BCC - Buccaneer Energy

[prawn_86]

Finalised flow testing. Expected to flow at 7m cubic feet per day which will give them $1m net revenue per annum for at least the next 2 yrs.

Looks to be one of their more succesful drills but the market doesnt like it, i guess cause of the short term nature of the well. Will be interesting to see the decline rates also,

 

[laurie]

Finalised flow testing. Expected to flow at 7m cubic feet per day which will give them $1m net revenue per annum for at least the next 2 yrs.

Looks to be one of their more succesful drills but the market doesnt like it, i guess cause of the short term nature of the well. Will be interesting to see the decline rates also,

I thought that was per month $1m!

 

[prawn_86]

I thought that was per month $1m!

Correct sorry, was supposed to say 12m pa

 

[Kremmen]

Shaw Stockbroking has started following BCC and suggests a target price of 36c/share.

 

[bravo]

http://www.buccenergy.com/uploads/res/Shaw_Stockbroking_Research_Coverage.pdf

 

[chakvetadze]

The market doesn't like the stock because the offshore targets in the Cook Inlet are actually not that big.
There's 900M bits of paper and heaps of outstanding options.

 

[explod]

A firm break on volume today,

is this one to watch for next week?

http://bigcharts.marketwatch.com/ad...rsToggle=false&chartStyleToggle=false&state=9

These oilies do seem to be in favour ATM

But; I may have gone MAD of course.

 

[chakvetadze]

Technically it is now a strong buy having withstood the overhang of stock from the recent capital raisings. 5.7c was a nice support level.
Fundamentally there are still funding risks. I'm not sure why they didn't push for a $100M revolving line of credit against ACES rebates instead of $50M.
If they can placate the market's concerns over funding and dilution, the stock can fly to 20c on the next two wells at Kenai Loop.
From there it all depends on the success or failure offshore. A successful Southern Cross well could well see BCC trading at around 30c, possibly higher in the short term.

 

[Chasero]

Technically it is now a strong buy having withstood the overhang of stock from the recent capital raisings. 5.7c was a nice support level.
Fundamentally there are still funding risks. I'm not sure why they didn't push for a $100M revolving line of credit against ACES rebates instead of $50M.
If they can placate the market's concerns over funding and dilution, the stock can fly to 20c on the next two wells at Kenai Loop.
From there it all depends on the success or failure offshore. A successful Southern Cross well could well see BCC trading at around 30c, possibly higher in the short term.

Not sure about flying past 20c.

Didnt they take a 20m loan to buy a 7.5m rig?

Anyway, BCC stuck for the past 5 months trading sideways.

Stocks that trade sideways from 3-6 months generally break out and start trending one way or another.

I too think BCC will be the one to watch. If it starts to trend I will be on it. 5.7c resistance very strong (maybe some big accumulator in play?)

Just got to be careful with this one, as it has been called a 'flea' and other names, has not been a strong stock in the past due to all that dilution.

"Shaw Stockbroking has started following BCC and suggests a target price of 36c/share."

GL to them

 

[Chasero]

Down 10% today.

Management are clearly not communicating to shareholders, and causing jitters possibly due to the article about late payment of contractors.

INteresting to see whether it will bounce off 0.05 tomorrow and continue sideways trading.

 

[prawn_86]

Trading halt with regards to a capital raising.

Nothing happening here, going to need a huge change of direction, or a massive find to put a fire under the price imo. Currently just slowly bleeding cash

 

[Bonk]

Analysts classified BCC as a suicide stock long ago ! Apparently , some risk takers haven't awaken to the careless activities by this mob. Some traders have tried hard to convince themselves and others this suicide behaviour is the norm. Not many oilers go on to be a good trade l/t. Dont expect too much here !

 

[Chasero]

This management is seriously.. no words.

Capital raising after capital raising.. 41 c this time around.

 

[Chasero]

This management is seriously.. no words.

Capital raising after capital raising.. 41 c this time around.

Edit: 4.1c.. got a bit confused with the shaw stockbroking target...

 

[jancha]

Announcement out:

ASX RELEASE – 19 SEPTEMBER 2012
KENAI LOOP # 4 WELL – DRILLING REPORT # 1
Buccaneer Energy Limited (“Buccaneer” or “the Company”) is pleased to provide the following
update on the progress of the Kenai Loop # 4 (“KL # 4”) well:
Time: 11.00am (Sydney) 19 September / 5.00pm (Anchorage) 18 September 2011.
Depth: 3,050 feet Total Vertical Depth (“TVD”).
Activity: Surface casing run and cemented. Installed 10,000psi blow-out protector
(“BOP”). Preparing to drill ahead.
Comment: The primary target in the KL # 4 well are 7 stacked potential pay sands in the Tyonek
formation, the well will have a bottom-hole location approximately 2,000’ north-west of
the successful Kenai Loop # 1. All of the 7 stacked potential pay sands have been identified
and mapped using data from the recent 3D seismic interpretation and all have hydrocarbon
indicators.
The targeted pay sands within the Tyonek include the 9700’ and 10000’ sands that are
currently being produced in Kenai Loop # 1 well.
The Kenai Loop # 4 well is planned to drill deeper than the Kenai Loop # 1 (10,660’) , and is
anticipated to take 35-40 days to drill with an additional 10 days for testing.
.
Yours faithfully
BUCCANEER ENERGY LIMITED
Mr Dean Gallegos

Who whould have thought the time difference between Angorage and Sydney is 1yr and 1 day. lol
What planet are they drilling on?

 

[Ruckus]

A lot coming up with this mob, solidified my position at the start of the week. Since then has shown bullish behaviour.. expecting this to trend positively. Odds of positive ongoing news for the next few months, looking good. Even with the high dilution i expect at least 20c by christmas.. if no major hiccups.
Bell Potter have this one at 22c

 

[prawn_86]

Even with the high dilution i expect at least 20c by christmas.. if no major hiccups.
Bell Potter have this one at 22c

Hi Ruckus,

If you are posting a price target please explain why and how you have come to this target. Please read the posting guidelines.

Is it fundamental or technical? What makes you think it will move nearly 400%?

 

[Sdajii]

Hi Ruckus,

If you are posting a price target please explain why and how you have come to this target. Please read the posting guidelines.

Is it fundamental or technical? What makes you think it will move nearly 400%?

He didn't come to that target, Bell Potter did, he is just saying what they said. I'm just guessing that they're saying it based on fundamentals.

I think Ruckus' post was a bit vague and empty for a first post though

Disclosure: I hold.

 

[prawn_86]

Another 12m dollar placement to sophisticated investors and another loan facility. It seems these guys are really taking on a lot of debt, will all that leverage eventually pay off?

They are also try to renegotiate their existing debt facilities which expire next year

 

[prawn_86]

BCC came out this week and said that opne of their Kenai Loop wells has been flow tested and will be commercial.

It still seems to me as though all this co does is raise capital and debt and then just barely drill enough wells to cover their costs and interest payments without delivering any actual growth or results for shareholders