NEC. Ny Pareto analyse
"Another strong Marcellus transaction highlights considerably valuation upside in Norse Energy. BUY recommendation reiterated
Fortuna Energy (subsidiary of Talisman) has acquired 30,000 acres of Marcellus shale acreage at $5,500/acre http://www.pressconnects.com/article/20090912/NEWS01/909120360/1112/Fortuna+Energy+agrees+to+pay++165+million+for+gas+rights++600+members+of+coalition+to+receive++5+500+per+acre++plus+royalties
This is well up from last transaction (see mail below) at $3,500/acre in August
The transaction covers primarily acreage in Pennsylvania, but also some acreage in New York, where Norse Energy has its 130,000 Marcellus shale acres
Using this multiple on NEC?s acreage would give a value potential of NOK ~12/share. (The deal also gives the landowners a 20% royalty on top of the $5,500/acre.This is higher than the 12.5% royalty NEC pays to its landowners, indicating that all things equal, NEC could actually achieve above $5,500/acre)
Legislation for allowing frac?ing in the state of New York is underway, and expected to be approved by the end of this year
For the acreage in New York, Fortuna pays $500/acre up front, and the remaining $5,000/acre when the frac?ing legislation is in place
Norse is working on a partial farm out of its Marcellus acreage, and this transaction indicates that very good terms can be achieved on a such deal
We reiterate our BUY (High Risk) recommendation and NOK 7 Target Price
For further comments see the mail below from August
The recommendation was not presented to the issuer before dissemination"
"Another strong Marcellus transaction highlights considerably valuation upside in Norse Energy. BUY recommendation reiterated
Fortuna Energy (subsidiary of Talisman) has acquired 30,000 acres of Marcellus shale acreage at $5,500/acre http://www.pressconnects.com/article/20090912/NEWS01/909120360/1112/Fortuna+Energy+agrees+to+pay++165+million+for+gas+rights++600+members+of+coalition+to+receive++5+500+per+acre++plus+royalties
This is well up from last transaction (see mail below) at $3,500/acre in August
The transaction covers primarily acreage in Pennsylvania, but also some acreage in New York, where Norse Energy has its 130,000 Marcellus shale acres
Using this multiple on NEC?s acreage would give a value potential of NOK ~12/share. (The deal also gives the landowners a 20% royalty on top of the $5,500/acre.This is higher than the 12.5% royalty NEC pays to its landowners, indicating that all things equal, NEC could actually achieve above $5,500/acre)
Legislation for allowing frac?ing in the state of New York is underway, and expected to be approved by the end of this year
For the acreage in New York, Fortuna pays $500/acre up front, and the remaining $5,000/acre when the frac?ing legislation is in place
Norse is working on a partial farm out of its Marcellus acreage, and this transaction indicates that very good terms can be achieved on a such deal
We reiterate our BUY (High Risk) recommendation and NOK 7 Target Price
For further comments see the mail below from August
The recommendation was not presented to the issuer before dissemination"
15/9 2009 08:36 Hegu 0
18533 Dagens analyse fra Investtech:
"Norse Energy Corp. sluttet på 4.06 kroner etter å ha steget 15.67%. Vi må tilbake til 23. mars for å finne en like kraftig oppgang. Den gangen steg aksjen med 19.39%. Aksjen brøt opp gjennom motstanden ved 3.70 kroner i en omvendt-hode-og-skuldre-formasjon. Dette utløste et kjøpssignal på økende volum og en videre oppgang til 5.85 kroner i løpet av ti måneder indikeres. Omsetningen var dessuten høy. Til sammen ble det kjøpt og solgt for cirka 21 millioner kroner i aksjen, noe som tilsvarer fem ganger gjennomsnittlig dagsomsetning."
"Norse Energy Corp. sluttet på 4.06 kroner etter å ha steget 15.67%. Vi må tilbake til 23. mars for å finne en like kraftig oppgang. Den gangen steg aksjen med 19.39%. Aksjen brøt opp gjennom motstanden ved 3.70 kroner i en omvendt-hode-og-skuldre-formasjon. Dette utløste et kjøpssignal på økende volum og en videre oppgang til 5.85 kroner i løpet av ti måneder indikeres. Omsetningen var dessuten høy. Til sammen ble det kjøpt og solgt for cirka 21 millioner kroner i aksjen, noe som tilsvarer fem ganger gjennomsnittlig dagsomsetning."
