RBC attendance at IAE Athena presentationFrom RBC report after IAE Athena presentation, highlights:
"Athena enters the home straight"
We expect IAE to retain a high profile with investors over the coming months as its Athena development nears completion and it provides better clarity on its larger Stella development.
Management's presentation touched on the potential for reserves growth at Athena in the undrilled northern area of the field. The performance of A2 horizontal well is likely to determine if additional development wells to the north could be drilled to target further reserves and production. Our valuation currently includes no value for this opportunity.
Other upcoming news: The Stella development concept is awaiting board sanction from the field partners with IAE aiming to provide details in late October. We also expect IAE to secure a rig to appraise the Hurricane discovery in Q1/12 - a potential tie-back to Stella.
cheers