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16/03-2007 09:32:00: (NEC) Norse Energy Corp. ASA - Manati update

 

Norse Energy Corp, in Partnership with Petrobras (Operator) and

Queiroz Galvão Oleo e Gas S.A., is pleased to present the following

Manati field update:

 

* Well MNT- 3 successfully completed and in production as of March

12th.

* Well MNT-4 concluded production tests with effective production of

about 1 MMm3/day, with a 60/64" choke - confirming good production

capacity. Currently in the process of setting the Christmas Tree

and in preparation for tie in operations. The rig will move to

drill MNT-6 well.

* Well MNT-5, equipped with open hole gravel pack system under

completion for production testing. The rig will be released to

drill another Petrobras well while waiting for the IBAMA

environmental license to start drilling the exploration wells on

BCAM-40.

 

Average Manati gas production so far in March month has been about

1.9 million m3/day. Production is set to increase with new wells

coming on line and with increased capacity to receive new gas supply.

 

For information please contact;

Anders Kapstad

CFO

 

NORSE ENERGY CORP ASA

Strandveien 50, P.O Box 262,

1326 Lysaker, Norway

Tlf.: +47 67 51 61 12

Telefax: +47 67 51 61 11 Mobil: +47 91 81 74 42

www.norseenergycorp.com

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En mere pinglete aksje enn denne skal man lete lenge etter.

 

Kun positive nyheter, sterk oljepris,.... og økende reserver. Jeg tror snart selskapet prissettes til skrapverdien av innstalasjonene?

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Nedsalget fra DNM den siste tiden kan se ut til å stamme fra Pendragon. (Bank of new york)

 

 

Netto meglerhandel på dag/uke/mnd:

 

http://nettavisen.solutions.six.se/na24no/...tsid%2018007)))

 

 

Oppdatert topp 20 liste fra idag:

 

