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didnt you mention 3k target year end?
Coastal Energy Announces Operations Update
Monday July 12, 4:15 pm ET
http://ca.us.biz.yahoo.com/iw/100712/0640125.html?.v=1
HOUSTON, TX--(Marketwire - 07/12/10) - Coastal Energy Company (the "Company" or "Coastal") (TSX-V:CEN - News) (AIM: CEO), an independent exploration and production company with assets in Thailand, announces an update of its operations in the Gulf of Thailand.
Bua Ban
The Bua Ban A-01, A-02 and A-05 wells have been completed using electric submersible pumps ("ESPs") and tied into production facilities. Combined production from the three wells is averaging 3,000 bopd. The oil being produced is sweet and has API gravity of 30 degrees.
The Bua Ban A-03 well has reached total depth of 8,650 feet TVD. It was drilled off structure to test the lower limits of the Lower Oligocene oil column. The well encountered 20 feet of net pay in a Lower Oligocene section which is 310 feet below the previous lowest known oil point. Additionally, the well encountered 24 of net pay with 20% average porosity in the higher Miocene section at approximately 3,400 feet TVD. The oil tested from the Miocene formation is sweet and has API gravity of 34 degrees. The Company is evaluating the future prospectivity of this play.
Benjarong
The Benjarong A-01 and A-02 wells have been completed and flow tested at uncommercial rates. The Company is evaluating the cost and probability of success of fracture stimulation.
Songkhla A
The four wells at Songkhla A continue to perform in line with modelled rates. Production at Songkhla A is currently averaging between 8,000 - 8,500 bopd.
The Company's total offshore production is now approximately 11,000 bopd. Total combined production, including 2,000 boepd from Sinphuhorm, is approximately 13,000 boepd.
Randy Bartley, Chief Executive Officer of Coastal Energy, commented:
"The initial test results at Bua Ban are encouraging. Production from the A-05 well is higher than was anticipated in the original development plan. The new Miocene play seen in the A-03 well is exciting as it is the first time that productive Miocene sands have been encountered in Block G5/43. This discovery has significant potential for future appraisal and development. We continue to expect the current development at Bua Ban to bring further success and increases in production."
Randy Bartley, President and Chief Executive Officer of the Company and a member of the Society of Petroleum Engineering and Jerry Moon, Vice President, Technical & Business Development, a member of the American Association of Petroleum Geologists, a Licensed Professional Geoscientist and a Certified Petroleum Geologist in the state of Texas, have reviewed the contents of this announcement.
Additional information, including the Company's complete competent person's report may be found on the Company's website at www.CoastalEnergy.com or may be found in documents filed on SEDAR at www.sedar.com.
This statement contains 'forward-looking statements' as defined by the applicable securities legislation. Statements relating to current and future drilling results, existence and recoverability of potential hydrocarbon reserves, production amounts or revenues, forward capital expenditures, operation costs, oil and gas price forecasts and similar matters are based on current data and information and should be viewed as forward-looking statements. Such statements are not guarantees of future results and are subject to risks and uncertainties beyond Coastal Energy's control. Actual results may differ substantially from the forward-looking statements.
These securities have not been registered under United States Securities Act of 1933 (the "US Securities Act") or the securities laws of any state and may not be offered or sold in the United States or to US persons (as defined in Regulation S under the US Securities Act) unless an exemption from registration is available.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
This news release is not for dissemination in the United States or through United States newswire services
Contact:
Enquiries:
Coastal Energy Company
Randy L. Bartley
Chief Executive Officer
+1 713 877 6705
William C. Phelps
Chief Financial Officer
+1 713 877 6727
Email: Email Contact
Strand Hanson Limited (Nominated Adviser)
+44 (0) 20 7409 3494
Rory Murphy
Paul Cocker
Thomas Weisel Partners (Broker)
+44 (0) 20 3205 3615
Paul Colucci
Macquarie Capital (Europe) Limited (Broker)
+44 (0) 20 3037 2000
Ben Colegrave
Paul Connolly
Buchanan Communications
+44 (0) 20 7466 5000
Tim Thompson
Catherine Breen
Katharine Sutton
Source: Coastal Energy Company
Thank you Koz !!!
To us winning the World Cup with the FEET was really something...
and believe it or not I correctly anticipated we would do so...
some of the sport betting online sites are now coming in back to my bank account and I say GRACIAS MUCHO VIVA ESPAÑA OLE !!!
BUT I totally agree most of the time things get better with the HAND ....
