Last €1.51 EUR
Change Today -0.029 / -1.88%
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cequence energy ltd (3STA) Snapshot

Open
€1.52
Previous Close
€1.54
Day High
€1.52
Day Low
€1.51
52 Week High
04/30/14 - €2.06
52 Week Low
08/9/13 - €1.01
Market Cap
319.2M
Average Volume 10 Days
0.0
EPS TTM
--
Shares Outstanding
211.0M
EX-Date
--
P/E TM
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Dividend
--
Dividend Yield
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Current Stock Chart for CEQUENCE ENERGY LTD (3STA)

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cequence energy ltd (3STA) Details

Cequence Energy Ltd. is engaged in the acquisition, exploration, development, and production of petroleum and natural gas reserves in Western Canada. The company’s principal properties are located in the Deep Basin area of Northwest Alberta; Peace River Arch area of Northwest Alberta; and Northeast British Columbia. It owns a total of approximately 566,010 gross acres of oil and natural gas leases with approximately 56% average working interest. The company was formerly known as Sabretooth Energy Ltd. and changed its name to Cequence Energy Ltd. in July 2009. Cequence Energy Ltd. was incorporated in 2000 and is based in Calgary, Canada.

Founded in 2000

cequence energy ltd (3STA) Top Compensated Officers

Chief Executive Officer, President, Non Indep...
Total Annual Compensation: C$296.4K
Chief Financial Officer, Vice President of Fi...
Total Annual Compensation: C$228.8K
Chief Operating Officer, Executive Vice Presi...
Total Annual Compensation: C$192.7K
Vice President of Geology
Total Annual Compensation: C$228.8K
Vice President of Land
Total Annual Compensation: C$228.8K
Compensation as of Fiscal Year 2013.

cequence energy ltd (3STA) Key Developments

Cequence Energy Ltd. Revised Earnings and Production Guidance for the Full Year of 2014 and First Quarter Ended March 31, 2015; Provides Capital Expenditure Guidance for the Nine Months Ended March 31, 2015

Cequence Energy Ltd. provided earnings and production guidance for the full year of 2014 and first quarter ended March 31, 2015. For the year 2014, production in 2014 is now expected to average approximately 11,000 boe per day (84% natural gas and 16% oil and natural gas liquids), dropping from the previously expected 13,500 to 14,000 boe per day. Crude – WTI is expected to be USD 99.75/bbl. Natural gas – AECO is expected to be CAD 4.60/GJ. The company has increased spending plans for 2014, to USD 170 million (prior to dispositions) from USD 120 million, now that it has completed the disposition of its entire interest in its non-operated assets in the Ansell area 18,800 net acres of land, 1,600 boe per day of current production and a 49% working interest in field infrastructure. The company is forecasting a 2014 exit rate of 12,000 boe per day. For the first quarter ended March 31, 2015, the company expects average production of 13,500 BOE/d. Crude – WTI is expected to be USD 99.75/bbl. Natural gas – AECO is expected to be CAD 3.85/GJ. The company expects to maintain an active two-rig drilling program through March 2015 and increase production from the current rate of 10,400 boe per day to exit the first quarter of 2015 at 15,000 boe per day. For the year 2014, the company expects funds flow from operations to be USD 83 million. Funds flow from operations per share is expected to be USD 0.39. Net capital expenditures, including dispositions were expected to be USD 23 million. Royalties is expected to be 10%. Net debt and working capital deficiency is expected to USD 51 million. This years budget includes an estimated USD 24.1 million of capital expenditures incurred to date in 2014 on the Ansell property prior to disposition. For the first quarter ended March 31, 2015, the company expects funds flow from operations to be USD 27 million. Funds flow from operations per share is expected to be USD 0.13. Net capital expenditures, including dispositions were expected to be USD 58 million. Royalties is expected to be 8%. Net debt and working capital deficiency is expected to USD 82 million. Capital expenditures for the nine-month period beginning July 1, 2014, and ended March 31, 2015, are budgeted to be USD 160 million, prior to dispositions, and include 17 (16.3 net) wells and a facility expansion at Simonette.

