GREY:CEQXF - Post by User
Post by
templetoothon Mar 21, 2016 4:33pm
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Post# 24685138
Albania oil vs. Alberta gas
Albania oil vs. Alberta gas
This is a bit of a stretch, but revealing nonetheless. Cequence at 38 cents is trading at an EV per 2P boe valuation of $1.17 per share or maybe 12-13% premium to the value Bankers Pete carried pre-takeover announcement. By the way, I bot some BNK at $1.70 as a reasonable speculation the deal will get done.
Anyway, Scotia figures the BNK deal values their 2P reserves at $2.44 per barrel. Using that number applied to CQE 2P reserves you get $307 million less $68 mm debt or $239 million for the equity. Per share, that's $1.13 implied value for Cequence.
You gotta believe that if there's a bid for Albanian oil, surely somebody has a flicker of interest in Alberta gas, no?