Have a look at TMY (Transmeridian). Have 500mmbbl-1B bbl field in Kaz. Owns adjacent field to Nelson's Alibekmola field. Just bought out their partner at $2 per P2 bbl. The deal is hugely accretive as PKZ and Nelson were both sold at ~$8 per P2. Once the deal closes, FD NAV will be around $10+ US. Trades below $4. Down side is they have had difficulties getting production going as planned, but should eventually get those problems solved. If I saw a few wells that they can get production on a sustained basis over 1000bpd, I'd be a huge buyer. Have had the shares since $0.90...
Have a look at CalValley (CVI.A). Similar to Transglobe (as in Yemen), but better properties, less hype and bigger upside imo. Will begin selling oil at year end and have really big developmental drilling campaign to get the fields going next year. Will be limited in export (~10,000bpd) until pipeline is built which is expected to come on line in ~Q3 next year. Very prospective block and they are operator of the field with some good partners.
Another interesting company is Transworld Energy. (TGE) Have a 20% carried interest in Niger with CNPC. Will begin drilling 3 exploratory wells in Q1. Adjacent blocks have found oil. Problem is that unless there are some big finds to justify a pipeline, the oil will be stranded. Still, it trades at miniscule valuation, well below the value of its carried interest. Just waiting to hear about when the rigs will spud.
Then there is Solana (SOL - formerly Adulis) which is a Josef Schachter favorite but has a lot of spec in the play. I like the prospects, but don't expect anything spectacular as Solana has small working interests in a lot of plays. Still, fiscal regime in Columbia is one of the best in the world and its right next door to Ven, so there is likely some decent sized fields to be found.
Still, CUX below $11 is a steal imo. If they get anywhere near 70,000 boed as per guidance next year, no way will shares stay anywhere near $11. And if they hit any of the exploratory plays... |
