Pan Pacific Petroleum Nl (PPP)

[the machine]

seems very odd a few big parcels of ppp changing hands the first trade of the morning 900k ppp at 39.3 all trades so far made in the period 9-17 am 9-20 am. Big volume of pp trades for the nzx yesterday as well as the asx.

yesterday on asx was highest closing price for over 3 months whereby volume exceeded 2m shares


if nzo were the buyer then volume has not triggered a notice [could be sitting just below 16%]

maybe nzo are waiting until asx opens before buying more big time.

M

[boysy]

The volume on the nzx is very large compared to usual so could be an interesting day ahead. As you stated a few shares have changed hands in the last few days wonder whos stocking up on ppp.

[digger]

The volume on the nzx is very large compared to usual so could be an interesting day ahead. As you stated a few shares have changed hands in the last few days wonder whos stocking up on ppp.

Wrong question boysy. Should be why sell at this volumn when so much is going to happen throughout the next 6 to 8 months.

[boysy]

shareholders needing cash now the fact is as you pointed out for there to be 2 million slaes there has to be a willing buyer and willing seller but this is always the case nothing different in this scenario apart from us being in the greatest financial turmoil in generations.

[the machine]

Wrong question boysy. Should be why sell at this volumn when so much is going to happen throughout the next 6 to 8 months.

digger, where we reinvested 100,000 ppp [into kas] the same case can be made, although time limes can be a lot sooner than 6 months and with a lot more potential than ppp over next 4-5 years.

M

[Ponda]

Nice announcement this morning from PPP.

Lets see if that can help the SP.




QUOTE Below
PPP
27/04/2009
DIVIDEND

REL: 1104 HRS Pan Pacific Petroleum NL

DIVIDEND: PPP: PPP - Dividend Announcement

STOCK EXCHANGE ANNOUNCEMENT

27 April 2009

SPECIAL DIVIDEND

The Board of Pan Pacific Petroleum NL (PPP) has resolved that the Company pay
a special dividend of 3 cents per fully paid ordinary share amounting in
total to approximately A$18 million. Eligible shareholders will be those
registered at the close of business on 6 May 2009.

Payment of the dividend which will be made on 26 June 2009 is made in
recognition of the outstanding performance of the Tui oil project in New
Zealand which produced more oil and at much higher prices than envisaged by
the participants when development of Tui was approved.

The distribution will not have any significant effect on the Company's stated
intention to compete for new exploration and production opportunities, and to
build a sustainable revenue position. PPP remains committed to increasing
shareholder wealth through expansion of its oil and gas asset base.

PPP is aware that a significant number of shareholders have yet to provide
bank account details or tax file numbers to the share registry. Accordingly,
the registry will be writing to each shareholder of record who has not yet
provided these details to enable the dividend to be paid (where such an
election is made) into a nominated bank account and without the requirement
to withhold funds for taxation purposes.

[the machine]

Nice announcement this morning from PPP.

Lets see if that can help the SP.




QUOTE Below
PPP
27/04/2009
DIVIDEND

REL: 1104 HRS Pan Pacific Petroleum NL

DIVIDEND: PPP: PPP - Dividend Announcement

STOCK EXCHANGE ANNOUNCEMENT

27 April 2009

SPECIAL DIVIDEND

The Board of Pan Pacific Petroleum NL (PPP) has resolved that the Company pay
a special dividend of 3 cents per fully paid ordinary share amounting in
total to approximately A$18 million. Eligible shareholders will be those
registered at the close of business on 6 May 2009.

Payment of the dividend which will be made on 26 June 2009 is made in
recognition of the outstanding performance of the Tui oil project in New
Zealand which produced more oil and at much higher prices than envisaged by
the participants when development of Tui was approved.

The distribution will not have any significant effect on the Company's stated
intention to compete for new exploration and production opportunities, and to
build a sustainable revenue position. PPP remains committed to increasing
shareholder wealth through expansion of its oil and gas asset base.

PPP is aware that a significant number of shareholders have yet to provide
bank account details or tax file numbers to the share registry. Accordingly,
the registry will be writing to each shareholder of record who has not yet
provided these details to enable the dividend to be paid (where such an
election is made) into a nominated bank account and without the requirement
to withhold funds for taxation purposes.

any idea if fully franked?

still hold 140,000 so aud$4200 enroute

M

[the machine]

so in australia it is partially franked and in nz has a 30% imputation credit.

incase nz holders thinking of buying more topick up the dividend, take care with closing date as will probably close a few days earlier so as to allow the home registar in australia to finalise shareholdings on may 6. nz may go ex div as early as april 30.

M

[Sehnsucht888]

so in australia it is partially franked and in nz has a 30% imputation credit.

incase nz holders thinking of buying more topick up the dividend, take care with closing date as will probably close a few days earlier so as to allow the home registar in australia to finalise shareholdings on may 6. nz may go ex div as early as april 30.

M

Nope. According to the NZX it is the same date, although they haven't got the imputation credit detail there yet..

[Snapper]

Interesting reading this page of the thread, it started with posters discussing the unusually large volumes going through and concludes a few days later with the announcement of a special dividend. Surely the ASX could have a look at these trades because in hindsight it seems obvious there was either insider trading or information slippage.
I feel like the kid who's always last to know what the goss is in the playground.

[the machine]

Interesting reading this page of the thread, it started with posters discussing the unusually large volumes going through and concludes a few days later with the announcement of a special dividend. Surely the ASX could have a look at these trades because in hindsight it seems obvious there was either insider trading or information slippage.
I feel like the kid who's always last to know what the goss is in the playground.

it certainly looks like it now

M

[boysy]

im not sure the volumes were large enough for a please explain notice but yes looks a tad odd.

[boysy]

A few buyers starting to line up on the asx for ppp buyers to sellers ratio over 1.5:1

[the machine]

Nope. According to the NZX it is the same date, although they haven't got the imputation credit detail there yet..


PPP went ex div today on ASX and sp dropped, but went up on nzx with no details of ex div - maybe nzx does not provide details like that - be a shame if people bought today on nzx expecting a div and already to late

M

[boysy]

went 3 cent ex div and down 1.5 cents not a bad day overall then

[dsurf]

PPP declared a special dividend 2 days before the qaurterly. I think this shows complete contempt for shareholders.

Management released:

the 1/2 yr report on 19/2

A forecast on 19/3

A company update on 15/4

And then 12 days after the update & 2 days before the quarterly a "special" dividend" is announced due to "Tui".

The only reason possible is so that the insiders can gain at the expense of common shareholders. I think the ASX (NZX are far to useless) should issue a please explain notice to management. They are supposed to be the policemen that ensure "an informed market"

Anyone have any ideas on how to pressure ASX / management via media or shareholder action.

I am frankly peed off because I have waited for a Tui divi aka NZO and sold my PPP after the update on 15/4,ie,

"As at end February PPP has retained A$154 million (equivalent) in cash
comprising A$52 million, NZ$32 million and US$49 million." No mention of a divi.

[digger]

PPP declared a special dividend 2 days before the qaurterly. I think this shows complete contempt for shareholders.

Management released:

the 1/2 yr report on 19/2

A forecast on 19/3

A company update on 15/4

And then 12 days after the update & 2 days before the quarterly a "special" dividend" is announced due to "Tui".

The only reason possible is so that the insiders can gain at the expense of common shareholders. I think the ASX (NZX are far to useless) should issue a please explain notice to management. They are supposed to be the policemen that ensure "an informed market"

Anyone have any ideas on how to pressure ASX / management via media or shareholder action.

