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ABGSC Oil & Oil Services Research ... (+3)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
  • Oliver Dunvold
ABGSC Oil & Oil Services Research ... (+3)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
  • Oliver Dunvold
ABGSC Oil & Oil Services Research ... (+4)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
  • Martin Mauseth
  • Oliver Dunvold
ABGSC Oil & Oil Services Research ... (+3)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
  • Oliver Dunvold
ABGSC Oil & Oil Services Research ... (+3)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
  • Oliver Dunvold
ABGSC Oil & Oil Services Research ... (+4)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
  • Martin Mauseth
  • Oliver Dunvold
ABGSC Oil & Oil Services Research ... (+3)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
  • Martin Mauseth

All share offer likely to be accepted

Q3 production much as expected. All share offer likely to be accepted. P/NAV of 1.00x discounts Brent to ~USD 82/bbl.

ABGSC Oil & Oil Services Research ... (+4)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
  • Martin Mauseth
  • Oliver Dunvold
ABGSC Oil & Oil Services Research ... (+3)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
  • Martin Mauseth

Small estimate changes despite lower guidance

Q2 EBITDA 8% above on lower costs. Reduced guidance, yet only small changes to estimates. Reiterate fair value range of SEK 30-55/sh.

ABGSC Oil & Oil Services Research ... (+3)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
  • Martin Mauseth
ABGSC Oil & Oil Services Research ... (+3)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
  • Martin Mauseth

Moving ahead on block 56

Q2 production slightly below. Focus in Q2: Exploration, FDP on Block 56 & strategic review. P/NAV of 0.59x, discounts Brent of USD 67/bbl.

ABGSC Oil & Oil Services Research ... (+3)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
  • Martin Mauseth

Q1: Figures in line, awaits closing of merger

Q1 figures in line – small estimate revisions. Awaits closing of merger between 3R and Enauta. Reiterate our fair value range of SEK 8.0-14.0/share.

ABGSC Oil & Oil Services Research ... (+3)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
  • Martin Mauseth

Estimates slightly down after Q1

Q1 EBITDA of USD 13.0m, slightly below ABGSCe. Small downwards revisions to estimates after Q1. P/NAV of 0.60x and discounts Brent of USD 69/bbl.

ABGSC Oil & Oil Services Research ... (+3)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
  • Martin Mauseth

Estimates up on higher oil price assumptions

Increased estimates on higher oil price assumptions. Exciting exploration activities ahead. P/NAV of 0.57x discounts Brent to USD 65/bbl.

ABGSC Oil & Oil Services Research ... (+3)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
  • Martin Mauseth

Løvmeis well in Q3 is the next big event

Including Brage acquisition in our estimates. Løvmeis exploration well in Q3'24 - the next big event. Revised fair value range of NOK 1.2-3.3/sh.

ABGSC Oil & Oil Services Research ... (+3)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
  • Martin Mauseth

Only small estimate revisions after Q4

Small estimate changes after Q4. Continues to focus on growth strategy. P/NAV of 0.50x and discounts Brent of USD 55/bbl.

ABGSC Oil & Oil Services Research ... (+3)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
  • Martin Mauseth

Estimates down on lower production

Q4 EBITDA of USD 21.5m, in line with ABGSCe. Estimates down on lower production assumptions. Fair value range revised to SEK 30-55 (40-75).

ABGSC Oil & Oil Services Research ... (+3)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
  • Martin Mauseth

Executing on growth strategy

Maha has started to deploy its cash pile and execute on its M&A-focused growth strategy by acquiring 5% of 3R Petroleum.

ABGSC Oil & Oil Services Research ... (+3)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
  • Martin Mauseth

Q4 production in line with expectations

Q4 trading update in line. '24e slightly down on lower oil price and production. P/NAV of 0.52x, discounts Brent to USD 55/bbl.

ABGSC Oil & Oil Services Research ... (+3)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
  • Martin Mauseth

Good position for more growth

Small estimate changes after Q3. SEK 6.1/sh of net cash and good position for more growth. P/NAV of 0.63x and ~62% of market cap covered by net cash.

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