Painted Pony Pete Ltd PDPYF

Pony cash costs 2017E and 2018E

[dalerules88]

Pony 2017f (2018f) cash costs:
from investor presentation


cap leases 0.46 (0.42)
interest 0.17 (0.18)
g&a 0.22 (0.13)
transport 0.39 (0.54)
opex 0.65 (0.63)
royalties 0.06 (0.08)
ttl 1.95 (1.98)

that gives them 2017f cash flow 0.74/mcfe pre-hedging and 1.20 post-hedging on projected 2017 top line $2.68/mcfe

for 2018 they're projecting top line 3.36 @ aeco 2.50 and WTI 56/bbl, so that would be cash flow $1.49/mcfe (higher for 2018 due to market diversification)

so for 2018, with Aeco even at 2.00 they would still be making $1.00/mcfe cash flow;

happy?