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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Dennis Roth who wrote (182367)	1/29/2014 11:09:09 AM
From: Dennis Roth	2 Recommendations Recommended By DELT1970 LoneClone Read Replies (1) \| Respond to of 206184

AR, ATHL, AWE.AX, BG.L, CRZO, OSH.AX, TGL.TO, Key Takeaways from our Visit to Kurdistan, LNG Pricing in Japan, Coal 4Q Preview Antero Resources (AR) Marcellus Growth Overshadows Slight Utica Midstream Delays 28 January 2014 ¦ 9 pages ir.citi.com Athlon Energy (ATHL) Howard Co. Results Could Unlock 30% Upside 27 January 2014 ¦ 15 pages ir.citi.com AWE Limited (AWE.AX) BassGas Partial Sale – Reduces Capex Risk & Realizes OK Price 28 January 2014 ¦ 11 pages ir.citi.com AWE has announced the sale of an 11.25% interest in BassGas/Yolla and a 9.75% interest in Trefoil to Hindustan Petroleum, for A$80m cash plus a further A$5m milestone payments pending execution of MLE works. AWE's interest in BassGas will reduce from 46.25% to 35% post deal, and it estimates a A$10m post-tax loss on the asset sale. The deal is subject to both FIRB & JV approval, the effective date is 1 July 2013, but we understand it is likely to take ~3 months to complete. BG Group (BG.L) Déjà vu on growth but asset base provides valuation support 28 January 2014 ¦ 15 pages ir.citi.com Greater uncertainty on growth outlook, but asset base provides valuation support - the downgrade has again stemmed from BG’s underperforming base business. We believe BG’s key growth assets (Brazil and Australia) remain on track. On our revised forecasts BG trades at 13.4x 2015 P/E and offers 14% CAGR cashflow growth out to 2020. We believe the asset base of the company is now deeply discounted by the market, value that can potentially be realized through portfolio activities or by industry M&A. Carrizo Oil & Gas Inc. (CRZO) Upgrade on Improving Oil Growth Outlook Upgrade to Neutral. 29 January 2014 sendspace.com Oil Search Ltd (OSH.AX) CY14 production upgraded, but EPS downgraded on opex / DD&A 28 January 2014 ¦ 14 pages ir.citi.com OSH upgrades CY14 production guidance 15-20% to 12-15mmboe given expected LNG timing, we upgrade 8% to 14mmboe, 1st LNG likely mid-14. Guidance for CY14 opex & DD&A higher than expected, leading to a net 5% EPS downgrade for CY14, also 5% downgrade to CY15 given our read on long-term opex & DD&A. Our CY14/15 EPS forecasts now 11%/15% below the prior consensus. LNG capex trending below budget, but JV maintains project on budget. Strong 4Q led to 14% upgrade to CY13 EPS. Maintain Neutral. Mark Greenwood \| Dale Koenders \| Vishesh Pachnanda TransGlobe Energy Corp. (TGL.TO) Reserves Decline; Decrease TP 28 January 2014 sendspace.com Key Takeaways from our Visit to Kurdistan European E&P, 28 January 2014 ¦ 20 pages ir.citi.com Citi hosted an investor trip to Kurdistan where we met with KRG ministers, the British and Turkish Consul Generals and a number of E&P companies operating in the region. We also visited DNO's Tawke field, the Fishkabur pipeline infrastructure and Genel Energy's Taq Taq field. Overall, the trip highlighted the positive progress towards sustainable oil exports from the region and the continued strong relationship between Kurdistan and Turkey. LNG Pricing in Japan Will the 'Top Runner' Program be expanded to LNG? 29 January 2014, 18 pages, sendspace.com Coal 4Q Preview Mining for Opex and Capex Savings In a Tough Met Environment 27 January 2014 ¦ 50 pages ir.citi.com The met coal price recovery that we had anticipated unraveled in 4Q, leading to a fall in spot benchmark hard-coking coal down to $132/tonne by yearend and a further decline to the most recent level of $125/tonne. As expected, this will add pressure on coal producers to find new avenues to lower their cost structure at existing mines or potentially idle higher cost operations.