Board Change • May 21
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Kate Minyard was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 11
Advantage Energy Ltd. to Report Q1, 2026 Results on Apr 30, 2026 Advantage Energy Ltd. announced that they will report Q1, 2026 results on Apr 30, 2026 Announcement • Apr 03
Advantage Energy Ltd., Annual General Meeting, May 07, 2026 Advantage Energy Ltd., Annual General Meeting, May 07, 2026. Location: alberta, calgary Canada Announcement • Oct 09
Advantage Energy Ltd. to Report Q3, 2025 Results on Oct 28, 2025 Advantage Energy Ltd. announced that they will report Q3, 2025 results on Oct 28, 2025 Announcement • Jul 16
Advantage Energy Ltd. to Report Q2, 2025 Results on Aug 06, 2025 Advantage Energy Ltd. announced that they will report Q2, 2025 results on Aug 06, 2025 Announcement • May 07
Advantage Energy Ltd. Announces Board Changes Advantage Energy Ltd. announced at annual general meeting held on May 6, 2025, approved appointment of Katherine L. Minyard as director of the company. Andy J. Mah did not stand for re-election at the Meeting and accordingly retired from the Board at its conclusion. Announcement • Apr 25
Advantage Energy Ltd. to Report Q1, 2025 Results on May 01, 2025 Advantage Energy Ltd. announced that they will report Q1, 2025 results on May 01, 2025 Announcement • Apr 01
Advantage Energy Ltd., Annual General Meeting, May 06, 2025 Advantage Energy Ltd., Annual General Meeting, May 06, 2025. Location: alberta, calgary Canada Announcement • Mar 07
Advantage Energy Ltd. Announces Board and Committee Changes Advantage Energy Ltd. announced that effective March 6, 2025, two new independent members, Messrs. Lawrence Massaro and Daniel Farb, have been appointed to the Board. The following is a brief biography of each of these new directors. Lawrence Massaro: Lawrence Massaro, known as Larry, was the Chief Executive Officer of Silverado Oil & Gas LLC from 2019 to 2022. Prior thereto, Mr. Massaro was the Chief Financial Officer and Executive Vice President of Newfield Exploration Co. from 2011 to 2019. Prior to joining Newfield, Mr. Massaro was the Head of Acquisitions and Divestitures at JP Morgan from 2005 to 2011. Mr. Massaro holds a Master of Business Administration from Southern Methodist University and a Bachelor of Science in Petroleum Engineering from Texas A&M University. Daniel Farb: Daniel Farb is an experienced investor and is currently the Managing Member of Mill Pond Capital. He has worked with Mill Pond Capital since 2021 and Highfields Capital from 2001 to 2021, where he was Managing Director from 2001 to 2019. Prior to Highfields Capital, he worked at Goldman, Sachs & Co. in the Mergers & Acquisition and Principal Investment Groups. Mr. Farb served as a director of Pharmacyte Biotech Inc. in 2022 and served as a director of MEG Energy Corp. from 2017 to 2018. Mr. Farb is a graduate from Harvard Business School, where he was a Baker and Loeb Scholar and holds a Bachelor of Commerce in Finance from McGill University. Messrs. Massaro and Farb will also join the special committee of independent directors of Advantage (the "Special Committee") announced on February 28, 2025, and such committee has been reconstituted to be comprised of Messrs. Norman MacDonald (Chair), David Smith, Lawrence Massaro and Daniel Farb. The Agreement also provides that Advantage will include an additional independent director to be nominated by Kimmeridge on the list of nominee directors to be set forth in Advantage's management proxy circular for the 2025 AGM. Advantage also announced that Ms. Janine McArdle has retired from the Board. Announcement • Mar 01
Advantage Energy Ltd. to Report Q4, 2024 Results on Mar 04, 2025 Advantage Energy Ltd. announced that they will report Q4, 2024 results on Mar 04, 2025 Announcement • Feb 26
