Spotgoedkope overnamekandidaat in deze sector:
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Connacher Oil and Gas Limited Announces Algar Production Ramp Up Progressing on Schedule; Daily Production at Algar has Surpassed 5,000 barrels per day; Combined Bitumen Production at Great Divide Has Exceeded 12,000 barrels per day.
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Huidige koers CLL is ca 1,20 CAD
BeantwoordenVerwijderennog te koop voor de spotprijs van ca 46 cent.
BeantwoordenVerwijderen+++++++++++++++++++++++++++++++++++++++
Oilsands Quest Inc. is a public company (Amex: BQI) engaged in a variety of projects in the oil and gas industry in Western Canada with an emphasis on the oil sands. The company is aggressively exploring Canada's largest contiguous oil sands land holding, which is located in northeast Alberta and northwest Saskatchewan. Oilsands Quest is leading the development of an oil sands industry in the province of Saskatchewan.
Oilsands Quest is incorporated in Colorado, U.S.A. Its main operating subsidiaries are Oilsands Quest Sask Inc., Township Petroleum Corporation and Oilsands Quest Technology Inc.
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Bovenstaande oliezand-aandelen samen met AOS (ca 33 cent) zijn perfecte 'contrairian stocks'.
BeantwoordenVerwijderenKennelijk heeft 'niemand' nog interesse voor oliezand-aandelen, dit terwijl de omstandigheden perfect zijn (lage gas- en hoge olie-prijzen).
Vroeg of laat komt er weer grote belangstelling voor en zijn de koersen voor je het weet verdubbeld.
AOS heeft inmiddels weer de 50 cent gehaald, dit aandeel is een 'goudmijn', mits je steeds verkoopt bij een spike omhoog en terugkoopt als de zaak weer als een plumpudding in elkaar zakt.
BeantwoordenVerwijderenOilsands Quest blijkt weer eens een perfect voorbeeld van hoe een contrarian zonder veel risico veel geld kan verdienen; ik heb forse hoeveelheden ingeslagen tussen de 46 en 40 cent. Iedere keer als de koers rond de 40 stond besloot ik weer wat bij te kopen.
BeantwoordenVerwijderenKoers is nu 66 cent.
SHR had volkomen gelijk met zijn keuze.
De reden voor de koersdaling tot minder dan 40 en nu de stijging tot ca 66 cent is geheel onbekend.
Daar gaan we weer..!!
BeantwoordenVerwijderenOilsands Quest wordt weer eens gedumpt als pepernoten op 6 december.
Gelukkig had ik aardig wat verkocht en nu koop ik weer terug, wellicht is BQI het ultieme tradingaandeel...??
Als je bedenkt dat de beurswaarde slechts ca 180 miljoen is en ze met gemak een productie kunnen halen van 300.000 barrels per dag, dan is de beslissing niet moeilijk.
Opti hires Lazard Freres
BeantwoordenVerwijderen* Shares were down 28 percent before trading halt (Adds details)
Feb 1 (Reuters) - Opti Canada Inc (OPC.TO), under financial pressure due to lower-than-expected oil sands output, said on Tuesday it hired a new financial adviser to assist it in efforts to raise cash by selling assets or finding a buyer for the company.
Opti, which has a minority stake in Nexen Inc's (NXY.TO) Long Lake oil sands project, said Lazard Freres & Co LLC will help Scotia Waterous Inc and TD Securities Inc, which have been working on strategic options since 2009.
"Lazard will supplement the strategic review by providing advice on capital structure alternatives to address the company's overall leverage position," it said in a statement.
Opti made the announcement after its shares were halted on the Toronto Stock Exchange. They had been down 19 Canadian cents, or 28 percent, at 50 Canadian cents.
The shares had last taken a hit in mid-December when Standard & Poor's cut its ratings on Opti debt, citing a deteriorating financial position.
Operational problems at the C$6.1 billion ($6.2 billion) Long Lake project have kept output from coming close to its design rate o f 72,000 barrels a day. In 2011, it is expected to produce 38,000-45,000 bpd.
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commentaar: koers van Opti (OPC) dondert ca 35% naar beneden, dit is dus een prachtige contraire koopgelegenheid, koers ca 48 cent, na een hoogtepunt ca 2,40 niet echt lang geleden.
Het lijkt wel of plotseling oliezand-aandelen besmet zijn, ze zijn erg goedkoop en dus koopwaardig (behalve ATH natuurlijk).
(verplaatst van prikbord - 1 februari 2011)
Press Release Source: Connacher Oil and Gas Limited On Tuesday February 15, 2011, 1:20 pm
BeantwoordenVerwijderenCALGARY, Feb. 15 /CNW/ - Connacher Oil and Gas Limited (CLL - TSX) announced today the closing of its previously-announced Battrum property sale for $57.5 million, prior to normal closing adjustments. The effective date of the sale was January 1, 2011. Proceeds from the sale of the Battrum properties were added to Connacher's cash balances and working capital, thereby reducing net debt.
Connacher Oil and Gas Limited is a Calgary-based crude oil, natural gas and bitumen exploration, development and production company. Our principal assets are located in the oil sands at Great Divide, Alberta, where we operate two steam assisted gravity drainage ("SAGD") plants for the production of bitumen and sale of diluted bitumen or dilbit. We also own conventional crude oil and natural gas production at Marten Creek, Latornell, Randall, Gilby and Three Hills, all in Alberta. We own and operate a profitable 9,500 bbl/d heavy oil refinery at Great Falls, Montana and own approximately 19 percent of Petrolifera Petroleum Limited, a public crude oil and natural gas company active in South America.
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Connacher is nog steeds een koopje op 1,31.
ALBERTA OILSANDS ANNOUNCES CLOSING OF $5 MILLION OFFERING
BeantwoordenVerwijderen7/15/2011 5:34:31 PM - FND
Calgary, Alberta CANADA, Jul 15, 2011 (Filing Services Canada via COMTEX News Network) --
Alberta Oilsands Inc. (AOS - TSX Venture), ("Alberta Oilsands" or the "Company") (TSXV-AOS) is pleased to announce that it has closed its previously announced prospectus offering of 16,666,600 common shares in the capital of the Company (the "Common Shares") at a price of $0.30 per Common Share for gross proceeds of approximately $5 million.
Calgary, AB June 22, 2011
BeantwoordenVerwijderenAlberta Oilsands Inc. Announces Joint Marketing of Hangingstone / Halfway Creek Asset
Calgary, Alberta CANADA, June 22, 2011 /FSC/ - Alberta Oilsands Inc. (TSX - VX: AOS), ("the Company" or "AOS") announces that the Company, in conjunction with Connacher Oil and Gas Ltd. ("Connacher"), has engaged RBC Rundle to coordinate the sale of a 100 percent working interest (held 50 percent by AOS and 50 percent by Connacher) in 38.5 contiguous sections (24,640 acres) of land located in the Hangingstone/Halfway Creek area, in the heart of the Athabasca oil sands region in northeast Alberta.
The Hangingstone/Halfway Creek lands have been assigned, in aggregate, 154.5 million barrels of best estimate contingent resources and 47.7 million barrels of best estimate prospective resources as at December 31, 2010, based on an independent reserve and resource report prepared for Connacher by GLJ Petroleum Consultants Ltd. ("GLJ"). To date, a total of 32 core holes have been drilled on the Hangingstone/Halfway Creek lands and the lease block has been covered by 2-D seismic. AOS is disposing of its interest in the Hangingstone/Halfway Creek asset to allow the Company to continue its focus on the Clearwater project as its core oil sands area. In the Clearwater area AOS has a Phase I project application being reviewed by the ERCB. The application is for facilities capable of 4,500 barrels per day (bpd) of bitumen production. AOS holds additional lands in the Clearwater area with a commercial scale potential in the range between 15,000 and 25,000 bpd. AOS received the first supplemental information requests (SIRs) from the ERCB in April 2011 and expects to submit a comprehensive response shortly.
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commentaar: de huidige market cap van AOS is ca 33 miljoen volgens Stockhouse (incl emissie), met een beetje mazzel zal de opbrengst van de verkoop van deze oliezand-concesseie daar ver boven uitkomen.
wo 20 jul 2011, 11:07
BeantwoordenVerwijderenChinees oliebedrijf neemt Canadese Opti over
SHANGHAI (AFN) - De Chinese oliemaatschappij CNOOC neemt de Canadese ontwikkelaar van oliehoudende teerzanden OPTI over voor een bedrag van 2,1 miljard dollar (1,48 miljard euro). Dat maakten beide bedrijven woensdag bekend.
CNOOC verwacht dat de overname in het vierde kwartaal van dit jaar is afgerond. De Chinese oliemaatschappij kocht in 2005 al een belang van 17 procent in het Canadese MEG Energy, een branchegenoot van OPTI.
Anoniem zei
BeantwoordenVerwijderennieuwe koopkans Alberta Oilsands, weer terug op 0,235. Vraag me af waarom dit aandeel steeds weer onder verkoopdruk komt, oliezand-business die niet goed draait? Olieprijs zit toch weer tegen de 100 dollar aan te hikken, daar kan het niet aan liggen.
Vooralsnog hebben ze goede plannen met het Clearwater-project. Misschien dat de twijfel over de financiering hiervan weer toeneemt?
Wat is jouw gedachte hierover Precies?
Gr,
Arie
28 juli 2011 10:46
Arie,
BeantwoordenVerwijderenalle omstandigheden zijn positief voor oliezand-projecten, toch is de koers van AOS belachelijk laag, waarom...??
Ik heb geen idee..!!
AOS is in ieder geval niet de enige: BQI is gedaald van ca $ 6 naar ca 25 cent.
Wacht eerst maar eens af hoeveel de geplande verkoop van het belang in ca 100 miljoen barrels gaat opleveren.
ALBERTA OILSANDS INC. TO RECEIVE GROSS PROCEEDS OF $27 MILLION FOR ITS SHARE OF THE HANGINGSTONE/HALFWAY CREEK PROPERTY
BeantwoordenVerwijderen9/26/2011 9:28:16 AM - FND
Calgary, Alberta CANADA, Sep 26, 2011 (Filing Services Canada via COMTEX News Network) --
Alberta Oilsands Inc. (AOS - TSX Venture), (the "Company" or "AOS) announces that further to its press release dated June 22, 2011, the Company has entered into an agreement to sell its 50% working interest in land located in the Hangingstone/Halfway Creek area to an arm's length third party for gross proceeds to AOS of $27 million, subject to adjustment, according to the terms of the asset purchase agreement (the "Transaction"). The Transaction is subject to regulatory approval and other conditions customary in transactions of this nature.
The working interest being sold by the Company is subject to a gross overriding royalty which is expected to be converted to a 4.125% working interest upon the closing of the Transaction and the royalty holder will receive $2.2 million of the gross sale proceeds in satisfaction of such converted royalty. AOS has the option, in its sole discretion, to satisfy remittance of the purchase price allocated to the royalty holder, which will be held in trust by AOS, through the payment of cash or a combination of cash and the issuance of up to 1,000,000 common shares on a flow-through basis at a deemed price of $0.375 per share (the "Shares"), subject to regulatory approval. If issued, the Shares will be subject to a four month hold period from the closing date of the Transaction.
Proceeds of the sale will be directed to the Company's working capital. AOS has three oil sands properties, Clearwater, Grand Rapids and Algar Lake where the capital can be deployed to further the Company's focus on adding value to these assets through exploration and development. All of these properties are expected to be produced using in situ bitumen production technology.
At Clearwater, the Company has applied for a SLP-SAGD (solvent assisted low pressure steam assisted gravity drainage) project that is expected to produce up to 4,350 barrel per day of bitumen. The Clearwater Phase I project application is currently under review by Alberta Environment and the ERCB. This SLP-SAGD project with state of the art, safety, operating and environmental technologies is planned as the first phase to develop a portion of the 32 sections of oil sands leases AOS owns at Clearwater.
At Grand Rapids, the Company has 18 contiguous sections of oil sands leases.
At Algar Lake, the Company has 51 sections of oil sands leases in two parcels where the prospective formations are the McMurray for in situ thermal production and the Wabiskaw with cold flow production potential. The Company is actively reviewing plans for exploration starting this winter season for these properties.
AOS has a 100% working interest in the 101 sections of oil sands leases it holds at its Clearwater, Grand Rapids and Algar Lake Properties.
"Proceeds from this sale unlocks material value from oil sands assets that were a lower priority for development for AOS," said Shabir Premji, Executive Chairman of Alberta Oilsands Inc.
The Transaction is expected to close before the end of September, 2011.
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commentaar: de opbrengst van slechts een klein gedeelte van de oliezanden van AOS is bijna gelijk aan de gehele market cap......
ja en de markt vind het vooralsnog teleurstelling aan de bid/ask te zien....aandeel is nog halted....gaat +/- 17.15 van start lees ik.
BeantwoordenVerwijderenOngelofelijk toch, geen schulden, +/- 5 miljoen in kas, 27 miljoen opbrengst verkoop en dan alle andere assets nog met een waarde van ..... ???????
Groeten
Arie
Connacher inmiddels op 26 ct. Mis ik iets?
BeantwoordenVerwijderenCash Flow is positief, net income nog niet, maar met de groeiende productie en de optimalizatie van de productie kan het alleen maar beter worden lijkt mij?
Wat een ongelofelijke afstraffing heeft dit aandeel. Valt de verkoop tegen van het AOS/CLL project of zijn er andere factoren die ik over het hoofd zie?
Precies, heb jij nog een mening ten aanzien van dit geheel?
gr
fd89
Scotia Capital Inc. - Canada)
BeantwoordenVerwijderenmark_polak@scotiacapital.com
Alex Gheorghe, CFA - 403-213-7332
(Scotia Capital Inc. - Canada)
Eugene Vath, CA, CFA - 403-213-7768
(Scotia Capital Inc. - Canada)
Est. NTM Div.C.00
Div. (Current).00
Yield0.0%
Rating: 2-Sector Perform Target
1-Yr: C$1.60 ROR 1-Yr: 116.2%
Risk Ranking: High
2-Yr: C$1.75 2-Yr: 136.5%
Valuation:
0.5x our risked 2P+2C NAV less annual dividends
Key Risks to Target:
Commodity prices, crack spreads, timing of projects, and project execution.
Uncertainty Overshadows Attractive Valuation
Event¦
Connacher reported Q2 CFPS of
.04, in line with consensus of .05.
Implications¦
Connacher trades at 21% our risked 2P2C NAV, making it the most
attractive name in our coverage on this basis. The company trades at
5.4x 2011E DACF, slightly above the Large Cap E&P average of 4.9x.¦
Management announced a slower ramp-up at Algar, in part due to a
decision to lower reservoir pressure by introducing ESPs and bringing
steam injection to desired rates. While we are not altering our longer
term outlook, the risk remains that oil sands production may not reach
capacity of 20 Mbbl/d.¦
Adjusting for YTD production and combined with a slower expected
ramp-up at Algar, management reduced 2011E bitumen production
guidance by 11% to a midpoint of 13.8 Mbbl/d. Balancing this, 20%
higher production from conventional sources is projected at 1.4 Mboe/d.
