Empfehlung LA CORTEZ ENERGY
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habe heute wieder eine Empfehlung von EQ Box Tem erhalten:
Business Class
Liebe Leserinnen und Leser,
Wir kaufen heute La Cortez Energy (WKN: A0Q2T5)
2,8 USD oder 2,05 Euro.
Prognose Nr 22: La Cortez Energy wird noch im März über 3,4 Dollar steigen
(21% innerhalb von 4 Wochen).
La Cortez ist eine Ölaktie die in Kolumbien exploriert. Unser Kauf liegt in
der heutigen Pressemeldung begründet, wir werden das in einer der nächsten
Ausgaben erläutern.
Kennt die Aktie jemand?
(und Safran - sehe es mit Frau Smith es ähnlich)
keine Kaufempfehlung ! - meine Meinung !
JA, ist leider auch nur noch vier Wochen in Frankfurt handelbar;
Einbeziehungs-anforderung bereits erfüllt?
"Hier ein kleiner Auszug daraus:"
IM00B413F004
La Bonita PLC Registered Shares EO -,10
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La Cortez Energy Inc. Registered Shares DL -,001
Aktien / Aktien vert. Zertifikate
nein
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Laboratorios Farmaceut.Rovi SAAcciones Port. EO -,06
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Lambda TD Software Inc. Registered Shs Class A DL-,01
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Lamperd Less Lethal Inc. Registered Shares DL -,001
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Lead&Zinc Complex JSC Registered Shares BW 1
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Legend International Hldgs IncRegistered Shares DL -,001
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Lena Beteiligungs AG Inhaber-Aktien o.N.
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Letsbuyit Group AG Inhaber-Aktien SF 1,36
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Li3 Energy Inc. Registered Shares DL-,001
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Lighting Science Group Corp. Registered Shares New DL -,001
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Li-Ion Motors Corp. Registered Shares DL-,001
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http://www.lacortezenergy.com/media/shareholder-letter-8-6-2013.pdf
Maranta Field Operations Resume
We are pleased to report that field activities at Maranta are no longer in suspension. The
operator of the Maranta Block (our joint venture partner) has advised us that: it has concluded
the prior consultation with the local community, the agreement with the local community has
been approved by the court overseeing the matter, and the required environmental licenses are
in effect.
The operator has begun the process of re-initiating field activities, which we anticipate will
take some time, and we anticipate will require well service and work over activity. We will
provide an update on field status as further information is made available to us by the operator.
Operations Update
Maranta
During February the operator resumed field operations by gradually bringing wells back
online subsequent to the resolution of the tutela and reinstatement of environmental
permits. As anticipated, several of the wells required well service and work over. This
activity occurred between February – May, with new artificial lift systems installed at
three of the four wells in which La Cortez holds and interest.
Production year-to-date net to the interest of La Cortez has totaled 20,091barrels (after
royalty) through June 2014. June was the first month in which all four of the wells in
which La Cortez holds an interest were online, and net production for the month was
5,594 barrels (after royalty). Production at one of the wells began to deteriorate during
June, and further well service is anticipated.
Expenses through May as legalized by the operator resulted in an outstanding obligation
owed by La Cortez of approximately $ 1.9 mm. Net of the unsold crude inventory, we
estimate La Cortez currently owes the operator approximately $1.0 mm. The operator is
accruing amounts owed at a rate of LIBOR plus 10 basis points, consistent with the
provisions of the joint operating agreement. Should field production continue at current
levels, we anticipate the company’s work obligations owed to the operator will be paid
off by year-end 2014.
Avante
Avate and its partner in the Rio de Oro and Puerto Barco blocks in the Catatumbo region
have been informed by Ecopetrol S.A. they would not renew the contracts, which under
their terms expired at the end of 2013. We are disappointed with this result, however, the
partners have determined not to pursue further negotiations and are in the process of
returning the two blocks back to Ecopetrol.