I actually tried to convince my wife all good sports are played with the MOUTH instead....
she replied back, I´ll kick you in the NUTS instead !!! :D
Looks more like a "plateau" than a peak developing for pulp prices
CEN got a big whack today. down to 3.80
As long as I can check it looks like panic ensued after UBS made a cross of close to 3M shares at 3.60 or somethin
Big buyin oportunity IMHO
MMT.V Special Alert:
raising my "Bobwins 2011 Birthday target" to 1.05 on the new CFO
I just checked the AGM webcast and she has a great line:
"being Scottish and a woman you can be sure I always check the money" lol
plus she looks like she was a knock-out blonde 20 years ago
maybe she will re-invigorate that board of old farts and bring some mojo to MMT !
have you thought of general market conditions?
have you checked out how many junior/micro cap quality stocks have been decimated to a HALF of where they were a few weeks ago? (like MMT)
so it wouldnt surprise me to see MILL at say 3.5 in a few days
of course I´m not saying it will, just that it might
and nothing might stop it from going there even their good assets as you mention ( same goes for MMT)
Of course I meant 1 buck with everything working fine. On the other hand hard to believe this was selling at 19 cents a few days ago when there was a firm bid for the whole company at 14 cents back in 2008 with oil at 40 bucks and MMT producing just half of what is producing now! Goes on to show this is about the best risk/reward ratio amongst micro cap oils out there right now
can you see 1 buck as well ?
good progress from that cheesy CC they did before!
15th May 2011 around 12:35 PM :)
MMT could hit 1 buck if they are anywhere close hitting their cashflow guidance
MMT.v / maux.pk:
new website and presentation
http://www.martresources.com/wp-content/uploads/2010/06/28/corporate-presentations/MART_Presentation_0629102.ppt
roflmao
ROFLMAO !
CEN.V very large purchase by Chairman, 100,000 shares. Looks very bullish to me!
Coastal Energy Company (CEN)
As of June 25th, 2010
Filing Date Transaction Date Insider Name Ownership Type Securities Nature of transaction # or value acquired or disposed of Unit Price
Jun 25/10 Jun 24/10 de Combret, Bernard Direct Ownership Common Shares 10 - Acquisition in the public market 100,000 $4.221
wow. they got a 6M line of credit?? from a bank? a 20M market cap gold miner?? that´s quite an achievement in this day and age!
As a general rule of thumb it pays to be extra careful whenever Bharti shows up
kozuh.... you know what I like about CEN.V?
it is not run by some British lawyer like IAE or a British dimwit like BP, no!
it is run by real oil men from your country, TEXAS !!!
plus look who´s the largest owner, about 33% of the shares:
http://en.wikipedia.org/wiki/Oscar_Wyatt
Some in Texas think Wyatt was the inspiration for JR Ewing—older, rounder, and nastier, with friends like Saddam Hussein.
How could it ever go wrong with a fella like this ???
COASTAL ENERGY (V-CEN) $4.10 +0.24
Take a look at the chart of Coastal Energy to the left and you
know several things have gone on. A couple of successful
exploration wells off the coast of Thailand takes a company
with 0 production up to almost 10,000 boepd in relatively quick
order. The stock moves dramatically. Then a few high risk/
high reward plays don’t work out and the joy is kind of gone.
We had talked to Fred Kozak, Canaccord’s oil and gas guy,
just last week. Looking for his top three picks (the top three is
an ever changing thing depending on whose got a discovery,
who might have a discovery, whose production numbers are
better than expected or not, politics in every country, you get
the drift) and suddenly his top three picks were a little different.
All of a sudden Coastal was there because the stock was
down, and cheap and turning along with two other cheapies,
Petrodorado and Alange Energy, both in Colombia. (We don’t
allow Fred to pick Pacific Rubiales anymore because it’s just
too much blue-chip for us...plus it’s already a 12 bagger for
Fred now).
Anyways, today Coastal announces the results of their Bue
Ban A-01, A-02, A-05 development wells in the Gulf of Thailand
and this is an area of their plays that are considered lower risk
and considered by some to be almost development work. It
mentioned on the A-01 well that it encountered 24 feet of net
pay in the Lower Oligocene reservoir with 14% average porosity
and that the Bue Ban A-05 well was drilled to a total depth
of 7,492 feet and encountered 170 feet of net pay. Now that is
a lot of net pay.
The stock has a nice bounce today and with 8 development
wells expected in the area, with some of the wells expected to
produce up to as much as 700 barrels a day, Coastal’s production
could move upwards dramatically in the coming months.
After that?
After that they have a series of almost a dozen more of the
high risk/high reward plays offshore Thailand that could make
the dramatic increases upwards...or not. For a copy of Fred
Kozak’s look-see at Coastal and why he has a target of $7.25,
e-mail Debbie at Debbie.lewis@canaccord.com.
