Raymond James issued a report dated November 5, 2009 for Talisman Energy (TLM). Within their NAV summary, they have assigned an unrisked value of $2.359 billion for TLM's Montney shales. TLM has 166,000 Tier 1 acres in the Montney shales so Raymond James is valuing TLM's Montney shales at $14,211/acre = $9.1M/section.
Canadian Spirit Resources Inc. (SPI) has 35% of 44 sections so their unrisked Montney value according to the same valuation metrics is $140M. This unrisked value is equivalent to $140M/48.7M shares = $2.88/share. This is the unrisked value of only the Montney portion of SPI's assets.
Risking at 50% = $1.44/share for only the Montney portion and does not include value for any other SPI assets.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment