28/5 2010 07:23 apis 0
29692 Fra præsentationen:
2010 buisness plan:
- Science & engineering
?Herkimer artificial lift interventions
?Drilling and completion technology
?3D seismic on 38,000 acres
- Drilling
?20-25 well program including JVs
- Utica (late summer)
?2 well vertical pilot program
- Marcellus
?Develop planning in anticipation of SGEIS regulations approval
?Evaluate JV options
2010 buisness plan:
- Science & engineering
?Herkimer artificial lift interventions
?Drilling and completion technology
?3D seismic on 38,000 acres
- Drilling
?20-25 well program including JVs
- Utica (late summer)
?2 well vertical pilot program
- Marcellus
?Develop planning in anticipation of SGEIS regulations approval
?Evaluate JV options
28.05.2010 08:02:35 - TDN Finans
SHELL:BEKREFTER KJØP AV EAST RESOURCES FOR USD 4,7 MRD
Oslo (TDN Finans): Royal Dutch Shell vil kjøp det amerikanske
naturgasselskapet East Resources for 4,7 milliarder dollar kontant.
Oppkjøpet trenger myndighetsgodkjenning.
Det melder selskapet fredag.
Shell kjøper 650.000 acres i Marcellus-formasjonen og totalt 1,05 millioner
acres. East Resources har en produksjon på 10.000 fat oljeekvivalenter
East Resources er et av de største selskapene i Marcellus-formasjonen.
Selskapet eier 1,25 millioner acres mellom West Virginia og New York.
--
TDN Finans
SHELL:BEKREFTER KJØP AV EAST RESOURCES FOR USD 4,7 MRD
Oslo (TDN Finans): Royal Dutch Shell vil kjøp det amerikanske
naturgasselskapet East Resources for 4,7 milliarder dollar kontant.
Oppkjøpet trenger myndighetsgodkjenning.
Det melder selskapet fredag.
Shell kjøper 650.000 acres i Marcellus-formasjonen og totalt 1,05 millioner
acres. East Resources har en produksjon på 10.000 fat oljeekvivalenter
East Resources er et av de største selskapene i Marcellus-formasjonen.
Selskapet eier 1,25 millioner acres mellom West Virginia og New York.
--
TDN Finans
28/5 2010 11:19 JensHorka 029705 Shell køber east energy for 4,7 mia USD.
I købet indgår over 1 mia acres, heraf 650.000 i marcellus.
NEC-US sidder jo med 65.000 prime marcellus acres, så umiddelbart sættes værdien af NEC til 470 mio USD på basis af Shell/East dealen.
Med 470 mio aktier i NEC, svarer det til en kurs på 1 USD pr aktie eller 6.43 NOK udfra dagens valutakurser.
En rar lille ting at holde sig i baghovedet oveni al snakken om værdisættelse af selskabet før og efter split.
... Og så er der alle indtrykkenne fra generalforsamlingen, jeg har ikke fordøjet det hele endnu, men synes umiddelbart det ser fornuftigt ud, reuktion af Herkimer boreudgifter fra 1,2 mio til 0,9 mio pr brønd, 2 planlagte Utica-boringer, færdiggørelse af pipeline, og til sidst SGEIS (som jo sagtens kan blive udsat endnu engang, selvom den ser ud til at være i mål).
Iflg Mark Dice er de klar til JV når miljøgodkendelsen går igennem, men ikke før (for at opnå højere pris selvklart).
Nå.. I mine øjne er US-delen et super køb, og Brasil-delen (der er blevet døbt Panoro Energy) en fornuftig lodseddel med mulighed for super afkast HVIS der kan findes en makker til at dele omkostningerne på en mulig explorationsbrønd SÅFREMT subsaltindikationerne viser sig værd at satse på.
Nå, det var det for nu, kan være jeg skriver lidt mere når jeg har haft tid til at kigge nærmere på alt materialet der er kommet idag.
Hygge
JH
I købet indgår over 1 mia acres, heraf 650.000 i marcellus.
NEC-US sidder jo med 65.000 prime marcellus acres, så umiddelbart sættes værdien af NEC til 470 mio USD på basis af Shell/East dealen.
Med 470 mio aktier i NEC, svarer det til en kurs på 1 USD pr aktie eller 6.43 NOK udfra dagens valutakurser.
