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I can see through this combination that by the second half of 2015 a million b/d or more may have swung around and that doesn’t yet include the benefits of much cheaper oil on world GDP growth. If you can keep your head when when all about you are losing theirs you may just find that next year may be one of two halves and that after a bad first quarter the oil price will start to return to higher levels after all. Having tried to put as many clichés in as possible I will add just one more and that is to be careful of what you wish for, the cycle will mean that, in the absence of fundamental change the boot will return to the other foot one way or another. - See more at: http://www.malcysblog.com/#sthash.8Zng7vwo.dpuf
my opinion is about CAZA, i'm no expert on oil politics etc, i havent even disagreed with anything you have said so not sure what your problem is tbh, im off now anyway, Chinese beckons (ps can i borrow a tenner to pay)
there is a certain arrogance about you... your not related to DAZ are you? GLM, just jesting ;)
actually you are wrong ;) 'waiting for oil to reach $77. Caza should be around 10 pence.' oil at $77.... we weren't 10p
The Bone Spring Play in the Delaware Basin of Southeast New Mexico and West Texas affords Caza the benefit of generating approximately 80% of its total hydrocarbon production from oil and NGLs. This allows the Company to achieve high internal rates of return (IRR) which may not be afforded by other so called "shale plays". Specifically, the Bone Spring Play is made up of mostly tight, clastic, oil reservoirs, not shale (although several economic shale sections are present throughout the play, including the Avalon), that have historically produced from vertical wells. Caza is merely using unconventional methods to extract the hydrocarbons at much higher rates than would be achieved with conventional methods. Caza believes these characteristics provide an opportunity to achieve acceptable IRRs at commodity prices that are much lower than those that currently exist. Although commodity prices have declined recently, Caza believes that this play continues to be viable, and plans to maintain its current drilling program. The Company is also protected from the impact of a lower oil price environment by having favorable hedges in place on approximately 75% of the Company's proved developed producing reserves, as well as an on-going hedging strategy in operation as part of the continuous management of its business risk.
· Operating net back decreased to US$51.43 for the three month period ended September 30, 2014, from US$51.95 for the comparative period in 2013, due mainly to lower oil prices. · The average oil price received by Caza decreased 21% to US$83.04 per bbl during the three-month period ended September 30, 2014, from US$104.50 per bbl during the comparative period in 2013. · The average natural gas price received by Caza increased 4% to US$3.62 per Mcf during the three-month period ended September 30, 2014, from US$3.48 per Mcf during the comparative period in 2013. · The average combined price received by Caza in Q3 2014 decreased 12.7% to US$65.09 per Boe compared to US$74.55 per Boe in Q2 2014.
lol i said would you not take the 12p and run to which you replied 'yes' .... either way interesting that your leaving 50% making the statements you are
so you've sold? because you just said your long?
'Caza wont be able to kick start new oil fields and production will slow down materially. then you'll find them to be in debt too heavily.' if you truly believe that then would you not take the 12p and run?
actually of all the boards around i think this one is very open to views of all, good / bad. you are talking foregone conclusions not views... i'm happy to see how things develop, even at low commodity prices CAZA are fine...
should say ' ,a stronger nod' not and lol
evening DT, and stronger nod. i queried a few things with rich and he sent a very helpful reply, one being the situation with YA and whether they were still influencing proceedings here. he made the point regarding oil price and investors being worried about the debt position with Apollo and that the later is something they hope to remedy in the near term.
Wells completed awaiting frac - Igloo 19 State #2H (30% WI) should be near TD now - Lennox 32 State Unit #4H (38.98% NRI) scheduled frac early December - Marathon Road 15 OB Fed #1H (12.5% NRI) awaiting frac Scheduled wells - Non-operated Marathon Road 15 NC Federal #1H (December 2014); - CWEI initial commitment well (February 1, 2015): - Operated Gramma Ridge 27 State #4H (February 2015); - Non-operated second Broadcaster well (March 2015); - Operated East Marathon Road Igloo 19 State #4H (March 2015). News / Updates to come - Company website is going to be updated soon - CAZA doesn't believe Yorkville is influencing the shareprice to the extent it has in the past - Working towards a new finance deal - although the company hasn't updated as they don't see the shallows as material, work is continuing on the shallows with FR22-1 frac simulated very recently, - 02/12 presenting at the oil barrel conference Recent News - farmout and exploration agreement (the "Agreement") with Clayton Williams Energy, Inc to jointly develop CWEI's 14,738 leased net acres in Reeves County, Texas (This transaction has the potential to significantly increase Caza's drilling locations and triple its current net leasehold position in the best oil play in North America) little summary of where we are, i'm more than happy holding but would be a lot happier with some good news on the oil price front to ease the fears... GLA
- Company website is going to be updated soon - CAZA doesn't believe Yorkville is influencing the shareprice to the extent it has in the past - I believe they are working to get a finance deal that not only gives them funds for the 2015 drill campaign but will remove/pay off the existing Apollo deal. - although the company hasn't updated as they don't see the shallows as material, work is continuing on the shallows with FR22-1 frac simulated very recently, (whilst they may not add much production they will help to maintain the production level whilst we await the bigger horizontal wells coming online) GLA
tide, raising funds via a placing is normally done at a discount to the current SP, unless in the next couple weeks/months we double / triple then there isn't much of a chance that we will be raising funds at 25/30p
i'm going to strongly disagree with you tide, - in no way does the value created from drilling these wells , increasing production and reserves only equate to the monies borrowed. In theory this gap will become more apparant in the 'takeover' scenario. - rather a placing? given the funds required probably $20 / $25m then you would be looking at a 50%+ dilution to the company.... rather a loan every day of the week. the hint is in Q3 'Our production increases and continued success in the Bone Spring/Wolfcamp Play have allowed us more flexibility with our financial options, which should allow us to lower our cost of capital moving forward.' GLM
afternoon tide, see q3 extract 'Outlook Subject to the availability of appropriate financing and dependent upon prevailing commodity prices, the Company's objective is to embark on an accelerated and expanded drilling program in the Bone Spring play over the next two years. Management believes that such a program has the potential to increase shareholder value significantly over the period. A program of this type will require additional financing and would utilize excess operational cash flow to fund further development drilling and lease purchases beyond the initial two year period.' no doubt the productions has come a long way but we need to double production from this level before we can consider self funding, GLM
tradenor yes the $4.3m loan is done complete and repaid. this however does not relate to the $4.3m loan but the original seda, 'The Company has deposited in escrow £275,000 as security for this contingent payment obligation.' its only a month and then its done anyway but this is applicable, i completely overlooked this as i guess many others did....
the agreement your referring to is . this is the one the q3 refers to http://www.lse.co.uk/share-regulatory-news.asp?shareprice=CAZA&ArticleCode=iwiz5ij9&ArticleHeadline=PRIVATE_PLACEMENT_AND_EQUITY_ADJUSTMENT_AGREEMENT i believe the date was changed to 31/12/14 from the feb date stated in the rns, cant find the subsequent rns though,
howtofish - that relates to the $4.3m loan which is paid and done, this agreement relates to the original seda. there is no doubt that the drop is because of the oil price but this agreement below looks to be still in play and my point is it wouldn't take much for YA to influence the price from 15p to 12.5p in a bad oil market, i personally thought we were done with the YA antics but if the below is still applicable then perhaps not ?