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Venture Production (Cheapest of the North Sea Oil E&P'rs) (VPC)     

brianboru - 05 Mar 2005 17:17

Here's what KBC had to say about them.

http://www.kbcpeelhunt.com/pdfs/Oil04Mar05.pdf

Venture is by a margin the cheapest of the North Sea focused E&P
companies in terms of its forward cash flow multiple. With key new
gas field development seeming to be on track, the production base
will get not only an anticipated strong addition from March but will
also derive improved asset diversity. The company has so far
significantly under-delivered in financial terms and improved market
confidence and rising profitability could make this a strong
performer in 2005.
While Venture has generally managed its primary North Sea
production and development business competently, and field
performance, with the exception of Sycamore, has been up to
expectations, the financial performance has been undermined by
events. However, delivery of the key new field developments seems
to be on track and the company should more than double production
capacity to over 45,000 barrels of oil equivalent by the end of 2005
and should achieve on average at least 30,000 boe/d in the year.
The misfortunes continued on Sycamore, with an injector well
apparently not communicating with the intended reservoir section.
This caused the company to reduce 2005 production guidance by
about 1,500 b/d to 31.0-33.0 kboe/d.
The development programme under way continues through 2006
giving a further year or two of growth in the production profile from
within the existing reserve inventory. The company therefore has
time to seek further development opportunities either within its
existing licences or by acquiring or licensing new assets.
The stock is trading close to our Core NAV estimate but is on a lower
prospective multiple of earnings (2005 PE of 7) and cash flow (P:CF
of 2.3) than any other E&P stock. The appointment of a new FD
relieves CEO Mike Wagstaff of his multiple responsibilities, which
should improve confidence in delivery.
With 50% of estimated production in 2005-2008 in the form of natural
gas, Venture offers direct exposure to the UK gas price. Moreover,
the reliability issues that have dogged the company have been in its
oil rather than gas operations.

graph.php?movingAverageString=%2C50%2C20

fez - 25 Apr 2006 08:52 - 61 of 241

brilliant results yet shaky market sees VPC down 6% ???
surely an opportunity to make some easy money!!!

fez - 25 Apr 2006 10:07 - 62 of 241

well guys i told you about this one at 8.52am (post 61) and it has gone up 5% since then.
still time to get in though as results this morning are very very good.

Saintserf - 25 Apr 2006 20:58 - 63 of 241

I saw a couple of people mentioning AQP. Well done. My mum bought this one at a cheaper price and is sitting on good profits. It's come back from 900 but the chart looks good, platinum's at all time highs, AQP is one of the biggest platinum firms in the world I think. Check out their website. It's a share that rarely gets mentioned and does something boring so it stays under the spotlight but i think it's great.

AndyH78 - 26 Apr 2006 13:48 - 64 of 241

Whats it got to do with VPC?

Saintserf - 28 Apr 2006 14:19 - 65 of 241

I'll tell you what its got to do with VPC. Someone asked about 5 posts ago if anyone had any information about AQP. And someone else then mentioned them too. I'm answering this person's post. If you go onto "earlier posts" you will see the initial enquiry. Although I hold VPC too and think it's very exciting.

frankwilliams977 - 28 Apr 2006 15:54 - 66 of 241

Thanks alot mitzy thats a big help

frankwilliams977 - 28 Apr 2006 16:02 - 67 of 241

thanks to you too Saintserf

Saintserf - 29 Apr 2006 21:25 - 68 of 241

Your welcome. According to this week's shares, it's the 5th biggest platinum company in the world. It has had a pretty steep rise lately. However, lonmar, other platinum firm has been upgraded this week and has risen well. Sorry Andy if I was a bit aggressive, vpc's a great company.

Kivver - 01 May 2006 12:10 - 69 of 241

and getting back to VPC, do investors see much upside from here???

Pond Life - 01 May 2006 17:25 - 70 of 241

Kivver,
One analyst (name escapes me) has forecast EPS of 113 for VPC this year. In my view this is almost certainly too low, but taking it at face value it puts VPC on a forecast PE of just 6.9 for 2006 and something even sillier for 2007. In my view we have at least 50% upside from here before the year end and even then the shares would still not look expensive. 12 by year end is my target.

Kivver - 01 May 2006 22:36 - 71 of 241

that would be great, looks like it may be best to stock up with some more!!

mitzy - 02 May 2006 09:55 - 72 of 241

The way oil stocks are moving today theres almost a buying frenzy....1000p is my target but I'm hoping for another 50% on top.

Fundamentalist - 04 Jul 2006 11:39 - 73 of 241

Appointment of UBS as a joint broker appears to have stirred up the rumours of a link up with DNX again

Saintserf - 04 Jul 2006 20:41 - 74 of 241

A merger, or who would be taking over who?

mitzy - 02 Aug 2006 14:48 - 75 of 241

great share to hold and 1200p remains my target although the analysts might not agree but who cares.

mitzy - 09 Aug 2006 08:59 - 76 of 241

UBS have a target of 1010p and I agree could be a link up with Dana in a time ahead.

Kivver - 09 Aug 2006 11:16 - 77 of 241

very happy to be in this one, it looks a corker!!!

mitzy - 09 Aug 2006 14:09 - 78 of 241

It certainly is Kivver worth holding for further sp gains in 2007..

mitzy - 25 Aug 2006 08:35 - 79 of 241

that 1010p target from UBS is getting closer by the day..

contrarion - 30 Aug 2006 01:05 - 80 of 241

Have held these shares from 2.28p and I don't instead to sell them at all. The only way I won't hold these shares is if they get taken over...these are for my pension which is 27 years away (by which time this will be a sizeable ftse 100 stock). As Buffett says if you can't hold them don't buy them.

ALL IN MY HUMBLE OPINION.
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