http://uk.businessinsider.com/baker-hughes-rig-count-january-9-2015-1?r=US
suspect they cant as there has been consistent news reported to the markets since then, closed periods and all that??????
rsrs - perhaps you could share these companies with us then please JMR - i suspect the broker target is factoring in declines on existing wells etc. probably best to go cautious with 1400 boepd. i would also air caution on lennox and flows, remember the first well!!
Production - Average net production of 1,210 Boe/d Q3-2014 up 29% from Q2-2014 and 205% from Q3-2013 - 79% Oil Q3-2014 vs. 31% Oil Q1-2011 (before entry into the Bone Spring Play) since then two wells have been put into production; - Igloo 19 State #2H (24 hour gross rate of approximately 1,356 bbls of oil equivalent) 24% Net revenue interest - Marathon Road 15 OB Fed #1H (24 hour gross rate of approximately 1,928 barrels (bbls) of oil equivalent) 12.5% NRI - also awaiting Lennox 32 State Unit #4H repair and frac Q1 to add to production. this was from cenkos after the announcement on the 18/12/14 'Ashley Kelty at broker Cenkos called today’s results ‘very positive’ for Caza. The analysts estimated the two new wells have added a net 560 barrels of oil a day to output, taking the company’s production to around 1,400 barrels.'
http://www.proactiveinvestors.co.uk/companies/news/75544/update-caza-oil-gas-hails-excellent-results-from-two-latest-new-mexico-wells-75544.html 'The shares rose 18% to 9.17p, valuing the business at just £36mln.' not sure where they get the £36mln from lol
Igloo loos like another fantastic property , great news. ps. @mgrahamwood: No early blog today, I'm off to see Petrofac but there is yet more good news from Caza, will write up later but don't miss this stock. -
http://www.iii.co.uk/tv/episode/malcolm-graham-wood%E2%80%99s-oil-outlook-2015
also worth having a look at Company IPs & 30 Day Average slide & Corporate Valuations
Overview - 26 successful Bone Spring wells drilled in a row - 299 out of 325 locations left to drill - Well-positioned to lower cost of capital (Use strengthened financial position and strong equity base to seek lower cost of capital, thereby increasing the returns available from the Bone Spring Play and further mitigating the impact of a lower price oil environment) - Majority of current production hedged through 2016 - Clayton Williams farm in (14,738 Gross Acres (11,054 net to Caza) Drilling Program, Reeves County, Texas) - Igloo Acquisition (480 Acre Lease, Lea County, New Mexico) Operational - Caza Lennox 32 #4H well scheduled to be fracked the 1st week of December - Mewbourne Marathon Road 15 OB#1H drilled and scheduled to be fracked 1st week of December - Caza Igloo 19 #2H well drilled and scheduled to be fracked 1st week of December - Mewbourne Marathon Road 15 NC#1H scheduled to spud 3rd week of December - Drill program for first half 2015 focusing on GR & Igloo (known to produce good IP-30 so makes sense imv with oil price) - Non op Marathon Road & Broadcaster to be developed on the side + CWEI drills Appears to be lots of technical information in there so suspect I’ve missed some some details but that’s the highlights I can see from a quick look through, GLA
More good news from Caza today as they announce a reserves update from Netherland Sewell in which proved developed producing reserves are up 37.3%. Whilst the market give scant credit for this Caza is massively undervalued and holders would hate to see this one taken out on the cheap and taken private… - See more at: http://www.malcysblog.com/#sthash.5tKve97I.dpuf
wheres the presentation ?
The Company operated Igloo 19 #2H and Lennox 32 #4H wells along with the non-operated Marathon Road 15 OB #1H well are scheduled for fracture stimulation over the next two weeks. We look forward to updating the market once flow rates have stabilized.
hopefully the reason we have issued the reserves report now is because this is linked to a finance deal,
is anyone attending? be interested to hear / get feedback about bods comments on future plans and current performance with commodity prices etc (aside from comments in q3)
The oil prices above are the US close on Friday, this morning in Far East trading it is easier again, at present I have $66.15 and $68.25 respectively. Chinese PMI numbers rather scarped over the line being 50.3 for the official number and dead on 50 for the HSBC make up, hardly exciting but just think how helpful the new oil price environment will be. Over the next few days I will take a look at what the Opec decision means but it isnt massively changed from my view on Friday, ie short term pain for producers and companies but for the longer term this may be a blessing in disguise, the strong will get stronger. - See more at: http://www.malcysblog.com/#sthash.zMxSkDOx.dpuf
if you believe CAZA is overvalued you should take a look around a few other aim producers and do some calcs ;)
at an average price of US$65.09 per Boe our net back was US$51.43 last quarter....
the only think i can think as to why were being hit so hard is that we require funding going forward and i suspect there is worry with the low / falling commodity price we may not be able to... then you look around and see 1000 bopd producing companies still valued at 100m mc and wonder what the F is going on.... i also suspect the downside is being fiddled and exaggerated by YA
Oil price The oil price unsurprisingly fell after the Opec meeting concluded yesterday and has come down towards the level that I thought in yesterdays blog it should with no production cuts. Indeed there is no reason why in the short term the price cannot fall a bit further, after all there is no specific base here. I think it is worth taking a look at the Saudi position in all this and make no mistake this is a proper old fashioned Saudi coup that Sheikh Yamani would have been proud of. They have done this because they can and they felt that the alternative option of cutting production just wouldnt work. I have said a number of times recently that trying to assess country’s budgetary equilibrium or cost base is spurious and for the Kingdom this is more true than any other. Remember that twice in the last five years they have ‘helped’ the market out by producing flat out at $125 oil, first during the Libyan civil war and then when sanctions against Iran came in. Bumper profits at that time, plus huge reserves and no debt, mean that the KSA can and will endure lower prices for a very long time, there is no staring out Ali-al-Naimi. Also, by taking the opportunity to see prices down here for a little while, invaluable information about oil price sensitivity will be garnered and used to determine at what level the floor might be. This last point also reflects my own view about the cyclical nature of the oil price, like most commodities the current low price will strangle investment and ensure that in time shortages will happen and the price will rise. On Wednesday Naimi said that the oil market would ‘stabilise itself eventually’ and this is probably the closest to the backdrop that his delegation believed yesterday, taking some modest short term pain might mean that further out things will get better. Indeed I have a feeling that while it is appropriate for markets to react in a negative fashion and mark prices down at the moment, the ability to weather this storm may prove advantageous in the longer term. I say this because the supply and demand numbers are not that much out of kilter as some people might think and this may be why no interim Opec meeting has been slated. During the last few months Opec has gone over its 30m b/d ‘quota’ and with the call for crude at, say 29.5m, created an oversupply in the market which has along with higher US production brought the price down. If you look at current Opec numbers I tend to think that with Libya falling dramatically, possibly by as much as 400-500/- b/d the number could already be back close to the magical 30m b/d. So,overall I believe that whilst short term pain will have to be endured by the producers and participating companies, those who are able to take a longer term view will find that a combination of some loss of unprofitable production(maybe 1/2m b/d) and a pick up in demand will validate the Saudi view that the market will stabilise.