Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on BORDERS & SOUTHERN PETROLEUM. We currently have 11 research reports from 1 professional analysts.
|02Mar17 16:35||RNS||Price Monitoring Extension|
|02Feb17 16:35||RNS||Price Monitoring Extension|
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|10Jan17 16:35||RNS||Price Monitoring Extension|
|30Nov16 16:35||RNS||Price Monitoring Extension|
|28Nov16 16:35||RNS||Price Monitoring Extension|
|23Nov16 16:40||RNS||Second Price Monitoring Extn|
Frequency of research reports
Research reports on
BORDERS & SOUTHERN PETROLEUM
BORDERS & SOUTHERN PETROLEUM
26 Sep 16
Borders reported a loss for the first half of US$1.1m which ended with cash and net cash on the balance sheet of US$12.2m, equivalent to 1.9p per share. The company’s licences were extended to 2020/22. Borders completed a reservoir engineering study and a facilities engineering study during the half. These indicate that the post appraisal breakeven oil price for a development at Darwin could be US$40/bbl. We believe interest in a farm-out may be unlikely to emerge until drilling capacity is brought back into Falklands waters, most likely in conjunction with a firm development process for Sea Lion. In that context we reduce our target price to 3.5p (from 5.0p) to reflect the cash on the balance sheet and the optionality at Darwin.
Incorporating new macro forecasts
14 Jul 16
We update the balance of our coverage to the same macro forecasts used in our initiation on Tullow. We make notable specific updates to Faroe and Wentworth. We remain constructive on oil. The reduction in our oil and gas price forecasts is largely offset in sterling terms by the changes in our FX forecasts. Most of our target prices and all of our recommendations are unchanged. We remain Buyers of the sector and our top pick is Pantheon.
Oil & Gas - Incorporating new macro forecasts
14 Jul 16
In a surprise outcome, OPEC and non-OPEC producers failed to reach an accord at a summit meeting in Doha yesterday. The apparent cause of the failure was Saudi Arabia's refusal to accept a deal without some sort of commitment from Iran. While a freeze deal was always likely to leave questions over what oil price was justified by current supply/demand balances and inventory levels, this outcome demonstrates the deep schism within OPEC and removes hope of potential producer action to curb output. Markets are rebalancing, so although oil is likely to come under pressure, the immediate damage may be limited. However, this outcome suggests that market forces alone are going to set the price for the foreseeable future and that leaves open the likelihood of more volatility and the potential for more downside.
Panamure - Morning Note - 31-03-2016
31 Mar 16
Borders reported a net loss of US$2.6m for 2015, a one third reduction YoY mainly reflecting a sharp drop in G&A. Cash and net cash ended the year at US$14.0m. During the course of the year, Borders substantially increased its estimate for unrisked recoverable condensate at its Darwin discovery to 360mmbbl and disclosed an initial estimate for equivalent liquids resources of almost 1.2bnbbl at five near-field prospects. However, the company was not able to achieve a farm-out enabling it to participate in the Falkland’s drilling campaign and while the Humpback result has no technical implications for Borders’ acreage we believe it exacerbates the challenge of securing further drilling on Borders’ position. We amend our target price to 5.0p per share (7.0p) and remain buyers given the optionality in the stock.
13 Jan 16
Allergy Therapeutics issued a trading update with, revenue growth ahead of our forecasts (c2.1% on a statutory basis). Statutory results, however, do not tell the full story as the company performed very strongly with double-digit growth (c11%) shown in constant currencies in the period. Further on, the investment case should be strengthened this year as a US strategy becomes clearer. We make no changes to forecasts at this stage and re-iterate our Buy recommendation and 28p target price.
Panmure Research - Flash 07-12-15
07 Dec 15
Despite rumours of an increase in the group production target, the official OPEC communiqué did not even reference the 30mmbd target set in December 2011. OPEC is anticipating a better balance to the market in 2016, referencing anticipated demand growth of 1.3mmbd and a YOY fall in non-OPEC production, coupled with uncertainty over how much volume Iran will actually be able to add to the market, once sanctions are removed. All the signs are that this was an acrimonious meeting. We are sceptical about the volume Iran will add to the market, hence we do anticipate a significant tightening in 2016.
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)
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.
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
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.