Wednesday, August 31, 2022
Permex Petroleum (OILCF)
Permex reports fiscal third quarter results
Michael Heim, CFA, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Permex reported results for the quarter ended June 30, 2022. Given limited sales at this point in the company’s development, results are largely a function of operating costs. The company reported a large jump in auditing, legal, and marketing fees as the company prepares to begin drilling on the recently-acquired Breedlove field properties. Total operating expenses were $1,278,251 for the quarter versus $177,861 for the same period last year. Net income was ($761,303) or ($0.00) per share versus ($103,541) or ($0.00) per share. We had been looking for net income of ($191,000) or ($0.00) per share.
The shares of Permex trade on company developments not financial results. We believe the company has tremendous upside as it drills out its property. Consequently, the stock price rightfully trades on operational developments instead of financial results. Along those lines, the company reported back on August 16th that it had received approval on its permit application for drilling on the Breedlove field in Martin County. We expect the company to drill one vertical and one horizontal well in Martin County before the end of the year….
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
