OEL is trading well below the NPV10 independently calculated value of its reserves of $378m. OEL is also trading at 3x FY19 EV/EBITDAX, and we expect this to reduce as the new Lightning wells and the Green Canyon field is brought into production and OEL moves closer to its goal of 5,000bbls/d production. We maintain our BUY recommendation and our $0.10 valuation is under review.
To access the full report please log in under the Client Area at the bottom of this page.
Argonaut’s Client Area allows you to view delayed share prices, access Argonaut’s wealth of Research as well as create custom portfolios and set up company watch lists.
If you would like to access our research please contact us to create an account.