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CRCL Corcel Plc

0.80
0.00 (0.00%)
Last Updated: 08:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Corcel Plc LSE:CRCL London Ordinary Share GB00BKM69866 ORD 0.01P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.80 0.75 0.85 0.80 0.80 0.80 86,082 08:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Misc Nonmtl Minrls, Ex Fuels 0 -1.26M -0.0008 -10.00 12.8M
Corcel Plc is listed in the Misc Nonmtl Minrls, Ex Fuels sector of the London Stock Exchange with ticker CRCL. The last closing price for Corcel was 0.80p. Over the last year, Corcel shares have traded in a share price range of 0.23p to 1.375p.

Corcel currently has 1,599,528,988 shares in issue. The market capitalisation of Corcel is £12.80 million. Corcel has a price to earnings ratio (PE ratio) of -10.00.

Corcel Share Discussion Threads

Showing 51 to 75 of 5650 messages
Chat Pages: Latest  10  9  8  7  6  5  4  3  2  1
DateSubjectAuthorDiscuss
16/3/2014
18:42
Caracal + Transglobe Merger - New Presentation
dukedosh
16/3/2014
12:27
Going on the share price movements of both companies late into the Friday session would suggest that the market likes the merger. Looks reasonable to me. I like particularly the country diversity and cash position which puts to bed any issue with exploration funding. I take comfort from the large amount of skin the CRCL insiders have in the game. CG and RBC see it as fair, I suppose they would, wouldn't they. Let's see what comes out of the conf call in the morning (1pm afternoon GMT).
dukedosh
16/3/2014
10:25
Well there's a turn up. Looks an very good combination and still under the Caracal name.
marvelman
16/3/2014
10:18
Found this:-

www.menafn.com/afdf5329-7c82-417d-b94b-f3978d917304/Caracal-Energy-and-TransGlobe-Energy-Announce-Proposed-BusinessCombination-to-Create-One-of-the-Largest-Independent-Africa-FocusedOil-Producers?src=main

marvelman
16/3/2014
10:15
lonrho

Where did you get that from please

marvelman
16/3/2014
09:40
All share merger with Trans Globe Energy announced led by Caracal.Not sure how the market will view this as Trans Globe are very cash generative but their assets are in Egypt and the Yemen.
lonrho
12/3/2014
10:28
This snippet from AEI yesterday:

".....According to our sources, a first tanker carrying crude from the Badila field in Chad operated by Caracal Energy (formerly Griffiths Energy) and Glencore Xstrata will head out from the port of Kribi in Cameroon later this month.

Carrying a million barrels, the cargo will provide the first revenue for the operators of the field, which was linked by a pipeline running from Badila to the Doba pipeline in December.

At present, output on Badila hovers around 14,000 bpd and the amount is due to rise gradually during the year to reach 22,000 bpd. Production will also climb on the crest of development of Mandila, another reserve operated by the Caracal/Glencore consortium. ....."

dukedosh
06/3/2014
10:49
Chad: Targeting 1bnboe in 2014

Thursday, March 06 2014 @ 12:00 AM AST

Contributed by: DeoBhagan

Chad is a relatively undrilled province, with only c.60 exploration and appraisal wells drilled to date across its vast acreage.

Whilst currently producing c.120Kbod from four fields in the southern Central African

Rift basin, the recent start to production from the Mangara and Badila fields is expected to offset decline at the Doba and Block H fields. Moreover, with only c.50% of the capacity on the Chad-Cameroon export pipeline currently utilized, there is scope for significant production growth from existing and new discoveries, too.

In this note, we look at:

1. Production outlook and key near-term developments;

2. Major basins and their relative attributes;

3. Companies involved and upcoming exploration catalysts;

4. Fiscal terms


1. Recent development projects expected to mitigate production decline: Oil production in Chad started in 2003 with the Miandoum field, followed by Kome and Bolobo, all part of the Doba oil project operated by Exxon Mobil. High water-cut, low reservoir pressure and complex reservoir geometry have constrained production growth from the three fields. However, and with c.400Mbbls of recoverable reserves across the block, recent well enhancements and the startup of satellite fields such as Nya, Moundouli, Maikeri and Timbre have helped reduce the rate of decline at the oil project.

Elsewhere, modest production from the Block H fields (operated by CNPC) satisfies domestic refining demand, with substantial volume growth from further development drilling, as well as potential exports only expected by 2017. The Caracal Energy operated Mangara and Badila fields (Glencore 33%, covered by Menno Sanderse) started production in 2013 and are currently producing c.12Kbod, with further development drilling and incremental above ground infrastructure expected to substantially increase production to c.40-45Kbod by year-end 2014.

2. Underexplored proven hydrocarbon province, with significant potential: Hydrocarbon discoveries have been made in two of Chad's four main basins – the Central African Rift basin and the East Niger Rift basin. There has been limited interest for exploration historically in the Chad and Kufra basins.

