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Gold/Mining/Energy : Canadian Oil & Gas Companies
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To: Kerm Yerman who wrote (2163)1/30/1997 12:11:00 AM
From: Rick McDougall   of 24925
 
Kerm/Carmanah

Went thru your posts & didn't find any info on Carmanah. Got a "care package" from the company so thot I would post some comments by HSBC James Capel Canada Inc. dated Dec.18/96.

12 month target ----$9.00

Market Cap.----------$117m

Shares o/s------------23.8m

NAV----------------------$2.88

Market to NAV.-------170%
======================================================
Estimated for 1997 assuming US$22.00/bbl & C$1.85/mcf for natural gas.

EPS------------$1.07
PE---------------4.6
CFPS-----------$1.36
P/CF------------3.6
4500bpd & 3.5mmcf/d natural gas. (Oil production estimate up approximately 80% from 1996 : no natural gas in 1996)
======================================================
Company has no long term debt that I can see & has working capital of $11m.

HSBC estimates 1998 potential cf of $1.70 without accounting for Natuna project-------STRONG BUY,

Preliminary results from Babat indicats a strong likelihood of the commerciality of this project ------have finished drilling 4 wells & is drilling #5 & will drill #6 before testing begins.

$9.00 target does not reflect value for Natuna reef prospect which, if successful, would catapult the company into world class territory.

Rick

BTW I've posted some info on the Carmanah thread & posed a few questions as well. I don't as yet own any shares in this company.
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