Recommendation¦
Balancing the company's $810 million net debt and uncertainty in the
timing of oil sands expansion, with a very low P/NAV of 21%, we
maintain our recommendation for the stock. We reiterate our 2-Sector
Perform rating and $1.60 one-year target.
Stockhouse Forum:
BeantwoordenVerwijderen-------------------------------------
CLL has come down to fast
PUNJABI2
10/3/2011 1:36:24 PM | | 117 reads | Post #30250888
The management has been a trading /swapping loans & other financial instruments like a investment company. They have made the balance sheet of the company very complex for a retail investor to understand.
The share price is pricing in bankruptcy. The problem is that the company is producing under capacity. Has a huge debt & if oil takes another dive the company will have issues with services its debt. The management has been totally reckless wasting money buying properties at huge premiums. Now that they are running out of cash they have been constantly selling those properties at huge losses to pay the present bills. CLL has started a fire sale & the shareholders are paying the price.
The proceeds from sales are helping to pay the bills for the time being. What happens when they have sold all the properties. Will they then sell the refinery too ? What if the oil drops under $50 ? For the time being they have still some time. They do have some assets which have decent value. The bonds holder who have a lien are safe. There is always a possibility of JV. or buy out. The question is at what price. At these price all buyers are in for a speculative trade. Vast majority of the companies maybe about 90 % which price in bankruptcy fail a very few survive & the share price rebounds.
At this time I think that CLL still has a fair chance because of some of its assets. The only thing which can further hurt the company is a further big dip in oil prices.
At this time CLL is high risk high reward trade. This stock is not going to zero till it goes bankrupt. Even under protection it will have some value. The stock is coming to price where traders are flipping for pennies. I would say that it has a better shot than OPC. Regarding the short position there only 1.3 million shares shorted at this time. So there is no short squeeze coming.
If CLL had not accumulated so much debt & wasted so much money in buying expensive assets at exorbitant premiums then this company would not have been in this position. Lot of money was wasted to satisfy the ego of the management who acted more like a high rollers. They rolled the dice & are losing.
I am interested in trading this stock around $.20 & lower. If this company is still at these prices & lower in Dec & no clear sign of bankruptcy then I would be very active in tax loss selling trading. I have a felling that the tax loss selling is going on at this time too. I like the stock at these prices & lower for trading. Soon is going to stop dropping $.08 a day. With share price at $.24 the stock cannot do that for too long. Pretty soon it is going to settle.
CLL:
BeantwoordenVerwijderenhuidige market cap ca 109 miljoen.
Eigen vermogen is ca 470 miljoen.
huidige EBITDA schat ik op ca 160 miljoen op jaarbasis, bij een omzet van bijna 1 miljard.
Cash+kortlopende vorderingen en voorraden zijn ca 210 miljoen.
In 2008 was de koers nog 5 CAD, de huidige koers is een absoluut(?) dieptepunt van de afgelopen 5 jaar.
Press Release Source: Connacher Oil and Gas Limited On Tuesday October 4, 2011, 8:23 am
BeantwoordenVerwijderenCALGARY , Oct. 4, 2011 /CNW/ - In light of recent stock market activity, Connacher wishes to clarify certain matters and update shareholders on the various initiatives that have been underway for some time, in the interest of enhancing market understanding of the financial stability and underlying value of the corporation.
The company continues to enjoy substantial liquidity. As announced on September 30, 2011 , we have closed the sale of our lands and resources at Halfway Creek in the Alberta oil sands for cash proceeds of $26.8 million . As a result, we currently have cash balances of over $75 million . We are also in a process to sell our extensive landholdings at Latornell in the Deep Basin of northwestern Alberta. Lands in this region are prospective for multizone liquids-rich natural gas and crude oil. Bids are due in mid-October. We also own and intend to monetize a marketable share position in Gran Tierra Energy Inc., a company which has considerable market value and affords good trading liquidity. Our current cash balances and the proceeds from additional asset sales are earmarked for our debt reduction program, which includes repayment of the $100 million convertible debentures when due in June 2012. Other than to secure $2 million for letters of credit, our $100 million credit facility remains undrawn and we do not anticipate making any draws in the foreseeable future.
Our operations continue to perform well and generate substantial cash flow. Great Divide production is stable. Our revenues are supported by hedges through the remainder of this year and into 2012 that provide considerable downside protection in the event oil prices deteriorate. Our refinery continues to operate at or above its rated capacity and generate strong financial results. In addition to the significant net operating income being delivered, our ownership in the refinery continues to provide us with a hedge against heavy crude oil differential risk, provides diluent needed for our oilsands operations and also gives us a beneficial window on marketing opportunities in the United States for our bitumen and dilbit.
Our oil sands joint venture initiative is proceeding as planned. We expect receipt of bids later this year. The transaction could involve an upfront cash payment and/or sell down of a minority interest in our Great Divide and Algar projects. Any cash proceeds would be used to further enhance corporate liquidity and reduce long-term debt.
Additionally, we continue to advance our light gravity crude oil resource plays in central Alberta and believe we have identified substantial reserve and resource potential. We have engaged in farmout discussions with various well-financed parties. We believe these discussions will result in transactions that involve upfront proceeds and retention of a meaningful carried working interest and exposure to aggressive, multi-well drilling programs at no financial cost to Connacher.
Our conventional drilling program is substantially complete, certain indicated crude oil wells remain to be completed and tied in to facilities and further conventional outlays will be held to a minimum thereafter. Steps will be taken to minimize capital expenditures in other aspects of our business during the fourth quarter.
We anticipate finalizing and announcing our 2012 budget in conjunction with our third quarter 2011 results. Aside from oil sands maintenance expenditures estimated to be in the range of $30 million , 2012 capital spending will be entirely discretionary and scalable in response to evidence of improved crude oil price realizations.
Precies, nog enig idee/verwachting van Alberta Oilsands (AOS). Heeft me intussen klauwen vol geld gekost, dat kreng blijft maar dalen op weinig/gemiddeld volume. Bij een crude oil prijs van 80 stonden we nog aan 0,22, nu crude oil bijna op 100 en we staan op 0,17.
BeantwoordenVerwijderenNu lees ik op Stockhouse dat het wachten is op de pilot?? wat wordt hier precies mee bedoeld, volgens AOS zelf wordt deze eind 2011 verwacht.
Verder lees ik op de website van AOS dat ze de waarde per aandeel aos.v zelf schatten op meer dan 3 dollar ????? Is de markt dus gek of klopt hier iets niet?
Alvast bedankt voor je antwoord.
gr Arie
16 november 2011 11:34
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antwoord: Arie, ik heb natuurlijk hetzelfde probleem met AOS.
De feiten zijn: AOS heeft meer cash dan de market cap, de miljarden (!!) barrels of oil in het zand krijg je er gratis bij.
De olieprijs is heel hoog en de gasprijs (=energie voor oliezandwinning) is absurd laag.
De markt is dus inderdaad gek (van angst).
AOS heeft genoeg geld voor de pilotplant (=test oliewinning).
Voorzover ik weet wordt oliewinning uit oliezand steeds beter en goedkoper.
Meer valt er niet te zeggen op dit moment.
Je hebt wel gelijk van die cash, maar dat weet niet iedereen. Op 1 juli was de cash zo ongeveer op. Later is er voor 24.6 netto aan assets verkocht, maar dat staat alleen in een persbericht en nog niet in de financials.
BeantwoordenVerwijderenIk denk dus dat dit niet in de koers verwerkt zit.
Wat er verder nog te melden is dat het bedrijf momenteel bezig is om nieuwe managers te zoeken.
Ze hebben dus voldoende cash voorlopig, en de reserves van Clearwater zijn dus 3 a 4 x zo hoog als de verkochtes assets van Hangingstone dus zeg maar 75 miljoen CAD extra. Terwijl de koers nu alleen de cash vertegenwoordigd. Als je het mij vraagt dus een koopje maar dat dacht ik ook op 0,30 en 0,40......
BeantwoordenVerwijderenEven afwachten nog maar.
Connacher Increases Cash Balances to $120.3 Million on Sale of Latornell Properties and Gran Tierra Shares
BeantwoordenVerwijderenSymbol Price Change
CLL.TO 0.355 +0.00
CALGARY, Nov. 28, 2011 /CNW/ - Connacher Oil and Gas Limited (CLL - TSX) announced today that it has increased its cash balances to $120.3 million as of the close of business on Friday, November 25, 2011, principally as a result of the successful sale of its Latornell properties and its shares of Gran Tierra Energy Inc.
"With our increased cash balances and liquidity-raising initiatives, we remain confident that we will meet all of our 2012 financial obligations, including the repayment of $100 million in convertible debentures due in June 2012," said Richard A. Gusella, Chairman and Chief Executive Officer. "Without diluting our existing shareholders we can reduce debt, deal with any adversities that might arise from weak general economic conditions and properly maintain our valuable oil sands, conventional and refining assets."
"Connacher also continues to advance two other liquidity-raising initiatives, a joint venture or sell-down of our Great Divide oil sands project in Alberta and a farm-out or sell-down of our conventional crude oil and natural gas properties at Twining and Penhold, Alberta," added Mr. Gusella. "On conclusion, which we anticipate will now occur next year, these initiatives could result in further debt reduction and an acceleration of growth activities on our assets."
Cash Balance Update
The latest cash balance represents an increase of $38.6 million, or 47 percent, compared with the company's cash balances of $81.7 million at September 30, 2011. The increase in overall cash balances also includes a contribution from our operations since September 30, 2011. The contribution is partially attributable to stronger crude oil and bitumen prices so far in the fourth quarter of 2011, compared to the most recent quarter.
Latornell and GTE Update
Connacher's Latornell properties were largely undeveloped lands situated in the Deep Basin of northwestern Alberta. Sayer Securities assisted Connacher in the transactions, which were conducted by way of an auction process.
Connacher sold its entire shareholding in TSX-listed Gran Tierra in a series of market transactions. These shares were received by Connacher in early 2011 when Petrolifera Petroleum Limited was sold to Gran Tierra.
Alberta Oilsands intussen aanbeland op 0,16 CAD, marketcap 25 miljoen volgens google finance. Cash momenteel 28 miljoen. En dan te bedenken dat ze het project Clearwater in ontwikkeling hebben met 383 miljoen barrels.
BeantwoordenVerwijderenBuffet zou het wel weten denk ik zo.....
While much of the U.S. heartland is suffering from severe unemployment and a loss of blue collar jobs, there is one place on the North American continent that is, in point of fact, the direct opposite.
BeantwoordenVerwijderenThe city of Fort MacMurray in Northern Alberta is, without a doubt, an incredible boom town at this writing. Young people from all over Canada, and now the U.S. are finding jobs in the six figure range, with barely a high school education. The Government of Alberta foresees a worker shortage of nearly 100,000 by 2015 according to the Calgary Herald. The only comparison I can think of is Dawson City during the Klondike Gold Rush, and that was on a much much smaller scale. Several of my son's friends moved there out of high school and are making over $125,000 salaries, digging the bitumen out of the sands. In fact, they have done so well, they will not go to college, choosing instead to make their fortunes in the sands.
As is evidenced from this chart, the oil sands continue to grow, and with the world dependent on oil for the foreseeable future, it is a fait accompli.
There are many oil and gas juniors now in Alberta, however I have only focused on one which I recently bought into.
Alberta Oilsands Inc. (AOSDF.PK) is a Calgary, Canada-based oil sands developer focusing on bitumen resources in the Athabasca oil sands region of northeast Alberta. AOS focuses exclusively on underground or in situ recovery, ensuring a small physical footprint and reduced surface disturbance. As of 2007, AOS leases the bitumen rights to 106 net sections of lands. (over 66,000 hectares) on four properties, Clearwater, Algar Lake, Grand Rapids and MacKay River.
Relative to the gigantic scale of the Alberta oil sands, AOS is a smaller company. However, small in the oil sands can still be a very large opportunity. Production potential at Clearwater, one of their four properties, is estimated at 15,000-25,000 barrels per day – equal to an intermediate-sized conventional oil and natural gas producer. As is stated on its website, AOS’s smaller corporate size results in low overhead costs, an entrepreneurial culture and responsiveness to input from stakeholders. AOS has an experienced management team and is supported by industry-leading technical consultants.
AOS is a penny stock, with a $21M market cap and 139m shares outstanding. On Monday, it traded between .155 cents and .165 cents, a 52 week low for the stock which currently has a book value of .47 cents. AOS traded over $2 per share in 2007 when it initially purchased the leases. Current revenue is $2.1 Million. AOS feels the Clearwater field alone holds about $2.5 Billion worth of bitumen.
While the U.S. continues to waiver over the green lobby's protests of the oil sands, over the past five years Chinese oil companies have invested over $18 billion in the oil sands, mostly buying minority stakes in existing projects. This week alone, the Chinese National offshore Oil Co (CEO) invested another $2.1 Billion when it bought Calgary based Opti Canada Ltd. CNOOC already owns over 14% of oil junior MEG Energy.
The Canadian government has welcomed China's investments in the oil sands as it seeks a broader trading relationship with China. At this writing more Chinese investments are in the offing while other countries such as India and Russia are also making plays for oil sands acreage.
Uncle Sam may be sleeping, but you do not have to. If you believe there will be more M and A action in the sands, and you want to dip your toe in to the volatile junior oil sector, AOS may be good place to start.
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Benieuwd wanneer Alberta Oilsands goedkeuring krijgt voor het Clearwater project (of niet natuurlijk....) Volgens mij kun je weinig verkeerd doen om op 0,16 cad te kopen, noteert nog steeds onder de marketcap.
gr
Arie
Connacher Comments on Trading Activity
BeantwoordenVerwijderenSymbol Price Change
CLL.TO 0.92 +0.31
CALGARY, Dec. 8, 2011 /CNW/ - Connacher Oil and Gas Limited (CLL - TSX) today stated that it has been required by Investment Industry Regulatory Organization of Canada (IIROC) to provide a comment on the recent trading activity in Connacher's common shares.
Connacher has recently advised capital markets of its improved liquidity and ongoing business plan, including in relation to its oil sands joint venture initiatives and its conventional activities. Furthermore, the Company notes that recently selling prices for bitumen have increased by over 50 percent above average levels received in the most recent reporting period.
Connacher also advises it has received a confidential, non-binding, unsolicited proposal to acquire all of the outstanding shares of the company. The proposal is conditional upon, among other things, due diligence, negotiation of all definitive documentation and approval of the Board of Directors of Connacher and of the interested party.
Consistent with its fiduciary duties and in consultation with its exclusive financial advisor, Goldman Sachs, and its legal counsel, Macleod Dixon LLP, the Board of Directors of Connacher is considering and evaluating the proposal. There can be no assurance that a formal offer or a transaction will result from this proposal.
