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High Peak Royalties Limited

HPR has revenue and cash flow momentum due to a recent acquisition and commodity price recovery, as well as a very large exploration & development option. There is little recognition in the market for the transformation underway. HPR’s value is underpinned by DCF of current royalty revenues but the development /exploration /appraisal upside is discounted to nil.

  • High Peak Royalty is a small but growing energy royalty owner that has recently completed an acquisition that will increase revenue and cash flow. It is exposed to movements in oil & gas prices. It is positively geared to re-activation of exploration and development activity in key permits. These are no-cost options on successful drilling outcomes and would drive the value and share price higher.

  • Key points:
    • Owns a diverse portfolio of energy royalty interests in Australia and the USA and offers a direct exposure to revenue trends, from higher production or higher prices.
    • Re-invigoration of exploration & appraisal by independent operators, and planned re-opening of shut-in fields.
    • An acquisition and rising energy prices provide a material step-up in revenue in FY2019.
    • Sufficient funds and cash flow to repay debt and invest in new ventures, and access to a $15M loan which could be used for acquisitions.

  • Exploration and development activity in HPR royalty acreage provides catalysts and value upside, specifically:
    • Development by Shell of its QGC Qld coal seam gas acreage to feed its LNG export plant on Curtis Island.
    • Testing of Origin Energy’s large Burunga South gas discovery below the Peat field in eastern Qld.
    • Drilling by Santos on the Dukas prospect in the Northern Territory in 1Q 2019, could unlock large resources in a vast region where HPR has royalties.
    • Re-activation of exploration activity offshore Victoria and in WA’s Carnarvon Basin.
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More details about High Peak Royalties Limited

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Markets: Gas