Stock data
| Market cap. | £25.4m |
| Last close | 8.50p |
| High / Low (52 weeks) | 16.4p / 8.1p |
| Stock market listing | AIM, ASX |
| Forecast net cash (A$m) | 24.7 |
| Forecast gearing ratio (%) | N/A |
| Team | Resources - Oil & Gas |
| Sector | Oil & Gas |
Price performance
| % | 1m | 3m | 12m |
|---|---|---|---|
| Actual | (25.27) | (18.07) | (28.42) |
| Relative * | (21.61) | (11.34) | (21.34) |
* % Relative to local index
Other companies covered in sector
| Y/E Jun | Revenue (A$m) | EBITDA (A$m) | PBT (A$m) | EPS (c) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2010A | 0.0 | (3.8) | (2.5) | 0.6 | 22.3 | N/A |
| 2011A | 0.0 | (4.3) | (4.4) | (1.7) | N/A | N/A |
| 2012E | 20.3 | (0.5) | 1.6 | (3.5) | N/A | 1554.3 |
| 2013E | 66.9 | 54.6 | 63.8 | 17.5 | 0.8 | 950.1 |
Last updated on 23/04/2012
Latest research
Possible offer
Flash note | Oil & Gas | 05/09/2011
Hitting the trail running
Outlook | Oil & Gas | 20/05/2011
Investment summary
On 13 April 2012 Lochard's shareholders voted to remove the CEO Haydn Gardner and non-executive director Lincoln McCrabb. With executive management removed it was decided that the company could not effectively be managed so trading was suspended on AIM. With impending first oil from the Athena field and ongoing discussions for farm outs of the Thunderball and Moby assets, an experienced executive board is essential at this crucial time. The board room change may benefit Lochard in the longer term. The company has refocused its assets from chemicals to E&P oil and gas, and through removing the CEO the company appears to be doing the same to its management.
Last updated on 23/04/2012
Industry outlook
Trap Oil's purchase of 15% of the Athena field for £34m ($54m) places an effective value of $36m on Lochards 10% WI. Combined with the current net cash position (post fluid business sale), this creates a valuation of $46m. With a market cap of c $54m, investors are only placing a value of $8m on the remaining exploration portfolio.
Last updated on 23/04/2012
Key management
Company address
| Level 1, 46 Mews Road Fremantle, 6160 WA, Australia 6010 Australia View website |