I am frankly peed off because I have waited for a Tui divi aka NZO and sold my PPP after the update on 15/4,ie,

"As at end February PPP has retained A$154 million (equivalent) in cash
comprising A$52 million, NZ$32 million and US$49 million." No mention of a divi.


What was in the update of the 15/4 that caused you to decide to sell? I thought the update looked good even if the total monies came in a little less than i thought. Also i am not aware that any special dividend has to coninside with regular company releases.Would have to say you must have some pretty good other investment in mind to walk away from PPP.Also we all know PPP has a pile of cash and could at any time announce a div. It is also more likely with NZO sniffing around as i mentioned before about a week ago.

[fish]

What was in the update of the 15/4 that caused you to decide to sell? I thought the update looked good even if the total monies came in a little less than i thought. Also i am not aware that any special dividend has to coninside with regular company releases.Would have to say you must have some pretty good other investment in mind to walk away from PPP.Also we all know PPP has a pile of cash and could at any time announce a div. It is also more likely with NZO sniffing around as i mentioned before about a week ago.

The sp did rise before the dividend was announced and several on this thread seem to suspect insider trading . I must admit it is strange not to mention they were considering a dividend in the update or had been announced before that they were going to pay dividends?

Its my belief that at times like this ethical management should include dividend policy and updates on likely dividends .

[croesus]

yeah a bit fishy all right... sold mine today at .44....off topic I know but wondering if CUE (AU) are worth a plunge.... topped up with some more today.

[macduffy]

It should be noted that AWE, the major partner in Tui, had also declared a special dividend earlier in the year - " out of the blue" as far as I can recall. It shouldn't be a surprise that a company that accumulates cash as these do has the capacity to make these payments. The "special" tag is to avoid any suggestion that it might set a precedent and be expected as a regular, ie interim/final dividend.

[bermuda]

yeah a bit fishy all right... sold mine today at .44....off topic I know but wondering if CUE (AU) are worth a plunge.... topped up with some more today.

Croesus,
Top up with with CUE if you like, but if you want more action try VPE, ITC, CNX, STX, and TEX.

If you are a sleeper, pick up any BOW you can on the volatile upwards slope. The slope that could end with an upwards bang.

Re PPP,
The perfect mix for NZO.

[shasta]

Croesus,
Top up with with CUE if you like, but if you want more action try VPE, ITC, CNX, STX, and TEX.

If you are a sleeper, pick up any BOW you can on the volatile upwards slope. The slope that could end with an upwards bang.

Re PPP,
The perfect mix for NZO.

Bermuda

I thought you were a student of the zurich kind, yet your portfolio is growing! (BTW, STX is a great small company, been in there before ;))

Does NZO & PPP not fit your criteria?

Just interested cos TEX doesn't have CSG & is in the USA, as is STX.

[boysy]

Austral goes into receivership

Neil Ritchie, New Zealand
Friday, 1 May 2009

INVESTEC Bank (Australia) has finally pulled the plug on financially troubled New Zealand junior player Austral Pacific Energy, calling in receivers in an effort to recover as much of the $US16.8 million (about $A23.1 million) it is owed.


After four loan facility amendments, Wellington-headquartered Austral said it had agreed today with Investec, the group's senior secured creditor, to the appointment of receivers to Austral Pacific Energy, the publicly traded Canadian corporation, and two of its New Zealand subsidiaries – Austral Pacific Energy (NZ) and Totara Energy.

The two New Zealand subsidiaries in receivership encompass substantially all the group's consolidated oil and gas assets and operations, including Austral’s only producing asset, the onshore Taranaki Cheal oil field.

Austral operates Cheal with a 69.5% interest, while Canada-listed junior TAG Oil holds 30.5%.

Austral chief executive Thom Jewell said Austral and its directors would be cooperating with the receivers – Perth duo Michael Ryan and Ian Francis, of Taylor Woodings, and Paul Sargison of Auckland’s Gerry Rea Partners.

“We need to have some meetings here before I can comment further,” Jewell told PetroleumNews.net this morning.

Industry commentators say Austral – which is listed on the Toronto Stock Exchange and New Zealand Exchange – had been between a rock and a hard place for months.

“I’m not entirely surprised, it was just a series of unfortunate events,” one told PNN.

“They spent too much on Cheal and production was lower than expected. They also got out of an oil price hedging contract at exactly the wrong time and that proved expensive.”

The Cheal development cost went from $NZ25 million (about $19.5 million) to $NZ30 million and the hoped-for production of 1200-1500 barrels per day never eventuated, with a maximum of about 700bpd. Present production is about 400bpd.

The $US65 per barrel hedging program initiated in 2006 initially meant increases in Austral's revenue from Cheal until oil soared to $US147 per barrel.

Then, shortly after Austral bought its way out of the hedge, oil tumbled to below $US40.

A second commentator said he hoped Austral could trade its way out of receivership rather than have its assets liquidated.

“That depends on Cheal, they need positive cash flow from the field to be able to do it, maybe they can.”

Last month Austral reported an operating loss of $US43.78 million (about $A61.8 million) for 2008 – more than double its 2007 year loss of $US22 million.

And its NZX share price has plunged during the past 12 months from $NZ0.90, hitting $NZ0.035, but rebounding to the present $NZ0.06.

[bermuda]

Bermuda

I thought you were a student of the zurich kind, yet your portfolio is growing! (BTW, STX is a great small company, been in there before ;))

Does NZO & PPP not fit your criteria?

Just interested cos TEX doesn't have CSG & is in the USA, as is STX.

Shasta,
You are right. My portfolio is getting bigger. I already had TEX but added STX because STX
has 8-20 TCF going for it. Can't resist.

[shasta]

Shasta,
You are right. My portfolio is getting bigger. I already had TEX but added STX because STX
has 8-20 TCF going for it. Can't resist.

Bermuda

STX is a great little company, but my system allows 5 max.

Keep to the axoims wont you :D

[boysy]

ppp powering ahead sp up to $0.46 and buyers out numbering sellers over 4 to 1

[boysy]

1 million volume on the asx in the first few minutes something is definately up

[CAM]

People getting in for divi?...record date the 6th.

[boysy]

up to 47 now not sure this has all to do with the divi but could be. Looks as though the sellers are starting to pull back still a 5:1 buyer seller ration on nzx

[the machine]

People getting in for divi?...record date the 6th.

asx went ex div last friday but nzx still shows cum div

M

[CAM]

Yeah i got a letter in the mail for bank account details etc etc and it states
"Eligible shareholders will be those registered at the close of business on 6 May 2009"

Maybe those on the aussie register sell theirs at the start of this week and rebuy on the NZ register so you get 2 divis????.

[boysy]

what is with the wierd numbers on asb securities there are no bids or offers any idea why this happens ?

[Bob Marley]

Boysy - ASB Sec clear the screen depth at the end of the divi record date day.

[the machine]

Yeah i got a letter in the mail for bank account details etc etc and it states
"Eligible shareholders will be those registered at the close of business on 6 May 2009"

Maybe those on the aussie register sell theirs at the start of this week and rebuy on the NZ register so you get 2 divis????.


think you will find exchanges are wised up to this.

M

[the machine]

hey digger, we sold another 60,000 ppp at .33 au yesterday [ex div] and reinvested into kasbah - now own 1% of kasbah [= joc inferred 570t of tin for starters]

my profit from ppp is 200 - 300% less time / holding costs etc including some for free back in the 80s when ppp had a free 1/10 issue.

still have 80,000 ppp and they will have to do.

reason for changing investment is that to make some decent money then one has to have a decent amount of shares and have selected kasbah as the stock.

sure ppp could be over $1.00 by xmas, but kasbah could be that as well.


