GREY:TBTEF - Post by User
Post by
strzelinon Feb 28, 2013 10:40am
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Post# 21055064
2012 reserves and ops update/Production stabilized
2012 reserves and ops update/Production stabilized Reserves: TBE reported 2012 reserves of 56.2 mmboe (73% liquids),
representing growth of 58% YOY
Production stabilized: TBE noted that volumes at Primate have now
stabilized at 2,600 bbl/d following the decline seen in January, with
declines going forward expected to average 35%. Current corporate
volumes of 18,000 boe/d are ahead of our full-year average estimate
Thesis: We continue to believe that TBE is taking a prudent approach
of managing spending in order to protect the dividend and balance
sheet. Under our model, the company will generate an effective payout
ratio of 94% this year, with D/CF at 1.4x.
Target 1-Yr: C$3.00
See more at:
https://www.investorvillage.com/groups.asp?mb=13685&mn=36960&pt=msg&mid=12580938