>>> Precision Drilling misses by $0.01, reports revs in-line

Precision Drilling misses by $0.01, reports revs in-line

Reports Q1 (Mar) earnings of CAD$0.35 per share, CAD$0.01 worse than the Capital IQ Consensus Estimate of CAD$0.36; revenues rose 12.8% year/year to CAD$672.2 mln vs the CAD$666.34 mln consensus.

Earnings before income taxes, finance charges, foreign exchange, and depreciation and amortization this quarter were $237 million or 10% higher than the first quarter of 2013.
"Our adjusted EBITDA margin was 35% this quarter, compared to 36% in the first quarter of 2013. The decrease in adjusted EBITDA margin was mainly due to a decrease in the margins in our Completion and Production Services segment and increases in share based compensation accruals, which were $10 million this quarter."
"Our activity for the quarter, as measured by drilling rig utilization days, increased 3% in Canada, 16% in the U.S. and 38% internationally, compared to the first quarter of 2013."
Outlook: Our portfolio of term customer contracts provides a base level of activity and revenue and, as of April 25, 2014, we have term contracts in place for an average of 53 rigs in Canada, 53 in the U.S. and 11 internationally for the second quarter of 2014 and an average of 52 rig contracts in Canada, 45 in the U.S. and 12 internationally for the full year. In Canada, term contracted rigs normally generate 250 utilization days per year because of the seasonal nature of well site access. In most regions in the U.S. and internationally, term contracts normally generate 365 utilization days per year. In the U.S., our average active rig count in the quarter was 94 rigs, up 13 rigs over the first quarter in 2013 and up four rigs over the fourth quarter of 2014. We currently have 95 rigs active in the U.S.

>>> Meda - Good Resume of the situation after the company refused the SEK145 off

Meda receives new bid from Mylan at SEK 145 a share

Meda has been approached anew by Mylan through an all-stock offer valued at SEK 145 a share, the Financial Times reported.

The offer was made in the last few days, following on the SEK 130-a-share offer made earlier this month.

The new bid values Meda at USD 9bn.

Trading in the Meda stock halted following a report that Mylan, the Pennsylvia, US-based entity, had made the new bid for the Swedish pharmaceutical company, the Dagens Industri reported. Mylan was reported to have already planned the bid on April 4, which Meda rejected. At the time, Paula Treutiger, head of investors relations, said the board had rejected the bid because it has strong faith in Meda as an independent company. The Meda stock was trading slightly below SEK 117 on 25 April before a rush to SEK 128.50 set off the trading halt.

Bert-Ake Eriksson, the Meda chairman, on a mandate from majority-stake owner Stena group, did not want to comment on the trading halt made today, Friday. “I know the reason for the trading halt, but I don’t want to comment now,” he told the Swedish-language newspaper.

Morgan Stanley’s Special Situations Group said in a recent weekly analysis that Meda probably was for sale at the right price, the newspaper reported, citing Direkt news agency. The fact that Meda confirmed the reports about Mylan’s first approach indicated as much, said the investment bank.

According to Morgan Stanley, a race within the specialty pharma industry and tax-inversion reasons are behind Mylan’s interest in Meda.

Market chatter says that Mylan is not the only player interested in Meda. Canadian pharmaceutical company Valeant could have approached the Swedish pharma company, Dagens Industri reported, citing no source. The fact that Meda’s former CEO Anders Lonner will take a place on the Valeant board could ease a deal. On Wednesday, Lonner was proposed to by the Valeant board. It may be in Lonner’s interest that Meda gets bought at a bid of SEK 145 a share; it would mean that Lonner’s holdings in Meda would be worth SEK 696m (USD 105.9m), which is up SEK 134m from Thursday’s valuation.

The Stena group has seen its holdings in Meda increase in value thanks to Mylan’s interest. A SEK 145-a-share bid would value Stena’s holdings around SEK 10bn, compared with SEK 8bn on 24 April.


Source Dagens Industri, Financial Times

Fwd:>>> Afren - Buy - Good Risk REward here .- follow up

AFR tested its 200d MA Last week and traded lower since that, PMO News over the Week end & Tullow article in teh Barron's are positive catalyst for the sector, Stock is testing some support , I will take profit around the 154.5 levels, if 156.75 broken next levels will be 164.

AFR is still more than 4% higher since we initiate the trade.


----- Original Message -----
From: LAURENT CHEKROUN ()
At: Apr 23 2014 13:49:29

AFR +6.8% since recommendation on the 16th, still think there is more potential even if target reached, 155 next target

----- Original Message -----
From: LAURENT CHEKROUN ()
To: LAURENT CHEKROUN ()
At: Apr 16 2014 16:46:46

* Afren enjoyed a successful year in 2013, ramping up Ebok and capping the year off with the Ogo discovery
* Kurdistan has been an early investment for Afren, and this asset could be sold and unlock value for shareholder, if no deal the stock should trade at least in line with the market
* Stock is trading with a decent discount to NPV
* 135 levels is a strong support and stock should hold these levels
* Stosk has been weak on the last few weeks and start to stabilize
* 2 brokers issued +ve recommendaation on the last 2 days (BMO & Investec)
* I see limited downside (132 level - 5% from here ) and see the stoc testing back the 145 & 149 levels.

as rumors were around on TLW stating Sinopec & Statoil could be interested, any news in the sector will push the stock higher.


--> Buy Afren