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CEO Coastal Eng

1,056.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Coastal Eng LSE:CEO London Ordinary Share KYG224041189 COM SHS USD0.04 (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 1,056.00 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Coastal Eng Share Discussion Threads

Showing 3701 to 3725 of 4025 messages
Chat Pages: Latest  149  148  147  146  145  144  143  142  141  140  139  138  Older
DateSubjectAuthorDiscuss
25/7/2013
13:45
I read on IV that the blackout had restarted, so it must be true :o))
rivaldo
25/7/2013
13:41
Is there a buyback blackout or are they just keeping the market guessing?
thegreatgeraldo
25/7/2013
13:40
LOL :o))

When the buybacks restart after the current blackout - and with Ingalls & Snyder continuing to buy (up to around 10% I think now?) - then watch what happens here. IMO anyway.

rivaldo
25/7/2013
08:02
Please Proj, enlighten us, which share(s) are GOING UP ALL THE TIME? I could do with a few of them in my portfolio!
cwa1
25/7/2013
07:31
And back we go to £8. I'll take my profit and put it all into something better. Can't watch it go backwards while there are so many better options right now - going up all the time. GL all who stay in.
proj
19/7/2013
11:53
Hi Riv,

Thanks for posting that note, but worth noting that it's dated 3rd June, before the latest disappointing ops. update.

Cheers,

Mark

marben100
19/7/2013
10:56
This is Goldman Sachs' June E&P summary market report - they upgrade CEO to Buy from Neutral, with an 1843p target (almost double the current price) - see p.21:



"Coastal (CEO.L): Opportunity to buy inexpensive basin explorer; Buy (from Neutral)

Source of opportunity

Coastal Energy's performance has been weak ytd (-7% vs. flat performance for our larger cap universe) driven in our view by some negative exploration news around the Bua Ban Terrace A-01 and the Songkhla M wells as well as disappointing 1Q production numbers that make us cautious on Coastal's ability to hit full-year production guidance. We lower our production numbers and reflect the exploration disappointment but, despite this, we believe that the share price pull back offers an opportunity to buy into a cash generative basin exploration story which is well supported by 2P reserves, with debt + production worth more than 100% of the share price in our view. We believe that exploration activity should continue at a strong pace in 2013, with further wells into the Bua Ban Terrace and Benjarong South wells of particular importance – in our view the company's offshore Thailand exploration is highly attractive owing to the low cost of wells and the quick lead times from discovery to production.

This exploration could be material and we believe drilling in 2013 could offer an additional 43% upside to the current share price, and drilling beyond that offering further re-rating potential of almost 200%. We also believe that the recently shot 3D seismic could also generate additional prospects around the end of the basin; analogues in Malaysia and Indonesia suggest that these could be material. The company will remain
attractive to potential purchasers, in our view; we note recent press reports citing interest from Petronas at $23 per share.

Catalyst

We believe that despite disappointing production numbers in 1Q13, production should continue to rise in the company's offshore assets, and that commencement of operations in Malaysia towards the end of 2013 should highlight this new area's potential for additional production and cash generation. We also believe that exploration should remain a key part of the story, with results from the 3D seismic due shortly. We believe that in the event of total de-risking, exploration for the remainder of the year could result in 43% uplift to the current share price with significant further potential to follow.

Valuation

Our 12-month SOTP-based target price is 1843p (from 1759p) and is calculated using an oil price of US$100/bl. Discoveries and exploration assets are valued using a risked NPV/bl approach. We assume a longer dated time horizon for exploration in the company's offshore Thai acreage owing to the relatively de-risked, basin-led nature of the exploration. We include an 10% weighting for M&A in our target price.

Key risks
Short term downside risks are further production and exploration disappointments offshore Thailand and delays or problems in ramping up production in Malaysia."

rivaldo
19/7/2013
09:46
Agreed, same here - been in since 250p, but with a little trading have probably got my average down to 150p and increased my shareholding by 40%.

News:

hxxp://www.btimes.com.my/Current_News/BTIMES/articles/20130719115337/Article/index_html

"Scomi wins Coastal's RM22m contract
Published: 2013/07/19

Scomi Energy Services Bhd (SESB), formerly known as Scomi Marine Bhd has won a RM22 million contract from Coastal Energy Company in Thailand for the provision of a 60 MT bollard pull anchor handling tug supply (AHTS) vessels.

In a statement to Bursa Malaysia, SESB said the contract is for a period of one year, which commenced at end June 2013, with an option for CEC to extend it for another year, and is valued at about RM22 million for the entire two-year duration.

