Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ZARGON OIL & GAS LTD. We currently have 26 research reports from 1 professional analysts.
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ZARGON OIL & GAS LTD
ZARGON OIL & GAS LTD
30 Sep 16
Due to a reallocation of resources, we are discontinuing coverage of Zargon Oil & Gas with a Market Perform ranking and $0.75 per share 12-month target price (last effective date - August 16, 2016). Zargon remains in a strategic alternatives process, which has thus far resulted in the disposition of the Company’s Southeast Saskatchewan assets for proceeds of $86.8 mm and Killam, AB assets for proceeds of $4.0 mm. Combined production from these disposed assets was ~1,340 boe/d (91% oil and NGLs). Pro-forma the dispositions, Zargon retains a low-decline production base of ~2,600 boe/d (83% oil and NGLs) from its remaining properties in Alberta and North Dakota.
Second Quarter Results
15 Aug 16
Zargon‘s second quarter results were slightly behind on production while ahead on cash flow, although largely irrelevant in the context of the sale of the Company’s southeast Saskatchewan assets subsequent to quarter-end along with the ongoing strategic alternatives process. Recall at the end of July, Zargon announced the sale of its Southeast Saskatchewan assets for gross proceeds of $89.5 mm in what was the first transaction executed since initiating its strategic alternatives process. Management noted no changes to proforma guidance announced with the aforementioned sale, and expects to be in a position to provide further clarity on guidance upon closing of the sale in early September. We maintain our $0.75 per share target price and Market Perform ranking coming off of the second quarter release.
Announces Sale of Southeast Saskatchewan Assets
27 Jul 16
Zargon announced the sale of its Southeast Saskatchewan assets in what is the first transaction executed since initiating its strategic alternatives process. We view the transaction positively as the disposition was done at highly accretive metrics, and significantly reduces the Company’s outstanding debt position providing increased financial flexibility as the Company continues to work through its strategic alternatives process. Management provided an updated capital expenditure program for 2H16e and 2017e that will continue to see limited investment absent of a recovery in the commodity price complex. Updating our estimates for the asset sale, we have increased our target price to $0.75 per share while maintaining our Market Perform ranking.
2Q16e Quarterly Preview
26 Jul 16
Some Recovery on Segmented Cash Flow Generation Over Q1 Though Still Down 56% Y/Y. In aggregate, the Intermediate, Mid, and Small Cap groups are expected to generate 2Q16e cash flow of $1,281 mm, $183 mm, and $53 mm, or $1.517 billion in total, that while depressed relative to the same period last year (~$2.647 billion combined), is up 17% sequentially from the prior quarter, largely on the strength of crude oil price recovery in the period. Severely weak natural gas pricing picture markedly reversed into summer, market likely to ignore financials for natural gas producers and look ahead to winter and formalization of sell-side 2018e estimates in coming months. Spot AECO natural gas prices recently crested C$2.60/mcf, and with a reasonable alignment of previously distressed NE BC Stn2 differentials, augmented by a withdrawal expected next week, view the market psyche as constructive and looking ahead, with the analogy that this market is shaping up to mirror 2012 still holding. That said, with crude oil poised to retest support levels, combined with strong stock price performance broadly observed YTD, we would characterize sentiment as slightly pessimistic in the near-term which could reduce or unwind momentum-based investment strategies that have worked thus far in 2016.
ANNOUNCES SALE OF SOUTHEAST SASKATCHEWAN ASSETS
25 Jul 16
Impact - positive as the disposition was done at highly accretive metrics, and significantly reduces the Company's outstanding debt position providing increased financial flexibility as the Company continues to work through its strategic alternatives process
GMP FirstEnergy ― UK Energy morning research package
06 Dec 16
Transglobe Energy (TGL CN); BUY, C$5.25: Homeward bound… back to Canada | Great Eastern Energy Corporation (GEEC LN) (not covered): Reserves update in India | BP (BP LN) (not covered): Acquiring interest in Tangguh in Indonesia | Exillon Energy (EXI LN) (not covered): Production update in Russia | Genel Energy (GENL LN); SPECULATIVE BUY, £2.60: Receipt of payment for Taq Taq export in Kurdistan | ExxonMobil (XOM US) (not covered): Relinquishing blocks in Kurdistan
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.
16 Jan 17
We take a look at the rankings of the various countries in Africa that have a significant exposure to mining. We take the Transparency International corruption rankings as our starting point and modify these for exceptional geology and for current UK government travel warnings. Ghana, Botswana and Namibia come out as our top three, with Eritrea, Kenya and Zimbabwe at the bottom of our rankings.
19 Jan 17
Aggregated Micro Power* (AMPH): Funding for first peaking power plant project (CORP) | The Mission Marketing Group* (TMMG): Positive trading update (CORP) | Cello (CLL): Increasingly backed by, and leveraging, technology (BUY) | 4imprint (FOUR): Growth backed by strong cash flow continues (BUY) | Allergy Therapeutics (AGY): Positive trading update and market share gains drive upgrades (BUY) | Shanta Gold (SHG): Q4 operating results (BUY) | Sound Energy (SOU): Tendrara extended well test result (BUY) | Revolution Bars (RBG): Price target increase (BUY)
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.