Genel Energy has great growth potential says Gary Newman

Read HERE: Staffline – “Trading Update” dire… but worse to come? (what about the debt?!)

As long as you are prepared to accept a degree of geo-political risk, then I find it very hard not to like Genel Energy (GENL) at the current share price. In my opinion this company has been consistently undervalued for a number of years now, having been hit by the conflict in Iraq/Kurdistan, along with oil prices crashing, and this seems to have made people very wary of the potential for future problems in the region which could impact on its operations – currently the situation with Iran certainly isn’t helping matters. But when it comes to investing in resource stocks, this is often the case and is reflected in a discounted share price. If all actually goes well for these types of companies, then this can offer far more upside potential to investors than you would see with a similar company operating in a part of the world that is considered to be ‘safe’.

From 82p to 0.4p in seven years …its all a bit of a Blur as Maistro prepares for AIM Casino exit. Tom Winnifrith, The Sheriff of AIM, writes HERE

Currently Genel is valued at around £590 million with the shares at 212p, and I believe that leaves a lot of room for upside from this level, given the potential of its assets and the way in which it is growing production and generating free cash flow from its assets. Tawke is currently its biggest asset with a 25% share of the 1P reserves of 348mmbbls as at the end of 2018 – and it actually saw no reduction in reserves over the prior 12 months due to upwards technical revisions matching the depletion of 41mmbbls which were produced during that period. The latest update from the company showed that Tawke is producing at a rate above expectations, with net production of 126,800bopd. It is also still bringing in revenue from its Taq Taq field, where it has a 44% interest, and production is slightly up on 2018, with around 13,000bopd currently. It also has the Peshkabir asset, where it holds a 25% interest, and this one is particularly exciting at the moment given the rate at which production is growing, given that it had an output of 12,000bopd last January, and that has now increased to over 55,000bopd. Despite the money spent on the work to increase production, the asset still managed to generate around $50 million of free cash flow for the company, and looks an exciting prospect going forwards.

easyJet: 'Desire for leisure travel continues to be important'. Chris Bailey writes HERE

Overall the company is now producing 37,600bopd net and is ahead of its forecasts, so as long as oil prices stay buoyant and there are no regional problems that impact on its operations, then I would expect it to have another strong year. It is expecting that during 2019 it will generate over $100 million in free cash flow (this will be lower than 2018 but reflects the money being invested into the assets to continue growing production), and recently announced a maiden dividend of $0.1 per share, with nearly $28 million being returned to shareholders. In terms of the yield it is certainly nothing special but does show a step in the right direction. It certainly has the free cash flow to support it, and with $81 million in the bank at the end of February which I would expect to have further increased by now.

Bonmarche – majority shareholder offeror to “take a step back”… but will a return to profitability be delivered? Reviewed HERE

The only real negatives have been the lapsing of the agreements with the government on its gas assets, with Bina Bawi already having lapsed, and Miran due to follow the same path at the end of this month. But the company is in the process of negotiating new deals for both, so we could eventually still see both developed by Genel over the longer term. As long as the oil price stays strong then I can see no reason why shares in Genel shouldn’t be trading at a higher price, and longer term there looks to be plenty of growth potential, as aside from its existing producing assets its also has the Sarta and Qara Dagh fields to come online in the future and is partnering Chevron on these. So for me it is a buy at current levels, both in terms of expecting to see shorter term share price upside, as well as more sustained growth over the longer term.

Norwegian E24 goes after former Origo boss, Chris Rynning – parts 4 & 5: conflicts of interest? Read HERE

Filed under: Genel Energy, Staffline, Blur, Maistro, easyJet, Bonmarche, E24, Origo, Chris Rynning

Next plc - would I be selling too? Reviews Chris Bailey

10/17/2019

Yourgene Health - much more to come? A review from HotStockRockets...

