Tidewater Midstream and Infrastructure Ltd T.TWM.DB.A

Value of TWM's Brazeau River Gas Processing Plant

[TVR]

Based on the values reported today in Whitecaps's sale of interests in its gas processing facilities to Topas and Pembina it looks like TWMs Brazeau River Gas Processing Plant could have a sale value in the range of $400 million. Brazeau is 180mmcf/d gas processing capability + 10,000 bpd NGL fractionation capacity.  Whitecap got $100 million for 50% of Musreau (43mmcf/d+ 12,500 bpd liquids capacity; The secpnd deal for the Kaybob complex with 165mmcf/d + 15,000 bpd condensate capacity was more complicated because it included Pembina funding a new facility.  Brazeau is not opertaing at capaacity, but is averaging 70% to 80% capacity so not too bad.  Since TWMs current martket cap is only around $250 million it looks like selling off their assets (Brazeau, Prince George Refinery + Renewables business) could bring in 4 to 5 times the current market cap or 4 times after eliminating all current debt.; Time for a sale process?

[longrun86]

This is my thinking as well. I just don't see a clear path forward for Tidewater that will reward shareholders with the right risk/reward ratio. Tidewater doesn't have the capital base to compete in the long run. It does have strategic assets that would be looked upon favourably by market participants but otherwise, these assets will wither on the vine. They need to stabilize the