1 CAMILLO ENERGY AS 13,30 % 46 907 233 0 46 907 233 Sels. NOR

2 BANK OF NEW YORK, BRUSSELS BRANCH 7,37 % 25 998 000 -3 142 000 29 140 000 Nom. GBR

3 CAMILLO TRADING AS 4,05 % 14 282 832 0 14 282 832 Sels. NOR

4 VIKSUND AS 3,57 % 12 593 000 0 12 593 000 Sels. NOR

5 SOLODDEN AS 2,08 % 7 333 894 0 7 333 894 Sels. NOR

6 8 BJÅMER DITLEF HVALSTAD 1,98 % 7 000 000 1 774 000 5 226 000 Priv. NOR

7 6 KAJUKA AS 1,82 % 6 423 500 0 6 423 500 Sels. NOR

8 7 STATE STREET BANK AND TRUST CO. 1,70 % 5 988 649 0 5 988 649 Nom. USA

9 TYRHOLM & FARSTAD A/S 1,43 % 5 029 616 0 5 029 616 Sels. NOR

10 FARSTAD SVERRE ANDREAS 1,42 % 5 000 000 0 5 000 000 Priv. NOR

11 FARSTAD JAN HENRY 1,16 % 4 107 616 0 4 107 616 Priv. NOR

12 13 NESTOR SHIPPING AS 0,84 % 2 971 000 0 2 971 000 Sels. NOR

13 14 DANSKE BANK A/S 0,81 % 2 865 106 -14 000 2 879 106 Nom. DNK

14 12 SAF INVEST AS 0,81 % 2 846 000 -154 000 3 000 000 Sels. NOR

15 EITZEN AXEL CAMILLO 0,71 % 2 511 147 0 2 511 147 Priv. NOR

16 WESTCAP A/S 0,71 % 2 500 000 0 2 500 000 Sels. NOR

17 CATRE AS 0,70 % 2 480 011 0 2 480 011 Sels. NOR

18 NINVEST AS 0,57 % 2 000 000 0 2 000 000 Sels. NOR

19 MP PENSJON 0,57 % 1 994 000 0 1 994 000 Sels. NOR

20 30 BNP PARIBAS SEC. SERVICES PARIS 0,55 % 1 950 000 600 000 1 350 000 Nom. FRA

21 20 BRØDR. HETLAND AS 0,54 % 1 903 921 100 000 1 803 921 Sels. NOR

22 21 NÆSS ODD 0,50 % 1 765 000 0 1 765 000 Priv. NOR

23 22 NORDNET SECURITIES BANK AB 0,49 % 1 722 549 16 000 1 706 549 Nom. SWE

24 IN DNB NOR BANK ASA EGENHANDELSKONTO 0,46 % 1 639 400 - - Sels. NOR

25 23 VAKSVIK KARL JOHAN 0,45 % 1 576 000 0 1 576 000 Priv. NOR

26 25 HETLANDS GECCO MANAGEMENT AS 0,43 % 1 515 202 0 1 515 202 Sels. NOR

27 26 HOLBROOK SIDNEY DENNIS 0,43 % 1 508 873 0 1 508 873 Priv. USA

28 27 BRØDR JACOBSEN HANDEL A/S 0,43 % 1 500 000 0 1 500 000 Sels. NOR

29 HORPESTAD ANDREAS 0,43 % 1 500 000 100 000 1 400 000 Priv. NOR

30 28 SKJÅNES INVEST AS 0,41 % 1 446 000 0 1 446 000 Sels. NOR

OUT 24 DEUTSCHE BANK AG LONDON - - - 1 547 968 Sels. GBR

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Dette er knall:

 

17/04-2007 16:12:03: (NEC) NEC- BRAZIL UPDATE

Norse Energy Corp. ASA is pleased to announce the

following update from Brazil;

- Manati well no 6 spudded.

- Manati currently producing around 3 million

m3/ day.

- Coral has started producing from well no. 5

since early April. The current production is

around 6000 bbl/ day. Production is still expected

to be volatile.

Further update will be given at 1Q results on May

22nd.

 

Contact info;

 

Anders Kapstad

CFO

 

NORSE ENERGY CORP ASA

Strandveien 50, P.O Box 262,

1326 Lysaker, Norway

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22/05-2007 07:52:50: (NEC) NEC - FIRST QUARTER 2007 RESULTS

 

 

The NEC Board has on May 21st, 2007 approved the

Q1-2007 report for Norse Energy Corp. ASA.

 

NEC reported USD 0,2 million in EBITDA and net

profit of USD 5,2 million for the first quarter.

Oil and gas production was up 46% in Q1 from the

previous quarter to an average production of 2 630

BOE/ day.

 

For further information please see attachments.

 

Contact:

Anders Kapstad, CFO

Phone: +47 67 51 61 12

Cell: +47 918 17 442

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Nye fjes i Norse

 

Det er gjort noen endringer i styret i Norse Energy.

 

 

Artikkel av: Odd Steinar Parr (23.5.07 11:53)

 

 

Relaterte artikler Se aksjeticker

- Norse Energy, teknisk analyse og biltest - Sterkere tall fra Norse

- NEC

 

 

 

 

Styret i Norse Energy har enstemmig vedtatt å velge Petter Mannsverk Andresen til å erstatte Axel C. Eitzen som styreformann, heter det i en børsmelding.

 

Eitzen vil fortsette som styremedlem.

 

I tillegg er Lise Heien Langaard valgt inn som medlem av styret.

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Fra CAR i dag:

 

NEC (3,44) – Oppdatering fra Manati (Kjøp)

Norse Energy Corp kom i går med en oppdatering fra Manati-feltet offshore i Brasil. Selskapet meldte at brønnen MNT-6 nå er ferdig boret, og at reservoarets net pay er estimert til 190 meter. Dette er mye, men ikke overraskende basert på boreresultatene fra de fem første brønnene. De neste stegene nå inkluderer testing og oppkobling før brønnen kan settes i produksjon.

 

Selskapet melder videre at dårlig vær, og manglende tilgang på utstyr og dykkere har forsinket tilkoblingen av brønnene MNT-4 og MNT-5. Som indikert i kvartalsrapporten kan feltet strekke seg lenger nordøstover, og NEC bekrefter at konsortiet vil bore en syvende brønn. Brønnen blir trolig først boret til neste år.

 

Vi estimerer verdiene i NEC til å ligge på godt over 7 kroner/aksje, og aksjen fremstår følgelig som et meget godt kjøp på dagens nivåer. Vi gjentar vår kjøpsanbefaling og vårt 12-måneders kursmål på 6 kroner.

