Seplat Petroleum to Acquire Eland Oil & Gas

Source: Streetwise Reports   10/17/2019

A glance at the deal is provided in a Pareto Securities report.

In an Oct. 15 research report, Pareto Securities analyst Tom Erik Kristiansen reported that this morning, Seplat Petroleum Development Co. Plc (SEPL:LSE) offered to acquire Eland Oil & Gas Plc (ELA:LSE) for GBp166 per share. “We view it as fair,” he added, noting the amount was just above Pareto’s target price of GBp160 per share.

The offer, recommended by Eland’s board and accepted by holders of 59.9% of the outstanding shares, represents a premium of 28% to yesterday’s closing price.

“With the high preacceptance, this will likely be the end of the Eland story as an independent company,” commented Kristiansen.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

Disclosures from Pareto Securities AS, Eland Oil and Gas, October 15, 2019

This publication or report has been prepared solely by Pareto Securities Research.

Opinions or suggestions from Pareto Securities Research may deviate from recommendations or opinions presented by other departments or companies in the Pareto Securities Group. The reason may typically be the result of differing time horizons, methodologies, contexts or other factors.

Analysts Certification
The research analyst(s) whose name(s) appear on research reports prepared by Pareto Securities Research certify that: (i) all of the views expressed in the research report accurately reflect their personal views about the subject security or issuer, and (ii) no part of the research analysts’ compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed by the research analysts in research reports that are prepared by Pareto Securities Research.

The research analysts whose names appears on research reports prepared by Pareto Securities Research received compensation that is based upon various factors including Pareto Securities’ total revenues, a portion of which are generated by Pareto Securities’ investment banking activities.

Conflicts of interest

Companies in the Pareto Securities Group, affiliates or staff of companies in the Pareto Securities Group, may perform services for, solicit business from, make a market in, hold long or short positions in, or otherwise be interested in the investments (including derivatives) of any company mentioned in the publication or report.

In addition Pareto Securities Group, or affiliates, may from time to time have a broking, advisory or other relationship with a company which is the subject of or referred to in the relevant Research, including acting as that company’s official or sponsoring broker and providing corporate finance or other financial services. It is the policy of Pareto to seek to act as corporate adviser or broker to some of the companies which are covered by Pareto Securities Research. Accordingly companies covered in any Research may be the subject of marketing initiatives by the Corporate Finance Department.

To limit possible conflicts of interest and counter the abuse of inside knowledge, the analysts of Pareto Securities Research are subject to internal rules on sound ethical conduct, the management of inside information, handling of unpublished research material, contact with other units of the Group Companies and personal account dealing. The internal rules have been prepared in accordance with applicable legislation and relevant industry standards. The object of the internal rules is for example to ensure that no analyst will abuse or cause others to abuse confidential information. It is the policy of Pareto Securities Research that no link exists between revenues from capital markets activities and individual analyst remuneration. The Group Companies are members of national stockbrokers’ associations in each of the countries in which the Group Companies have their head offices. Internal rules have been developed in accordance with recommendations issued by the stockbrokers associations.

This material has been prepared following the Pareto Securities Conflict of Interest Policy. The guidelines in the policy include rules and measures aimed at achieving a sufficient degree of independence between various departments, business areas and sub-business areas within the Pareto Securities Group in order to, as far as possible, avoid conflicts of interest from arising between such departments, business areas and sub-business areas as well as their customers. One purpose of such measures is to restrict the flow of information between certain business areas and sub-business areas within the Pareto Securities Group, where conflicts of interest may arise and to safeguard the impartialness of the employees. For example, the Corporate Finance departments and certain other departments included in the Pareto Securities Group are surrounded by arrangements, so-called Chinese Walls, to restrict the flows of sensitive information from such departments. The internal guidelines also include, without limitation, rules aimed at securing the impartialness of, e.g., analysts working in the Pareto Securities Research departments, restrictions with regard to the remuneration paid to such analysts, requirements with respect to the independence of analysts from other departments within the Pareto Securities Group rules concerning contacts with covered companies and rules concerning personal account trading carried out by analysts.

( Companies Mentioned: ELA:LON,
SEPLAT:LSE,
)

Source: Streetwise Reports   10/17/2019

A glance at the deal is provided in a Pareto Securities report.

In an Oct. 15 research report, Pareto Securities analyst Tom Erik Kristiansen reported that this morning, Seplat Petroleum Development Co. Plc (SEPL:LSE) offered to acquire Eland Oil & Gas Plc (ELA:LSE) for GBp166 per share. "We view it as fair," he added, noting the amount was just above Pareto's target price of GBp160 per share.

The offer, recommended by Eland's board and accepted by holders of 59.9% of the outstanding shares, represents a premium of 28% to yesterday's closing price.

"With the high preacceptance, this will likely be the end of the Eland story as an independent company," commented Kristiansen.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

Disclosures from Pareto Securities AS, Eland Oil and Gas, October 15, 2019

This publication or report has been prepared solely by Pareto Securities Research.

Opinions or suggestions from Pareto Securities Research may deviate from recommendations or opinions presented by other departments or companies in the Pareto Securities Group. The reason may typically be the result of differing time horizons, methodologies, contexts or other factors.

Analysts Certification
The research analyst(s) whose name(s) appear on research reports prepared by Pareto Securities Research certify that: (i) all of the views expressed in the research report accurately reflect their personal views about the subject security or issuer, and (ii) no part of the research analysts’ compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed by the research analysts in research reports that are prepared by Pareto Securities Research.

The research analysts whose names appears on research reports prepared by Pareto Securities Research received compensation that is based upon various factors including Pareto Securities’ total revenues, a portion of which are generated by Pareto Securities’ investment banking activities.

Conflicts of interest

Companies in the Pareto Securities Group, affiliates or staff of companies in the Pareto Securities Group, may perform services for, solicit business from, make a market in, hold long or short positions in, or otherwise be interested in the investments (including derivatives) of any company mentioned in the publication or report.

In addition Pareto Securities Group, or affiliates, may from time to time have a broking, advisory or other relationship with a company which is the subject of or referred to in the relevant Research, including acting as that company’s official or sponsoring broker and providing corporate finance or other financial services. It is the policy of Pareto to seek to act as corporate adviser or broker to some of the companies which are covered by Pareto Securities Research. Accordingly companies covered in any Research may be the subject of marketing initiatives by the Corporate Finance Department.

To limit possible conflicts of interest and counter the abuse of inside knowledge, the analysts of Pareto Securities Research are subject to internal rules on sound ethical conduct, the management of inside information, handling of unpublished research material, contact with other units of the Group Companies and personal account dealing. The internal rules have been prepared in accordance with applicable legislation and relevant industry standards. The object of the internal rules is for example to ensure that no analyst will abuse or cause others to abuse confidential information. It is the policy of Pareto Securities Research that no link exists between revenues from capital markets activities and individual analyst remuneration. The Group Companies are members of national stockbrokers’ associations in each of the countries in which the Group Companies have their head offices. Internal rules have been developed in accordance with recommendations issued by the stockbrokers associations.

This material has been prepared following the Pareto Securities Conflict of Interest Policy. The guidelines in the policy include rules and measures aimed at achieving a sufficient degree of independence between various departments, business areas and sub-business areas within the Pareto Securities Group in order to, as far as possible, avoid conflicts of interest from arising between such departments, business areas and sub-business areas as well as their customers. One purpose of such measures is to restrict the flow of information between certain business areas and sub-business areas within the Pareto Securities Group, where conflicts of interest may arise and to safeguard the impartialness of the employees. For example, the Corporate Finance departments and certain other departments included in the Pareto Securities Group are surrounded by arrangements, so-called Chinese Walls, to restrict the flows of sensitive information from such departments. The internal guidelines also include, without limitation, rules aimed at securing the impartialness of, e.g., analysts working in the Pareto Securities Research departments, restrictions with regard to the remuneration paid to such analysts, requirements with respect to the independence of analysts from other departments within the Pareto Securities Group rules concerning contacts with covered companies and rules concerning personal account trading carried out by analysts.

( Companies Mentioned: ELA:LON, SEPLAT:LSE, )

Energy Company ‘Shaking Things Up With Royalty, Infrastructure Spinout’

Source: Streetwise Reports   10/16/2019

The transaction details are relayed in a CIBC report.

In an Oct. 10 research note, CIBC analyst Dave Popowich reported that Tourmaline Oil Corp. (TOU:TSX) intends to spin out, into a new private royalty and infrastructure company called Topaz Energy, a gross over-riding royalty interest across its properties plus a nonoperated 45% working interest in two of its gas plants.