Central African Rift Basin: This basin accounts for c.50% of all wells drilled in the country, with eleven oil and gas discoveries made to date. Source rocks are typically Lower Cretaceous lacustrine shales, with fluvial sandstones reservoirs. Interbedded lacustrine and flood plain shales act as seals.

East Niger Rift Basin: The basin consists of Cretaceous and Tertiary sediments with fluvial and deltaic deposits overlain by marine shales.

The main reservoir rock is the Eocene, sandstone formations, with the lacustrine mudstones acting as effective seals.

Chad Basin: This basin consists of Lower and Upper Cretaceous continental and marine clastics, with shallow-marine shale source rocks. The Upper Cretaceous to Eocene marine shales act as typical seals.

Kufra Basin: This is an intracratonic sag basin covering southeast Libya and northwest Chad and extending into Sudan and Egypt, too. The basin consists of thick Infracambrian to Cretaceous shallow-marine and fluvial sediments, with lower Silurian shale seals and tilted fault block traps.

3. Around 1bn boe being targeted in 2014 alone: With interests in the producing Doba and Block H projects, partners CNPC, Petrochina,

ExxonMobil, Petronas and Chevron hold the largest reserves and resources in Chad. However, small-cap E&P companies such as Caracal and Simba Energy should drive near-term exploration drilling, with a focus on the prolific Central African Rift Basin plays.

Caracal, along with partner Glencore, is targeting over 1bn boe of prospective resource across 11 exploration prospects in 2014 (See Exhibit 4). Drilling should start at the Beche well by end-1Q14, followed by the Beche-B and Beche-C wells. Elsewhere, Simba Energy is to shoot 350Km of 2D and c.50Km of 3D seismic across its Chari S and Erdis III blocks, to be followed by a potential exploration well.

4. Attractive fiscal terms, with access to export infrastructure: Whilst, the Doba field is a Concession, recent production licenses at the Block H, Mangara and Badila fields are taxed under more attractive Production Sharing Contract terms (see Exhibit 5).

Typical Production Sharing Contract terms include a royalty of 14.25% on oil production and 5% on gas production, following which, 70% of net revenue can be used to offset development and operating costs. Profit sharing is decided on a sliding scale, based on the R-factor, with the Government take ranging from 40% when the R-factor is below 2.25, to 60% when the R-factor is greater than 3. No income tax is applicable on profits.

Further, the c.225Kbod Chad-Cameroon export pipeline is currently running at c.50% of its capacity. Whilst planned field developments in the near-term are expected to take up additional volumes, the pipeline's design capacity could be significantly boosted with additional pumping infrastructure, albeit with an increase in associated pipeline tariffs. We believe attractive fiscal terms as well as easy access to export infrastructure with available capacity provide the potential for rapid commercialization of new discoveries.

dukedosh
05/3/2014
08:54
Indeed, an excellent update. This is now starting to come together nicely and should be a good year for the company. Good solid all round performance so far.

With the busy drill program, etc., and results due 23 March, there's plenty of near term news catalysts coming down stream.

dukedosh
05/3/2014
07:56
Yes Mel - all looks to be on track at an initial read and production increasing nicely. The share ptice will respond at some point - just a question of being patient.
melody9999
05/3/2014
07:48
Interesting RNS today, lots to digest
tradermel
27/2/2014
17:58
Indeed - still under the radar. It will have a higher profile in the course of this year when revenue begins to appear in the financial statements and, as you say the drilling campaign delivers results - particularly in the Doseo/Borogop Concessions including Kibea. Happy to tuck away until then.
valhamos
27/2/2014
17:16
Note from RBC:

Caracal last night published a reserves update; 2P reserves (on a working interest basis) in Chad have increased to 89.8mmbbl from 86.2mmbbl, in September. We do not expect this update, which continues to underpin our Tangible Value of 460p/share, to impact the share price today.

However, we note that continued drilling and seismic analysis has resulted in a remapping of the upside cases for Badila and Mangara, and downward revisions to their 3P estimates have offset a gain at Krim. 3P reserves are now estimated at 194mmbbl, down from 234mmbbl in September. Although not reflected in our valuation, the possible reserves were a source of potential upside for the company.

Looking ahead to the week commencing 24th March we expect Caracal's FY13 results update to include a production update; the Badila field was producing at the constrained level of 12,000b/d but we anticipate the newly completed Badila-6 well will boost output through March - each Badila well is currently contributing ~4,000b/d. In Q2/14 we expect flow test results from a production test on the Bitanda-1 well and news of the spudding of teh high-profile appraisal/exploration well on Kibea.

