re: Ann: Quarterly Activities and Cashflow Re... Qrtly is worth...

re: Ann: Quarterly Activities and Cashflow Re... Qrtly is worth a read IMO.

Key takeaways for me are:

~ QTR2 EBITDA $4m. This additional to Q1 EBITDA $10M
~ took a haircut on production in April & May but recovered to steady state June
~ C1 costs look wild. If you believe what is reported, April & May averaged $105 / t compared to reported June $79 t. If true, this lower than economic scale reduced EBITDA circa $7.8M
~ Hedge book makes some contribution. Best guess at current book valuation (MTM) approx $19m. Supposedly delivered a $6/t premium for qtr approx $2.9m.

Overall, qtrly suggest a maintainable EBITDA around US$7m / qtr ie $4m + $7.9m - $2.9m - $2m fudge on a continuing basis. Use any multiple you like but IMO that would value NFE somewhere north of $120m or >$0.25 / share.

No commentary included re share registry despite lumpy transactions and Danlong in the shadows.

Management look to be focusing on establishing / restoring steady state operations. Regardless, IMO they sound to be challenged on the selling front. Time will tell.

Cheers