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Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
Update: Morocco, Gabon and Madagascar
Pura Vida (PVD) has had no success with the drill bit this year, but the company has protected its cash position by reducing its G&A and pursuing farm-downs. Offshore Madagascar remains a high-risk venture but discoveries around the Gabon licences could assist the farm-out process during 2016. We adjust our RENAV to A$0.21/share, founded on the MZ-2 well, which we assume will go ahead in Q316. However, with the proposed spin-off of Freeport’s E&P business, we believe this timing remains a risk...
Update: Oil – no show
Results from the MZ-1 well, Pura Vida’s first offshore Morocco, have shown no oil detected. The company was fully carried for two wells and attention now turns to the second well which must commence by Sept 2016. Within its wider portfolio, Pura Vida’s attention turns to Gabon and Madagascar where farm-outs and seismic interpretation are the focus. Our RENAV based on committed drilling activity has been adjusted following the MZ-1 outcome to A$0.31/share. This represents substantial upside t...
Update: Reaction to drilling
Since initiating on Pura Vida (PVD) on 26 May 2015, the company has commenced drilling of the MZ-1 well, offshore Morocco. Only three weeks into a minimum 60-day well, the stock has fallen by more than 30% and appears oversold on volatility driven without newsflow. Without doubt the MZ-1 is a high-risk well, but PVD is fully carried by an accomplished operator in Freeport that is currently executing a thorough and well-planned well. We maintain our RENAV of A$1.42/share.
Initiation: Pura opportunity
Pura Vida offers investors near-term material exploration exposure, with a fully funded well drilling offshore Morocco within days (and a funded well to follow). Success at MZ-1 would be game-changing, with best estimate gross prospective resources in five stacked targets (internally assessed) of more than 1.1bnbbl. Moroccan fiscal terms are attractive and result in a RENAV for MZ-1 of A$1.42/share, while the as yet unspecified but contracted and funded second well offers further potential upsid...
Update: Exploration value benchmarks
While 2014 offered numerous opportunities for investors seeking exposure to pure-play exploration, 2015 promises to be a much more rarefied year. The fall in oil price has triggered a retrenchment in exploration spending, leaving many wells postponed or at best uncertain. This leaves exploration at Mazagan, Morocco (Pura Vida) as one of the few companies with confirmed prospects drilling that investors can access directly. Our analysis indicates that the markets are already pricing in a signific...
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