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Mer fra CAR idag:

 

NEC (3.74) – Strong improvement in operations and results expected (Buy)

Norse Energy Corp has performed poorly since the beginning of the year, both in absolute terms (-9%), and compared to peers (OSE Energy Index +20%). The poor development can to a large extent be explained by production problems and high costs at Coral (Brazil), which again has resulted in poor financial results. In addition, NEC has still not received environmental licenses to drill exploration wells in Brazil (management estimate is 3-7 exploration wells in 2007), and the planning phase for the development of the BS-3 project has taken more time than previously anticipated.

 

In spite of these difficulties, we believe the company will perform well, and probably exceed expectations the coming quarters. Key contributors will be improved production from Coral (about 6,000 bbls/day in Q2, almost the double of Q1), Manati and the US E&P division. The production from the two latter will increase as previously drilled wells are connected and put into production.

 

NEC’s EBITDA last quarter was only USD 0,2 mill, and the share fell 5,7% as a consequence of the poor results. EBITDA Q4 2006 was also poor, USD 1,1 mill, whereas Q1-Q3 2006 were more in line with expectations, USD 4,6 mill to USD 5,4 mill. For Q2 2007 we expect an EBITDA of USD 9,2 mill, and the result in Q3 should be even better – assuming the production at Coral stays at current levels.

 

Additional triggers at the Q2 presentation may be the update of the planning of the BS-3 project, and the update from the US E&P division. Particularly information about the deeper prospects may be a positive trigger. We estimate NEC’s NAV to be in the range of NOK 7,50/share, and the share consequently trades at a substantial discount. As we also expect a positive newsflow the coming months, the share stands out as an excellent investment opportunity. We reiterate our buy recommendation, and our 12 months target of 6.00 NOK.

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Og kursen går!

 

19/07-2007 09:32:09: (NEC) NEC - MANATI UPDATE

 

 

Press release from Norse Energy Corp ASA

19.07.2007

 

Norse Energy Corp, in Partnership with Petrobras

(Operator) and Queiroz Galvão Oleo e Gas S.A., is

pleased to present the following Manati field

update;

 

- Manati well # 5 has been tied-in and in

production as of July 17th.

 

Contact info:

 

Anders Kapstad

CFO

 

NORSE ENERGY CORP ASA

Strandveien 50, P.O Box 262,

1326 Lysaker, Norway

Mobil: +47 91 81 74 42

Telefax: +47 67 51 61 11

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Ny oppdatering fra CAR idag:

 

NEC (4.00) – Manati #5 in production (Buy)

 

Norse Energy Corp yesterday reported that Manati #5 has been tied in, and set into production. The well is the fourth Manati-well that has come into production since the field was started up in January.

 

The large gas field is NEC’s second producing field in Brazil. The field is expected to have a peak production of close to 40,000 boe/day, of which NEC has 10% share. NEC has previously forecasted a strong production profile at Manati – peak production is expected last around 5 years, and the slow decline afterwards enables production for at least 20 years. Since the profile was presented high pay-levels from drilled production wells, strong test-rates and the decision to drill a 7th well (in 2008) supports an even stronger production profile.

 

The gas from Manati is sold to Petrobras on a take-or-pay contract where the range is 3.5 to 6.0 mill m3/day. Due to the very tight market situation in Brazil Petrobras is expected to purchase as much as it can. The price is relatively low, USD 4.5/MmBtu (approximately USD 27/boe. The contract is denominated in Brazilian Real). The low price is however to some extent compensated by low production costs.

 

Although Manati according to our estimates only constitutes about 20% of the (gross) values of NEC, the gas-field is of high importance as it (also) generates substantial short- and mid term cash-flows due to strong production and limited future investment requirements. There is furthermore substantial upside in the renegotiation of the contract with Petrobras (in about a year) and the infrastructure (processing plant and pipelines) that might be used in the development of other regional gas projects.

 

Our NAV-estimate for NEC is in the range of NOK 7.50/share. As we expect a positive newsflow the coming months, the share represents an excellent investment opportunity at today’s levels. We reiterate our buy recommendation, and our 12-months target of NOK 6.00

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Og enda en anbefaling. På tide at markedet tar det til seg :rolleyes:

 

Analytiker: Kjøp disse aksjene

 

Analytiker snakker om noen av børsens billigste aksjer, sterk kjøpsanbefaling og oppside på 48 prosent. Her er dagens aksjetips.