In exchange, Tourmaline will receive CA$135–185 million in cash and retain a 75–81% equity share of Topaz. Existing Tourmaline staff members will manage the new entity under a contract. “Topaz expects to seek a public liquidity event in H1/20,” Popowich indicated. “The company will initially pay out about 75% of its expected $90 million of annual revenue.”

Popowich commented that the “transaction allows Tourmaline to monetize a fairly low-risk portion of its cash flow base while retaining some upside in an investment vehicle that should value it at a higher multiple in the public market.” Previously, management indicated several times that its infrastructure has consistently been undervalued in the past.

The expected changes to CIBC’s estimates on Tourmaline as a result of the transaction are minimal, Popowich noted, and no major impacts to the investment thesis are predicted in the short term. However, that could change, he added, were Tourmaline “able to use Topaz as a platform to roll up additional royalty and/or facility interests in a basin that is clearly ripe for consolidation.”

Looking to this winter, AECO and/or NYMEX prices should improve, thus benefitting this Canadian gas-weighted energy firm, the analyst wrote.

CIBC has an Outperformer rating and a CA$25 per share target price on Tourmaline, whose stock is currently trading at around CA$12.06 per share.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

Disclosures from CIBC, Tourmaline Oil Corp., October 10, 2019

Analyst Certification:
Each CIBC World Markets Corp./Inc. research analyst named on the front page of this research report, or at the beginning of any subsection hereof, hereby certifies that (i) the recommendations and opinions expressed herein accurately reflect such research analyst’s personal views about the company and securities that are the subject of this report and all other companies and securities mentioned in this report that are covered by such research analyst and (ii) no part of the research analyst’s compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by such research analyst in this report.

Analysts employed outside the U.S. are not registered as research analysts with FINRA. These analysts may not be associated persons of CIBC World Markets Corp. and therefore may not be subject to FINRA Rule 2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.

Potential Conflicts of Interest:
Equity research analysts employed by CIBC World Markets Corp./Inc. are compensated from revenues generated by various CIBC World Markets Corp./Inc. businesses, including the CIBC World Markets Investment Banking Department. Research analysts do not receive compensation based upon revenues from specific investment banking transactions. CIBC World Markets Corp./Inc. generally prohibits any research analyst and any member of his or her household from executing trades in the securities of a company that such research analyst covers. Additionally, CIBC World Markets Corp./Inc. generally prohibits any research analyst from serving as an officer, director or advisory board member of a company that such analyst covers.

In addition to 1% ownership positions in covered companies that are required to be specifically disclosed in this report, CIBC World Markets Corp./Inc. may have a long position of less than 1% or a short position or deal as principal in the securities discussed herein, related securities or in options, futures or other derivative instruments based thereon.

Recipients of this report are advised that any or all of the foregoing arrangements, as well as more specific disclosures set forth below, may at times give rise to potential conflicts of interest.

Important Disclosure Footnotes for Tourmaline Oil Corp. (TOU)

· CIBC World Markets Inc. expects to receive or intends to seek compensation for investment banking services from Tourmaline Oil Corp. in the next 3 months.

( Companies Mentioned: TOU:TSX,
)

Source: Streetwise Reports   10/16/2019

The transaction details are relayed in a CIBC report.

In an Oct. 10 research note, CIBC analyst Dave Popowich reported that Tourmaline Oil Corp. (TOU:TSX) intends to spin out, into a new private royalty and infrastructure company called Topaz Energy, a gross over-riding royalty interest across its properties plus a nonoperated 45% working interest in two of its gas plants.

In exchange, Tourmaline will receive CA$135–185 million in cash and retain a 75–81% equity share of Topaz. Existing Tourmaline staff members will manage the new entity under a contract. "Topaz expects to seek a public liquidity event in H1/20," Popowich indicated. "The company will initially pay out about 75% of its expected $90 million of annual revenue."

Popowich commented that the "transaction allows Tourmaline to monetize a fairly low-risk portion of its cash flow base while retaining some upside in an investment vehicle that should value it at a higher multiple in the public market." Previously, management indicated several times that its infrastructure has consistently been undervalued in the past.

The expected changes to CIBC's estimates on Tourmaline as a result of the transaction are minimal, Popowich noted, and no major impacts to the investment thesis are predicted in the short term. However, that could change, he added, were Tourmaline "able to use Topaz as a platform to roll up additional royalty and/or facility interests in a basin that is clearly ripe for consolidation."

Looking to this winter, AECO and/or NYMEX prices should improve, thus benefitting this Canadian gas-weighted energy firm, the analyst wrote.

CIBC has an Outperformer rating and a CA$25 per share target price on Tourmaline, whose stock is currently trading at around CA$12.06 per share.

Sign up for our FREE newsletter at: www.streetwisereports.com/get-news

Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

Disclosures from CIBC, Tourmaline Oil Corp., October 10, 2019

Analyst Certification:
Each CIBC World Markets Corp./Inc. research analyst named on the front page of this research report, or at the beginning of any subsection hereof, hereby certifies that (i) the recommendations and opinions expressed herein accurately reflect such research analyst's personal views about the company and securities that are the subject of this report and all other companies and securities mentioned in this report that are covered by such research analyst and (ii) no part of the research analyst's compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by such research analyst in this report.

Analysts employed outside the U.S. are not registered as research analysts with FINRA. These analysts may not be associated persons of CIBC World Markets Corp. and therefore may not be subject to FINRA Rule 2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.

Potential Conflicts of Interest:
Equity research analysts employed by CIBC World Markets Corp./Inc. are compensated from revenues generated by various CIBC World Markets Corp./Inc. businesses, including the CIBC World Markets Investment Banking Department. Research analysts do not receive compensation based upon revenues from specific investment banking transactions. CIBC World Markets Corp./Inc. generally prohibits any research analyst and any member of his or her household from executing trades in the securities of a company that such research analyst covers. Additionally, CIBC World Markets Corp./Inc. generally prohibits any research analyst from serving as an officer, director or advisory board member of a company that such analyst covers.

In addition to 1% ownership positions in covered companies that are required to be specifically disclosed in this report, CIBC World Markets Corp./Inc. may have a long position of less than 1% or a short position or deal as principal in the securities discussed herein, related securities or in options, futures or other derivative instruments based thereon.

Recipients of this report are advised that any or all of the foregoing arrangements, as well as more specific disclosures set forth below, may at times give rise to potential conflicts of interest.

Important Disclosure Footnotes for Tourmaline Oil Corp. (TOU)

· CIBC World Markets Inc. expects to receive or intends to seek compensation for investment banking services from Tourmaline Oil Corp. in the next 3 months.

( Companies Mentioned: TOU:TSX, )

Skyharbour Drilling Deeper in Athabasca Basin

Source: Maurice Jackson for Streetwise Reports   10/16/2019

Jordan Trimble, CEO of Skyharbour Resources, sits down with Maurice Jackson of Proven and Probable to discuss his company’s exploration plans in Canada’s uranium-r…

Source: Maurice Jackson for Streetwise Reports   10/16/2019

Jordan Trimble, CEO of Skyharbour Resources, sits down with Maurice Jackson of Proven and Probable to discuss his company's exploration plans in Canada's uranium-rich Athabasca Basin.

Maurice Jackson: Joining us for a conversation is Jordan Trimble, the president, director and CEO of Skyharbour Resources.

Glad to have you on the program to discuss Skyharbour Resources Ltd. (SYH:TSX.V; SYHBF:OTCQB) is a preeminent uranium explorer in Canada's Athabasca Basin. Readers should note that we recently conducted a very thorough comprehensive interview regarding the value proposition of Skyharbour Resources. We encourage you to visit that interview to fully appreciate today's interview. Mr. Trimble, please introduce us to Skyharbour Resources and the opportunity the company presents to the market.

Jordan Trimble: We are a high-grade uranium exploration and early-stage development company with projects in the Athabasca Basin in northern Saskatchewan, which is known for the highest-grade depository of uranium in the world. We have six projects scattered throughout the Basin on the west side near recent notable discoveries made by NexGen and Fission, as well as projects over on the east side where you have infrastructure and the largest and richest uranium mines in the world being at McArthur River and Cigar Lake. We've done a good job over the last five or six years of acquiring projects at attractive valuations in a depressed uranium market.

Our flagship project is a project called Moore Lake. Moore Lake is a project we acquired about three years ago from our largest shareholder and strategic partner, Denison Mines. We've been actively exploring and advancing that project, making some recent notable discoveries. We are now preparing for a winter drill program. That's a big upcoming catalyst for the company, and then in addition to our offering that high-grade discovery potential, really looking to emulate the recent again successes at the Nexgens, Fissions, Hathors of the world. We also act as a prospect generator. We look to bring in partner companies to advance our other projects.

