Coastal Eng Share Discussion Threads

[dukedosh] 18/6/2013 17:35

Hi Don,

Marben100 was the one asking the many questions. I was sitting next to him.

Yes we did chat about major shareholdings. Here's the website I mentioned which lists the funds and institutional shareholders:

hxxp://quote.morningstar.ca/Quicktakes/owners/MajorShareholders.aspx?t=CEN®ion=CAN&culture=en-CA

( replace hxxp with http )

[briggs1209] 18/6/2013 17:07

Bought more, I think the market can only see the production delays and not the underlying reserves.

I wonder if bid rumours will surface again. Last time it was $23, would $26 tempt some long term large holders.

[don777] 18/6/2013 17:05

dukedosh,
hi, are you the one who asked many questions at the AGM?

I had a chat with you about the main share holdings issue here.

I still cannot find any big names invested seriously here, although I used the morningstar, some of the big names only had very few.



I asked the CFO, he said blackrock had about 9%, which I cannot find it,

Mr Lloyd Smith on board reminds me to think about MML.


D

[dukedosh] 18/6/2013 16:33

Updated the header with latest broker TPs.

[sg31] 18/6/2013 16:15

Thanks DD.

[don777] 18/6/2013 16:12

also attended the AGM.

but I am afraid to say , the share price might drop further or at least stay here for a few weeks to let market to take today's news as there is no short term positive news on the pipeline.

[kev0856153] 18/6/2013 16:09

missed production by 25% and shares only down 9%. Not buying yet. Waiting for £8.50

[eddie catflap] 18/6/2013 16:07

Thanks dukedosh, appreciate your feedback.

[dangreen86] 18/6/2013 15:51

Thanks Dukedosh very informative. Sounds like it was a quite positive update and I am glad that you left feeling reassured. I have taken advantage of this dip in price and will now be patient.

[dukedosh] 18/6/2013 15:45

My AGM notes in no particular order:

The registrar met me at the door and produced my shareholder letter.

Very well attended - 43 shareholders present representing c.84 million shares. They were spilling out the doors.

BB Terrace - eocene prospects look great with wedge traps but no facilities available to develop the play until ~ year end and Q1 to explore targets..

EIA hold ups - not just for CEC but everyone else too.

EIA delaying exploration - Benjarong S key target - eocene showing up oil targets everywhere and there's still less than 20% mapped in the basin.

G5/50 miocene targeted - looked deeper found source rocks but no trapping, migrated.

Still looking at the 3D seismic - data not yet fully processed.

Suffered weather delays and damage to MOPUs' legs around South Africa. Ported - cut off the legs and transported those separately. MOPUs in Singapore under repair. Expect them to be fully operational and on station: KBM in Sept., and Song H in Oct, coming on at ~ 1500 bopd.

Waxing an issue on the fracs as it forms a plug - would like to hot oil frac but kit not available in GOT - well completion method still a work in progress - they could resort to puncturing the liner to allow oil flow as we are doing now.

Dealing with Water on the fracs with swell packers. The well produces ~1500 bopd oil but with ~4500 bbl pd water. Not a problem - we have the facility to handle the water. The answer is drill more wells to combat the water.

They will drill more vert wells to intercept multiple pay zones.

They made a point of stating that big shareholders are siting tight - holding - not concerned by market action. They are excited by the Benjarong S eocene frac prospects - sidetrack wells - 1 billion bbls @ 14% porosity. They stated that the market is missing this - BIG TIME!

Malaysia KBM is coming on. They reckon Kapal will double and Banang might even treble in size. No value in the share price for this at all and it comes on line September.

They recognise the delays are killing the market and can do nothing with the buy back yet as we are in black out. However, they say if the share price has not recovered by next week then they will do something about it via a board meeting to approve share purchase.

Capex costs reduced as we own all our own kit, MOPUs . The 2 Rigs are on contract until next year and rig availability is good. They've been enquiring about this and there's several options available to them from the Middle East if need be. Tey wouldn't be pressed further on the 3rd rig at this stage.

Dung Mong will be included in the numbers by year end.

INVESTOR RELATIONS - They seriously thought that the 2 x MOPUs damage was NR'd. They were much embarrassed by the fact it wasn't.

They promised to look at more transparency for all shareholders, not just the few, but they still are stubborn about releasing news without detail.

Conference calls were mentioned and they will look into doing those.

This new London office is earmarked for dedicated IR.

A move onto the main FTSE board was mentioned - management have talked about this but no plans as yet.

Randy was keen to point out several times that the market is missing the value here - big time and we shouldn't be concerned.

I mentioned depletions and they are not at all concerned. New reserves will naturally replace these and we have not yet found the biggest fields in the basin - that they are sure off - as you rarely find these from the off. Randy was very clear about that!

Meeting lasted about 1½ hours with another ½ hour informal chatting with management and fellow holders.

a good meeting - well useful - I felt reassured by management - issues were addressed and the plays look to be in good experienced hands. The value will rise as these deliver.

[dangreen86] 18/6/2013 15:29

I have doubled my holding here, if it goes down to £8 will add more. Very comfortable buying at these levels. Will sit back and wait for £14 before end of year.

[ricky46] 18/6/2013 14:57

well i cannot believe I have just bought a load more of these at 8.95 / 9.00

[morti1] 18/6/2013 14:47

This is an amazing opportunity to buy in to an oil producing company. Wow what an opportunity to buy into such a cheap share price at the moment

[douglasallen] 18/6/2013 13:23

Looks like the bua ban north well success has mitigated the bad news to some extent. Perhaps a bounce in Canada this afternoon...once the last of the fast money is out it will be onwards and upwards.

Have seen this pattern of trading before when I held Afren and their MOPU was delayed and they had to cut guidance...stock sold off and within 6 months was making all time highs...

[qballkev] 18/6/2013 12:50

I agree that i dont think there is much downside left here, may just shake a few down to 880-890 but upside from then on.

[ricky46] 18/6/2013 08:31

I had to pay £9.40 for mine,I got a quote at £9.08 and website crashed, still not many sellers on here, just hope tsx don't sell off much more, can't be much downside here now

[dukedosh] 18/6/2013 08:18

I bought more this morning at 908 and 920.

The only problem here is communicating material news to all, not just a few. Other than that there's great value to be had here.

[ricky46] 18/6/2013 08:04

This is a golden opportunity to buy these 26000bpod will do for me "light crude" thats mega money to pay for loads of exploration, these were this price last year and only had 1 rig

[jakedog2] 18/6/2013 08:00

Bottom line.... Promised the mkt.... 33000 bpod, delivering 26000 bpod at best.
Equates to 25% miss on volume and revenue with same overheads and running costs

Mkt are factoring this in now.... PE is now low.

Do you believe long term? If yes a buying opportunity is coming our way IMHO

[ricky46] 18/6/2013 07:55

Buy on fear sell on greed is my view.

[ricky46] 18/6/2013 07:53

There is a big issue here with IR as has been said...But even so if these can be bought for £7-£8 I will be piling in here, they still have the oil producing, loads of targets to drill......This has a good longer term investment look.

[dukedosh] 18/6/2013 00:07

That I have no doubts about! >:-?

[dukedosh] 18/6/2013 00:02

Comparing the old May and new June presentations, there's no change to the drilling schedule. Not quite accurate as there's to be an extra well to be drilled at BBN.