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Strategies & Market Trends : Ride the Tiger with CD
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To: ogi who wrote (304755)8/5/2024 11:41:38 PM
From: 31Floors  Read Replies (2) of 313886
 
"Any acquisition by VLE will of course be very well considered and no doubt immediately accretive. It's a matter of time."

Including restarted Wassana they'll be at 20k BOED and they are looking to close some smaller acquisitions in the not too distant future, and beyond that a big transformational one. Think along the lines of what they did In Thailand but much bigger - if they can successfully close the big one. They want to be at 100,000 BOED before the end of 2026.

They pay 50% income taxes on taxable income for all fields except Wassana, which has this big tax loss carry forward of about $300m. At Wassana income taxes payable are essentially or actually, nil. The tax restructuring they are working on will allow them to apply these tax loss CFs to Non Yao and Manora. Think $150m (50%) savings on deck.

This thing has a market cap of less than C$500m with US$150 million in the bank after paying a big tax bill last Q and no debt. In November 2022 before the acquisition they had (if memory serves) less than $30m in the bank and NIL production. Trading at .50. They still own Thrace Basin in turkey.

Assuming no SP appreciation its well on its way to negative EV in less than two years. I'm pretty sure this won't happen and the SP has to give. I HOPE this will be a successful long term hold, and not just a trade. Please do your own DD, eh. I suggest not selling TNZ to buy VLE, either because both are worthy IMO.
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