M

[Sharp737]

Hi Machine
Tin and gold in Morroco?
You think it's got a good future? Seems still in the early stages
Regards
Sharp

[the machine]

Hi Machine
Tin and gold in Morroco?
You think it's got a good future? Seems still in the early stages
Regards
Sharp


if they are half as successful as ppp then it will be very good.

anyway enough of distant lands - nz is where ppp making lots of moolah and look forward to my dividends by june 30.

with tapis price creeping up then it bodes well for income in next period

ppp should top 900,000 barrels production for the year and awe will have a reserve upgrade by june 30.

as the tui h4 was deferred until can batch development drill [2011?] then next years production will be maybe 6m barrels

M

[patrick]

Will the Australian Registry pay the dividend to a NZ Bank account?
Thanks

[macduffy]

Will the Australian Registry pay the dividend to a NZ Bank account?
Thanks

My forms arrived in the post yesterday.

It's clear that they will only pay direct to accounts with Australian banks, credit unions and building societies which is the usual case with Aussie registries.

[rainey]

Have contacted link here, as long as they have your bank a/c no, it will be paid directly in

[macduffy]

Have contacted link here, as long as they have your bank a/c no, it will be paid directly in

Hi rainey.

Just to clarify, are Link saying that they will pay dividends on shares on the Australian Register, to a bank account in NZ?
If so, do we have to advise the Aust registry, after all they're the ones with the records in this case, or can we advise the NZ registry who will pass on the instruction?
Or do we have to first transfer our holding from the Aust to the NZ registry?

Cheers

[rainey]

Hi Macduffy
Didnt actally ask that question, as mine were bought on the NZ market

[macduffy]

Hi Macduffy
Didnt actally ask that question, as mine were bought on the NZ market

OK, rainey, thanks.

That's normal of course, but it doesn't answer patrick's question.

Cheers

[Ponda]

Trading holt announced for PPP. Interesting, look forward to see what this is about.

[boysy]

11 May 2009

NZX Regulation Announcement
Pan Pacific Petroleum NL
Trading Halt of Securities

NZX Regulation advises that, at the request of the company, it has placed a trading halt
on Pan Pacific Petroleum (PPP) ordinary shares. PPP is listed on the NZSX market. The
trading halt has been placed pending a material announcement by PPP.

ENDS.

very interesting indeed

[Mr Tommy]

And Pike Coal has a price query, after its recent shareprice run.

Maybe PPP is buying up Pike

[boysy]

here we are

Emma Badhni
Companies Advisor
Australian Securities Exchange
Exchange Centre
20 Bridge Street
Sydney NSW 2000
Dear Emma,
Re: Pan Pacific Petroleum NL (“PPP”) Request for Trading Halt
PPP requests that the ASX grant a Trading Halt under Listing Rule 17.1, to apply
from the commencement of trading on Monday 11 May, 2009 pending the
anticipated announcement of entry into a new exploration venture.
PPP requests that the Trading Halt end on the earlier of the commencement of
normal trading on May 13, 2009 or such time as the anticipated announcement
regarding the above transaction is released to the market.
PPP is not aware of any reason why the Trading Halt should not be granted.

[boysy]

looks as though the buyers side of things are starting to pull there sell orders will be interesting to find out what project ppp have got in on i hope the cost was low time will tell though

[newbietrader]

just my thought...PPP to invest in APX?

[Odd Fellow]

Hi Group,
I am new here and try to find my way around.

I wonder has this Trading halt of Securities any things to do
with the announcement from the NZ Government.

Cheers.


New Zealand unveils seismic investment

The New Zealand government said today it will invest NZ$20 million (US$12 million) over three years in the acquisition of marine seismic data to make freely available to oil and gas explorers.

Energy minister Gerry Brownlee said the NZ$20 million funding meets the National Party-led government's pre-election policy promise for seismic work.

"The international oil exploration industry is showing increasing interest in New Zealand following initiatives to make new data freely available to companies wishing to explore here," said Brownlee.

"This has translated into increased exploration expenditure and activities across frontier basins that have historically struggled to attract investment."

"At this time of uncertainty in international financial markets, as well as the fall in oil prices, it is important for the government to maintain interest in New Zealand," added Brownlee.

The oil and gas association Pepanz welcomed the injection of money, saying the investment continued a programme that had operated for the past four years.

“Researching our frontier sedimentary basins is an important step toward discovering new resources, and has the capacity to reduce the risk for exploration companies by better defining the subsurface geology before they bid for acerage” said Pepanz executive officer John Pfahlert.

Two licensing rounds are under way in the country's offshore frontier Raukumara and Northland basins. Both areas were the subject of seismic investment by the previous government.

[the machine]

Hi Group,
I am new here and try to find my way around.

I wonder has this Trading halt of Securities any things to do
with the announcement from the NZ Government.

Cheers.


New Zealand unveils seismic investment

The New Zealand government said today it will invest NZ$20 million (US$12 million) over three years in the acquisition of marine seismic data to make freely available to oil and gas explorers.

Energy minister Gerry Brownlee said the NZ$20 million funding meets the National Party-led government's pre-election policy promise for seismic work.

"The international oil exploration industry is showing increasing interest in New Zealand following initiatives to make new data freely available to companies wishing to explore here," said Brownlee.

"This has translated into increased exploration expenditure and activities across frontier basins that have historically struggled to attract investment."

"At this time of uncertainty in international financial markets, as well as the fall in oil prices, it is important for the government to maintain interest in New Zealand," added Brownlee.

The oil and gas association Pepanz welcomed the injection of money, saying the investment continued a programme that had operated for the past four years.

“Researching our frontier sedimentary basins is an important step toward discovering new resources, and has the capacity to reduce the risk for exploration companies by better defining the subsurface geology before they bid for acerage” said Pepanz executive officer John Pfahlert.

Two licensing rounds are under way in the country's offshore frontier Raukumara and Northland basins. Both areas were the subject of seismic investment by the previous government.


welcome odd fellow

to answer your question its a negative - the timing is wrong.

the bidding round to follow from this is a couple of years away.


any investment by ppp will likely need some cash straight away - IMO it has to more than just buying a percentage of a permit as that does not warrant a suspension.

will all bethe wiser soon

regards

M

[Sehnsucht888]

just my thought...PPP to invest in APX?

The Market Cap of Austral was only about 3 million when they closed up. Sounds like there was a lot of debt, and they had stuff all production. I don't think these guys would be worth looking twice at for a company of PPP's size. Too much effort for the return I'd think.

[macduffy]

As t m says, it's looking more like PPP will be buying into a small piece of someone else's action.
Their established relationship is with AWE and NZO but really it could just as easily be a new partnership with someone else.

Stand by for all to be revealed!

:cool:

[boysy]

australs cheal field is an asset a few companies are after they had high hopes of around 1500 bopd but i think currently its around 400 bopd. I guess its just the infrastructures companies would be after as well as any decent finds near by that could be tied back. Aparently austral and tag spent 30 million developing the field and looks as though its going to go for the cheap.

[Xerof]

unless my eyes deceive me, they are announcing an EXPLORATION venture, not an acquisition of all or part of an existing producer.


announcement of entry into a new exploration venture

[the machine]

unless my eyes deceive me, they are announcing an EXPLORATION venture, not an acquisition of all or part of an existing producer.


they do not have staffing to be an operator either


might be chasing an elephant field somewhere [with a major interest but not operator] and in a political stable place


or maybe they are taking an interest in someone's 3rd most favourite exploration company [after nzo/ppp] imagine what that would do to your portfolio - nice. but unlikely


M

[Xerof]

that would really rock the Kasbah.......

