PEN - Sparebank 1 sier 2 kroner i ekstra i verd. 26 kr vs 24 kr
Panoro – Positive Dussafu update from BWO, NOK 2/share upside potential to our SOTP valuation
BWO, operator of the Dussafu license offshore Gabon, has provided an update for the field. Key highlights were: 1) Tortue field Phase 1 (2 wells) and Phase 2 (4 wells) is currently between 30-40 mmboe excluding contingent reserves (our phase 1 forecast assume 25 mmboe gross + 40 mmboe resources), 2) Ruche and Ruche North East reserves estimated at 20 mmboe (we have assumed 10 mmboe, 3) Tortue gross peak production of 25 kboe/d (above our 15 kboe/d estimate) and 4) current production of 12.5 kboe/d (above our end 2018 estimate of 11 kboe/d). In sum, the update was positive and will likely lead to positive estimate changes. In particular the higher than expected resources range for Ruche North East of 30-40 mmboe will have positive impact on our SOTP valuation (around NOK 2/sh positive impact). Before today’s update, we rated Panoro Buy with a NOK 24/share target price.
BWO, operator of the Dussafu license offshore Gabon, has provided an update for the field. Key highlights were: 1) Tortue field Phase 1 (2 wells) and Phase 2 (4 wells) is currently between 30-40 mmboe excluding contingent reserves (our phase 1 forecast assume 25 mmboe gross + 40 mmboe resources), 2) Ruche and Ruche North East reserves estimated at 20 mmboe (we have assumed 10 mmboe, 3) Tortue gross peak production of 25 kboe/d (above our 15 kboe/d estimate) and 4) current production of 12.5 kboe/d (above our end 2018 estimate of 11 kboe/d). In sum, the update was positive and will likely lead to positive estimate changes. In particular the higher than expected resources range for Ruche North East of 30-40 mmboe will have positive impact on our SOTP valuation (around NOK 2/sh positive impact). Before today’s update, we rated Panoro Buy with a NOK 24/share target price.
Redigert 19.01.2021 kl 06:05
Du må logge inn for å svare
techking
20.11.2018 kl 08:55
1591
RUCHE KOMMER MYE TIDL ENN TIDL:
Fra DnB: More positive Dussafu updates. As expected BWO has made FID for phase 2 of the Tortue development, and the company confirmed that current production has stabilised at around 12.5k/bpd, above our forecast of 11k/bpd. In conjunction with the Tortue phase 2 FID, two more appraisal wells in the greater Ruche area has been approved. The recent Ruche NE appraisal well and sidetrack confirmed a significant reservoir in the prospect. Additionally, multiple high quality oil-bearing dentale sands in the appraisal and sidetrack were encountered, representing a “very positive outcome”. On our estimates, the Ruche area could potentially add NOK10–12/share to our SOTP valuation of the Dussafu licence.
Fra DnB: More positive Dussafu updates. As expected BWO has made FID for phase 2 of the Tortue development, and the company confirmed that current production has stabilised at around 12.5k/bpd, above our forecast of 11k/bpd. In conjunction with the Tortue phase 2 FID, two more appraisal wells in the greater Ruche area has been approved. The recent Ruche NE appraisal well and sidetrack confirmed a significant reservoir in the prospect. Additionally, multiple high quality oil-bearing dentale sands in the appraisal and sidetrack were encountered, representing a “very positive outcome”. On our estimates, the Ruche area could potentially add NOK10–12/share to our SOTP valuation of the Dussafu licence.
techking
20.11.2018 kl 09:47
1473
Bwo sier de kommer med en nye reserverapport i første kvartal 2019 på dussafu på webcasten. Det blir veldig interessant å se når de borer de første brønnene på prosepekt a og b også i Dussafu. 9 av 9 brønner har vært kommersielle så langt ser det ut til i Dussafu. Prospekt a og b estimeres å innholde 200 mill fat + hver. Forhåpentligvis er disse ressursene kommersielle slik som brønnene på Tortue og Ruche. Dussafu kan vise seg å bli et slags Johan Sverdrup for BWO og Panoro. :-)
Redigert 20.11.2018 kl 09:49
Du må logge inn for å svare
Spitzer
20.11.2018 kl 09:49
1463
Panoro Energy - Good news at Dussafu
The operator of Dussafu, BWO Offshore, announces positive news on the Dussafu development. The Phase 2 development is expected to lift 2P reserves from 23 mill bbl gross to between 30-40 mill bbl and increase production to 25,000 bbl/day gross. This is in the high end of its previous guidance of 15-25,000 bbl/day, which is driven by its planned four well drilling campaign (2-4 wells previously guided) with first oil in 2020. The current production of 12,500 bbl/day is in line with expectations and we continue to see upside from additional drilling to develop the 2C resources at the field. Guided production of 9,000 bbl/day gross in 2019 is below the operator’s previous published 2P profile at about 14,000 bbl/day but this is likely only due to the timing of production start from the next two wells on the field (i.e. limited impact on our valuation). Importantly, both the Ruche and Ruche NE discoveries are announced to be commercial with a combined internal reserves estimate of 30 mill bbl, which is in line with our expectations but still positive. Production from these resources are expected to commence in 2021, which is slightly ahead of our previous 2021-22e expectation.Please note that Pareto Securities acted as bookrunner and manager in the recent equity issue in Panoro Energy
The operator of Dussafu, BWO Offshore, announces positive news on the Dussafu development. The Phase 2 development is expected to lift 2P reserves from 23 mill bbl gross to between 30-40 mill bbl and increase production to 25,000 bbl/day gross. This is in the high end of its previous guidance of 15-25,000 bbl/day, which is driven by its planned four well drilling campaign (2-4 wells previously guided) with first oil in 2020. The current production of 12,500 bbl/day is in line with expectations and we continue to see upside from additional drilling to develop the 2C resources at the field. Guided production of 9,000 bbl/day gross in 2019 is below the operator’s previous published 2P profile at about 14,000 bbl/day but this is likely only due to the timing of production start from the next two wells on the field (i.e. limited impact on our valuation). Importantly, both the Ruche and Ruche NE discoveries are announced to be commercial with a combined internal reserves estimate of 30 mill bbl, which is in line with our expectations but still positive. Production from these resources are expected to commence in 2021, which is slightly ahead of our previous 2021-22e expectation.Please note that Pareto Securities acted as bookrunner and manager in the recent equity issue in Panoro Energy