Our ReNAV for Genel has been reduced from £5.22 to £3.73 per share. This reflects (1) lower estimates for plateau production at Taq Taq and Tawke with a possible upcoming reserves reduction, (2) delayed first oil at Miran by one year, (3) reduction in the contribution of domestic sales to the overall cash flow in 2016 and (4) relinquishment of the Ben Bahr licence. Our New Core NAV stands at £2.29 per share. On the Brent Forward Curve, our Core NAV and ReNAV would respective
21 Jan 2016
Cash Preservation
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Cash Preservation
Genel Energy PLC (GENL:LON) | 83.6 -0.1 (-0.1%) | Mkt Cap: 233.4m
- Published:
21 Jan 2016 -
Author:
Stephane Foucaud -
Pages:
7
Our ReNAV for Genel has been reduced from £5.22 to £3.73 per share. This reflects (1) lower estimates for plateau production at Taq Taq and Tawke with a possible upcoming reserves reduction, (2) delayed first oil at Miran by one year, (3) reduction in the contribution of domestic sales to the overall cash flow in 2016 and (4) relinquishment of the Ben Bahr licence. Our New Core NAV stands at £2.29 per share. On the Brent Forward Curve, our Core NAV and ReNAV would respective