Scotia Capital notes on CLL 2009 Report

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Connacher is a growing exploration, development and production company with a focus on producing bitumen and expanding its in-situ oil sands projects located near Fort McMurray, Alberta

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jurek

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Scotia Capital notes on CLL 2009 Report

posted on Mar 22, 2010 01:09PM

Recent Update (Text as of 19MAR10) .

1 Year target $1.6 (1 year return 13.5%)

Connacher reported Q4/09 CFPS of -$0.01, vs. our estimate of $0.02.

Cash flow came in below expectations due to lower than expected production and
netbacks from crude oil, natural gas and bitumen, as well as lower than
expected refining margins.

Pod One continues to ramp up and is expected to average 8,555 bbl/d in 2010
with an SOR of 3.2. This is down slightly from prior guidance of 9,000 bbl/d
and 3.0 SOR....

2010 estimates:

Earnings: $-0.11

Cash flow: $102 millions , $0.24/sh

Free cash flow (cash flow - expenditure) $-172 millions

net debt /cash flow 8.5

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