Market reaction: while this is neutral to our transaction, some investors might be disappointed by the read through valuation, which implies only US$2.93/bbl of 2C Resources based on our 420 mmbbl 2C resources estimates and U$2.23/bbl on Woodside's. The transaction also implies US$184 mm for FAR's 15% WI on the block, which compares to the Company's market cap of about US$255 mm. In light of this transaction we continue seeing Cairn's shares as being overvalued. More positively, the divestmen
14 Jul 2016
READ THROUGH VALUE OF WOODSIDE PETROLEUM (WPL AU)/CONOCOPHILLIPS (COP US) TRANSACTION IN LINE WITH OUR VALUATION
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READ THROUGH VALUE OF WOODSIDE PETROLEUM (WPL AU)/CONOCOPHILLIPS (COP US) TRANSACTION IN LINE WITH OUR VALUATION
Capricorn Energy PLC (CNE:LON) | 176 14.1 4.8% | Mkt Cap: 161.7m
- Published:
14 Jul 2016 -
Author:
Stephane Foucaud -
Pages:
2
Market reaction: while this is neutral to our transaction, some investors might be disappointed by the read through valuation, which implies only US$2.93/bbl of 2C Resources based on our 420 mmbbl 2C resources estimates and U$2.23/bbl on Woodside's. The transaction also implies US$184 mm for FAR's 15% WI on the block, which compares to the Company's market cap of about US$255 mm. In light of this transaction we continue seeing Cairn's shares as being overvalued. More positively, the divestmen