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farwest

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farwest

Re: None

Sunday, 02/26/2012 10:47:05 PM

Sunday, February 26, 2012 10:47:05 PM

Post# of 17741
Iona (INA.V). Best value in the NS and my best newish idea. Going from 600 boed gas to exit around 10K boed - and to 12-15K boed mid '13 to 16-20K 2014. Current MC is around $75MM. 2P NPV10 after tax is around $400MM. Should cash flow close to $250MM in 2013. Needs to raise $200MM. $100MM via syndicated debt, $50-$70MM equity and the rest from cashflow. I expect 100% dilution, but post dilution should cf $0.70 to $1 in 2013 (vs current sp of $0.56). Even low 2x cf multiple implies very healthy share price.
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