 

 

Artikkel av: Stian Jacobsen (20.7.07 13:21)

 

 

I dagens morgenrapport fra Orion Securities omtales følgende aksjer som dagens case:

 

 

Exense (6,40) – børsens billigste IT-konsulentselskap. Vurdert ut fra EV-multipler er Exense blant de billigste selskapene på børsen. Vi mener aksjen greit forsvarer en kurs på 8,50 og har en sterk kjøpsanbefaling.

Norse Energy (4,00) – børsens billigste oljeselskap. Vi slapp i går en analyse av Norse Energy hvor vi konkluderer med sterkt kjøp og et kursmål på 5,90 kroner pr. aksje. Opp dit er det hele 48 prosent, og dette bør være mer enn nok til å forsvare en inntreden.

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Knappet fra HO (Paretoanbefaling):

 

08.08.07

 

2Q07 Preview - Increasing production from Manati

 

EBITDA expected up to USDm 2.0 vs USDm 0.2 in 1Q07 on back of higher Manati production. Look for updates on exploration program and BS3 development project

 

 

Norse Energy will report their 2Q07 results on Tuesday 14 August at around 08:00 CET. The management presentation will be held at Shippingklubben, Haakon VII’s gate 1, at 08:30 CET

 

We estimate 2Q07 EBITDA of USDm 2.0 up from USDm 0.2 in 1Q07

 

In addition to a higher oil price, this is explained by increased production from both Coral, Manati and the US gas portfolio

 

Average production during 2Q07 is estimated at 3,800 boe/day, up from 2,700 boe/day last quarter

 

The company is now in the process of phasing in the final production well at Manati (well #5 ot of 6 was tied in last month). Thereafter we expect production from this field alone to stabilize at around 3,500 boe/day

 

We therefore estimate total production of 6,500 boe/day in 2008E, with EBITDA of USDm 59

 

On outlook, any updates on the progress of the BS3 development project (Cavalo Marinho and Estrela do Mar) could be a potential trigger for the share as these fields have potential to more than double company production. The company is currently in discussions on the project with Petrobras

Also, Norse is waiting for environmental license to go ahead with an exploration campaign around Manati. This could add significant reserves and expand the Manati project

 

We have a Target Price of NOK 5.5 per share on NEC and recommend to BUY the share, based on low pricing of the company’s reserves (US$ 7/boe P1+P2)The recommendation was not presented to the issuer before dissemination

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Fra HO

 

Norse skuffer

 

Norse Energy melder om følgende resultater i 2. kvartal.

 

Artikkel av: Carine Møller Mortensen (14.8.07 07:50)

 

 

Norse Energy melder om et resultat før skatt på -1,1 millioner dollar i 2. kvartal 2006. I samme periode i fjor var resultatet 0,4 millioner dollar.

 

Driftsresultatet ble på 0,6 millioner dollar, mot 1,5 millioner dollar i fjor.

 

Selskapet oppnådde netto driftsinntekter på 57,8 millioner dollar i kvartalet, opp fra 45,9 millioner dollar året før.

 

"Vi venter en betydelig økning i aktiviteten i andre halvår. Divisjonen vurderer ulike strukturelle muligheter", skriver selskapet ifølge TDN Finans.

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Ja, typisk HO kommentar. Her er I-markedet sin vinkling:

 

Norse Energy fikk Manati-løft

 

Norse Energy fikk en kraftig økning i omsetning og resultat etter at Manati-feltet kom i produksjon i andre kvartal.

 

 

Med tre av de seks gassbrønnene på Manati-felet utenfor Brasil i produksjon i andre kvartal så fikk oljeselskapet et markant løft i inntjeningen i andre kvartal.

 

Selskapets samlede produksjon økte fra 2.630 fat oljeekvivalenter i første kvartal til 4.472 fat per dag i andre kvartal. Dette økte driftsinntektene fra 48,7 millioner dollar i første kvartal til 57,8 millioner i andre kvartal.

 

Driftsresultatet før avskrivninger gikk fra null i første kvartal til pluss 8,1 millioner i andre kvartal.