Advantage Energy Ltd. Announces Board Changes Advantage Energy Ltd. announced that as part of its ongoing Board of Directors (the "Board") renewal process, Mr. Stephen Balog, the current Chair of the Board and director of the Corporation will be retiring from the Board at the Corporation's next annual general meeting of shareholders. Replacing Mr. Balog as Chair of the Board will be Mr. John Festival, who has been a director of Advantage since March 12, 2024. Mr. Festival has a distinguished career in the Canadian energy industry with over 35 years of experience. Mr. Festival has held multiple senior executive positions, including President and Chief Executive Officer of BlackRock Ventures Inc. from 1999 to 2006 and President and Chief Executive Officer of BlackPearl Resources Inc. from 2009 to 2019. Mr. Festival is currently the President and Chief Executive Officer of Broadview Energy Ltd., a private oil and gas company focused on heavy oil development, and he serves on the boards of Athabasca Oil Corporation and Cardinal Energy Ltd. Announcement • Dec 12
Advantage Energy Ltd. Provides Production Guidance for 2025 Advantage Energy Ltd. Provided Production Guidance for 2025. For the year, company expects production to be approximately 80,000 boe/d to 83,000 boe/d. Buy Or Sell Opportunity • Nov 16
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.6% to €5.85. The fair value is estimated to be €7.62, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 43%. For the next 3 years, revenue is forecast to grow by 23% per annum. Earnings are also forecast to grow by 46% per annum over the same time period. New Risk • Oct 25
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.8x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.8x net interest cover). Minor Risk Profit margins are more than 30% lower than last year (8.7% net profit margin). Reported Earnings • Oct 25
Third quarter 2024 earnings released: CA$0.04 loss per share (vs CA$0.17 profit in 3Q 2023) Third quarter 2024 results: CA$0.04 loss per share (down from CA$0.17 profit in 3Q 2023). Revenue: CA$144.9m (up 8.2% from 3Q 2023). Net loss: CA$6.49m (down 123% from profit in 3Q 2023). Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 1.5% decline forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Announcement • Oct 08
Advantage Energy Ltd. Provides Production Guidance for 2024 Advantage Energy Ltd. Provided Production Guidance for 2024. For the year, company expected production to be approximately 70,000 boe/d. The outlook for 2025 production remains unchanged. Announcement • Sep 03
Advantage Energy Ltd. Appoints David G. Smith to its Board of Directors Advantage Energy Ltd. announced the appointment of David G. Smith to the Board of Directors, effective September 1, 2024. Mr. Smith has 40 years of experience in the western Canadian oil and gas industry including an extensive career at Keyera Corp. where he played a key role in leading the development and growth of Keyera over twenty years to become one of the largest mid-stream operators in Canada. He served as President and CEO of Keyera from 2015 to 2020 and prior thereto was President & Chief Operating Officer, Executive Vice-President-Liquids Business Unit, and Executive Vice-President & CFO. Prior to joining Keyera, Mr. Smith held progressively more senior finance roles at Gulf Canada Resources Limited and Imperial Oil. Mr. Smith is currently a director of Wajax Corporation, Advisory Board Chair of BluMaple Capital Partners, Board Chair of Arts Commons and a director of United Way of Calgary. He previously served as a director of Crew Energy Inc. until retiring in 2021. Reported Earnings • Jul 26
Second quarter 2024 earnings released: CA$0.07 loss per share (vs CA$0.015 profit in 2Q 2023) Second quarter 2024 results: CA$0.07 loss per share (down from CA$0.015 profit in 2Q 2023). Revenue: CA$100.7m (down 4.2% from 2Q 2023). Net loss: CA$12.1m (down CA$14.6m from profit in 2Q 2023). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 37% growth forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 28% per year, which means it is well ahead of earnings. Recent Insider Transactions • Jul 14
