RE:RE:RE:RE:Here's Where I've Been Hiding ... TNZ is VLE Dec 2022Malcolm Shaw - I’m not sure if the market understands that TNZ will have run-rate FREE cash flow of over $150 million a year. That’s not just cash flow, it is free cash flow after costs and maintenance capex. To compare TNZ with VLE should bring a smile to any TNZ holders face. TNZ has more reserves per share, more production per share, wayyy more free cash flow per share, and more nav per share. VLE’s 2P after-tax NPV10 is $7.56 per share. TNZ’s is $34.00. VLE basically trades at its 1P NPV10AT of $4.50 per share, while TNZ has a 1P NPV10AT of $22.50 per share. I think those who post/study the VLE chart here are doing the right thing. It takes time for the market to digest/understand a deal like this, but VLE shows that with just a little patience, the market will figure it out. Early days indeed*
Reserve value and declines have always been the downside with VLE. Good cash flow metrics but free cash flow challenged. GLTA