The Energy Report
Notable Quotes
"With the LOI signed, we urge investors to bolster positions in FCU." (12/22/15) Fission Uranium Corp. - David Sadowski, Raymond James More >
"FCU is taking the right steps regardless of whether PLS is ultimately acquired or developed into a mine." (12/22/15) Fission Uranium Corp. - Heiko Ihle, Rodman & Renshaw More >
"I am quite excited about POE in 2016." (12/16/15) Pan Orient Energy Corp. - Chen Lin, What Is Chen Buying? What Is Chen Selling? More >
"BKX's Oklahoma asset has significant value." (12/16/15) BNK Petroleum Inc. - Michael Charlton, iA Securities More >
"EFR is one of the few companies in a position to write long-term sales contracts and deliver into them at several times its current production rate." (12/17/15) Energy Fuels Inc. - The Gold Report Interview with Eric Coffin More >
EXXI: Operations on Track
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DAVID DECKELBAUM, UBS Securities
(10/26/2010)
"EXXI's Q111 clean EPS/CFPS of $0.08/$0.97 was above our $0.06 EPS estimate but below $1.08 CFPS. Consensus expected $0.05/$1.15. Production of 25.9 mboe/d was 2.5% below our 26.5M boe/d estimate, offset by 2.6% higher realized pricing of $60.4/boe and total adjusted unit costs of $57.87/boe, slightly above our est. Current production volumes of 27M boe/d are in line with our Q211 outlook and FY11 guidance of 27M–28M boe/d appears quite achievable. Ultra-deep catalyst calendar remains rich. Significant upside remains: Davy Jones continues to be on schedule for Q311 production and is still quite additive to valuation at these levels as we see shares trading at a 20% premium to our 1P NAV. Additionally, EXXI mentioned MMR is testing up-dip intervals with Davy Jones No. 2 that could expand resource estimates. The waiting game continues on Blackbeard East as the well deepens from 25,990–29,950 ft., while the latest prospect, Lafitte, spud in the beginning of October. . .Valuation: $26 price target. Our price target is based on our 1P and 2P NAV's, implying 5.4x 2011E EBITDA" |
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Under SEC rules, analysts are required to disclose their interest in securities that they cover. We strongly encourage you to contact them to understand any potential conflicts of interest they may have.
More Experts
"FCU's deal with CGN helps to financially and technically derisk PLS." (12/21/15) Fission Uranium Corp. - David Talbot, More >
"NXE is our top pick across all commodities." (12/22/15) NexGen Energy Ltd. - The Energy Report Interview with Rob Chang More >
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