that they are in constant contact with the appropriate government
agencies and he suggests it’s probably just a
when, not if they get their permits and reminds us that
there have been no SAGD projects that have not been
given permits.
What’s next on the list for Connacher is a resource estimate
from GLJ that should be arriving on the door step
within the next 30 days.
Meanwhile, it’s nice to see another brokerage house
start following Connacher as RBC Capital Markets is now
following this stock and they give an interesting price target
on the stock and we quote, “Target Price Rationale”...
Our un-risked NAVPS (futures) estimate (which includes
future growth prospects) is over $13/share, with a
risked NAVPS (futures) estimate of ~$8.50. We are not yet
willing to set our price targets for long-lived assets off of
strip pricing. Therefore, we are initiating coverage of CLL
with a target price at $6.25/share, which is approximately
25% below our risked NAVPS (futures) estimate and consistent
with our target price methodology for other longlived
assets.”