15/9 2009 17:12 Hegu 018543 Nec: Dagens kjøpskandidat: (Analysehuset Investtech)
http://www.stocklink.no/Article.aspx?id=58825
Dagens kjøpskandidat: Norse Energy Corp
Av: StockLink redaksjonen - StockLink.no - Publisert: 15.09.2009 09:17:29
Analysehuset trekker frem Norse Energy Corp. som dagens kjøpskaniddat.
Hvilke tekniske signaler bør man handle etter? (Foto: E.Storm/StockLink.no) Hvilke tekniske signaler bør man handle etter? (E.Storm/StockLink.no)
Analysehuset Investtech trekker frem Norse Energy Corp. som dagens kjøpskaniddat og skriver at en tilnærmet horisontal trend er brutt opp.
- En fortsatt sterk utvikling indikeres, og Norse Energy Corp. har nå støtte ved eventuelle reaksjoner ned mot trendlinjene. Har også brutt en omvendt-hode-og-skuldre-formasjon. Et etablert brudd, helst på økende volum,vil anses som et pålitelig signal om at en stigende trend er innledet.
- Aksjen har marginalt brutt opp gjennom motstanden ved ca 4.00 kroner. Etablert brudd vil indikere videre oppgang. Volumbalansen er positiv og styrker aksjen på kortsikt. RSI er overkjøpt. Aksjen kan likevel gjerne stige videre, og vi bør se ennedgang i RSI-kurven før dette brukes som et salgssignal. Aksjen anses samletsett teknisk positiv på middels lang sikt.
http://www.stocklink.no/Article.aspx?id=58825
Dagens kjøpskandidat: Norse Energy Corp
Av: StockLink redaksjonen - StockLink.no - Publisert: 15.09.2009 09:17:29
Analysehuset trekker frem Norse Energy Corp. som dagens kjøpskaniddat.
Hvilke tekniske signaler bør man handle etter? (Foto: E.Storm/StockLink.no) Hvilke tekniske signaler bør man handle etter? (E.Storm/StockLink.no)
Analysehuset Investtech trekker frem Norse Energy Corp. som dagens kjøpskaniddat og skriver at en tilnærmet horisontal trend er brutt opp.
- En fortsatt sterk utvikling indikeres, og Norse Energy Corp. har nå støtte ved eventuelle reaksjoner ned mot trendlinjene. Har også brutt en omvendt-hode-og-skuldre-formasjon. Et etablert brudd, helst på økende volum,vil anses som et pålitelig signal om at en stigende trend er innledet.
- Aksjen har marginalt brutt opp gjennom motstanden ved ca 4.00 kroner. Etablert brudd vil indikere videre oppgang. Volumbalansen er positiv og styrker aksjen på kortsikt. RSI er overkjøpt. Aksjen kan likevel gjerne stige videre, og vi bør se ennedgang i RSI-kurven før dette brukes som et salgssignal. Aksjen anses samletsett teknisk positiv på middels lang sikt.
17/9 2009 17:26 Hegu 018619 Mere detaljeret fra Pareto. Bemærk at Utica slet ikke nævnes!
Norse Energy (NEC)
Norse Energy (NEC)
Price when published(USD): 0.7
BUY High Risk
Bloomberg: NEC NO (rating changed from BUY)
Reuters: NEC.OL Target Price (USD): 1.10
Sector: Energy Market cap (492): 1 449
Style: Growth
Shale transactions indicate substantial upside
During the recent months, we have seen a number of Marcellus shale transactions. The value of the transactions have increased from USD 3,500 this summer to above USD 5,750 seen this week. These figures point to a substantial upside for Norse Energy. BUY TP NOK 7/share. Note that Pareto Securities acted as manager in the recent private placement.
Norse Energy holds 130,000 Marcellus shale acres in NY
Norse Energy holds a significant shale position in New York. The company has so far been focusing on the Herkimer conventional play, but they also hold a 130,000 Marcellus shale position. Recently, we have seen several transactions in the asset market, which points to substantial upside for their shale play position.
Hess and Enerplus acquired at USD ~3,500/acre in July/August
In July and August we saw 2 important transactions in the Marcellus shale formation in Pennsylvania and New York. Hess acquired in July 19,000 acres in Broom County, New York, for a consideration of USDm 66. In August, we saw Enerplus paying USDm 406 for 116,000 acres in Pennsylvania. Both transactions were done at USD ~3 500, which gives a potential of NOK 7.5/share for NEC’s position.
