Caza Oil & Gas (CAZA:AIM – results encourage, broker upgrades
Woodlands, Texas based exploration and ‘production’ group issued 3rd quarter results to September 2012
The small Group reported revenues of $0.90m (2011: $1.00m), with a post-tax loss of $(2.20m) (2011: $(3.02m)). The Company had cash of US$12.78m as at 30th September 2012. It’s hardly a big producer but during the period production was an average of 244boepd againts 238boepd for the comparable period with the Copperline success due to materially increase production. The house broker has commented that at current levels, Caza is trading at a substantial discount to RENAV and they have a price target of 30p (current 18p) We remain sceptical about AIM listed US focused E&P minnows - our experiences with…