NAV reminder15 Mar 2021 09:46
This is a conservative estimate for Atomic Assets only...nothing for Nigeria....
Note WTI is now 66 dollars as opposed to 62, so min fair value is a round £155 mill mkt cap...
A Game Changing Acquisition for COPL: Leverage to COPL
• Net Asset Valuation: (80% P2 Reserves of $185 million (10% NPV)) at $39/bbl. WTI • $148 million
• initial debt: $41 million
• Assumed market capitalization post completion: $109 million (£75 million)
CSE: XOP LSE: COPL
• COPL will also own 100% of key infrastructure assets via Pipeco (owner of the pipelines). U.S. producers with strong infrastructure assets trade at a premium valuation (additional unrealized value of $10 million)
• Approximate Increase in Net Asset Value from 60% Increase in Oil Price
• Net Asset Valuation: (80% P2 Reserves of $308 million (10% NPV)) at c. $62/bbl. WTI
• $246 million
• Initial Debt: $41 million
• Assumed market capitalization post completion: $205 million (£146 million)