Analysts
Most recent initiations
| Gasol | Simba Energy |
| Ithaca Energy | Quadrise Fuels International |
| Rockhopper Exploration | Victoria Oil & Gas |
Recent QuickViews
Valiant Petroleum
A balanced portfolio
Oil & Gas | published 19/01/2012
Simba Energy
PSC taken forward
Oil & Gas | published 26/10/2011
Falkland Oil & Gas
Rig on the horizon
Oil & Gas | published 09/05/2011
Greka Drilling
Drilling services play
Oil & Gas | published 04/05/2011
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Resources - Oil & Gas sector team
Latest research
Gasol
African LNG optimisation
Outlook | Oil & Gas | 07/02/2012Gasol’s strategy, updated in 2011, is to monetise stranded gas assets in Nigeria and around the Gulf of Guinea and to seek additional routes to optimise…
Xcite Energy
Clear path to first oil
Update | Oil & Gas | 02/02/2012The last two months have seen Xcite carve out a route to first oil from Bentley in 2012 that can be fully equity funded and without need for FDP approval.…
DEO Petroleum
Funding key to core NAV
Update | Oil & Gas | 19/01/2012An FPSO allows DEO to move towards a hub development structure that aims to lay a foundation for the company and allow it to unlock the potential of the…
Valiant Petroleum
A balanced portfolio
QuickView | Oil & Gas | 19/01/2012Valiant offers investors a company with a balanced portfolio of cash flow, exploration and operatorship. With existing production, Valiant is cash producing,…
Tower Resources
Uganda well go ahead
Flash note | Oil & Gas | 09/01/2012Tower has arranged a $15.5m SEDA agreement with a fund managed by Yorkville Advisors, that will enable the Mvule-1 well in Uganda to be drilled on schedule…
Research methodology
We apply expected monetary value (EMV) using a discounted cash flow model for valuing exploration and production (E&P) companies. Key components of EMV calculation are the value in discounted cash flows terms associated with a successful outcome, the chance of achieving a successful outcome and the cost of a dry hole (risked cost of failure). Risk factors are a combination of the probabilities of the presence of reservoir, presence of trap and presence of working hydrocarbon system plus the appraisal and development associated with work necessary to bring the field to production. In addition to EMV, we sense check the valuation through EV/2P (proven + probable reserves) multiples, taking into consideration the comparable asset characteristics (eg 2P developed or undeveloped, stage of development, fiscal regime, etc).
Sector commentary
Sector reports
Sectors covered
Oil & Gas Show companies
- ADX Energy
- Afren
- Aminex
- Andes Energia
- Canoel International Energy
- Coastal Energy
- DEO Petroleum
- Dominion Petroleum
- Dragon Oil
- Falkland Oil & Gas
- Faroe Petroleum
- Forum Energy
- Gasol
- Great Eastern Energy Corporation
- Green Dragon Gas
- Greka Drilling
- Gulfsands Petroleum
- Ithaca Energy
- JKX Oil & Gas
- Leed Petroleum
- Leni Gas & Oil
- Lochard Energy Group
- Madagascar Oil
- Mediterranean Oil & Gas
- Nautical Petroleum
- Nighthawk Energy
- Northern Petroleum
- Premier Oil
- Quadrise Fuels International
- Range Resources
- Regal Petroleum
- Rockhopper Exploration
- Royal Dutch Shell
- SacOil Holdings
- Salamander Energy
- Simba Energy
- SOCO International
- Sound Oil
- Stratic Energy
- Tower Resources
- Valiant Petroleum
- Victoria Oil & Gas
- Xcite Energy
