Proactive analyst Zac Phillips presents this analysis on ‘s (). Phillips explains how the 2016 acquisition of an interest in OML 18 in Nigeria is starting to generate value for shareholders and provides not only a strong presence in a highly prospective region but also the liquidity with which it can execute a growth strategy optimised in its favour.
Phillips has undertaken a sum of the parts (SOP) valuation, which we have “sense checked” against Proactive’s valuation estimates for the principal assets. We estimate the fair value to be between US$459 — 743mln (76 — 121p a share).
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