Focus Capital Advisers' Mordechai Yavneh on the greatest acquisition of all time (Valeura Energy) скачать в хорошем качестве

Focus Capital Advisers' Mordechai Yavneh on the greatest acquisition of all time (Valeura Energy)

In this episode of Yet Another Value Podcast, host Andrew Walker welcomes back Mordechai, head of Focus Capital Advisers, for his third appearance. They unpack what Mordechai calls the greatest acquisition of all time—Valeura Energy's buyout of Gulf of Thailand oil assets. The two deals, acquired at rock-bottom prices, now generate more than their cost in monthly free cash flow. Mordechai explains the asset's unusual geology, the long-tail economics of its reserves, and why the market still doesn't get it. They also cover decommissioning liabilities, NAV versus market cap, and how management might pull off more high-conviction deals in the future. ______________________________________________________________________ Chapters: [00:00:00] Sponsor and Intro [1:14] Introduction to Mordechai and his advisory work [3:18] Overview of Valeura Energy and its asset transformation [4:38] Initial acquisition of the Wassana oil field from bankruptcy [7:06] Financials and economics of the Wassana deal [8:37] Comparison of Thailand offshore to domestic offshore assets [12:15] Unique reserve dynamics in the Gulf of Thailand [17:08] Second acquisition: Mubadala's Gulf assets and deal terms [20:00] Why the Mubadala acquisition defies logic [24:14] Background on how Valeura got such a favorable deal [27:02] Why deals done during peak 2022 oil prices still look brilliant [30:50] Why the market hasn’t fully caught on to Valeura’s upside [33:49] Variance between reported reserves and economic field life [39:13] Data showing reserve replacement outpaces depletion [42:56] Concession expiration and risks around renewal [46:56] NAV analysis and investor skepticism [50:26] Updates on decommissioning costs and projections [51:50] Operational improvements and field efficiencies [53:04] Organic growth through field development and platform expansion [57:32] Upcoming catalysts and appraisal-based expansion opportunities Links: Focus Capital Advisors: https://focuscapitaladvisers.com/home See our legal disclaimer here: https://www.yetanothervalueblog.com/p...