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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Coastal Eng | LSE:CEO | London | Ordinary Share | KYG224041189 | COM SHS USD0.04 (DI) |
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Coastal Eng (CEO) Share Charts1 Year Coastal Eng Chart |
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Date | Time | Title | Posts |
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12/5/2014 | 18:33 | Coastal Energy - Far Eastern oil major in the making | 1,260 |
25/10/2012 | 15:07 | Coastal Energy | 2,219 |
01/3/2012 | 15:05 | Questions/answers from newcomers to the oil sector | 18 |
15/6/2011 | 12:50 | COASTAL ENERGY (CEO): CHART AND DISCUSSION THREAD | 489 |
03/10/2006 | 13:18 | Director buys & sells - who done what...... | 2 |
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Posted at 19/11/2013 08:17 by dragonsteeth this is the wthe IV stuff posted earlier (polite request : if you post a link can you go back and edit the http bit so all can see it, very difficult to read on phones otherwise.)CEPSA to Acquire Coastal Energy Company for C$19.00 Per Share Delivers Significant and Immediate Value to Coastal Energy Shareholders HOUSTON, Nov. 19, 2013 (GLOBE NEWSWIRE) -- Coastal Energy Company ("Coastal" or the "Company") (TSX:CEN) (AIM:CEO) announced today that it has entered into a definitive merger agreement providing for the acquisition by Compañia Española de Petroleos, S.A.U. ("CEPSA") of all of the issued and outstanding shares of Coastal at a price of C$19.00 per common share in cash. The purchase price represents a premium of 28% to the closing price of the Company's common shares on the TSX onNovember 18, 2013. The purchaser is a newly-incorporated CEPSA controlled entity in which Strategic Resources (Global) Limited ("SRG") is an investor. The proposed transaction has an aggregate value of approximately C$2.3 billion including the assumption of C$51 million of net debt. The transaction, which will be completed by way of statutory merger, is expected to close in the first quarter of 2014. Commenting on the acquisition, Randy Bartley, CEO of Coastal said, "This transaction delivers significant and immediate value to our shareholders. Our Board of Directors is unanimous in its view that this transaction is in the best interests of Coastal Energy Company and recommends shareholders vote in favor of this transaction." CEPSA Chief Executive Officer Pedro Miro commented, "Today's announcement reflects an important step in increasing CEPSA's E&P capabilities. Coastal's business comprises a high-quality portfolio of upstream assets located in Southeast Asia, operated by talented management and dedicated employees. We believe that Coastal provides a tremendous foundation for furthering our E&P strategy." Jho Low, spokesperson for SRG added, "We are excited to invest with CEPSA in Coastal. With our strong relationships in Asia and CEPSA's strength in the E&P, we believe we can grow Coastal's footprint in Asia and further enhance the Company's operations." The transaction will be funded by CEPSA's and SRG's available financial resources. Recommendation of the Coastal Energy Company Board of Directors The Board of Directors of the Company, after consulting with its financial and legal advisors, has unanimously determined that the transaction is in the best interest of the company and that the consideration being offered to the Company's shareholders is fair from a financial point of view. The Board of Directors has resolved to unanimously recommend that the Company's common shareholders vote their shares in favor of the merger at a meeting of shareholders to consider the transaction which is expected to occur in early January 2014. Additional Information on the Transaction The definitive merger agreement provides for, among other things, a non-solicitation covenant on the part of Coastal, subject to customary "fiduciary out" provisions, that entitles Coastal to consider and accept a superior proposal and a right in favor of the purchaser to match any superior proposal. If the definitive merger agreement is terminated in certain circumstances, including if Coastal enters into an agreement with respect to a superior proposal or if the Board of Directors of Coastal withdraws or modifies its recommendation with respect to the proposed transaction, the purchaser is entitled to a termination payment of US$76,000,000. Completion of the transaction is subject to customary closing conditions, including approval of two-thirds of the votes cast by holders of common shares in person or by proxy at the meeting of shareholders and by a majority of disinterested shareholders in accordance with applicable securities laws, and receipt of applicable government and other approvals. The transaction is not subject to any financing condition. Coastal shareholders will be asked to vote on the transaction at a special meeting of the Company's shareholders, expected to be held in early January 2014. Full details of the transaction will be included in the Company's information circular to be mailed to holders of Coastal shares in accordance with applicable securities law. A copy of the merger agreement, the information circular and related documents will be filed with Canadian securities regulators and will be available at www.sedar.com. Certain directors, senior officers and other shareholders of Coastal, representing approximately 36.5 million of the Company's issued and outstanding common shares, have entered into voting support agreements with the purchaser and have agreed to vote their shares in favor of the transaction, subject to the terms and conditions of such agreements. Credit Suisse Securities (USA) LLC has issued an opinion that the consideration to be received by the shareholders of Coastal in the transaction is fair to such shareholders from a financial point of view. Coastal's financial advisors are Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC. Coastal's legal advisors are Stikeman Elliott LLP, Cleary Gottlieb Steen & Hamilton LLP, and Walkers. Goldman Sachs International acted as financial advisor to CEPSA. PriceWaterhouseCoope |
