RE:3rd Quarter newsI agree about the SP. i don't think the Q3 will be release until late november but i might be wrong.
I was making some calculation on 0,065 $ SP and I don't think there is a junior that has that much of a discount based on production barrel out there. I really though, even if there working in Egypt, that there would have been better support but the SP really has taken a hit in the last 3 month. Even if the production level stay near Q2 level, it still gives you EV/bopd around 17 500 $/bopd based on liquid and under 16 k based on Boe which includes gas... I will continu to add, as the discount is getting bigger and bigger.
I know the risk is higher than other internationnal oil&gas because of Egypt, but even if you compare SDX to TGL that operates in the same country, that produced around 19238 bopd in last month of their Q3, it gives a estimates $/bopd based on Q2 net debt of around 21 500 $/bopd. I know it's not the best peers comparison as TGL is an onshore producer and has a much bigger portfolio, but still...
And i'm still wondering why the two of them are so much discounted when you think that the situation hasn't affect their operation much over the last year... even at double EV, it would still be discounted compare to international oil & gas peer...
Here's the math for SDX just for disclosure purpose :
| Mkt cap | 24469900 | (at 0,065 $) | |
| Net debt | 6000000 | | |
| EV | 30469900 | | |
| | | | |
| oil production | 1740 | Liquid only (1916 with gas) |
| | | | |
| Ev/bopd | 17 511 | $/bopd | |
| Ev/bopd | 15 903 | $/bopd (based on BOE) |
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