Ok. Let me add my thoughts on how to work out fair price on BPT.
1) look at enterprise value of BPT. Market cap not a good indicator. a company may have a lot of debt. With BPT, on my calcs it would have almost $300 m net cash( including COE shares) by end of Sept.
2) watch out for developed 2P. Most of BPT 2P are developed. Meaning, infrastructure already in place. Big difference in valuation for those 2P that is undeveloped.
3) realised gas price of BPT as of now is $6.20 per GJ. Compared to around $4.50 three years ago. BPT production mix is around 46% gas.
So, don't just look at oil price. BPT is growing its gas business right now. A lot of wet gas being discovered. Better economics than dry gas.
4) cost of production. BPT break even cash flow cost of US$16 per barrel of oil is definitely first class! A lot lower than 3 years ago.
5) and this is the most important. The prospectivity of BPT oil and gas properties. What are the chance that BPT will find more oil and gas under the ground that are low cost to produce?
2P Reserves History, page-42
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Last
$1.27 |
Change
0.015(1.20%) |
Mkt cap ! $2.897B | |||
| Open | High | Low | Value | Volume |
| $1.29 | $1.30 | $1.26 | $9.725M | 7.622M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 6 | 135823 | $1.27 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.28 | 50000 | 2 |
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| Last trade - 16.10pm 04/10/2024 (20 minute delay) ? |
| BPT (ASX) Chart |