Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ZOLTAV RESOURCES INC. We currently have 12 research reports from 1 professional analysts.
|01Feb17 14:05||RNS||Second Price Monitoring Extn|
|01Feb17 14:00||RNS||Price Monitoring Extension|
|22Dec16 08:31||RNS||Appointment of non-executive director|
|26Sep16 07:00||RNS||Half-year Report|
|07Sep16 12:30||RNS||Result of AGM|
|07Sep16 07:00||RNS||Trading Statement & Directorate Changes|
|12Aug16 07:00||RNS||Notice of AGM & Directorate Change|
Frequency of research reports
Research reports on
ZOLTAV RESOURCES INC
ZOLTAV RESOURCES INC
1H16 results – Maiden profit
26 Sep 16
Zoltav’s interim results to June recorded a clean maiden net profit of US$0.8m, confirming the excellent performance pre-figured in the company’s announcement earlier this month when it also advised a change of strategy to focus on its existing assets. We have reinstated revised forecasts to reflect the 1H16 performance. That significantly improves the company’s forward multiple ratings. However, we have cut the Chance of Commerciality (CoC) on the other assets, given the reduced commitment to growing the business. Consequently we revise our Target Price to 55p per share (from 65p); we retain our Buy rating.
Panmure Morning Note 07-09-2016
07 Sep 16
Zoltav has announced a trading statement updating on its corporate strategy and announcing additional changes in its directorate. The company has also indicated that it now expects a profit before tax for the year materially ahead of market expectations and the additional steps taken will cut costs further. The Board is to be cut to three members from six but that includes the departure of Alastair Ferguson, the current Executive Chairman. Our estimates, recommendation and target price are under review, pending visibility on the financials due on 26 November. However, we note that our previously published core NAV based on producing assets only is 30p per share, still well ahead of the current share price.
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.
FY15 results – better than expected
22 Apr 16
Zoltav has reported better than expected FY15 results. Higher revenue YoY, boosted by a strong production performance, and lower unit costs combined to produce an operating profit of US$1.1m. The company reported its first positive EBITDA, of US$7.2m. Zoltav met its debt repayment obligations and now expects to have sufficient liquidity at least through the end of 2018; previous guidance was to the end of 2016. The immediate priorities remain to keep the Western Gas Plant, serving the Bortovoy licence, onshore Russia in the Saratov region, fully utilised and progress existing development opportunities while seeking accretive acquisition opportunities. We have updated our forecasts and maintain our Target Price of 65p per share; we remain buyers.
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.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
Small Cap Breakfast
24 Feb 17
GBGI—Schedule One update from integrated provider of international benefits insurance. Raising £32m at 150p. Admission expected tomorrow. Anglo African Oil & Gas— Admission expected early March. Acquiring stake in producing near offshore field in the Republic of the Congo. Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb.
Sound Energy is an AIM-listed upstream gas company
27 Feb 17
Sound Energy is an AIM-listed upstream gas company with a balanced exploration and appraisal portfolio focussed on three strategic assets in onshore Morocco and Italy. The share price has trebled in the past year, following drilling success in the Tendrara licence of eastern Morocco. The work program of the next 12-18 months has the potential to de-risk additional gas resources in Morocco and Italy, providing short-term catalysts for further upside in the share price. However, any disappointing drilling results might leave the stock rather exposed given recent momentum and lack of certified reserves, although we recognise that the optionality in the portfolio would remain substantial.
Opuama production restarts
21 Feb 17
Eland has confirmed the successful restart of exports from OML 40 through the new shipping alternative that it has implemented. Sales from the export terminal are expected imminently, re-establishing cash generation for Eland. Cash at YE16 was US$11.1m which has since reduced to US$5.9m, mainly reflecting initial operating expenses for the shipping alternative. While it is early days, Eland has demonstrated its ability to restart exports and production from OML 40 following the shut-down of the Forcados terminal a year ago. Production to date is averaging around 7kbd and we expect that to ramp up as Opuama operational performance improves. At US$55/bbl Brent, we estimate Eland is generating a net cash margin of around US$25/bbl. We reiterate our Buy recommendation and 95p per share Target Price.