Esch
Sorry for replaying so late. As you know it is hard to not have fun visiting Europe. Munich is a grate city to stay in, especially if you have good friends around.
Similar to Wroclaw in Poland. Large (1million) university town full of young people. You can feel the energy around you.
I have got the contact to my University pal who lives in Copenhagen (Ved Skansen 1) so maybe on my next trip to Europe I will have a longer stopover in Denmark and see your young family.
kirkdsmeeton
No, I do not have the CLL earnings for Q3.
However it is save to assume that next 7 to 8 quarters (2 years) CLL will not show any significant grow in earnings. As you know earnings as oppose to operational cash flow include all expenses like the depreciation amortization and interest payments.
DG in his last interview (July 6) said that the Algar will be “steaming” by Aug 2010 . Looking at the POD1 history Algar may go “Commercial”(reporting cash flow) at the end of 2010 and producing 4000 to 5000 bbl/d in middle of 2011. This is very essential for CLL interest payment obligation.
At the end of 2010 CLL will run of the money they rose recently. This is why DG is getting additional $50 million line of credit.
ALGAR is the only hope (except price of bitumen) to generate sufficient cash flow to meet their obligation. Remember in 2012 they have to start paying the principal on the $600 million Notes. This IMO will trigger another dilution for shareholders.
Warrior
Good points in last two posts.
One thing, which needs to be clarified, is the “12,000 barrels per day of conventional oil and gas production”. There is only 3300 boe/d of conventional production .
As you know this 3300 boe/d does not generate any profit for CLL and at this point is not much relevant.
Alberta NG spot prices at delivery point (AECO) are $2.7 per GJ. LUKE NG is being sold bellow the cost and is offsetting small gains from 1000bbl/d CLL conventional crude oil production (see: Canada swimming in natural gas: http://www.investorvillage.com/smbd.asp?mb=4288&mn=32799&pt=msg&mid=7545842
Wow, this is a long post but I have to add one more thing.
I am posting this after the market is close with the hope that Mr. Devil and his Rebellion shooter supported by Mr. MM, market manipulator spotter, who are working overtime on this board, that they will not waist their precious ammunition on me. I am just the retired guy who likes to play tennis and golf and occasionally bring some dose of reality to this board.
Brian would say: the sense of realistic proportion.
Have a grate summer and good luck to all, Jurek.