----------------------------------------

The YOY reserves growth is still a fantastic achievement, as is the story here which for me makes for a compelling investment case, but as we now fully come to realise, the numbers announced yesterday were already out there from previous NRs, so my initial excitement did indeed subside a tad today to business as normal. Still we can't reasonably expect reserves growth EVERY quarter, can we?

Maybe the RBC lunch presentation on Wednesday, along with the later announced reserves report was responsible for the increased volume over the past session or two. However, I was disappointed that the share price didn't improve more as this stock has de-risked some what since before the PP at 450p and BOD buys at 450p. Stock looks cheap by any measure today and is under most investors radar. As said before, we now look to the rather intense drilling campaign to deliver upside this year.

dukedosh
27/2/2014
09:45
I read it as gross not net. I'm waiting for RBC to clarify.
dukedosh
27/2/2014
08:33
If RBC's 2P reserves before the update is 86mbl that looks like the participating interest (50%) in the gross lease/concession. The equivalent new resources amount in this update is 89.8mbl
valhamos
27/2/2014
00:47
RNS at 7am probably. The news release is now on Caracal's web site:
dukedosh
27/2/2014
00:03
So looks like a rns releasing tomorrow here in the uk if its out over the atlantic?
manni786
26/2/2014
22:49
This is what RBC said about their expectations 3 weeks ago:

dukedosh 7 Feb'14 - 16:33 - 42 of 46 0 0 edit

RBC Capital today:

Caracal Energy (LSE: CRCL; Outperform, 700p Price Target)
In the week commencing 17th February we expect Caracal to release of an updated Reserves Report. Given successes at Krim and a remapping of the Badila field we anticipate that Caracal's 2P reserves could have increased to ~100mmbbl, from 86mmbbl.

dukedosh
26/2/2014
21:58
Thanks dukedosh - but how could RBC have been only expecting 2P of ~100MMB when the Q3 2013 update has 172.3 as the comparative figure (Gross 100%)for the 179.6 new amount?
valhamos
26/2/2014
21:16
RBC Capital recently noted that they expected Proved plus Probable ("2P") of ~100 MMB, we got 179.6 MMB, an increase of 101% YOY. Now that's a wow!
dukedosh
26/2/2014
20:36
* The long awaited reserves update. An excellent news update here too. Significant increase in reserves. I'm having a great day on the markets today. This share price should open strong in the morning.

Caracal Energy Inc. - Reserves & Resources Year-end Evaluation

CALGARY, Feb. 26, 2014 /CNW/ - Caracal Energy Inc. ("Caracal" or the "Company") (LSE:CRCL) is pleased to announce today the results of its 2013 year-end oil and gas reserve and contingent resource evaluation.

The independent reserves and resources evaluation was provided by McDaniel & Associates Consultants Ltd. ("McDaniel") and demonstrates a significant increase in volumes from our prior year evaluation with an effective date December 31, 2012.

Highlights include:

Gross Lease Reserves
Proven ("1P") of 47.4 million barrels ("MMB"), an increase of 64% *
Proved plus Probable ("2P") of 179.6 MMB, an increase of 101%
Proved plus Probable plus Possible ("3P") of 388.6 MMB, an increase of 94%
Caracal Net Entitlement Reserves
1P of 18.8 MMB, an increase of 67%
2P of 64.3 MMB, an increase of 102%
3P of 118.1 MMB, an increase of 85%
Caracal's Net Present Value attributable to Reserves (discounted at 10% before tax) - all amounts in U.S. Dollars
1P of $688 million, an increase of 24%
2P of $1,722 million, an increase of 61%
3P of $3,224 million, an increase of 71%
*All comparisons above are relative to the Company's December 31, 2012 reserves and resources evaluation, provided by GLJ Petroleum Consultant Ltd. ("GLJ") in a statement of reserves and contingent resources effective December 31, 2012 and included in the Company's United Kingdom prospectus. When compared with the GLJ report on reserves and contingent resources with effective date December 31, 2012, prepared in accordance with the Canadian Oil and Gas Evaluation Handbook ("COGE Handbook") and National Instrument 51-101 - Reserves Data and Other Oil & Gas Information ("NI 51-101") (the "COGE Report"), issued on June 28, 2013, and as included in the Company's final long-form prospectus as dated and filed with the Alberta Securities Commission on July 2, 2013, the 2013 year-end oil and gas reserve and contingent resource evaluation represents the following percentage increases as compared to the COGE Report: For Gross Lease Reserves: (i) 64% for 1P, (ii) 119% for 2P, and (iii) 111% for 3P; for Caracal Net Entitlement Reserves: (i) 67% for 1P, (ii) 127% for 2P, and (iii) 107% for 3P; and for Net Present Value attributable to Reserves: (i) 24% for 1P, (ii) 61% for 2P, and (iii) 75% for 3P.

