I think it`s about time CSH had a thread, an AIM oil co. that is producing oil and quality stuff at that. These are vastly under-valued, market cap. 30 mill., they are going up on news NOT hype. check them out.
Dexter

beat me to it grevis2 !!

dexter01: Good article!

grevis2,
Are you in CSH ?, if you want some good research have a look on advfn CSH thread started by jaystom. I have psted some bits on here if you look back.
Dexter
are you out there today wilbs ?

Hi dexter,
Im here, been a bit busy doing some research and setting up my new laptop. Good posts. My portfolio seems to be rather quiet today. I have also signed up to betfair.co.uk. Have you heard of it? I learned about it off the Traders BB.
Hows your day been?
wilbs

hi wilbs,
I`ve heard of betfair, is`nt it one of those betting exchanges ?, what will you use it for?.
It`s been a bit quiet today, was hoping for a spike first thing as happened the last few days.
Dexter

dexter,
Not much volume on csh today, everyone must be piling into wlw. I used to hold in wlw but got fedup with them so sold about a year ago. Wish I had of kept them cos I bought in at about 38p. Hindsight eh!!
Im not a betting man really but betfair looks pretty good. I will have a few punts on the footie & see how it goes. There is a course running on it in Feb & one of the topics is how to suceed and make a living off it. I will give anything a go once.
wilbs

Hi dexter01: Yes I have a few of these. Bought them last week. Very tempted to buy more before the next RNS. However I've been holding back until I'm convinced that profit taking has finished. Fundamentals look very good so I'll have to be careful not to miss the boat. Good luck!

wilbs, are you about?.Do you get the tips etc from uk analyst, only there is a weeks trial of level 2 etc, that`s if you don`t already subscribe!
dexter

Hi dexter,
I'm here. I get tips from uk analyst but diddn't know about the trial of level 2. I couldn't of been paying much attention!! Think I will give it a try. Have you signed up? I signed up to the free live streaming prices on Digital Look but its crap. Money am is worth the money.(hope you are reading this Ian, would like a free trial of level 2 on here!!)
I bought into cop again yesterday and got out today with a small profit and topped up with seo> Share of the year I think.
wilbs

wilbs,
how`s the new laptop ?, one that might be worth keeping an eye on today is BRP, new on AIM today, if some other newcomers are anything to go by it might be worth a quick in and out, as it were!.
dexter

cheers dexter,
I will keep an eye on it but not got much spare funds at the moment, most of it is now in seo. The laptop is good, Ive got share scope on it so ive got all the info at hand. TV commerce is due to float around the 21st feb, it should also be a good in and out.
wilbs

dexter,
do you use hoodless brennan? Have you seen their research note on csh? I have tried to paste it on here but cant cos its in pdf. If you are interested I will try and copy it on here when I have a bit more time.
wilbs

wilbs,
no i use comdirect,if you could paste it, i would be grateful,
thanks,
dexter

Here you go dexter,
you may have already seen it on another bb.




