Another Canadian company so it wont have its own page but will set up this thread for any discussions/observations and for general interest.
Company website:
http://www.cirrusenergy.ca/main/
Cirrus is currently valued around $150m at C$2.10.
The company is very solid financially and appeals as a good value play in a low risk environment. It is also one fo the least discussed companies I have ever seen in BB land (try finding any discussion).
The focus of the company is on the Netherlands though there is a ssmall interest in Trinidad that is currently producing c130bopd. That is not a core asset and will most likely be sold in due course.
Like many Canadian companies, the website is very good and gives a good breakdown of the various licences and state of play on each of them:
http://www.cirrusenergy.ca/main/default.asp?V_DOC_ID=939
The company gave a presenation at CAPP in Calgary yesterday and the webcast can be viewed for the next three months here:
http://events.onlinebroadcasting.com/capp/061509/index.php
This follows hard on the heels of the update issued on the Dutch operations:
http://www.cirrusenergy.ca/main/default.asp?V_DOC_ID=1013
Already Cirrus has made excellent progress with development and we shall see production from several wells over Q4 and into Q1 2010.
Financially Cirrus looks very solid with about C$50m in working capital and access to an undrawn Euro30m credit line. Key here is the farm in that Cirrus agreed with Taqa (UAE based giant) in September last year:
http://www.cirrusenergy.ca/main/default.asp?V_DOC_ID=974
Although the SP has rebounded from a low of 60c odd, they still look remarkable value on a long term basis with a very soldi management team, good assets, strong finances and cashflow. If we see oil remain around these levels ($70) then Im looking for a Core NAV of around the C$4 mark and around C$2.75 on $50 oil.
Anyway, just throwing it out the audience as being potentially interesting. Ive got a fair amount of CYR (of course) and I know Im finding it hard to track down attractively priced E&P plays at the moment so perhaps CYR may appeal to those of a like mind. Im not going to go into full details of my methodology, DYOR is very much the right way to go but IMO CYR is well worth the effort. Being Canadian listed it is also ISA'able.
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