Analyst Research Report Snapshot

Title:

Pacific Rubiales - Cash generation aimed at acquisitions

Price:

$10.00

Provider:

Edison Investment Research

Date:

18 Oct 2013

Pages:

3

Type:

AcrobatPDF

Companies referenced:

PRE.TO CWV.V GPK.L IE.TO MVN.V

Available for Immediate Download
Summary:

Cash previously aimed at dividends and buybacks has been turned to acquisitions, with a recent offer to buy Petrominerales for C$935m (C$11/share) and C$640m in net debt. The acquisition will be financed with short-term debt, expected to be refinanced after the acquisition is complete. Delivering a flat q-o-q production of 129mboe/d in Q213, production is now forecast to increase to 148mboe/d post acquisition and 2P reserves to increase from 514 to 551mmboe, at a cost of C$25 per bbl. Newly acquired light oil production as well as access to OCENSA and OBC oil pipelines are both seen as adding synergies to current operations.

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