Gary Guidry, Chief Executive Officer of Caracal, said:
"We are pleased to report another year of significant growth in oil reserve volumes on our Production Sharing Contracts ("PSC") in Chad. Since 2011 when the PSCs were awarded, we have grown gross lease 2P Reserves volumes by 439%. We look forward to delivering further growth as we continue to execute on our extensive exploration, appraisal and development programs."

The following tables summarize certain information contained in the independent reserves and resources report prepared by McDaniel & Associates Consultants Ltd. ("McDaniel" as of December 31, 2013 (collectively, the "McDaniel Report" or the "Report"). The Report was prepared in accordance with definitions, standards and procedures contained in the COGE Handbook and NI 51-101. Additional reserve information as required under NI 51-101 will be included in the Company's Annual Information Form which will be filed on SEDAR on or before March 31, 2014.

Unless otherwise specified, all dollar values are in millions of US dollars ($MM).

Summary of Oil Reserves and Resources:

The Net Present Values included in the table below were based on oil price forecasts, effective July 1, 2013, provided by McDaniel.

SUMMARY OF CRUDE OIL RESERVES
AS AT DECEMBER 31, 2013

Summary of Reserves (in MMB)(1)
Gross (100%)(2)(5) Company's Net Participating
Interest(3)(5) Company's net
entitlement(4)(5)
PDP 1P 2P 3P PDP 1P 2P 3P PDP 1P 2P 3P
Asset
Mangara Field - 22.2 69.9 145.5 - 11.1 34.9 72.8 - 9.6 24.9 45.0
Badila Field 9.1 21.3 44.7 95.3 4.5 10.6 22.4 47.6 3.8 7.5 14.1 25.3
Krim Field - 3.9 19.0 42.7 - 1.9 9.5 21.4 - 1.8 7.7 15.2
Kibea Field - - 45.9 105.0 - - 23.0 52.5 - - 17.6 32.6

Total Reserves 9.1 47.4 179.6 388.6 4.5 23.7 89.8 194.3 3.8 18.8 64.3 118.1
Notes:
(1) All of the Company's proved, probable and possible reserves have been classified as light and
medium crude oil. The Company has no heavy crude oil. Based on current market conditions in
Chad, neither reserves or values have been attributed to gas or natural gas liquid volumes.
However, the Company has rights to monetise gas volumes and is currently discussing and
assessing this market potential for the future.
(2) Gross is the total marketable reserves assigned to the Company's concessions.
(3) The Government of Chad initially elected to acquire a 25 percent participating interest in the Badila
and Mangara EXAs before selling 10 percent to Glencore. McDaniel has assumed, for the purposes
of estimating the Company's participating interest in any future EXAs which may be granted under
each PSC, that the Government of Chad will elect to acquire a 25 percent participating interest in
each EXA. Accordingly, the Company's and Glencore's participating interests have been assumed
to be 50 percent and 25 percent, respectively, of the gross lease interest in future developments.
(4) Net reserves are the Company's share of Cost Oil recovery and Profit Oil. A portion of the reported
reserves will increase as oil prices decrease (and vice versa) as the barrels necessary to achieve
cost recovery change with prevailing oil prices. Under the COGE Handbook, using the economic
interest method, "Net" as depicted above is equivalent to "company net" and, in the particular
case of the Company's PSCs, "company gross".
(5) Columns may not add due to rounding.
SUMMARY OF CRUDE OIL CONTINGENT RESOURCES
AS AT DECEMBER 31, 2013

Summary of Contingent Resource (in MMB)(1)
Gross (100%)(2)(4) Company's Net Participating
Interest(3)(4)
1C 2C 3C 1C 2C 3C
Asset
Maku Field 0.3 2.2 4.7 0.2 1.1 2.3
Sako North Field 0.1 0.7 2.0 0.0 0.4 1.0
Tega Field 0.2 1.3 3.6 0.1 0.6 1.8
Total 0.6 4.2 10.3 0.3 2.1 5.2
Notes:
(1) All of the Company's contingent resources have been classified as light
and medium crude oil. The Company has no heavy crude oil. Based on
current market conditions in Chad, neither contingent resources or values
have been attributed to gas or natural gas liquid volumes. However, the
Company has rights to monetise gas volumes and is currently discussing
and assessing this market potential for the future.
(2) Gross is the total marketable contingent resources assigned to the
Company's concessions.
(3) The Government of Chad initially elected to acquire a 25 percent
participating interest in the Badila and Mangara EXAs before selling
10 percent to Glencore. McDaniel has assumed, for the purposes of
estimating the Company's participating interest in any future EXAs
which may be granted under each PSC, that the Government of Chad
will elect to acquire a 25 percent participating interest in each EXA.
Accordingly, the Company's and Glencore's participating interests
have been assumed to be 50 percent and 25 percent, respectively,
of the gross lease interest in future developments.
(4) Columns may not add due to rounding.
Oil Reserves Evaluation Summary:

