I know I should probably wait for the Independent Experts Report but I'm trying to understand what value BPT is actually putting on EP 469 when it takes over Warrego.
Warrego has three major assets EP 469, EPA 0127 and their Spanish assets.
Spanish assets are excluded from the BPT deal. So $0 value
EPA 0127 is early stage exploration. 50% was farmed out to Mitsui 12 months ago for $1.5m. So maybe the 50% share is worth $6m today?
EP 469 is 50/50 JV with Strike. Warrego has net 2P-195 BCF, 2C-14.7 BCF and 2U-185 BCF.
Warrego has current assets of $44m. (and around $10m in liabilities) They also have spent $9m towards the construction of the Gas Plant. So round that up and call it $55m
So BPT are paying $246m.
BPT $246 less EPA0127 $ 6 WGO assets $55 $185
So a rough value of EP 469 is $185m?
Has anyone else had a chance to look at the Warrego deal? Do these numbers seem roughly correct or have I missed anything?
TEG Price at posting:
1.6¢ Sentiment: Buy Disclosure: Held
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