Independent Director recently bought €161k worth of stock On the 10th of July, Jill Angevine bought around 24k shares on-market at roughly €6.73 per share. This transaction amounted to 67% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold €1.5m more in shares than they bought in the last 12 months. Announcement • Jul 12
Advantage Energy Ltd. to Report Q3, 2024 Results on Oct 24, 2024 Advantage Energy Ltd. announced that they will report Q3, 2024 results on Oct 24, 2024 Announcement • Jul 09
Advantage Energy Ltd. Provides Updated Guidance for the Year 2024 and Updated Outlook for the Year 2025 and Beyond Advantage Energy Ltd. provided updated guidance for the year 2024 and updated outlook for the year 2025 and beyond. For the year 2024, production guidance for 2024 has been revised to between 70,000 and 73,000 boe/d; however, the reduction is entirely from natural gas and there is no change to liquids guidance (13% of corporate production). Production from the recently acquired assets outperformed expectations during the second quarter of 2024, averaging approximately 15,000 boe/d (42 mmcf/d natural gas, 7,160 bbls/d oil, and 910 bbls/d NGLs).For the year 2025 and beyond, production growth is expected to be 16%. The reduced gas drilling program in 2024 is not expected to have a material impact to 2025 production. Buy Or Sell Opportunity • Jul 01
Now 21% undervalued Over the last 90 days, the stock has risen 3.0% to €6.90. The fair value is estimated to be €8.76, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Buy Or Sell Opportunity • Jun 28
Now 20% undervalued Over the last 90 days, the stock has risen 5.3% to €6.95. The fair value is estimated to be €8.74, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Announcement • Jun 25
Advantage Energy Ltd. (TSX:AAV) completed the acquisition of Charlie Lake and Montney assets from Longshore Resources Ltd. Advantage Energy Ltd. (TSX:AAV) agreed to acquire Charlie Lake and Montney assets from Longshore Resources Ltd. for approximately CAD 450 million on June 10, 2024. A cash consideration of approximately CAD 450 million is subject to closing adjustments. The Acquisition will be funded through a combination of common equity, convertible debentures and an upsized credit facility. The Corporation has entered into an agreement with a syndicate of underwriters to raise gross proceeds of approximately CAD 65 million of subscription receipts and approximately CAD 130 million of extendible convertible unsecured subordinated debentures on a bought deal basis, with TD Securities Inc. and Scotiabank as joint bookrunners. The Corporation has also entered a debt commitment letter, led by Scotiabank and jointly underwritten with National Bank of Canada and RBC Capital Markets, for a committed and upsized approximately CAD 650 million revolving credit facility. Advantage Energy will deposit escrow amount of CAD 1.5 million to Lawson Lundell LLP. The Acquisition is expected to close by the end of June 2024 , pending closing conditions, including the receipt of necessary regulatory approvals. TD Securities is acting as exclusive financial advisor on the Acquisition. Scotiabank is acting as strategic advisor on the Acquisition. Burnet, Duckworth & Palmer LLP is acting as legal counsel to Advantage with respect to the Acquisition, the revised credit facilities and the Offering. Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as U.S. legal counsel to Advantage with respect to the Offering. Blake, Cassels & Graydon LLP is acting as Canadian legal counsel to the Underwriters with respect to the Offering. National Bank Financial and RBC Capital Markets acted as financial advisors to the vendor.
Advantage Energy Ltd. (TSX:AAV) completed the acquisition of Charlie Lake and Montney assets from Longshore Resources Ltd. on June 24, 2024. Announcement • Jun 14
Advantage Energy Ltd. has filed a Follow-on Equity Offering in the amount of CAD 65.01 million. Advantage Energy Ltd. has filed a Follow-on Equity Offering in the amount of CAD 65.01 million.