SUMMARY OF CRUDE OIL RESERVES
AS AT DECEMBER 30, 2013
FORECAST PRICES AND COSTS

Light & Medium Crude Oil(1)
Reserves Category Gross Lease(2)(5) Participating
Interest(3)(5) Company's Net
Entitlement(4)(5)
(MB)(6) (MB)(6) (MB)(6)
Proved Developed Producing
Mangara - - -
Badila 9,076 4,538 3,750
Krim - - -
Kibea - - -
Total Proved Developed Producing 9,076 4,538 3,750
Proved Undeveloped
Mangara 22,217 11,109 9,559
Badila 12,204 6,102 3,749
Krim 3,886 1,943 1,783
Kibea - - -
Total Proved Undeveloped 38,307 19,154 15,091
Total Proved 47,384 23,692 18,840

Probable
Mangara 47,678 23,839 15,321
Badila 23,450 11,725 6,591
Krim 15,143 7,571 5,907
Kibea 45,916 22,958 17,640
Total Probable 132,187 66,093 45,459
Total Proved plus Probable 179,570 89,785 64,299

Possible
Mangara 75,627 37,813 20,083
Badila 50,540 25,270 11,255
Krim 23,699 11,849 7,539
Kibea 59,127 29,564 14,927
Total Possible 208,993 104,497 53,805
Total Proved plus Probable plus Possible 388,563 194,282 118,104
Notes:
(1) All of the Company's proved, probable and possible reserves have been classified as light and medium
crude oil. The Company has no heavy crude oil. Based on current market conditions in Chad, neither
reserves or values have been attributed to gas or natural gas liquid volumes. However, the Company
has rights to monetize gas volumes and is currently discussing and assessing this market potential for
the future.
(2) Gross lease are the total marketable reserves assigned to the Company's concessions.
(3) The Government of Chad initially elected to acquire a 25 percent participating interest in the Badila and
Mangara EXAs before selling 10 percent to Glencore. McDaniel has assumed, for the purposes of
estimating the Company's participating interest in any future EXAs which may be granted under each
PSC, that the Government of Chad will elect to acquire a 25 percent participating interest in each EXA.
Accordingly, the Company's and Glencore's participating interests have been assumed to be 50 percent
and 25 percent, respectively, of the gross lease interest in future developments.
(4) Net reserves are the Company's share of Cost Oil recovery and Profit Oil. Under the COGE Handbook,
using the economic interest method, "Net" as depicted above is equivalent to "company net" and, in the
particular case of the Company's PSCs, "company gross".
(5) Columns may not add due to rounding.
(6) "MB" refers to thousands of barrels.
SUMMARY OF NET PRESENT VALUE OF FUTURE NET REVENUE (US$)
AS AT DECEMBER 31, 2013
FORECAST PRICES AND COSTS

Before and After Taxes Before and After Income Tax(1)(2)(3) Discounted at
(millions of dollars) Unit Value Before
Deducting
Income Taxes
Discounted at
10%/year
Reserves Category
0% 5% 10% 15% 20% ($/boe)
Proved Developed Producing
Mangara - - - - - -
Badila 222 208 196 185 176 52.30
Krim - - - - - -
Kibea - - - - - -
Total Proved Developed Producing 222 208 196 185 176 52.30
Proved Undeveloped
Mangara 411 337 281 237 202 29.42
Badila 224 203 185 170 157 49.36
Krim 44 33 25 20 15 14.29
Kibea - - - - - -
Total Proved Undeveloped 679 573 492 427 375 32.59
Total Proved 901 782 688 612 551 36.51

Probable
Mangara 805 616 484 389 319 31.62
Badila 346 296 258 227 203 39.13
Krim 195 142 104 78 59 17.65
Kibea 490 306 188 109 56 10.66
Total Probable 1,837 1,361 1,035 804 637 22.76
Total Proved plus Probable 2,738 2,143 1,723 1,416 1,188 26.79

Possible
Mangara 1128 786 577 442 350 28.75
Badila 738 540 414 330 270 36.81
Krim 366 248 173 123 90 22.88
Kibea 836 518 337 228 158 22.60
Total Possible(3) 3,068 2,092 1,501 1,123 868 27.91
Total Proved plus Probable plus Possible(3) 5,806 4,235 3,224 2,539 2,056 27.30
Notes:
(1) The Government of Chad initially elected to acquire a 25 percent participating interest in the Badila and Mangara EXAs
before selling 10 percent to Glencore. McDaniel has assumed, for the purposes of estimating the Company's participating
interest in any future EXAs which may be granted under each PSC, that the Government of Chad will elect to acquire a 25
percent participating interest in each EXA. Accordingly, the Company's and Glencore's participating interests have been
assumed to be 50 percent and 25 percent, respectively, of the gross lease interest in future developments.
(2) Pursuant to the terms of the DOB/DOI PSC and the Doseo/Borogop PSC, the Government of Chad's Profit Oil allocation
is inclusive of income tax.
(3) Columns may not add due to rounding.

