Showing posts with label Edison starts scope on Petroceltic. Show all posts
Showing posts with label Edison starts scope on Petroceltic. Show all posts

Tuesday, July 7, 2015

Edison starts scope on Petroceltic

Edison starts scope on Petroceltic

Tuesday, Jul 07, 2015

Highlights of the examination on Petroceltic by Edison's oil & gas experts Will Forbes, Kim Fustier, Elaine Reynolds, Peter Lynch and Ian McLelland include:

Petroceltic (PCI) is an AIM and Dublin-recorded E&P with resources in Egypt, Bulgaria and Algeria. Its lead extend, the Ain Tsila gas/condensate extend in Algeria, is drawing closer FID in late 2015 and ought to fire up in Q418. PCI is likewise investigating in Egypt and Italy.

Our center NAV is 125p/offer, including Egypt, Bulgaria and Ain Tsila Phase 1. Thus at the present offer value, the business sector is giving PCI no acknowledgment for Ain Tsila execution and upside and for investigation in Egypt/Italy. Our RENAV is 154p/offer. As the venture advances and first gas nears, its esteem ought to develop, supporting a RENAV CAGR of c 16% out to 2020. We gauge PCI obliges c $580m of obligation financing to get past the substantial spend stage in H216-18 until first gas. Past the as of late declared $175m secured security issue, we anticipate that it will look to a blend of corporate securities, task fund and RBLs. Advance on renegotiating throughout the following 12 months and on key issues with Worldview would be a positive impetus.

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Edison is not a counsel or representative merchant and does not give speculation exhortation. Edison's reports are not requesting to purchase or offer any securities.

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