Claren Energy Corp T.CEN

RE:RE:SPHE-1 hits

[blue_eagle]

here you go..

https://rbcnew.bluematrix.com/docs/pdf/bdff0725-c4e3-435d-bda5-69bfba0f4fe9.pdf?

First Energy - SPHE-1ST

Salamander Energy (SMDR LN)
Outperform: £2.90
Coastal Energy (CEN CN/CEO LN)
Outperform: C$26.7/£16.69
The Sinphuhorm East-1 ST (SPHE-1ST) at L5/43 in Thailand flowed 50 mmcf/d on test from the Permian-aged Pha Nok Khao reservoir at a surface constrained rate of over 50 MMcf/d. The flow rate is commercial and is among the best production rates seen in the field. Salamander's EIA application for exploration drilling locations in block G4/50 has still to be approved and the Ayutthaya well is dry. Market Reaction: positive for Coastal, negative for Salamander. Salamander share price could be down on the delays for the EIA and on the dry hole at Ayutthaya (Thailand) that reduces our Risked NAV by 14p per share. However we believe this should be more than offset by the good well at Sinphuhorm East. Coastal and Salamander hold respectively 39% and 27.2% in L5/43 and 13.7% and 9.5% in L27/43. Coastal indicated that the Sinphuhorm East-1 ST would target 25 bcf to 1 Tcf depending on connectivity and gas water contact position. The exact size of the field depends on the depth of the wat er oil contact which is being investigated. A 1 Tcf discovery would add 53 p to our Risked NAV on for Salamander and C$2.89/£1.74 per share to our NAV for Coastal.