Loyz Energy

Loyz Energy: has begun its very first oil production in the US, marking the commencement of revenue contribution from the group’s US asset. Schlak #3 well, located in North Dakota, USA, has reached a stable early production of 50-60 barrels of oil per day. This well is part of the onshore drilling programme under a participation-and-exploration agreement, covering about 60,000 acres of exploration and production leases owned by Fram Exploration ASA. The group adds that the latest development marks the start of recurrent earnings from its investments in various concessions and participation agreements, and will continue to be driven by its twofold strategy to bring concessions to production and at the same time, add other producing assets to bolster its bottom line. Outside of the US, Loyz's concession portfolio includes Area 14 in the East Palawan Basin, located offshore the Philippines, and two petroleum exploration permits; one for New Zealand’s Taranaki Basin and the other for an area offshore Victoria in Australia. At the current price, Loyz trades at 2.1x P/B versus peers Rex International of 3.4x and RH Petrogas of 1.7x.