| | | AFRE.L, AOI.V, OSH.AX, PBR, RIG, STO.AX,
Myanmar offshore,
US EIA Petroleum Statistics,
Things We Learned This Week.
Afren Plc (AFRE.L)
Fewer near-term catalysts
28 March 2014 sendspace.com
Africa Oil Corp (AOI.V)
Emong Disappoints; Decrease TP
27 March 2014 sendspace.com
Oil Search Ltd (OSH.AX)
Interoil-Total deal closed, no pre-emptive rights for OSH
26 March 2014 ¦ 7 pages ir.citi.com
Interoil and TOTAL have announced a revised sales agreement for Elk-Antelope,
via the acquisition of shares in a wholly owned InterOil subsidiary, avoiding pre-
emptive rights from OSH. Today’s announcement has no impact our OSH
valuation. We think however, that some investors were hopeful of OSH using pre-
emptive rights to allow Exxon to enter the JV, and by doing so synergies of an
LNG expansion train would be more likely. We still see the potential for a
development to realize cost saving synergies of US$1-2bn gross (split between
the projects), as we understand the PNG govt is very focused on minimising
duplication of infrastructure. Maintain Sell, our risked DCF of $8.14/shr includes
full value for producing oil business & PNG LNG, 85% risk weighting to
Hides/P’nyang T3 development, 50% risk weighting to Elk/Antelope T4
development, and 50% risk weighting to 250mmbbl Kurdistan oil.
Petrobras (PBR)
Look at the spread (before April 2nd)
26 March 2014 sendspace.com
Transocean Ltd. (RIG)
Alert: Focus on Utilization, Confident of Market Recovery
26 March 2014 ¦ 7 pages ir.citi.com
Over the past two days we hosted investor meetings for Transocean’s CEO in
New York and Boston. Steven Newman affirmed his belief that the floating rig
market, which has seen significant price deterioration in 4Q13 and 1Q14, will
recover in a time frame of 18 to 24 months.
Santos Ltd (STO.AX)
Alert: Meridian flexible gas supply to GLNG, allows higher output
27 March 2014 ¦ 8 pages ir.citi.com
Myanmar offshore
Who's who enter Myanmar
27 March 2014 sendspace.com
US EIA Petroleum Statistics
Robust oil supply continues moving on pipelines, rail to US Gulf Coast;
crude-by-rail creates congestion for ethanol, corn
26 March 2014 ¦ 27 pages ir.citi.com
Crude inventories built 6.6-m bbls (over consensus expectations of +2.9-m bbls)
as rising refinery runs out of maintenance season remain below robust supply.
Cushing stocks drew 1.3-m bbls to 28.5-m bbls as outflows stayed robust. But
PADD III stocks built 6-m bbls w/w, breaking over the 200-m bbl mark, a multi-
decade record. Until pipeline flows, imports, or exports adjust, any slowdown of
PADD III stock builds depends on how quickly refineries ramp up runs.
Things We Learned This Week
Oilfield Services & Equipment
27 March 2014 sendspace.com |
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