Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on PETROCELTIC INTERNATIONAL. We currently have 3 research reports from 1 professional analysts.
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Bank waiver extended
19 Jan 16
During 2015, the combination of adjustments to reserves (after a 2014 CPR), drop in oil prices and reduction in the capex programme reduced the availability of the senior bank facility and led to a requirement to make material repayments on the company’s loans. Petroceltic was not able to make these repayments and continues to seek ways to secure additional financing, create liquidity and/or reduce financial commitments. On 23 December, the company initiated a strategic review with a view to considering all options to maximise value for stakeholders. It has received a number of conditional proposals and expressions of interest for its assets – negotiations are ongoing. Given the limited liquidity available to Petroceltic, the lender group agreed to waivers until 15 January. On 18 January, these waivers were extended until 29 January. In view of the strategic process we are withdrawing our forecasts and valuation.
Massive ENI discovery close to PCI licence
01 Sep 15
There was good news for Petroceltic (PCI) over the weekend. ENI announced that it had made a 30tcf GIIP discovery offshore Egypt, the largest ever gas find in the Mediterranean. The discovery, Zohr, is in the corner of a block adjacent to the North Port Fouad (NPF) licence, which Petroceltic shares on a 50:50 basis with Edison (operator). Zohr is around 3.5km from the block boundary and, according to ENI, covers 100km2. It is therefore possible that the field encroaches into the PCI/Edison block. In addition to a possible interest in Zohr, PCI has a significant interest in a licence that sits between a number of very large gas fields – Zohr to the west and Leviathan (22tcf) and Tamar (10tcf), which lie to the east, offshore Israel.
Creating value in Algeria through execution
07 Jul 15
Petroceltic (PCI) is an E&P with assets in Egypt, Bulgaria and Algeria, where it is developing its flagship gas project Ain Tsila. As producing fields in Egypt and Bulgaria decline and exploration is de-emphasised, the valuation proposition in PCI shifts steadily towards Algeria. The drilling contract for Ain Tsila was awarded in April and the project is on track to be sanctioned by end-2015 and start up in Q418. Ain Tsila is fully funded until Q216 thanks to Sonatrach’s carry. The June launch of a $175m secured bond is an important step towards securing financing for H216-2018 – further progress on this front would remove uncertainty. A RENAV of 154p/share (which should grow c 16% pa over time) indicates the stock is pricing in nothing for a possible second phase at Ain Tsila or exploration.
27 Mar 17
Elecosoft* (ELCO): Steadily building profits (CORP) | Bioventix* (BVXP): Interim results lead to upgrades (CORP) | Hurricane Energy (HUR): Halifax discovery (BUY) | KBT Business Technology* (KBT): interims and contract win (CORP) | Independent Oil & Gas* (IOG): Licence updates (CORP)
GMP FirstEnergy ― UK Energy morning research package
27 Mar 17
Amerisur Resources (AMER LN)6; HOLD, £0.30: Reduced 2017e production outlook and year-end 2016 reserves | Condor Petroleum (CPI CN)8 ; BUY, C$3.50: Reports 4Q16 results and remains on track for first production from Turkey in mid-2017e | Hurricane Energy (HUR LN) (not covered): Halifax well update in the UK | Cairn Energy (CNE LN): BUY, £2.90: Update on the VR-1 well in Senegal by Far (FAR AU) (Not covered) | Royal Dutch Shell (RDSA/B LN) (not covered): Divestment of Gabonese assets
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.