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Caza Oil Gas Mulls New Financing
Caza Oil Gas ,michael kors handbags, (LON:CAZA, TSE:CAZ) stated it can be actively contemplating new sources of financing since it appears to optimise its perform programme and drive economies of scale.
The Texas-based enterprise also reported it had pared its losses considerably from US$23.3mln in 2011 to US$12.2mln inside the ,http://outletsmichaelkors2013.tripod.com/, last year, with net loss per share getting cut ,michael kors outlet, in half.
Revenues rose 22% to five million dollars from US$4.1mln previously, as typical production volumes jumped 19% to 285 barrels of oil equivalent each day.
Quarterly revenues for the three month period to the finish of December enhanced 31% ,michael kors watch, to US$1.6mln.
Chief executive Michael Ford mentioned the firm was pleased with its progress in 2012.
"The latter portion on the year was especially constructive with material increases in ,lululemon sale, both production and revenues," he said.
The company's near term intention is usually to continue to take part in 3 or four wells a year funded from production revenues, existing money sources and at present accessible financing.
Having said that, the firm's management believes that accelerating and expanding this drilling programme will substantially improve each production and cash flows, that will optimize the perform programme ,toms shoes outlet,michael kors sale handbags, and drive economies of scale.
"The firm and its advisers happen to be actively considering option sources of capital, like a critique of doable joint-venture and strategic financing companion solutions and other debt instruments, that will give the company with enough leverage and capital to adequately exploit the chance but mitigate material equity dilution for the duration of the 'value accretion' drilling phase," its statement stated.
Topic towards the availability of proper financing, Caza's objective would be to embark on an accelerated and expanded drilling programme in the Bone Spring play over the next two years.
Broker Cenkos said at present levels, Caza was trading at a substantial discount to threat exploration net asset ,michael kors bags, worth (RENAV).
"However, we think that the unlocking of the Bone Spring play and also the transformational increase in production should really go some approach to restoring market place self-assurance inside the stock," it said in a note
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