Coatal did release an update about their first well in BBS and market was disappointed by the result. Expectations were huge: many hoping that they find oil in the Miocene. They did find oil but in the Oligocene.
Keep in mind that they are drilling 3 additional wells in BBS, next one is already spud.
If you want deep analysis, please feel free to follows some participants on IV board (investorvillage). Looks at the rec on the CEN.TO board and you will find many helpful information.
A little short term pullback but keep in mind we were trading around 6 in Jan 2011...
also note that CENJF does replicate CEN.TO. Just a way for investors to buy in USD but CEN.TO is the one that matter.
Yesterday CENJF close was too low compare to CEN.TO. A last trade 5% lower went through in the US. No clue why.
So we could see some consolidation now, the good thing is that expectation are coming down so Coastal could surprise again, but positively.
Long term, no change:
still sitting on huge potential reserve,
still producing about 30'0000 boepd
BBS still in the play...
And do not forget, the end game will be a big one buying Coastal...
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