Cequence Energy Ltd. Reports Earnings and Production Results for the First Quarter Ended March 31, 2014; Provides Capital Expenditures Guidance for Second Half and Full Year 2014

Cequence Energy Ltd. reported earnings and production results for the first quarter ended March 31, 2014. For the period, the company reported production revenue of $41,095,000 against $22,005,000 for the same period last year. Comprehensive income was $512,000 or $0.00 per basic and diluted share against comprehensive loss of $5,439,000 or $0.03 per basic and diluted share for the same period last year. Funds flow from operations was $23,082,000 or $0.11 per basic and diluted share against $10,652,000 or $0.05 per basic and diluted share for the same period last year. Capital expenditures were $58,547,000 against $43,659,000 for the same period last year. Total capital expenditures were $55,318,000 against $43,667,000 for the same period last year. Both funds flow from operations and net earnings increased from the prior year driven by the increase in production volumes of 32% and an increase in realized sales prices from the prior year. Capital expenditures included the drilling of 7.0 gross (3.9 net) horizontal wells and the completion of 11.0 gross (7.1 net) horizontal wells. Equipment and facility expenditures of $22.5 million were mainly directed towards the construction of a gathering system and compression facility at Ansell, and additional compression and liquids handling capacity at Simonette along with wellsite facilities. For the quarter, the company reported that natural gas production volume was 59,898 Mcf per day compared to 46,306 Mcf per day a year ago. Crude oil production volume was 992 bbls per day compared to 608 bbls per day a year ago. Natural gas liquids Natural gas liquids was 638 bbls per day compared to 496 bbls per day a year ago. Total production volume 11,613 boe per day compared to 8,822 boe per day a year ago. Current budgeted capital expenditures for 2014 are $120 million with approximately $60 million planned for the second half of the year. An active drilling program at Ansell is also expected with current plans including approximately 8.0 gross (4.0 net) wells to be drilled in the second half of 2014.

Cequence Energy Ltd. Provides Production Updated for the Second Half of April 2014

Cequence Energy Ltd. reported that estimated daily production volumes have reached 14,000 boepd during the second half of April 2014 following the startup of the Ansell facility and completion of its winter capital program. At Simonette, the final two wells of the company's Montney winter drilling program were completed and are producing with much higher liquid yields than average wells of the company in this area. Of particular note, management believes the 13-35-61-27W5 Montney well is an important step-out on the northwest flank of the field. The 2,289 meter lateral well was completed with a 26 stage frac. After 10 days of testing and production, the 13-35 well is currently producing 1,540 boepd comprised of 6.3 mmcfd of natural gas and 345 barrels per day of free condensate. The company's 16-10-61-1W6 Montney well is located in the southwest corner of the field and was drilled with a shorter than average lateral length of 1,860 meters and was completed with a 21 stage slick water frac. After 18 days of testing and production, the 16-10 well has stabilized at a rate of 370 boepd including 1.2 mmcfd of natural gas and 138 barrels per day of free condensate. Management believes the 16-10 well extends a Montney oil trend south from the 15-12 well drilled in 2011. Cequence is evaluating these results and the opportunity to improve potential recoveries with optimized completion techniques. The 16-10 well is currently tied-in to a third party gathering system and is producing into the Keyera Simonette plant for test purposes prior to a tie-in to the Cequence gathering system. Cequence previously announced the results of a Montney well drilled at 14-24 (was 10-24) on January 21, 2014. The well is outperforming the model rate and has now produced for 92 days with an IP90 of 1,275 boepd comprised of 6.2 mmcfd of natural gas and 86 bbls/d of condensate. Management believes that the 14-24 well has successfully delineated an undrilled portion of the field. Cequence also previously announced results from a Dunvegan well drilled at 5-2-61-02W6. Cequence has a 65% WI in the 5-2 well which has now produced for 93 days with an IP90 of 1,811 boepd comprised of 8 mmcfd of natural gas, and 147 bbls/d of free condensate (all production volumes are gross). Additional Dunvegan locations are planned for the second half of 2014 as model wells in this area would achieve payout in 6 months at current prices.

 

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Price/Cash Flow 10.3x
TEV/Sales 3.4x
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