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MarketScreener Homepage  >  Equities  >  NEW ZEALAND STOCK EXCHANGE  >  Contact Energy Limited    CEN   NZCENE0001S6

CONTACT ENERGY LIMITED

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Contact Energy : to explore development of Tauhara geothermal project

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05/30/2019 | 08:48am EDT

Contact Energy is drilling a series of appraisal wells at the Tauhara geothermal field with plans for full fledged development of a geothermal power project to be made based on the results of the wells.

In a release this morning, New Zealand based power company Contact Energy has announced that the company is drilling a series of appraisal wells on the Tauhara geothermal field as it builds towards a final investment decision for a new power station in 2020.

We will be working with Tuaropaki Trust-owned MB Century to drill four appraisal wells on the Tauhara geothermal field, which is a high quality and globally significant resource, Chief Executive Dennis Barnes said.

A potential new geothermal power station at the foot of Tauhara Maunga is New Zealands cheapest and most attractive option for renewable baseload electricity generation, he said.

Mr Barnes said geothermal energy was important in the transition to a low-carbon future as it provides baseload generation unlike weather dependant wind, solar or hydro generation.

Geothermal energy can also provide a low carbon supply of direct heat for industrial processes and we are working with a number of interested parties on prospective developments.

Mr Barnes said Contact was proud of its historic links to the local Taupo? community which goes back more than 60 years to the commissioning of the Wairakei geothermal power station in 1958.

Geothermal development and production is economically significant to regional New Zealand economies. This drilling investment is expected to cost approximately NZ$30 million (around USD 20 million), the vast majority of which will be spent in New Zealand.

The drilling programme will commence in August and complete in early 2020.

(c) 2019 CNEgypt. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials (NZD)
Sales 2020 2 272 M
EBIT 2020 286 M
Net income 2020 160 M
Debt 2020 1 042 M
Yield 2020 4,66%
P/E ratio 2020 37,6x
P/E ratio 2021 36,2x
EV / Sales2020 3,12x
EV / Sales2021 3,19x
Capitalization 6 042 M
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 7
Average target price 7,85  NZD
Last Close Price 8,43  NZD
Spread / Highest target 1,07%
Spread / Average Target -6,92%
Spread / Lowest Target -21,7%
EPS Revisions
Managers
NameTitle
Dennis Barnes Chief Executive Officer
Robert Stuart McDonald Chairman
Dorian Devers Chief Financial Officer
Whaimutu Kent Dewes Independent Non-Executive Director
Victoria Crone Independent Non-Executive Director
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