Security Name: Subscription Receipts
Security Type: Common Stock
Securities Offered: 5,910,000
Price\Range: CAD 11 Buy Or Sell Opportunity • Jun 09
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 15% to €7.50. The fair value is estimated to be €6.05, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 8.5% per annum. Earnings are also forecast to grow by 7.2% per annum over the same time period. Buy Or Sell Opportunity • May 07
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 26% to €7.25. The fair value is estimated to be €5.94, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 8.5% per annum. Earnings are also forecast to grow by 7.2% per annum over the same time period. Announcement • Apr 28
Advantage Energy Ltd. to Report Q2, 2024 Results on Jul 25, 2024 Advantage Energy Ltd. announced that they will report Q2, 2024 results on Jul 25, 2024 Reported Earnings • Apr 26
First quarter 2024 earnings released: EPS: CA$0.14 (vs CA$0.18 in 1Q 2023) First quarter 2024 results: EPS: CA$0.14 (down from CA$0.18 in 1Q 2023). Revenue: CA$139.4m (up 6.3% from 1Q 2023). Net income: CA$23.2m (down 22% from 1Q 2023). Profit margin: 17% (down from 23% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Apr 10
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 17% to €6.85. The fair value is estimated to be €5.68, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 9.5% per annum. Earnings are also forecast to grow by 4.0% per annum over the same time period. Announcement • Apr 03
Advantage Energy Ltd., Annual General Meeting, May 14, 2024 Advantage Energy Ltd., Annual General Meeting, May 14, 2024. Board Change • Apr 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director John Festival was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Mar 24
Director recently bought €270k worth of stock On the 19th of March, John Festival bought around 40k shares on-market at roughly €6.75 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold €1.7m more in shares than they bought in the last 12 months. Announcement • Mar 13
Advantage Energy Ltd. Announces Board Changes Advantage Energy Ltd. announced the appointment of John Festival to its Board of Directors (the "Board"), effective March 12, 2024. Mr. Festival has over 35 years of experience in the energy industry and has held multiple senior executive positions, including President & CEO of BlackRock Ventures Inc. from 1999 to 2006 and President & CEO of BlackPearl Resources Inc. from 2009 to 2019. Mr. Festival is currently the President & CEO of Broadview Energy Ltd., a private oil and gas company focused on heavy oil development, and he serves on the boards of Athabasca Oil Corporation, Cardinal Energy Ltd., and i3 Energy PLC. Advantage is also announcing the retirement of Paul G. Haggis from its Board of Directors. Mr. Haggis joined the Board in 2008 and helped guide Advantage through periods of major transition, including its conversion from an income trust to a corporation in 2009 and its tactical shift to become a pure-play Montney producer in 2014. His extensive strategic knowledge and financial experience has been invaluable as Advantage has grown to become an industry-leading producer of clean, reliable, and sustainable energy for Canadians. Reported Earnings • Mar 05
Full year 2023 earnings released: EPS: CA$0.61 (vs CA$1.81 in FY 2022) Full year 2023 results: EPS: CA$0.61 (down from CA$1.81 in FY 2022). Revenue: CA$535.2m (down 38% from FY 2022). Net income: CA$101.6m (down 70% from FY 2022). Profit margin: 19% (down from 40% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has increased by 61% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 01
Advantage Energy Ltd. to Report Q1, 2024 Results on Apr 25, 2024 Advantage Energy Ltd. announced that they will report Q1, 2024 results on Apr 25, 2024 New Risk • Feb 10
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. Minor Risk Profit margins are more than 30% lower than last year (31% net profit margin). New Risk • Feb 03
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.5% per year for the foreseeable future. Minor Risk Profit margins are more than 30% lower than last year (31% net profit margin). Announcement • Jan 27
Advantage Energy Ltd. to Report Q4, 2023 Results on Mar 04, 2024 Advantage Energy Ltd. announced that they will report Q4, 2023 results on Mar 04, 2024 Announcement • Dec 01
Advantage Energy Ltd. Provides Production Guidance for the Year 2024 Advantage Energy Ltd. provided production guidance for the year 2024. For the year, the company production is expected to average between 65,000 boe/d and 68,000 boe/d and the corporate decline rate is expected to remain at approximately 24%. Recent Insider Transactions • Nov 03
