the bellpotter calculations as fol:
QUOTE
Longtom sell-down still on the cards
Earlier this year NXS agreed to sell 50% of the Longtom project for $155m to AED.However, some of the conditions for the sale were not able to be met, and NXS has
recently refunded a $35m deposit paid by AED, so it still owns 100% of the project.
The company has indicated that a sell-down is still under consideration, and we believe a much better price can be achieved as market conditions have improved substantially, and NXS is under less pressure to sell. Our DCF valuation of Longtom is $344m,
which equates to $0.90/GJ for gas reserves of 350PJ plus 4m barrels of condensate. This valuation is
arguably conservative, compared to market reserves multiples for companies like
Santos $1.34/GJ,
Arrow Energy $1.13/GJ and
Eastern Star Gas at $1.22/GJ(!).
Woodside’s reserves are valued at a premium $3.84/GJ equivalent as higher valued oil and LNG form a
much larger part of their asset portfolio.
If NXS can sell 50% of Longtom for $200m, this is equal to $0.21/share and the retention
of 50% would obviously be a positive for the share price UNQUOTE
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Mkt cap ! $58.43M |
Open | High | Low | Value | Volume |
20.0¢ | 20.0¢ | 19.0¢ | $16.10K | 80.92K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 53199 | 19.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
21.0¢ | 300 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 53199 | 0.190 |
3 | 77961 | 0.185 |
5 | 80233 | 0.180 |
2 | 21000 | 0.170 |
1 | 3800 | 0.165 |
Price($) | Vol. | No. |
---|---|---|
0.210 | 300 | 1 |
0.215 | 7298 | 1 |
0.220 | 88792 | 2 |
0.225 | 4444 | 1 |
0.240 | 10000 | 1 |
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