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Oil Gas

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June 18, 2020
Equity Research Coverage

Blue Star Helium Limited (ASX: BNL) – Highly Prospective Geology – Strong Competitive Position – Colorado, USA

We cannot value Prospective Resources and there are no easily comparable pure play helium companies that can be used as valuation comparisons. We have constructed a Indicative Financial Model of what a project would look like based on reserves the same size as the announced Prospective Resource. At an ex-field selling price of US$200/Mscf for A Grade helium, that Indicative Project would be worth between US$18 million and US$176 million...
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April 15, 2019
Equity Research Coverage

Leigh Creek Energy (ASX: LCK) – Commercial Quantities of Quality Gas Being Produced – Low Cost – Large Resource

We have a base case risked valuation range of A$0.32 to A$0.62/share (with our preferred figure at the upper end), based on Reserve multiples of other juniors with significant gas interests...
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November 12, 2018
Equity Research Coverage

Melbana Energy Limited (ASX:MAY) – Oil & Gas – High Quality, Under-Explored Projects – Aust/ Cuba

We have completed a sum of the parts NAV valuation for Melbana, with a risked value of A$113 million, or A$0.059/share as shown below. The per share valuations are based on the current share structure, with no allowance for any future capital raising....
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October 22, 2017
Equity Research Coverage

Calima Energy Limited (ASX:CE1) – Drilling of Three Horizontal Wells – Liquids-Rich Areas of The Montney – British Columbia, Canada

We have a base case 6-month price target of A$0.15/share for Calima, based on a land value of C$2,500/acre, and a fully diluted structure including the current fully diluted share base plus 200 million shares issued through upcoming capital raisings of a minimum of A$20 million at $0.10/share to fund the farm-in drilling....
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May 31, 2016
Company Profile Reporting

Kalina Power Limited (ASX: KPO) – Owns Technology – For Binary Power Generation – Geothermal or Waste Heat that Generates Power

The company is seeking to roll out the technology to industrial operations to improve the energy efficiency at their operations. The technology can be used across a range of industries and is most effective for low temperature heat sources of less than 500°F. The technology is commercially viable with the technology currently being used or deployed in 15 plants across the world....
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July 3, 2014
Equity Research Coverage

Austin Exploration Limited (ASX: AKK) – Oil & Gas – Eagleford & Colorado

AKK has economic interests in four oil and gas projects in the USA, with net acreage of 15,135. The two key projects are the (i) Birch Eagle Ford Project, which is a 5,000 acre tenement located in Burleson County, Texas that has capacity for 64 wells, and (ii) Pathfinder Project, which is an 11,560 acre tenement...
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