2 Energy Companies - How Is The Course For The Bets - CVN And BPT

  • Mar 23, 2019 AEDT
  • Team Kalkine
2 Energy Companies - How Is The Course For The Bets - CVN And BPT

The below mentioned energy stocks have made significant strategic progress in the recent past. Let’s take a closer look at these stocks-

Carnarvon Petroleum Limited (ASX: CVN)

Oil and gas exploration company, Carnarvon Petroleum Limited (ASX: CVN) has recently added to S&P/ASX 200 Index, effective from March 18, 2019. In February 2019, the company announced the successful capital raising of $50 Mn (before costs), which will be used for Carnarvon’s appraisal and exploration activities in Australia’s North West Shelf which includes funding the prospective Roc South-1 exploration well which is located between the Roc and Dorado fields.

In the half year ended 31 December 2018, the company reported an unrealized profit on foreign exchange movements of $2,026,000 due to the depreciation of the AUD against the Company’s USD cash and financial assets.

During the half year period, the company discovered light oil, gas and condensate in various reservoirs of its Dorado-1 well. Along with its Joint Venture partner Santos Limited, the company has started the preparations to appraise this discovery.

For the half-year period, the company reported the loss after tax from continuing operations of $1,927,000 compared to the profit of $391,000. As at 31 December 2018, the company had total current assets of $48.76 million and current liabilities of $2.085 million.

In the last six months, the share price of the company increased by 12.82% as on 21 March 2019. CVN’s shares last traded at $0.470 with a market capitalization circa $617.65 million as on 22 March 2019 (AEST 02:21 PM).

Beach Energy (ASX: BPT)

Founded in 1961, Beach Energy (ASX: BPT) has established itself as a leading onshore oil producer in Australia. With its Joint Venture partner Santos Limited, the company owns gas processing facilities at Moomba which is located in South Australia.

Recently Key Cooper Basin Pty Ltd executed a non-binding gas processing Memorandum of Understanding Santos Limited Beach Energy to form the basis for the negotiation of a future formal processing and transportation agreement allowing raw gas from Key’s Tanbar Gas Project.

Recently in February 2019, the company appointed Ms. Sally-Anne Layman as an independent non-executive director and appointed Matt Kay as a Director and Managing Director of Beach.

In the first half of FY 2019, the company reported sales revenue of $955 million, up 147% on pcp. the company also delivered a 199% increase in its underlying Net Profit After Tax (NPAT) to $279 million.

On 31 January 2019, the company increased its production guidance from 25-27MMboe to 28-29 MMboe, driven by the change in estimated completion date for Otway sale, Strong gas customer demand, Improved facility reliability. The company also narrowed Capital expenditure guidance from $440-520 million to $450-500 million, due to increased planned drilling activity.

In the last six months, the share price of the company increased by 10.53% as on 21 March 2019. BPT’s shares last traded at $2.150 with a market capitalization of $4.78 billion as on 22 March 2019 (AEST 02:21 PM).


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