Posted at 12/11/2013 15:01 by dukedosh FE note just out - header updated.Highlights: We maintain our Outperform recommendation on Coastal Energy with a target price slightly reduced from C$26.40/£17.70 to C$25.00/£15.64 following the publication of the Company's 3Q13 results. Results of fracking at Bua Ban Main have been disappointing so far, with two wells out of four watering out. Production start-up in Malaysia is imminent with two out of three wells already drilled. The deliverability of the wells and the exact start-up date will be important in order for the company to meet its exit rate guidance. The price of the shares of the Company has dropped over 15% since Thursday week which appears to us to be an overreaction, particularly given that we have reduced our Risked NAV by only 6%. The shares trade 15% below our Core NAV and our Risked NAV represents over 60% premium to the current share price. We also note that the Company's buyback programme could start again soon. The reported potential cash offer for Coastal of C$20-22.00 per share (30-40% above the current share price) suggests that the shares are cheap. |
Posted at 07/11/2013 17:10 by morti1 It could be that the takeover discussions have collapsed and it is about to be reflected in the share price. The fact is though that a month ago another company considered CEO worthy to be taken over. It must have the solid fundamentals in place to be considered takeover material. It is likely to bounce back despite what potential bad news might lie in the drop today. |
Posted at 31/10/2013 20:15 by dukedosh Courtesy of iv today (excuse the formatting):TD Initiating coverage TP $26 Coastal Energy Co. (CEN-T) C$18.30 Thai Take-Out or Asian Growth? Event We are initiating coverage of Coastal Energy Company (CEN-T) with a BUY rating and a C$26.00 target price, which is based on 0.85x Base NAVPS plus 0.75x Risked Upside to Base NAVPS. The company is a unique International E&P with headquarters in Houston and operations in Thailand (both onshore and offshore) and Malaysia. Details and Outlook We are positive on Coastal given its 100% ownership of a large and growing light-oil-producing asset in Asia and our view of its take-out potential and attractive valuation. While we note that a take-out may not happen, we believe a long-term investment in the absence of a take-out should also achieve attractive risk-adjusted rates of return. Our confidence in the upside potential is based on management's track record of execution, the large resource potential that could be proven up with planned exploration and appraisal, the company's relatively strong balance sheet, and its free cash flow potential. Despite noting the political and regulatory risks in Thailand, we view Coastal's focused operations in this country as a positive. The country has a track record of encouraging and respecting foreign investment in its Oil & Gas sector with relatively attractive fiscal terms Exhibit 1. Coastal Energy: Investment Thesis What we Like Cautionary Considerations Management team with a track record of execution Asset concentration risk: majority of cash flow expected from G5/43 fields offshore Thailand 100% ownership of a large and growing asset in Thailand Offshore operations with project execution risks Near-term reserves growth potential Long-term exploration upside potential Trading at a discount to Base NAVPS Take-out potential Fully-funded through forecast horizon with potential for free cash flow or new business development Source: TD Securities Inc. Coastal is a Houston-based International E&P company with assets in Thailand and Malaysia. The key formative event in Coastal's history was the reverse take-over by Coastal Energy (then called PetroWorld Corp.) of private company NuCoastal (Thailand) Ltd. Energy in September 2006. Coastal (then PetroWorld) had previously farmed into NuCoastal's block G5/43 offshore Thailand, which is the major asset of the company today, and the reverse take-over therefore consolidated interests in the block. At the time of the reverse take-over, Coastal acquired the majority of its interest in APICO LLC, which holds its other main producing asset onshore Thailand. NuCoastal's sole shareholder was Oscar Wyatt Jr., who became the controlling shareholder of Coastal. While his controlling interest has been reduced over subsequent years, he remains the company's largest shareholder, owning 26% of shares outstanding. In July 2012, Coastal gained its first asset outside of Thailand (while staying close to its operational focus area) by signing a Small Field Risk Service Contract (RSC) with PETRONAS for the development and production of petroleum from the Kapal, Banang, and Meranti cluster of small fields offshore Peninsular Malaysia Exhibit 2. Coastal Energy: Summary of Potential Catalysts Justification of Target Price Multiples of 0.85x Base NAVPS and 0.75x Upside to Base NAVPS are both roughly in line with the average multiple that we use for our coverage of International E&Ps. We currently use a range of 0.40x0.95x in terms of our multiples of Upside to Base NAVPS. Our valuation of the company's 2P reserves is shown in Exhibit 5. We have used reserve, production and cost assumptions that are generally similar to those that were published by Coastal Energy under its NI-51-101 year-end (2012) filing. Our Base NAVPS estimate adds our valuation of 2P reserves to expected discounted proceeds from in-themoney options and warrants and net debt. Our Fully-risked NAVPS estimate adds the Base NAVPS to our estimates for exploration potential (prospective resources) and possible reserves. Our assumptions regarding resource potential and chance of success (COS) are summarized in Exhibit 6, together with after-tax expected monetary value (EMV) estimates that result from discounting potential cash flows. This uses what we believe to be reasonable cost and pricing assumptions and a 10% after-tax discount rate. Key Risks to Target Price Key risks associated with our