Hoodless Brennan & Partners Plc, Registered No. 2693942, St. Alphage House, 2 Fore Street, London EC2Y 5DH
AUTHORISED AND REGULATED BY THE FINANCIAL SERVICES AUTHORITY LTD (REGISTER NO 155104) MEMBERS OF THE LONDON STOCK EXCHANGE,
NASDAQ EUROPE AND OFEX
Hoodless Brennan & Partners Plc
40 MARSH WALL DOCKLANDS LONDON E14 9TP
Telephone: +44(0) 20 7538 1166 Fax: +44(0) 20 7538 1280
hbp@hoodlessbrennan.com
www.hoodlessbrennan.com
CASPIAN HOLDINGS 26.5p SPECULATIVE BUY
Broker: Hoodless Brennan & Partners Listing: London AIM
Sector: Oil & Gas Market Cap: 20.7m
Reuters: CSH.L Year High/Low: NA
Website: NA Next Results: Preliminary results, March 2005
Caspians focus on the Zhengeldy Oil Field targets a four fold rise in production based on very confident
proven reserve data. The Board are pursuing a careful strategy that could see revenues rise to US$39m in
2006.Overall the exposure to Kazakhstan comes at a very positive time for the oil sector generally.
Caspians experienced team seem to have acquired a low risk producing asset very cheaply.
To 31/6 2004 i
(Jan- June) 2004F
Turnover (k) 0 1,020
Admin Expenses (k) 207.8 600
Operating Profits (k) -207.8 -3,380
PBT (k) -206.8 -3,340
EPS (p) NA -4.25
P/E NA NA
Dividends (p) 0 0
NAV (p) -0.2 4.85
Strengths
Very strong regional infrastructure- 4m proven
barrels under licence with a risked total of 13.2m
Competent persons report has valued assets
between US$25m-US$100m based on $28 bbl
Market Cap/ 2P reserves just US$2.90 per bbl
Very positive outlook for global oil prices due to
demand from China/ Asia Pacific/ limited new
discoveries
Weaknesses
Field discovered in 1931 and brought into
production during 1941-45 however oil flow
required assistance to reach surface using old
techniques
Limited/ loss making trading record/ dependent on
exploration success above 30% level in risked
estimates
Business Background & Activities
Caspian Holdings is the 70% owner of Taraz the
operator of the Zhengeldy oil field, which comprises
shallow producing oil assets and licence interests over
1.5km. The licence, granted on May 27th 1999 runs
for 25 years expiring in May 2024. An application has
been made to extend the licence to 30km.The field is
18km from Makat, where the principal oil storage and
pipeline network is located and near large oil field at
Tengiz and Kazagen. Caspian has secured production
and export permits.
An option agreement with the Taraz vendors will
enable Caspian to buy-out the 30% minority interests
for US$621k and 1.22m new Caspian shares. Caspian
will therefore have total control over the producing
assets and be able to consolidate accounts.
The immediate objective; to expand production at the
Zhengeldy field is based on the risked reserve
estimates of 13.2m barrels at Zhengeldy- the
equivalent of 8 years of production at the target of
4,300bbls per day. These reserve estimates were
completed by Ecopetrol SRL (AGIP, Fina,
Montedison) who assigned a minimum value of
US$25m to the property valued at US$28.50 per
barrel. Ecopetrol gave a maximum value of US$100m
for the Zhengeldy assets.
Assuming the drill target is met Caspian could report
US$39m in revenues in 2006 with a net income of
US$20.4m assuming corporation tax and royalty levels
remain constant. Key to these numbers is not just
finding oil, but oil that comes to the pump, without
costly recovery techniques. A drill programme costing
US$6m will be completed using funds raised from
IPO (3.8m). 5 new wells and one workover are
planned in 2004; 10 further wells in 2005. Once these
capex costs are incurred Caspian is not expected to
incur significant further expenditure on its existing
property.
$50 oil shows a fundamental supply/ demand shift
As widely reported the surge in oil prices in 2004 has
been attributed to very tight supply/demand balance
given 20% annual Chinese demand growth and
declining production at a number of major fields.
Whilst speculative funds have sustained prices, OPEC
could struggle to meet demand forces in 2005 as well.
Activities Market Financials
Oil & gas exploration/ production in
Kazakhstan
Number of shares: 78.4m
Market Makers: 3 NMS: 3,000
Screen Size: 5,000
Bid/Offer: 25p/ 28p (11%)
NAV/Share: -0.2p
Net Gearing: nil
Op. Cash Flow: (4.4m) 2004
Strategy- expand in Kazakhstan via land projects
Kazakhstan was host to the worlds largest major
offshore oil field find in 30 years at Kashagan (40bn
barrels) in 2000. About half national production
comes from three onshore fields; Tengiz,
Karachaganak and Uzen. Caspian Sea oil reserves
(2P) are estimated at 243bn barrels. Major onshore
areas are under-explored but the Caspian Sea area
itself has been a major hydrocarbon region for 100
years. The legislation is very favourable to petroleum
exploration and export with excellent infrastructure.
Royalties of 5% of production are payable to the
state; corporation tax is 30%.
The team envisage the immediate development of the
Zhengeldy oil field (costing US$6m) via a drill of 15
wells. The targeted oil production of 1,400 bbl/day
end 2004 and 4,300 bbl/day end 2005, equates to
US$38.8m annual revenues assuming oil finds
confirm seismic data. The target is to achieve this
production over the next 10 months. The low risk
approach will see onshore licences developed first
prior to any offshore interests. Due to inadequate
pipeline infrastructure near Zhengeldy, the crude will
have to be trucked to refineries (US$9.50 per barrel).
Management
Michael Masterman; Formerly McKinsey (1986-95)
serving majon resources companies. In 1996 joined
Anaconda helping to transform company into a major
nickel producer with the US$1bn Murrin Murrin
project in WA. In 2002 became CEO of Northsun
Italia developing 3 gas fields in the Po Valley.
Dietmar Greil; Experienced reservoir engineer; over
30 years experience in various senior positions at
Statoil, ChevronTexaco and Preussag Energie.
Worked in the FSU for 15 years/ drilled over 40 wells
building Rosscor Int equipment supply business.
Founded Northsun Italia in 1997 as CEO.
Michael Garland; Held the post of Commercial
manager for Tullow Oil, previous experience in
banking via CIBC. Currently chief executive of
Maverick Oil & Gas in London.
Malcolm James; Financier, played an active role in
equity and debt fundraisings in excess of A$2bn.
Non-executive of Tianshan Goldfields, Siberia
Mining and Eureka Mining.
Recommendation
Current production of 288 bbls per day (US$13.6k)
needs to reach targeted levels of 4,300 bbls without
too many dry wells! The valuation at 20.7m post
money seems to reflect the reserve base of 13.2m bbl
(MCAP/ reserves of $2.90) the attractions of oil rich
Kazakhstan and the teams considerable experience in
realising oil & gas assets and starting production
capabilities. Caspians advantages are the high
confidence of its proven reserves (4m) and its
onshore low cost structure. The shares will be very
sensitive to news from the Zhengeldy exploration
drill, and oil price strength cannot be guaranteed
indefinitely. SPECULATIVE BUY
Analyst: Ravi Lockyer, 4th November 2004
KEY RECENT EVENTS INCLUDE
30 May 03
17 Feb 04
4 Nov 04
Company incorporated as Caspian Hldgs
Agreement to acquire 70% Taraz licence
AIM IPO; 17.57m shares at 23p
MAJOR SHAREHOLDERS INCLUDE (%)
M Masterman 14
D Greil 14
RAB Capital 1.7
Hoodless Brennan 1.77
Gartmore Institutional clients 1.97
FINANCIAL CALENDAR
Year End 31st December
Interims September 2004
Finals March 2005
MANAGEMENT INCLUDES
Dietmar Greil Executive Director
Michael Masterman Executive Chairman
Michael Garland Non-Executive
Malcolm James Non-Executive
RISK WARNING NOTICE
All investments are speculative and prices may change quickly and go down as well as up. Past performance will not necessarily be
repeated and is no guarantee of future success. There is an extra risk of losing money when shares are bought in some smaller
companies including penny shares. There can be a big difference between the buying price and the selling price of these shares and if
they have to be sold immediately, you may get back much less than you paid for them or in some circumstances, it may be difficult to sell
at any price. It may also be difficult for you to obtain reliable information about the value of this investment or the extent of the risks to
which it is exposed. Where a company has chosen to borrow money (gearing) as part of its business strategy its share price may become
more volatile and subject to sudden and large falls. This investment may not be suitable for all investors, and clients should carefully
consider their own personal financial circumstances before dealing in the stock market, particularly those on fixed incomes or
approaching retirement age. If you have any doubts you should seek advice from your investment adviser or your broker at this firm.
AIM: The Alternative Investment Market (AIM) is market designed primarily for emerging or smaller companies. The rules of this market
are less demanding than those of the official List of the London Stock Exchange and therefore companies quoted on AIM carry a greater risk
than a company with a full listing.
MATERIAL INTEREST: We endeavour at all times to ensure that our research is clear, fair and not misleading, however, we do not hold our
research out as being impartial and it should not be viewed as wholly objective since Hoodless Brennan & Partners Plc (including its parent
company and its subsidiaries, their directors, officers or employees) may have or previously held a material interest in the company which is the
main subject matter of the research note, or any other company mentioned, and may be providing or have provided within the previous 12
months significant advice or investment services in relation to any company or a related company referred to in this document, or any other
associated document. This document has been prepared and issued by Hoodless Brennan & Partners Plc on the basis of publicly available
information, internally developed data and other sources believed to be reliable. Whilst all reasonable care is taken to ensure that the facts
stated are accurate and the opinions given are fair and reasonable, neither Hoodless Brennan & Partners Plc nor any director, officer or
employee shall in any way be responsible for its contents. This document is intended to provide clients with information and should not be
construed as an offer or solicitation to buy or sell securities.