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commentaar: CLL staat vandaag ruim 283% boven het recente dieptepunt van 24 cent.
Het lijkt erop dat men wakker begint te worden in de oliezandsector, al deze aandelen zijn zonder goede reden absurd goedkoop geworden.
Voor een paar kwartjes kun je tegenwoordig een oliezand-barrel kopen.
en AOS opnieuw weer zakken, snappen wie het snappen kan, ik blijf zowieso bijkopen
BeantwoordenVerwijderenImperial Oil plans $8.9 billion expansion of Kearl Oil Sands Project
BeantwoordenVerwijderenAndrew Topf | December 21, 2011
Imperial Oil is spending close to $9 billion to expand its 71%-owned Kearl Oil Sands Project.
The oil giant said said on Wednesday the expansion, costing $8.9 billion, will add 110,000 barrels of oil per day by late 2015 to the facility northeast of Fort McMurray, Alberta.
The Globe and Mail reports the cost figure is a 25% increase over a previous estimate. The new budget, said the newspaper, includes improvements to Kearl’s tailings impoundment meant to comply with Alberta’s new tailings regulations, and pipelines that will connect the project to other lines.
The project is 80% complete with startup expected at the end of next year.
The surface mining operation would begin production at 110,000 bopd and ramp up to a plant capacity of 145,000 bopd. However, Imperial Oil (TSE:IMO) says that “future debottlenecking” will increase output to 345,000 bopd in order to fully exploit the 4.6 billion barrel resource.
The Kearl expansion project is a key element of Imperial’s plan to double its production to approximately 600,000 oil equivalent barrels per day by 2020.
PetroChina buys full stake in oil sands project
BeantwoordenVerwijderenAthabasca strikes deal to sell rest of MacKay River oil sands project to PetroChina
Symbol Price Change
ATH.TO 13.00 +0.51
TORONTO (AP) -- PetroChina, Asia's largest oil and gas company, is buying the 40 percent interest it didn't own in the MacKay River oil sands project in Canada for US$673 million.
The deal with Athabasca Oil Sands Corp., announced Tuesday, gives PetroChina full ownership in one of the newest of northern Alberta's oil sands developments. Athabasca had sold PetroChina a 60 percent stake in the project last year.
China's state-owned oil companies have invested billions of dollars in exploration or production ventures in Canada, Africa, Latin America and elsewhere.
Industry officials estimate Alberta could yield as much as 175 billion barrels of oil, which would make Canada third only to Saudi Arabia and Venezuela in crude oil reserves.
Connacher sees strong Q4 results
BeantwoordenVerwijderenWed Jan 4, 2012 8:41am EST
Jan 4 (Reuters) - Connacher Oil and Gas Ltd said it expects strong fourth-quarter results, helped mainly by a significant rise in crude oil and bitumen prices.
The Canadian oil sands developer, which also expects to raise its 2012 budget, said adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for October and November is C$27.7 million ($27.45 million).
The company expects to exit 2012 with production in excess of 16,000 boepd, compared with about 14,000 boepd in 2011.
Connacher said it expects to expand its Algar unit at the Great Divide oil sands project in Alberta by 24,000 barrels of oil per day (bbld).
***************************************************
commentaar: nog maar een paar maanden geleden dacht de markt dat Connacher bijna failliet was.......!!!
Laagste koers was ca 24 cent!!
Waarom de koers vandaag weer ca 19% omlaag duikelt is mij een groot raadsel.
Misschien omdat men nog steeds denkt dat Connacher bijna failliet is?
BeantwoordenVerwijderen;-)
Waarom de koers naar beneden gaat?
BeantwoordenVerwijderenLees het Q3 persbericht:
"we have revised our full‐year 2011 total upstream production guidance to a range of 14,150 boe/d to 15,750 boe/d"
en dan dit bericht:
"The company expects to exit .... compared with about 14,000 boepd in 2011."
Helemaal aan de onderkant van de productie range.
Connacher staat weer op ca 93 cent, dus de absurde daling na heel goed nieuws, is blijkbaar toch weer een 'vergissing' van de markt.
BeantwoordenVerwijderenDe netback per barrel is trouwens in nov. meer dan 2x zo hoog als in okt., dus de winst in het 4e kwartaal kan fors stijgen bij een gelijkblijvende productie.
Connacher Anticipates Strong Fourth Quarter 2011 Financial Results: Transformational Change Initiated Will Provide Strong Growth and Improved Financial Metrics and Lay Foundation for Value Recognition
BeantwoordenVerwijderenWed, Jan 4, 2012 7:00 AM EST
Symbol Price Change
CLL.TO 0.92 +0.05
Surge in crude oil and bitumen prices drove fourth quarter 2011 growth and is continuing
Anticipated expansion of its capital spending program at Pod One and Algar with new steam assisted gravity drainage ("SAGD") well pairs, infill wells at Pod One, introduction of SAGD+TM at Algar and Diluent Recovery Unit ("DRU") at Pod One to deliver higher Great Divide bitumen output by year end 2012 with continued rampup of volumes in 2013
Independent 100 percent-owned operations to be emphasized
Management changes and revitalization undertaken
CALGARY, Jan. 4, 2012 /CNW/ - Connacher Oil and Gas Limited (CLL-TSX) today announced that it anticipates disclosing strong operating and financial results for the fourth quarter of 2011, based on preliminary information. The gains are primarily due to a significant increase in crude oil and bitumen prices and continued strong performance by its heavy oil refinery in Great Falls, Montana.
Assuming current strong operational conditions persist, and subject to final formal Board approval, Connacher anticipates an expanded total capital spending plan, including the previously-announced $37 million 2012 maintenance budget. The expanded capital program is primarily designed to boost 2012 bitumen production, which will still be ramping up into 2013 which will enable further volume growth. Connacher projects that its 2012 exit rate for upstream bitumen and conventional sales will surpass 16,000 barrels of oil equivalent per day ("boe/d"), an increase of approximately 15% from the year end 2011 level of approximately 14,000 boe/d.
Connacher also announced other corporate developments, including the suspension of its oil sands joint venture process, an update on transportation and hedging and management changes.
"We expect the crude oil and bitumen price trend will continue in 2012, positioning us for attractive growth, solid results, increased capital spending and also planned debt repayment, as scheduled," said Richard Gusella, Chairman, President and CEO. "With our positive leverage to strong bitumen prices, we can accomplish expanded plans without new financing arrangements, excluding any possible acquisition activity. Also, our platform for 2013 growth will have already been established as our new wells continue to ramp up in 2013 and the impact of SAGD+TM is realized."
Connacher's preliminary fourth quarter disclosure is based on data for October 2011 and November 2011 and the positive trend which as referenced continued during December 2011. It is too early to provide December 2011 or Q4 2011 results. All financial and operating results discussed at this time are unaudited and subject to normal period end and year end verification and adjustment. Audited 2011 financial results are scheduled for disclosure in March 2012.
Bitumen pricing update
In November 2011 Connacher's bitumen selling price was $61.84 per barrel ("bbl") unhedged and $62.83/bbl with hedging, each of which was up 45% from October 2011 selling prices of $42.61/bbl unhedged and $43.48/bbl with hedging. Connacher's December 2011 final price data is not yet available but the company knows bitumen prices remained strong during the month. It is also Connacher's view that the trend may persist into 2012.
2)
BeantwoordenVerwijderenThe bitumen prices for November 2011 largely reflect a rise in the price for benchmark West Texas Intermediate ("WTI") crude oil to US$97.16/bbl in November 2011 from US$89.75/bbl in the third quarter of 2011, after a minor dip in October 2011 to US$86.43/bbl. Certain other key positive factors affecting Connacher's bitumen selling price include the value of the Canadian dollar against the US dollar, diluent costs and differentials for heavy oil.
Connacher's November 2011 bitumen selling price represents a gain of 51% from Connacher's average selling price of $40.98/bbl in the third quarter of 2011. Considering that the trading range for WTI in December 2011 was similar to November 2011, Connacher expects that its average bitumen selling price for the fourth quarter of 2011 was significantly higher than in the fourth quarter of 2010 and recorded for the third quarter of 2011.
Upstream results
Before operating costs, Connacher's net revenue for October 2011 was $16.9 million based on sales volumes of 13,546 boe/d. Net revenue for November 2011 was $24.9 million based on sales volumes of 14,275 boe/d. The two-month total was $41.8 million.
After deduction of operating costs, Connacher's netback per barrel of bitumen sold was $18.95/bbl in October 2011 and $37.94/bbl in November 2011, an average barrel of bitumen netback of $28.47/bbl. Netbacks including conventional crude oil and natural gas sales proceeds, were $19.36 per boe in October 2011 and $36.80 per boe in November 2011, reflecting higher unit conventional start up operating costs.
Connacher's upstream netback was $8.1 million for October 2011 and $15.8 million for November 2011. The two-month total was $23.9 million.
Downstream results
Connacher's refinery netback was $4.8 million in October 2011 and $4.1 million in November 2011. The two-month total was $8.9 million.
This strong performance, coming on the heels of excellent results for the nine months ended September 30, 2011, occurred despite rising crude oil prices, which historically have eroded refining margins in the off-peak driving seasons such as occur in the fourth quarter of each year. The improvement is attributable to the efficient operation of the refinery, based in Great Falls, Montana and to the diversified market access being developed by Connacher's marketing and refining team in Calgary and Great Falls. High crude charge rates exceeded 10,000 bbl/d during October and November, above the refinery's rated capacity of 9,500 bbl/d.
3)
BeantwoordenVerwijderenCombined results
Combining upstream and downstream results, Connacher's corporate netback was $12.9 million in October 2011 and $19.9 million in November 2011. The two-month total was $32.8 million.
Of further consequence, when the downstream netbacks are translated into dollars per barrel of bitumen sold, a further $11.17/bbl of bitumen netback was realized. Connacher's successful integrated strategy is sustainable and provides an effective physical hedge against heavy crude oil price differentials and accordingly resulted in actual realized netback of $39.63/bbl of bitumen for the two month period under discussion. This compares very favourably to other bitumen producers and to the average bitumen selling price of $52.22/bbl (76 percent of the bitumen selling price) and represents a 42 percent cash netback when compared to the average WTI prices for the period. Looked at differently, this netback per barrel of bitumen sold effective reduces recorded operating costs by a like amount, making our effective operating costs per barrel of bitumen among the lowest in the industry, including the cost of natural gas for fuel. As our refinery has been in business for approximately 70 years, it is sustainable and has a strong record of profitability to perpetuate the physical hedge and related benefits.
Cash Balances, adjusted EBITDA and Capital Expenditures
Connacher has adequate cash and financial wherewithal to meet all its financial obligations, including the anticipated growth expenditures at Great Divide for 2012 and also for the foreseeable future.
Connacher's cash balance at the end of December 2011 was approximately $112 million. The company's attractively priced and available $100 million revolving credit facility remained essentially undrawn at levels of $2 million.
Connacher's adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for the first two months of Q4 2011 was $27.7 million. Connacher cautions that adjusted EBITDA is a non-GAAP measure.
Annualizing the average two-month rate, Connacher's adjusted EBITDA would exceed $165 million or approximately two times current indicated annualized interest charges on the company's indebtedness. Most of Connacher's debt is long term in nature, with C$350 million maturing in 2018 and US$550 million maturing in 2019. This debt has no applicable maintenance covenants or current maturities. Connacher does not have traditional revolving bank debt.
Capital outlays during the two months of October 2011 and November 2011 were $11.8 million, net of asset sales proceeds during the period.
Connacher also sold its holdings of Gran Tierra Energy during the period for $21.1 million of cash proceeds. Accordingly, November 2011 cash balances remained at high levels exceeding $100 million, after provision for capital outlays and some pay down of accounts payable during the two month period. The company remains highly liquid with a strong working capital position, even after provision for the payment of the outstanding $100 million of convertible debentures which will be discharged in June 2012, so that this amount is classified as a current liability.
4)
BeantwoordenVerwijderenNew Growth Activity for 2012: Focus on Great Divide
Connacher's growth plans for 2012 are focused on increased bitumen production and sales at Pod One and Algar in the Great Divide oil sands project. These will be enacted once formally approved by Connacher's Board.
At Pod One Connacher will:
Complete Well Pad 104, then drill and bring onstream four new SAGD well pairs, which, after steaming starts, will deliver additional production in the second half of 2012 and continue ramping up into 2013;
Drill two infill wells once target downhole reservoir temperatures are achieved, in the second half of 2012; and
Complete the building of and activate its DRU by approximately mid-year 2012. This will enable the sale of more "neat" bitumen, which is in greater demand and provides better economic returns than bitumen combined with diluent (dilbit). Plant site preparations to hook up the DRU were completed during a 2011 turnaround so there should be minimal delay on activation.
Steam for the new wells at Pad 104 will be sourced by redirecting volumes from the company's underperforming lower-potential northern five wells, which Connacher will continue to produce without active steam injection, much like infill wells. The dirt work for Pad 104 was completed in 2011. Provision has also been made for a mature gas cap depressurization at Pod One.
At Algar Connacher plans to:
Drill at least two SAGD well pairs to replace two existing well pairs that have been assessed as underperformers. One of the pairs had mechanical problems and Connacher has concluded the other well pair is "edgy" so will be relocated within the better part of the Algar reservoir. These replacement wells will also need to be steamed for a period of time before coming on stream; and
Install permanent SAGD+TM facilities in the first half of 2012, allowing an increasing number of wells to benefit from commercial application of this technology, which produced breakthrough results in a 2011 field trial. The installation would follow the completion of a Front End Engineering and Design study now underway.
These Pod One and Algar growth activities are expected to increase Great Divide production in the second half of 2012 and into 2013 as wells rampup and SAGD+™ impacts production performance at more well pairs.
Subject to Board approval, Connacher also anticipates conducting a limited but targeted core hole program of approximately $5 million for up to twenty targeted core holes on certain of its oil sands properties in the Great Divide region in the first quarter of 2012 drilling season, if a suitable rig and crew can now be contracted.
No short-term expansion of the company's conventional program is anticipated, except for completion of one long reach horizontal well drilled by the company prior to year-end on its Twining property. The well awaits a multifrac completion and tie-in to existing facilities.
Given Connacher's prospective cash flow and available funds, the company believes its 2012 growth activity can be financed without prospective permanent additional financing or dilution.
Connacher Announces Future Direction
BeantwoordenVerwijderenSymbol Price Change
CLL.TO 1.08 +0.02
CALGARY, Jan. 20, 2012 /CNW/ - After the recently announced management changes, Connacher Oil and Gas Limited (TSX: CLL.TO - News) wishes to update shareholders and other investors regarding its future plans. The company continues to experience strong financial results and expects to continue to do so assuming crude oil and bitumen prices, as well as favorable heavy oil differentials, continue at or near current levels. The company has sufficient liquidity to meet all of its current financial obligations, including the repayment of its convertible debentures in June, interest payments on its Senior Secured Notes in February and August and funding its announced 2012 capital program.