[the machine]

unless my eyes deceive me, they are announcing an EXPLORATION venture, not an acquisition of all or part of an existing producer.


my tip is a big stake in some of tap oils interests if going conservative

pipe dream is joining a consortium in area where corvas gas is located - giving ppp gas interests that are planned for lng development

M

[bermuda]

my tip is a big stake in some of tap oils interests if going conservative

pipe dream is joining a consortium in area where corvas gas is located - giving ppp gas interests that are planned for lng development

M

It could be any one of several opportunities.. It could even be Romania.

[Dr_Who]

It could be any one of several opportunities.. It could even be Romania.

Romania? :eek:

Sell!

[bermuda]

Romania? :eek:

Sell!

Why do you say that my good doctor.? Plenty more oil to be found there with modern drilling techniques and a great market. Hey, the chances of PPP going there are minimal. But I like NZO's chances.

[digger]

Love the waiting.Romania or certainly somewhere on the globe as we are not space drilling yet. Definatly got the speculation in full swing. I had picked the Aus opening today as the most likely time for the news but it is not yet.
OK i do not like the waiting.Wonder if the directors had reservations about this acquisition/exploration and gave the dividend as a sweetner.

[boysy]

well if its worth anything big bids on the asx are moving up on the buy side. I guess we will all find out soon enough.

[boysy]

STOCK EXCHANGE ANNOUNCEMENT
12 May, 2009
Pan Pacific Petroleum joins Premier in oil exploration
drilling in Vietnam
Pan Pacific Petroleum (“PPP”) and Premier Oil are pleased to announce that Pan
Pacific Petroleum (Vietnam) Pty Ltd (“PPPV”) has entered into a farmin agreement with
Premier Oil Vietnam South B.V. (“Premier”) to earn a 15% interest in the Block 07/03
Production Sharing Contract, offshore, Vietnam (see map below). This agreement
includes funding part of Premier’s costs of the planned drilling program.
Other partners in the block are Vietnam American Exploration Company, LLC.
(“Vamex”), and PearlOil (Ophiolite) Ltd (“Pearl”). Upon completion of PPPV’s farmin
obligations, the participating interests will be;
PPPV 15%
Premier 30% (operator)
Vamex 40%
Pearl 15%
PPP* will participate in the current well at the 15% level subject to Vietnamese
Government approval, and waiver of pre-emptive rights by PetroVietnam.
Block 07/03 covers 4,915 km2 in the prospective Nam Con Son Basin, and is adjacent
to block12W which contains the Chim Sao and Dua Oil Fields, also operated by
Premier, which have found oil in Dua sand fault traps. An extension of this successful
play concept is interpreted to exist in block 07/03, and is currently being evaluated by
drilling of the Cá Rồng Đỏ (Red Emperor) prospect. The well spudded on 6th May 2009
and is being drilled using the semi-submersible drilling unit “Hakuryu-5".
This well is projected to reach the main objective within a few weeks. The operator,
Premier, has designated this a “tight” (i.e. confidential) well, and hence weekly progress
reports will be limited to drilled depth, until the completion of the well. This is the first of
a 2 well program, with the second well planned for the end of the year.
PPP* are delighted to join the Block 07/03 joint venture, and to have immediate
participation in the drilling of an attractive prospect estimated by the operator to have
significant potential. The block has multiple additional prospects and material upside in
the event of success.
This farmin is the first step in the execution of PPP’s stated growth strategy which
includes participation in selected exploration in proven basins in the Southeast Asia
region.
For further information please contact:
Tom Prudence
Chief Executive Officer
Pan Pacific Petroleum NL
Telephone: + 61 2 9957 2177
__________________________________________________ _______________________________
*Notes:
1. References to PPP, and the company, are to be read as inclusive of the subsidiary companies within the
consolidated PPP group.

[digger]

What i can not believe this.We have waited for two days to see what PPP is up to and with the announcement no comment.
See ASX PPP for more detail.
Oil exploration drilling in Vietnam
Taking 15% from Premier for some cost of drilling
Operator Premier Oil

[boysy]

more info

UK-based Premier Oil said its exploration focus in South East Asia this year is Vietnam as well as progressing work programmes towards drilling in all its Indonesian licences.

During the second quarter the outfit plans to drill in Vietnam’s Block 07/03, in which the company holds a 45% stake.

If the programme is successful, Premier said it will high-grade a large number of follow-on prospects on the block and adjacent acreage held by the company.

Premier operates two other blocks in Vietnam, the Offshore 12W and 104-109/05 licences.

Meanwhile in Indonesia, Premier is working up interpretations of newly shot 2D seismic over the Tuna Block, ready for drilling two wells in late 2009 or 2010.

The outfit is also planning to drill a deep Lama sandstone reservoir target beneath the Anoa field during the third quarter in the Natuna Sea Block A, this follows encouragement from the company’s 2007 Pancing discovery in the poorly-explored reservoir in the adjacent Kakap Block.

The outfit said it plans to mature its other Indonesian licences for further exploration in 2010.

Premier operates both the Tuna Block and Natuna Sea Block A, and holds stakes in each of the Buton, Kakap and North Sumatra A licences.

During 2009, the operator of the Buton Block, Japex, will finalise studies to determine a site to be drilled in 2010.

In Pakistan, following the success of its Qadirpur Deep well, Premier is drilling similar deep reservoirs below the Badhra field with the Bado Jabal well. This has the potential for several trillion cubic feet of gas. They are also drilling another new fault Block in the Kadanwari licence, where the outfit has drilled similar opportunities that were successful in the recent past.

[boysy]