Notably, we've done two deals in the last several years, one of which is with France's largest uranium mining company known as Orano, previously called AREVA, where it can spend upwards of $8 million to earn up to 70% of our Preston Project. We conducted a similar deal with Azincourt a few years back under similar terms where it spent $3.5 million, to earn up to 70% of our East Preston Project. A good complement to what we're doing at our flagship. These partner companies fund the work. We get some cash payments from them, and we also benefit from news flow.

That's the company in a nutshell, run by myself, my team here in Vancouver, and my head geologist and a director of the company, Rick Kusmirski, and our geological team in Saskatoon. Some notables on the Board and Advisory Board, David Cates, who is the president and CEO of Denison Mines, which is our strategic partner and our largest shareholder. Another gentleman, Paul Matysek, a strategic advisor to the company. Skyharbour Resources has a good technical team and management team and a strong shareholder base as well.

Maurice Jackson: To gain some better context and appreciation for Skyharbour's most recent press release, Mr. Trimble, where in the Athabasca is the flagship Moore Lake Project located? How many hectares does it contain?

Moore Uranium Project Claims Map

Jordan Trimble: The Moore Lake Project is a big property. It's about 36,000 hectares. It's located on the east side of the Athabasca Basin, south of McArthur River, and approximately 13 kilometers east of Denison's flagship Wheeler Project. The road that goes up to McArthur River is actually in between Denison's project and our project. Logistically for us, especially in the winter, it's very easy to get in and out. The main Maverick corridor where most of the drilling is focused is very easy to work on. The infrastructure allows our drill costs to come down quite a bit as we are ideally located or situated on the east side where the infrastructure is, power, roads, existing mines and mills. That's an important part of the story here for us at our flagship project.

Maurice Jackson: Jordan, take us to your flagship Moore Lake Project, which is known for its rich, high-grade uranium, and let's discuss the details of the company's latest press release regarding airborne geophysical surveying and the exciting plans for the upcoming drill program.

Jordan Trimble: We announced about a week ago results from a UAV drone MAG survey flown by Pioneer Aerial Surveys, and so this is a new technique that we're using to refine and identify new and existing targets at our flagship project, Moore Lake Project. At the project, there's a 4-kilometer-long structural mineralized corridor called the Maverick corridor. This is where most of the historical exploration and the drilling we've carried out over the last several years has been focused. There's high-grade uranium mineralization there, upwards of 21% U308. There are several high-grade pods along strike on this 4-kilometer-long corridor, but really only 2 kilometers of it has been systematically drill tested, so there's room to expand alongside strike, make additional discoveries.

What's intriguing right now and what's significant for this upcoming drill program is that we are now looking a little bit deeper in drill testing, a little bit deeper into the basement rocks. Worth noting, these recent discoveries that were referenced with NexGen, Fission, the Gryphon deposit that Denison discovered several years back, these are all basement-hosted deposits below the sandstone sediments and the unconformity being the contact.

Finding these feeder zones in the basement rock, that's where you can really find your biggest and highest-grade deposits in the Athabasca Basin and what's exciting about this project right now is that using these new techniques, these MAG surveys flown by drones, we're able to get a more refined geophysical signature, get a better picture of what is happening beneath, and properly with pinpoint accuracy target these potential feeder zones. We really believe that we're going after some of our best targets.

It's worth noting in the last drill program, which was earlier in the year, one of our last drill holes intersected some of the highest-grade mineralization that we found in the basement rock on this project to date. Again, relatively untested. We really think we've just scratched the surface and we believe we're on to finding something much larger in these basement rocks.

The results from the MAG survey identified cross-cutting structures, features that basically come and break up that main structural corridor and allow the fluids, uranium to come up. We've identified a couple of top priority targets, one of which is at what's called the East Maverick Zone. This was a new discovery we made a few years ago where we discovered high-grade mineralization along strike from the main Maverick Zone and we had grades there upwards of 9% over a meter and a half.

In this last drill program, on one of these last holes drilled we successfully hit high-grade in the basement rock, but we haven't been able to follow up on it yet. Sure enough, we flew the drone survey. We see a target a little bit deeper down and we're going to be drill testing that in this program coming up. We also have another zone about a kilometer and a half along strike up to the northeast called the Viper Zone.

We'll be drill testing the Viper Zone, and then from a regional perspective, it's a big property, we're going to be going back into an area that's had limited historical drilling called the Otter Zone, and this was a zone about 9 kilometers away actually from that main Maverick corridor that we drilled a couple of holes earlier this year. It had anomalous uranium mineralization, but definitely warrants follow-up work, so we'll be doing a little bit of exploratory work and drilling there as well.

Maurice Jackson: Let's discuss the forthcoming drill program.

Jordan Trimble: It's going to be winter drill program. We're waiting for freeze-up, so that'll be later this year and early in the new year. We have planned and budgeted for 2,500 meters of drilling. We'll have details out on this drill program over the next month or two here, so look out for additional news flow on that. We're just going through the final plan right now, and we have those highlighted for readers in our news release. Most of the drilling focused at the Maverick Zone, in particular the Maverick East Zone and then the Viper Zone, and then a regional target at the Otter Grid.

Maurice Jackson: What are some of the potential catalysts on the horizon for shareholders?

Jordan Trimble: The big one needless to say is this upcoming drill program. One hole can change the fortunes for the company and can really be a game changer. I think given the current valuation and market cap, one big hole we can see a significant price increase on that. Again, we're out there looking to make that next big high-grade discovery, continuing to advance our flagship project. That's a big one, but we also, as I mentioned earlier, acting as a prospect generator, have partner companies that are planning upcoming work programs, specifically Orano at our Preston Project, which is adjacent to NexGen's ground and Fission as well on the west side of the Athabasca Basin. Orano completed previous drill programs and exploration programs at Preston and it is now planning for an upcoming winter program as well. We'll have details on that program when we get the final plan from them.

In addition, last month we shared our partners at Azincourt announcing plans for a 2500-meter drill program at our East Preston Project. These are partner-funded programs. Collectively, the partners spending upwards of $11.5 million to earning up to 70% of our Preston East and Preston Project. Both of these programs will provide news flow for Skyharbour. We do get some cash payments as per the option earning agreements with the partners and it's a great complement to our value proposition. These are added catalysts that we have at our flagship project, Moore.

Another note I'll just make is we are talking with other companies right now regarding interest that we are receiving from other groups on additional noteworthy projects that we have as a prospect generator. We're always looking to bring in strategic, value-add partners to come in and advance our secondary projects, and we have three other projects on the east side of the Athabasca Basin in Falcon Point, Mann Lake, and Yurchison, all three which are a 100% owned. Falcon Point is worth noting that there's a small resource there, NI 43-101 compliant inferred resource, and a very high-grade surface showing on the north end of the property at 68% U308. A project that we would like to get back to work to or find a partner company to come in and fund that exploration, as we think there's a lot more to be found there.

Maurice Jackson: Switching gears. Mr. Trimble, please share the current capital structure for Skyharbour Resources.

Jordan Trimble: Skyharbour Resources has 64 million shares issued and outstanding. I'd say just under half of that is in the hands of several groups, including management and insiders. As I mentioned, Denison Mines is our largest strategic shareholder. We have a few funds and institutional investors that have come in over the last several years.

Maurice Jackson: When was the last time you purchased shares? At what price?

Jordan Trimble: That was actually today. I've been buying more shares in the market over the last several weeks. In the last couple of months here, just a note on the market post-Section 232, we have seen a sell-off across the board with uranium companies. There was a lot of money or some money that came into the sector about a year ago that drove higher prices, and some of that money that came in came in on a trade on this 232. It was event-driven funds and money that came in that bid these companies up.

We also saw that in the backdrop of a rising uranium price, but we've now seen some of those funds have to exit the sector and we've seen a sell-off as a result of that, so it's, I think, really just a short-term unfortunate sell-off that we're going through, again, across the board. It's, I believe, an incredible buying opportunity and value proposition, given that we've continued to advance our projects. I think there's going to be also a move in the uranium price here between now and year end that will help drive higher prices. I think the value proposition right now is really better than ever given the upcoming catalysts we have and, again, this uranium market recovery.

Maurice Jackson: Mr. Trimble, last question. What did I forget to ask?

Jordan Trimble: I would like to touch on the uranium market. It's obviously a big part of our story and there's a lot to update on since we last spoke. We have seen the uranium price settle in. It's pulled back a little bit earlier in the year, but it has settled in the mid-20s. We're still trading near historical lows and in inflation-adjusted terms, we're trading well below that average global cost of production. We need to see a much higher uranium price for new mines to come on-line, for existing mines that have been idle to come back on-line, most notably McArthur River. There's a good case, a compelling case, for much higher uranium prices given the supply-demand. We're now seeing a major supply deficit forming.

