03
Apr
Contango Energy – Double Dutch Treat
Contango Oil and Gas (MCF) announced a sizeable second well at its Dutch discovery in the Gulf of Mexico.
- This brings net reserves in the prospect up to 45 Bcfe relative to the 34.2 Bcfe they had booked for the entire company as of year end 2006.
- (MCF) has a 29% net revenue interest in Dutch. The #1 well tested at 14 Mmcfepd in Noveber and should have been online in January and is now flowing 35 Mcfepd gross (10.15 Mmcfepd net to the company). The #2 could be online later this summer and the #3, a 2,200 foot stepout is set to spud in May.
- This is a very interesting company with huge plans in the deep shelf Gulf of Mexico, the Fayetteville Shale, and in an LNG terminal due onstream 2008. Little debt and only seven employees and little apparent need for additional financing.
- Unfortunately it had fallen off my radar screen long ago and was up >7% in the after hours yesterday by the time I “rediscovered” it. I won’t chase anything in this market. Once things settle down a bit I’ll be looking to begin building a position here. Sorry options guys; they don’t have any.
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May 3rd, 2007 at 6:26 am[…] the stock has had since announcing it’s second successful well at Dutch back in early April (when I first highlighted the company ) I can almost get to the company’s current valuation (TEV = $510) by only […]
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I dont suppose anyone knows the name of a word that sounds like how its spelled, like, energy = nrg. They say that one day, there will be no black and white. It will all mix. Is this good?
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