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Caza Oil & Gas Inc.
"Caza Oil & Gas Inc. is our favorite North American play. This is a company that goes from strength to strength. It has a very successful drilling record and has continually added to its production rate over the last two years. It is now almost at 2,000 bbl per day, which could potentially change its valuation and make it a very attractive takeover target by a larger oil company. Plus, it has a very large inventory of potential targets in its territories with substantial seismic data that point to a very large number of drillable prospects. Major expansion would require a significant capex, so Caza is mobilizing at a slow rate. If a major were to take it over, however, it could employ a significant capex plan in a low-risk exploration and development strategy. We think that this company is a potentially attractive prospect for another company to either joint venture or take it over outright.
"Pan Orient Energy Corp. announced the farmout of a 51% interest in its East Jabung production sharing contract to Talisman Energy Inc.; the company retains 49% interest, receives $8M cash and will be carried for one exploration well up to a maximum cost of $10M and a contingent carry on an appraisal well for up to $5M. . .with the option to acquire a 20% interest in a South Sumatra joint study area operated by Talisman. . .Pan Orient investors are receiving a three-well exploration/appraisal drill program in Thailand, a potentially funded multi-well high-impact drill program in Indonesia and a Sawn Lake steam-assisted gravity drainage pilot project in Canada at steep discounts."
Mackie Research Capital
"Pan Orient Corp. announced this morning that it has entered into an agreement with a wholly owned subsidiary of Talisman Energy Inc., to transfer a 51% working interest and operatorship in the East Jabung PSC. . .under the terms of the agreement, Pan Orient will receive: 1.) An upfront cash payment of US$8M; 2.)A carry on the first US$10M of exploration expenses on the first well, in addition to all the project G&A until the first US$10M has been spent; 3.) A contingent US$5M carry toward an appraisal well, if deemed necessary; and 4) the option to acquire a 20% interest in Talisman's operated South Sumatra Joint Study Area. . .we reiterate our Buy recommendation and have modestly increased our 12-month target price to CA$4/share from $3.75/share."
"We reiterate our Buy rating on ENSERVCO Corp. . . the company has been growing its well maintenance businesses, primarily consisting of hot oiling and well acidizing. These services are utilized throughout a well's life and are therefore relatively protected even in weaker pricing environments."
"We rate Enterprise Group Inc. as a Buy. We believe the diversity of the company's services, many of which are utilized beyond energy producers, insulates it from its more energy-focused Western Canadian service peers, which are reflecting the compression in oil prices. Within this context, we view Enterprise as an ideal alternative play to retain exposure to Western Canada with a reduced oil and gas profile."
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November 23rd, 2014
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