docFinder alert PLS PLS
Week of December 31, 2012Volume 2, No. 38

E&P Stock Winners in 2012

Africa exploration is a winning theme for investors.


Africa Oil Corporation

Up 352%


November 26, 2012

Full Presentation



Bonanza Creek Energy

Up 122%


December 5, 2012

Full Presentation


This docFinder Alert highlights the Top Six E&P stock winners in 2012.  Our screen (from Cap IQ) includes all publicly-traded E&P companies globally with market caps greater than $1.0 billion.  Five of these are exploration driven with additional growth plans ahead!  One, Nexen, is a special situation given a $17.9 billion buyout from CNOOC which was announced July 23, 2012 and recently approved by the Canadian government.


Company Ticker : Exchange Stock Price 12/31/2011 Stock Price 12/31/2012 Market Cap 12/31/2012 Stock Price
% Change
Africa Oil Corp AOI:TSXV $1.55 $7.01 $1,636 352%
Bonanza Creek Energy BCEI:NYSE $12.50 $27.79 $1,085 122%
Ophir Energy plc OPHR:LSE $4.50 $8.20 $3,280 82%
Nexen Inc. NYX:TSX $15.95 $26.66 $14,245 67%
Afren plc AFR:LSE $1.33 $2.13 $2,316 60%
Cobalt International CIE:NYSE $15.52 $24.56 $9,858 58%
Footnote: source CAP IQ, all figures in US$, market cap in $MM.


Africa Oil Corporation is the clear winner benefiting from a first mover advantage in an unequalled acreage position in what is now the world's exploration sweet spot in East Africa.  Citing Drill Baby Drill, AOC presents an impressive unrisked net resource in Kenya, Ethiopia and Somalia of 12 billion barrels, 1 billion barrels risked.  The best may yet to come as another 10-12 high impact exploration wells are scheduled to be drilled in 2013.


Bonanza Creek Energy takes second place globally and first place domestically.  As signified by its presentation cover, BCEI's flight is just embarking.  The company is growing rapidly, anchored by an oil-weighted Wattenberg field position in Weld Co., Colorado.  BCEI's Wattenberg type curve project boasts impressive IRRs and the company has more upside through testing of additional benches including Niobrara C and Codell.  


More HOT slides and data below. 

The other four stock E&P winners of 2012 are below including Ophir Energy plc,  Nexen Inc., Cobalt International and Afren plc.


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featured.slides from docFinder

Slide Slide Slide Slide

Ophir Energy

Up 82%

November 21, 2012

Nexen Inc.

Up 67%

November 27, 2012

Afren plc

Up 60%

October 31, 2012

Cobalt International

Up 58%

November 14, 2012

Ophir Energy plc has over 100,000 square kilometers of deepwater acreage in both West Africa and East Africa. In just one year from October 2011 to October 2012, Ophir's net contingent (2C) resources have soared 444% to 1.2 billion boe at a finding cost of just $0.87/boe.  Ophir is in acceleration mode and is planning 12-15 additional wells in 2013 targeting another 1.0 billion boe.


On July 23, Nexen Inc. struck a deal to be acquired by CNOOC Limited. The CNOOC offer represented a 61% premium to the prior day closing price of Nexen. Late in the year, the deal did get formal approval from the Canadian government. According to CNOOC, Nexen provides a "rare opportunity to acquire long-life reserve assets and create a major North and Central American platform."


Afren plc's current motto is "From 'strength to strength' " and boasts leadership positions in East Africa, Nigeria, other West Africa countries and Kurdistan. Looking forward, the momentum is expected to continue with a high impact exploration program scheduled in Kenya, Tanzania, Seychelles, Madagascar and Ethiopia, which can propel Afren's NAV upward by over 3X to US $15 billion.


Cobalt International makes the list due to a stock surge in early February as it announced a major pre-salt discovery—Cameia 1—offshore Angola. The latest information shows Cameia has a "monster" hydrocarbon column with a truly exceptional "super-pay" reservoir. Cobalt has also successfully returned to the Gulf of Mexico and has the tools in place to continue its rich exploration program.


Full Presentation

Full Presentation

Full Presentation

Full Presentation


featured.transactions from PLS global M&A database

12/28/12Carrizo Oil & Gas sells UK North Sea assets to Iona Energy$176 MM
12/25/12Chevron buys Horn River and Liard Basin acreage in Canada$550 MM
12/20/12ConocoPhillips sells Nigeria assets to Oando Energy$1,790 MM
12/19/12SandRidge sells Permian Basin assets to Sheridan$2,600 MM

Source: PLS M&A Database