 

Driftsresultatet endte på pluss 0,6 millioner dollar i andre kvartal, mot minus 4,8 millioner i perioden før. Nettoresultatet endte likevel på minus 1,4 millioner dollar, mot pluss 5,2 millioner i første kvartal.

 

Det er ventet ytterligere økning i selskapets inntekter i tredje kvartal i forbindelse med at de resterende tre produksjonsbrønnen på Manati er i ferd med å komme i produksjon.

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Flott melding, men kanskje synd den kom på en mørkerød dag...

 

15/08-2007 08:53:28: (NEC) ENVIROMENTAL LICENSE GRANTED FOR DRILLING GENGIBRE

 

 

Norse Energy Corp, in partnership with Petrobras

(Operator) and Queiroz Galvão, is pleased to

announce the granting of the IBAMA environmental

license to drill the GENGIBRE prospect in the BCAM-

40 block, Camamu-Almada basin, offshore Brazil.

 

The GENGIBRE well will be drilled about 4.0 km

northeast of Manati well #3 of the Manati field, in

approximately 52 meters of water depth. The jackup

rig planned to be used is currently at the Manati

well #6 location.

 

The main target of the well is gas within the same

Sergi sandstone reservoirs that produces from the

Manati Field.

 

Total drilling depth is forecasted at around 3,500

meters.

 

For further information please do not hesitate to

contact:

 

Anders Kapstad, CFO

Phone: +47 67 51 61 12

Cell: +47 918 17 442

Website: www.norseenergy.com

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Orion om NEC

 

Green light for exploration drilling

 

Norse Energy posted its Q2 figures only slightly below our expectations, primarily due to marginally lower than forecasted production: 4 472 boe/d vs our estimate of 4 550 boe/d.

The eagerly awaited Norse’s exploration campaign offshore Brazil has finally been shown green light. Brazilian authorities have granted the environmental license to drill one of the prospects, Gengibre. It presents a 7,7 mill boe resource potential to Norse which in case of success could add NOK 0,5 to Norse’s NAV per share.

Re-evaluation of Norse’s exploration potential offshore Brazil from 187 mill boe to 230 mill boe has mitigated a negative impact to Norse’s NAV estimate from lower oil futures curve and reduced Coral estimates. Our NAV estimate hence gets down only slightly, from NOK 5,9 to NOK 5,7 per share, triggering a corresponding adjustment of our price target.

 

Conclusion

Finally, Norse is able to start the long-awaited exploration campaign offshore Brazil which may result in a substantial increase of the company’s reserve base and value. We look forward to the first exploration well and retain our Strong Buy recommendation with a slightly reduced price target of NOK 5,70 per share.

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29/08-2007 14:22:48: (NEC) NEC - CONSIDERING SALE OF SOME PRODUCING US GAS PROPERTIES

 

Norse Energy Corp. ASA is considering a sale of its

gas producing properties in the Medina Field

located near Jamestown, New York. The package

consists of about 330 existing wells, representing

about 80% of the current US gas production. A data

room will be opened late September to accommodate

prospective buyers, and a decision is anticipated

by the end of the year.

 

The potential sale reflects a strategic shift to

focus the resources of Norse Energy on higher-

impact gas plays in the Appalachian Basin, and the

company expects that production shortfall, as a

result of the potential asset sale, will be

compensated fairly quickly by future drilling of

horizontal and deep wells.

 

For further details please contact:

 

Anders Kapstad, CFO

Phone: +47 918 17 442

or

Øivind Risberg, CEO

Phone +47 952 00 642

 

NORSE ENERGY CORP ASA

Strandveien 50, P.O Box 262,

1326 Lysaker, Norway

 

Phone: +47 67 51 61 10

Fax: +47 67 51 61 11

www.NorseEnergy.com

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Hvorfor reagerte aksjekursen negativt på nyheten om et mulig salg? Slik jeg ser dette så må det være positivt at NEC konsentrerer seg om et område. Og det at selskapet er så sikre på sine andre satsingsområder at de kan selge andre lønnsomme områder må da love positivt for fremtiden?

 

Eller er det jeg som ser for positivt på dette, kan det være et tegn på at selskapet friggjør kapital pga dårlig likviditet i forbindelse med andre prosjekter?