Block 07/03

Highlights
• Opportunity to test proven low risk plays in a largely
unexplored block with a relatively modest work
commitment
• Multi-hundred MMBOE potential, in the Nam Con Son
basin in Vietnam adjacent to Premier’s Dua and Chim
Sao oil discoveries
• Good inventory of large prospects including Nam Con
Son (Terumbu) reefs and Dua (Arang, Barat) & Cau
(Gabus) sandstone targets
• Prospects identified with direct pathways to mature oil
source kitchens with analogies to Chim Sao Field to the
west
• DHI’s and amplitude anomalies present
• Short time frame to first exploration well in May 2009.
Second exploration well in Q4 or early 2010.
• Tight 2D seismic programme recently completed which
has greatly improved prospect structural definition
• Core area for Premier Oil, exploration success and
considerable development and operational experience
(Block 12W Chim Sao & Dua development, multiple
developments in West Natuna Sea)
• A portion of Premier’s participating interest available
• Good stand-alone portfolio addition or strategic first
entry into a highly prospective, multi play trend
Block 07/03
Nam Con Son Basin, Vietnam
Investment Opportunity
Premier Oil is seeking a partner in the
highly prospective and under explored
Block 07/03 PSC in the Nam Con Son
Basin. Premier Oil entered the 07/03
PSC in 2004 through a farm-in and
has since acquired three 2D seismic
surveys to develop the prospectivity of
the block. Under the PSC a
commitment of two exploration wells is
outstanding for the Initial Exploration
Period. Premier Oil seeks a partial
carry of its commitment on the first well
of a two well drilling programme in
2009 in return for a portion of its
participating interest in the PSC.
In the 1970s and 1980s the Nam Con
Son Basin and East Natuna Sea were
the subjects of pioneering exploration
efforts and a number of significant
discoveries, including the super giant
Natuna D Alpha Field, were made.
Delays in the resolution of the
Indonesia-Vietnam maritime boundary
resulted in a two decade hiatus but a
2004 Indonesia-Vietnam boundary
treaty has reopened the area for
exploration.
The current large inventory of prospects and leads for the Block 07/03 PSC is
based on high quality modern seismic and reprocessed vintage data in a number of
2D data sets. A newly acquired tightly spaced 1,537 km 2D seismic survey over the
most prospective areas of the block has recently been integrated into the seismic
data set. The new seismic programme has increased structural definition and
strengthened the prospect inventory in preparation for a two well exploration drilling
program planned to begin in May 2009.
The Nam Con Son Basin / Natuna Sea is a core area for Premier Oil. In Vietnam
Block 12W Premier Oil has discovered and is developing the Chim Sao and Dua oil
fields with first production targeted for 2010. Premier Oil also operates the Tuna
PSC in the East Natuna Sea and the highly successful Anoa Gas field in West
Natuna where the Naga, Iguana & Garah Baru fields are also under development.
Recent West Natuna successes also include the Macan Tutul, Lembu Peteng &
Lukah discoveries. With its extensive experience in the region Premier Oil brings a
high level of technical expertise and logistical capability to the Block 07/03
exploration program.
Very favorable license and fiscal terms, combined with a large prospect inventory,
including multiple reservoir targets, with a short time frame to drilling make Block
07/03 a very attractive opportunity for companies looking for near term value add
through exploration success.
Block 07/03 PSC
Location Nam Con Son Basin, Vietnam
Awarded 26th July, 1999
Operator Premier Oil (45% interest)
Area 4,915 km2
Water Depth 100-200m over most of block
Seismic Data AGIP 1970’s
GFB 1990’s
Vamex and Premier 2004
Premier 2008
Wells AD-1X (AGIP 1971)
AM-1X (AGIP 1974)
AW-1X (AGIP 1976)
Arca-1X (AGIP 1977)
Play type Fault dependent footwall traps,
hanging wall rollovers, reefs
Prospects/Leads 21 defined prospects and leads with
multiple reservoir targets
Work Programme:
Initial Exploration Period (3 years, 2008-2010) : 2 wells
Second Exploration Period (2 years, 2011-2012) : 2 wells
Extension Period (1 year, 2013) : commitment negotiable
12W
07/03
Tuna
Kakap
Natuna Sea
Block A
Petroleum System
Adjacent to Premier’s Block 12W, Vietnam Block 07/03 is situated on the southern flank of the Nam Con Son Basin. In the South NCS area large
grabens form sub-basins which contain mature source rocks with seismic character indicating the presence of thick Oligocene syn-rift coaly
lacustrine intervals. Due to shallower depth of burial these sub-basins are less thermally mature than the main basin depocentre to the north making
them more oil prone as demonstrated by the Dua, Chin Sao, Chim Ung and Chim Cong oil discoveries in Block 12W. Block 07/03 has access to five
source sub-basins. The NW corner of Block 07/03 has access to charge from the proven Hoa Tim Sub-basin. The Northern Sub-basin is well
situated to charge traps along the Arca-Tu Chinh High, the AD High and the AW-1X Spur. Traps in the southern and eastern areas of the block have
access to charge from the Eastern, Southeastern and Southern sub-basins.
in the 1970s AGIP drilled four wells in Block 07/03 under an Indonesian PSC. All of these wells targeted large late Miocene-Pliocene Nam Con Son
(Terumbu) reefs. These reefs are now understood to have fundamental sealing problems due to the late emplacement of the Mekong pro-delta Bien
Dong (Muda) sands and shales which overlie the reefs. Only one well, Arca-1X penetrates a significant section of pre-NCS Carbonate clastics (the
“pre-Terumbu”). Arca-1X shows the clastic reservoirs of the Thong/Mang-Cau and the Dua formations to have good reservoir properties but the well,
targeted at the reef, was drilled off structure for testing the deeper clastic reservoirs.
Potential reservoirs characteristic of the NCS Basin/Natuna Sea area are developed at several stratigraphic horizons. Late Oligocene Cau (Gabus)
sands are well developed in nearby well AS-1X and Arca-1X shows that the Early to Mid Miocene Dua Formation which forms the reservoir for Chim
Sao and Dua fileds extends across the block. The Nam Con Son Terumbu reservoir reef facies is proven as an excellent reservoir and contains gas
and oil accumulations in several nearby wells and fields including the giant Natuna D Alpha gas field immediately to the east.
Northern Sub-basin
Eastern
Sub-basin
Southern
Sub-basin
AS-1X High
AW-1X Spur
North AS-1X Terrace
Arca High
Red Grouper High
A R C A - T U C H I N H H I G H
AD High
NW Terrace
Sillago High
Southeastern
Sub-basin
AS-1X
AW-1X
ARCA-1X
AM-1X
AD-1X
Hoa Tim Sub-basin
Top Basement image showing structural configuration of Block 07/03 including source sub-basins
Prospects & Leads
Interpretation of reprocessed vintage and spec seismic data and Premier’s recent 2008 seismic data has resulted in a large inventory of prospects
& leads. Closures have been mapped in the Late Miocene NCS Carbonate, the Miocene Dua, and the Oligo-Miocene Cau Formations. The main
plays in Tuna PSC are multi reservoir targets contained within foot & hanging-wall fault closed traps, independent dip closed hangingwall rollovers,
and Miocene carbonate reefs. All are associated with the main fault systems bounding the deep source kitchen grabens. Mean potential reserve
estimates for the eleven largest prospects range from 50 to 200 million of barrels. Large follow-up and upside potential is available for a discovery
in most targets. The recent 2D seismic survey has matured several of the best prospects to drillable status.
PRIMARY PROSPECTS
THONG / MANG-CAU LEADS
HANGING-WALL LEADS
Block 07/03 Prospect and Lead Inventory
New (2008) 2D Seismic Data is a major improvement over 2004 & 2006 data
2004 Survey Red Grouper Area 2008 Survey
Example seismic from the Silver Salago and Red Groper Prospects
Farm-in Process
Following signing of a Confidentiality Agreement, access will be granted for a maximum 3-day period to a physical data room located in the
Saigon Finance Center building, Ho Chi Minh City, Vietnam.
A full technical, commercial and legal database is available in the data room along with a full set of digital G&G data loaded on an SMT
Kingdom work station.
To obtain further information or to arrange a CA and data room booking please contact:
This information is provided only to assist parties to establish whether they wish to further evaluate the property. It does not contain all the
information required to evaluate the property and no representations are made about the accuracy or completeness of the information. Premier Oil
has no obligation to provide the recipient with any additional information and retains the right, at any time, without subscribing any reason therefor
to amend any details relating to the proposed divestment.
Summary & Conclusions
•All play elements of the successful oil-productive adjacent Block 12W are believed
to be present in Block 07/03.
•Most recent wells drilled 30 years ago – all targeted for shallow reefs – all have
critical failure elements at that level – only one, Arca-1, penetrated the full clastic
sequence but it was off structure
•Mean probabilistic reserves 50-200 MMBO per prospect with corresponding P10
135 MMBO to over 500 MMBO
•Water depths are favourable over most of the block
•PSC contract terms are very favourable, amongst the best in Vietnam
•The block is operated by Premier Oil – successful in establishing a commercial oil
play in this part of the Nam Con Son Basin by challenging old beliefs
•Incoming farminee will benefit from 3 modern 2D seismic surveys acquired by
Premier and partners in this block as well as 3 years of interpretive and analytical
work with no contribution for back-costs required
Steve Thompson
Farm-Out Coordinator
Tel: +84-3910-5788 ext. 401
Mob: +84-9080-89250
E-Mail: sthompson@premier-oil.com
Premier Oil
7+11Fl. Saigon Finance Centre
No..9 Dinh Hoang Street
Da Kao Ward
District 1
Ho Chi Minh City, SR Vietnam
Wayne Spencer
New Ventures Manager - Asia
Tel: +65 6838 0115
Mob: +65 9177 0192
E-Mail: wspencer@premier-oil.com
Premier Oil
435 Orchard Road
#22-02 Wisma Atria
Singapore

[the machine]

I like vietnam play

M

[boysy]

lots of upside in this play by the looks of it this is much bigger than hector ever was by the look of things. could be a company maker and the drilling is already underway will be interesting as to how the shareprice reacts tomoro.