The company's Board of Directors has initiated a process to review Connacher's business plan and to identify, examine and consider all strategies available to the company, both near and long term, in order to prudently determine the optimal course of action for the company. Goldman Sachs has been engaged to assist the Board of Directors in connection with this strategic review. Connacher does not intend to make any further announcements regarding its review unless and until its Board of Directors has approved a particular course of action or otherwise deems disclosure of developments is appropriate.
In the meantime, the Company would like to reassure shareholders and other stakeholders that the company's day-to-day operations are stable with no compromise in operating activities, thanks to the many dedicated and qualified Officers and staff of the company.
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commentaar: het lijkt erop dat Connacher zichzelf toch weer te koop zet.
verplaatst van Olie-en gas-draadje:
BeantwoordenVerwijderen------------------------------------
Ppprecies, heb jij de positie in AOS.V nog? Volg jij dit bedrijf de laatste tijd nog? De goedkeuring voor het Clearwater-project lijkt het aandeel te kunnen maken of te breken.
gr Arie
--------------------------
Precies Feb 7, 2012 06:16 AM
Arie,
ik heb AOS nog steeds; de goedkeuring voor het Clearwater-project lijkt mij een formaliteit, ik begrijp nog steeds niet waarom de kleinere oliezand-aandelen zo vreselijk goedkoop zijn, terwijl de omstandigheden nog nooit zo gunstig geweest zijn.
----------------------------------------------------
Anoniem Feb 9, 2012 01:50 AM
Zeer heldere nieuwe presentatie op de website van Alberta Oilsands
http://www.aboilsands.ca/_pdfs/Presentations/Corporate_Presentation-02-07-2012.pdf
ik ga ondertussen ook weinig begrijpen van de marketcap van 25M CAD.
Wat ik begrijp is dat ze in december de laatste antwoorden gegeven hebben op een aantal vragen van het SIR omtrent de ontwikkeling van het project. Alles ziet er zeer goed uit. Wellicht mis ik het addertje onder het gras??
gr Arie
---------------------------------
Arie,
als je bij ieder aandeel dat spotgoedkoop is, gaat piekeren over een 'addertje onder het gras', dan kun je beter stoppen met stockpicken en een beleggingsfonds kopen.
Zelfs bij de allerbeste aandelen kan er iets mis gaan (zie BP en Ahold), dus zorg altijd voor een goede spreiding van risico's.
Heel veel gokken op een aandeel loopt meestal verkeerd af.
En het is ook niet verkeerd om (gedeeltelijk) verlies te nemen en om te ruilen voor een soortgelijk aandeel dat wellicht nog goedkoper is en/of meer kansen biedt.
Coal trumps oilsands as climate change culprit
BeantwoordenVerwijderenAndrew Topf | February 19, 2012
Emissions from Canada’s oilsands are unlikely to make a large contribution to global warming compared to the burning of coal, says a leading climate change researcher.
Andrew Weaver, a University of Victoria climate modeller who was lead author on two reports from the United Nations Intergovernmental Panel on Climate Change, and colleague Neil Stewart analyzed how the burning of all global stocks of coal, oil and natural gas would affect temperatures.
The results were published Sunday in the journal Nature and reported by Canadian Press:
They found that if all the hydrocarbons in the oilsands were mined and consumed, the carbon dioxide released would raise global temperatures by about .36 degrees C. That’s about half the total amount of warming over the last century.
In contrast, the paper concludes that burning all the globe’s vast coal deposits would create a 15-degree increase in temperature. Burning all the abundant natural gas would warm the planet by more than three degrees.
Andrew Topf
'Canada dreigt met handelsoorlog om EU-plan teerzand'
BeantwoordenVerwijderenwww.volkskrant.nl
4
Stem nu!
Canada heeft gedreigd met een handelsoorlog als de Europese Unie het gebruik van teerzand aan banden legt. 'Canada zal zijn belangen verdedigen, bijvoorbeeld bij de Wereldhandelsorganisatie', aldus het land in een brief aan Eurocommissarissen.
'De Europese Commissie overweegt om teerzandolie aan te merken als zeer vervuilend.'
Lees meer: http://www.nujij.nl/economie/canada-dreigt-met-handelsoorlog-om-eu-plan.15802849.lynkx#ixzz1mxnV9Q6k
EU-plan..??? Wie is de EU??? Het Europarlement...??? Dat heeft wel meer rare plannen die nooit uitgevoerd worden.
VerwijderenOm vele reden is het een onzinnig plan, o.a. vanwege het grote gebruik van kolen in Europa, maar ook omdat (voorzover ik weet) Canada niet of nauwelijks ruwe olie uit oliezand naar Europa uitvoert. En hoe zou men moeten controleren welke olieproducten uit welke soort olie afkomstig zijn..??
Bovendien zijn er 2 methodes om oliezand te winnen, waar qua vervuiling een groot verschil tussen zit.
Ook in Europa wordt trouwens verwarming toegepast om zware olie onder de grond beter te laten vloeien (zie Shell bij Schoonebeek), dat zou dan ook verboden moeten worden.
Kortom het is een onzinnig en volkomen kansloos plan.
Not a pipe dream: Cenovus ships first crude to China, happy to get $40 a barrel more
BeantwoordenVerwijderenFrik Els | February 16, 2012
Cenovus Energy on Wednesday said its fourth-quarter earnings were more than three times that of last year – $266 million versus $78 million – thanks to increased output and higher achieved oil prices.
The Alberta oil and gas producer, which was spun off from natural gas major Encana three years ago, also upped its quarterly dividend 10% to 22c/share.
The $29 billion company is a backer of the Northern Gateway pipeline project to carry crude from the Alberta oilpatch to markets in Asia via a new marine terminal in British Columbia in an effort to realize world prices for Canadian crude.
According to Canada.com Cenovus last week shipped its first 250,000 barrels to China, locking in relationships with refiners there:
[CEO Brian] Ferguson said last week’s shipment was made possible by Cenovus gaining 12,000 barrels per day of service on the TransMountain Pipeline that runs from Edmonton to the Westridge Terminal in Vancouver.
Most of the oil shipped starting late last year has been bound for California customers and, although it’s less than 10 per cent of overall company oil output, it has helped the bottom line, Ferguson said, because it is fetching a premium by being priced in relation to Brent crude instead of West Texas Intermediate.
North Sea Brent was trading at $117 per barrel on Wednesday while West Texas Intermediate (WTI) fetched just under $102 in New York. Canadian crude in turn trades at a steep discount to WTI.
Western Canada Select, a combination of heavy oil from the oil sands and conventional sources, traded at a $24 discount to WTI on Wednesday. Last week it hit multi-year lows of $35 below WTI.
The discount for Syncrude, a light oil made from oil sands after undergoing an expensive upgrading process, last week traded at its widest in at least six years after dropping to $23 below the value of WTI. That gap has since closed to only $1.00 because of an outage at the Horizon oil sands upgrader, cutting supply.
Grizzly buys estimated 100,000 bpd May River property for $225 million
BeantwoordenVerwijderenMINING.com News | February 28, 2012
Calgary-based oil sands exploration and production company Grizzly Oil Sands on Tuesday announced that it has closed the acquisition of the May River property from Petrobank Energy and Resources for gross cash proceeds of $225 million.
Grizzly says an independent assessment of the May River property by GLJ Petroleum Consultants identified 1.8 billion barrels of exploitable bitumen in place and assigned 824 million barrels of contingent resource as a best estimate using steam assisted gravity drainage and Grizzly’s ARMS development model.
GLJ’s development profile of best estimate contingent resource for the May River property shows gross production of 100,000 barrels per day according to the press release.
Grizzly is planning a drilling program and environmental field work to support the regulatory application and development of the first phase of the May River SAGD project.
Financing was provided by Grizzly’s existing shareholders, investment funds managed by Wexford Capital LP and Gulfport Energy Corporation.
Precies, heb jij nog een verhelderende visie op Alberta Oilsands. Het lijkt erop dat men niet meer gelooft in dit bedrijf. Wachten op goedkeuring van het Clearwater project lijkt het ??
BeantwoordenVerwijderenAnoniem,
Verwijderener is geen nieuws, mijn mening is niet gewijzigd, ik heb ze nog steeds.
Ik ben natuurlijk wel erg blij dat ik nog andere aandelen heb waar wel iets gebeurt.
Ik heb ze ook nog. Bij mij zit AOS in het rijtje "live or die" . Voor de huidige prijs verkoop ik ze niet meer. Wordt het niks dan is het ook niks, wordt het wel wat, dan ga ik leuke winst maken. Ik heb nog wel meer van zulk soort aandelen. Van bedrijven zoals MIO en NI had ik ook meer verwacht, maar kijk waar ze staan. Afwachten maar. Compenseer het verlies met andere aandelen, bij mij zijn dat bv EXT (aangemeld) en bv CGG.
VerwijderenJustme
JustMe,
VerwijderenNI heb ik net nog bijgekocht, vooral vanwege het frakzand geloof ik nog steeds dat NI een gouden toekomst tegemoet gaat. Het nikkel mogen ze wat mij betreft laten zitten.
Aandelen zoals AOS, MIO en NI hebben vaak de eigenschap om heel plotseling te exploderen, al dan niet dankzij goed nieuws.
Canadian crude falls to $47.50 below world price after dropping 14% in one day
BeantwoordenVerwijderenFrik Els | March 28, 2012
The price oil sands producers receive fell to $47.50 a barrel below the international benchmark after a 14.58% one-day drop in the price of Western Canada Select – a blend of heavy oil sands crude and conventional oil.
The sharp drop followed a much more modest pullback in US crude futures which gave up 2% on Wednesday to trade at $105.50 a barrel, but is itself falling further behind the global oil price.
The international benchmark, North Sea Brent, settled at $125.50 in Europe widening the gap with US oil.
In November the spread between US benchmark West Texas Intermediate (WTI) had narrowed to $10, from a record margin of $26.87 in early September 2011.
Historically WTI has traded at a premium to Brent, but has steadily declined since the Saudis dropped the WTI contract as their benchmark in 2009.
The discount for Syncrude, a light oil made from oil sands after undergoing an expensive upgrading process, has however improved to $5.25 below WTI.
In February and early March it dropped to a record discount of more than $20 below to US crude. In July last year Syncrude attracted a premium of $18 on the back of a temporary supply shortage.
Wednesday’s decline in the price of Western Canada Select marks a reversal of steady gains made by the commodity since hitting multi-year lows of $35.75 below WTI on March 7. In September last year the discount was only $8.00.
The problems of oil sands producers are being blamed on increasing supply from Alberta where production is set to more than double to 3.7 million barrels per day by 2025 out of a total of 4.7 million for the whole of Canada.
99% of Canada’s current crude exports of 2 million barrels per day end up in the US.
Longer term the outlook for the oil sands is not so rosy either:
Bitumen is expensive to extract, upgrade and refine and cannot compete with the many new shale oil plays – particularly in the Bakken oil basin – which have pushed US production to its highest level in a decade and could see it become the planet’s number one producer of crude.
Production in the US particularly from the Bakken basin in North Dakota will see the country ramp up current output of 7.8 million barrels/day to 10.9 million barrels over the next few years.
Apart from the boom in US production, and a strong currency, Alberta’s oil sands players are also threatened by escalating costs.
Last week the CEO of Imperial Oil, the oil patch’s number two producer behind Suncor, was quoted by the Financial Post as saying that “rising costs for vital materials and a shrinking labour supply could send inflation for the sector up to levels not seen since the 2008 financial crisis, when several projects were placed under review due to cost overruns and labour shortages.”
Connacher Releases First Quarter Results: Solid Performance
BeantwoordenVerwijderenPress Release: Connacher Oil and Gas Limited – Tue, May 15, 2012 7:33 PM EDT
Symbol Price Change
CLL.TO 0.61 0.02
CALGARY , May 15, 2012 /CNW/ - Connacher Oil and Gas Limited (CLL-TSX) ("Connacher" or the "Company") today announced its financial and operating results for the first quarter of 2012. The Company achieved solid performance and financial results in the quarter ("Q1 2012") when compared to results for the comparable period of 2011 ("Q1 2011"). Total revenue increased eight percent in Q1 2012 to $193 million (2011 - $179 million ), with increased revenues from both upstream and downstream operations. Increased revenue was driven by higher realized commodity prices, offset somewhat by lower sales volumes of bitumen, crude oil, natural gas and refined products.
Upstream netbacks improved significantly in Q1 2012 to $29.22 on a barrel of oil equivalent ("boe") basis ( $17.97 per boe in Q1 2011) which represents an increase of 63 percent. Oil sands netbacks were $34.4 million ( $20.7 million in Q1 2011) or $30.11 per barrel ( $17.61 per barrel in Q1 2011). Connacher's refinery in Great Falls, Montana also posted strong financial results, particularly when compared to normal seasonal results, contributing $10.5 million in downstream margins ( $13.46 per barrel) as compared to $4.7 million ( $5.56 per barrel) for Q1 2011. Operating costs in Connacher's oil sands operations continued to trend downwards and were $17.62 per barrel of bitumen as compared to $22.14 per barrel of bitumen in Q1 2011.
EBITDA increased by forty-one percent to $22.3 million in Q1 2012 (Q1 2011 - $15.8 million ). Connacher realized a net loss of $20.6 million in Q1 2012 compared to $14.1 million in Q1 2011, primarily due to higher depletion, depreciation and amortization and lower unrealized foreign exchange gains in Q1 2012.
The Company had cash balances of $49 million at the end of the first quarter, after meeting its interest obligations of $39 million in respect of the senior secured second lien notes in February 2012 .
Average production for Q1 2012 of 13,134 boe/d consisting of 12,429 bbl/d of bitumen (13,200 bbl/d for Q1 2011) and 705 boe/d conventional production (1,674 boe/d for Q1 2011) was down slightly from the comparable period in Q1 2011. Reduction in conventional production was due primarily to the sale of mature natural gas properties. Reduction in bitumen production (decrease of 6 percent) for the comparable period in 2011 was due primarily to normal and anticipated declines and curtailment of Connacher's capital program in the fourth quarter of 2011. The Company is maintaining its previously announced production guidance of 12,600 to 13,900 boe/d for the full year 2012. Connacher has a number of approved projects designed to maintain and increase bitumen production, which will be undertaken as sufficient capital becomes available. These include new drills at Pad 104 and infill wells at Pod One, two re-drills, infill wells, a diluent recovery system and the implementation of solvent injection (SAGD+™) on a larger scale at Algar.
Connacher's capital expenditure programs have been constrained due to the fact that the Company's outstanding convertible debentures, with a face value of $100 million , mature on June 30, 2012 . It is the Company's intention to settle the convertible debentures in cash at that time, utilizing its current cash balances and a portion of its $100 million bank credit facility.