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Hvorfor reagerte aksjekursen negativt på nyheten om et mulig salg? Slik jeg ser dette så må det være positivt at NEC konsentrerer seg om et område. Og det at selskapet er så sikre på sine andre satsingsområder at de kan selge andre lønnsomme områder må da love positivt for fremtiden?

 

Eller er det jeg som ser for positivt på dette, kan det være et tegn på at selskapet friggjør kapital pga dårlig likviditet i forbindelse med andre prosjekter?

 

Er også for meg en gåte hvorfor kursen skulle falle på meldingen. Oppnår ikke selskapet den prisen de ønsker er det jo bare å la være å selge. Limer inn en CAR-analyse som jeg ærlig og redelig har knappet fra et innlegg på HO:

 

NEC (3.46) – Considers divesting US assets (Buy)

Yesterday Norse Energy Corp reported that the company is considering divesting its Medina-field in western NY state. The Medina-field consists of 330 producing gas wells, and represents approximately 80% of NEC’s US production. In addition to the wells, NEC also has a number of drilling locations in the field. NEC will next month open a data room to accommodate prospective buyers, and anticipates a decision before the end of the year.

 

The sell off represents a strategic shift for the company as it would free staff and financial resources to focus on its deeper and more interesting plays further east in the state. The deeper plays have estimated finding cost (per energy-unit in increased reserves) of 20%-40% of the wells in the Medina-field, and the risk associated with the wells is moderate. NEC has focussed much on acquiring leases the last years, and the potential in the deeper plays is substantial. The strategic shift is hence a smart move.

 

We have previously estimated the value of NEC’s American E&P division to be approximately NOK 450 mill. As the Medina-field constitutes for 80% of the production and a large chunk of NEC’s US reserves, we believe NEC could receive a substantial amount for the field.

 

We consider it highly probable that the divesture would reduce the divergence between our NAV-estimate (NOK 7.50/share) and the current share-price. Preliminary guesstimates of the effect a sell off would have on the share price are 15-30 øre/share. In the longer run the divesture would also increase the NAV in itself.

 

There are substantial medium-term triggers in NEC. Key ones include: the discussed divesture in the US, drilling of exploration wells in Brazil, finalizing the development plan for the BS-3 block in Brazil (including a possible farm-in agreement on the Caravela-field) and strengthened financial results due to increased production in the US and at Manati. We reiterate our strong buy-recommendation, and our 12 months target of NOK 6.00.

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Pareto om NEC: 14-aug-2007

 

2Q07 Review - Brazil Exploration start around the corner?

 

 

Strong 2Q EBITDA of USDm 8.1 vs USDm 2.0 expected on higher production. Norse sees a high upside potential in Manati area, and may start exploration there shortly. Reiterate BUY - Target NOK 5.5

 

 

• Norse Energy today reported 2Q07 EBITDA of USDm 8.1 vs our estimate of USDm 2.0. Net Profit came in at USDm (1.4) vs USDm (5.6) expected

 

• Production for the quarter averaged 4,472 boe/day compared to our estimate of 3,800 boe/day. This was due to a quicker ramp-up at Manati and higher production at the Coral oil field

 

• Production at Coral has however declined during the summer and has average 1,100 bbl/day this far in 3Q vs 1,800 bbl/day in 2Q. The company expects to close the Coral field down sometime in 2008

 

• We expect 3Q production in line with 2Q as Manati increases further as well as impact from more drilling in the US

 

• The company is waiting for approval from the Brazilian environmental authorities to drill several exploration wells in the Manati area. We got the impression that this approval may be just around the corner

 

• The first well to be drilled will target the Gengibre prospect. This has a potential of adding ~8 mill boe gas to NEC’s reserves, and has a NOK 0.5 per share value potential if successful. The company has 3 further prospects in this area with another 28 mill boe potential, which could be drilled after the Gengibre well

 

• With a high reserve base and good chances for significant reserve growth from exploration drilling before the end of the year, we think now is a good time to BUY NEC. Target Price of NOK 5.5 reiterated

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Følgende "hus" har analysedeking av NEC. Her er kursmålene:

 

Pareto : 5,50

Orion : 5,70

CAR : 6,00

 

 

Topp20 listen øker og øker, FS og GLS har nettokjøpt nesten 5 mill aksjer siste mnd. Kan det være Pendragon som øker? NEC Aksjonærene har lenge etterlyst at verdiene i USA divisjonen blir synliggjort.

