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Monday, August 24, 2009

Interlink Petroleum Ltd:Would you buy Interlink Petroleum at current levels?

Scripscan:Interlink Petroleum Ltd

Story:Interlink Petroleum is an oil company based in Gujarat. This company was allotted two-fields in the mid-90s. These are Modhera Oil Field and Baola Gas Field.The previous promoters of the company were unable to exploit these fields commercially due to paucity of funds. Both these fields are located in the Cambay Basin and both are proven fields. This company has seen a change in management and has allotted about 1.2 crore shares to a Singapore company called Jit Sun Investments. Jit Sun Investments is owned by Ezra Holdings Limited. Ezra Holdings is listed in the Singapore Stock Exchange. They are into the oil and gas sector but they provide support services in the oil and gas sector. They are into offshore support services and marine services.Ezra Holdings has revenues of about 220 million Singapore dollars. They made a Profit After Tax (PAT) of about 100 million Singapore dollars and command a marketcap of about 1,100 million Singapore dollars. They came out with an IPO in August 2003 and the current stock price is much much higher the IPO price.So this company in terms of its revenues and profitability as well as in terms of the stock price has seen substantial growth over the last three-four years.Interlink Petroleum, after infusion of funds by Ezra Holdings will be able to commercially exploit the fields that have not been exploited till date. We may also see commercial production of oil and gas from these two fields. Ezra Holdings may use Interlink Petroleum as a vehicle for increasing their commitment and increasing their business in India. Ezra Holdings has appointed senior people from the oil and gas industry, including the Former Chairman and Managing Director of Oil and Natural Gas Corporation (ONGC) Mr. B C Bora on its Board.So all in all with this current marketcap of Rs 65 crore, the stock may look overpriced, given the revenue of the company is zero. But the way things are shaping up in this company, they will be able to now exploit their fields. The stock has seen a run up over the last week or ten-days.Rs 25-27 would be a good level to maybe enter into this stock.

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