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29/09/2011

SeaEnergy Exec Chairman says the company has a very exciting story

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Additional Information
Market: AIM
Sector: Cleantech and Renewable Energy
EPIC: SEA
Latest Price: 28.50p  (-0.87% Descending)
52-week High: 71.50p
52-week Low: 23.50p
Market Cap: 19.70M
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SeaEnergy PLC
www.seaenergyrenewables.com

SeaEnergy PLC (formerly Ramco Energy plc) is a Scottish public limited company headquartered in Aberdeen, Scotland.

In September 2009 the board announced the intention to focus the group on renewable energy, specifically offshore wind. SeaEnergy in mid-2010 specified it would concentrate on marine services for the offshore wind power industry, following an assessment of the equity markets, investor sentiment and the funding environment. 

It is in the process of selling its 80%-held renewable energy operating subsidiary SeaEnergy Renewables Limited which currently has interests in three offshore wind farm projects in development, totalling 3,125GW of capacity.

Full SeaEnergy PLC profile here
Is SEA a Buy, Sell or Hold?Get your FREE analysis of SEA
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SeaEnergy's cash reserves and LOGP stake worth 42p, says Edison

14th Oct 2011, 10:35 am by Sergei Balashov Edison Investment Research values SeaEnergy's cash reserves and its stake in Lansdowne Oil & Gas at 42 pence per share

Edison Investment Research said SeaEnergy’s (LON:SEA) current valuation is at a discount to current assets and does not reflect the potential upside of the company’s remaining businesses.

Earlier this year, SeaEnergy sold its renewable energy operating subsidiary SeaEnergy Renewables Limited (SERL) to Repsol Nuevas Energias for £32 million, allowing it to increase its cash balance to £28 million.

SeaEnergy is currently planning to use the funds raised in the SERL sale to develop its marine services business and invest in its 24.68 percent owned oil and gas company Lansdowne Oil & Gas (LON:LOGP), which is about to kick off a drilling campaign in the North Sea.

Lansdowne owns 20 percent of the Barryroe field in the North Celtic Basin, while operator Providence Resources (LON:PVR) has 50 percent. The remainder is held by San Leon Energy (LON:SLE).

“The strong balance sheet will allow SeaEnergy to pursue its aim of creating a marine services business to provide services to the offshore wind industry and to invest opportunistically in its oil and gas assets,” Edison analysts said in the note.

In addition, SeaEnergy plans to restructure its balance sheet, which Edison expects will enable it to pay dividends and buy back its shares.

The research house expects SeaEnergy to have cash of £21.8 million at the end of the current year, reflecting anticipated losses for the year. According to Edison’s estimates, the cash in the bank coupled with the value of the company’s holding in Lansdowne Oil & Gas is worth 42 pence per share.

Cash burn over the next two years could reduce that to 34 pence, which still represents a premium to Thursday’s closing price of 27 pence, which values the company at £18.65 million.

However, Edison noted that its estimates do not take into account any potential short-term upside from Lansdowne’s appraisal drilling campaign in the North Sea Celtic basin or any short term revenues from trial charters of modified wind farm support vessels.

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