Anyway ME brought out a valuation for Beach on the 19/4/21 which valuaed BPT at A$4,838M or A$2.10 per share.
On Friday, after the downgrade announcement, BPT was trading at A$1.28 per share or A$2,908M;
The components in ME valuation were as follows:
Column 1 Column 2 Column 3 Column 4 0 Res Valuation 1 mmboe A$M A$/share 2 Cooper Basin (STO operated JV) 57 608 3 Cooper Basin (Oil) 46.1 1,187 4 Cooper Basin (Wet Gas) 15.5 265 5 Taranaki Basin (Kupe) 20 249 6 Otway Basin (excluding undeveloiped discoveries) 41 1,086 7 Other Projects 92 1,088 8 272 4,483 9 10 Cooper, SACB JV - 2C 17 48 11 Otway Basin (Artisan & Enterprise) 34 344 12 13 Cash 249 14 Debt -208 15 Corporate Overheads -97 16 Third Party Volumn 17 17 Total 323 4,836 2.12 18 19 Less 20 Cooper Basin (Oil) 46.1 1,187 21 Cooper Basin (Wet Gas) 15.5 265 22 Revised Valuation excluding Western Flank 261 3,384 1.48 23 24 Add: 25 Cooper Basin (Oil) 25.9 ? ? 26 Cooper Basin (Wet Gas) 8.7 ? ? 27 Revised Valuation/reserves 296 ? ? 28
If you totally exclude the Western Flank, ME valuation comes in at A$3,384M or A$1.48 per share.
However, the western Flank still has 25.9 and 8.7 2P Oil and Gas Reserves. Consequently, based on ME valuation, would expect a revised valuation of something in excess of A$1.48 depending on the revised valuation for the Western Flank.
The Western Flank was valued at A$1,452M or A$0.64 per share prior to this down grade in 2P Reserves from 61.6 mmboe to 34.6 mmboe.
Would have to conclude that a large part of this downgrade was already anticipated by the market prior to this announcement. However, 2021 reported profit is not going to look good. Will be interesting to see where the share price goes from here.
Also just worth noting that the expected fall in FY22 Western Flank oil production of 4.0 – 5.0 MMbbls, as announced by Beach, is against previous estimates by Beach and not FY21 production.
Regards
SP
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Mkt cap ! $2.646B |
Open | High | Low | Value | Volume |
$1.19 | $1.19 | $1.16 | $9.535M | 8.129M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
17 | 276452 | $1.16 |
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Price($) | Vol. | No. |
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$1.17 | 204959 | 5 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
17 | 276452 | 1.155 |
34 | 251015 | 1.150 |
2 | 69196 | 1.145 |
6 | 48044 | 1.140 |
2 | 34126 | 1.135 |
Price($) | Vol. | No. |
---|---|---|
1.170 | 204959 | 5 |
1.175 | 114706 | 3 |
1.180 | 134011 | 3 |
1.185 | 67405 | 4 |
1.190 | 60609 | 3 |
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