Vandaag een bijeenkomst bij AOS voor een stemmingsronde om een nieuwe directie te kiezen (als ik het goed lees op Stockhouse). Hopelijk komt er wat meer reuring de komende weken. Ik heb het koersverloop de laaste 2 maanden redelijk goed gevolgd. Wat mij opvalt zijn de enkele grote hoeveelheid orders (+ 200.000 a 300.000) en de daarbij behorende stijging, hierna glijdt de koers weer terug bij kleine omzetten.
BeantwoordenVerwijderenWat natuurlijk zeer sneu is (waar AOS uiteraard niets aan kan doen...) is dat ze hun pakket aandelen in AOI.V een maand voor de koersexplosie verkocht hebben tegen +/- 4M CAD......dat had nu een slordige 35M CAD opgeleverd.....
Mijn oude favoriet Africa Oil is inmiddels verveelvoudigd tot een beurswaarde van ca 2,5 MILJARD!!
VerwijderenZe hebben weliswaar recht op de helft van een grote vondst, maar aangezien niemand hoeveelheden heeft genoemd en het nog vele jaren zal duren voordat de olie uit de grond komt, is dit op z'n minst verbazingwekkend te noemen.
Je zou bijna denken dat Tullow aandelen aan het opkopen is.
Ik vind de huidige beurswaarde veel te hoog en heb mijn aandelen allang verkocht net zo als AOS.
Vanoil doet het goed; de enorme koersstijging van AOI trekt duidelijk kopers aan; een vergelijkbare vondst als bij AOI ZOU de koers kunnen vertienvoudigen.
Ter verduidelijking: ik en AOS hebben beiden AOI te vroeg verkocht.
Verwijderenhmmm AOS lang geleden verkocht, een tijd geleden schreef je volgens mij nog wat anders maargoed.....
BeantwoordenVerwijderenAndere favorieten van je vergaat het minder goed, ik noem Victory nickel nog 4 centjes waard, Nuinsco nog 5 centjes waard, mindoro nog 7 centjes waard. Allemaal aandelen die je rond de 15 a 20 cent range aanprees....
Jammer dat je alleen enkel goed renderende aandelen aanhaalt. Hoe is het trouwens met de financiering van Brand Funding inzake de apple stores?? Ook niet meer van gelezen sinds het bericht omtrent de afgeketste financiering... mogen wij op dit forum alleen de positieve berichten lezen??
Maybe dirty, certainly cheap: Canadian crude crashes through $60 a barrel
BeantwoordenVerwijderenFrik Els | June 5, 2012
The price oil sands producers receive fell to $40.08 a barrel below the international benchmark after a $4.75 or 26% widening of the spread between the price of Western Canada Select – a blend of heavy oil sands crude and conventional oil – and US crude.
The sharp drop in Canadian heavy oil came despite a rare up day for US benchmark West Texas Intermediate (WTI) futures which added just under 1% on Monday to trade at $83.98 a barrel after a brutal May which saw the commodity give up more than 15%.
WTI traded at a $15 discount to the the global oil price in the form of North Sea Brent, which settled at $99.06 in Europe which translates to an effective price for bitumen-derived oil of less than $60 a barrel.
The value of Syncrude, a light oil made from oil sands after undergoing an expensive upgrading process, also plunged on Monday to $8.50 below WTI after trading at a premium for most of May.
In February and early March it dropped to a record discount of more than $20 below to US crude. In July last year Syncrude attracted a premium of $18 on the back of a temporary supply shortage.
Monday's sharp drop-off and the declines last week in the price of Western Canada Select marks a reversal of steady gains made by the commodity since hitting multi-year lows of $35.75 below WTI on March 7. In September last year the discount was only $8.00.
The problems of oil sands producers are being blamed on increasing supply from Alberta where production is set to more than double to 3.7 million barrels per day by 2025 out of a total of 4.7 million for the whole of Canada. 99% of Canada's current crude exports of 2 million barrels per day end up in the US.
The lack of pricing power by oil sands players is often blamed on the fact that they cannot access new markets in Asia as pipeline projects languish in a regulatory morass.
But even if TransCanada’s (NYSE:TRP) Keystone XL finally crosses the border into Canada, Enbridge’s (TSE:ENB) Northern Gateway pipelines is built or Kinder Morgan receives approval to twin its pipeline going into Vancouver, bitumen is expensive to extract, upgrade and refine and cannot compete with the many new shale oil plays which have pushed US production to its highest level in a decade.
Production in the US particularly from the Bakken basin in North Dakota will see the country ramp up current output of 7.8 million barrels/day to 10.9 million barrels over the next few years. Bakken is also competing for pipeline and refinery contracts with Alberta.
Apart from the boom in US production, and a strong currency, Alberta's oil sands players are also threatened by escalating costs says a report by research company Wood Mackenzie released on Monday:
"Oil sands projects display some of the highest break-evens of all global upstream projects. The potential for wide and volatile differentials could result in operators delaying or cancelling unsanctioned projects," Wood Mackenzie Ltd said in a report on Monday.
"Pure-play oil sands companies without hedges in place, such as a U.S. downstream position, are the most exposed."
According to the research "break-even costs for building new steam-driven projects are in the $65-$70 a barrel range and mining developments need at least $90-$100 oil."
In a 2011 study forecasting the economic impact of oil sands up to 2035, the Canadian Energy Research Industry said employment from oil sands would increase almost 10 times to 905,000 jobs, adding about C$2.1 trillion to the national economy, or C$84 billion a year from the oil sands alone. These figures may now begin to look too optimistic.
Frik Els
commentaar: door dit soort berichten begin ik veel negatiever te worden over (vooral) de kleinere oliezand-projecten in Canada.
VerwijderenZolang die nieuwe pijpleidingen niet worden aangelegd, zal vrijwel zeker de Canadese olieprijs te laag blijven.
De Bakken-olie (en andere schalie-olie) hebben de vraag-aanbodverhouding flink gewijzigd.
Ik zie ook hoeveel moeilijkheden de kleinere oliezand-aandelen ondervinden, zelfs het technisch zeer succesvolle Connacher kan zeer moeilijk echte winst maken.
In het voordeel van dit soort oliezandbedrijven is de zeer lage aardgasprijs, maar wat gebeurt er als deze prijs flink gaat stijgen...??
Ik voel me genoodzaakt om in ieder geval een gedeelte van mijn belang in AOS te verkopen en om te ruilen in Afren (waarschijnlijk het goedkoopste olie-aandeel ter wereld).
Alberta Oilsands responds to dissidents
VerwijderenJoshua Zapf | June 11, 2012
The board of Alberta Oilsands Inc (AOS) issued a press release today in response to the dissident actions of a "concerned" group of shareholders.
A letter was circulated to shareholders of the small oil explorer last Wednesday, demanding the resignation of the board.
Jack Crawford, chairman of Alberta Oilsands, said, "the dissidents claim their objective is to 'build shareholder value,' but they have not produced one shred of evidence that they could do so more quickly or effectively than your current board of directors and management team."
AOS's report outlined that in the last year the current board have led the company through significant milestones including: the sale of the Hanginstone property for $24.7 million, the addition of the Grand Rapids resource base and the work done to move the company's Clearwater project towards approval.
The concerned shareholders have nominated seven new directors explaining that, "the current board are not aligned with the interests of AOS' shareholders, as they have taken excessive compensation without personally investing in the Company, hence are incentivized only to continue to draw large salaries, without regard to building the share price of the company."
In the release AOS maintain that the "dissidents appear unaware of the fact that timelines are determined by lengthy regulatory processes, and not by management." The release adds that the suggestion to examine alternate sites for the company's phase 1 expansion would "take the lengthy regulatory review process back to the beginning, adding at least two, and more likely four, years to that process."
Since the original act of rebellion the share price of Alberta Oilsands has risen 6% affording the Toronto-based company a $26 million market value.
Alberta Oilsands Inc. Announces 32% Increase in Contingent Resources From New Assignment at Grand Rapids
BeantwoordenVerwijderenCalgary, Alberta CANADA, June 11, 2012 /FSC/ - Alberta Oilsands Inc. (AOS - TSX Venture), (the "Company" or "AOS") is pleased to announce the assignment of 119 million barrels ("MMB") of best estimate bitumen contingent resources to its Grand Rapids property. The independent resource evaluation was completed by GLJ Petroleum Consultants Ltd. ("GLJ") with an effective date of April 30, 2012 and was prepared in accordance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities. This assignment is in addition to the 373 MMB of best estimate contingent resources which the Company already has at Clearwater, yielding a total Company best estimate contingent resources of 492 MMB, an increase of 32%.
The Grand Rapids property is located approximately 20 kilometres due west of the City of Fort McMurray. AOS has 18 contiguous sections of 100% working interest oil sands leases at the Grand Rapids property. The Company drilled 8 core holes and acquired 47 kilometres of 2D seismic data on the property in the past winter 2011/2012 drilling season. The core hole data were incorporated into GLJ's evaluation. Bitumen pay thickness of up to 20 metres was mapped for the Middle McMurray Formation.
"We were pleased with preliminary core results at the end of the drilling program and delighted with the level of contingent resource assignment at Grand Rapids. This resources assignment provides the confirmation we need to pursue further exploration work on the property." said President Michael Lee. "This is another one of the continued positive efforts the current management and board have worked on to increase shareholder value."
The Company is formulating a continued exploration program for Grand Rapids, which could comprise up to 20 core holes for the upcoming 2012/ 2013 winter drilling season. Execution of the program will be subject to funding availability.
The Company is also seeking funding options for initial exploration work on its Algar Lake leases. AOS has 51 sections of 100% working interest oil sands leases at Algar Lake.
Alberta Oilsands Inc. Announces 32% Increase in Contingent Resources From New Assignment at Grand Rapids
BeantwoordenVerwijderenNot for Dissemination in the U.S.A.
Calgary, Alberta CANADA, June 11, 2012 /FSC/ - Alberta Oilsands Inc. (AOS - TSX Venture), (the "Company" or "AOS") is pleased to announce the assignment of 119 million barrels ("MMB") of best estimate bitumen contingent resources to its Grand Rapids property. The independent resource evaluation was completed by GLJ Petroleum Consultants Ltd. ("GLJ") with an effective date of April 30, 2012 and was prepared in accordance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities. This assignment is in addition to the 373 MMB of best estimate contingent resources which the Company already has at Clearwater, yielding a total Company best estimate contingent resources of 492 MMB, an increase of 32%.
Groet
Arie
The Grand Rapids property is located approximately 20 kilometres due west of the City of Fort McMurray. AOS has 18 contiguous sections of 100% working interest oil sands leases at the Grand Rapids property. The Company drilled 8 core holes and acquired 47 kilometres of 2D seismic data on the property in the past winter 2011/2012 drilling season. The core hole data were incorporated into GLJ's evaluation. Bitumen pay thickness of up to 20 metres was mapped for the Middle McMurray Formation.
"We were pleased with preliminary core results at the end of the drilling program and delighted with the level of contingent resource assignment at Grand Rapids. This resources assignment provides the confirmation we need to pursue further exploration work on the property." said President Michael Lee. "This is another one of the continued positive efforts the current management and board have worked on to increase shareholder value."
The Company is formulating a continued exploration program for Grand Rapids, which could comprise up to 20 core holes for the upcoming 2012/ 2013 winter drilling season. Execution of the program will be subject to funding availability.
The Company is also seeking funding options for initial exploration work on its Algar Lake leases. AOS has 51 sections of 100% working interest oil sands leases at Algar Lake.
About Alberta Oilsands Inc.
Precies, heb gisteren tot 2x toe persbericht inzake Alberta Oilsands geplaatst. Tot 2x toe was deze binnen 10 minuten verdwenen? Worden deze weer door jou verwijderd, wat gebeurt er ?
BeantwoordenVerwijderengr,
Arie
Arie,
Verwijderenik heb je bericht gisteren zonder problemen gezien, maar kennelijk is het daarna om onbekende redenen in de spambak terecht gekomen; zoals je ziet heb ik het er weer uit gevist.
Bedankt voor je bijdragen en hou ons op de hoogte...!!
OK dank u. Heb jij nog steeds een (kleine) positie? Ikzelf wacht eerst 28 juni af, tegen die tijd weten we of huidige management blijft of vervangen wordt. Het hele Clearwater project blijkt helaas een uitermate langdurig proces te zijn/worden.
Verwijderengr
Arie,
Verwijderenik heb nog steeds een positie, de situatie dat je een half miljard BOE kunt kopen voor ca 20 miljoen, is natuurlijk absurd.
Alleen al de vindkosten voor zoveel olie bedragen algauw vele honderden miljoenen en koop eens een half miljard BOE aan Bakken-olie onder de grond, ook dat kost vele honderden miljoenen of meer.
Vroeg of laat zal AOS weer als volwaardig oliebedrijf gewaardeerd worden, maar wanneer is dat...???
Ik weet niet of vervanging van het bestuur iets zal verbeteren of juist verslechteren.
Laten we in ieder geval hopen dat de basisvoorwaarden voor oliezand in Canada flink gaan verbeteren.
Succes!
Zie www.saveaos.com voor wat het 'nieuwe management' van plan is met Alberta Oilsands. Ppprecies, weet jij of wij vanuit nederland ook kunnen stemmen m.b.t. de huidige/nieuwe directie?
BeantwoordenVerwijderenGr
Arie
Arie,
Verwijderenvia IB krijg je gewoonlijk de juiste stempapieren toegestuurd, maar die komen meestal te laat aan.
Misschien kun je ook per e-mail stemmen, maar daar weet ik verder niks van.
Via andere banken is stemmen (voor zover ik weet) onmogelijk.
Dag precies, wellicht is onderstaande link interessant:
BeantwoordenVerwijderenhttp://www.saveaos.com/docs/Algar_Farm-In.pdf
Mocht a.s. donderdag het huidige management vervangen worden dan belooft het nieuwe management een farm-in deal van 50 mil. voor het Algar Lake project.
Ik verwacht vandaag hoge omzetten.
MvG
Arie
$50 mil Farm-in Deal for Algar Lake And Immediate Non-Dilutive Financing Announced
VerwijderenBy Concerned Shareholders of Alberta Oilsands Inc.
Toronto, June 24, 2012 (Marketwire) - The Concerned Shareholders ("New Board") of AOS are pleased to announce that an agreement in principle ("Farm-in Agreement") has been reached with a large, private US based E & P company ("Company") whereby the Company would be prepared tofarm into AOS's 51 exploration permits at Algar Lake, after the election of the New Board.
The Company would have the option to earn up to 80% of AOS’s working interests in the 51 Algar Lake sections by spending $45 million over a phased 36-month exploration and development program to take Algar Lake to production. AOS would have a claw-back right over 29% such that AOS can retain a total 49% interest in Algar Lake, subject to repayment of a percentage of costs, at its election, at the end of the period.