10/16/2019

OptiBiotix Health - looks good reasons to continue to consider a strong buy

10/15/2019

Bushveld Minerals currently offers a buying opportunity says Gary Newman

10/14/2019

Altyn - pleasing Resources & Reserves upgrade, remains a gold recovery buy

10/11/2019

GVC ups its numbers again - still happy to make a bet on this one

10/10/2019

Staffing naturally struggles but easyJet continues to impress says Chris Bailey

10/09/2019

Good luck BP shareholders with the man to win over the millennials says Chris Bailey

10/08/2019

Could Ted Baker be a zero? Tom Winnifrith reviews...

10/07/2019

BigDish - evil spin doctor, the Sith Lord Zak Mir, needs to get his act together...

10/04/2019

Tesco and Metro Bank prove management matters

10/03/2019

I descend to the AIM cesspit but emerge still loving up Breedon Group says Chris Bailey

10/02/2019

Big Sofa - interims & placing, Strong buy says Tom Winnifrith for HotStockRockets

10/01/2019

Purplebricks - time to get off the fence, sell at 110p says Lucian Miers

09/30/2019

Columbus Energy Resources - SWP updated prospectivity, drilling excitement ahoy

09/27/2019

Thoughts on PZ Cussons & on Aston Martin raising money at 12% from Chris Bailey

09/26/2019

The Penny Finally Drops at PureCircle says Lucian Miers

09/25/2019

Is it good or bad that M&S loses another CFO? Chris Bailey reviews...

09/24/2019

Petra Diamonds - a speculative buy suggests Gary Newman

09/23/2019

Next, Diageo & Johnson Matthey - large caps are all about levels says Chris Bailey

09/20/2019

Petropavlovsk - remains a buy after interims say Tom Winnifrith & Steve Moore

09/19/2019

Eco Atlantic - good value or guidance required from a film star? Peter Brailey writes...

09/18/2019

Versarien - the point at which it must deliver is approaching says Lucian Miers

09/17/2019

5 slam-dunk sells for 2019 - September update. Nigel Somerville writes...

09/16/2019

Barclays & Lloyds fess up to new PPI horrors... but that is fine. Chris Bailey writes...

09/12/2019

Finding it hard to find any reason not to invest in Jadestone Energy says Gary Newman

09/11/2019

Ferrexpo - time for another go says Lucian Miers...

09/10/2019

Intu Properties - when even a takeover cannot help...

09/09/2019

Boohoo says boo hoo to the doubters. Chris Bailey writes...

09/06/2019

President Energy can weather the economic problems in Argentina considers Gary Newman

09/05/2019

IQE - why that shiny new debt facility?

09/04/2019

Horizonte Minerals - after positive news on funding...

09/03/2019

Whilst some go back to school, M&S goes back to the FTSE-250...

09/02/2019

Optibiotix - interims do not impress but it really is a strong buy argues Tom Winnifrith

08/30/2019

Another Crack at Wayfair says Lucian Miers

08/29/2019

Motels, gold and the stock no active investor should buy. Chris Bailey writes...

08/28/2019

ITM Power - a buy on a long term investment basis considers Peter Brailey

08/27/2019

Rockhopper Exploration - update following further positive news on Sea Lion

08/23/2019

Ferguson plc & woe betide the future of the UK stockmarket?

08/22/2019

Wood Group - I remain a buyer says Chris Bailey

08/21/2019

ConvaTec - still a buy after further management change?

08/20/2019

A share tip of the year for 2019 update...

08/19/2019

GVC raises numbers but please no more number of the beast share sales says Chris Bailey

08/16/2019

The thoughts of Lucian Miers on the Burford fiasco

08/15/2019

Gold - rushing ever-higher. What I will do reviews Nigel Somerville...

08/14/2019

Eco Atlantic - what to do after a great first drill?

08/13/2019

Spin City at G4S. Chris Bailey writes...

08/12/2019

Aviva, Cineworld and Funding Circle reviewed by Chris Bailey

08/09/2019

Thomas Cook - doing the Fandango. Lucian Miers writes...

08/08/2019

Chris Bailey confesses he is now a Dominos Pizza customer, but to buy the shares?

08/07/2019

Volex - ahead of expectations. Buy say Tom Winnifrith & Steve Moore

08/06/2019

Petra Diamonds could still turnaround considers Gary Newman

08/05/2019

Opportunities in Barclays, Lloyds and ConvaTec? Chris Bailey reviews...

