RBC: Q3 Results All On TrackFrom the 14 Nov RBC Analyst report:
"Athena remains on schedule and Q3 broadly inline.
Athena remains on track. The North Sea developer remains set to achieve first oil before year-end and on budget. The FPSO is due to leave Dubai shortly, with a 20 day voyage to the field. Final hook up and commissioning is scheduled to take 14 days. Completion of the development should push IAE production beyond 10,000 boepd.
IAE is currently trading only at 2 times 2012 CFPS of our estimate of $1.12.
Strong Q3 numbers: IAE numbers were generally inline with our expectations, with EPS of .04 EPS ahead of our expectations of .02 EPS.
Scope for More Deals: IAE has a track-record for value-enhancing North Sea acquisitions.We currently forecast IAE will retain a significant cash balance throughout 2012, giving it capacity to obtain further opportunities...
Outperform rating increased to $3.25 at a 10 % discount.