Valuations and Comparison: PTA & its neighbor AMERAMER.L currently trades at 46 GBX in London, has EV at US$670 million (1GBX=1.55USD), and currently produces approximately 7,000 bopd which is about the same production as PTA's production.
AMER has zero production diversification and is fully dependent on one oil field, Platanillo, in the Putumayo Basin. This is a big negative of course.
AMER owns 32.8 MMbbl (2P).
AMER will make approximately US$90 million EBITDA for 2014 with Brent at $70 (average for Q4 2014).
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PTA's EV is now just US$90 million, produces approximately 7,000 bopd and owns 11.8 MMbbl (2P pro forma Suroco acquisition).
PTA has production diversification and its production is coming both from Llanos and Putumayo Basins.
PTA will make approximately US$90 million EBITDA for 2014 with Brent at $70 (average for Q4 2014).
See the key ratios now and the valuation gap is mind-blowing:
AMER currently trades 7,4 times its EBITDA,
AMER currently trades US$95,700/bopd of production.
AMER currently trades US$20.4/bbl of 2P reserves.
PTA currently trades 1 times its EBITDA,
PTA currently trades US$12,850/bopd of production.