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Pacific Energy (PEA) - Newmont Going Gas

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PEA continues to grow organically through contract expansions with existing customers, adding 13MW additional capacity recently. The Company now has record contracted capacity of 293MW locked in for a weighted average term of four years. However, a likely shift to gas at Newmont’s Tanami Desert operations provides likely near-term negative sentiment. Our unchanged $0.70 valuation factors in a 75% chance of PEA losing the Newmont contract. Despite valuation upside to the current share price we maintain a HOLD due to intensifying competition and until more clarity on Newmont materialises.

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