In addition, under the terms of the Farm-in Agreement, the Company would upon closing deliver $5 million to AOS which will act as an important zero-dilution financing for shareholders.
Joe Francese commented, "Algar Lake is a promising part of the asset base that currently isn't being touched. We are extremely pleased and excited to have been able to reach this agreement in principle with a Company that has the financial and technical ability to build stand-alone 'companymaking' value, a multiple of the current market capitalization of AOS, on just this asset alone. The
addition of this new capital, and the low risk development of one of Alberta Oilsands Inc's assets is a huge leap forward in the New Board's stated revitalization plan."
"This is a major example, but only the first example, of the value that the New Board will deliver to fellow AOS shareholders immediately, by bringing its existing long-term relationships to bear with groups that want to work with the New Board. Transactions like this should result in an immediate "We are thrilled by the overwhelming wave of retail support that we have received so far, however
every vote still counts. Please see the instructions below to vote your proxy no later than 5pm Monday."
Paradigm Capital Inc. is advising the New Board on this transaction. The transaction remains subject to satisfaction of certain conditions precedent, including all regulatory approvals.
Arie,
Verwijderenhet klinkt erg mooi.....
Arie,
Verwijderenik krijg zojuist een stemformulier/instructies van het bestuur van AOS met de titel:
We have a clear plan for Clearwater, the dissidents have not.
Deponeringsdatum morgen en de proxy moet vandaag binnen zijn........
Arie,
Verwijderenin de info van AOS lees ik veel slechte dingen over de 2 dissidenten, ze zijn al eerder bestuurslid van AOS geweest en ze zijn niet voor niks ontslagen.
Een van de twee heeft kennelijk een eigen systeem voor de winning van bitumen, maar liet het steeds afweten bij afspraken.
Heb ik ook gelezen, het verhaal heeft 2 kanten. Het huidige bestuur zit op een immense kluit oliezand t.w. Het project clearwater. Het probleem is de erorm lange tijd om het geheel door het goedkeurings proces te krijgen als dit al lukt. Wat ik ervan begrijp is dat de regionale overheid zeer terughoudend is om projecten goed te keuren in het gebied fort mc murray. Het huidige bestuur heeft zeer veel geld in dit project gepompt met zeer veel onzekerheid of de goedkeuring er ooit komt.....
BeantwoordenVerwijderenIk begrijp dat de milieu-regels door de Canadese overheid flink worden aangetrokken, het probleem ligt volgens mij niet bij de lokale overheid, die immers vrijwel geheel afhankelijk is van de oliewinning.
VerwijderenEn opnieuw gerommel bij alberta oilsands..... Het huidige management stapt naar de rechter omdat het nieuw verkozen bestuur blijkbaar op slinkse wijze de meeste stemmen heeft weten te bemachtigen.... Zou men gelijk krijgen of wordt het bestuur alsnog vervangen?
BeantwoordenVerwijderenJune 28, 2012, 1:54 p.m. EDT
BeantwoordenVerwijderenResults of Alberta Oilsands Inc.'s Shareholders Meeting
TORONTO, ONTARIO, Jun 28, 2012 (MARKETWIRE via COMTEX) -- The concerned shareholders of Alberta Oilsands Inc. ("AOS") are very pleased to announce that the AOS shareholders meeting was held today in Calgary, Alberta, as scheduled. AOS shareholders voted to elect the slate of the concerned shareholders, comprised of: Brent Defosse, Joseph A. Francese, Robert Metcalfe, Paul Moase, Stuart B. McDowall, Binh Vu and Dale Hammons (collectively, the "New Board"), with a clear majority of the votes that were submitted to AOS voting for the New Board.
Shareholders also approved the other matters set out in the notice of meeting: the fixing of the number of directors of AOS at seven, the appointment of KPMG LLP, Chartered Accountants as auditors of AOS for the ensuing year and AOS' stock option plan and certain amendments thereto.
The New Board would like to express its gratitude to fellow AOS shareholders for their support.
The New Board has retained Norton Rose Canada LLP in connection with an application to the Court of Queen's Bench of Alberta requesting an order, among other things, declaring that the election of the New Board was valid, restraining the outgoing board from acting in any manner that obstructs or hinders the legitimate activities of the New Board and directing that the outgoing board take all necessary steps to effect a smooth and timely transition of authority to the New Board.
Alberta Oilsands takes shareholder spat to court
BeantwoordenVerwijderenBarry Critchley Jun 29, 2012 – 6:00 AM
It was an ugly situation with some of its shareholders before Alberta Oilsands called off its June 28 annual meeting and it’s set to get even uglier now that the company and a group of dissidents have asked the courts to resolve the matter.
The company cancelled the meeting a day after the dissidents said they had received the support of shareholders who owned more than 55 million Alberta Oilsands shares, or 35.1% of the outstanding.
“By all accounts this will represent a clear majority of the shares to be voted at the shareholders’ meeting,” the dissidents declared late on June 26, the last day mailed-in proxies could be counted. The dissidents put the incumbents on notice by saying that if they won they “will use all legal means to hold former management personally liable for the use of company funds to further any frivolous or vexatious legal proceedings initiated as a stalling tactic to the eventual election of the new board.”
They also challenged management to release its level of support.
Instead, the company, which has a market cap of about $25-million and is engaged in the exploration and development of bitumen in the Athabasca oil sands region of Alberta, did something else.
On the eve of the meeting, it made an extraordinary decision and said it has asked the Court of Queen’s Bench of Alberta “for advice and direction in rescheduling the meeting in light of numerous serious misstatements and misrepresentations made by a group of dissident shareholders in support of their slate of nominees for AOS’ board of directors.”
It filed an affidavit saying the board had determined “that there was a substantial likelihood that reasonable shareholders of AOS would have been misled or inadequately informed prior to the expiry of the proxy voting period on June 26, 2012.” The affidavit included several examples of what it called “the dissidents’ under-handed and disruptive tactics.”
The dissidents, who a few days back announced they had signed an agreement in principle for a $50-million farm-in with a private U.S.-based explorer and producer at Algar Lake, an Alberta Oilsands property, had little time for those arguments. “Instead of gracefully working on a transition, the outgoing board has attempted to postpone the shareholders’ meeting,” it said.
The dissident group pressed on: it held the company’s annual meeting, at which there was an election for the directors (seven in all); the appointment of the auditors (KPMG) and a vote on the company’s stock option plan.
The meeting dealt with one out-of-the-box matter: the new board has made an application to the Court of Queen’s Bench of Alberta. In that application, the new board wants the election of the directors to be declared valid, wants the old board to be restrained “from acting in any manner that obstructs or hinders the legitimate activities of the new board and directing that the outgoing board take all necessary steps to effect a smooth and timely transition of authority to the new board.”
As Yogi Berra famously said: “It ain’t over till its over.”
Reached Thursday, Michael Lee, the company’s interim chief executive said he “reserved comment” on whether the former directors had more shareholder support than that enjoyed by the dissidents. “The issue is in front of the courts and hence we can’t comment. From the standpoint of the board, we made the decision to postpone the meeting because it was in the best interest of the company.”
Posted in: Energy, FP Street Tags: Oil Sands
Alberta Oilsands Inc. and Shareholder Group Agree on New Board of Directors and Settle Other Outstanding Issues
BeantwoordenVerwijderenAlberta Oilsands Inc. and Shareholder Group Agree on New Board of Directors and Settle Other Outstanding Issues
Alberta Oilsands Inc. and Shareholder Group Agree on New Board of Directors and Settle Other Outstanding Issues
Not For Dissemination in the U.S.A.
Calgary, Alberta CANADA, July 03, 2012 /FSC/ - Alberta Oilsands Inc. (AOS - TSX Venture),
The board of directors of Alberta Oilsands Inc. and a group of shareholders led by Mr. Joseph Francese have agreed on the composition of a new board and resolved other outstanding issues between them.
The new board will comprise of Mr. Robert Metcalfe (chairman), Mr. Joseph Francese, Mr. Paul Moase, Mr. Stuart McDowall, Mr. Adrian Goodisman and Mr. Leonard Sokolow. The appointment of the new directors is subject to the approval of the TSX Venture Exchange.
The following have resigned as directors: Mr. Wayne Bobye, Mr. Jack Crawford, Mr. Michael Langley, Mr. Michael Lee and Mr. William Matheson.
"Alberta Oilsands, its shareholders and employees have been through an uncertain and difficult period in recent months", Mr. Metcalfe said. "We are confident that this settlement marks the start of a new era in which the company can advance the development on its indisputably high-quality oil sands properties to the benefit of all."
Under the settlement, the parties have also agreed to drop all outstanding legal proceedings between them.
"We would like to express our appreciation to the former directors for their dedicated service to the company", Mr. Metcalfe added. "We look forward to a smooth transition as the new board takes the reins and moves the company forward effective immediately. We will be making further announcements in the coming weeks to realize this goal."
Connacher Oil and Gas Limited Provides Personnel and Operational Update
BeantwoordenVerwijderenPress Release: Connacher Oil and Gas Limited – Thu, Jun 21, 2012 6:25 PM EDT
Symbol Price Change
CLL.TO 0.49 0.06
CALGARY , June 21, 2012 /CNW/ - Connacher Oil and Gas Limited (CLL - TSX; "Connacher" or the "Company") wishes to provide a personnel and operational update.
Appointment of Officer
Connacher is pleased to announce that effective July 1, 2012 Greg Pollard will assume the role of Chief Financial Officer of the Company. Mr. Pollard , a Chartered Accountant, has in excess of 30 years experience in the energy and accounting sectors, including over 20 years with major international accounting firms, most recently Ernst & Young LLP in both Houston , Texas and Calgary. His expertise lies in complicated transactional advisory services requiring cross-border and regulatory expertise as well as being well-versed in all aspects of public company regulatory disclosure, governance issues and newly implemented IFRS. Mr. Pollard will replace Brenda Hughes , the current Chief Financial Officer of the Company, who has resigned effective June 30, 2012 to accept a position with another company. Connacher would like to thank Brenda for her past service and wish her well with her future endeavors.
Operational Initiatives
With budgetary constraints imposed by a curtailed capital program for 2012, the Company has focused its efforts on a number of operational initiatives:
improving netbacks by reducing operating costs and increasing prices received for bitumen at the wellhead;
maintaining production within previously announced guidance;
de-risking and preparing various short term capital projects for bitumen production increases and refinery expansions;
improving production with technological innovations such as SAGD+™ at Algar and gas re-injection at Pod One.
Improved reliability and surface equipment performance has helped reduce per barrel operating costs despite most plant costs being fixed (not variable) in a bitumen operation. Meanwhile, to improve netbacks the Company has aggressively pursued its "dilbit by rail" strategy.
2)
BeantwoordenVerwijderenDilbit by Rail
In the winter of 2011 Connacher pioneered "dilbit by rail" by utilizing leased railcars for the transport of produced bitumen. This strategy allows the Company to maximize pricing (after transportation costs) for diluted bitumen railed to refineries not currently accessible by pipeline. Connacher recently entered into a five year agreement with Canexus Corporation for "Transloading Services" at their North American Terminal Operations facility in Bruderheim, Alberta as well as "Transportation Management Services" which includes the use of 300 newly constructed railcars to be delivered over a nine-month period. This arrangement is strategic as it secures a competitive and growing rail fleet, locks in scarce transloading capacity, and improves economics by reaching higher margin markets. The Company looks forward to continuing to work with Canexus to expand mutual dilbit by rail initiatives. During the third quarter of 2012, Connacher expects to be railing with Canexus and others, as much as 40 percent of its bitumen production, including deliveries to several new customers.
Technological Advances
The SAGD+™ trial (where solvent is mixed with steam and injected into the reservoir) started in July 2011 , and completed by year end, demonstrated very encouraging results as a way to improve well productivity and reduce steam:oil ratios ("SORs"). In May of this year the second SAGD+™ pilot commenced at Algar and initial results are also very encouraging. The purpose of this second pilot is to demonstrate repeatability on different wells and to confirm optimal operational configurations and solvent mixes. Based on these trial results, a field-wide plan may be recommended for Algar later this year.
At Pod One the partially depleted gas cap in direct contact with the thick oil sands pay continues to be re-pressured by inexpensive natural gas. Simulation data was used to model the potential benefit prior to the implementation of the project and current production is benefiting from the additional pressure. Originally, this project was to coincide with the drilling of Pad 104; however, given current natural gas prices and immediate production benefits, it is more than economic at this time. Pad 104 SAGD wells are part of the ongoing requirements to maximize the use of steam and to replace older and/or poorer performing wells thus creating the highest possible production. Re-pressurization will continue during low natural gas prices until the target reservoir pressure is reached.
Engineering work continues on the Great Divide expansion project and Connacher expects to obtain ERCB regulatory approval of the Environmental Impact Assessment (EIA) in the near future. Connacher anticipates that approval is near the end of the provincial regulatory process, however, timing is not under the Company's control.
Risk Management
As a means of managing risk, Connacher enters into commodity sales contracts from time to time to ensure adequate downside commodity price protection, in conjunction with its established hedging policy, and having regard to the Company's financial leverage and capital commitments. Currently, Connacher has 7,000 bbl/day under WTI crude oil price hedges for the second half of 2012. This comprises swaps on 3,000 bbl/day at an average price of US$90.57, collars on 3,000 bbl/day at a minimum price of US$80.00 and collars on 1,000 bbl/day at a minimum price of US$100.00.
On a different note, lower crude oil prices and wide differentials provide robust refinery margins. As a result, the Company's refinery in Montana is enjoying a record year with earnings before interest, taxes, depreciation and amortization (EBITDA), exceeding results from previous years.
Strategic Review Process
Connacher's strategic review process is on-going. Stakeholders will be advised of material developments as they occur.
Want cheap oil? Look no further than Canada
BeantwoordenVerwijderenFrik Els | October 8, 2012
The price oil sands producers receive fell to $38 a barrel below the international benchmark after a $3.50 widening to $14.75 of the spread between the price of Western Canada Select – a blend of heavy oil sands crude and conventional oil – and US crude.
The drop in Canadian heavy oil came as the US benchmark West Texas Intermediate (WTI) discount to the global oil price in the form of North Sea Brent widened to $22.80 – the biggest gap in almost a year and approaching a record margin of $26.87 in early September 2011.
Brent settled at $111.75 in Europe – an almost 10% decline this year – which translates to an effective price for bitumen-derived oil from Alberta's oil sands of less $73.45 a barrel.
Monday's sharp drop-off and the declines last week in the price of Western Canada Select (WCC) marks a reversal of steady gains made by the commodity since hitting multi-year lows of $35.75 below WTI on March 7. In September last year the discount was only $8.00.
The value of Syncrude, a light oil made from oil sands after undergoing an expensive upgrading process, also plunged on Monday to $5.75 above WTI from $9.25 before.