Meanwhile Keith Schaefer has timed perfectly some additional
purchases for his model portfolio and the editor of ‘Oil
and Gas Investments Bulletin’ has a piece that is must reading
for Coastal shareholders.
dcrain
but I believe he stated that whether gold performs better during inflation or deflation, depends upon whether it is considered money
Correct
However, what the author wrote is something that I had not previously considered. Since we will possibly have deflation followed by hyperinflation, I must consider how my investments will be impacted by each phase of the potential crisis. It always seems to be what I don't know that costs me money. In 2008, I was aware of the problems with the CDOs, etc, but I underestimated the effect that those problems would have on other investments and watched my gold/gold investments plummet. I didn't truly understand the situation until September and by that time, gold/commodities stocks had been decimated. Those investments have recovered, but if I had been 100% cash in summer of 2008 instead of about 40%, I would have been in much better shape to take advantage of the investment opportunities that arose.
I totally share your concers
BUT
one caveat:
So now, I am trying to look at all angles and make sure that I am not dismissing something that can be a Black Swan for my portfolio
If it is a TRUE Black Swan..theres no way to be prevented against it !!
thanks Bob. picked them quite close to the bottom at low to mid 3s. I think they´ll 6 to 8 bucks easy by end of year. First resulst from Bua Ban look really encouraging
Coastal Energy Announces Results of First Three Bua Ban Development Wells
HOUSTON, TX--(Marketwire - June 21, 2010) - Coastal Energy Company (the "Company" or "Coastal") (TSX-V: CEN) (AIM: CEO), an independent exploration and production company with assets in Thailand, announces the log results of the Bua Ban A-01, A-02 and A-05 development wells in the Gulf of Thailand.
The Bua Ban A-01 well was drilled to a total depth of 7,725 feet true vertical depth (TVD). The well encountered 24 feet of net pay in the Lower Oligocene reservoir with 14% average porosity. The Bua Ban A-02 well was drilled to a total depth of 7,722 feet TVD and encountered 26 feet of net pay in the Lower Oligocene reservoir with 16.5% average porosity. The Bua Ban A-05 well was drilled to a total depth of 7,492 feet TVD and encountered 170 feet of net pay in the Upper & Lower Oligocene reservoirs with average porosity of 15%.
The A-05 well encountered an expanded Lower Oligocene section containing 85 feet of net pay and six distinct oil reservoirs over a gross interval of 832 feet. The previous maximum thickness of Lower Oligocene net pay was 68 feet encountered in the original Bua Ban 1 discovery well. The additional 85 feet is in new pay zones located above known field structures. The top of the reservoir in the A-05 well was encountered at a depth of 7,036 feet and the lowest known oil in the field is located at 7,880 feet, indicating a minimum vertical oil column of 844 feet.
The Company is running completion activities on all three wells and expects to tie in production in the coming days. Following completion of the three wells, the Company will continue drilling up to seven more development wells at Bua Ban prior to the end of the current drilling contract in late September 2010.
Testing operations have begun on Benjarong A-01 and A-02 and are expected to be complete by mid-July.
Randy Bartley, Chief Executive Officer of Coastal Energy, commented:
"The initial log results of the first three Bua Ban wells are very encouraging. The better than expected net pay figures in the Bua Ban A-05 well along with better than expected porosity in all three wells are both positive indications. The presence of the new Upper Oligocene zones seen in the A-05 well could potentially open up a new reservoir for development. Production testing will begin this week."
Randy Bartley, President and Chief Executive Officer of the Company and a member of the Society of Petroleum Engineering and Jerry Moon, Vice President, Technical & Business Development, a member of the American Association of Petroleum Geologists, a Licensed Professional Geoscientist and a Certified Petroleum Geologist in the state of Texas, have reviewed the contents of this announcement.
Additional information, including the Company's complete competent person's report may be found on the Company's website at www.CoastalEnergy.com or may be found in documents filed on SEDAR at www.sedar.com.
This statement contains 'forward-looking statements' as defined by the applicable securities legislation. Statements relating to current and future drilling results, existence and recoverability of potential hydrocarbon reserves, production amounts or revenues, forward capital expenditures, operation costs, oil and gas price forecasts and similar matters are based on current data and information and should be viewed as forward-looking statements. Such statements are not guarantees of future results and are subject to risks and uncertainties beyond Coastal Energy's control. Actual results may differ substantially from the forward-looking statements.
