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.
|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.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
Minor delay but lower cost and better visibility enhance the investment profile
13 Jan 17
First oil at Stella is delayed by about a month, reducing the contribution of Stella to FY17 production by the same period. While this has an impact on FY17e free cash flow, this is negligible to our valuation. More importantly, FY17 opex are estimated at only US$18/boe, below our estimates of US$20/boe. There are opportunities to reduce opex further. Harrier is expected to reach first oil in 2018, one year earlier than we expected and at a cost of US$40 mm lower than we anticipated. The overall development cost is less than US$6.0/boe. Ithaca holds numerous discoveries around Stella that would be developed with a similar cost structure to Harrier.