Another offer today gives the Australian investors another idea about how much the American and the international investors are willing to pay for oil-weighted growth juniors with US-assets.
Antares Energy (AZZ), an Australian junior with US operations similar to LNR, received this morning a letter of intent in amount of $300,000,000 for purchase of all Permian assets. This is from Reuters:
http://www.reuters.com/finance/stocks/AZZ.AX/key-developments/article/3024612
AZZ operates in the Permian Basin which is close to the Eagle Ford where LNR operates. Both areas receive the same pricing.
AZZ currently produces approximately 1,200 boepd (55% light oil) and has 2014 EBITDA at approximately $15 million.
In Q1 2014, AZZ had EBITDA below $3 million, so the estimate of $15 million is a rich estimate.
So the suitor pays $250,000 per boepd and 20 times the 2014 EBITDA to acquire AZZ.
LNR
At the current price of $0.46 (US listing) and A$0.48 (Sydney), LNR has Enterprise Value at $538 million.
So LNR currently trades at $114,000/boepd and just 4.6 times the 2014 EBITDA.
LNR guides for 2014 EBITDA of $105 million to $125 million, so I used the average figure of $115 million.
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