GREY:CXEYF - Post by User
Post by
CalifDreamingon Apr 20, 2008 4:00pm
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Post# 14989922
Undervalued with so much potential.
Undervalued with so much potential.For a play with ~$8 share upside unrisked drilling potential, $115 Brent, 2-3K bpd of ultra high netback production (over $100 bbl at these prices), I find it astonishing that there are sellers at these prices.
I am intrigued about Madagascar. CAX seems pretty bullish on what they've seen so far. After the delays at Chaal/ El Bibane it sure would be nice to see something go better than expected.
And Robanna? I thought that was a ~50-100 bpd single well field on it's last legs. Would be sweet to find an untapped portion of the field - just hook up to existing facilities.
Come on CAX. You've finally got excellent cash flow. 3000 bpd and they're close to $100MM/yr cash flow. For a play with $120MM mc, that's ultra cheap. And considering the big upside potential, I find it amazing this can't find a bid at these prices.