assigned PDP reserves of 5.6 mmboe, 1P reserves of 24.7 mmboe, and 2P reserves of 40.6 mmboe. This resulted in y/y per share growth of -18% for PDP, 3% for 1P, and -7% 2P. The Company noted significant improvements to economics throughout its central Alberta land base as a result of the use of cemented liner technology and extended reach wells, which helped boost corresponding NPVs despite a 40% decrease in Deloitte's US$ WTI forecast. Corresponding NPVs came in at $98 mm for PDP, $316 mm for 1P, and $500 mm for 2P based on Deloitte's year-end price deck.
Strong trading leads to upgrades
22 Mar 17
On the back of today’s positive trading update and slightly upgraded profit forecasts for FY2017, FY2018 and FY2019 we have reviewed our DCF analysis. This has led to an increased DCF valuation per share of 1500p (from 1200p) which we have made our new target price (from 1200p). Both TFP and JC Paper have contributed to the upgrades shown in the table below as have favourable currency movements. With the potential for further upgrades due to capitalising 3DP costs to come we maintain our Add recommendation.
Small Cap Breakfast
21 Mar 17
First Sentinel—Investment company expecting NEX admission/introduction on 24 March. £636k raised pre-IPO. BioPharma Credit—Expected Gross Initial Acquisition Proceeds now c.$338m. Gross Cash Proceeds capped at $423m with placing and open offer. Results expected 23 March with admission now due 30 march. Tufton Oceanic Assets- The Company intends to invest in a diversified portfolio of second hand commercial sea-going vessels where the Investment Manager believes that an attractive opportunity exists in shipping. $150m raise. Admission 3 April.
South Disouq spuds
20 Mar 17
SDX Energy announced this morning that it has spudded the South Disouq (SD-1X) well in Egypt, targeting gas and oil across a number of intervals. This is a high impact event for SDX Energy, as current company 2P reserves of 4.7mmboe (post acquisition) would be dwarfed by success at South Disouq (we model a 65mmboe field of which SDX holds 55% WI), which could be developed quickly due to existing pipeline infrastructure passing through the block. Our valuation for South Disouq is 6.8p/share, although on success we would expect notable de-risking. Our core NAV is 42p with a full NAV (including South Disouq) of 57p/share. The well is due to take 30-45 days, so we would expect a result in mid late April.