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Beach Energy Ltd
BPT Details
Birkhead oil discovery in ex PEL 104: Shares of Beach Energy Ltd (ASX: BPT) have moved up 5.3%, after announcing the Birkhead oil discovery on the Western Flank of the Cooper Basin. Marauder-1 is in ex PEL 104 (Beach 40%, Senex Energy Ltd 60% and operator), approximately two kilometers north of the producing Growler and Spitfire oil fields. The prospect was identified from the Mollichuta 3D seismic survey and drilled as a vertical calibration well to appraise a potential northern extension of the Western Flank Birkhead oil play fairway. Marauder-1 encountered oil shows within the Birkhead Formation, with initial evaluation of logs indicating net pay of up to 8.6 meters across a 17.5-meter gross column. A drill stem test over the interval from 1,744.2 meters to 1,764.6 meters recovered 84 barrels of approximately 48-degree API oil. Oil flowed to surface after 79 minutes and continued to flow for the full 184-minute flow period on a 32/64” choke. The flow rate was calculated to be 655 barrels of oil per day, with no indication of formation water throughout the drill stem test. We reiterate a “Buy” recommendation on the stock at the current market price of $0.69
BPT Daily chart; (Source: Company reports)
Seven Group Holdings Ltd
SVW Details
During H1FY17, Seven Group Holdings Ltd (ASX:SVW) reported a 5% yoy growth in underlying EBIT at $176 million. However, the Group posted a statutory net loss of $41 million during the same period after considering the noncash impairment of Seven West Media. Coates Hire and WesTrac China record strong earnings improvements as WesTrac Australia product support revenue was up 10% yoy. Moreover, SGH maintains a strong balance sheet with significant undrawn facilities and the listed investment portfolio as a source of additional liquidity. For H1FY17, statutory result includes significant items of $145.0 million after tax, primarily relating to an impairment of $139.6 million to the carrying value of the investment in Seven West Media. The company expects that underlying EBIT will be 5 to 10% up on the previous year for FY17. The stock has moved up 39% over the last six months, while it is up 56.5% in the past one year as at July 26, 2017. We maintain a “Sell” recommendation at the current market price of $11.40
SVW Daily chart; (Source: Company reports)
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