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Getting ahead of myself...2010!
CHIEF EXECUTIVE OFFICER'S STATEMENT I am pleased to present the Report and Accounts for Resaca Exploitation for the year ended 30 June 2010. Year in Review While the last fiscal year included the disappointment associated with the outcome of the Cano merger and the negative impact of the Cano transaction costs on our financial statements, there were several accomplishments at Resaca worth mentioning. First of all, the performance at our Cooper Jal property was very encouraging. We achieved a positive waterflood response from the increased water injection levels and we realized favorable results from the first phase of our refrac program. Several months after completion of the refracs, our production at Cooper Jal continues to remain solid. Based on our results at Cooper Jal, we look forward to implementing the next phases of our exploitation program at that property. Second, we realized a reduction in our lease operating costs of approximately $3/boe versus the prior fiscal year due to cost cutting measures and capital improvements. Third, despite producing 235,000 boe of our reserves during the year, our reserves as of 30 June 2010 were slightly higher than our reserves at 30 June 2009 due to better than projected field performance. Finally, an engineering study conducted on one of our largest acreage holdings established that this property should be an excellent waterflood candidate. We are actively pursuing this project and we are evaluating opportunities to aggregate adjacent properties with our acreage position. Outlook Many analysts are predicting $100 - $120 oil over the next two years. While no one can accurately predict future oil prices, we share their bullish view on oil prices and look forward to continued price improvement. Many U.S. companies are currently engaged in efforts to transform their reserve base to a higher oil concentration, while also extending their reserve life. We are in the enviable position of owning the type of reserves these companies desire. Our reserves are 85% oil with a reserve life of greater than forty years. Our immediate challenge is to increase production from these reserves, which we plan to accomplish over the next six to nine months. In a separate announcement made today, we discussed our new financing arrangements. As mentioned in that announcement, we plan to use the availability under our new senior credit facility to implement a $10 million capital program to significantly increase our near term production and cash flows. The focus of our capital program will primarily be at our Cooper Jal property, but we will also engage in projects at some of our smaller properties as well. We believe the $10 million capital program, which will start immediately upon the funding of our new financing, should increase our production by 30-40% over six to nine months. In addition to the exploitation of our existing asset base, as we have stated on severa
Great that they have chosen XCAP Look what they have done with Arian Silver
RSOX has been bitterly disappointing as they were seemingly striding on ...the company is very poor at putting out RNS s or at least informing shareholders of precise strategy. If they have a positive strategy in mind, and one would hope that they do right now then they need to get a better broker as the present ones seem poor at best at trading the stock...afterall they keep telling us how undervalued they are....I would hope that things will get moving again in the near future, espeicially with oil prices being what they are. I am holding in the hope that the brokers stop sitting on their hands and get the stock fired up a bit. Good news soon though I am sure.
RSOX has had a rough ride with the failure of the proposed merger with Cano....but the present share price is way below the true value as summed up by the chairman in the most recent RNS on the 21st Sept 2010.....commenting on the reserves and operations update, J.P. Bryan, Chairman and CEO of Resaca, said: "We are pleased with the results from the work performed at our Copper Jal field and initial results of the waterflood study on one of largest acreage positions. We look forward to further implementing our development plans on these properties, along with our Jordan property. As evidenced by our recent third party reserve report, we are well positioned with a solid asset base of long-life, oil weighted properties. Based on the PV10 value of our proved reserves alone, Resaca has a net asset value in excess of $10 per share, which is significantly higher than our current stock price" at $1.75 This is a sure Hold right now....should reach $5+ by end of 2011
RSOX has had a rough ride with the failure of the proposed merger with Cano. The present share price is way below the true value as summed up by the chairman in the most recent RNS on the 21st Sept 2010.....enting on the reserves and operations update, J.P. Bryan, Chairman and CEO of Resaca, said: "We are pleased with the results from the work performed at our Copper Jal field and initial results of the waterflood study on one of largest acreage positions. We look forward to further implementing our development plans on these properties, along with our Jordan property. As evidenced by our recent third party reserve report, we are well positioned with a solid asset base of long-life, oil weighted properties. Based on the PV10 value of our proved reserves alone, Resaca has a net asset value in excess of $10 per share, which is significantly higher than our current stock price This is a sure Hold right now.
Soory the link wont paste for me so have a loo further down at earniedamini's post for the link
Suggest you read the resaca news and the latest RNS...RSOX is now quoted on the NYSE and tarding at $.70 = 46p so shares were suspended and now trade in $$$...all looking very good....suggest you read all latest RNS's for RSOX and take into account the rising price of Oil. Also you could look at an earlier post link: http://**************/shop/page-article/action-article.show/id-130001252
The Company was informed on 1 March 2010 that Legal & General Group plc was directly and indirectly interested in 9,997,108 shares of common stock in Resaca, representing 10.31% of the issued common shares. Within this holding, the direct interest is in 3,000,000 common shares (3.09%) and the indirect interest is in 6,997,108 common shares (7.22%).
There is a company update coming out on the 31st March. Must be good news and shares about to rumble up. For more details see latest co doc on Resaca website.
Hmmm...something is going on here...no trades visible yet the share price has gone up...must be someone trying to buy a chunk for some reason....any news anyone??? Must be a sizeable chunk as for the last 3 months it has been red all the way. At last movement in the right direction is on its way hopefully.
These shares look to be ridiculously good value right now...they surely have to go up substantially ....soon to be quoted on NYSE fill your boots boys and girls.
Can anyone tell me what the dealings marked in black mean??
Rsox seems to have gone to sleep and there is an fair amount of selling going on. Oil prices have risen so this doesn't make too much sense. does anyone have any updates or news for RSOX? Interesting that with all the selling the price has not gone down....somebody must be up to something...come along now.....give us a clue!
I think we will all be much better informed as the puzzle begins to unravel next week, and at least we will know our fate pretty quick on ZZL, time to think about fastening the seat belt, could be a sudden jolt with this...good luck to all onboard,.... sit back and enjoy the ride!
My guess is that as the money is being guaranteed indirectly by Creat surely there is nothing to be gained by a RI if the shares are worth less...my punt is that there is something underlying of worth which they want to back....mines worth aquiring at good value prices outside of Taz. It's speculative but could reward very well
Well worth reading the PDF EGM report on home page of Zeehan Zinc with the proposed $30m borrowing (which is almost sure to go ahead) and it makes perfect sense to change the name as the present name suggests limited mining activity with only Zinc. There must be good reason for the borrowing as it is being guaranteed by subsiduaries of Create. This, of course, has to be a speculative buy but for me everything points towards a possible serious surge in share price. I'm in!
Rustyroo would love to read this article....where can it be found exactly ?