Other Financial Matters
In addition to the obligations owed to the operator of Maranta, the company currently has
corporate obligations totaling approximately $ 0.8 mm. These obligations included
deferred payments due certain contractors, DIAN (Colombian tax authority), company
counsel, and management and directors. No payments have been made to management,
directors and certain contractors since July2013, and management and certain contractors
have agreed to substantial reductions in fees, in addition to the deferral of amounts owed.
We continue to work on a plan to address each of these obligations through both deferral
and reduction of such outstanding obligations, but at this time there is no formalized plan
in place for dealing with these obligations and others that may arise in the future, and no
assurance can be given that the company will be successful in doing so.
In order to fund those expenditures that could not be deferred, the company has raised a
total of $250,000 through the issuance of common shares since December 2013 at prices
of approximately $0.04 per share to a Colombian shareholder. This shareholder is an
affiliate of one of the directors of La Cortez. As of June 30th, the company has
approximately $103,000 cash on hand.
Notice of Default - Maranta Block
The company recently received a notice of default from the operator of the Maranta
block in which La Cortez holds an interest. As previously discussed, the company
has had outstanding obligations due in respect of its share of operating and capital
costs since June 2013, and such obligations have been accruing interest in
accordance with the provisions of the joint operating agreement at a rate of LIBOR
plus 10 basis points. Prior to receipt of the notice of default it was the company’s
expectation that such obligations could be satisfied through cash flow generated
from operating activities.
Upon receipt of such notice, the company met with the operator to discuss certain
field operating problems and to propose various alternatives for dealing with the
outstanding amounts due. In response to such meeting, the company has been
informed that beginning with the September cash call, the operator expects to
receive payment for all outstanding amounts, and prompt payment from then on for
monthly cash calls in conformance with the joint operating agreement signed
between the parties. A cash call for September in the amount of $588k was received
by the company on October 1, 2014, and such amount is due for payment October
10th, 2014. In addition to amounts included in the September cash call the company
is aware of additional obligations for prior period operating and capital costs of
approximately $220k that are expected to be included in future cash calls by the
operator. Pursuant to the joint operating agreement, non-defaulting partners have
the right to cause withdrawal of the defaulting party if outstanding obligations are
not paid within thirty days of a notice of default.
In addition to the obligations owed Emerald, the company has approximately
$1,094k in other obligations outstanding relating to sums owed for various
Colombian taxes, third party vendors and others, for total corporate obligations
outstanding of approximately $1,902k as of September 30, 2014. These amounts
are before any reduction in amounts for unsold crude for the account of the
company. At September 30, 2014 unsold crude totaled 4,667 bbls with a value of
approximately $328k based on recent product sale prices.
The company has for some time been attempting to find sources of funding to
address its outstanding obligations. To fund commitments over the past year, the
company was able to secure $250,000 in equity from one of its shareholders who is
{00157854.2 / 0903-001}
an affiliate of one of the directors of the company. We were recently informed by
such shareholder it is no longer willing to fund the company on the same terms as it
has been doing to date in light of these recent developments. We continue our
efforts to secure financing to satisfy the Maranta obligations; however, given the
time frame for addressing its outstanding work commitments, the company believes
it has few alternatives for financing the Maranta obligations. No assurance can be
given that the company will be able to secure financing to satisfy the Maranta
obligations, and if successful, the terms of such financing are likely to be highly
dilutive and contain terms that are unattractive to the shareholders of the company.
Other Matters
As previously disclosed, the operator resumed operations at Maranta in late
January. Work over activity was performed at all four of the wells in which the
company holds an interest, and an artificial lift system was installed in three of the
four wells. The operator has been unable to consistently establish production at one
of the wells, and this well has been closed since August 21, 2014, pending further
evaluation by the operator. It is not anticipated that production from such shut-in
well will resume for some time, if at all. As a result, over the past thirty days,
production net to the interest of La Cortez has declined to approximately 140
barrels average per day after royalty.
During September the company’s President, Nadine Smith, resigned as president
and a director. Ms. Smith continues to assist the company and the Board of
Directors with transition and corporate matters as requested.