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.

Q1: EBITDA USD 13m, vs ABGSCe of USD 15m

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.

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).

Q4 numbers in line - Initiates strategic review

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.

Valuation lowered on soft production

Q3 EBITDA of USD 16.4m, in line with ABGSCe. But soft production lowers estimates. Fair value range revised to SEK 40-75 (45-85).

Q3 numbers in line

First revenue contribution from Al Jumd

Q3'23 report due on Tuesday 7 November. First revenue contribution from Al Jumd in Q3e. P/NAV of 0.65x, discounts Brent of USD 60/bbl.

Soft production guidance lowers estimates

Q2 EBITDA 16% below ABGSCe on higher costs. FY'23 production guidance lowered by ~5%. Fair value range revised to SEK 40-80 (50-90).

Q2 EBITDA below on higher costs and reduced production guidance

Estimates slightly down ahead of Q2

Q2'23 report due on Tuesday, 8 August. Revised oil price assumptions. P/NAV of 0.51x, discounts of USD 50/bbl.

An eventful year ahead

Delivering as expected in Q1, lots to look forward to in 2023. P/NAV of 0.5x, discounts USD 50/bbl.

Delivering as expected

Q1'23 report due on Tuesday, 9 May. Revised oil price assumptions. Reiterate fair value range of SEK 60-100/sh.