target price include business risks of the company and industry, including, but not limited to: loss of key employees; drilling success; volatile commodity prices; operating costs; capital cost overruns; product supply and demand; financing/access to capital; government regulations; legislation; unexpected changes in contract/fiscal terms; asset expropriation; royalties; taxes; exchange rates; interest rates; and environmental and weather concerns. Key Near-Term Risks Specific to Coastal Geographic concentration and country risk is relatively high. We also note that Coastal has not disclosed the terms of its risk service contract in Malaysia because of the government desire for the terms to remain confidential, increasing the risk that our modelling assumptions are incorrect. Our valuation and target price are based on modelling using terms from comparable RSCs that have been previously disclosed by other companies. Exploration, resource, and project execution risk is relatively high. TD Investment Conclusion We are initiating coverage of Coastal Energy (CEN-T) with a BUY rating and a C$26.00 target price. We are positive on Coastal given its take-out potential, its 100% ownership of a large and growing light-oilproducing asset in Asia, and its attractive valuation. While we note that a take-out may not happen, we believe a long-term investment in the absence of a take-out should also achieve attractive risk-adjusted rates of return. This is because of management's track record of execution, the large resource potential that could be proven up with planned exploration and appraisal, the company's relatively strong balance sheet, and its free cash flow potential. |
Posted at 17/8/2013 10:31 by luminoso If I wanted to put forward an argument for the share price going back to 800p, I would probably talk of general market irrationality and negative sentiment. I would also suggest that the market no longer trusts the CEO management on predicted production figures, etc.However, quite a lot has changed since June. The company is more communicative than prior to that time. Also, crucially, sentiment for resource stocks in general does seem to have changed in recent (2?) weeks - admittedly more for miners than oilers - but a successful producing oil company is much less likely to have their share price trashed for no good reason just now - even by the Canadians ! Even SMDR has stabilised and the market really doesn't seem to like them ! Add to that the catalysts listed by DD above and return to £8 seems unlikely right now. All IMO. On the shorting issue, meanwhile, I don't see 'shorter' as an offensive term. There's nothing wrong with being short or for that matter being "out" and looking for a cheaper re-entry, which I see as similar anyway. If someone posts that they have sold in anticipation of a retrace and gives a reasoning behind that decision, I have no problem. I don't have to agree but I respect their decision. In my case, I have sometimes sold something through irrational fear of a retrace, and I'll be honest about my sense of panic, rather than suggesting I know something others don't. What does make me 'crabby' is when someone posts "Its going back to £x - you watch" and does not give a reason for that belief, rational or irrational. It gives the impression that they are trying to influence the decisions of others for their own ends. I would prefer - " I sold out at £x and would like to have a chance of buying them back at £y if possible." |
Posted at 30/7/2013 17:23 by morti1 I agree. The oil spill is not linked in any way to Coastal and the share price should in essence not be affected. The share price is simply drifting because since the last report with missed estimates etc there is not any news as yet to positively shift the share price. Progress in production has simply been held back and it ought to be back on track in due course, which will then be eventually reflected in the production and ultimately the share price. Long term I would think the company will be fine. |
Posted at 19/7/2013 10:56 by rivaldo 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." |
Posted at 26/6/2013 23:06 by dukedosh ranj79, regardless of what market the company trades the buy back in, the effect will be the same. If they buy in London and the share price rises, Canada will follow and visa versa. Totally agree with Marben about resource stocks being hammered regardless of performance over the past 6 months or so. This stock is no exception. I hear tons about shale being our world wide energy saviour. Fact is, oil price needs to be kept high for shale to be economical; OPEC needs a high oil price and will do what it takes to keep it there; oil is a dwindling resource; big new discoveries are getting more scarce. So, I am taking full advantage of this situation and riding the market with companies like CEO and similar. CEO has 18 years already known reserves even at current production levels. Current share price is 50% discount to NAV and you get all E&D for free. Our wells are close to the biggest oil hungry growth market on the planet, China. I am sticking with the facts, staying in quality stocks (established cash cows, self funded growth prospects, little or no debt), sold out of under funded non producers. Value will inevitably crystallize when the market is forced to accept it. |
Posted at 24/6/2013 08:05 by rivaldo Having sold my stock at 1250p and just below I completed my buying back this morning and have ended up with almost 40% more shares than I had previously. It's rare that a "cunning plan" ends up as well as that!Morti1, it means that the forthcoming share buybacks will provide a floor for the stock at around the current price as the share price will be supported. Given CEO's illiquidity any decent buyback programme should imo lift the share price very nicely indeed. Hopefully the blackout before the programme commences will be lifted any day now. |
Posted at 18/6/2013 14:45 by dukedosh 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. |
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