In today’s briefing:
- Boral Backs Seven’s “Enhanced” Offer
- EIA Lifts Price Forecast on Higher Oil Consumption Plus Tighter Supply
- DRX: Another Quarter, Another Beat; Increasing Target Price
- GeoPark Limited (NYSE: GPRK): Potential Acquisition of Unconventional Producing Assets in Argentina
- PetroTal Corp (AIM: PTAL): Better Balance Sheet than Expected
Boral Backs Seven’s “Enhanced” Offer
- After Boral (BLD AU) rejected Seven Group (SVW AU)‘s cash/scrip Offer, Seven slammed the Independent Expert’s report, calling the Target Statement “unbalanced, selective and risks fundamentally misleading Boral minority shareholders“.
- Seven has now waived certain tendering thresholds, increasing the cash terms to A$1.70/share from A$1.50/share. Boral will also pay a fully-franked dividend of A$0.26/share, providing A$0.11/share of franking credits.
- The IE now considers the Offer to be reasonable. Boral’s board recommends shareholders to accept. This is done.
EIA Lifts Price Forecast on Higher Oil Consumption Plus Tighter Supply
- EIA raised its crude oil price forecast for 2024 and 2025, cites higher global oil consumption outlook and concerns over geopolitical tensions.
- The agency also increased global liquid fuels production outlook for 2024 compared to the previous month.
- Increased forecast on US retail gasoline prices relative to March STEO, expects lower gasoline inventories and higher net exports drive price rise.
DRX: Another Quarter, Another Beat; Increasing Target Price
- ADF Group reported Q4 & FY24 financial results this morning that beat our expectations across the board.
- For Q4, revenue came in at $88.4M (+72% YoY) vs. our estimate of $77.1M and EBITDA came in at $15.5M (+164% YoY) vs. our estimate of $13.6M.
- FY24 marked another stellar year for ADF as it benefits from infrastructure spending across North America and the automation capex program at its Terrebonne facility.
GeoPark Limited (NYSE: GPRK): Potential Acquisition of Unconventional Producing Assets in Argentina
- GeoPark has submitted a binding offer to acquire a non-operated Working Interest in unconventional blocks in the Neuquen Basin in Argentina.
- The offer has been accepted by the seller and the parties are working on an exclusive basis towards execution of definitive agreements.
- The completion of the transaction could occur in 3Q24
PetroTal Corp (AIM: PTAL): Better Balance Sheet than Expected
- 1Q24 production of 18,518 bbl/d was in line with our expectations.
- Production over the last 30 days was 20.5 mbbl/d with the recently drilled 17H well, now on pump, delivering 4,500 bbl/d.
- This bodes very well for 2Q24 production given that the 18H well is expected to commence production in May.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