Under the contract, SESB's subsidiary, PT Rig Tenders Indonesia Tbk will be providing anchor handling, towing and supply run for the customer's offshore installation.

"This win expands our offshore support vessel services footprint in Asia. The marine division now is present in the Thailand market and with our proven capability in this sector, we are optimistic of our growth potential in this region," said SESB marine services president Mukhnizam Mahmud."

rivaldo
18/7/2013
11:31
Rivaldo. Thx. I've been in and out of CEO since 400 back in again now as a refugee from AFF. Good solid well run company and happy to be back.
michaelwhight
18/7/2013
08:22
MW, they've been reported as such for years now, so AFAICS they're meaningless.

The only meaning I can put on them is that some idiot trader or his/her assistant is taking late UK trades from the previous day and reporting them the next morning as if the're Canadian trades - i.e dividing them by $1.50 or so.

Quite happy to be corrected, but this explanation is so bizarre it may even be true :o))

rivaldo
18/7/2013
07:05
What are all these trades in the 600s all about?
michaelwhight
18/7/2013
06:39
From IV - Dundee say Buy with a $27 target, and say this is a "great entry point":

"Dundee on CEN

Coastal Energy (CEN CN) - C$27.00 Target, BUY

Whilst the recent and various operational issues and logistic delays - packer-related issues at Bua Ban North, permitting delays for development wells, and repairs to MOPUs - clearly disappointed the market, they are all transitory in nature.

The prolific nature of the Songkhla basin and Coastal Energy's strong track record of offshore exploration and swift, cost-effective field development remains undiminished - the result, historically, being substantial growth in both reserves and production, robust recycle ratios, a strong balance sheet and the prospect of significant free cashflow generation.

One of Coastal's two drilling rigs will deploy to Malaysia in August to begin the Kapal field development drilling program. Completion of the Kapal MOPU is now expected in September; assuming timely MOPU deployment to the field, first Kapal oil could be expected shortly thereafter - late 3Q13/early 4Q13.

With Kapal potentially capable of delivering ca. 7,000 bopd (net) or more, timing and scale of first oil will have a material impact on 2013E production & cashflow:

With no Kapal production assumed until 2014, our 2013E forecast stands at 24,700
boepd, toward the lower end of company guidance (24,000 - 26,500 boepd);

However, were first Kapal oil to commence in October 2013 at such levels, our 2013E forecast would be 25,900 boepd - toward the top end of company guidance.

Coastal's current prospective resource inventory stands at almost 480 mmbbls - over three times that of its 2P reserve base.

Furthermore, with two rigs on contract, Coastal's drilling program over the next nine months or so should provide exposure to some 350 mmbbls or over 70% of this unrisked prospective resource potential - exploration of the Bua Ban Terrace and Benjarong South offering 88 mmbbls and 126 mmbbls of unrisked prospective potential respectively, whilst existing fields, Bua Ban North & South, also offer a further 80 mmbbls and 56 mmbbls of unrisked prospective upside respectively.

We therefore highlight Coastal's current market valuation – the stock lies 10% below our 'core' 2P reserve valuation of C$17.58/share, and 33% below the reserve auditors' 2P reserve valuation of C$23.67/share - providing a great entry point for medium-long-term investors, in our view.

Our risked NAV, predicated on a 17% chance of exploration success – well below historical levels – stands at C$26.60/share.

On an EV/DACF basis, Coastal trades on 4.0 x 2013E DACF, 3.0 x 2014E DACF (peer group averages being 3.3 x and 3.0 x respectively).

We remain BUY rated with a C$27.00/share target, the latter based on 1X our risked NAV.

Key Upcoming Catalysts:

Commencement of the Malaysian appraisal/development drilling program
Delivery/commissioning of two MOPUs
Further appraisal/dev't drilling at Bua Ban North & South
Further frac results at Bua Ban South and Songkhla

hxxp://www.theglobeandmail.com/incoming/article13237638.ece/BINARY/Oil071513.PDF"

rivaldo
17/7/2013
15:13
New note from Credit Suisse with a $28 target price - it's headed "Forecast Increase", though I can't see any reference to it?

