Canaccord Genuity Initiates Coverage on New Zealand Energy (TSXV:NZ) with a Buy Recommendation - Video Summary Posted on www.InvestmentPitch.com
(Thomson Reuters ONE) -
Vancouver, British Columbia, April 20, 2012 - Investment firm Canaccord Genuity,
initiates Coverage on New Zealand Energy (TSXV:NZ). Analyst Frederick Kozak
gives the company a buy rating and a 12 month price target of $4.50, a premium
of 65% above today's price of $2.72.
InvestmentPitch.com has produced a "video news alert" about New Zealand Energy
based on this report. If this link is not enabled, please visit
www.InvestmentPitch.com and enter "New Zealand" in the search box.
Kozak considers this a pure play on New Zealand and gives the following
investment highlights:
* An attractive fiscal regime,
* A good tax rate, and
* A stable government.
The fact that New Zealand is not self-sufficient in crude oil consumption,
results in a desire to have a strong domestic oil and gas industry.
The company has realized early success in the heart of the Taranaki Basin, with
the first two exploration prospects, Copper Moki 1 & 2 currently producing
1,300 barrels of oil equivalent daily. Two more exploration wells are being
tested while the company expects to drill six more prospects in 2012.
Kozak believes that with "Working capital of approximately $69 million, positive
cash flow and two Taranaki Basin blocks encompassing 160,000 acres of highly
underdeveloped land, plus exposure to a large potential unconventional shale
play should give this company lots of running room for several years to come."
The valuation is based on a 1.0x multiple of their estimate of New Zealand's
exploration discovery at Copper Moki 1, plus risked exploration upside from the
company's extensive exploration inventory. This inventory consists of
conventional oil & gas potential on Taranaki Basin permits and unproven,
unconventional and conventional oil and gas potential on East Coast Basin
permits.
Canaccord Genuity's estimate of risked value is based on an active exploration
program. The company has reservoir risk associated with currently producing
reservoirs, and exploration risk associated with its drilling program.
New Zealand Energy currently trades at $2.72, and with 122 million shares
outstanding, the company is capitalized at $332 million.
For more information, and a copy of the research report, please visit the
company's website www.newzealandenergy.com, or contact Rhylin Bailie at
604-601-2010 or email info(at)newzealandenergy.com.
For more information about Canaccord Genuity or to obtain their research,
contact your nearest Canaccord Genuity office. Their branches are listed on
their website at www.canaccord.com.
InvestmentPitch.com is a multimedia company that provides a combined solution
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multiple platforms to investors and financial professionals. InvestmentPitch.com
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reports.
CONTACT:
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Barry Morgan, CFO
604-684-5524
bmorgan(at)investmentpitch.com
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Source: InvestmentPitch via Thomson Reuters ONE
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Datum: 20.04.2012 - 10:57 Uhr
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