Director recently sold €1.0m worth of stock On the 1st of November, Andy Mah sold around 150k shares on-market at roughly €6.90 per share. This transaction amounted to 17% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €1.9m more than they bought in the last 12 months. Reported Earnings • Oct 28
Third quarter 2023 earnings released: EPS: CA$0.17 (vs CA$0.22 in 3Q 2022) Third quarter 2023 results: EPS: CA$0.17 (down from CA$0.22 in 3Q 2022). Revenue: CA$136.7m (down 35% from 3Q 2022). Net income: CA$28.3m (down 31% from 3Q 2022). Profit margin: 21% (up from 20% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has increased by 69% per year whereas the company’s share price has increased by 70% per year. New Risk • Oct 20
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.9% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 3.9% per year for the foreseeable future. Minor Risks Profit margins are more than 30% lower than last year (29% net profit margin). Significant insider selling over the past 3 months (€996k sold). Announcement • Oct 07
Advantage Energy Ltd. to Report Q3, 2023 Results on Oct 26, 2023 Advantage Energy Ltd. announced that they will report Q3, 2023 results on Oct 26, 2023 Recent Insider Transactions • Sep 08
Director recently sold €996k worth of stock On the 31st of August, Andy Mah sold around 150k shares on-market at roughly €6.64 per share. This transaction amounted to 15% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €1.6m more than they bought in the last 12 months. Announcement • Aug 27
Advantage Energy Ltd. (TSX:AAV) acquired Tommy Lakes facilities and Montney acreage from Calima Energy Limited (ASX:CE1) for AUD 11.8 million. Advantage Energy Ltd. (TSX:AAV) acquired Tommy Lakes facilities and Montney acreage from Calima Energy Limited (ASX:CE1) for AUD 11.8 million on August 25, 2023. Advantage Energy Ltd. (TSX:AAV) completed the acquisition of Tommy Lakes facilities and Montney acreage from Calima Energy Limited (ASX:CE1) on August 25, 2023. Reported Earnings • Jul 29
Second quarter 2023 earnings released: EPS: CA$0.02 (vs CA$0.86 in 2Q 2022) Second quarter 2023 results: EPS: CA$0.02 (down from CA$0.86 in 2Q 2022). Revenue: CA$93.4m (down 67% from 2Q 2022). Net income: CA$2.54m (down 99% from 2Q 2022). Profit margin: 2.7% (down from 58% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 2.0% p.a. on average during the next 2 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 1.5%. Over the last 3 years on average, earnings per share has increased by 90% per year whereas the company’s share price has increased by 86% per year. Reported Earnings • Apr 30
First quarter 2023 earnings released: EPS: CA$0.18 (vs CA$0.10 in 1Q 2022) First quarter 2023 results: EPS: CA$0.18 (up from CA$0.10 in 1Q 2022). Revenue: CA$128.5m (down 23% from 1Q 2022). Net income: CA$29.7m (up 52% from 1Q 2022). Profit margin: 23% (up from 12% in 1Q 2022). The increase in margin was driven by lower expenses. Revenue is expected to decline by 5.2% p.a. on average during the next 2 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 3.1%. Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has only increased by 48% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 26
Full year 2022 earnings released: EPS: CA$1.81 (vs CA$2.17 in FY 2021) Full year 2022 results: EPS: CA$1.81 (down from CA$2.17 in FY 2021). Revenue: CA$858.1m (up 85% from FY 2021). Net income: CA$338.7m (down 18% from FY 2021). Profit margin: 40% (down from 89% in FY 2021). The decrease in margin was driven by higher expenses. Oil reserves and sales price Proven reserves: 9.963 MMbbls Average sales price/bbl (hedged): US$92.48 Gas reserves and sales price Proven reserves: 2037.39 Bcf Average sales price/mcf (hedged): US$5.55 LNG reserves and sales price Proven reserves: 19.311 MMbbls Average sales price/bbl (hedged): US$71.26 Combined production and costs Oil equivalent production: 20.356 MMboe (18.047 MMboe in FY 2021) Average production cost/Boe: US$3.16 (US$2.49/Boe in FY 2021) Revenue is expected to decline by 8.2% p.a. on average during the next 2 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 7.2%. Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 60% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Jan 22
Insider recently bought €66k worth of stock On the 16th of January, John Quaife bought around 11k shares on-market at roughly €6.13 per share. This transaction amounted to 4.8% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth €72k. Despite this recent purchase, insiders have collectively sold €6.3m more in shares than they bought in the last 12 months. Recent Insider Transactions • Nov 23
Independent Director recently bought €72k worth of stock On the 18th of November, Deirdre Choate bought around 9k shares on-market at roughly €8.01 per share. This transaction amounted to 17% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold €6.4m more in shares than they bought in the last 12 months. Board Change • Nov 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Marie McArdle was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 05
