Caza Oil & Gas Share Discussion Threads

[sleveen] 13/11/2015 09:09

$3.8m UNREALISED LOSS for 9 mnth period.

[rbonnier] 13/11/2015 09:09

Will the last one out turn the lights off please !

[sleveen] 13/11/2015 09:05

Getting screwed on financing costs of $5.7m for 9 mth period (even if a proportion is being capitalised).

[pavey ark] 13/11/2015 09:01

Haven't yet renewed my subscription here for two reasons.
1 Let's see where Caza is going first.
2 I'm looking at putting the money into some sort of data/information service.
(Suggestions would be welcome )

For now I'm afraid we are open to all and as there is very little of any substance / value to say at the moment we should get a large number of posts (see above !!)

[sleveen] 13/11/2015 09:00

$7m REALISED LOSS on risk management contracts (contradiction in terms there me thinks) for the 9 mth period..

[tobytime73] 13/11/2015 08:43

o/t PANR breakout. Hit a unexpected deeper oil zone!

[bustedflusher] 13/11/2015 08:43

BUST soon.

[pavey ark] 13/11/2015 08:32

As usual at my computer late on announcement days !!

Results look very poor but so is the oil price and we can't get away from that.
The drop in shareholders equity is almost all down to the $21m cut in asset value of oil and gas properties which gives a shareholder equity of c $9m or 2p a share.
Th only tiny crumb of comfort here is that it looks like there has been a cut in asset value based only on the oil price and no formal review of asset value has been carried out so there is potential for an increase in the actual number of barrels in the reserve then a cut in their value but as I said,little comfort.

The asset value does not include the probable and possible reserves so some upgrade in the 2p figure is possible but I've little doubt most here would be grateful for that figure.

All on the deal being worked out and I would have expected news with these results.
I certainly don't have experience if this sort of thing but it is possible the other party wanted or was waiting for these results but now that I think about it Caza couldn't delay them and today was the last day for publication so another theory gone.

[oilbuy] 13/11/2015 07:56

- Caza had a cash and cash equivalents balance of US$1,807,338 as of September 30, 2015 compared to US$2,438,024 at June 30, 2015. The Company has drawn an aggregate of US$45MM from the Note Purchase Agreement with Apollo Investment Corporation, an investment fund managed by Apollo Investment Management.

[balbains324] 13/11/2015 07:44

Looks like the trading update is seriously screwed

[buffythebuffoon] 09/11/2015 08:22

Post deleted.

[1628386] 04/11/2015 21:40

I'm not so sure that 2m was a sell at 16:16.

Firstly the trade before (at 15:33) of 20,000 was only offered 0.381 so doubt the next 2m sell was offered 0.39

Secondly, the book re-priced suddenly at early - mid morning and both the real bid/offer prices jumped (on tested quotes by me at the time) for no reason, ie there were no trades when the quotes changed.

I was testing quite a bit this morning as I had another purchase today, on top of another one yesterday (couldn't help myself as I thought £750 wasn't worth it. Either sell up and move on or put some more skin in the game on my gut feel ... so I bought more)

It's money I am prepared to write off, but having watched CAZA closely for 3 years I feel the assets (incl deferred tax assets sitting on the balance sheet) are worth more to a larger outfit. I feel WMF should be able to convince an investor that they could achieve a break up sum of parts and get a decent return, so therefore he can/should be able to negotiate more than the current equity value for existing holders.

As we've discussed before, it's all about the subscription price.

I'm not advocating anyone else should follow me by the way. I have strict risk management practices and with this one, its profits made elsewhere that I am happy to invest in a high risk, high reward strategy such as this.

[buffythebuffoon] 04/11/2015 21:31

Anyone in particular you want to call a crook GKP?

Buffy

[gkp heros] 04/11/2015 19:04

Tell yourself why was it not trading in America, because these crooks were not able to list there. It's the mugs in UK and Canada that got stung by these crooks

[buffythebuffoon] 02/11/2015 15:32

I don't think any of us are clear to what degree Apollo have control over the assets.

In MWF's position it would be tempting to do a deal which will benefit directors,ignoring the additional benefit of remaining in the job. I can think of a couple of ways to do this.

Buffy

[pavey ark] 02/11/2015 14:18

A reasonable summary spoiled slightly by the mis-quote "serious dilution" for "significant dilution" not sure there's much difference but he should have got it right.
The market is currently suggesting that the dilution is to be 100% with nothing for the shareholders.
Given that the asset value (at the current oil price) is over $150m this assumes that the management ,who own 11% of the company, will simply hand the whole thing over for $50m and walk away.
$50m would cover all debt AND the current market cap.
It should be remembered that not only do Apollo have a small share in these assets but their $45m loan is live and earning a healthy 12% it would not look very good on their balance sheet if this was put into the "bad debt" column.
Yes Apollo are a major player here but it is in their interests to see this settled without the Caza management being pushed into self destruct mode which would be the obvious thing for them to do if they are forced into a position whereby their holding is reduced to zero.
I don't think the delay is unreasonable and I did predict this extension.
The main cause of the delay could be the perfectly reasonable horse trading that should be going on with both the management(current shareholders) and the investor wanting more of a share.

[lr2] 02/11/2015 13:40

From Malcolm Graham-Wood this lunchtime.

Caza announces today that its forbearance agreement with Apollo continues as long as it continues to be in negotiation with a third party regarding its equity financing. Whilst this hasn’t effectively changed since the previous announcement, the market are clearly concerned that this funding is proving to be hard going and they are reminded today that funding is likely to involve ‘serious dilution’ if it does go ahead. Whilst this should be in the price, the time that this is taking is clearly distracting and until some resolution of the situation is forthcoming the jury will remain out, which is a shame as the assets are some of the best in the industry.

[lr2] 02/11/2015 13:38

From Malcolm Graham-Wood this lunchtime.

Caza announces today that its forbearance agreement with Apollo continues as long as it continues to be in negotiation with a third party regarding its equity financing. Whilst this hasn’t effectively changed since the previous announcement, the market are clearly concerned that this funding is proving to be hard going and they are reminded today that funding is likely to involve ‘serious dilution’ if it does go ahead. Whilst this should be in the price, the time that this is taking is clearly distracting and until some resolution of the situation is forthcoming the jury will remain out, which is a shame as the assets are some of the best in the industry.

[sleveen] 02/11/2015 13:37

Fair enough.

Good luck.

[1628386] 02/11/2015 13:35

Sleveen

Yes that's where this is a bit strange. The normal thing to do would have been to suspend the share price pending an outcome. The fixed share price would make it easier for negotiations.

If a deal is to be done on a floating SP, the negotiations are changing hour by hour almost. That's why I feel the price had been decided subject to DD etc.

As I've said though it's only opinion/hope and if I thought it was more nailed on, I would have made a £75K investment not £750.