Nice closing paragraph:

hxxps://doc.research-and-analytics.csfb.com/docView?document_id=x519147&serialid=37Rs2C6WqrDngkLTGJIqeEaz/kNUq20BhijT3TLWVps=

"Onshore Aspirations

■ Sinphuhorm East Extension Spud: The Sinphuhorm East-1 well was
recently spud in the L15/43 block and will test a possible eastern extension
of the existing producing Sinphuhorm gas field. This well will test four
different intervals, with a wide range in pre-drill OGIP figures of 25 bcf (mid
case) and roughly 1 tcf (high case). Potential recovery factors are ~70%
from these carbonate formations. Results are expected in ~6-8 weeks.

■ Path to Monetization: Major hurdles to monetization after a potential
discovery would include either an expansion of the Nam Phong power plant
or perhaps a direct gas pipeline connection to Bangkok. The company
believes additional industry gas reserves of between 500 bcf to 1 tcf in the
area is required to push these possibilities forward. With the Dong Mun
discovery at ~150 bcf gross reserves, an additional extension at Sinphuhorm
at or near the high case pre-drill estimate could generate the necessary
critical mass to move discussions along.

■ Possible Onshore Consolidation: We would not be surprised if Coastal is
interested in consolidating Hess' 35% WI at Sinphuhorm, which we
highlighted as having a potential value of ~US$324 mm in our recent note
titled "Opportunities in Southeast Asia". We believe Coastal has the cash
flow and balance sheet capacity to fund such an acquisition, if the company
was inclined to pursue it. Bids are expected to be due in September 2013.

■ Recommendation: At the current valuation of roughly 0.7 times 2P NAV,
Coastal exploration upside potential comes essentially for free, whether it be
offshore or onshore. We continue to recommend accumulation of Coastal
shares at current levels"

rivaldo
17/7/2013
07:57
They seem to be much better at releasing news.
sg31
16/7/2013
21:45
Good stuff - and Oiljack's view:

hxxp://www.investorvillage.com/groups.asp?mb=17397&mn=15394&pt=msg&mid=12960726

"Re: BIG CEN well has just spudded

* just so you know. This is part of the strategy to unlock the on-shore value for CEN as we know that Hess is selling their interest in this field. We have first right of refusal on any successful bid. Should this well be successful, I would expect CEN to buy the Hess share and thereby become operator.

* being operator of the country's largest on-shore gas field and being the operator of the second most oil in the country does have a real value when it comes to trying to sell yourself for say around $25 share."

rivaldo
16/7/2013
20:52
Coastal Newshttp://www.investorvillage.com/smbd.asp?mb=11837&mn=22834&pt=msg&mid=12960704
stansmith3
16/7/2013
07:02
DMF info up.

June - 20,011 bbls day. 42 fr 53 offshore.

eddie catflap
15/7/2013
20:09
ok, makes sense i suppose, thanks for taking the time to reply Mark

Al

alquid1
15/7/2013
18:40
Often I'd agree, aliquid1, but in this instance, where the share price is trading well below NAV, I'm not unhappy with the buybacks. Once much of the explo and development is complete, then I'd want a divvy - but the company is likely to be sold before then. If a sale is agreed, the price should be well in excess of the current mark cap., so the effect of the buybacks would be to divide that sale price by a smaller number of shares. Works for me!

Cheers,

Mark

marben100
15/7/2013
18:31
Wouldn't it be better to receive a dividend rather than these buy backs?

Al

alquid1
15/7/2013
15:46
Working abroad with sparce internet but I'm ok thanks melf.
dukedosh
15/7/2013
13:06
Dukedosh - haven't heard from you for a while. You OK?
melf
15/7/2013
08:29
Citigroup reiterate its Buy rating for CEO today. Target price £15.25
kfr20
15/7/2013
06:52
Confirmation of buybacks on RNS today - good to see them being so substantial:



An IV poster has noted this interview with the CEO:

hxxp://www.oilcouncil.com/content/randy-bartley-ceo-coastal-energy

Extracts:

"The positive results recently received from our recent pilot offshore fracking program are very exciting and provide us another source of value to unlock from the substantial resources in the tight sands in the Songkhla basin.

Our operations in Malaysia, which began in 2012, will really get into full swing this year. We expect first oil from the KBM cluster of fields in the third quarter. Onshore, we had a significant discovery at the Dong Mun field in 2012 and look forward to developing that field over the next couple of years."

"We have several high-impact exploration prospects offshore Thailand that will be drilled this year. We also look forward to first oil from our Malaysian RSC project later this year."

rivaldo
13/7/2013
10:09
A total of 259,800 shares bought and cancelled for the week 5th July to 12th, $15.30 average price paid. The company will issue weekly updates on share buy back progress from this date
battery
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