Post by
radcat on Sep 07, 2022 4:43pm
Goodbye
Sold all of my CEC shares. WTI was down $5.00 to close @ $82 while CWS fell to $62. I really can't see Sawn Lake being developed with oil (WCS) at this level. And it isn't a given Thailand will proceed with their auction anytime soon since it has been cancelled in the past. Perhaps Jeff will search for an asset purchase which would have to be financed with borrowed money is a third possibility. I personally do not see any of these scenarios occuring for a while which makes CEC dead money is my point of view. Might as well redeploy the cash into another investment that has near term prospects. I will continue to watch Canasia and see what direction management will take. Until then its time to move on.
Comment by
nozzpack on Sep 08, 2022 9:30am
Oil price drop this time of the year, after the summer driving season is quite normal. Also, a million barrels per day from the US Strategic Reserve will soon end and over 200 m barrels will have to be biought back. Anyway, good luck and thanks for your posts.
Comment by
smxmcx2 on Sep 08, 2022 4:14pm
I agree regarding moving on. I have held this stock for many years and sold most of my position when the big prospect in indonesia failed. This management does not do anything fast. And if Sawn lake is profitable, why are they just now getting around to it. Noting but misses for many years. This management basically just collects a paycheck. I have lost trust.