 

Fra børsmeldingen forrige uke:

29/08-2007 14:22:48: (NEC) NEC - CONSIDERING SALE OF SOME PRODUCING US GAS PROPERTIES

http://norma.netfonds.no/release.php?id=20070829.OBI.1105067

 

De siste tiden er det blitt omsatt flere mindre gassfelt som kan gi en god indikasjon på hva NEC vil få for sine felt.

 

Her er et av de siste salgene

 

Legacy Expands Acreage Position in the Permian Basin

Legacy Reserves LP Friday, August 31, 2007

(...)

 

http://www.rigzone.com/news/article.asp?a_id=49653

 

Sakset fra (HO)

 

Innlegg av: Domus (31.08.07 19:21 ), lest 720 ganger

 

Norse E - produksjon ca. 800 boe dvs. ca. 3.2 ganger større enn Legacys kjøp.

 

Norse E - reserver 11,22 MMboe dvs 11,22 mill boe (2p) dvs ca. 8 ganger større enn Legacys kjøp. (Nå må muligens noe av disse reservene trekkes fra da USA-delen som skal selges utgjør 80% av totalen...80% blir ca 6 ganger større reserver enn Legacys kjøp...)

 

I tillegg skal også rørledningssystemet i dette området bakes inn i prisen...

 

Så hva kan dette utgjøre...

 

Legacy skal betale $15,3mill+$6,1mill=$21,4 mill = 124 mill Nok

 

Hva er det da rimelig at man skal betale for et selskap med ca 3 ganger så stor produksjon og ca 6? ganger så store reserver og hvor det i tillegg inngår et godt rørledningsnett ??

 

Skal det prises etter produksjon eller reserver eller kombinasjon av disse, og hva er et rørledningsnett verdt i praksis ???

 

Legger vi oss på middelveien mellom prod og reserver så skal USA-biten som skal selges legges ut til 4,5 ganger Leagacys kjøp - dvs 560 mill Nok...(uten rørledning)

 

Så kan vi jo spørre oss - Er det rimelig å kjøre slike sammenlikninger ?

 

Både ja og nei.

 

For Legacy vil ikke Norse sin USA del være interessant(tror jeg) pga beliggenhet av brønnene kontra resten av Legacys innehav.

Og er prisingen uavhengig av geografisk beliggenhet i USA dvs nærhet til viktige marked osv...??

 

MEN å kjøre en slik sammenlikning er også fruktbar da den kan gi en pekepinn på prising selv om feilkildene kan være mange og store...

 

 

Det er også viktig å ha i tankene at Norse ønsker å beholde de områdene og brønnene de anser har størst potensiale og på sikt størst verdi. Ved et salg kan selskapet frigjøre ressurser som kan bidra til utviklingen av resterende USA-del som sannsynligvis vil overgå dagens med god margin.

 

Det er også greit å nevne at de brønnene og feltene som selges absolutt har livets rett og produserer med god avkastning, men som selskapet vil avhende da de ser større muligheter i horisontal-og dypbrønner.

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Disse tikket inn igår:

 

Swift Energy To Buy South Texas Properties For $245 Million

DOW JONES NEWSWIRES

Swift Energy Co. (SFY) Wednesday said it agreed to buy interests in three

South Texas properties in the Maverick Basin for $245 million from Escondido

Resources LP.

Houston-based Swift Energy said it currently estimates that total reserves of

the purchased properties are aboutcubic feet equivalent of proved

reserves and 46 Bcfe of proba 77 billion ble reserves. About 70% of the proved reserves are

classified proved developed, the company said.

 

http://www.marketwatch.com/News/Story/swif...&siteid=msn

..

 

Chesapeake skal selge område med ca. 30mmcf/d i produksjon = 5000boed og reserver på 145bcf = 24,1mmboe

For dette regner Chesapeake å få ca. 550 mill dollar !

 

http://www.marketwatch.com/news/story/ches...P_Mod_pressN.no

 

Necs produksjon på ca. 855 boed og reserver på 11,22mmboe

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