[Tok3n]

How so?


Hector was a 1 billion+ target in a much more politically stable region + closer to infastructure

[Bilo]

lots of upside in this play by the looks of it this is much bigger than hector ever was by the look of things. could be a company maker and the drilling is already underway will be interesting as to how the shareprice reacts tomoro.

Well the new CEO took his time and now he is trying to go from zero to hero in one single step. Better to be a large NZO holder and small PPP holder at this time than vice versa, IMO. At least it sounds like an entry to a prospective area rather than just an elephant hunt...:)

[Tok3n]

+ a couple of weeks for results vs. a few years is a bonus.

[digger]

PetroVietnam snaps up Block 12W stake
Wednesday, 20 May, 2009, 02:02 GMT

PetroVietnam has exercised a back-in right to 15% of Premier Oil’s Block 12W off south-east Vietnam containing the under-development Chim Sao and Dua oil project


Is this not what PPP thought they had purchased from Premier? Got me concerned and have not yet looked it up but thought i would highlight it here for consideration.

[digger]

This looks a real concern to me.
Premier operates two other blocks in Vietnam, the Offshore 12W and 104-109/05 licences.

So we are not booted out just yet but what sort of game is this. Will Perto-Vietnam suddenly step in and take over the 15% pre-emptive rights they still have to block 07/03.
We should have been told by now just where we stand,or will that be decide after the results are known..

[Xerof]

I thought they had bought into Block 07/03, which is adjacent to Block 12W

Ok see you edited your post and have covered my next comment - will PetroV do the same on 07/03

but if so would it be PPP stake or come out of Premier's?

[digger]

I thought they had bought into Block 07/03, which is adjacent to Block 12W

Ok see you edited your post and have covered my next comment - will PetroV do the same on 07/03

but if so would it be PPP stake or come out of Premier's?

Why this is a concern to me is that PPP,s current holding was subject to Petro Vietnam waivering there 15% pre-emptive right to this stake.Now it seems PV is experienced at taking up these rights as suits.
When NZO and PPP first talked about going overseas to far flung places,i immediatly questioned just who had that kind of other culture experience that would allow us to succeed and not get trapped in a foreign way of doing things. So who on either these boards has this kind of knowledge??

[croesus]

Concur Digger... would have preferred to be closer to home... to many unanswered questions for my liking.... maybe I missed it.. but do we know what the budget for this foray is ??

cheers C.
disc.. CUE, PPP, WID, etc

[KentBrockman]

So who on either these boards has this kind of knowledge??

Tomkinson is a lawyer, so presumably he knows what he's doing?

It would seem a bit too simple that in case of a discovery this other state owned company can just back in at the expense of ppp?

Having said that, Vietnam seems to have some odd regulatory practices when it comes to foreign companies.

[Crypto Crude]

it is common for small oilers with successful producing projects, to go out and try to replicate the same initial success.... and fail...
I hope im wrong, I know nothing about this prospect...
interesting times ahead
:cool:
.^sc

[the machine]

Why this is a concern to me is that PPP,s current holding was subject to Petro Vietnam waivering there 15% pre-emptive right to this stake.Now it seems PV is experienced at taking up these rights as suits.
When NZO and PPP first talked about going overseas to far flung places,i immediatly questioned just who had that kind of other culture experience that would allow us to succeed and not get trapped in a foreign way of doing things. So who on either these boards has this kind of knowledge??


maybe premier are using ppp as a ploy to make petro vietnam declare their hand
now rather than back-in after drilling is successful [but at a higher cost one would expect]

M

[digger]

This is from upstreamonline.

Vietnam probe flirts with Premier

By Upstream staff


The Premier-operated Ca Rond Do (Red Emperor) exploration well on Block 07/03 off Vietnam has reached a total depth of 3810 metres BRT after encountering oil and gas shows.

The well was spudded on 6 May using the semi-submersible drilling unit Hakuryu-5.

Wireline logging has now started to determine the net pay and nature of the hydrocarbons, co-venturer Pan Pacific Petroleum said today.

Block 07/03 covers 4915 square kilometres in the prospective Nam Con Son basin, and is next to Block 12W which holds the Chim Sao and Dua oilfields.

Upon completion of Pan Pacific Petroleum’s farm-in obligations, the company will hold a 15% stake in the block, which is operated by Premier on a 30% interest. Other partners include the Vietnam American Exploration Company (Vamex) on 50% and Pearl with 15%.


--------------------------------------------------------------------------------

[boysy]

how long do these sort of things take to find out ?

[boysy]

ppp starting to fly currently sitting at 49 seller depth looks very spread out. Still uncertainty surrounding ppp i have sent the company an email and the company replied they would put the questions before ceo. The questions related to vietnamese government rights and how this would effect ppp interest in block 07/03 .

[boysy]

dividend paid today aparently does has any body recieved the divi yet ?

[macduffy]

dividend paid today aparently does has any body recieved the divi yet ?

There's an unidentified amount in my Aussie bank account which happens to coincide with the amount of the divvy that I expect from PPP.

;)

[newbietrader]

dividend paid today aparently does has any body recieved the divi yet ?

not yet for my NZ account. Others?

[boysy]

not in mine either hence why i was asking though im guessing it takes longer to get into our nz bank accounts

[Odd Fellow]

not yet for my NZ account. Others?


No, it is not in my account yet,
have to wait now till monday.

[boysy]

wonder if many people will re invest the dividend back into ppp thoughts ?

[the machine]

wonder if many people will re invest the dividend back into ppp thoughts ?


it will nicely cover my management fees due july 31 for vineyard investment

i will toast ppp every time drink the wine from same

M

[boysy]

wonder what the directors will do with those bit fat divi cheques they have shown that they are all for investing in the company.

[Odd Fellow]

wonder if many people will re invest the dividend back into ppp thoughts ?

Yes, I have got more 7 days ago, the divi com's handy now.

[boysy]

annual report out soon wonder if we will hear any new info on projects or updates. Im interested in vietnam i wouldnt be supprised if the 2nd well was drilled sooner than 4th quarter just a guess but the first drill i think warrents greater attention of the area.

[the machine]

Yes, I have got more 7 days ago, the divi com's handy now.



very timely given sp spike since - well done

question now is what will vietmese government do

M

[the machine]

annual report out soon wonder if we will hear any new info on projects or updates. Im interested in vietnam i wouldnt be supprised if the 2nd well was drilled sooner than 4th quarter just a guess but the first drill i think warrents greater attention of the area.


boysy, annual report will not be until august

news timelines:

tui reserves upgrade as at june 30

vietnam drill testing

vietnam gov't decision - be mindful they could say no

tui drilling program

july 31 quarterly

then annual report in august/sept


M

[macduffy]

The dividend's definitely in my Aussie bank account.