Investor sentiment improved over the past week After last week's 16% share price gain to €8.55, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 5x in the Oil and Gas industry in Europe. Total returns to shareholders of 425% over the past three years. Board Change • Nov 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Marie McArdle was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 28
Third quarter 2022 earnings released: EPS: CA$0.22 (vs CA$0.23 in 3Q 2021) Third quarter 2022 results: EPS: CA$0.22 (down from CA$0.23 in 3Q 2021). Revenue: CA$138.7m (up 9.8% from 3Q 2021). Net income: CA$40.8m (down 5.5% from 3Q 2021). Profit margin: 29% (down from 34% in 3Q 2021). Revenue is expected to fall by 7.7% p.a. on average during the next 2 years compared to a 4.7% decline forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 83% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Sep 29
Senior Vice President recently sold €394k worth of stock On the 20th of September, Neil Bokenfohr sold around 50k shares on-market at roughly €7.88 per share. This transaction amounted to 3.9% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €1.0m. Insiders have been net sellers, collectively disposing of €9.5m more than they bought in the last 12 months. Announcement • Sep 10
Advantage Energy Ltd. to Report Q3, 2022 Results on Oct 27, 2022 Advantage Energy Ltd. announced that they will report Q3, 2022 results on Oct 27, 2022 Recent Insider Transactions • Aug 25
Senior Vice President recently sold €436k worth of stock On the 17th of August, Neil Bokenfohr sold around 50k shares on-market at roughly €8.72 per share. In the last 3 months, there was an even bigger sale from another insider worth €1.0m. Insiders have been net sellers, collectively disposing of €8.7m more than they bought in the last 12 months. Recent Insider Transactions • Aug 17
Director recently sold €193k worth of stock On the 10th of August, Andy Mah sold around 23k shares on-market at roughly €8.29 per share. In the last 3 months, they made an even bigger sale worth €1.0m. Insiders have been net sellers, collectively disposing of €8.2m more than they bought in the last 12 months. Recent Insider Transactions • Aug 07
Director recently sold €1.0m worth of stock On the 5th of August, Andy Mah sold around 127k shares on-market at roughly €8.19 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €8.0m more than they bought in the last 12 months. Reported Earnings • Jul 30
Second quarter 2022 earnings released Second quarter 2022 results: Net income: CA$164.3m (up CA$155.6m from 2Q 2021). Valuation Update With 7 Day Price Move • Jul 13
Investor sentiment improved over the past week After last week's 22% share price gain to €6.60, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 5x in the Oil and Gas industry in Europe. Total returns to shareholders of 420% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €10.17 per share. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment deteriorated over the past week After last week's 18% share price decline to €6.00, the stock trades at a trailing P/E ratio of 3.7x. Average forward P/E is 5x in the Oil and Gas industry in Germany. Total returns to shareholders of 443% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €11.00 per share. Reported Earnings • May 01
First quarter 2022 earnings released: EPS: CA$0.10 (vs CA$0.002 loss in 1Q 2021) First quarter 2022 results: EPS: CA$0.10 (up from CA$0.002 loss in 1Q 2021). Revenue: CA$167.5m (up 78% from 1Q 2021). Net income: CA$19.6m (up CA$20.0m from 1Q 2021). Profit margin: 12% (up from net loss in 1Q 2021). Over the next year, revenue is forecast to grow 31%, compared to a 53% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has increased by 80% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Apr 13
Chief Financial Officer recently sold €348k worth of stock On the 8th of April, Craig Blackwood sold around 50k shares on-market at roughly €6.96 per share. In the last 3 months, there was an even bigger sale from another insider worth €903k. Craig has been a seller over the last 12 months, reducing personal holdings by €828k. Recent Insider Transactions • Apr 02