I was just at the World Nuclear Association Symposium in London, which is one of the marquee conferences for the nuclear industry and uranium mining industry held annually in London and was quite interesting. The association came out with its bi-annual fuel report and this was, I think, one of the key takeaways from the conference is seeing that fuel report really I think opened a lot of people's eyes to what's happening in the uranium mining sector right now. You've had major supply curtailments, almost 30% of global primary mine supply that's been either shut down or curtailed, including as I mentioned McArthur River in the Athabasca Basin. You've seen major supply cuts in response to a low commodity price environment. We're now producing about 135 million pounds from primary mine supply and that's in the backdrop of well over 190 million pounds of annual demand in reactor requirements. I think something has got to give. That's obviously coming from secondary supplies.

I think we'll see secondary supplies continue to dwindle here and we're seeing that spot market tightening up. One of the big talking points going forward here in the near term, and potentially one of the biggest catalysts for any uranium company, is the fact that Cameco, because it has shut down its largest mine at McArthur River, it has to buy or shore up supply of uranium either in the spot market or from other secondary sources to meet to delivery into the contracts that it has with utility companies. We now know that it has to buy quite a bit between now and year-end, potentially upwards of 10 million pounds, and then next year over 20 million pounds. That's a lot of material that it has to get either from secondary supplies or what appears will happen, it will have to buy some of that, if not all of that, in the spot market over a very short period of time.

Just to give some perspective on that, a year ago when a lot of these uranium companies including us were hitting 52-week highs, that was driven by a uranium price increase from the low $20s to about $29 a pound in about a five-month period. A big part of that was Cameco buying in the spot market and it bought about 8 million pounds. Here we are today and Cameco has to buy about 10 million pounds between now and early in the new year, and so this could be one of the single-largest catalysts for the spot price over the coming months. I think if we see that spot price break $30 a pound, we've seen this resistance in the high 20s, but I think if we see it break $30 a pound, I think that is what is going to spur utility buying contracting to pick up.

In our previous interview, we've discussed Cameco's participation is going to be one of the more important catalysts coming up over the next few years, but I think it's waiting to see that price tick up through $30, and as we've seen in the past. It's important to note, that the combined market capitalization of all publicly traded uranium companies is less than $10 billion. That means that money that comes into the space works its way down to the junior companies like Skyharbour quite quickly, so we see that uranium move as we have seen a few times in the past several years. We benefit from that quite quickly. Money flows down quickly from the large caps to the small caps in the sector.

Maurice Jackson: Mr. Trimble, for someone listening that wants to get more information about Skyharbour Resources, please share the website address.

Jordan Trimble: Absolutely, so it's skyharbourltd.com. More than welcome to get in touch with me directly my office, or you can email me at jtrimble@skyharbourltd.com.

Maurice Jackson: Skyharbour Resources trades on the (TSX.V: SHY| OTCQB: SYHBF). Skyharbour Resources is a sponsor of Proven and Probable. As a reminder, I'm a Licensed Representative for Miles Franklin Precious Metals Investments. We offer a number of opportunities to expand your precious metals portfolio, from physical delivery, offshore depositories, precious metal IRAs, and private blockchain-distributed ledger technology. Call me directly at 855-505-1900 or you may email maurice@milesfranklin.com. Finally, please subscribe to provenandprobable.com. We provide Mining Insights and Bullion Sales.

Jordan Trimble of Skyharbour Resources, thank you for joining us today on Proven and Probable.

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Disclosure:
1) Maurice Jackson: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: None. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: None. My company has a financial relationship with the following companies mentioned in this article: Skyharbour Resources is a sponsor of Proven and Probable. Proven and Probable disclosures are listed below.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Skyharbour Resources. Click here for important disclosures about sponsor fees.
3) Statements and opinions expressed are the opinions of the author and not of Streetwise Reports or its officers. The author is wholly responsible for the validity of the statements. The author was not paid by Streetwise Reports for this article. Streetwise Reports was not paid by the author to publish or syndicate this article. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.
4) This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article, until one week after the publication of the interview or article. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Skyharbour Resources, a company mentioned in this article.

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( Companies Mentioned: SYH:TSX.V; SYHBF:OTCQB, )

Pan Orient Energy: The New Orient Express

Source: Chen Lin for Streetwise Reports   10/16/2019

Veteran investor and newsletter writer Chen Lin explains the upside he sees with this energy company.

In late 2008, when the world was in the middle of the great recession, a young energy company was looking to take advantage of the circumstances by bargain hunting. Led by CEO Jeff Chisholm, a well-known goldbug, Pan Orient Energy Corp. (POE:TSX.V) has always maintained a strong balance sheet. When the market crashed and everyone, including the largest energy companies in the world, was looking for cover, POE was able to take advantage of it. One of POE’s key acquisitions was East Jabung PSC. POE was the sole bidder in that bid round. (Where were Exxon, Repsol and PetroChina?)

In the years prior to the tender of the East Jabung PSC, the surface area covering the majority of the Anggun prospect was re-classified from restricted forest (where only seismic is allowed) to production forest (where both seismic and drilling are allowed). Jabung PSC is in the region of the most prolific oil and gas fields in South Sumatra, Indonesia. It hosts the largest gas discovery in the past 18 years in Indonesia. That news was announced earlier this year by Repsol. POE had acquired the acreage next to it for a song!

As the sole bidder, POE became 100% owner of the concession. This was a huge concession and POE decided to partner with Talisman (now part of Repsol) for down payment, part of Repsol exploration concessions and to carry the cost of the first two wells. Repsol drilled one well at the edge of the structure two years ago and had a very promising find of oil and gas. Now they are moving the rig to the center of the structure. We expect the rig to be spud in late October and TD in 30–40 days.

Repsol had high hopes for the East Jabung target. A permanent road was constructed so they can use it in the long run to drill more wells, should they have a major discovery in the area. The permanent road probably delayed the drilling for about one year and add a lot to the cost. However, it will be a good move if they hit the next high impact well.

Now the long wait is over and the stage is set for the next high impact well, Anggun-1X, in East Jabung. We are hoping it will be one of the largest discoveries in Indonesia and potentially one of the largest onshore conventional discoveries in the world. We should have the results in late Q4. If it is successful, Repsol will pay for this well. Repsol will continue to drill out the area in 2020 and beyond and POE will need to fund 49% of the cost. With POE’s current strong balance sheet and a strong cash flow from Thailand, POE should be able to fund the continuing exploration without the need of raising money from the market. In the past decades, very seldom we see junior companies involved in the major discoveries in the world. Usually majors, well connected and well capitalized companies, took all the best prospects. We have a unique opportunity to participate in this potentially huge discovery without any major dilution. After years of waiting, the key drilling is about to happen.

In addition, POE already has made a new discovery in Thailand in the past year. So far almost every well they drilled in the past year was a hit. The drilling cost is low, less than $1 million. The payback time is 1–2 months. Oil is trucked to a nearby refinery, which is eager to take domestic oil as Thailand is an oil importer. Cost is below $10 and free cash flow is strong. POE used some of the cash generated to buy back the shares from the open market.

As you can see, POE experienced a dramatic rise of oil production and reserves lately. This is only the beginning. The reserve report at the end of 2018 shows it is primary composed of DD1, bright green on the map below. POE already hit DD4 dark green, AA south and AA successfully. They are planning to explore more AA, AA north and BB high-impact targets in the next two months. You can see clearly that upon successes of 2019 as well as 2020 exploration, POE can easily expand their oil reserve by many-fold and its net asset value can be worth many more times than its current share price. No wonder insiders have been busy buying shares in the past years.

In addition, POE has about 50c cash per share as of last quarter, no debt and strong free cash flow. It can potentially own 49% of one of the world’s largest discoveries in the next few months. The time has come for this potentially huge return we have been waiting for for a long time.

My family has accumulated a large position of POE stock in the past years and we are one of the largest POE shareholders, for full disclosure.

Chen Lin is a full time manager of his family assets. He started to write the stock newsletter What Is Chen Buying? What Is Chen Selling? in 2009 he after successfully navigated his family portfolio during the 2008 financial crisis. For more information on Lin, visit his website at chenpicks.com.

