Post by
buylower on Apr 21, 2011 11:05pm
Stunning Results
Angle released its operations update this week. The President (HCB) also presented at the CIBC Energy Conference ( see Angle website). Subsequently, I received several analyst reports confirming my outperform buy opinion on this company.
The analysts consensus agrees that Angle's Harmattan Mannville play is outstanding. The initial well result on this play is several times greater than expected ($34 million vs $6 million NAV). The two announced results are stellar. Angle stated that another 10 wells is possible with similar results. HCB stated in the CIBC presentation that Mannville is "huge" and "stunning", ie. NGL content has significant butane and condensate (108% of WTI oil price)
The PR also announced the results of the light oil Cardium oil wells. Positive results and details to be confirmed shortly. The YTD reserve estimates of Angle may be adjusted upward this qtr as a result of the Mannville play. The 1st qtr financials in early May. I expect good numbers.
Anyone else has opinions. Roadmap to a double?