Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on CLUFF NATURAL RESOURCES PLC. We currently have 16 research reports from 2 professional analysts.
|01Dec16 07:00||RNS||Significant P50 Resource increase at Licence P2252|
|24Nov16 01:15||RNS||Result of General Meeting|
|04Nov16 05:15||RNS||Results of Placing and Subscription to Raise £1.8M|
|04Nov16 09:30||RNS||Proposed Placing and Subscription to Raise c.£1.8m|
|28Oct16 07:59||RNS||Update on North Sea Licences P2253 & P2258|
|19Oct16 07:00||RNS||CPR on Licence P2248 & Portfolio Management Update|
|07Oct16 07:00||RNS||Update on option over North Sea Licence P2082|
Frequency of research reports
Research reports on
CLUFF NATURAL RESOURCES PLC
CLUFF NATURAL RESOURCES PLC
Small Cap Breakfast
01 Dec 16
Big Sofa Technologies— Schedule 1 from the b2b technology company providing video analytics at an enterprise level. Seeking to complete RTO of unlisted HubCo investments. Raising £6.1m. Target date 19 December. ECSC—Schedule 1 from provider of cyber security services. Raising £5m. Vendor sale £0.8m. Target date 14 Dec. Expected market cap £15m. RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m Creo Medical Group - UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.
Panmure Morning Note 30-09-2016
30 Sep 16
CLNR has received approval to complete the ownership equalisation in contiguous licences P2253 and P2258 announced in June. The company is flagging unrisked P50 gross prospective resources of 303bcf on three leads in these licences. The Competent Persons Report (CPR) on licence P2248, which CLNR has previously indicated could have some 3tcf of unrisked P50 prospective resource, is now expected to be released around mid-October. Given the strongly positive share price reaction to the P2248 resource announcement and the lack of basis for forming a firm view on value, we are putting our Target Price and recommendation under review pending release of the CPR.
FY15 results, reduction to target price
11 May 16
CLNR reported a loss for the year of £1.9m (FY14 loss of £1.7m), including a £0.3m impairment charge on its Underground Coal Gasification (UCG) assets. Cash and net cash ended the year at £1.1m and CLNR has since raised a further £0.7m. CLNR confirmed its full focus is now on developing its UK North Sea oil and gas business, although it will retain its UK UCG licence position. Nicholas Berry and Brian FitzGerald will not be standing for re-election to the Board. We reset our target price to 2p per share (8p) to reflect this new strategy and the current asset portfolio but retain our Buy recommendation.
Panmure Morning Note 10-05-2016
10 May 16
CLNR has now converted the previously announced HoT with Verus into a firm SPA. That will allow it to acquire up to 25% participating interests in three Parkmead operated licences in the Central North Sea and Moray Firth in a staged transaction. CLNR quotes potential gross recoverable oil of 400mmbbl across the licences. CLNR expects the Skerryvore and Fynn prospects to be drilled within the next 24 months. Within our Parkmead valuation, we are carrying a risked US$5.5m of value for Skerryvore which would equate to US$4.5m net to CLNR, assuming the transaction completes in full.
Panmure Morning note 26-03-2016
26 Apr 16
The AGM approved the second tranche of the placing announced on 6 April, completing the £727k equity raise. A further 43.3m shares are to be admitted to trading bringing the resulting shares in issue to 257.4m. The proceeds are expected to fund the company through to the end of 2016 and will be used to carry out further technical work on CLNR’s Southern North Sea licences as well as for the application for additional licences in the UK’s 29th licencing round. We reinstate our target price at 8p per share, after allowing for the dilution, and retain our Buy rating.
Mobilising the strategy
08 Dec 16
PCF has reported a good set of FY16 figures this morning. Pro forma 12 month adjusted pre-tax profit increased 38% YoY to £4.0m (FY15: £2.9m), 5% ahead of our estimate of £3.8m. Fully diluted return on equity remained broadly stable YoY at 13% but beat our forecast of 12.6%, driven by good loan book growth, up 14% YoY to £122m. Given the strength of the results the board has reinstated a dividend of 0.1p per share. Following Tuesday’s announcement of the approval of a banking licence, we believe that the group now has the capacity to accelerate its growth prospects. While the shares trade at 12.0x earnings and 2.0x reported book value, we do not believe this valuation captures the growth potential of the business.
VPC Speciality Lending Investments PLC – sticking to your knitting pays dividends
05 Dec 16
A 25% discount on a dividend paying vehicle suggests either (a) lack of belief in the NAV, (b) lack of belief in the dividend, (c) concerns over future delivery, (d) a shareholder’s base not normally exposure to “closed end structures” or (e) some combination of (a) to (d). We had a first meeting with the management team and London representative of VPC Speciality Lending to try to better understand why the share price had fallen quite so much.
Small Cap Breakfast
07 Dec 16
Creo Medical group—Schedule 1 update.. £20m raise. Expected market cap £61.2m, admission expected 9 December. ECSC—Schedule 1 from provider of cyber security services. Raising £5m. Vendor sale £0.8m. Target date 14 Dec. Expected market cap £15m. RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m
Better Capital – A tale of two funds
05 Dec 16
Our gut feel on the results is that BCAP’s Gardner disposal feels viable (albeit as a late Q1 transaction). Post Gardner, the exit profile for BCAP’s portfolio is slanted towards the years 2018/19 and not earlier; we view the market’s current pricing as cautious (14% disc to our estimate of FV). In contrast, BC12’s more consumer facing portfolio remains a work in progress and may well offer further disappointment before turning a corner; the market valuation (51% discount to NAV) is cautious but probably fair given the difficulties.
Panmure Morning Note 07-12-2016
07 Dec 16
PCF today announces that it has succeeded in achieving once its major strategic goals by being granted a UK banking licence. In line with prior guidance, the company aims to begin taking deposits in summer 2017 and will initially focus on lending to its core markets in consumer motor finance and SME asset finance. As well as supporting growth in the loan book, the banking licence will both diversify and reduce the cost of its funding base. More details are expected as part of the FY16 results tomorrow.
Meeting near-term headwinds
06 Dec 16
In its trading update IFG reported that performance has been in line with management expectations. The cooling effect of market uncertainty on growth in James Hay and financial advice client numbers, together with the impact of low interest rates, remain a near-term head wind for revenues. Even so, with Saunderson House continuing to increase profits, IFG expects to match 2015 earnings. The long-term growth opportunity presented by an ageing population and pension freedoms remains in place and to address this IFG is continuing investment to enhance its service and increase operational gearing.