Read what other experts are saying about:

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Disclosure:
1) Chen Lin: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: Pan Orient Energy. My family accumulated a large position of POE stock in the past years and we are one of the largest POE shareholders. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: None. My company has a financial relationship with the following companies mentioned in this article: None. I determined which companies would be included in this article based on my research and understanding of the sector.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Pan Orient Energy. Click here for important disclosures about sponsor fees.
3) Statements and opinions expressed are the opinions of the author and not of Streetwise Reports or its officers. The author is wholly responsible for the validity of the statements. The author was not paid by Streetwise Reports for this article. Streetwise Reports was not paid by the author to publish or syndicate this article.
4) This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own shares of Pan Orient Energy, companies mentioned in this article.

( Companies Mentioned: POE:TSX.V,
)

Source: Chen Lin for Streetwise Reports   10/16/2019

Veteran investor and newsletter writer Chen Lin explains the upside he sees with this energy company.

In late 2008, when the world was in the middle of the great recession, a young energy company was looking to take advantage of the circumstances by bargain hunting. Led by CEO Jeff Chisholm, a well-known goldbug, Pan Orient Energy Corp. (POE:TSX.V) has always maintained a strong balance sheet. When the market crashed and everyone, including the largest energy companies in the world, was looking for cover, POE was able to take advantage of it. One of POE's key acquisitions was East Jabung PSC. POE was the sole bidder in that bid round. (Where were Exxon, Repsol and PetroChina?)

In the years prior to the tender of the East Jabung PSC, the surface area covering the majority of the Anggun prospect was re-classified from restricted forest (where only seismic is allowed) to production forest (where both seismic and drilling are allowed). Jabung PSC is in the region of the most prolific oil and gas fields in South Sumatra, Indonesia. It hosts the largest gas discovery in the past 18 years in Indonesia. That news was announced earlier this year by Repsol. POE had acquired the acreage next to it for a song!

As the sole bidder, POE became 100% owner of the concession. This was a huge concession and POE decided to partner with Talisman (now part of Repsol) for down payment, part of Repsol exploration concessions and to carry the cost of the first two wells. Repsol drilled one well at the edge of the structure two years ago and had a very promising find of oil and gas. Now they are moving the rig to the center of the structure. We expect the rig to be spud in late October and TD in 30–40 days.

Repsol had high hopes for the East Jabung target. A permanent road was constructed so they can use it in the long run to drill more wells, should they have a major discovery in the area. The permanent road probably delayed the drilling for about one year and add a lot to the cost. However, it will be a good move if they hit the next high impact well.

Now the long wait is over and the stage is set for the next high impact well, Anggun-1X, in East Jabung. We are hoping it will be one of the largest discoveries in Indonesia and potentially one of the largest onshore conventional discoveries in the world. We should have the results in late Q4. If it is successful, Repsol will pay for this well. Repsol will continue to drill out the area in 2020 and beyond and POE will need to fund 49% of the cost. With POE's current strong balance sheet and a strong cash flow from Thailand, POE should be able to fund the continuing exploration without the need of raising money from the market. In the past decades, very seldom we see junior companies involved in the major discoveries in the world. Usually majors, well connected and well capitalized companies, took all the best prospects. We have a unique opportunity to participate in this potentially huge discovery without any major dilution. After years of waiting, the key drilling is about to happen.

In addition, POE already has made a new discovery in Thailand in the past year. So far almost every well they drilled in the past year was a hit. The drilling cost is low, less than $1 million. The payback time is 1–2 months. Oil is trucked to a nearby refinery, which is eager to take domestic oil as Thailand is an oil importer. Cost is below $10 and free cash flow is strong. POE used some of the cash generated to buy back the shares from the open market.

As you can see, POE experienced a dramatic rise of oil production and reserves lately. This is only the beginning. The reserve report at the end of 2018 shows it is primary composed of DD1, bright green on the map below. POE already hit DD4 dark green, AA south and AA successfully. They are planning to explore more AA, AA north and BB high-impact targets in the next two months. You can see clearly that upon successes of 2019 as well as 2020 exploration, POE can easily expand their oil reserve by many-fold and its net asset value can be worth many more times than its current share price. No wonder insiders have been busy buying shares in the past years.

In addition, POE has about 50c cash per share as of last quarter, no debt and strong free cash flow. It can potentially own 49% of one of the world's largest discoveries in the next few months. The time has come for this potentially huge return we have been waiting for for a long time.

My family has accumulated a large position of POE stock in the past years and we are one of the largest POE shareholders, for full disclosure.

Chen Lin is a full time manager of his family assets. He started to write the stock newsletter What Is Chen Buying? What Is Chen Selling? in 2009 he after successfully navigated his family portfolio during the 2008 financial crisis. For more information on Lin, visit his website at chenpicks.com.

Sign up for our FREE newsletter at: www.streetwisereports.com/get-news

Disclosure:
1) Chen Lin: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: Pan Orient Energy. My family accumulated a large position of POE stock in the past years and we are one of the largest POE shareholders. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: None. My company has a financial relationship with the following companies mentioned in this article: None. I determined which companies would be included in this article based on my research and understanding of the sector.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Pan Orient Energy. Click here for important disclosures about sponsor fees.
3) Statements and opinions expressed are the opinions of the author and not of Streetwise Reports or its officers. The author is wholly responsible for the validity of the statements. The author was not paid by Streetwise Reports for this article. Streetwise Reports was not paid by the author to publish or syndicate this article.
4) This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own shares of Pan Orient Energy, companies mentioned in this article.

( Companies Mentioned: POE:TSX.V, )

Energy Stock Is ‘Looking to Break Out of Large Base’

Source: Clive Maund for Streetwise Reports   10/11/2019

Technical analyst Clive Maund explains why he believes this company with projects in Thailand and Indonesia is about ready to start another upleg.Pan Orient Energy Cor…

Source: Clive Maund for Streetwise Reports   10/11/2019

Technical analyst Clive Maund explains why he believes this company with projects in Thailand and Indonesia is about ready to start another upleg.

Pan Orient Energy Corp. (POE:TSX.V) presents an overall positive picture of a stock that is probably on the verge of breaking out of a large base pattern. On its 6-month chart we can see that it is definitely in an uptrend, within which it has been consolidating for about 10 weeks now. The sharp intraday drop about a week ago, which left behind a bullish "dragonfly doji" on the chart, marks the likely end of the correction / consolidation phase, and with the 200-day moving average pulling up beneath the price, it looks about ready to start another upleg. The recent volume pattern is favorable, with good upside volume that drove the accumulation line to new highs, a positive sign.


The 10-year chart reveals that a large Double Bottom formed in Pan Orient from early 2016 through late 2018, and the price now appears to be consolidating ahead of an attempt to break out of the entire base pattern which will be signified by a breakout above the resistance level shown which extends up to a little above C$2.50.


It is regarded as a good sign that Pan Orient has only reacted back modestly as the price of oil has reacted back quite sharply to an important support level shown on the 6-month chart for Light Crude below that has a good chance of generating at least a temporary reversal in the oil price, which will of course, should it happen, have a beneficial effect on the price of many oil stocks.


Pan Orient is therefore viewed as being at a favorable entry point here, and a stop may be placed just below the intraday low of the dragonfly candle at, say, $2.08.

Pan Orient Energy website.

Pan Orient Energy Corp. POE.V, POEFF on OTC, closed at C$2.26, $1.73 on 4th October 2019.

Originally posted on CliveMaund.com at 1.25 pm EDT on 6th October 2019.

Clive Maund has been president of www.clivemaund.com, a successful resource sector website, since its inception in 2003. He has 30 years' experience in technical analysis and has worked for banks, commodity brokers and stockbrokers in the City of London. He holds a Diploma in Technical Analysis from the UK Society of Technical Analysts.

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Disclosure:
1) Clive Maund: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: None. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: None. My company has a financial relationship with the following companies mentioned in this article: None. CliveMaund.com disclosures below. I determined which companies would be included in this article based on my research and understanding of the sector.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Pan Orient Energy. Click here for important disclosures about sponsor fees.
3) Statements and opinions expressed are the opinions of the author and not of Streetwise Reports or its officers. The author is wholly responsible for the validity of the statements. The author was not paid by Streetwise Reports for this article. Streetwise Reports was not paid by the author to publish or syndicate this article. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.
4) This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports (including members of their household) own securities of Pan Orient Energy, a company mentioned in this article.

Charts provided by the author.

CliveMaund.com Disclosure:
The above represents the opinion and analysis of Mr Maund, based on data available to him, at the time of writing. Mr. Maund's opinions are his own, and are not a recommendation or an offer to buy or sell securities. Mr. Maund is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund's opinions on the market and stocks can only be construed as a solicitation to buy and sell securities when they are subject to the prior approval and endorsement of a Registered Securities Advisor operating in accordance with the appropriate regulations in your area of jurisdiction.