wilbs

thanks wilbs,
very interesting, one that might be worth keeping an eye on is NBR, on a dip at the moment, but could be an RNS anytime. it could even jump on no news, ripe for a day trade !
dexter

no problem dexter,
I was in NBR but sold out with a small loss. Looks very prommising for NBR. You can't beat a good day trade!!
wilbs

it`s ok if the old strawberry can take it!

dexter wilbs cheers for the info on this share, take a look at TMC something going on there, massive buying and well above the sp.....

watcher

The quality of the oil has obviously lifted the quaility of the price. Another blue day tomorrow (fingers crossed)

This was posted on the otherside:

Well, from what my man said, or rather inferred, a obviously he can't tell me 'insider' stuff, is that, firstly CSH are coming into HB next week, to speak to the HB analyst. I asked him whether he had bought any CSH, he said he couldn't due to insider trading rules.
But he would really like to if he was allowed. ;-)
He will be sending me the analyst's report when it's completed which he said would be 2-3 weeks. Obviously I'll distribute amost you good people once I get it.

Now, I don't know about you lot, but in my experience, a company only goes to see their broker after they have posted some good news, and to get them to re-rate their status. Which for CSH would be (I'd guess) Speculative buy, to Buy, or Strong Buy.
So in summary, news is just around the corner. ;-)

Hope he diddnt mind me posting it on here.

wilbs