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Cairn Energy Share Discussion Threads
Showing 14351 to 14373 of 14375 messages
|Cairn farm-in to a 30% WI in Frontier Exploration Licence (FEL) 2/14 in Southern Porcupine Basin with Providence Resources and Sosina; with one firm well in 2017.
This is likely to be drilled in June and is a large target (Druid/Drombeg prospects).|
|The share price is strongly correlated with the oil price. Possibly best to chart that first and then look for company specifics that could cause the share price to break the link|
|Any Chartists care to have a stab at the share price target?
240p looks good to me, completing a 'mini-bowl'.|
|Investors Chronicle summary of results:-
"Although intangible exploration assets and the Indian stake take up a fair chunk of the value of Cairn's equity, the shares trade at a 28 per cent discount to book value - a rating we believe underestimates the group's potential drilling, settlement and production catalysts. Buy."|
|There's nothing in those results which would make me want to sell. Using flowstreams payment for Kraken I estimate that the field value to cairn pre transaction is around $500m. It'll also be interesting to see if CI hand over the dividends. Good to see further cost reductions on the NS assets although that's captured in the flowstream price
Correction: 5% of the revenue stream is worth $75m (plus interest, plus a small stake once repaid) in flowstresms view. That's not the same as saying that Cairns stake in the field is worth $500m although spreadsheet analysis suggests that's not a bad (if perhaps a little optimistic), estimate|
|Why all the selling so?|
|BIG BIG DRILLING NEWS DUE VERY SOON.|
|The market doesn't appear to be too keen on them buying Dongs assets. Has certainly overshadowed the kraken FPSO news story today|
|Far eyes 1.5bn barrels off Senegal
Resource report firms up potential prospects across several offshore blocks
|Deutsche Bank has upgraded Cairn Energy to ‘buy’ from ‘hold’ and nudged the price target up to 275p from 270p following a review of the company’s development portfolio and on its potential to outperform market expectations.
The bank said it sees upside potential on Kraken and is positive on the Catcher development, where the wells have so far responded well to water injection testing.
In addition, it reckons Cairn can de-risk its Senegal SNE discovery through well interference testing in the summer.
“Taken together with a robust balance sheet and an option on the Cairn India tax arbitration, we think Cairn offers investors several potential catalysts for valuation growth this year.”
Deutsche noted Cairn has made good progress on its UK developments over the last 12 months, with both projects below budget and on schedule for a 2017 start-up.
The Kraken floating production storage and offloading vessel is currently in Rotterdam for inspection and certification and start-up is still guided for the second quarter.
Meanwhile, the operator of the Catcher project is also highly incentivised to complete work on the FPSO at the yard ahead of sailing.
“Both vessels benefit from a less complex hook-up to the risers using the buoy method, which should limit time lost to bad weather.
“As our special report on reservoir performance outlines today, both projects will then rely on secondary recovery through water injection to maximize recovery. We think the risk/reward is attractive, particularly on the Catcher development.”
At 1028 GMT, the shares were up 3.7% to 239.40p.|
|3 year high (nearly... ADVFN says we have had an intraday of 250p but I can't recall it)|
|DRILLING NEWS DUE VERY SOON !!!!!|
|Hurricane Energy and EnQuest among the few 'buys' left in oil sector - MacquarieShare 11:33 03 Feb 2017"Hurricane offers 82%+ upside to our target price from the current share price, and has the clearest near-term tangible value creation opportunities, in our view.oil platformValuations in the oil sector have caught upIt is harder work picking winners in the oil and gas sector now that crude prices have steadied and share prices have climbed, so says Macquarie.Kate Sloan, analyst at Macquarie, most share prices are close to fair value and as a result many in the sector have been downgraded.Cairn Energy PLC (LON:CNE), Faroe Petroleum plc (LON:FPM), Ithaca Energy Plc (LON:IAE), Premier Oil PLC (LON:PMO) and Tullow Oil plc (LON:TLW) are all relegated to a 'neutral' rating.Three of Macquarie's 'top picks' retain their 'buy' recommendations; Hurricane Energy Plc (LON:HUR), EnQuest Plc (LON:ENQ) and Africa Oil Corp (TSE:AOI).Of the three, Hurricane Energy is deemed to have the clearest value opportunities."Hurricane offers 82%+ upside to our target price from the current share price, and has the clearest near-term tangible value creation opportunities, in our view."Further exploratory drilling (ongoing) and progress on the Lancaster development could add significant value, building on the success the company enjoyed in 2016."Macquarie has a 90p price target for Hurricane (current price: 51.25p).EnQuest, meanwhile, is Macquarie's pick for further oil price leverage combined with low risk project progression."Although the rest of the sector now reflects a much higher discounted oil price than it did four months ago, EnQuest is still discounting US$63/bbl, the same number it was back in August 2016," Sloan said."We believe the valuation gap will be narrowed in the coming months once the market starts to believe in Kraken delivery."Macquarie has a 79p target price for EnQuest (current price: 46.34p).Sloan added that Africa Oil's has very attractive upside through de-risking the discoveries in Kenya's South Lokichar basin, where it partners Tullow.|
|Upstream mag also confirms spud.|
|Dunno, a question for Investor Relations perhaps.
Whatever, the frozen (or worthless, depending on your point of view) value is worth a lot more in sterling since the Brexit vote.|
|"Cairn is currently unable to access the value in its 10% residual shareholding in Cairn India Limited (CIL) valued at US$656m at 31 December 2016, accrued dividend payments due of US$51m".
What has actually happened to the dividend payments, has Cairn India just not paid them out or has the Indian government confiscated them?|
Still got faith in the India-UK Trade agreement... but it must be getting stretched by now?
May tick up over a few days after this update|
|longer term chart beginning to look decent again and good update this morning, back in|
|Stena drillmax rig seems to have left Gran Canaria for Senegal.|
|LOOKING TO BREAK OUT !!! BE QUICK.|
|Thanks rogerlin :)|
Early resolution of Indian tax issue doesn't however appear very likely.|