( Companies Mentioned: POE:TSX.V, )

Natural Gas Midstream, Infrastructure Firm to Acquire Oil Refinery

Source: Streetwise Reports   10/09/2019

The pros and cons of the deal are discussed in an iA Securities report.

In an Oct. 8 research note, iA Securities analyst Elias Foscolos reported that Tidewater Midstream and Infrastructure Ltd. (TWM:TSX; TWMIF:OTCMKTS) entered an agreement to acquire Husky Energy’s Prince George Refinery (PGR) for about $277 million. The deal is expected to close in Q4/19.

IA Securities wants to wait and see how this “bold acquisition” plays out for Tidewater, Foscolos indicated. On one hand, he pointed out, Tidewater “should benefit from high crack spreads making the acquisition attractive.” Recent spreads averaged about $50–55 per barrel ($50–55/bbl) whereas Tidewater used a $44/bbl calculation in determining annual EBITDA contributions from PGR would be around $75 million.

This difference constitutes upside for Tidewater as crack spreads are expected to stay higher for the ensuing 12 months and the break even point for the company is an estimated $30/bbl barrel, according to iA estimates.

On the other hand, Foscolos highlighted, Tidewater’s purpose in doing the deal with Husky is to help delever its balance sheet to two and a half to three and a half times. Because refining is a different business segment for Tidewater and deleveraging relies on the acquired asset’s future performance, the strategy is risky.

Due to that heightened risk, iA Securities trimmed its target price on Tidewater to CA$1.75 per share from CA$1.80. In comparison, the energy company’s share price today is around CA$0.98.

Also, Tidewater is financing the PGR acquisition with debt, which requires an up to $600 million increase to its credit facility and a $100 million term loan.

Finally, Tidewater has a five-year offtake agreement with Husky covering 90% of volumes produced by PGR. While this “adds certainty for Tidewater, the sale of Husky’s retail business adds longer-term uncertainty,” Foscolos commented.

IA Securities has a Speculative Buy rating on Tidewater.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

Disclosures from iA Securities, Tidewater Midstream and Infrastructure Ltd., Research Update, October 8, 2018

Conflicts of Interest: The research analyst and or associates who prepared this report are compensated based upon (among other factors) the overall profitability of iA Securities, which may include the profitability of investment banking and related services. In the normal course of its business, iA Securities may provide financial advisory services for the issuers mentioned in this report. iA Securities may buy from or sell to customers the securities of issuers mentioned in this report on a principal basis.

Analyst’s Certification: Each iA Securities research analyst whose name appears on the front page of this research report hereby certifies that (i) the recommendations and opinions expressed in the research report accurately reflect the research analyst’s personal views about the issuer and securities that are the subject of this report and all other companies and securities mentioned in this report that are covered by such research analyst and (ii) no part of the research analyst’s compensation was, is, or will be directly or indirectly, related to the specific recommendations or views expressed by such research analyst in this report.

Analyst Trading: iA Securities permits analysts to own and trade in the securities and or the derivatives of the issuer under their research coverage, subject to the following restrictions. No trades can be executed in anticipation of coverage for a period of 30 days prior to the issuance of the report and 5 days after the dissemination of the report to our clients. For a change in recommendation, no trading is allowed for a period of 24 hours after the dissemination of such information to our clients. A transaction against an analyst’s recommendation can only be executed for a reason unrelated to the outlook of the stock for the issuer and with the prior approval of the Director of Research and the Chief Compliance Officer.

In the past 12 months, Industrial Alliance Securities Inc. has managed or co-managed a public offering of securities for the issuer.

The analyst has visited the issuer’s operations. No payment or reimbursement was received from the issuer for the associated travel costs.

( Companies Mentioned: TWM:TSX; TWMIF:OTCMKTS,
)

Source: Streetwise Reports   10/09/2019

The pros and cons of the deal are discussed in an iA Securities report.

In an Oct. 8 research note, iA Securities analyst Elias Foscolos reported that Tidewater Midstream and Infrastructure Ltd. (TWM:TSX; TWMIF:OTCMKTS) entered an agreement to acquire Husky Energy's Prince George Refinery (PGR) for about $277 million. The deal is expected to close in Q4/19.

IA Securities wants to wait and see how this "bold acquisition" plays out for Tidewater, Foscolos indicated. On one hand, he pointed out, Tidewater "should benefit from high crack spreads making the acquisition attractive." Recent spreads averaged about $50–55 per barrel ($50–55/bbl) whereas Tidewater used a $44/bbl calculation in determining annual EBITDA contributions from PGR would be around $75 million.

This difference constitutes upside for Tidewater as crack spreads are expected to stay higher for the ensuing 12 months and the break even point for the company is an estimated $30/bbl barrel, according to iA estimates.

On the other hand, Foscolos highlighted, Tidewater's purpose in doing the deal with Husky is to help delever its balance sheet to two and a half to three and a half times. Because refining is a different business segment for Tidewater and deleveraging relies on the acquired asset's future performance, the strategy is risky.

Due to that heightened risk, iA Securities trimmed its target price on Tidewater to CA$1.75 per share from CA$1.80. In comparison, the energy company's share price today is around CA$0.98.

Also, Tidewater is financing the PGR acquisition with debt, which requires an up to $600 million increase to its credit facility and a $100 million term loan.

Finally, Tidewater has a five-year offtake agreement with Husky covering 90% of volumes produced by PGR. While this "adds certainty for Tidewater, the sale of Husky's retail business adds longer-term uncertainty," Foscolos commented.

IA Securities has a Speculative Buy rating on Tidewater.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

Disclosures from iA Securities, Tidewater Midstream and Infrastructure Ltd., Research Update, October 8, 2018

Conflicts of Interest: The research analyst and or associates who prepared this report are compensated based upon (among other factors) the overall profitability of iA Securities, which may include the profitability of investment banking and related services. In the normal course of its business, iA Securities may provide financial advisory services for the issuers mentioned in this report. iA Securities may buy from or sell to customers the securities of issuers mentioned in this report on a principal basis.

Analyst's Certification: Each iA Securities research analyst whose name appears on the front page of this research report hereby certifies that (i) the recommendations and opinions expressed in the research report accurately reflect the research analyst's personal views about the issuer and securities that are the subject of this report and all other companies and securities mentioned in this report that are covered by such research analyst and (ii) no part of the research analyst's compensation was, is, or will be directly or indirectly, related to the specific recommendations or views expressed by such research analyst in this report.

Analyst Trading: iA Securities permits analysts to own and trade in the securities and or the derivatives of the issuer under their research coverage, subject to the following restrictions. No trades can be executed in anticipation of coverage for a period of 30 days prior to the issuance of the report and 5 days after the dissemination of the report to our clients. For a change in recommendation, no trading is allowed for a period of 24 hours after the dissemination of such information to our clients. A transaction against an analyst's recommendation can only be executed for a reason unrelated to the outlook of the stock for the issuer and with the prior approval of the Director of Research and the Chief Compliance Officer.

In the past 12 months, Industrial Alliance Securities Inc. has managed or co-managed a public offering of securities for the issuer.

The analyst has visited the issuer's operations. No payment or reimbursement was received from the issuer for the associated travel costs.

( Companies Mentioned: TWM:TSX; TWMIF:OTCMKTS, )

Target Price Raised on ‘One of the Highest-Quality Stories’ in Oil & Gas

Source: Streetwise Reports   10/09/2019

The changes made and the reasons for them are detailed in a Raymond James report.

In an Oct. 8 research note, analyst Justin Jenkins reported that Raymond James raised its target price on Phillips 66 (PSX:NYSE) to $120 per share from $117 “on higher conviction in earnings quality/outlook.” Currently, the energy company’s share price is around $102.71.

Raymond James expects Q3/19 to be another strong quarter for Phillips 66 and as such, increased its earnings per share (EPS) forecast on the company to $2.55 from $2.30. Similarly, due to recent strength in refining margins, the investment bank boosted its Q4/19 EPS estimate to $2.03 from $1.78, which is above consensus’ projected $1.97 EPS.

Jenkins described Phillips 66 as a “high-quality story.” He noted it has “strong cash-generating assets that support growth in the higher-value Midstream and Chemicals segments to drive earnings power higher over time.”

“Importantly, while the growth outlook remains solid, we also believe the strength of the refining assets that can be realized in the coming years remains under appreciated. With an excellent management team that has a keen focus on continued discipline in capital allocation and business optimization, we view PSX as a core holding,” Jenkins stated.