En rar lille ting at holde sig i baghovedet oveni al snakken om værdisættelse af selskabet før og efter split.
... Og så er der alle indtrykkenne fra generalforsamlingen, jeg har ikke fordøjet det hele endnu, men synes umiddelbart det ser fornuftigt ud, reuktion af Herkimer boreudgifter fra 1,2 mio til 0,9 mio pr brønd, 2 planlagte Utica-boringer, færdiggørelse af pipeline, og til sidst SGEIS (som jo sagtens kan blive udsat endnu engang, selvom den ser ud til at være i mål).
Iflg Mark Dice er de klar til JV når miljøgodkendelsen går igennem, men ikke før (for at opnå højere pris selvklart).
Nå.. I mine øjne er US-delen et super køb, og Brasil-delen (der er blevet døbt Panoro Energy) en fornuftig lodseddel med mulighed for super afkast HVIS der kan findes en makker til at dele omkostningerne på en mulig explorationsbrønd SÅFREMT subsaltindikationerne viser sig værd at satse på.
Nå, det var det for nu, kan være jeg skriver lidt mere når jeg har haft tid til at kigge nærmere på alt materialet der er kommet idag.
Hygge
JH
30/5 2010 16:52 Aqualight 029750 I mine øjne er det lidt mere end bare en lodseddel se flg. link
http://www.sovereignoil.com/PDFs/06June21AjapaTeaser.pdf
og jeg ved godt det er nogle år gammelt men stadig, der ligger MEGET olie med høj API + 45, så en Jv er nok ikke det store problem at finde
Aqualight
http://www.sovereignoil.com/PDFs/06June21AjapaTeaser.pdf
og jeg ved godt det er nogle år gammelt men stadig, der ligger MEGET olie med høj API + 45, så en Jv er nok ikke det store problem at finde
Aqualight
31/5 2010 16:51 apis 029792 NEC: PEN anbefaling fra Pareto idag.
PEN - Panoro Energy
Panoro Energy (PEN)
South Atlantic growth story
Panoro Energy has built a well balanced and diversified asset portfolio with exposure to two of the most prospective hydrocarbon regions in the world, Brazil and West Africa. The company will have a significant production growth over the next years, with most of it coming as oil, while current production is primarily gas. We initiate coverage with BUY, TP NOK 20/share
Well balanced and diversified portfolio
Panoro Energy (PEN) is the result of the merger between Norse Energy's Brazilian division and West African focused Pan Petroleum. The company will be listed on the Oslo Stock Exchange, with its first trading day on 8 June 2010. PEN holds a diversified portfolio with assets in two of the world's most prospective hydrocarbon regions, Brazil and West Africa. The portfolio is also well balanced with producing assets, development projects with first production both in the near and medium term, and a considerable exploration portfolio.
Production to grow significantly over the next few years
We expect PEN to see a significant increase in its production base over the coming years. From 2010 to 2013 we estimate the company to double its production from ~4,500 boe/day to ~9,000 boe/day. In 2014 another four new fields is expected to come on stream, taking its net production to an estimated ~27,000 boe/day. A significant portion of this growth will come from new oil fields. We estimate the company to see its oil production increasing from ~15% of its total production in 2010, to ~80% in 2014, which should impact the company's profitability considerably.
High activity level and several potential share price triggers
Several events and triggers are anticipated in the short and medium term both out of West Africa and Brazil. Key short term triggers include production start-up at the Nigerian Ajapa field, results from the 3D survey conducted on the Santos basin exploration licenses in Brazil, and also results from the production testing at the Congolese MKB project. In the medium term, final investment decisions at the Nigerian Aje and Brazilian BS-3 fields, and increased production at Ajapa represents some of the key events expected in 2011.
Initiate coverage with BUY, TP NOK 20/share
With strong production growth, high impact exploration prospects and an active news flow going forward we initiate coverage on PEN with a BUY recommendation and a target price of NOK 20/share.