TOTAL COMPANY FUTURE NET REVENUE (UNDISCOUNTED) (US$)
AS AT DECEMBER 31, 2013
FORECAST PRICES AND COSTS

Category Capital and Future Net Future Net Future Net
Operating Abandonment Revenue Income Revenue Revenue
Revenue Costs Costs Before Tax Tax After Tax Discounted @
($000's) ($000's) ($000's) ($000's) ($000's) ($000's) 10% ($000's)
Proved Reserves 1,619,300 405,200 313,400 900,900 - 900,900 687,800
Proved Plus Probable Reserves 5,416,100 1,516,200 1,162,300 2,737,600 - 2,737,600 1,722,400
Proved Plus Probable Plus Possible Reserves 10,484,200 3,044,200 1,634,300 5,805,700 - 5,805,700 3,223,900
Note:
(1) Pursuant to the terms of the DOB/DOI PSC and the Doseo/Borogop PSC, the Government of Chad's Profit Oil allocation is inclusive of income tax.
FUTURE NET REVENUE BY PRODUCTION GROUP (US$)
AS AT DECEMBER 31, 2013
FORECAST PRICES AND COSTS

Category Production Group(2) Future Net Revenue
Before Income
Taxes (discounted
at 10% year)
($000's) Unit Value(1)
($/boe)
Proved Reserves Light and Medium Crude Oil
(including solution gas and other
by-products) 687.8 36.51
Proved Plus Probable Reserves Light and Medium Crude Oil
(including solution gas and other
by-products) 1,722.4 26.79
Proved Plus Probable Reserves
Plus Possible Reserves Light and Medium Crude Oil
(including solution gas and other
by-products) 3,223.9 27.30
Notes:
(1) The unit values are based on the Company's net reserve volumes.
(2) All of the Company's proved, probable and possible reserves have been classified as light and medium
crude oil. The Company has no heavy crude oil. Based on current market conditions in Chad neither
reserves or values have been attributed to gas or natural gas liquid volumes. However, the Company
has rights to monetize gas volumes and is currently discussing and addressing this market potential
for the future.
PRICING ASSUMPTIONS

The forecast cost and price assumptions assume changes in wellhead selling prices and take into account inflation with respect to future operating and capital costs. McDaniel has employed the following price and inflation rate assumptions as of July 1, 2013 where evaluating the Company's reserves data:

Year Brent Reference
Price(1) (US$/bbl) Realized
Price(1) Inflation
Rates(2)
%/Year
2014 105.00 90.87 2
2015 102.50 88.91 2
2016 100.20 86.55 2
2017 97.70 82.00 2
2018 98.00 80.24 2
2019 96.60 81.11 2
2020 98.50 82.77 2
2021 100.50 83.82 2
Thereafter +2%/year
Notes:
(1) McDaniel has assumed a reference price of Brent
(in US$) and utilized the McDaniel January 1, 2014
Price Forecast. The realized price is forecast to be
95 percent of Brent minus the estimated pipeline
transportation tariff of US$7.09/bbl and the variable
ITA Badila/Mangara and ITA East Doseo tariffs. The
realized price given is the average for all the
properties in McDaniel's 2P case.
(2) Inflation rates for forecasting expenditure prices and costs.
Reserves & Resources - Additional Information:

Reserves Classification

The oil reserves estimates presented in this press release have been based on the Canadian reserves definitions and guidelines prepared by the Standing Committee on Reserves Definitions of the CIM (Petroleum Society) as presented in the COGE Handbook. A summary of those definitions is presented below.

Reserves Categories

Reserves are estimated remaining quantities of oil and natural gas and related substances anticipated to be recoverable from known accumulations, from a given date forward, based on

analysis of drilling, geological, geophysical and engineering data;
the use of established technology; and
specified economic conditions, which are generally accepted as being reasonable, and shall be disclosed.
Reserves are classified according to the degree of certainty associated with the estimates.

