RE:RE:RE:RE:RE:RE:RE:RE:RE:News sum aryThe size of the PGR market is something to consider. Some imported product volumes from IMO would be the first to be pushed out, but some PGR produced product would need to be exported to lower priced markets, which are far away. Obviously building on an existing site has benefits, and it is the highest diesel pricing in the country, and the IRR on the project net of grants gives a lot of leeway, so it's just impossible for idiots on the internet to know WTF they're up to here, there are things to like and things not to like.
Their initial presentation on PGR had imports of 'refined product' of 2 mbbl/d into PGR, to give some sense of what gap the additional production at PGR would be filling.
Even at modest corporate level DCF production of $50-60M/tr (achievable post Pioneer) the FCF yield on TWM equity is in the mid teens and makes issuing equity unattractive. If that ends up being the case here it's clear the project stinks. If they do some project level equity at attractive terms that net DCF accretion to TWM, we should see some share price appreciation and that might be a high volume day for me to shed some shares.
It's not always exciting but TWM is never boring. But I'm such a nerd I'm disappointedat the lack of discussion around Ram River. :\