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Gold/Mining/Energy : CPE: Callon Petroleum Company
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To: Ed Ajootian who wrote (3)10/6/2002 11:35:28 AM
From: Ed Ajootian  Read Replies (1) of 31
 
As shown in their Powerpoint presentation at the IPAA on 10/1, CPE is now projecting an April date for first production of Medusa.

Since this slide set is dated 10/1 it presumably was prepared in full knowledge of all the info contained in the posts about McDermott that are on the CPE Yahoo board.

The 2 month delay will have little impact on '03 results. In fact, CPE has only lowered its projection of '03 cash flow by $2 million since its last slide presentation, done in August (when it was predicting 1st production in Feb.). Obviously the impact has been tempered by rising natgas prices.

I would expect that this news, when fully diseminated, will result in a pullback of around a quarter point or so. Since its not enough to trade on, I'm still holding and in fact will probably still try to buy some stock at just below the current price range.

The last few weeks have shown that someone with big bucks is definitely trying to build a position and they do not seem to be swayed by near-term developments. Bearish NG storage fills, delays in deepwater production, nothing is stopping this buyer from building his position. It appears that he (properly, IMO) is just focused on the big, long-term picture, which is that this company is scheduled to have 3 huge deepwater projects come on stream by a little more than a year from now. He doesn't give a rat's ass when the first one is coming on stream -- that's not when he's planning to sell anyway.
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