The problems of oil sands producers are being blamed on increasing supply from Alberta where production is set to more than double to 3.7 million barrels per day by 2025 out of a total of 4.7 million for the whole of Canada. 99% of Canada's current crude exports of 2 million barrels per day end up in the US.
The lack of pricing power by oil sands players is often blamed on the fact that they cannot access new markets in Asia as pipeline projects languish in a regulatory morass.
Even if TransCanada’s (NYSE:TRP) Keystone XL finally crosses the border into Canada, Enbridge’s (TSE:ENB) Northern Gateway pipelines is built – an ever diminishing prospect – or Kinder Morgan receives approval to twin its pipeline going into Vancouver, Alberta producers still face an uphill struggle to compete.
Bitumen is expensive to extract, upgrade and refine and cannot compete with the many new shale oil plays which have pushed US production to its highest level in a decade.
Production in the US particularly from the Bakken basin – unlike WCC Bakken oil attracts a premium to WTI – in North Dakota will see the country ramp up current output of 7.8 million barrels/day to 10.9 million barrels over the next few years. Bakken is also competing for pipeline and refinery contracts with Alberta.
Apart from the boom in US production, and a strong currency, Alberta's oil sands players are also threatened by escalating costs according to a recent report by Wood Mackenzie. According to the research company "break-even costs for building new steam-driven projects are in the $65-$70 a barrel range and mining developments need at least $90-$100 oil."
Existing project can still make money at $45 a barrel and at today's prices SAGD or steam-assisted gravity drainage projects still stand a chance to get off the drawing board, but a full fifth of oil sands projects – those that rely on conventional mining methods – are not nearly viable.
Langzaam aan wordt duidelijk dat de oliezand-projecten in Canada grote problemen ondervinden door het gebrek aan de juiste pijpleiding-verbindingen met de USA en de rest van de wereld. Ook denk ik dat er een gebrek is aan raffinaderijen die geschikt zijn voor zware olie.
VerwijderenDe grote stroom Bakken-olie werkt ook niet in het voordeel van oliezand-projecten.
Diverse faillissementen in de oliezand-sector duiden er op dat vooral de kleinere projecten onder deze omstandigheden niet levensvatbaar zijn.
It's just looney: Oil sands crude crashes through $60 a barrel
BeantwoordenVerwijderenFrik Els | October 24, 2012
The price oil sands producers receive fell to $48 a barrel below the international benchmark after a $4.50 or 21% widening to $25.00 of the spread between the price of Western Canada Select – a blend of heavy oil sands crude and conventional oil – and US crude.
The drop in Canadian heavy oil came as the US benchmark West Texas Intermediate (WTI) discount to the global oil price in the form of North Sea Brent widened to just under $23 – within shouting distance of the record margin of more than $26 in September 2011.
Brent settled at $107.93 in Europe on Wednesday which translates to an effective price for bitumen-derived oil from Alberta's oil sands of less than $60 a barrel.
The value of Syncrude, a light oil made from oil sands after undergoing an expensive upgrading process, also plunged on Monday to $0.75 above WTI from a $15.00 premium in September.
The lack of pricing power by Canada's oil sands players is often blamed on the fact that 99% of exports end up in the US – oil sands producers cannot access new markets in Asia as pipeline projects to the West coast languish in a regulatory morass.
There is no clear timeline for TransCanada’s (NYSE:TRP) Keystone XL to finally cross the border into Canada, that Enbridge’s (TSE:ENB) Northern Gateway pipelines is built at all is an ever diminishing prospect and even Kinder Morgan proposal to expand its existing pipeline going into Vancouver, is facing fierce opposition.
Apart from the east-west pipeline delays there is also the strange situation that the populous centers in the eastern part of the vast country import 60% of their needs and pay global prices. There is talk of converting an existing gas pipeline to carry Alberta oil to the east, but at this point that's all it is; talk.
And even if these projects do come off the ground Alberta producers like Suncor (TSX:SU NYSE:SU), Cenovus (TSX:CVE NYSE: CVE) and Imperial Oil (TSX:IMO NYSE:IMO) would still find it hard to compete.
Bitumen is expensive to extract, upgrade and refine and cannot compete with the many new shale oil plays which have pushed US production to its highest level in a decade.
Production in the US particularly from the Bakken basin – unlike WCC Bakken oil attracts a premium to WTI – in North Dakota will see the country ramp up current output of 7.8 million barrels/day to 10.9 million barrels over the next few years. Bakken is also competing for pipeline and refinery contracts with Alberta.
Apart from the boom in US production, and a strong Loonie (as the Canadian dollar is referred to by locals), Alberta's oil sands players are also threatened by escalating costs according to a recent report by Wood Mackenzie that shows "break-even costs for building new steam-driven projects are in the $65-$70 a barrel range and mining developments need at least $90-$100 oil."
Existing project can still make money at $45 a barrel and at today's prices SAGD or steam-assisted gravity drainage projects still stand a chance to get off the drawing board, but a full fifth of oil sands projects – those that rely on conventional mining methods – are not nearly viable.
FIRE SALE: Oil sands players now get $45 a barrel vs global price of $109
BeantwoordenVerwijderenFrik Els | December 14, 2012
This week the price oil sands producers receive fell to staggering $64 a barrel below the international benchmark after the spread between Canada’s heavy oil and US crude fell to a more than five-year low.
The deepening discount for Western Canada Select (WCS) – a blend of heavy oil sands crude and conventional oil – comes on top of declines for US benchmark Nymex West Texas Intermediate (WTI).
US crude is now close to $23 cheaper than global oil in the form of North Sea Brent. WTI always traded at a premium, but that changed in 2009 when the Saudis stopped using it as the benchmark and switched to Brent.
Brent is trading at $109 in Europe which translates to an effective price for bitumen-derived oil from Alberta's oil sands of just over $45 a barrel.
The value of Syncrude – a light oil made from oil sands after undergoing an expensive upgrading process – is trading at par to WTI, down from a $15.00 premium in September.
The lack of pricing power for Canada's oil sands players is often blamed on the fact that 99% of exports end up in the US.
Producers cannot access new markets in Asia as pipeline projects to the west coast languish in a regulatory morass.
There is no clear timeline for TransCanada’s (NYSE:TRP) Keystone XL to finally cross the border into Canada.
That Enbridge’s (TSX:ENB) Northern Gateway pipelines is built at all is an ever diminishing prospect and even Kinder Morgan’s (NYSE:KMI) proposal to expand its existing pipeline to the Pacific coast, is facing fierce opposition.
There exists also the absurd situation that the populous centers in the eastern part of Canada have to import 60% of their needs and pay global prices.
There is talk of converting an existing gas pipeline to carry Alberta oil to the east, but at this point that's all it is; talk.
And even if these projects do come off the ground Alberta producers like Suncor (TSX:SU NYSE:SU), Cenovus (TSX:CVE NYSE: CVE) and Imperial Oil (TSX:IMO NYSE:IMO) would still find it hard to compete.
Bitumen is expensive to extract, upgrade and refine and cannot compete with the many new shale oil plays which have pushed US production to its highest level in a decade.
Unlike oilsands oil, Bakken trades broadly in line with to WTI and the region is also competing for pipeline and refinery contracts with Alberta.
Apart from the boom in US production and a strong loonie – as the Canadian dollar is referred to by locals – Alberta's oil sands players are also threatened by escalating labor and equipment costs.
A recent report by research house Wood Mackenzie shows break-even costs for building new steam-driven projects is in the $65 – $70 a barrel range.
Mining developments – the truck and shovel method accounts for a fifth of all projects – need at least $90 – $100 oil.
Existing projects in Alberta can still make money at $45 a barrel.
Canada loves to brag that when including the oil sands, its oil reserves are second only to Saudi Arabia’s.
But if these are the kind of numbers you’re working with that’s all it’s going to stay – reserves in the ground.
Crushing blow for oil sands as US production, inventories reach 20- and 30-year highs
BeantwoordenVerwijderenFrik Els | February 28, 2013
Crushing blow for oil sands as US production, inventories reach 20- and 30-year highs Get out from under there
The price oil sands producers receive fell to $44.92 a barrel below the international benchmark on Thursday.
Canadian crude took a triple hit:
US benchmark Nymex West Texas Intermediate (WTI) oil fell to its lowest level this year of $91.60.
At the same time the US crude discount to the global oil price in the form of North Sea Brent widened to $19.40.
To top it all off, the spread between WTI and Western Canada Select – a blend of heavy oil sands crude and conventional oil first introduced in 2005 – widened to $25.50.
Brent settled at $110.15 in Europe which translates to an effective price for bitumen-derived oil of only $66.10 a barrel.
Canadian crude isn't selling for so little because crude from Alberta's oil sands is of inferior quality – the price of Maya heavy oil in Mexico sold in the US Gulf is of similar quality to WCS but is priced above WTI.
The reason Canada's oil is being sold at close to breakeven point for high-cost bitumen producers is because the only customer – over 99% of Canadian exports end up in the US – is awash with oil.
US Energy Information Administration data released today showed American oil inventory rose 1.1 million barrels to its highest level for February since records began in 1982.
At the same time US domestic production is rocketing.
According to new figures from the EIA US crude oil production exceeded an average 7 million barrels per day in November and December 2012, the highest volume in 20 years.
By some estimates the US is on course to up production to 11.6 million bpd over the next 10 years, all but eliminating the need for imports.
To make matters worse, even though it relies on the US to buy everything it exports, Canada is also ramping up production.
Total Canadian output is forecast to reach 4.7 million bpd by the end of the decade, an increase of 1.7 million bpd from 2011.
The increase will come almost entirely from the oil sands which is expensive to extract, upgrade and refine.
Without finding new customers for its crude which pay global rates, Canada is destined to be priced right out of the market.
Total stapt met verlies uit teerzandproject
BeantwoordenVerwijderenGepubliceerd op 28 mrt 2013 om 08:59 |
PARIJS (AFN) - Het Franse olieconcern Total verkoopt zijn belang van 49 procent in het Canadese bedrijf Voyageur Upgrader Limited Partnership aan Suncor Energy, dat al de overige 51 procent in handen had. Door de overvloed van lichte olie en condensaten die in de regio geproduceerd worden, acht Total het niet langer rendabel om de beoogde investering in het teerzandproject door te zetten.
Total maakte donderdag bekend dat de verkoopsom 500 miljoen dollar (391 miljoen euro) bedraagt. Het concern lijdt door de afschrijving van eerdere investeringen echter een nettoverlies van 1,65 miljard dollar op het project. Dat bedrag wordt verwerkt in de resultaten over het eerste kwartaal. Total zegt met het besluit om uit het project te stappen 5 miljard dollar aan eerder geplande investeringen voor de komende 5 jaar te besparen. Het bedrijf stelde ook dat de terugtrekking uit Voyageur geen invloed heeft op de belangen in andere teerzandprojecten in Canada.
Heavy Oil's Turnaround Results in Huge Sleeper Value for Alberta Oilsands
BeantwoordenVerwijderenSymbol Price Change
AOS.V 0.06 +0.0050
SOURCE: TheHydrocarbon.com — Where has the price of oil almost doubled in six months? In Alberta, where the heavy oil price traded at $48 a barrel some days in December 2012, and now is over $91/barrel.
You would never know it from looking at heavy oil stocks, however. They’re only just now starting to move up. It’s clear that despite a very profitable run recently, investors have an outdated mindset on heavy oil stocks—they’re still thinking December-January prices.
But the sell off is over—for good. Heavy oil is coming back to life and investors should be having a second look at this very profitable sub-sector of the energy markets.
The big difference for heavy oil has been increased rail capacity. In 2012, 1 million barrels per day (bbl/d) were transported to refineries by rail, truck, and barge, representing a 57% increase from 2011. In Canada, the percentage of oil shipped through oil-by-rail methods tripled between 2011 and 2012. Since 2009, Canadian rail shipments increased from 6,000 carloads to 14,000 this year.
There aren’t signs of this stopping, as the US State Department has predicted another increase of 42% by 2017.
This rail revolution has allowed oil to be shipped to refineries all over North America, not just to Chicago or the Gulf Coast. Heavy oil producer Cenovus Energy [CVE] already expects to be transporting as much as 30,000 bpd by rail by the end of 2014.
With the currently high heavy oil price, some rail transport is actually less economic. But this form of transport has become such an accepted part of the oil market that as soon as the heavy oil price even dips a bit, rail transport will pick up the slack and help stabilize the price.
So while January’s prices fetched an abysmal 50% of the World (Brent) crude price, more recent figures between 80-85% are becoming the norm again—and should stay that way.
In fact, sometimes heavy oil even traded at a higher pricethan light oil in the Gulf this year—and that could happen again. Light oil doesn’t have a lot of refining capacity in the US—meaning that once all that new US domestic shale oil fills up refining capacity, it could drop enough in priceto be below heavy oil. (Watch for that in Q1 2014.)
While heavy oil pure plays stand to benefit, so to do juniors with exposure to the sector that will resume development of their heavy oil assets.
One interesting place for investors to look is Alberta Oilsands [AOS.V] and its Algar Lake heavy oil asset. AOS has spent $65 million building a 500 million barrel reserve base since 2007, with a PV10 of $823 million. Despite this, the company trades at a valuation of just $4 million net of cash today!
In addition to all of that and what we believe may represent latent "sleeper" value is the company's 3rd oil sands asset -its Algar Lake heavy oil asset.
AOS has recently attracted a private partner to joint ventureAlgar Lake, whose management team has been responsible for the discovery from scratch of two 1 billion+ barrel oilsands finds, and the subsequent sale of both projects to majors. This group is attracted to Algar, we believe for the following reasons:
1. It’s a big asset—51 square miles, or sections, as the industry calls them. That gives investors a lot of leverage if the play works out.
2. This type of heavy oil is called cold flow, and it’s cheap to drill—this is NOT oilsands. An Algar Lake well would only cost roughly $500,000. Management believes they could have payback on a well in under12 months. Fast payback is essential for a junior; they need to get that well paid off and use that money to drill a new well right away. 5 wells are being drilled by AOS' partner this winter.
3. One of the largest heavy oil plays is only a few kilometers away—Pelican Lake, operated by Canadian Natural Resources Ltd. — set to produce 80,000 bopd by 2015. http://www.cnrl.com/operations/north-america/north-american-crude-oil-and-ngls/pelican-lake-crude-oil.html
2)
BeantwoordenVerwijderen4. AOS bought Algar Lake early, and was able to bring in a partner on very accretive terms.
The company acquired the asset in 2007, before access to the region through crown sales became virtually impossible. Now, AOS is quite content knowing that there is a demand for access to these types of formations.
“Algar Lake has the potential to be a cold flowable asset, which is a game changer,” says Binh Vu, Interim CEO of Alberta Oilsands.
Cold flow heavy oil is the most profitable oil in all of North America. CNRL says that Pelican Lake is their most profitable asset.