PEN - Panoro Energy
Panoro Energy (PEN)
South Atlantic growth story
Panoro Energy has built a well balanced and diversified asset portfolio with exposure to two of the most prospective hydrocarbon regions in the world, Brazil and West Africa. The company will have a significant production growth over the next years, with most of it coming as oil, while current production is primarily gas. We initiate coverage with BUY, TP NOK 20/share
Well balanced and diversified portfolio
Panoro Energy (PEN) is the result of the merger between Norse Energy's Brazilian division and West African focused Pan Petroleum. The company will be listed on the Oslo Stock Exchange, with its first trading day on 8 June 2010. PEN holds a diversified portfolio with assets in two of the world's most prospective hydrocarbon regions, Brazil and West Africa. The portfolio is also well balanced with producing assets, development projects with first production both in the near and medium term, and a considerable exploration portfolio.
Production to grow significantly over the next few years
We expect PEN to see a significant increase in its production base over the coming years. From 2010 to 2013 we estimate the company to double its production from ~4,500 boe/day to ~9,000 boe/day. In 2014 another four new fields is expected to come on stream, taking its net production to an estimated ~27,000 boe/day. A significant portion of this growth will come from new oil fields. We estimate the company to see its oil production increasing from ~15% of its total production in 2010, to ~80% in 2014, which should impact the company's profitability considerably.
High activity level and several potential share price triggers
Several events and triggers are anticipated in the short and medium term both out of West Africa and Brazil. Key short term triggers include production start-up at the Nigerian Ajapa field, results from the 3D survey conducted on the Santos basin exploration licenses in Brazil, and also results from the production testing at the Congolese MKB project. In the medium term, final investment decisions at the Nigerian Aje and Brazilian BS-3 fields, and increased production at Ajapa represents some of the key events expected in 2011.
Initiate coverage with BUY, TP NOK 20/share
With strong production growth, high impact exploration prospects and an active news flow going forward we initiate coverage on PEN with a BUY recommendation and a target price of NOK 20/share.
1/6 2010 11:01 apis 029832 Så er præsentationen her:
http://www.newsweb.no/newsweb/attachment.do?name=Panoro First Sec Nordic Energy Summit June 2010.pdf&attId=78431
Det ser da rigtig nok spændende ud - mon der ikke er en lille chance/risiko for nogle interessante resultater i fremtiden...
Husk revers split af jeres Nec aktier over i panoro Energy (10:1)
http://www.newsweb.no/newsweb/attachment.do?name=Panoro First Sec Nordic Energy Summit June 2010.pdf&attId=78431
Det ser da rigtig nok spændende ud - mon der ikke er en lille chance/risiko for nogle interessante resultater i fremtiden...
Husk revers split af jeres Nec aktier over i panoro Energy (10:1)
Norse Energy (NEC)
Pure play exposure to New York gas
Norse Energy offers pure play shale gas exposure to the Marcellus/Utica fairway in the State of New York. With its significant resource base and on the back of the record transactions seen in the Marcellus shale play over the past few years, the company represents an attractive take over target. We reiterate our BUY recommendation, with new TP NOK 6.0/share
Demerger positions NEC as an attractive take over candidate
The demerger of Norse Energy do Brazil into a separate entity leaves Norse Energy as a pure play gas company. NEC holds a significant land position of 180,000 acres in the State of New York, of which 130,000 acres are located in central New York. Total contingent resources at year end 2009 were 3.9 TCF of gas, which represents a doubling compared to 2008. As such, the company has become a highly attractive take over target, with its pure play New York exposure and significant resource base.
Marcellus shale transactions imply significant upside potential
Over the past two years numerous strong transactions have been seen in the Marcellus shale play that firm up the resource potential and signals the attractiveness of NEC's acreage. The most recent deal, where Williams Inc. acquired 42,000 acres in Pennsylvania (bordering NEC's New York acreage) at USD 501m, or USD 12,000/acre, implies a NOK 8.7/share value potential for NEC's 67,000 net prospective Marcellus acres. We estimate that less than 10% of this is reflected in the current share price.
New York fracturing restrictions expected to be lifted in H2'10
Key risks to the valuation potential indicated by the Williams deal is the environmental restrictions in the State of New York. At current, full scale fracturing of vertically and horizontally drilled wells are prohibited, which limits NEC's ability to explore and appraise the Marcellus and Utica. We expect legislation allowing fracturing to be approved in H2'10.
Attractive valuation, priced at discount to peers
Our risked valuation of NEC comes in at NOK 6.1/share, with Price/ NAV and Price/Core NAV multiples estimated at 0.39x and 0.74x, respectively. As such the company is priced at a discount to our peer group medians of 0.40xPrice/NAV and 0.91xPrice/Core NAV. We reiterate our BUY recommendation and set the new Target Price at NOK 6.0/share.
