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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ophir Energy Plc | LSE:OPHR | London | Ordinary Share | GB00B24CT194 | ORD 0.25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 57.50 | 57.40 | 57.50 | - | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Date | Subject | Author | Discuss |
---|---|---|---|
06/5/2016 10:42 | Agreed but partnerships can be dissolved :-) | sleveen | |
06/5/2016 08:31 | There's a huge difference and if you can't see that then I'm probably wasting my time. | nigelpm | |
06/5/2016 07:04 | OK Partner if you insist, like S/b were partners. | sleveen | |
06/5/2016 06:53 | "buyer"? You mean partner surely? | nigelpm | |
06/5/2016 06:30 | The Jeffries' valuation only stacks up IF there is a willing buyer of the assets. As we now know with S/b walking there may not be another willing buyer. Caution should be used with the Jeffries' NAV value IMHO. | sleveen | |
06/5/2016 06:26 | Shorters....disclosa Looks like Mcquarie and Worldquant are the only ones with very small positions if any at all now. imho | pineapple1 | |
05/5/2016 21:22 | tend to agree spacedust. When it turns it should be quite violent. | nigelpm | |
05/5/2016 20:50 | The Shorters have them by their necks.... It doesn't matter if they dig and find trillions of cash in a wooden box. MMS rule nothing anyone can do about it. It will turn when Shorters close and then go long. I see prudential still buying | spacedust | |
05/5/2016 10:51 | I can see a takeover offer being made. Companies were making informal approaches in November. | seball | |
05/5/2016 10:46 | PMO paid $2 per boe for their recent purchase. Thanks for posting the article Nigel as i couldn't get my browser to connect for some reason... . | pineapple1 | |
05/5/2016 10:42 | Ophir – Schlumberger discussions terminated over Fortuna FLNG. Since the 26 January 2016 announcement of a non-binding Heads of Terms Agreement with Schlumberger for upstream participation, Schlumberger has satisfactorily completed its technical due diligence. However, Ophir and Schlumberger have been unable to complete the transaction on the terms agreed in the Heads of Terms. As such, discussions between the parties have terminated. Other parties suggested and upstream capex take a further cut. Ophir has remained in active discussions with a number of other parties with regard to participation in and funding of the Fortuna FLNG Project. These discussions include upstream equity participation, vendor financing and pre-sales of gas. In addition, after completion of the upstream FEED studies, and EPCIC bids having been received as planned earlier this month, the forward upstream capex requirement from FID to first gas has been further reduced from $600mm (gross) to $450-500mm (gross). Offtake selection has progressed to a decision between three alternative solutions. Fully-termed LNG sales agreements are nearing completion. Ophir still expects to make FID in 4Q16 with first gas forecast for early 2020. “We continue to work closely with Golar, the prospective offtakers and the other potential partners and remain confident that we will take the FID in 2016″. BE What NAV now? The value argument for OPHR starts with $614m of cash at FY15 for 56p/sh. Including working capital and $260m of drawn debt, reduces net cash to US$257m or 24p/sh. This we include in our 54p Core NAV for Ophir (US$592m) along with ex Salamander production assets (10,500 – 11,500boe/d guidance for 2016). The 54mmboe of 2P reserves show the company trading at US$12.8/boe. Upside above 54p Core is from Ophir’s remaining 20% stake in Offshore Tanzania LNG (now with Shell as 60% Operator) and 80% stake in the “Fortuna FLNG” project offshore Equatorial Guinea. These two positions contain (FY15 results): “996mmboe of contingent resource. We expect a significant proportion of the contingent resource to move to reserves when we make the FID on the Fortuna FLNG project” Including these 2C resources (gas) shows the company trading at US$0.7/boe 2P+2C. Our 97p Price Target for Ophir includes 43p or US$475m of risked value for both Tanzania (11p) and Fortuna FLNG (33p). The irony of this valuation is that OPHR has already monetised half its stake in Tanzania for US$1bn post tax proceeds in late 2013. But that was then and this now, the market has been willing to price in only a fraction of that sale price in recent times (and industry has not stepped in to take advantage of any perceived value arbitrage). $475m or 43p for these two LNG positions hardly seems like a stretched valuation but without tangible progress through FID (at either project) any on paper valuation remains just that, on paper. As for market reaction to this news, ironically OPHR has rallied hard in April from levels approaching year lows at ~75p. The stock could test those lows on this news and still factor in some value for LNG assets. With no balance sheet issues, however, it would seem an over-reaction for further downside toward Core NAV. | nigelpm | |
05/5/2016 10:40 | Fortuna is far to expensive to produce and requires far to much investment. Its a white elephant in this new world where a 100yrs supply of frackers US gas is just waiting to hit the market on any price rise. 50p ish or lower offers a little value..I won't pay any higher than that in veiw of current circumstances... imho | pineapple1 | |
05/5/2016 10:34 | That's right the 97p reflected current position. Amazed it's still falling but once shorters take hold all hell breaks loose. | nigelpm | |
05/5/2016 10:05 | Sorry your wrong. Current nav is 97p. Once FLNG is producing nav will be multiples of 97p. Undervalued imo. Good luck | seball | |
05/5/2016 10:01 | FLNG assets worth 47p when producing, so 2020 assuming it is progressed and not written off. Thus current NAV = 54p. | sleveen | |
05/5/2016 09:47 | Thanks, just shows how undervalued Ophir is now. | seball | |
05/5/2016 09:38 | There's a Jefferies note in there if anyone's interested (as well as a comment on the LNG technology they're using ). Basically for their NAV assessment they have 24p net cash,30p for Thailand giving 54p core, and then 43p on top for the LNG giving a gross 97p. | ohisay | |
05/5/2016 08:13 | BOD would probably take 2 pmo for every ophr share ! | jotoha2 | |
05/5/2016 07:11 | Markets definitely pricing in a 1for 1 PMO merger! | kooba | |
04/5/2016 17:50 | Expect a takeover at this price imo | seball | |
04/5/2016 17:29 | NET cash isn't very extraordinary at end 2016 at f'c 200/250 $m. Obviously not in a bad space but hardly enough to cause PMO to reach out. 2017 is their make or break year - so a buy in six months IMV- where's the incentive to invest before that??. | ohisay | |
04/5/2016 13:25 | PMO should just merge with Ophir, then they can use Ophir's cash to pay a big chunk off the debt and Ophir shareholders get an instant 75-80k boepd....everyone's a winner | deanroberthunt |
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