Member Info for Orchy

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 ?

are YA still involved and influencing things ?? Under the terms of the Adjustment Agreement, if on December 31 2014, the common share market price (determined as 95% of the average daily volume weighted average price of common shares (VWAP) during the preceding 22 trading days) is greater than £0.13, then Yorkville will pay to the Company the difference multiplied by the number of New Common Shares, and if the market price is less than £0.13 then the Company will pay to Yorkville the difference multiplied by the number of New Common Shares. This derivative liability is classified as a financial instrument measured at fair value though profit or loss. The fair value of the derivative asset amounted to US$380,053 as of September 30, 2014 (December 31, 2013 - $330,768 liability) has been included within current assets on the condensed consolidated statement of financial position, and the change in fair value of US$710,821 since December 31, 2013 is included in other income (expenses) in the condensed consolidated statement of net loss and comprehensive loss. The fair value of this derivative was calculated using Monte-Carlo Simulation at the date of issuance using inputs as of that date and at September 30, 2014 using inputs as of September 30, 2014, including the share price of $0.13 per share, the strike price of $0.19 per share, risk-free interest rate of 0.57%, a dividend yield of nil, a weighted average volatility factor of 48.04%, over the remaining 3 months. highlighted by charlieee (iii)

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). Surprised this is in the 12’s but with the oil price and being AIM I probably shouldn't be, CAZA will continue to do what they do best and deliver consistent drill results. We have the presentation from CAZA on 02/12 which will hopefully bring more good news & details about the company’s plans etc, The next ‘big news’ item I’m looking for is the finance for 2015 drill campaign ‘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.’ Never mind brill baby drill but Frac baby frac! GLA

Caza Oil & Gas (LON:CAZA) – Speculative Buy On Friday, Caza Oil & Gas announced its financial and operational third quarterly results for the period ended 30th September, 2014. Revenues jumped 180% to US$7.2m y-o-y from US$2.6m, owing to a surge in production to 87,901 barrels of oil (bbls) for the quarter compared to 22,958 bbls. Natural gas production also widened 73% to 140,402 million cubic feet of gas. Adjusted EBITDA for Q3 increased many-fold to US$4.5m y-o-y against US$0.62m last year. However, operating net back slipped US$0.52 to US$51.43 due to a lower average quarterly price of US$83.04 of oil per barrel. On the operational front, Caza entered into a farm-in agreement with Clayton Williams Energy covering 14,738 acres of leased space in the Delaware Basin, where it has a 75% working interest. During the period, an exploration and development agreement was signed with a large independent company to acquire a lease comprising 480 acres in the Bone Spring Play and drill an initial test well. In September, Broadcaster 29 Fed, the 3rd horizontal Bone Spring well commenced production while the Lennox 32 reached the intended total measured depth of approximately 15,545 feet. Caza also completed the sale of its Wharton County Texas production for a total consideration if US$1.6mn. Over the next six months, the company plans to drill several wells in the New Mexico Region. Our view: The sharp rise in production capacity and revenues underpins the remarkable growth achieved by Caza since its AIM listing in 2007. Caza has outlined an effective road map to expand its production base, augment cash flows and achieve higher growth rates through important partnerships and agreements. Furthermore, improved operational results from the conventional Delaware Basin would have a significant impact on the company’s future competiveness. The decision to hedge 75% of the oil production in a volatile commodity pricing environment, speaks volumes about the company’s ability to ensure stability and predictability in its cash flows. In order to fund future endeavours, Caza substantially strengthened its cash position during the quarter. We believe, Caza is likely to become a prominent energy player given its strong and diversified asset base. In view of the above, we retain our Speculative Buy rating on Caza.

caza presenting

just reading through in a bit more detail, q4 is likely to be much the same as q3 but with three wells coming online end of December as you pointed out were going to hit the ground running in 2015, hopefully by end of this year we have seen a modest bounce in oil prices and the perception of oil stocks is a little better, Pablo - hang in there my friend ;) GLA

Don't forget the placing

I think i mentioned yesterday that Caza were reporting imminently and so here are the 3rd quarter numbers along with an operational update. The update is taken as read as all wells have been reported and operationally the business is is great condition with the Bone Spring turning into a truly great call, added to that as it is not a shale play, more a tight clastic oil reserve meaning it produces much higher IRR’s that shale and is making excellent returns even on $70 oil. The numbers themselves are to a degree impossible to read, year on year gains of hundreds of percent in production, revenue and EBITDA are proof of the success of the Bone Spring and even quarter on quarter the numbers are good. With the exciting drilling programme, enhanced by yesterday’s news of the CWEI deal there is surely much more to come and despite the low oil price Caza is making an excellent return. Investors should sit tight, the pool of value in Caza is building every day and will out eventually. - See more at: http://www.malcysblog.com/#sthash.uWqrmPNZ.dpuf

1210 boepd average was inline with expectation. Delay on Lennox but should have Lennox , marathon road and igloo all come online at a similar time , Onwards

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.

