TSXV:CEN.H - Post by User
Comment by
raggetyjackon Aug 12, 2013 8:00pm
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Post# 21665157
RE:RE:CEN Q2 news
RE:RE:CEN Q2 news
Accounting obviously isn't one of your fortes.....
The oil on board the FPSO is worth 51.7 million and the cash attributable to Coastal is 21.7 million after taking into account production costs, royalties...etc. This will be recognized in the next quarter. You don't send a tanker to pick up oil to coincide with quarter end. It arrives when it can take a full load of oil to market.
There is no b/s spewing from Coastal Energy! They had a wee problem trying out a new completion technique which is now resolved and it should be up and away from here. The MOPU damage was a known and production should pick up nicely at the start of Q4 and into year end.
Coastal is a CASH COW and undervalued at this price.
GLA...