Proved reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves.
Probable reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves.
Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. It is unlikely that the actual remaining quantities recovered will exceed the sum of the estimated proved plus probable plus possible reserves. Other criteria that must also be met for the categorization of reserves are provided in the COGE Handbook.
Development and Production Status

Each of the reserves categories (proved, probable and possible) may be divided into developed and undeveloped categories:

Developed reserves are those reserves that are expected to be recovered from existing wells and installed facilities or, if facilities have not been installed, that would involve a low expenditure (for example, when compared to the cost of drilling a well) to put the reserves on production. The developed category may be subdivided into producing and non-producing.
Developed producing reserves are those reserves that are expected to be recovered from completion intervals open at the time of the estimate. These reserves may be currently producing or, if shut-in, they must have previously been on production, and the date of resumption of production must be known with reasonable certainty.
Developed non-producing reserves are those reserves that either have not been on production, or have previously been on production, but are shut-in, and the date of resumption of production is unknown.
Undeveloped reserves are those reserves expected to be recovered from known accumulations where a significant expenditure (for example, when compared to the cost of drilling a well) is required to render them capable of production. They must fully meet the requirements of the reserves classification (proved, probable, possible) to which they are assigned.
In multi-well pools it may be appropriate to allocate total pool reserves between the developed and undeveloped categories or to subdivide the developed reserves for the pool between developed producing and developed non-producing. This allocation should be based on the estimator's assessment as to the reserves that will be recovered from specific wells, facilities and completion intervals in the pool and their respective development and production status.
Levels of Certainty for Reported Reserves

The qualitative certainty levels referred to in the definitions above are applicable to individual reserves entities (which refers to the lowest level at which reserves calculations are performed) and to reported reserves (which refers to the highest-level sum of individual entity estimates for which reserves estimates are presented). Reported reserves should target the following levels of certainty under a specific set of economic conditions:

at least a 90 percent probability that the quantities actually recovered will equal or exceed the estimated proved reserves. This category of reserves can also be denoted as 1P;
at least a 50 percent probability that the quantities actually recovered will equal or exceed the sum of the estimated proved plus probable reserves. This category of reserves can also be denoted as 2P; and
at least a 10 percent probability that the quantities actually recovered will equal or exceed the sum of the estimated proved plus probable plus possible reserves. This category of reserves can also be denoted as 3P. Additional clarification of certainty levels associated with reserves estimates and the effect of aggregation is provided in the COGE Handbook.
Contingent Resources Classification

The assessment of the contingent resources in this press release were based on the resource definitions presented in the COGE Handbook Section 5 and are restated below.

Contingent resources are defined as those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies may include factors such as economic, legal, environmental, political and regulatory matters, or a lack of markets. It is also appropriate to classify as contingent resources the estimated discovered recoverable quantities associated with a project in the early evaluation stage. Contingent resources are further classified in accordance with the level of certainty associated with the estimates and may be sub-classified based on project maturity and/or characterized by their economic status.

Uncertainty Categories

Estimates of resources always involve uncertainty, and the degree of uncertainty can vary widely between accumulations/projects and over the life of a project. Consequently, estimates of resources should generally be quoted as a range according to the level of confidence associated with the estimates. An understanding of statistical concepts and terminology is essential to understanding the confidence associated with resources definitions and categories. The range of uncertainty of estimated recoverable volumes may be represented by either deterministic scenarios or a probability distribution. Resources should be provided as low, best and high estimates, as follows:

Low Estimate - This is considered to be a conservative estimate of the quantity that will actually be recovered. It is likely that the actual remaining quantities recovered will exceed the low estimate. If probabilistic methods are used, there should be at least a 90 percent probability (P90) that the quantities actually recovered will equal or exceed the low estimate.
Best Estimate - This is considered to be the best estimate of the quantity that will actually be recovered. It is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. If probabilistic methods are used, there should be at least a 50 percent probability (P50) that the quantities actually recovered will equal or exceed the best estimate.
High Estimate - This is considered to be an optimistic estimate of the quantity that will actually be recovered. It is unlikely that the actual remaining quantities recovered will exceed the high estimate. If probabilistic methods are used, there should be at least a 10 percent probability (P10) that the quantities actually recovered will equal or exceed the high estimate.
Contingent Resource Categories

For Contingent Resources, the general cumulative terms low/best/high estimates are denoted as 1C/2C/3C respectively. No specific terms are defined for incremental quantities within Contingent Resources.

Risks and Uncertainties

The recovery of resources is subject to significant risk and uncertainty. There is no certainty that it will be commercially viable to produce any portion of the contingent resources reported herein. The contingent resource estimates in this press release are not currently classified as reserves primarily due to economic considerations. In order to develop Kibea, Maku, Tega, and Sako North construction of a pipeline of approximately 500 kilometres at an estimated cost of US$381 million is required.

BOE

This press release includes references to BOEs. References to "BOE" may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet of gas to one barrel of oil is based on an approximation of energy equivalence conversion method primarily applicable at the burner tip and does not represent a value equivalency at the well head.

