Ithaca Energy Inc. (IAE.TO) Buy, Sell or Hold

Ithaca Energy Inc. (IAE.TO)

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WAIT

Thinks their 12-18 month production profile will rise dramatically (double). One timing delay. They have a ship in the Emirates that is going into the north sea to pump 5000 Barrels per day but it is delayed by safety inspectors. Will have to pass through straight where Iranians have been firing missiles. Could be a 1 quarter delay and it could affect cash flow for the year. You might be able to get it closer to $2

TOP PICK

2 projects they are going to bring on to production are already de-risked. Currently producing 5000 barrels a day. Within 2 years expected to increase to 20,000 barrels a day. Athena project is set to come on in January, which will bring in 10,000 barrels a day and then they bring on Stella, which will add anywhere from 10,000 to 15,000 barrels. Very cheap at 2X next year's value.

TOP PICK

North Sea oil. Between 2011-2013, with the projects they have coming on stream, they'll be tripling their production and cash flows. Cheap valuation.

HOLD

Finds the North Sea a very difficult area to operate in. Costs are generally higher and there can be weather issues. Relatively cheap at about 3X cash flow. Risk NAV is around $3 which would mean a 50% upside. Once Athena comes online, they’ll produce about 10,000 barrels a day with visibility to grow to about 20,000 barrels in the next 1.5-2 years.

BUY

North Sea oil. Just had new royalty structure, which is an issue for them. Production strength is very strong going forward. WestFire (WFE-T) or Legacy (LEG-T) would be better but this is a good name.

BUY

UK North Sea player. Its specialty is taking projects that are too small for large companies. Have been very creative in terms of financing and getting production going. Looks cheap.

TOP PICK

(A Top Pick Nov 11/10. Down 6.69%.) Target of $4 in a year. Producing 5000 barrels of oil a day in the North Sea. 2 new fields coming on. One will take it to 10,000 and the 2nd to 25,000. Strong balance sheet and over $100 million in the bank.

TOP PICK

(A Top Pick Oct 4/10. Down 24.88%.)Small oil producer in the North Sea. Been under pressure along with the whole oil sector. Extremely well-managed. Has production increases coming. Selling oil into the Brent market.

BUY

Had an unsuccessful hole in the North Sea. Good management. Will be getting good cash flow with a number of their wells coming on. Buy under $2 and Sell closer to $3. Very volatile. Could be a takeover candidate. Higher risk because of drilling. (Pricing is on Brent crude.)

PAST TOP PICK

(A Top Pick Jan 12/11. Down 26%.) Had some issues with drilling, so he sold this around February. This has been sorted out now and he is looking at it again. Likes the company. Cheap and have great growth profile over the next couple of years.

HOLD

Either the price of oil has to go up or the production has to ramp up. This one has the production ramp up. If he owned it he would hold it.

TOP PICK

Not for the faint of heart. North Sea oil producer. Ramping up its production quite dramatically over the next year, year and one half. Very well managed. Will potentially get back to $3. Buy it for an 18 month hold and don't put your life savings into it.

BUY

Good name with strong production growth. He expects it to begin to trade higher. Good growth expected over the next year or two. North Sea. Will go up 300+% over the next 4 years.

HOLD

Recently had an unsuccessful well in the North Sea, which are very expensive. Will probably be producing between 4,500 5,000 barrels by year-end. NAV might be as high as $3.50 but is very volatile. If you own, consider selling as it approaches $3.

BUY

North Sea producer. With the Jackie (?) well coming on, the stock price has gone up on anticipation of the catalyst. The next catalyst will be Athena when it comes on in Q4. Not expensive at 2.5x EBITDA to next year and has a lot of cash.

Showing 61 to 75 of 113 entries

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Ithaca Energy Inc. (IAE.TO)