Daily Brief Energy/Materials: CSR Ltd, Energean, Geopark Ltd, Panoro Energy ASA and more

• Cie De Saint-Gobain (SGO FP) is offering CSR (CSR AU) shareholders A$9/share by way of a Scheme, a 34% premium to last close. That’s a knockout price.
• The Offer is indicative. Confirmatory due diligence is ongoing. CSR board has, not surprisingly “unanimously resolved to pursue the offer at an agreed price of A$9.00“. 
• A firm offer would be subject to FIRB and shareholder approval. Neither should pose an issue. Assuming a firm Offer is shortly forthcoming, this could be wrapped up late-July

Key points

• Energean has shown smart capital allocation and operational execution, particularly in the development of a large gas field with a 17-year production runway
• The company’s core asset in Israel generates gas at a low cost and has promising supply-demand dynamics in the region
• With a 10% dividend yield and potential for 15-20% returns in 2-3 years, Energean is being considered as a good long-term investment opportunity

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• 2P YE23 reserves were estimated at 115.1 mmboe.
• Excluding 14.6 mmboe at YE22 in Chile (being sold), this compares to 113.8 mmboe at YE22.
• During 2023, GeoPark has added ~14 mmboe of 2P reserves.

• The FY23 production of 8,471 bbl/d was in line with previous indications.
• YE23 cash, gross debt and cash advances had been previously reported.
• The FY24 production guidance is now 11-13 mbbl/d (11-14 mbbl/d previously) as Panoro has incorporated a pause in drilling offshore EG. The main factor driving the adjusted upper limit of guidance range is the timing to secure a new rig in EG and deferral of some associated production.