Cautionary Statements

Certain information contained in this press release constitutes forward-looking information or statements including, without limitation, information and statements respecting: drilling operations, anticipated cash flow, future investment objectives, anticipated oil and gas pricing, expected inflation and future foreign exchange rates. Statements relating to "reserves" and "resources" are forward-looking information as they involve the implied assessment, based on certain estimates and assumptions that, among others, the reserves and resources described exist in the quantities predicted or estimated. Forward-looking information and statements are often, but not always, identified by the use of words such as "anticipate", "seek", "believe", "expect", "hope", "plan", "intend", "forecast", "target", "project", "guidance", "may", " might", "will", "should", "could", "estimate", "predict" or similar words or expressions suggesting future outcomes or language suggesting an outlook. By their very nature, forward-looking information and statements involve inherent risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking information and statements will not be achieved. We caution readers not to place undue reliance on these statements as a number of important factors could cause the actual results to vary materially from the forward-looking information or statements. These factors include, but are not limited to: the volatility of oil and gas prices; production and development costs; capital expenditures; the imprecision of reserve and resource estimates and estimates of recoverable quantities of oil, natural gas and liquids; the Company's ability to replace and expand oil and gas reserves; environmental claims and liabilities; incorrect assessments of value when making acquisitions or dispositions; increases in debt service charges; the loss of key personnel; the marketability of production; defaults by third party operators; unforeseen title defects; fluctuations in foreign currency and exchange rates; inadequate insurance coverage; compliance with environmental laws and regulations; changes in tax and royalty laws; the Company's ability to access external sources of debt and equity capital; and the Company's ability to obtain equipment in a timely manner to carry out development activities. Further information regarding these factors may be found under the headings "General Advisory", "Reserves and Resources Advisory" and "Risk Factors" in the Company's final Canadian prospectus dated July 2, 2013 available under the Company's profile on SEDAR (www.sedar.com) and the final UK prospectus dated June 28, 2013 available on the Company's website (to non-Canadian viewers). Readers are cautioned that the foregoing list of factors that may affect future results is not exhaustive. When relying on these forward-looking statements to make decisions with respect to the Company, investors and others should also carefully consider information set forth in the section "Forward-Looking Statements" of the Company's prospectuses respecting the assumptions upon which the Company bases certain forward-looking information and the uncertainties inherent in such assumptions. The Company does not assume responsibility for the accuracy and completeness of the forward-looking information or statements and such information and statements should not be taken as guarantees of future outcomes. Subject to applicable securities laws, the Company does not undertake any obligation to revise this forward-looking information or these forward-looking statements to reflect subsequent events or circumstances. This cautionary statement expressly qualifies the forward-looking information and statements contained in this press release. The estimates of reserves and future net revenue for individual properties may not reflect the same level of confidence as estimates of reserves and future net revenue for all properties, due to the effects of aggregation.

For more information about the Company including further risk factors, please consult Caracal's public filings at www.sedar.com and for certain foreign investors at Caracal's website www.caracalenergy.com



SOURCE Caracal Energy Inc.

For further information:


Caracal Energy Inc.
Gary Guidry, President and Chief Executive Officer
Trevor Peters, Chief Financial Officer
+1 403-724-7200

Longview Communications - Canadian Media Enquiries
Alan Bayless
Joel Shaffer
+1 604-694-6035
+1 416-649-8006

FTI Consulting - UK Media Enquiries
Ben Brewerton / Ed Westropp
+ 44 (0) 207 8313 3113
caracalenergy.sc@fticonsulting.com

dukedosh
24/2/2014
09:25
Certainly looking after themselves with those options
marvelman
07/2/2014
16:33
RBC Capital today:

Caracal Energy (LSE: CRCL; Outperform, 700p Price Target)
In the week commencing 17th February we expect Caracal to release of an updated Reserves Report. Given successes at Krim and a remapping of the Badila field we anticipate that Caracal's 2P reserves could have increased to ~100mmbbl, from 86mmbbl.

In addition management may provide an operating update. In early January Caracal was producing 12,000bbl/d as the company maximised the production potential of the Badila facilities. The 14,000bf/d EPF was operating at capacity at year-end but the nearby 11,000bf/d Southern Processing Terminal (SPT) is scheduled to be fully commissioned in early H1/14. We anticipate a steady increase in output from Badila through 2014, as the field utilises all the available processing capacity, and the company completes a new 40,000bf/d central processing facility in Q3/14.

Given that management is focusing rig time on development activity, we do not expect a result from the Bitanda-1 well test until Q2/14; we include upside/risk of +137p/-23p for a 90mmbbl prospect in our 710p/share Caracal PV12.5%.

dukedosh
06/2/2014
17:08
Caracal Energy news due this month:
Reserve update on 18th February 2014.
Presenting at RBC E&P Investor Lunch Series, London on February 26th 2014

dukedosh
05/2/2014
17:25
Next news catalyst here should be the reserves update due 18th February, according to RBC. That's too early for a news leak, it's just a fund seller as stated earlier. I'm adding at these low levels.
dukedosh
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