Raymond James has an Outperform rating on Phillips 66.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

Disclosures from Raymond James, Phillips 66, October 8, 2019

ANALYST INFORMATION

Analyst Holdings and Compensation: Equity analysts and their staffs at Raymond James are compensated based on a salary and bonus system. Several factors enter into the bonus determination including quality and performance of research product, the analyst’s success in rating stocks versus an industry index, and support effectiveness to trading and the retail and institutional sales forces. Other factors may include but are not limited to: overall ratings from internal (other than investment banking) or external parties and the general productivity and revenue generated in covered stocks.

The analyst Justin Jenkins, primarily responsible for the preparation of this research report, attest to the following: (1) that the views and opinions rendered in this research report reflect his or her personal views about the subject companies or issuers and that no part of the research analyst’s compensation was, is, or will be directly or indirectly related to the specific recommendations or views in this research report. In addition, said analyst(s) has not received compensation from any subject company in the last 12 months.

RAYMOND JAMES RELATIONSHIP DISCLOSURES
Certain affiliates of the RJ Group expect to receive or intend to seek compensation for investment banking services from all companies under research coverage within the next three months.

Raymond James & Associates, Inc. makes a market in the shares of Phillips 66.

Additional Risk and Disclosure information, as well as more information on the Raymond James rating system and suitability categories, is available here.

( Companies Mentioned: PSX:NYSE,
)

Source: Streetwise Reports   10/09/2019

The changes made and the reasons for them are detailed in a Raymond James report.

In an Oct. 8 research note, analyst Justin Jenkins reported that Raymond James raised its target price on Phillips 66 (PSX:NYSE) to $120 per share from $117 "on higher conviction in earnings quality/outlook." Currently, the energy company's share price is around $102.71.

Raymond James expects Q3/19 to be another strong quarter for Phillips 66 and as such, increased its earnings per share (EPS) forecast on the company to $2.55 from $2.30. Similarly, due to recent strength in refining margins, the investment bank boosted its Q4/19 EPS estimate to $2.03 from $1.78, which is above consensus' projected $1.97 EPS.

Jenkins described Phillips 66 as a "high-quality story." He noted it has "strong cash-generating assets that support growth in the higher-value Midstream and Chemicals segments to drive earnings power higher over time."

"Importantly, while the growth outlook remains solid, we also believe the strength of the refining assets that can be realized in the coming years remains under appreciated. With an excellent management team that has a keen focus on continued discipline in capital allocation and business optimization, we view PSX as a core holding," Jenkins stated.

Raymond James has an Outperform rating on Phillips 66.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

Disclosures from Raymond James, Phillips 66, October 8, 2019

ANALYST INFORMATION

Analyst Holdings and Compensation: Equity analysts and their staffs at Raymond James are compensated based on a salary and bonus system. Several factors enter into the bonus determination including quality and performance of research product, the analyst's success in rating stocks versus an industry index, and support effectiveness to trading and the retail and institutional sales forces. Other factors may include but are not limited to: overall ratings from internal (other than investment banking) or external parties and the general productivity and revenue generated in covered stocks.

The analyst Justin Jenkins, primarily responsible for the preparation of this research report, attest to the following: (1) that the views and opinions rendered in this research report reflect his or her personal views about the subject companies or issuers and that no part of the research analyst's compensation was, is, or will be directly or indirectly related to the specific recommendations or views in this research report. In addition, said analyst(s) has not received compensation from any subject company in the last 12 months.

RAYMOND JAMES RELATIONSHIP DISCLOSURES
Certain affiliates of the RJ Group expect to receive or intend to seek compensation for investment banking services from all companies under research coverage within the next three months.
Raymond James & Associates, Inc. makes a market in the shares of Phillips 66.

Additional Risk and Disclosure information, as well as more information on the Raymond James rating system and suitability categories, is available here.

( Companies Mentioned: PSX:NYSE, )

Nordic American Benefiting from Exceptionally Strong Tanker Market

Source: Streetwise Reports   10/08/2019

Shares of Nordic American Tankers are trading 16.5% higher today setting a 52-week intraday high stock price as the company reported great demand for its Suezmax oil tankers.Hamilton,…

Source: Streetwise Reports   10/08/2019

Shares of Nordic American Tankers are trading 16.5% higher today setting a 52-week intraday high stock price as the company reported great demand for its Suezmax oil tankers.

Hamilton, Bermuda-headquartered international tanker company Nordic American Tankers Ltd. (NAT:NYSE) announced in a letter to shareholders and investors that the anticipated upswing in the tanker market has come to fruition. The release referenced that just two weeks ago the company advised that there would be strong market improvement for the firm's Suezmax tankers.

The company wrote in the release, "We have for a long time informed you of this anticipated upswing in the tanker market...Seeing is believing and if anyone had doubts, last week, the international shipbroking firm of Clarkson Platou Research reported the largest week-on-week increase in the history of their freight index. From Thursday to Friday last week, reported Suezmax rates jumped 60% on the day and 400% on the month!"

Nordic American states in the report that "its uniform fleet of 23 Suezmax tankers have 21 units trading in the open spot market, ready to benefit from strengthening freights." The firm indicates that presently "the Suezmax spot market is reported to about $68,000/day, and rising and the NAT operating costs are about $8,000/day per ship."

The company noted that "a seasonal upturn was already in the making. However, the additional combination of increased demand from refineries around the world ramping up their production to supply low sulphur fuels for 2020 and reduced supply of new vessels are important structural factors." Nordic American also advised that the temporary uncertainty around the Saudi Arabian oil production has created additional demand pressure. The company believes that the market bottomed out during 2018 and the industry will see further improvement going forward.

The company indicated that Q3/19 earnings for the period ending September 30, 2019, will be released on November 25, 2019, prior to the market open on that day. The company advised that Q3/19 results will not be much different from Q2/19 results.

The company remains excited about the prospects for the rest of fiscal year 2019 and further down the road. The company believes that it will remain in a very strong position with 21 of its 23 Suezmaxes in the spot market. This positioning will allow NAT to continue to directly benefit from the exceptional run up in Suezmax freight rates.

Nordic American Tankers is an international tanker company, which was incorporated in Hamilton, Bermuda in 1995. The company has an active trading fleet of 23 vessels, of which 21 are presently deployed in the spot market. The vessels in the company's fleet are homogenous and interchangeable and the Suezmax tankers each can carry over 1 million barrels of oil.

Nordic American Tankers began the day with a market capitalization of about $439.2 million and approximately 142.6 million shares outstanding . The stock trades in a 52-week price range of $1.66-3.60/share. This morning, NAT shares opened at $3.18 (+$0.10, +3.25%) over yesterday's $3.08 closing price. The stock has traded today between $3.07 and $3.60/share, setting a 52-week high intraday price and at present is trading at $3.59 (+0.51, 16.56%).

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Disclosure:
1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

( Companies Mentioned: NAT:NYSE, )

Contango to Acquire White Star’s Producing Oil & Gas Properties

Source: Streetwise Reports   10/03/2019

The deal and the assets are described in a ROTH Capital Partners report.

ROTH Capital Partners analyst John White reported that Contango Oil & Gas Co. (MCF:NYSE.MKT) agreed to acquire the assets of White Star Petroleum for $132.5 million.

The assets include production of 15,000 barrels of oil equivalent per day (15,000 boe/d) and 20 million barrels of oil equivalent of Proven Developed Producing reserves and 315,000 net acres in the STACK play, the general Anadarko Basin and the Cherokee Basin, in Oklahoma. The amount of total reserves was not disclosed.

White highlighted that this is a “very large acquisition” by Contango. Adding production from the White Star assets to Contango’s existing production (5,482 boe/d) would result in estimated total production of about 21,800 boe/d.

It’s unknown whether the oil and gas properties Contango is acquiring are nonconventional or conventional or a combination thereof, White noted but added that ROTH suspects all are conventional and mature. “Compared to predominately shale play metrics, the properties are being acquired on a very inexpensive valuation,” he added. “Our coverage of predominately shale play companies recently traded at a median flowing boe/d of $36,084.”

ROTH has a $1.45 per share target price on Contango, whose current share price is around $2.61. “Although the shares are at a level which fits ROTH’s Sell rating definition, we rate the shares Neutral while we await more details on the recently announced acquisition,” White explained.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

Disclosures from ROTH Capital Partners, Contango Oil & Gas Company, Flash Note, September 27, 2019

Regulation Analyst Certification (“Reg AC”): The research analyst primarily responsible for the content of this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.

ROTH makes a market in shares of Contango Oil & Gas Company and as such, buys and sells from customers on a principal basis.

Shares of Contango Oil & Gas Company may be subject to the Securities and Exchange Commission’s Penny Stock Rules, which may set forth sales practice requirements for certain low-priced securities.

