Maha Energy
Maha Energy - Q1’20 in line with ABGSCe (ABG Sundal Collier)

2020-05-26 08:30
Q1 in line with ABGSCe
Increased uncertainty, action has been taken
Q1 presentation at 18:00 CET
Figures largely in line with our estimates
Maha Energy reported Q1 production of 3,288boe/d, in line with monthly production reports and ABGSCe of 3,278boe/d. Net sales came in at USD 9.7m, in line with ABGSCe at USD 9.5m and EBITDA ended at USD 6.4m, in line with ABGSCe USD 6.0m. Reported figures are below FactSet consensus (revenues of USD 12m and EBITDA of USD 8m), however the quality of the consensus numbers is questionable, as it is a thin consensus and it does not appear to be fully updated after COVID-19 and the oil price drop. FCF for the quarter ended at USD -0.9m, below ABGSCe of USD 3m, largely explained by the USD 4.1m acquisition of the Illinois assets which was not included in our estimates. As such, as per Q1’20 Maha Energy had NIBD of USD 10m vs ABGSCe of USD 5m.

Increased uncertainty, action has been taken
Maha Energy highlights that it is difficult to assess future impacts of COVID-19 on production from the Tie field. However, the company it highlights optionally to navigate the current oil price environment. Maha provided revised guidance on production and capex on Friday after close, with production of 4,000-5,000boe/d and capex of USD 15.5m, for more details see our fast comment from yesterday. The investment in the compression project to secure reinjection of redundant gas is set to be commissioned towards the end of Q3. We expect to get more details on short-term production from Tie at the Q1 presentation.

Q1 presentation at 18:00 CET
The company will host a conference call today at 18:00 CET. Link: https://mahaenergy.ca/maha-energy-ab-2020-q1-report-webcast-may-26-1800-cet/


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  • Läsaren av innehållet kan anta att ABG Sundal Collier har erhållit eller kommer att erhålla betalning för utförandet av finansiella företagstjänster från bolaget. Ersättningen är på förhand avtalad och är inte beroende av innehållet.

info@introduce.se (Introduce.se)
ABG Sundal Collier - Introduce.se

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