Today, the asset is the largest polymer flood operation in the world. CNRL anticipates a 3.5x increase in expected recovery, thanks to their stimulation efforts.
The sheer success of the project has spawned others looking to capitalize on this highly profitable region—and Algar is right in the middle of it.
“Three projects just to the east of Algar Lake are already underway,” says Vu. “And Pelican Lake—the largest cold flow heavy oil field in Alberta—is a short drive to the southwest.”
It must be noted that CNRL is a major, whereas Alberta Oilsands is a junior. Thus, high return wells tend to benefit a junior’s growth more than a major’s.
Steam Assisted Gravity Drainage (or SAGD) CAPEX costs hover in the $30,000 per flowing barrel range, whereas AOS’ potential cold flow asset would be much less - probably 1/4 of that. The OPEX per barrel of production is typically as little as half as for those needing energy input for steam.
With high heavy oil pricing, a big property and a partner paying most of the freight, and 500 million barrels of booked SAGD resource already—which cost $65 million to prove up—the fact that AOS is trading at cash value hasvery limited downside.
Then throw in the fact that there is almost no crown land availability in the region. Algar’s acreage falls within the province of Alberta’s oil sands area boundaries, which are very crowded. Now, the only entry for potential participants in the region to gain access is through a farm-in, JV or acquisition.
According to Alberta's Ministry of Energy: “Within the Oil Sands Area boundaries, lands may not be available for development due to access restrictions, Parks and Protected Areas, Military Reserves, and Department of Energy Mineral restrictions.”
Alberta Oilsands accrued their land long before there was an issue. Now it’s time for the company to start seeing the value accrue.
With low drilling costs, it’s possible AOS could putmultiple drills in the ground to achieve online production quickly and profitably. And they’ve got room to move.
Management is studying different practices and suggests drill hole spacing could be as low as 20 acres —that’s a staggering 1500+ wells over 51 square miles (32,640 acres), assuming geological continuity.
Three historic exploration wells were drilled on AOS' Algar Lake ground between 1958-1960 - and the geologicalinformation that they have provided, looking like a facsimile of nearby operations, has been enough to warrantattention and anticipation from AOS and its partner.
“Because of its location, and cold flow production potential, the Algar Lake asset may eventually draw buyout interest from our neighbors,” says Vu.
With projects on both sides, Algar is now central from an exploration standpoint. Management believes that while still factoring for risk, by connecting the dots, the project’s success truly just hinges on getting the work done.
CLICK FOR ORIGINAL ARTICLE AND DISCLAIMER:http://thehydrocarbon.com/2013/07/25/heavy-oils-turnaround-results-in-huge-sleeper-value-for-alberta-oilsands/396/
commentaar:
VerwijderenDankzij bovenstaand artikel werd m'n aandacht weer eens gevestigd op een oude bekende: AOS.V.
Plotseling blijkt dat dit bedrijfje behalve oliezand ook 'gewone' zware olie heeft, die relatief makkelijk te winnen is, bovendien is de prijs van dit soort olie in korte tijd ca verdubbeld.
De olieconcessies in Afrika kan ik niet beoordelen, maar in ieder geval biedt dat extra kansen.
Ongelooflijk!
VerwijderenGisteren heb ik een hoop aandelen AOS gekocht op 6 cent (dankzij bovenstaand artikel) en nu staat de koers al op 12 cent!
De meeste aandelen AOS heb ik verkocht op ca 14 cent, de stijging naar 20 cent kwam helaas niet.
VerwijderenIk hoop ze weer terug te kunnen kopen op ca 10 cent, het aandeel is minstens ca 40 cent waard.
De stijging kwam door het bericht dat de overheid een project van AOS gaat terugkopen tegen een flink bedrag, waarschijnlijk ca 50 tot 70 miljoen.
Er was duidelijk voorkennis omdat de koers inmiddels was gestegen van 3 tot 12 cent.
Hierdoor krijgt AOS de contanten die hard nodig zijn voor het zware-olieproject in Canada en de projecten in Afrika.
Hendrik: 27 juli 2013 12:43
BeantwoordenVerwijderenGisteren nog 100k aandelen AOS.v gekocht op 0.13. Ben er op 0.14 maar weer uitgestapt :)
Alberta Oilsands Provides Updated Corporate Overview of Assets and Activities
BeantwoordenVerwijderenFiling Services Canada6 hours ago
Symbol Price Change
AOS.V 0.15 -0.02
Calgary, Alberta CANADA, July 31, 2013 /FSC/ - Alberta Oilsands Inc. (AOS - TSX Venture), ("AOS" or the "Company") is pleased to provide a corporate update to its shareholders and to outline the current and ongoing state of affairs of the Company.
DOMESTIC ASSETS
1. Clearwater (~20 thousand acres) - As reported on July 26, AOS has been informed that it's 100% owned Clearwater property located in the Urban Development Sub-Region of Fort McMurray is being cancelled by the Province of Alberta in order to facilitate the expansion of the City limits of Fort McMurray.
The Mineral Rights Compensation Regulation (Alberta Regulation 317/2003) establishes the compensation payable by the Crown for cancelled agreements. Compensation includes at least the following:
1. Cost of acquiring the lease including annual license fees and application fees;
2. Wasted exploration and development expenditures;
3. Reclamation costs;
4. Interest of approximately 5 per cent (calculated as Alberta Treasury Branch prime plus 1 per cent).
In the near future, the Company expects to receive an official notice of cancellation from the Province of Alberta setting out details of the cancellation.
To date, AOS has spent approximately $51-million in the acquisition and development of Clearwater. AOS will work with the Province to facilitate a timely and equitable remuneration for its shareholders.
2. Grand Rapids (~11 thousand acres) - The 100% owned Grand Rapids property located in Northeastern Alberta, Township 088, Ranges 11 and 12 W4M consists of 18 sections and hosts 119 million barrels of best estimate contingent resources of bitumen, as outlined in GLJ Petroleum Consultants Ltd.'s NI 51-101 compliant resource report dated effective December 31, 2012 (the "GLJ Report").
AOS recently had its consultants Petrospec complete an estimated ultimate recovery (EUR) study to model potential development scenarios to access the resources and through the modeling, gain a better understanding of the potential recovery factor. The Company is pleased with the information from the study and will utilize it to aid in conversations with potential partners.
AOS is examining its options to advance the Grand Rapids project. As of the date of the last GLJ Report, Grand Rapids has a PV10 of C$333 million.
3. Algar Lake (~32 thousand acres) - As per the press release dated June 5, AOS is encouraged by the agreement with its new partner Crescendo, which is expected to close in the month of August. Crescendo is comprised of a team that includes highly skilled explorationists who have twice made billion barrel discoveries in Canada's oilsands region.
The 3 legacy holes at Algar Lake demonstrate a geology which illustrates the potential for lower viscosity oil Wabiskaw/McMurray formations. This presents a possibility of oil reservoirs that could be amenable to cold-flowing or CHOPS (Cold Heavy Oil Production With Sand) production methods, similar to proximal operations such as the Pelican Lake project to the south-west.
4. Mackay (~3 thousand acres) - AOS is pleased to see the recent success of its neighbours in successfully taking the STP-Mackay SAGD project to over 4,000 barrels per day of production, as reported on July 8, 2013 by Southern Pacific Resource Corp. AOS is examining its options to advance the Mackay lands.
2)
BeantwoordenVerwijderenINTERNATIONAL ASSETS AOS:
1. Zambia (~18 million acres) - Alberta Oilsands is extremely pleased with the land package that it has assembled in Zambia, which covers three rift systems and two lakes, including the important Lake Tanganyika.
The Company is highly encouraged by the activity on Lake Tanganyika including 2 ongoing seismic programs, and one recently completed by Beach Energy, bordering AOS's lake position. There are geological similarities between Lake Tanganyika and Lake Albert to the North, which hosts 3.5 billion barrels of oil reserves (according to information by Uganda's Ministry of Energy), and Lake Tanganyika has substantial evidence of a working petroleum system including the presence of what is thought to be the world's largest natural oil seep.
Alberta Oilsands intends to continue a formal process of evaluating its acreage and the possibility of partnerships or farm-downs, in Q3.
2. Namibia (~2.5 million acres) - AOS has been monitoring with interest the progress of oil and gas companies operating offshore Namibia. AOS is encouraged by results of HRT's Wingat-1 well, which established a working petroleum system in the deeper waters of Namibia. The recovery of light oil and the identification of two high-total-organic-content source rock intervals confirms HRT's view that multiple mature, oil-prone source rocks are present in the deep offshore, as reported in HRT's May 20, 2013 press release.
HRT reported on July 19, 2013 that it is now moving its Transocean Marianas rig to the test the Moosehead Prospect within PEL-24 block, which directly borders AOS's block 2712A. Moosehead-1 is a multi-billion barrel prospect which HRT has rated at a 25% Chance of Success as indicated by HRT in its June 2013 corporate presentation. Drilling is anticipated to start in late August or early September.
3. DRC (~1 million acres) - The Company, in partnership with Pan African Oil Ltd. has completed its desktop study as required under the MOU with the government. The DRC Lake Tanganyika MOU covers Blocks 5 (Kalembe) and Block 6 (Fatuma) in the Kalemie sub-basin.
AOS anticipates that its partners will be in a position to begin negotiating terms for a PSA with the government of the DRC in Q3.
4. Other - The Company is examining opportunities which meet its criteria as set out in a press release dated November 19, 2012, in Ethiopia, Chad, Burundi, and several West African nations.
UPCOMING MILESTONES REVIEW
1. Clearwater - government remuneration process initiated (expected in Q4 2013)
2. Namibia - drilling by HRT Participacoes SA of a ~$100 million well directly bordering AOS's block on a multi-billion barrel prospect begins in August/September (Q3/Q4 2013)
3. Algar Lake - initial drill program conducted by Crescendo of 3 - 5 wells (Q1 2014)
4. Partnerships - ongoing discussions on both domestic and international assets (ONGOING)
In addition to the ongoing management of the Company and its assets, management and the board continue to evaluate all strategic methods and alternatives at its disposal to maximize shareholder value including, but not limited to:
Assets divestitures, cash dividends to shareholders, farm-outs, further accretive acquisitions and farm-ins, joint-ventures, potential combinations, share buybacks, spinouts and share or cash dividends, partnerships, and the outright sale of the Company.
Discussions with numerous groups are ongoing, but there is no guarantee that any transaction(s) will materialize until definitive agreements are reached.
AOS currently has 211,482,057 issued and outstanding common shares, and as of March 31, 2013, the Company had current assets of approximately $6.76-million.
WEBSITE AND EMAIL SIGNUP
Please visit us at http://www.aboilsands.ca to view the corporate presentation, as well as to subscribe to the Email List to be informed of news as it is released.
Speculative Stock Investment: Alberta Oilsands
BeantwoordenVerwijderenAug 4 2013, 11:58 |
Alberta Oilsands Inc. (OTC:AOSDF) is currently trading at $0.1440 over-the-counter. What makes this stock so interesting is the potential it has for growth of the company and increased valuation of the stock price. Highlights from the 2012 financial statement include annual revenue of $592k, cash-on-hand $5.5 million, book value per share $0.36, the number of outstanding shares 211,480,000, and the 52 week stock price (low-high) $0.02 - 0.17. Later in the article, I will expand on the Province of Alberta forcing a buyout of one of the projects that will provide about $50 million in cash to the company. The second additional source of income from a contract is from the $2 million cash payment coming from Crescendo Resources Ltd. for the farm-in on the Algar leases. The company has no long or short-term debt and will have an estimated $57 million of net cash. This will provide the company lots of flexibility to plan its future.
The company has strengths and weaknesses, and a limited track record. The potential for success is good and the challenges of competition are strong in the oil drilling, extraction, and shipping of crude to refineries in the Alberta oil sands area. This is a truly speculative stock and our concerns are the near-term operations creating a loss of income and the ability to sign partners to conduct the actual work and create a return that is profitable for the investors.
As the Alberta Oilsands Inc. name indicates, the company has a presence in the Athabasca Oil Sands, Peace River and Cold Lake Oil Sands areas of Alberta. The term 'oil-sand or bitumen' has acquired a bad name as less desirable oil product due to the heavy oil mixed with sand, gravel, mud and sulfur as a very difficult crude to extract from the ground and ship to refineries. The company had four main Canadian projects until July 25, 2013 when the Province of Alberta announced that it is allocating 55,000 acres of Crown lands to the Regional Municipality of Wood Buffalo (Fort McMurray) under its Urban Development Sub-Region initiative (UDSR). As a result of the UDSR initiative, the Clearwater Project by Alberta Oilsands was cancelled. The 3 active projects remaining are: the Grand Rapids Oilsands Prospect, the Algar Lake Oilsands Prospect, and the Mackay Oilsands. The company has expanded to several African projects that include: Zambia Project, the Namibia Project and the Democratic Republic of Congo Project.
http://seekingalpha.com/article/1602782-speculative-stock-investment-alberta-oilsands
Oil sands crude is tanking again
BeantwoordenVerwijderenFrik Els | November 5, 2013
Oil sands crude is tanking again ... but at a deep discount
The price oil sands producers receive fell to almost $54 a barrel below the international benchmark on Tuesday, as the discount of Western Canada Select to US benchmark West Texas Intermediate (WTI) deepens to a level last seen nearly five years ago.
WCS – a blend of heavy oil sands crude and conventional oil – fell to multi-year lows of $41.79 below WTI with the December contract weakening to $41.79, a near 20% worsening in less than a week.
The relative weakness in oil sands crude comes on top off a slide in US oil to four month lows below $94 on Tuesday on fears of a seventh straight increase in the country's oil inventories and longer term prospects of Iranian oil returning to world markets.
While the Canadian blend has fallen further behind global benchmark prices, WTI's discount to North Sea Brent has narrowed substantially to around $12 a barrel, halving the $23 gap recorded in December.
Brent settled at $105.40 in Europe on Friday which translates to an effective price for bitumen-derived oil from Alberta's oil sands of just $51.40 a barrel.
The value of Syncrude, a light oil made from oil sands after undergoing an expensive upgrading process, has also reversed fortunes declining to a $15 discount to WTI last week, levels last seen in March 2012, against historical trading of a slight premium.
The pervasive bitumen discount to global oil prices is not because Alberta's oil sands crude is of inferior quality.
Maya heavy oil from Mexico is of similar quality to the oil sands blend but is priced at a $40 premium to Canadian crude today.
Maya heavy oil from Mexico is of similar quality to the oil sands blend but is priced at a $40 premium to Canadian crude today.
Unlike Canada, Mexico hedges its oil output and in September the Latin American nation locked in the best price for its crude in history at just over $90 a barrel for 2014.
The reason Canada's oil attracts these pricing levels is because the country only has one customer – over 99% of Canadian exports end up in the US.
Alberta's landlocked oil cannot reach lucrative growing markets in Asia because of a lack of pipelines which turns the province into a price-taker.