In today’s briefing:
- Selected European HoldCos and DLC: April’24 Report
- Criterium Energy Ltd (TSX-V: CEQ): On track
- Sintana Energy Inc. (TSX-V: SEI): Chevron farm-in rerates a new area in Namibia
- VAALCO Energy, Inc. – Diversified Asset Portfolio Supports Free Cash Flow
Selected European HoldCos and DLC: April’24 Report
- The Discounts to NAV of covered holdcos mainly widened during April. Discounts to NAV: C.F.Alba, 49.1% (vs. 47.3%); GBL, 39% (vs. 38.1%); Heineken Holding, 17.3% (vs 16.7%);
- Industrivärden C, 4.7% (vs. 1.4%); Investor B, 8.3% (vs. 6.1%); Porsche Automobile Holding, 41.1% (vs. 45.4%). Rio DLC spread tightened to 22.5% (vs. to 24.9%).
- What seems interesting: Porsche SE vs. listed assets and the Rio DLC (long RIO LN/short RIO AU).
Criterium Energy Ltd (TSX-V: CEQ): On track
- • The work-over programme has started with the first two work-overs having added a total of ~40 bbl/d.
- The third work-over was not completed as damaged equipment was encountered downhole.
- • The second tranche of work-overs will start in May.
Sintana Energy Inc. (TSX-V: SEI): Chevron farm-in rerates a new area in Namibia
- Chevron is acquiring an 80% WI in PEL82 in the Walvis Basin, offshore north Namibia.
- As a result of the transaction NAMCOR and Custos’ 10% (each) residual interest will be carried. Sintana holds 49% of Custos.
- The Orange Basin’s acreage is now in the hands of multiple large companies.
VAALCO Energy, Inc. – Diversified Asset Portfolio Supports Free Cash Flow
- A diverse mix of producing assets in Gabon, Egypt, and Canada, coupled with future development projects in Equatorial Guinea and Cote d’Ivoire, positions VAALCO with an asset base that could generate substantial free cash flow to reinvest for growth and continue returning cash to shareholders in the coming years.
- VAALCO closed the Svenska acquisition on April 30, 2024, for $40.2 million in cash.
- The primary asset is a 27.39% non- operated working interest in the deepwater producing Baobab field in Block CI-40 offshore Cote d’Ivoire.
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