indolent
02 Apr 2015
RNS "HOUSTON, TEXAS (Marketwire - April 2, 2015) - Caza Oil & Gas, Inc. (the "Company"
(TSX: CAZ) (AIM: CAZA) announces that it was informed today, April 2, 2015, that GLG Partners LP now holds an interest in 11,225,152 common shares, representing 4.75 per cent. of the issued share capital of the Company."Assuming the volume figure reported by Google is usually reasonably accurate then a high proportion of them weren't bought today and the share price has been falling while they bought the bulk on previous days. In situations like this I for one would prefer if such information became public knowledge in the shortest time possible after management knew.
holaboo30
02 Apr 2015
Re: CAZA needs an oil price of at least US$ ... Ferman - the cost per barrel calculation is not that simple. In the short term you would only account for the variable cost of production. So if we don't account for depreciation and exploration costs, the average 'cost' of production is actually $55.75 per barrel. This is also arbitrarily high since the company is actively reducing production in light of the low prices, however costs such as general and administrative costs are relatively constant no matter how low production is.
holaboo30
02 Apr 2015
Re: CAZA needs an oil price of at least ... Well if you looked more clearly this actually fell from the 6.2million in 2013 and we all know how well the company was doing in 2014.Not a big deal, stop scaring people
mcgregory
02 Apr 2015
1% up! woohoo!Is it worth selling at these levels? I'm so far down day trading seems the only way forward..
Frankers70
01 Apr 2015
Re: CAZA needs an oil price of at least ... I have an interest only mortgage and I'll make an assumption that the relationship with my bank is as good as Caza's is with it's financiers. If I have some trouble paying, I could, short term, take a payment holiday and then perhaps over the medium term reduce my payments and pay either over a longer period or pay more later in the loan period. The bank would rather that than throw me onto the street. Caza's financiers would rather Caza not be 'thrown onto the street' as it were either for all the complications that could bring. Therefore, if the fundamentals of the business are sound and only reliant on the uplift of oil price at some point, then the financiers will give Caza the breathing space to see how things play out. An RNS to this affect sooner rather than later may halt the share price slide. Until then, we sit in the boat and ride out the storm. Now, where's that fishermans jacket when I need it...
spike501
01 Apr 2015
Re: CAZA needs an oil price of at least ... Rogadar - I agree admin expenses do seem to be quite high at $6million especially given salaries are just a third of that. There are also $2million paid out to a related party - I don't know if there is any overlap with the salary costs. It was also $1.7million in Q4 which shows that so far no reductions have been made. Perhaps they have been trimmed now.Frankers - there are no capital repayments on the debt, only interest payments. The chances of Caza being able to refnance at a lower interest rate in the current environment is very slim.
Rogadar.
01 Apr 2015
Re: CAZA needs an oil price of at least US$ ... how, possibly, could you justify, general and administrative costs of six million dolars
Nunquam
01 Apr 2015
Minus 20 percent not good.
mantrova
01 Apr 2015
Re: CAZA needs an oil price of at least ... Even further down on the day, over on the other side of the pond.m
great bull
01 Apr 2015
Re: CAZA needs an oil price of at least ... Nothing is as simplistic as the oil price needs to be x amount lots of different scenarios to play out as frank ers states the management aren't stupid, they have a lot to lose so will make sure we come out with the best outcome in the end, over reaction by the market today but will even out in the long run.
Frankers70
01 Apr 2015
Re: CAZA needs an oil price of at least US$ ... Or you look to reduce your operating and financing costs by 30%. Obviously, focus on the most efficient current flowing wells, cut well back on new drilling and renegotiation the financing to push the repayments further into the future when the price of oil recovers. It's in nobody's interests for this to fail and fairly confident the next few RNS's will be positive ones and to the tune of this post.
Fernan_10
01 Apr 2015
CAZA needs an oil price of at least US$ 81 From CAZA´s results for year 2014:Average daily production: 923 boedTotal annual production: 336.895 boeCAZA´s costs in 2014
roduction: US$ 6,128,114General and administrative: US$ 5,939,589Depletion and depreciation: US$ 7,537,416Financing costs: US$ 6,713,028Exploration and evaluation: US$ 1,045,875Total cost: US$ 27.364.022Cost per barrel produced in 2014: US$ 81.22Assuming that the Depletion and Depreciation expense of the Financial Statement is roughly equivalent to CAZA´s drilling and completion cost, it´s reasonable to assume that, at current levels of production, CAZA needs a minimum price of US$ 81 per barrel just to recover operating and financing costs (including the cost of drilling and completing wells).I can´t see CAZA running a profitable operation in the near future.Just my oppinionFernan
indolent
31 Mar 2015
Re: Why the fall? (old ish thread) I took a bit of flak from DelBoy back in October asking about funding in an Apollo context. What choice did they have to talk then or sometime since and to act soon in an attempt to avoid dilution. If management can't find an alternative for most of the Apollo debt then it'll be a stark choice eventually. It took longer than I guessed though but then they did win a stay of covenants execution.
spike501
31 Mar 2015
Re: Poor results Frankers - the company is very close to being insolvent. At the end of last year it owed $10million more to its suppliers - presumably the drilling companies - then it had in cash or was owed for its oil sales. Its likely that Q1 has seen a further cash outflow so even after the Yorkville financing, Caza is in real financial trouble. After constant production increases, production has now dropped below 1000boe/d, only 1 well with a 15% interest came online in Q1 and only one well with 15% interestis being drilled.As the results say, they are trying to find additional finance to replace Apollo and provide more debt for drilling - I don't believe they will get it which will likely leave Caza in a position of having to sell its assets and I don't see them raising enough to leave shareholders anything after repaying debt.
phonic
31 Mar 2015
Re: Poor results Nice 1m delayed buy just come through at above offer08:12:18 5.00 1,000,000 O 4.25 4.75 Buy