08/02/2019

Fresnillo - big drop in share price an opportunity? Gary Newman reviews...

08/01/2019

Columbus Energy Resources - a buy ahead of South West Peninsula drilling?

07/31/2019

Tesla Q2 another milestone on the road to bankruptcy and ruin says Lucian Miers

07/30/2019

Amino Technologies - a recovery buy suggest Tom Winnifrith & Steve Moore

07/29/2019

I remain calm and collected amidst the heat, M&A activity & as Sage stumbles says Chris Bailey

07/26/2019

RockRose Energy tip up nearly 450%, so what now reviews Gary Newman

07/25/2019

PZ Cussons - losses in Africa... but still a buy? Chris Bailey reviews...

07/24/2019

Block Energy - let winner run or take a healthy profit?

07/23/2019

Sell Netflix short as US subscribers back off says Lucian Miers

07/22/2019

OptiBiotix Health - scientific and commercial update adding to confidence?

07/19/2019

Thoughts On Thomas Cook & Kier from Lucian Miers

07/18/2019

Burberry - excitements sufficient? Chris Bailey reviews

07/17/2019

KEFI Minerals - Q2 2019 operational update, shares remain a Buy says HotStockRockets

07/16/2019

Angling Direct could have long-term potential says Gary Newman

07/15/2019

Hurricane Energy - Lancaster early production system delivering, Buy says Peter Brailey

07/12/2019

I remain to be convinced that asset sale will justify the valuation of Sound Energy says Gary Newman

07/11/2019

Imperial Brands goes progressive on its dividend...and the market likes it

07/10/2019

Tesla and me - Chris Bailey writes...

07/09/2019

Woodford Patient Capital Trust - still a sell says Lucian Miers

07/08/2019

Versarien - the only question is WHEN do the shares collapse says Lucian Miers

07/05/2019

Sainsbury - still searching for a strategy?

07/04/2019

Creightons - we having said we expected the results to highlight the value…

07/03/2019

PetroTal - rapid growth possible; Buy says Peter Brailey

07/02/2019

Explorers don't get any more exciting than Eco Atlantic, which is why I have been buying says Gary N

07/01/2019

Vela Technologies - Vibe Group gathering momentum & other potential. A buy from HotStockRockets

06/28/2019

OptiBiotix Health - North America deal; this is big, very big says Tom Winnifrith

06/27/2019

A Welcome Slice Of Luck and Thoughts On Purplebricks. Lucian Miers writes...

06/26/2019

I am poorer for not spotting Porvair...but should I care? Chris Bailey reviews...

06/25/2019

Whitbread - looks to continue to have a plan

06/21/2019

Ashtead - what to do after results statement? Chris Bailey reviews...

06/20/2019

Why the share prices of those involved in West Newton, Union Jack and Reabold, have not rocketed

06/19/2019

Board love at DS Smith whilst PZ Cussons is seemingly bored of talking. Chris Bailey writes...

06/18/2019

Boohoo & Reckitt Benckiser - management matters says Chris Bailey

06/14/2019

KEFI Minerals - remains a Buy

06/12/2019

Purplebricks - a Woodford fave that was a sell before and is now slam-dunk says Nigel Somerville

06/11/2019

Woodford Patient Capital Trust - Sell says Lucian Miers

06/10/2019

Joules - a rare retail jewel?

06/07/2019

Provident Financial - failure squared from man of the moment Neil Woodford says Chris Bailey

06/06/2019

Tesla - a fantastic sell says Lucian Miers

06/05/2019

A FTSE reshuffle look by Chris Bailey

06/04/2019

OptiBiotix Health - still a buy?

06/03/2019

Bilby - recovery potential?

05/31/2019

Shoe Zone - still a buy?

05/30/2019

Thomas Cook - still a sell says Lucian Miers

05/29/2019

Red Rock Resources - unbelievably cheap? Tom Winnifrith reviews for HotStockRockets

05/28/2019

Three shares which rose on a shabby day from Chris Bailey

05/24/2019

Marks & Spencer says it is getting match fit, should you back the rights issue?

05/23/2019

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