Surge Energy (SGY and ZPTAF) net asset value - Mar 8
Posted: Fri Mar 08, 2024 10:03 am
Based on their 3rd party year-end reserve report, Surge Energy's 2023 Total Proved Net Asset Value ("TP NAV") is $11.27Cdn per basic share. The Company's new TP NAV includes 397 net booked locations of Surge's more than 1,000 net internally identified drilling locations. This new TP NAV is approximately 65 percent higher than Surge's current trading price of $6.92Cdn per share.
With Surge's December 31, 2023 Reserve Report, the Company delivered the following:
117 million boe of Total Proved & Probable ("TPP") reserves;
High oil weighting, with Proved Developed Producing ("PDP") reserves comprised of 88% light and medium oil and natural gas liquids, and TPP reserves comprised of 86% light and medium oil and natural gas liquids;
543 gross (489 net) booked TPP drilling locations; 70% of these locations are located in the Company's Sparky and SE Saskatchewan core areas3;
Reported a TPP NAV of $17.63 per basic share;
Generated a TP NAV of $11.27 per basic share;
Confirmed a PDP NAV of $5.66 per basic share;
Delivered a TP Finding, Development & Acquisition ("FD&A") cost of $21.59/boe; < Very Good
1.8x Recycle Ratio on a 2023 operating netback of $39.07/boe (before realized losses on financial contracts);
Reported a strong reserve life index of 12.8 years on TPP reserves, 9.3 years on TP reserves, and 4.7 years on PDP reserves;
Replaced 102% of production on a TP basis, and 80% of production on a PDP basis; and
Total Proved Undeveloped ("PUD") reserve net locations increased to 397 net, an increase of 31 locations over last year. All additional PUD locations were added in the Sparky and SE Saskatchewan core areas.
With Surge's December 31, 2023 Reserve Report, the Company delivered the following:
117 million boe of Total Proved & Probable ("TPP") reserves;
High oil weighting, with Proved Developed Producing ("PDP") reserves comprised of 88% light and medium oil and natural gas liquids, and TPP reserves comprised of 86% light and medium oil and natural gas liquids;
543 gross (489 net) booked TPP drilling locations; 70% of these locations are located in the Company's Sparky and SE Saskatchewan core areas3;
Reported a TPP NAV of $17.63 per basic share;
Generated a TP NAV of $11.27 per basic share;
Confirmed a PDP NAV of $5.66 per basic share;
Delivered a TP Finding, Development & Acquisition ("FD&A") cost of $21.59/boe; < Very Good
1.8x Recycle Ratio on a 2023 operating netback of $39.07/boe (before realized losses on financial contracts);
Reported a strong reserve life index of 12.8 years on TPP reserves, 9.3 years on TP reserves, and 4.7 years on PDP reserves;
Replaced 102% of production on a TP basis, and 80% of production on a PDP basis; and
Total Proved Undeveloped ("PUD") reserve net locations increased to 397 net, an increase of 31 locations over last year. All additional PUD locations were added in the Sparky and SE Saskatchewan core areas.