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Navitas Petroleum (NVPT · Tel Aviv)

Mid-cap E&P — HQ Israel. Oil & gas valuation, proved reserves, production, break-even, net-asset-value and jurisdiction-risk screen.
Category Mid-cap E&PRegion Middle EastCEO Amit Kornhauser (2022)Jurisdiction risk Low (23)

Overview

Israel-listed E&P limited partnership built around US Gulf of Mexico deepwater — Shenandoah (~49% interest) achieved first oil in the 2025/26 window and is the core value driver as it ramps toward peak facility rates.

Levered project-finance model with large upside optionality: Sea Lion (Falklands) development and GoM tie-backs offer growth, but net debt, single-asset concentration and non-SEC-filer disclosure make it a high-risk, high-torque story.

Valuation snapshot (FY2025)

Market cap
$4.5bn
Enterprise value
$6.0bn
EV / EBITDA
15.0x
P / E
28.1x
FCF yield
-2.2%
Dividend yield
3.0%
ROACE
5%
Debt / equity
281%
Net debt / EBITDA
3.8x
EV / reserves
$24.00/boe
EV / flowing
$109k/boe/d
Free cash flow
$-0.1bn

Its EV/EBITDA of 15.0x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of -2.2% is lower than the 6.5% median, and at $24.00/boe of proved reserves it is richer than the $13.51/boe median.

On a balanced screen across the universe, Navitas Petroleum scores 46/100, strongest on growth (98/100). Sub-scores: value 20, quality 60, growth 98, risk 57 (higher = riskier).

Reserves & production

Navitas Petroleum holds approximately 0.25 billion boe of proved (1P) reserves with FY2025 production of about 55 thousand boe/d (90% liquids), a reserve life of roughly 12.5 years. Break-even: ~$40 (Brent FCF breakeven) — Low-breakeven Shenandoah deepwater development; group cash breakeven pressured by project-finance debt service during ramp.

Net asset value (public-source)

For Navitas Petroleum, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.

Jurisdiction risk · production-weighted country risk

23 /100
Low jurisdiction risk
Production-weighted average of the country scores below (0 = safest, 100 = riskiest).
Country / regionProd. shareCountry riskKey jurisdiction risk
United States70%23Stable, deep; federal-lands leasing and permitting policy swings.
Falklands20%14UK territory but Argentina sovereignty claim clouds offshore development.
Israel10%39OECD but conflict-exposed; gas export/security constraints.
How this is scored. Each country's risk (0–100) is anchored to two named public indices — the OECD Country Risk Classification (0–7 official export-credit country risk) and the World Bank Worldwide Governance Indicators (Political Stability & Absence of Violence percentile) — blended 55/45 and rescaled to 0–100. A company's jurisdiction risk is the production-weighted average across the countries where it operates. This is a pure country measure, kept separate from company & financial risk (leverage, governance). Source: OECD Country Risk Classification (CRC) as of 24 July 2025, sourced via the German Federal Export Credit Guarantees (exportkreditgarantien.de) which applies the OECD consensus country risk category directly (values 0-7; 0 = lowest risk). High-income OECD members are not individually rated by the OECD and are set to crc=0 per the model spec (US, UK, Norway, Canada, Australia, Japan, NZ, and most of Europe incl. OECD members Israel, Poland, Hungary, Czechia, Lithuania, Ireland). 'ps' = World Bank Worldwide Governance Indicators (WGI) 'Political Stability and Absence of Violence/Terrorism' percentile rank, latest available (2023 vintage), 0-100 with higher = more stable; ps values are best sourced estimates rounded to the WGI percentile scale. Yemen not on OECD list ('./.') so crc estimated at 7. Iraq-Kurdistan and Falklands are non-standard model rows using judgment, not official OECD entries..

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Key assets & projects

AssetLocationTypeNotes
AssetCountryTypenote
ShenandoahUnited StatesGoM deepwater oil~49% non-operated WI; first oil 2025/26; core value driver
BuckskinUnited StatesGoM deepwater oilproducing; small working interest
Sea LionFalklandsOffshore oil development~65% operated interest; large resource, development/financing phase
Shenandoah tie-backsUnited StatesGoM deepwater oilfuture subsea tie-back / infill upside
Israeli offshore licensesIsraelOffshore explorationsmall exploration interests
Buckskin expansionUnited StatesGoM deepwater oilinfill / expansion potential

Five-year trend (FY2021–FY2025)

Metric20212022202320242025
Production (mboe/d)123455
Proved reserves (bnboe)0.080.100.120.140.25
Revenue ($bn)0.10.10.10.10.6
EBITDA ($bn)0.00.00.00.10.4
Net income ($bn)-0.1-0.1-0.1-0.10.2
Free cash flow ($bn)-0.3-0.5-0.6-0.5-0.1

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Peer companies — Mid-cap E&P

FANG · Diamondback EnergyPR · Permian ResourcesCHRD · Chord Energy CorporationMTDR · Matador Resources CompanyMGY · Magnolia Oil & Gas CorporationMUR · Murphy Oil CorporationTVE · Tamarack Valley Energy Ltd.CRC · California Resources CorporationCRGY · Crescent EnergyBTE · Baytex Energy Corp.POU · Paramount Resources Ltd.TALO · Talos Energy Inc.ENRG · Energi Mega PersadaNOG · Northern Oil & Gas

Sources

✓ FY2025 figures verified against primary sources:

↗ Compare NVPT against 141 peers in the interactive screener

Disclaimer. Screening research only — a starting point, not investment or transactional advice. Figures are drawn from public sources (~mid-2026), may contain errors, and require independent due diligence before any decision.
Enerquill Advisory. Data compiled from company FY2025 filings and results releases; market data ~mid-2026. Larger names are verified against primary sources (shown on each page); smaller names are best-estimates pending verification. © Enerquill Advisory. enerquilladvisory.com