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Coastal Energy Company Message Board

  • rspen56 rspen56 Feb 13, 2013 8:32 AM Flag

    owning CEN is like owning your own offshore Williston Basin,,,

    complete with low hanging fru i t that is capped trapped and mostly untapped,,,, fetching brent pricing...
    yahell giving me hell with posting...

    Sentiment: Strong Buy

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    • thanks to D Roth on the SI/BigDog boom boom energy board::::::::
      New seismic data has been acquired and will likely double to triple exploration running room from 487 mmbbls to 1.0-1.5 billion barrels in recoverable resources. Based on new seismic data, CEN could likely high-grade their exploration prospects and change their drilling program.
      - Drilling permits are expected for the late Q2/13 and could alleviate bottleneck concerns.
      - Still collecting production data from Eocene frac wells with second frac well cleaning up right now. Eocene frac wells with stabilized rates of 400-500 bbls/d would be considered a good result, could open up new resource play (146 mmbbls, $19 un-risked).
      - First two development wells at Bua Ban North were vertical wells in order to break-in the new drilling rig, the next 6 wells are likely to be horizontal and will likely materially push production upwards.
      - Within the next 2-3 weeks, CEN may decide to fast-track and drill the North Terrace high impact prospect (138 mmbbls, $21 un-risked).
      - Of the exploration prospects, Benjarong is very compelling as it looks similar in geology to Bua Ban North, scheduled to be drilled in Q4/13, 97 mmbbls ($15 un-risked).

      Sentiment: Strong Buy