||COM SHS USD0.01 (DI)
||EPS - Basic
||Market Cap (m)
|Oil & Gas Producers
Resaca Share Discussion Threads
Showing 226 to 245 of 250 messages
|should have been Ben Dover.... IMHO|
|Resaca means hang-over.|
|Reading the jargon Resaca were mortgaged up to the ball bag... surprised they didn't take out a payday loan paying 1500% apr... imho|
|Resaca can they turn it around (RSOX)
|Max Petroleum, Ophir Energy, Rialto Energy and Resaca Exploitation feature in Fox-Davies Newsflash
Resaca (LON:RSOX) Everything Must Go!: Its always very sad to see a fire sale, but that is exactly what we have reported today by the Company. We imagine that the nature of the sale will leave little for the equity holders once the debt has been satisfied. Given that this was an exploitation story, it is difficult to understand how the exploitation of the reserves differed from plan as we are reminded that this has been enacted since 2006;
|I twas shafted to the tune of 27k on these. I sold at approx 12p.... hey ho|
|Bit of a hangover today.|
|'bout time the flushed it really|
|the way this has developed the buyer will eventually approach the administrator!|
|so assuming they get around $50m or so for the sale of their assets - this will just settle the o/s debt & leave them with little assets going fwd - however a mkt cap of £2m seems far too harsh, but also attributed to bad BoD's / Management from this listed co|
|Due diligence = cooper Jal & Langlie Jal $50-60m
Current debt $55m from memory|
|This company has a current re-iteration buy recommendation 50p
|Full sales particulars
LANGLIE JAL UNIT
Resaca is selling its 74.0% WI (58.7% NRI) in 37 producing waterflood wells, 14 shut-in wells, 17 temporarily abandoned wells, 44 water injection wells, 1 water source well, 13 Proved Non-Producing candidates and 3 Probable Behind Pipe opportunities in the Langlie Jal Unit in Lea County, New Mexico. The unit produces out of the Langlie- Mattix Pool from the Seven Rivers formation and the underlying Queen formation. Depths range from 3,400' to 3,800'. Resaca has no rights to the Yates formation in the Langlie Jal Unit. The OOIP is estimated to be 200 million barrels of oil and the current total proved EUR is 11.4 million barrels of oil, which is a 5.7% recovery factor.|
COOPER JAL UNIT
Resaca is selling its 72.5% WI (56.0% NRI) in 67 producing oil wells, 2 producing gas wells, 2 water source wells, 34 water injection wells and 1 shut-in water injection well. Resaca operates the unit, which is located in Lea County, New Mexico and contains 2,541 gross acres (1,841 net acres) all of which are HBP (see map on page 12). The unit is vertically separated into two regulatory pools, the Langlie Mattix and the Jalmat, at depths ranging from 2,900' to 3,800'. The OOIP is estimated to be 300 million barrels.|
|All of the wells and locations in this sale are in two mature waterflood units, Cooper Jal and Langlie Jal, located in Lea County, New Mexico, on approximately 6,300 gross acres (4,600 net). The primary zones are the Yates, Seven Rivers and Queen at depths ranging from 2,900' to 3,800'. Included in the sale are interests in 106 Proved Developed Producing wells with established decline curves. There are 66 Proved Developed Non-Producing opportunities, 87 Proved Undeveloped locations and 3 Probable Behind Pipe opportunities. In addition to the Proved and Probable reserves there is significant upside potential from improving the waterflood and installing a CO2 flood in both of the units. Williamson Petroleum Consultants, Inc. estimates potential CO2 net reserves of 17.3 million barrels of oil. Average November 2012 net sales volumes are projected to be approximately 380 BOPD, 160 Mcfd and 35 barrels per day of NGL. Total Proved net reserves are 9.0 million BOE. Resaca operates all wells and intends to transfer operations to the buyer|
|What's for sale
$160 Total proven p10
Long life predictable oil reserves
Established water floods
35 bopd NGL
|Hpcg- good to read your posts, I totally agree and it's definitely very difficult in the current mode, but like you say, the big question on the value of the assets will decide where this is going.
Although 1000bopd was the goal, 760 is not bad but 75% of the goal.
If you look at plenty of other oilies, ptr being an example then relative they didn't do too bad.
Personally I'd like to see 50% of their assets sold, give them a fighting chance.
The next rns has the capability to set the scene with some facts on the figures.
Keep popping your nose in mate, it's good to have some debate and I think the company are worth at least that.
Take Webis, on paper a duck but now 200% up from 1p and believe me they are a minnow. I know the owner of perform who work in the sector.
I still think 500m barrels for the 2 licences are worth a few quid
Hopefully you can stay interested, I think it's got big upside if they can recover.
Oxs, nvta, the list goes on|
|They were aiming for 1000 boepd so underperformed badly. The EOR is costing more than it is returning. IMO it would be better to leave the equipment on care and maintenance and wait for the reservoirs to re-pressurise.
Cap might be somewhere in the 2-4M USD range but the EV is 60M. They've used up all the IPO money and the facilities. The assets are on the balance sheet as a summation of capitalised expenses which are then depreciated or amortized as appropriate. We have no idea of the value of the tangible assets marked to market. They definitely have some value as they are moderately oil producing but what that value is I couldn't say.
I'll keep an eye out for an RNS about the property sales but this is my last post. Sorry I can't be more positive, but I don't think there are any!|
|HP- taken from the recent results, which suggests the Eor is doing its job.
Have to put it all into perspective. As there were a lot of known's in your post.
It's the indebtedness that is holding this company back, and the asset sale could cure that in part. The biggest problem is we don't know how much.
If it writes off the $57m in total, that's the problem, we won't know until it does. P.s that doesn't mean I think it will clear the lot.
But, part in response
· Production averaged 716 boepd (net) for the twelve months ended 30 June 2012 (10% increase over production for twelve months ended 30 June 2011)|