1st Production From Medusa in April, per CPEAs shown in their Powerpoint presentation at the IPAA on 10/1, CPE is now projecting an April date for first production of Medusa.
Since this slide set is dated 10/1 it presumably was prepared in full knowledge of all the info contained in the preceding posts about McDermott.
The 2 month delay will have little impact on '03 results. In fact, CPE has only lowered its projection of '03 cash flow by $2 million since its last slide presentation, done in August (when it was predicting 1st production in Feb.). Obviously the impact has been tempered by rising natgas prices.
I would expect that this news, when fully diseminated, will result in a pullback of around a quarter point or so. Since its not enough to trade on, I'm still holding and in fact will probably still try to buy some stock at just below the current price range.