ROTH Capital Partners, LLC expects to receive or intends to seek compensation for investment banking or other business relationships with the covered companies mentioned in this report in the next three months.

( Companies Mentioned: MCF:NYSE.MKT,
)

Source: Streetwise Reports   10/03/2019

The deal and the assets are described in a ROTH Capital Partners report.

ROTH Capital Partners analyst John White reported that Contango Oil & Gas Co. (MCF:NYSE.MKT) agreed to acquire the assets of White Star Petroleum for $132.5 million.

The assets include production of 15,000 barrels of oil equivalent per day (15,000 boe/d) and 20 million barrels of oil equivalent of Proven Developed Producing reserves and 315,000 net acres in the STACK play, the general Anadarko Basin and the Cherokee Basin, in Oklahoma. The amount of total reserves was not disclosed.

White highlighted that this is a "very large acquisition" by Contango. Adding production from the White Star assets to Contango's existing production (5,482 boe/d) would result in estimated total production of about 21,800 boe/d.

It's unknown whether the oil and gas properties Contango is acquiring are nonconventional or conventional or a combination thereof, White noted but added that ROTH suspects all are conventional and mature. "Compared to predominately shale play metrics, the properties are being acquired on a very inexpensive valuation," he added. "Our coverage of predominately shale play companies recently traded at a median flowing boe/d of $36,084."

ROTH has a $1.45 per share target price on Contango, whose current share price is around $2.61. "Although the shares are at a level which fits ROTH's Sell rating definition, we rate the shares Neutral while we await more details on the recently announced acquisition," White explained.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

Disclosures from ROTH Capital Partners, Contango Oil & Gas Company, Flash Note, September 27, 2019

Regulation Analyst Certification ("Reg AC"): The research analyst primarily responsible for the content of this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.

ROTH makes a market in shares of Contango Oil & Gas Company and as such, buys and sells from customers on a principal basis.

Shares of Contango Oil & Gas Company may be subject to the Securities and Exchange Commission's Penny Stock Rules, which may set forth sales practice requirements for certain low-priced securities.

ROTH Capital Partners, LLC expects to receive or intends to seek compensation for investment banking or other business relationships with the covered companies mentioned in this report in the next three months.

( Companies Mentioned: MCF:NYSE.MKT, )

Analyst: Valero Energy’s Q3/19 Numbers Trimmed, Q4/19 Outlook Improved

Source: Streetwise Reports   10/03/2019

In a research report, Raymond James revisits and revises its Q3/19 projections on this company.

In an Oct. 1 note, Raymond James analyst Justin Jenkins reported that Valero Energy Corp.’s (VLO:NYSE) adherence to a disciplined strategy continues to drive strong performance in this challenging oil and gas environment.

Specifically, the manufacturer and marketer of transportation fuels and petrochemical products has been “improving returns in refining while growing in the higher value midstream and renewable segments that also support refining ops,” Jenkins pointed out. It also continues to maintain a strong balance sheet and return cash to shareholders.

However, Valero is facing various market headwinds, and as such, Raymond James slightly lowered its Q3/19 expectations for the company, Jenkins indicated.

For one, it reduced its Q3/19 earnings per share estimate to $1.30 from $1.50.

Two, for Valero’s Refining segment, Raymond James lowered its Q3/19 gross margin forecast to $9.69 per barrel from $9.79 in light of modest capture difficulty in the Midcontinental and North Atlantic regions.

Three, due to the expectation that higher feedstock costs will negatively impact margins, Raymond James now predicts a Q3/19 operating loss in the Ethanol segment of $28 million, the biggest change to its Valero model. This new figure compares to an $8 million revenue win in Q2/19.

On a positive note, Jenkins concluded that “H2/19 has thus far shaped up better than many had feared, and we continue to expect IMO 2020 to prove to be a solid tailwind for the group, with Valero a particular winner.”

Accordingly, Raymond James has left its Q4/19 and 2020 projections on Valero the same. Further, the financial services firm maintained its Outperform rating and $95 per share target price on the energy firm, whose stock is trading now at around $82.66 per share.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

Disclosures from Raymond James, Valero Energy Corp., October 1, 2019

ANALYST INFORMATION

Analyst Holdings and Compensation: Equity analysts and their staffs at Raymond James are compensated based on a salary and bonus system. Several factors enter into the bonus determination including quality and performance of research product, the analyst’s success in rating stocks versus an industry index, and support effectiveness to trading and the retail and institutional sales forces. Other factors may include but are not limited to: overall ratings from internal (other than investment banking) or external parties and the general productivity and revenue generated in covered stocks.

The analyst Justin Jenkins, primarily responsible for the preparation of this research report, attest to the following: (1) that the views and opinions rendered in this research report reflect his or her personal views about the subject companies or issuers and that no part of the research analyst’s compensation was, is, or will be directly or indirectly related to the specific recommendations or views in this research report. In addition, said analyst(s) has not received compensation from any subject company in the last 12 months.

RAYMOND JAMES RELATIONSHIP DISCLOSURES
Certain affiliates of the RJ Group expect to receive or intend to seek compensation for investment banking services from all companies under research coverage within the next three months.

Raymond James & Associates, Inc. makes a market in the shares of Valero Energy Corporation.

Raymond James & Associates received non-investment banking securities-related compensation from Valero Energy Corporation within the past 12 months.

Additional Risk and Disclosure information, as well as more information on the Raymond James rating system and suitability categories, is available here.

( Companies Mentioned: VLO:NYSE,
)

Source: Streetwise Reports   10/03/2019

In a research report, Raymond James revisits and revises its Q3/19 projections on this company.

In an Oct. 1 note, Raymond James analyst Justin Jenkins reported that Valero Energy Corp.'s (VLO:NYSE) adherence to a disciplined strategy continues to drive strong performance in this challenging oil and gas environment.

Specifically, the manufacturer and marketer of transportation fuels and petrochemical products has been "improving returns in refining while growing in the higher value midstream and renewable segments that also support refining ops," Jenkins pointed out. It also continues to maintain a strong balance sheet and return cash to shareholders.

However, Valero is facing various market headwinds, and as such, Raymond James slightly lowered its Q3/19 expectations for the company, Jenkins indicated.

For one, it reduced its Q3/19 earnings per share estimate to $1.30 from $1.50.

Two, for Valero's Refining segment, Raymond James lowered its Q3/19 gross margin forecast to $9.69 per barrel from $9.79 in light of modest capture difficulty in the Midcontinental and North Atlantic regions.

Three, due to the expectation that higher feedstock costs will negatively impact margins, Raymond James now predicts a Q3/19 operating loss in the Ethanol segment of $28 million, the biggest change to its Valero model. This new figure compares to an $8 million revenue win in Q2/19.

On a positive note, Jenkins concluded that "H2/19 has thus far shaped up better than many had feared, and we continue to expect IMO 2020 to prove to be a solid tailwind for the group, with Valero a particular winner."

Accordingly, Raymond James has left its Q4/19 and 2020 projections on Valero the same. Further, the financial services firm maintained its Outperform rating and $95 per share target price on the energy firm, whose stock is trading now at around $82.66 per share.

Sign up for our FREE newsletter at: www.streetwisereports.com/get-news

Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

Disclosures from Raymond James, Valero Energy Corp., October 1, 2019

ANALYST INFORMATION

Analyst Holdings and Compensation: Equity analysts and their staffs at Raymond James are compensated based on a salary and bonus system. Several factors enter into the bonus determination including quality and performance of research product, the analyst's success in rating stocks versus an industry index, and support effectiveness to trading and the retail and institutional sales forces. Other factors may include but are not limited to: overall ratings from internal (other than investment banking) or external parties and the general productivity and revenue generated in covered stocks.

The analyst Justin Jenkins, primarily responsible for the preparation of this research report, attest to the following: (1) that the views and opinions rendered in this research report reflect his or her personal views about the subject companies or issuers and that no part of the research analyst's compensation was, is, or will be directly or indirectly related to the specific recommendations or views in this research report. In addition, said analyst(s) has not received compensation from any subject company in the last 12 months.

RAYMOND JAMES RELATIONSHIP DISCLOSURES
Certain affiliates of the RJ Group expect to receive or intend to seek compensation for investment banking services from all companies under research coverage within the next three months.
Raymond James & Associates, Inc. makes a market in the shares of Valero Energy Corporation.
Raymond James & Associates received non-investment banking securities-related compensation from Valero Energy Corporation within the past 12 months.

Additional Risk and Disclosure information, as well as more information on the Raymond James rating system and suitability categories, is available here.

( Companies Mentioned: VLO:NYSE, )