RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:Bonterra vs Yangarra..."PPR is interesting enough it is on my watchlist. Undervalued but uestionable management team. Torn whether to take a small postion in it, lgoing to ook at it again in more detail. I like the EVI field they have....but off memory I thought PPR CEO ran compton and look at comptons fate...Compton was a disaster. But PPR is so cheap that I may ignore it."
What intrigues me about PPR is the Michichi asset. I wondered if you knew anything about it. It was meticulously put together by a very smart geophysicist with his hand-picked team. The Evi waterflood is supposed to be a very low decline cash cow and they've had some good results at Princess, but Michichi could be really special. Check out these two presentations:
https://youtu.be/e6-nFabuBmg https://youtu.be/cPXzbJOk0ls Somehow Marquee ended up maxed out on debt without any capacity for further drilling and they put themselves up for sale. PPR paid very little but assumed Marquee's debt. However the CEO at PPR said he spent lots of time with the lenders going through all kinds of scenarios and they're very comfortable with the company's leverage. You should watch PPR's webcast from the end of November regarding the acquisition and the state of the company at that time. In my opinion the CEO Tim Granger lends a good impression, and with such a small market cap it can multiply easily during a good market.
OBE's debt is not really so high when you consider 30,000 bbl/d of high netback production and the scale and quality of their Cardium land base. If you listen to the latest presentation on the site you can see they have more Cardium land by a long shot than everyone else. It's not even close. So they're very dominant. They make YGR's land look really puny by comparison. I don't see why OBE can't employ YGR's bioturbated learnings and technology to really build something special.