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Gold/Mining/Energy : Big Dog's Boom Boom Room
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To: Paul Kern who wrote (141546)11/2/2010 6:17:51 PM
From: Ed Ajootian  Read Replies (1) of 206338
 
END -- CK Cooper update on 10/28:

END announced that it made a natural gas discovery at its West
Rochelle prospect, where it holds a 50% w.i. The well encountered
a high quality reservoir, similar to Rochelle, at just under 11,000
feet. Canadian-based Nexen, Inc. farmed into the well for a 50%
interest, carrying END on 50% of the well cost.

• END operates the Rochelle/West Rochelle project and is drilling a
sidetrack appraisal well at West Rochelle to further evaluate the
prospect. END’s initial EUR for West Rochelle ranged from 15-
30MMBOE. Applying a unit valuation multiple of $12/BOE to the
low end of the EUR range for END’s interest implies an asset value
of $90MM or $0.52/Share. This re-affirms our NAV of $2.15/Share.

• END is targeting first production for the Rochelle project at the
nearby Scott Platform in 2012. Initially, the operator of the Scott
Platform did not offer economical terms for processing and
transport of Rochelle production. This led END to solicit a
determination by the U.K. government for terms to access the Scott
platform. We understand that the determination process is
progressing favorably for END and we believe that the discovery at
West Rochelle should help provide additional leverage in the
development negotiations.

• We maintain our BUY rating for END and our target price of $2.25.
The discovery at West Rochelle re-affirms our NAV and is just one
of a number of positive events that have occurred over the last few
months to enhance the company’s outlook. In August, the
company secured a credit facility and sold its interest in the Cygnus
gas project, establishing liquidity to fund its remaining large U.K.
development projects. And over the last few months, the
company announced participation in several high IP rate
Haynesville wells, which marked a nice start for the firm’s
new development initiative in U.S. shale plays.
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