Pure play exposure to New York gas
Norse Energy offers pure play shale gas exposure to the Marcellus/Utica fairway in the State of New York. With its significant resource base and on the back of the record transactions seen in the Marcellus shale play over the past few years, the company represents an attractive take over target. We reiterate our BUY recommendation, with new TP NOK 6.0/share
Demerger positions NEC as an attractive take over candidate
The demerger of Norse Energy do Brazil into a separate entity leaves Norse Energy as a pure play gas company. NEC holds a significant land position of 180,000 acres in the State of New York, of which 130,000 acres are located in central New York. Total contingent resources at year end 2009 were 3.9 TCF of gas, which represents a doubling compared to 2008. As such, the company has become a highly attractive take over target, with its pure play New York exposure and significant resource base.
Marcellus shale transactions imply significant upside potential
Over the past two years numerous strong transactions have been seen in the Marcellus shale play that firm up the resource potential and signals the attractiveness of NEC's acreage. The most recent deal, where Williams Inc. acquired 42,000 acres in Pennsylvania (bordering NEC's New York acreage) at USD 501m, or USD 12,000/acre, implies a NOK 8.7/share value potential for NEC's 67,000 net prospective Marcellus acres. We estimate that less than 10% of this is reflected in the current share price.
New York fracturing restrictions expected to be lifted in H2'10
Key risks to the valuation potential indicated by the Williams deal is the environmental restrictions in the State of New York. At current, full scale fracturing of vertically and horizontally drilled wells are prohibited, which limits NEC's ability to explore and appraise the Marcellus and Utica. We expect legislation allowing fracturing to be approved in H2'10.
Attractive valuation, priced at discount to peers
Our risked valuation of NEC comes in at NOK 6.1/share, with Price/ NAV and Price/Core NAV multiples estimated at 0.39x and 0.74x, respectively. As such the company is priced at a discount to our peer group medians of 0.40xPrice/NAV and 0.91xPrice/Core NAV. We reiterate our BUY recommendation and set the new Target Price at NOK 6.0/share.
1/6 2010 11:15 Stinker 029835 Sakset fra Hegnar:
"01.06.2010 11:47:35 - TDN Finans
NEC:SER PÅ SKIFEROLJE, ATTRAKTIVT OMRÅDE -RISBERG
Oslo (TDN Finans): Norse Energy ser på muligheter innenfor skiferolje og
mener at dagens teknologi åpner opp for attraktive muligheter innen det
området.
Det sier administrerende direktør Øivind Risberg på seminaret Nordic Energy
Summit i regi av First Securities tirsdag.
-Vi ser på muligheter innenfor skiferolje, sier Risberg.
Selskapet så på en transaksjon der den implisitte recoveryraten var nødt
til å være mellom tre og fire prosent.
-Det er attraktivt. Når oljeserviceselskapene klarte å bedre recoveryraten
på skifergass fra 15 til 30 prosent på et år, så finnes det muligheter
innenfor skiferolje også. Jeg skjønner at det ikke er den samme logistikken
i olje som gass, men det finnes attraktive muligheter innenfor olje også
med dagens teknologi, sier Risberg."
"01.06.2010 11:47:35 - TDN Finans
NEC:SER PÅ SKIFEROLJE, ATTRAKTIVT OMRÅDE -RISBERG
Oslo (TDN Finans): Norse Energy ser på muligheter innenfor skiferolje og
mener at dagens teknologi åpner opp for attraktive muligheter innen det
området.
Det sier administrerende direktør Øivind Risberg på seminaret Nordic Energy
Summit i regi av First Securities tirsdag.
-Vi ser på muligheter innenfor skiferolje, sier Risberg.
Selskapet så på en transaksjon der den implisitte recoveryraten var nødt
til å være mellom tre og fire prosent.
-Det er attraktivt. Når oljeserviceselskapene klarte å bedre recoveryraten
på skifergass fra 15 til 30 prosent på et år, så finnes det muligheter
innenfor skiferolje også. Jeg skjønner at det ikke er den samme logistikken
i olje som gass, men det finnes attraktive muligheter innenfor olje også
med dagens teknologi, sier Risberg."
