Connacher Oil and Gas

Another price downgrade today for CLL. This is a third one in last couple of weeks.

This time by Scotia Capital which lower the CLL SP target to $1.65.

This is exactly the same price what the Credit Suisse (CSFB) annalist give us when he dropped the CLL target after listening to DG presentation at the Credit Suisse 2010 Global Conference last month.

Algar`s Commercialization News publicized by the Management one month ago (Sep8) was widely expected and it looks like it was priced in the CLL SP.

It is very unfortunate that today news had very disappointing POD1 numbers. It looks like the struggle at POD1 continue. After more then two years and additional $100 million average production cannot surpass 7000bbl/d.

The only positive thing is the extreme negative sentiment and increase number of conspiracy theory posts, suggesting that the solid bottom is in place.