Petrolia Noco: Løvmeis well in Q3 is the next big event - ABG

Including Brage acquisition in our estimates
Løvmeis exploration well in Q3'24 - the next big event
Revised fair value range of NOK 1.2-3.3/sh


Including Brage acquisition in our estimates

Petrolia Noco reported H2'23 numbers relatively in line with our estimates. Both revenues of NOK 2.2m and EBITDAX of NOK -16.6m were in line with ABGSCe of NOK 4.0m and NOK -18m, respectively. The company exited H2'23 with a cash position of NOK 30m. The big event in H2'23 was the acquisition of 12.3% in the Brage licence from Vår Energi, which was funded by new loan facilities. The transaction will have a transformative impact on the company's production, adding ~2.2kboe/d in '24. In our view, the transaction is positive for Petrolia Noco, as it will allow the company to utilise the Norwegian Petroleum tax system in a more optimal way, and also give funding support for ongoing exploration activities until other projects in its portfolio reach first oil.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/petrolia-noco/Equity-research/2024/4/petrolia-noco---lovmeis-well-in-q3-is-the-next-big-event/