TSXV:CEN.H - Post by User
Post by
CalifDreamingon Aug 14, 2008 1:51pm
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Post# 15384649
Grab your shares now.
Grab your shares now.Talked to management on Monday - they aren't going to raise any equity - will soon announce an increase in their credit facility and that gets them to first oil - from then on, they are self funding.
Rig is almost on site. Will spud by month's end. 40+ spuds in the next year with one well about every two weeks. If they market likes the story (as they should), this play has multiples of upside. Management is very high on their exploration chances - are internally modeling 75% COS on the 8 nearby look alike prospects -almost all get drilled in the next year.
With 40MM bbls 2P, after tax NAV using $90 oil is $750MM ($8 share). I think CEN has an excellent chance to increase reserves 50-100% by end of '09.
I really like CEN - low risk, low capex, quick to ramp production due to shallow water and shallow wells. And at these prices, is dirt cheap.