These securities have not been registered under United States Securities Act of 1933 (the "US Securities Act") or the securities laws of any state and may not be offered or sold in the United States or to US persons (as defined in Regulation S under the US Securities Act) unless an exemption from registration is available.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
This news release is not for dissemination in the United States or through United States newswire services.
CEN.V I started loading up on CEN.V, Coastal Energy the last few days. Probably one of the best values amongst mid sized independents. Depending on result of 9 development wells this summer, 2010 exit rate could be 15k-20k bopd with no debt and market cap right now at just below USD 400m! It has been decimated due to overblown political fears regarding Thailand, where they operate.
'We have management of Coastal Energy available for one-on-one marketing meetings on Tuesday June 22nd. Please let me know if you would like a meeting.
Coastal Energy (CEN-TSX, $3.49). $367M Market Cap. Buy/$7.50 Target
While perceived political risk and exploration disappointment certainly put a damper on share price momentum, we believe the underlying story not only remains intact, but is getting stronger,
and should be a catalyst for better share-price performance in the near future. Six main points that we wish to highlight on Coastal are:
1. Net asset value: The Company’s 2P net asset value remains intact, which was C$6.93/sh at
year end on a PV10% after-tax basis.
2. Growth: Q1 FY10 production was a new quarterly high, and we expect to see double-digit
sequential growth for the remaining 3 quarters of the year.
3. Balance sheet: Debt to cash flow is 0.5x on the current quarter annualized, and should be
eliminated by early next year.
4. Exploration upside: We still see significant upside from exploration.
5. Risk: We see the risk profile decreasing on both the political and operational fronts.
6. Valuation: Compelling valuation as Coastal currently trades at 1.9x cash flow and at 2.0x
EV/EBITDA on 2010 consensus estimates, well below the average peer cash-flow multiple of
5.7x and EV/EBITDA multiple of 4.4x.'
I know the CEO, his parents, his mistresses, his friends, he hobbies.
roflmao
who cares about these analysts??? anybody knows one that makes any sense ?
So at 24c distribution thats 2.88/unit and they give a target of 14.50 that would imply a yield of 19.80%. Does it make it any sense? not to me
theres virtually no income trust trading at a 20% yield right now. even only a handful trading between 15-20%. even NG (arguably one of the commodities with the most bearish sentiment out there) trusts like PMT.UN which I have been buying lately are already approaching 10% yields or even lower. and they have CFX at 20% yield? what is pulp, the Rodney Dangerfield of commodities?
dcrain, the article looks like non sense to me
a fiat currency crisis will (is) make (ing) gold act like what is, MONEY. no matter if we are officialy or not onto a gold standard.
and a depression/deflation equals to a RALLY in money (thus,in a fiat currency crisis like the present, in GOLD) - that would be the best scenario for gold miners
what we can not be sure is what the outcome of this whole fiasco will be, thus one has to be ready for a hyperinflationary outcome as well (i.e invest in oil,pulp,other commodities) - scenario where gold mining wont really be that economic at all...
because contary to what the TV talking heads always repeat, gold (and specially gold miners) is not the best hedge against inflation. gold works out best in a deflation. and is the ultimate wealth protection hedge against political and fiscal/currency mismanagement from government.
http://www.martinarmstrong.org/files/GOLD-5000-11-11-09.pdf
hope this helps
Looks like BMO downgraded CFX from 16.50 to 15 bucks today
http://www.investorvillage.com/smbd.asp?mb=6468&mn=11993&pt=msg&mid=9144732
I would like to get some of that they are smoking...
Kevin. do you have more current broker recommendations on CFX or projections on what the distribution might be raised next?
MMT.V presentation finally out:
http://www.martresources.com/cmocms/Investor/Docs/MartCorpPres20100610.pdf
CFX.UN top pick on BNN
http://watch.bnn.ca/market-call-top-picks/market-call-top-picks-june-2010/#clip312376
have to agree with him, CFX should soon be worth at least 18-20 bucks
MMT: looks like this guy could hear it better than most
http://www.stockhouse.com/Bullboards/MessageDetail.aspx?p=0&m=28321410&l=0&r=0&s=MMT&t=LIST
MMT more shares bought by insider
http://www.canadianinsider.com/coReport/allTransactions.php?ticker=mmt
Jun 03/10 Jun 03/10
Droppo, Dallas
Direct Ownership
Common Shares
10 - Acquisition in the public market
79,500 $0.200
This is not a global scamming thread. totally OT and unrelated. you have been TOS´ed. go away with your cheap politics!
Hank, can you please be more specific as to what is that you are seeing and what do you mean by wash sales ?
I think Halpin cashing in his options is a really likely explanation
same here