Ann: Sept 2022 Quarterly Activities and Cash Flow, page-26

Just listened to the quarterly results webinar.
Often these things are just a restatement of the announcement, but there were a few new(ish) things I thought worth mentioning:
- the new CFO seems like a solid numbers man. Answered a couple of questions in a clear and concise manner.
- someone asked why the 5000-5500 production forecast was never met. Jordan explained that they could've reached this level given they are not short of land they can drill, but a decision was made to return capital. They seemed to have realigned with the industry standards, whereby a growth-at-all-costs attitude is being replaced by a capital-conservation-and-return philosophy. I am sure this explanation won't please some on here, but it was credible in my opinion.,
- someone asked how much it would cost to test Montney, so as to de-risk it and make it more attractive for someone to acquire. The answer was ~$6 million CAD.
- another titbit, which I'm not sure has been shared before - Toulemene actually made an offer for the Montney lands but this was considered low-ball and rejected by the company. Mark Freeman basically said our land is more likely to be acquired by someone else - Mitsubishi, Canada LNG.
- they are still looking at listing in Canada. Mark Freeman explained that in the small O&G space in Australia, people are more interested in exploration upside than producers like CE1. He noted that some companies in Australia without revenue are valued higher than CE1, which is producing free cash flows and returning capital.
- Someone asked for an update on Leo 4. Jordan was a bit cagey about this. Leo 4 is producing but they don't want to release the data, the main reason being they are bidding on some nearby land, and (my interepretation is) releasing too much data would only bid up prices.

Overall it was a very sober and reassuring presentation.