;)

[boysy]

I think the vietnamese government approval which we are waiting for may be influenced by the drop in forign investment in vietnam. aparently i saw on cnbc that direct forign investment has fallen by over 70% in the last year i dont think they will want to rock the boat and not let ppp farm in. I think the uncertainty is holding back the sp and hopefully if/ once ppp gets approval the company should get more press and attention.

[Nitaa]

I thought it was pertinent given the uncertainty that many posters here have about PPP. Especially the different sorts of speculation surrounding the concerns with approval from thre Veitnam government to give approval. The following is a copy from the ASX thread which i posted a few weeks ago. This is in relation to the conversation I had with Tom Prudence CEO of PPP. I can say that after this discussion with Tom i was at more ease with PPP getting the approval with the Veitnamese government but of course there is no guarentees.

With so much speculation and uncertainty of what the Vietnamese oil exploration means, I decided to take the liberty and ring the CEO of PPP myself.

In short, PPP are awaiting approval from the Veitnamese Governent to complete the farm in agreement. That point is at least what most of us are aware of and in agreement.

The 15% that PPP would secure if successful is from Premier who is the operator. They reduce to 30% from 45%. Therefore there was no mention about ppp getting 12.75 or whatever it was.

The length of time to get approval is up to the Veitnamese Goverment but an approximate guess is 3 to 4 months. However it could be shorter or much longer. How long is a piece of string

I did raise a couple of other points with Tom and that is about the timing of the farm in agreement and in conjuction around the timing of the exploration. i.e meaning the results from the wirelog tests are likely to be known before the decision comes from the goverment. Tom's response that it was a reasonably common practice in different parts of the word. (This is my interpreation and not word for word). In saying that, The CEO did say that PPP had filled all the prior requirements to get to the stage it was at. So from that perspective i am fairly comfortable with the response and it has cleared up some misconceptions.

Although i was extremely concerned about PPP being in a vunerable position, the flip side is it would not be in the Veitnamese Government to poop on foreign investment only when it was in their favour. Simply put, foreign investment would dry up and prove too risky imo.

ps. this is what i beleived to be correct but do not take my points as gospel and for Petes sake DYOR.

There is a lot to gain or lose depending on the approval imo but at present I am holding PPP and its a position i am comfortable with.

[boysy]

I think as you quite ritely point out it isnt in vietnams best interest to poop of forign investment. In the mean time we can look foward to action a bit closer to home on happening. I wonder if the success at red emperor will tempt premier to further drilling in block 07/03 before the 4th quarter ?

[macduffy]

There is another consideration, altogether separate from getting approval to the farm-in and that is that the Vietnamese govt has an overriding option to 15% of the project.
As I understand things, the govt would only be expected to exercise its prerogative if/when the field is proven. In that event each partner's share effectively reduces by 15%, in PPP's case to 12.75%.
I think that's where the 15%/12.75% confusion has arisen.

[Odd Fellow]

not in mine either hence why i was asking though im guessing it takes longer to get into our nz bank accounts

Boysy, the divi is now in NZ bankaccounts.

Time to have a glas wine. :)

[Nitaa]

There is another consideration, altogether separate from getting approval to the farm-in and that is that the Vietnamese govt has an overriding option to 15% of the project.
As I understand things, the govt would only be expected to exercise its prerogative if/when the field is proven. In that event each partner's share effectively reduces by 15%, in PPP's case to 12.75%.
I think that's where the 15%/12.75% confusion has arisen.As per my previous post, any option by the government wout come off the 45% owned by the operator. That would reduce to 30% thereby all other parties would still be unaffected. I say this as i sought clarification with the CEO of PPP on this matter.

I do suggest that if you are not convinced or have some ligering doubt then call Tom Prudence yourself.

In reference to my posts they are what i was firmly lead to believe but to avoid further doubt i suggest you DYOR.

Regards, Nita

[boysy]

my divi is still not in my nz bank account anyone else having a similar problem

[newbietrader]

It's in my NZ ASB account today 27 June. However the transaction date is 26 June.

[Paint it Black]

Yes it's in my TSB account as well for PPP NZX- hopefully the PPP ASX dividend is in the post.

[Sehnsucht888]

My aussie div is in there, but not my NZ kiwi bank one...

[Sehnsucht888]

Ok, I have the money now. Just not in the account on the form that I sent back to them... Went into the acccount that DIVs for other companies sometimes go into..

[Nitaa]

nice dividend isnt it?

[boysy]

looks as though strong buying presure is mounting on the asx will be interesting what the sp will open at it looks like it will be up too around 0.47

[boysy]

Plenty more upside with this one . Looks as though the market did not like the announcement out yesterday even though it was expected. Things we can possibly look foward to

-vietnamese government approval
-More prospects within block 07/03
-3D surveying of block 07/03 helps map potential
-A potential upgrade of TUI reserves
-Exploration success around TUI

i also wouldnt be supprised if PPP go after further exploration opportunities i wonder if ppp can ride on the coat tails of premier oil it has done them well in taranaki.

[blockhead]

Any time soon would be a good time for NZO to take a bigger chunk

[boysy]

indeed sp going lower though on small volume. Depends on what nzo intends on doing with its time and money. Once kupe and pike get up and running it could very well be too late for making a run at ppp.

[temptation]

From yesterdays announcement (repeated from earlier);

"The well encountered oil and gas shows while drilling and the results of logging established approximately 90m net pay comprising both oil and gas within multiple stacked reservoir layers. Two of these reservoir zones were tested and flowed at a combined rate of 3,265.4 barrels of oil per day plus 8.1 million standard cubic feet of gas per day, through a 48/64” choke. No water was produced from either zone."

Can anyone explain the significance of these numbers?

As I recall, at its peak Tui was producing 50,000 bopd from 4 wells, which presumably implies 12,500 bopd per well. This makes 3,265.4 seem slow, but is the 48/64" choke used so that the flow can be measured without taking too much oil (I guess they don't want 12,500 barrels of oil just yet!).
How would 3,265.4 bopd compare with the initial Tui discovery?

Why is it a 48/64" choke and not a 3/4" choke?

[notie]

From yesterdays announcement (repeated from earlier);

"The well encountered oil and gas shows while drilling and the results of logging established approximately 90m net pay comprising both oil and gas within multiple stacked reservoir layers. Two of these reservoir zones were tested and flowed at a combined rate of 3,265.4 barrels of oil per day plus 8.1 million standard cubic feet of gas per day, through a 48/64” choke. No water was produced from either zone."

Can anyone explain the significance of these numbers?

As I recall, at its peak Tui was producing 50,000 bopd from 4 wells, which presumably implies 12,500 bopd per well. This makes 3,265.4 seem slow, but is the 48/64" choke used so that the flow can be measured without taking too much oil (I guess they don't want 12,500 barrels of oil just yet!).
How would 3,265.4 bopd compare with the initial Tui discovery?

Why is it a 48/64" choke and not a 3/4" choke?

The test would probably be an open hole drill string test so it is done while the drilling drill string is in the well and not using production casing. It is a rough and ready method of establishing if you have productivity. This well is probably a vertical intersection of the reservoir and that sort of rate is pretty reasonable. depending on how they re drill and produce it such as using horizontal drilling then you could have a much longer intersection through the reservoir and a much longer area to produce from (which is what has been done at Tui). Tui-1 intersected a 10m oil sand but the large amount of reservoir intersection means flow rates are much higher.

