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Strategies & Market Trends : Turnarund Investing -- Ignore unavailable to you. Want to Upgrade?

To: thatsnotluck who wrote (920)	5/1/2012 2:53:28 PM
From: Covenant	1 Recommendation Respond to of 1876

Yes, they are fully funded through 2013 and their offshore Africa Cameia well is a gusher -- one of the best finds in the past decade. The field looks like 5B barrels +/-. CIE also is the #5 deepwater GOM operator. Not bad for a startup. Price pressure today is twofold. Rig Delays One GOM prospective zone is non-commercial in a well drilling multiple zones.

To: thatsnotluck who wrote (920)	5/1/2012 6:09:27 PM
From: Covenant	1 Recommendation Respond to of 1876

this looks a lot like a development stage biotech company CIE is an oil industry equivalent. The big difference is likelihood of success is very high. The risk is in size of discoveries, not whether discoveries will be made. Cobalt also is not a shoestring operation. This was funded by GS and others and was planned from the start to be a big company, which is why even though they have never produced CIE is one of the biggest leaseholders in deepwater GOM. Everything is offshore exploration. The earnings call was today. Here is a current presentation about the company, the transcript or voice if you prefer. The presentation is not specifically for the earnings call but is dated today. CIE is a speculation on pre salt and sub salt. It isn't a turnarund. The Angola pre salt is why I'm invested. GOM sub salt prospects provide some diversification. Presentation (generic presentation dated May 1 - no earnings presentation is available.) Transcript for readers Webcast (Direct Link To Webcast) either link for listeners