• Forum
  • Stock Markets
    • MarketsLive prices, indices, and market performance
    • Stock CalendarUpcoming earnings, listings, and corporate events
    • Dividends CalendarFuture and past dividends
  • Companies
    • CompaniesBrowse and filter the full list of listed companies
    • DiscoveryInspiration for your next investment
    • IPOsNew listings and upcoming public offerings
    • AGM InvitationsAnnual general meeting dates and shareholder info
  • Stock Research
    • ResearchExpert stock analysis and recommendations
    • ArticlesNews, insights, and market commentary
    • inderesTVVideo hub for stock research, analysis, and expert commentary
    • TranscriptsFull text records of earnings calls and investor meetings
    • Stock ComparisonCompare financials and performance across multiple stocks
Find us on social media
  • Inderes Forum
  • Youtube
  • Facebook
  • X (Twitter)
Get in touch
  • info@hcandersencapital.dk
  • Bredgade 23B, 2. sal
    1260 København K
Inderes
  • About us
  • Our team
  • Careers
  • Inderes as an investment
  • Services for listed companies
Our platform
  • FAQ
  • Terms of service
  • Privacy policy
  • Disclaimer

Inderes’ Disclaimer can be found here. Detailed information about each share actively monitored by Inderes is available on the company-specific pages on Inderes’ website. © Inderes Oyj. All rights reserved.

Third party research

Petrolia Noco: Brage reserve uplift boosts production outlook - ABG

Petrolia

This is a third party research report and does not necessarily reflect our views or values

Download report (PDF)
Q4 figures slightly below ABGSCe
Brage reserve uplift strengthens production outlook and valuation
We increase our fair value range to NOK 1.2-3.8 (1.2-3.2).


Q4 figures slightly below ABGSCe

Q4 EBITDAX of NOK 94m was slightly below our estimate of NOK 111m, mainly due to higher production costs of NOK 50m (ABGSCe NOK 38m). Net production in Q4'24 came in at 2,183boe/d vs. 2,200kboe/d in Q3'24. The company exited Q4'24 with a cash position of NOK 25m, down from NOK 43m at the end of Q3. We note that PNO reported a negative equity of NOK -8m in Q4, mainly due to the reversal of capitalised drilling costs related to the drilling of Løvmeis, and therefore completed a private placement of NOK 20m Q1'25 (raising the share count from 170m to 190m). We reiterate our oil market view as described in our Crude Quarterly Q4'24, i.e. a Brent assumption of USD 75 to YE'25, and USD 80 thereafter.