'Average net production volumes increased 320% to 937 Boe/d for the three-month period ended June 30, 2014' a steady build of 250 / 300 boepd is all i'm looking for, so 1187 - 1237 boepd for q3, anything above is a bonus, Q4 they can push on to 1500/1600 then Q1 2015 we can hit the magic 2000 boepd..... GLA

the Igloo 19 State-2H well, already drilling ahead, with Caza paying 100 per cent of the costs to earn a 30 per cent stake in the acreage going forward. Analysts at SP Angel Corporate Finance in London said the CWEI deal “is a solid step forwards as it adds further running room to its existing portfolio” but cautioned about the increased risks of the costs associated with the commitment wells. Even so, as the analysts agree, this is a company that is now delivering consistently good results with the drillbit, with the Lea County wells in New Mexico yielding very strong IP rates, and then sustaining a strong performance: the recent Broadcaster 29 Fed-3H well, for example, hit a peak of 2,830 boepd, higher than first announced, of which 2,345 barrels were oil along with 2.91 million cf/d of gas. Shares in the company ticked a little higher on news of the latest acquisition but the stock faces headwinds from the weakening oil price environment: the comfort for investors is that Caza's operations are relatively robust compared to the shale players, with operating net backs for Q2 2014 of US$57.84 per barrel. The shares were trading at 14.5 pence on Wednesday.

Caza Oil & Gas has scooped more acreage in the liquids rich Bone Spring/Wolfcamp formation, considerably adding to its footprint in this lucrative play, increasing its tally of drillable locations and extending its reach into Texas.The AIM and TSX Venture-quoted company has agreed farm-in terms with NYSE-quoted Clayton Williams Energy Inc (CWEI) to jointly develop a 14,738 leased net acreage in Reeves County, which is on trend with prolific horizontal Wolfcamp wells already producing in the southern Delaware Basin by the likes of CWEI, Energen, Shell and Pioneer Natural Resources. To earn its right to this new acreage, Caza is signing up to drill a series of commitment wells next year, with more in the following years if it wishes to keep the agreement going. The farm-in kicks off with a horizontal Wolfcamp well, due to spud before February 1st, with Caza paying 75 per cent of the costs to earn a 50 per cent working interest (37.5 per cent net revenue interest). Midlands, Texas-based CWEI will operate but Caza will operate all subsequent wells drilled in the farm-out area, a real vote of confidence in the AIM-quoted company's operational credibility. Two more horizontal Wolfcamp wells need to be drilled in the farm-out area before the end of 2015 to extend the agreement into 2016 – or Caza will have to pay US$1.6 million for each well not drilled. These earning wells will earn Caza 640 or 1,280 gross acres, depending on the horizontal drainhole displacement of the lease. Caza will pay 100 per cent of the costs to earn a 75 per cent interest (56.25 per cent NRI) in the earned acreage. All costs on subsequent development wells on the earned acreage will be borne according to the companies' respective working interests: Caza 75 per cent and CWEI 25 per cent. Once the commitment wells are drilled in 2015, the company can drill a minimum of two earning wells a year to perpetuate the agreement and continue acquiring earned acreage. There is no penalty not to extend the agreement beyond 2015 and Caza would retain the earned acreage. Chief executive Mike Ford said the “sizeable transaction” has the potential to “triple [the company's] current net leasehold position in the best oil play in North America”. He added that this deal, and last month's East Marathon Road acquisition, are examples of the company finding ways to acquire additional acreage in the Bone Spring/Wolfcamp Play at or below market rates. The East Marathon Road deal covered 480 gross acreage in Lea County in New Mexico, close to and on trend with Caza's prolific Marathon Road wells. Here, Caza was able to mobilise its rig to the property on short notice to prevent the lease from expiring, thereby securing the lease and operatorship. It's one of the advantages of being a nimble operator, allowing the company to seize an opportunity to build running room in a play it now knows inside out. The first well under this agreement is

triple...

its full ask if you want any shares,,,,