PETALING JAYA: SapuraKencana Petroleum Bhd's (SapKen) securement of aggregate contracts worth about RM1.34bil (US$300mil) is a re-rating impetus that could open esteem and enhance its profit going ahead.
Maybank IB Research, which is keeping up its purchase approach the stock with an objective cost of RM2.30, on Tuesday said it sees the agreement win as an impression of enhancing slant in the oil and gas area.
"Monetising its gas fields past the SK310 B15 field is a rerating impetus, which would open esteem and enhance income. We consider SapKen to be an immediate intermediary, beta play at a rising oil cost environment . The organization's RM1.34bil work win likens to 17% of fianncial year 2018 income. It has effectively turned 4% of its US$7.5bil (as at Oct 2016) worth of offers and prospects into employment wins.
"Of these late contract wins, we are especially inspired with the apparatus sanction contract – residencies are uncommonly long with nice day by day sanction rates (DCRs), which we figure represent dominant part of the RM1.34bil add up to occupation esteem. We keep up our profit estimates,'' it noted.
The exploration house said marking a few new, greater gas deal understandings (GSAs) (i.e. SK408 and SK310 B14 fields) past the SK310 B15 field throughout the following 12 months would open the estimation of
SapKen's gas resources. These fields are sizeable, possibly four circumstances of SK310 B15 available for later, life expectancy and net present esteem (NPV).
Advance astute, the business anticipate that the organization will sign to sign the GSAs for the: Phase 1 of SK408 field; with a 1.5tcf ((trillion cubic feet) of gas saves by the principal quarter of 2018, first gas by the final quarter of 2019 and Phase 2 (6tcf of gas stores) a few years not far off.
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