Talisman and Chesapeake bidding for Marcellus at USD 5,500-5,750
During the last week, we have seen Talisman and Chesapeake competing for acreage in Pennsylvania and New York. Talisman’s subsidiary Fortuna Energy bid USD 5,500/acre, but Chesapeake upped the bid to USD 5,750/acre and gave better terms to the land owners. These transaction multiples indicate a potential of NOK 12/share for NEC’s acreage.
Norse looking for a farm-in partner
•Legislation for allowing frac’ing in the state of New York is underway, and expected to be approved by the end of this year. Norse is working on a partial farm out of its Marcellus acreage, and recent transactions indicate that very good terms can be achieved on such a deal. Other triggers going forward could be a potential sale of Brazilian assets and/or its pipeline business in the U.S.
We reiterate our BUY (High Risk) recommendation and NOK 7 Target Price.
Norse Energy (NEC)
Norse Energy (NEC)
Price when published(USD): 0.7
BUY High Risk
Bloomberg: NEC NO (rating changed from BUY)
Reuters: NEC.OL Target Price (USD): 1.10
Sector: Energy Market cap (492): 1 449
Style: Growth
Shale transactions indicate substantial upside
During the recent months, we have seen a number of Marcellus shale transactions. The value of the transactions have increased from USD 3,500 this summer to above USD 5,750 seen this week. These figures point to a substantial upside for Norse Energy. BUY TP NOK 7/share. Note that Pareto Securities acted as manager in the recent private placement.
Norse Energy holds 130,000 Marcellus shale acres in NY
Norse Energy holds a significant shale position in New York. The company has so far been focusing on the Herkimer conventional play, but they also hold a 130,000 Marcellus shale position. Recently, we have seen several transactions in the asset market, which points to substantial upside for their shale play position.
Hess and Enerplus acquired at USD ~3,500/acre in July/August
In July and August we saw 2 important transactions in the Marcellus shale formation in Pennsylvania and New York. Hess acquired in July 19,000 acres in Broom County, New York, for a consideration of USDm 66. In August, we saw Enerplus paying USDm 406 for 116,000 acres in Pennsylvania. Both transactions were done at USD ~3 500, which gives a potential of NOK 7.5/share for NEC’s position.
Talisman and Chesapeake bidding for Marcellus at USD 5,500-5,750
During the last week, we have seen Talisman and Chesapeake competing for acreage in Pennsylvania and New York. Talisman’s subsidiary Fortuna Energy bid USD 5,500/acre, but Chesapeake upped the bid to USD 5,750/acre and gave better terms to the land owners. These transaction multiples indicate a potential of NOK 12/share for NEC’s acreage.
Norse looking for a farm-in partner
•Legislation for allowing frac’ing in the state of New York is underway, and expected to be approved by the end of this year. Norse is working on a partial farm out of its Marcellus acreage, and recent transactions indicate that very good terms can be achieved on such a deal. Other triggers going forward could be a potential sale of Brazilian assets and/or its pipeline business in the U.S.
We reiterate our BUY (High Risk) recommendation and NOK 7 Target Price.
17/9 2009 19:11 Jøss! 018624 Sakset fra forsiden H.O: Her er heller ikke UTICA nevnt.
Disse steg og falt mest
Vinnerlisten toppes av Norse Energy, som la på seg 16,3 prosent til 4,78 kroner.
TDN Finans viser til en analyse fra First Securities, skrevet før emisjonen tirsdag. Her ble aksjen oppgradert fra nøytral til kjøp med kursmål 4,70 kroner.
- Transaksjonen med Marcellus skifergasseiendeler understreker verdipotensialet i NECs amerikanske eiendeler, heter det i analysen fra Are Martin Berntzen, som mener NECs eierandel i USA kan være verdt rundt 10 kroner per aksje.
Disse steg og falt mest
Vinnerlisten toppes av Norse Energy, som la på seg 16,3 prosent til 4,78 kroner.
TDN Finans viser til en analyse fra First Securities, skrevet før emisjonen tirsdag. Her ble aksjen oppgradert fra nøytral til kjøp med kursmål 4,70 kroner.
- Transaksjonen med Marcellus skifergasseiendeler understreker verdipotensialet i NECs amerikanske eiendeler, heter det i analysen fra Are Martin Berntzen, som mener NECs eierandel i USA kan være verdt rundt 10 kroner per aksje.
