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Gold/Mining/Energy : Canadian Oil & Gas Companies -- Ignore unavailable to you. Want to Upgrade?

To: Cal Gary who wrote (18239)	11/10/2011 4:41:23 PM
From: architect*	2 Recommendations Read Replies (2) \| Respond to of 24916

I like C&C Energia's southern Putumayo exploration wells in the Andaquies block and the Coati block. CZE $0.59 / share funds flow from operations. C&C Energia gave flat growth projections thru 2012. C&C Energia needs an exloration success to move the dial, but CZE has a lower Enterprise value / cash flow multiple than GTE or PMG. GTE and PMG have much better exploration portfolios than CZE / CNCEF. CZE has $170 million in discretionary cash flow for 2011, and 2011 Capex is $120 million. CZE has $75 million in cash, say $90 million at 2011 exit. At the end of 2011 CZE will have $140 million in funding to fully fund their 2012 CapEx program. Using a $95 / bbl price deck, C&C Energia will generate $170 in cash in 2012. Currently CZE has an market cap of $520 million and an enterprise value of $445 million. CZE's 2011 - 2012 production is 10.5 k bopd (3.6 mmbo/ year) x $65 / bbl OpEx netback = $235 million in OpEx cash flow. CZE - Enterprise value of $445 / $235 million in 2011 OpEx cash flow is a valuation multiple of EV / CF = 2 times. Gran Tiera current production is 18.5 k bopd (6.67 mmbo/ year) x $75 / bbl OpEx netback = $500 million in OpEx cash flow. Gran Tierra has $250 million, $143 million in Q3 receivables, and market cap $1.75 billion and an enterprise value of $1.36 billion / $500 million in 2011 OpEx cash flow is a valuation multiple of EV / CF = 2.7 times Gran Tierra and C&C Energia are both debt free. All number in US dollars. What's Petrominerales' valution multiple for EV / OpEX cash flow? Do you have a list of Petrominerales' Q4 high impact events? Gran Tierra Q4 high impact events: BRAZIL exploration well ... 1 STAT-7-BAS...offshore................................... to depth by NOV EMBER 29 exploration well... .1-GTE-01-BA...onshore Reconcavo Basin..to depth by NOVEMBER 10 exploration well ...1-GTE-02-BA ...Block REC-T-129 in the Recôncavo Basin ...to depth by NOV 19 COLOMBIA exploration well ...The Rumiyaco-1...southern Putumayo Basin.... ...to depth by NOVEMBER 22 well testing...........MOQUETA-6ST1...........................................test results by MID NOVEMBER delineation well...Brillante SE-2......................................to depth by NOVEMBER 26 delineation well...Jilguero-2..Garibay Block ...Llanos Basin expected to depth MID OCTOBER Production Start...Melero-1.... first production expected in................................ DECEMBER High impact oil exploration well.... Rumiriqui-1 in the Llanos-22 block reach target depth by END OF NOVEMBER Rumiriqui-1 is in the block driectly east of the giant Cusiana Cupiaga 1 billion barrel oil field. Rumiriqui is a deep and expensive well targeting the Cusiana Cupiage reservoirs.