Senior Vice President recently sold €903k worth of stock On the 29th of March, Neil Bokenfohr sold around 150k shares on-market at roughly €6.02 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €5.1m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improved over the past week After last week's 16% share price gain to €5.60, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 7x in the Oil and Gas industry in Europe. Total returns to shareholders of 276% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €7.36 per share. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improved over the past week After last week's 20% share price gain to €5.45, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 7x in the Oil and Gas industry in Europe. Total returns to shareholders of 263% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €7.23 per share. Reported Earnings • Feb 26
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: CA$2.17 (up from CA$1.51 loss in FY 2020). Revenue: CA$458.9m (up 96% from FY 2020). Net income: CA$411.5m (up CA$695.6m from FY 2020). Profit margin: 90% (up from net loss in FY 2020). Revenue exceeded analyst estimates by 15%. Over the next year, revenue is forecast to grow 19%, compared to a 75% growth forecast for the oil industry in Germany. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has increased by 48% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jan 25
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €4.36, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 7x in the Oil and Gas industry in Europe. Total returns to shareholders of 218% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €4.72 per share. Reported Earnings • Oct 30
Third quarter 2021 earnings released The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: CA$120.0m (up 109% from 3Q 2020). Net income: CA$43.2m (up CA$64.8m from 3Q 2020). Profit margin: 36% (up from net loss in 3Q 2020). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 101 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • Oct 08
CEO & Director recently sold €3.0m worth of stock On the 5th of October, Andy Mah sold around 700k shares on-market at roughly €4.30 per share. This was the largest sale by an insider in the last 3 months. Andy has been a seller over the last 12 months, reducing personal holdings by €4.1m. Reported Earnings • Jul 30
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CA$77.1m (up 66% from 2Q 2020). Net income: CA$8.73m (up CA$28.8m from 2Q 2020). Profit margin: 11% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 103 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • Jul 15
CEO & Director recently sold €249k worth of stock On the 9th of July, Andy Mah sold around 75k shares on-market at roughly €3.32 per share. In the last 3 months, they made an even bigger sale worth €587k. Andy has been a seller over the last 12 months, reducing personal holdings by €1.1m. Recent Insider Transactions • Jul 04
Chief Financial Officer recently sold €168k worth of stock On the 30th of June, Craig Blackwood sold around 50k shares on-market at roughly €3.36 per share. In the last 3 months, there was an even bigger sale from another insider worth €587k. This was Craig's only on-market trade for the last 12 months. Recent Insider Transactions • Jun 25
CEO & Director recently sold €230k worth of stock On the 23rd of June, Andy Mah sold around 75k shares on-market at roughly €3.06 per share. In the last 3 months, they made an even bigger sale worth €587k. Andy has been a seller over the last 12 months, reducing personal holdings by €817k. Recent Insider Transactions • Jun 06
CEO & Director recently sold €587k worth of stock On the 4th of June, Andy Mah sold around 200k shares on-market at roughly €2.94 per share. This was the largest sale by an insider in the last 3 months. This was Andy's only on-market trade for the last 12 months. Executive Departure • May 11
Independent Director has left the company On the 6th of May, Grant Fagerheim's tenure as Independent Director ended after 7.0 years in the role. As of December 2020, Grant personally held 50.00k shares (€53k worth at the time). Grant is the only executive to leave the company over the last 12 months. Reported Earnings • May 01
First quarter 2021 earnings released The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2021 results: Revenue: CA$64.1m (up 6.1% from 1Q 2020). Net loss: CA$425.0k (loss narrowed 100% from 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 129 percentage points per year, which is a significant difference in performance. Announcement • Mar 02
Advantage Oil & Gas Ltd., Annual General Meeting, May 06, 2021 Advantage Oil & Gas Ltd., Annual General Meeting, May 06, 2021. Reported Earnings • Feb 27
Full year 2020 earnings released The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: CA$236.2m (down 4.6% from FY 2019). Net loss: CA$284.0m (loss widened CA$259.4m from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 139 percentage points per year, which is a significant difference in performance. Analyst Estimate Surprise Post Earnings • Feb 27
Revenue misses expectations Revenue missed analyst estimates by 0.07%. Over the next year, revenue is forecast to grow 57%, compared to a 30% growth forecast for the Oil and Gas industry in Germany. Is New 90 Day High Low • Feb 25
