Report

QuickView: Large Argentina acreage position

Madalena Energy (MVN) is an Argentina-focused E&P player, which holds material positions in the Neuquen and Nororeste basins. Its interests in 13 concessions cover 950,000 acres and contain risked contingent recoverable resources of 105.2mmboe (172.7mmboe unrisked), with additional risked recoverable prospective resources of 192mmboe (unrisked 1.5bnboe). Importantly, the company has been able to grow production, reserves and resources over time, including a 374% increase in best estimates of risked contingent resources for its Vaca Muerta shale (at Coiron Amargo alone) over 2012 levels. Existing production realises healthy netbacks ($97/bbl in Q315) despite the fall in oil prices, providing useful cash flows. The company should see continued catalysts in 2016 to unlock the material resources contained in the acreage.
Underlying
Madalena Energy Inc

Madalena Energy is an international and domestic upstream oil and gas company whose main business activities include exploration, development and production of crude oil, natural gas liquids and natural gas. Internationally, Co. holds a land position of over 950,000 acres in Argentina and executes full cycle operations across all aspects of its oil and gas business. Domestically, Co.'s core area of operations is located in Western Canada in the Greater Paddle River area of west-central Alberta where Co. holds approximately 170 gross (130 net) sections of land (approximately 76% average W.I.) encompassing light oil and liquids-rich gas plays.

Provider
Edison Investment Research
Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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