New 90-day high: €1.76 The company is up 29% from its price of €1.36 on 27 November 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.12 per share. Is New 90 Day High Low • Feb 10
New 90-day high: €1.56 The company is up 12% from its price of €1.39 on 11 November 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Oil and Gas industry, which is up 35% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.69 per share. Is New 90 Day High Low • Dec 31
New 90-day low: €1.06 The company is down 5.0% from its price of €1.11 on 02 October 2020. The German market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is up 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.85 per share. Reported Earnings • Nov 03
Third quarter 2020 earnings released: CA$0.12 loss per share The company reported a solid third quarter result with reduced losses and improved revenues and control over expenses. Third quarter 2020 results: Revenue: CA$57.5m (up 24% from 3Q 2019). Net loss: CA$21.6m (loss narrowed 20% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 136% per year but the company’s share price has only fallen by 34% per year, which means it has not declined as severely as earnings. Reported Earnings • Oct 30
Third quarter earnings released Over the last 12 months the company has reported total losses of CA$310.1m, with earnings decreasing by CA$312.1m from the prior year. Total revenue was CA$248.5m over the last 12 months, up 2.7% from the prior year. Is New 90 Day High Low • Oct 22
New 90-day high: €1.49 The company is up 46% from its price of €1.02 on 24 July 2020. The German market is down 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 39% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.59 per share. Announcement • Sep 30
Advantage Oil & Gas Ltd. and Competitive Power Ventures Announce Long-Term Natural Gas Supply Agreement for CPV Three Rivers Energy Center Advantage Oil & Gas Ltd. (Advantage) and Competitive Power Ventures (CPV) announced that the companies have agreed to a long-term gas supply agreement for the recently financed CPV Three Rivers Energy Center (CPV Three Rivers) in Grundy County, Illinois. Advantage will supply 25,000 MMbtu per day of clean, low emissions natural gas for a 10-year period, commencing upon CPV Three Rivers reaching commercial operation in early 2023. Commercial terms of the agreement are based upon a spark-spread pricing formula, providing Advantage revenue diversification through exposure to PJM power prices, back-stopped with a natural gas price collar which supports Advantage's ongoing development economics. The commencement date of this agreement complements Advantage's existing market diversification strategy, both in term and market access. Advantage will supply natural gas to CPV Three Rivers from its 400 mmcf/d Glacier Gas Plant located near Grande Prairie, Alberta, in the heart of the Montney fairway. The Glacier Gas Plant is a low emissions facility that incorporates carbon capture and sequestration technology. Advantage's world-class Montney asset has proved gas reserves of approximately 2 trillion cubic feet; this long reserve life, reliable and sustainable energy source will be delivered to CPV Three Rivers on the Alliance Pipeline through Advantage's existing Alliance meter station. CPV Three Rivers is a state-of-the-art 1,250-megawatt natural-gas-fueled, combined-cycle electric generation facility that will use GE's latest highly-efficient HA turbine technology, enabling unmatched efficiency of greater than 64%, with industry-leading flexibility. By displacing older, less efficient generation, this project is projected to avoid 1.7 million tons of carbon dioxide emissions per year. The availability of flexible, low-emitting resources like CPV Three Rivers is critical to help manage the intermittency of renewable generation and maintain grid reliability. CPV Three Rivers is a critical component to help realize the vision Illinois Governor J.B. Pritzker articulated in his recently announced energy plan for the state. CPV Three Rivers will sell its power into the PJM market, providing enough power to meet the demand of up to 1.25 million homes and businesses and helping the area transition away from ageing, inefficient power generation facilities. Construction commenced in early January of 2020 and commercial operation is expected to begin in early 2023. Both CPV and Advantage are pleased to be working together to provide clean, reliable and sustainable power to the PJM region for years to come. Announcement • Aug 16
Advantage Oil & Gas Ltd. to Report Q3, 2020 Results on Oct 29, 2020 Advantage Oil & Gas Ltd. announced that they will report Q3, 2020 results at 5:00 PM, Eastern Standard Time on Oct 29, 2020