The structure drilled in Vietnam is very different from the very low relief topography of Tui and is a high relief faulted block. PPP are saying there is 80 million barrels in it, but doesn't make it clear if this is recoverable oil. I presume it it http://www.panpacpetroleum.com.au/pdf/PPP-Vietnam-Presentation-29May09.pdf

[digger]

[QUOTE=temptation;263116]From yesterdays announcement (repeated from earlier);

"The well encountered oil and gas shows while drilling and the results of logging established approximately 90m net pay comprising both oil and gas within multiple stacked reservoir layers. Two of these reservoir zones were tested and flowed at a combined rate of 3,265.4 barrels of oil per day plus 8.1 million standard cubic feet of gas per day, through a 48/64” choke. No water was produced from either zone."

Can anyone explain the significance of these numbers?

As I recall, at its peak Tui was producing 50,000 bopd from 4 wells, which presumably implies 12,500 bopd per well. This makes 3,265.4 seem slow, but is the 48/64" choke used so that the flow can be measured without taking too much oil (I guess they don't want 12,500 barrels of oil just yet!).
How would 3,265.4 bopd compare with the initial Tui discovery?








This is one of those times you wish you had kept every scrap of info from TUI when it was discovered.I certainly remember TUI flowed from its exploration well much less than it does now and we did get BWR to explain that a exploration well can only give so much and is usually followed if results are encouraging by an appraisal well.I to would like to know if this choke size compares with the initial one used at TUI. Remember TUI has the best possible rock to take oil out but this one looks like it will be bigger so with differences hard to compare and at this early stage no-one in positions of inside knowledge will say a thing.
Still i would not be selling as it looks like the next drill is at the earliest possible time which is speaks for itself.Following the usual pattern the SP will drift down as some holders like only instant results and will not wait as with TUI.

[the machine]

[QUOTE=temptation;263116]From yesterdays announcement (repeated from earlier);

"The well encountered oil and gas shows while drilling and the results of logging established approximately 90m net pay comprising both oil and gas within multiple stacked reservoir layers. Two of these reservoir zones were tested and flowed at a combined rate of 3,265.4 barrels of oil per day plus 8.1 million standard cubic feet of gas per day, through a 48/64” choke. No water was produced from either zone."

Can anyone explain the significance of these numbers?

As I recall, at its peak Tui was producing 50,000 bopd from 4 wells, which presumably implies 12,500 bopd per well. This makes 3,265.4 seem slow, but is the 48/64" choke used so that the flow can be measured without taking too much oil (I guess they don't want 12,500 barrels of oil just yet!).
How would 3,265.4 bopd compare with the initial Tui discovery?








This is one of those times you wish you had kept every scrap of info from TUI when it was discovered.I certainly remember TUI flowed from its exploration well much less than it does now and we did get BWR to explain that a exploration well can only give so much and is usually followed if results are encouraging by an appraisal well.I to would like to know if this choke size compares with the initial one used at TUI. Remember TUI has the best possible rock to take oil out but this one looks like it will be bigger so with differences hard to compare and at this early stage no-one in positions of inside knowledge will say a thing.
Still i would not be selling as it looks like the next drill is at the earliest possible time which is speaks for itself.Following the usual pattern the SP will drift down as some holders like only instant results and will not wait as with TUI.


when tui was discovered the indication was gas not oil and it took ages for discovery to be recognised as oil.

M

[Pipeline]

Digger

None of the Tui discovery wells were tested, so there is no comparison here. The word on the street is that this discovery is very good.

As an experienced oily, dont get too concerned by comparison flow rates on discoveries. The initial wells today are rarely tested, so it makes comparisons very hard.

I own lots of PPP and AWE shares.

Cheers

Pipe

[Nitaa]

[QUOTE=digger;263127]


when tui was discovered the indication was gas not oil and it took ages for discovery to be recognised as oil.

MUnless we are talking about different time periods, when Tui was drilled they all showed approx 12 to 16 or so metres of an oil column. The wors they uesed were that Tui encountered "strong oil shows". All the other wells around tui were very similar except Kiwi which turned out to be a duster.

[the machine]

[QUOTE=the machine;263176]Unless we are talking about different time periods, when Tui was drilled they all showed approx 12 to 16 or so metres of an oil column. The wors they uesed were that Tui encountered "strong oil shows". All the other wells around tui were very similar except Kiwi which turned out to be a duster.



just looked it up from february 12 2003, which updated discovery to a small oil discovery, rather than initial indication of gas.

then 6 weeks later on march 28 updated to a better oil discovery with new 3D planning.


M

[KentBrockman]

Any time soon would be a good time for NZO to take a bigger chunk


LOL! I think NZO is too lame for that.

Anyway....I wanted A$ 0.50-0.60 during their first t/o attempt; now I want at least A$ 0.80.

Actually, come to think of it, I want a buck, 'cause that's were PPP will likely be by years end anyway (or at least just prior to the upcoming Tui campaign).

[boysy]

any one wanting to take out ppp would have to pay a significant premieum. I would not expect nzo to try and take ppp out now as it would be very difficult getting the shares off the directors hands especially as vietnam looks the real deal. NZO did make a good choice in buying ppp shares as they have pritty much doubled their investment in 6 odd months. Though you have to wonder if nzo would of gone after the vietnam opportunity if it was presented to them. Its worked out well for both companies though success at taranaki or vietnam will clearly effect ppp more proportionatly than nzo. I wonder if in the coming months nzo shareholders will jump on board ppp to get greater leverage of Taranaki exploration campaign. Time will clearly tell

[macduffy]

I wouldn't expect NZO to try to take out PPP at this stage either.

They have a good blocking stake and anyone else interested will have to offer a pretty good price to get them and PPP directors to come to the party.
Meanwhile, they will get their share of whatever PPP can come up with from an exciting next few months.

[Mr Tommy]

Market cap of PPP is currently about $335m NZD
At end of april PPP held cash of $150m AUD equals about $190m NZD
NOG already holds 15% so only needs to get remaining 85% which will cost $285m (at current price), then they get hold of the cash, so the net cost is only about $95m NZD to buy out 100% of PPP.

[macduffy]

But they won't get it at anywhere near current price.

PPP directors hold too many shares to let that happen.

;)

And I've got a few!

[boysy]

any hint of vietnam being commercial and ppp is going much higher. PPP current 2p reserves around 2mmbl . If red emperor is commercial at 80mmbl and ppp get farm in with 15% hey presto ppp reserves increase 600%. This is clearly a simplistic example all it is ment to illustrate is that vietnam could be many times the reserves that PPP has. Even if vietnam is a dud i would still expect a rather hefty premieum to make the directors part with their shares. NZO is now along for the ride but has little or no control over the direction of ppp. Mr Tommy even now i think an offer of above A$0.70 would not clinch the directors shares . Bring on the 3d survey and further drilling success .

[Sharp737]

And lets not forget that the upcoming Tui drilling could potentially eventually double the Tui reserves...

[notie]

oh good god be a bit more realistic. double the reserves? what are you smoking bro?!!?!?

[Nitaa]

oh good god be a bit more realistic. double the reserves? what are you smoking bro?!!?!?Tui's remaining reserves must be about 26mbo. A review could show some increase so to get another 26 odd mbo with reserve upgrade and further drilling may not be too overly opertmistic.

Its ok Notie, i feel you may have missed the boat on this one. You had a golden opportunity to pick this stock up in the 20's and more than double your money this year. A good hint, when you see directors buy up strong you got to wonder why? Then you see nzo make a play earlier which in hindsight they have got an absolute bargain.

Discl. picked up this stock when options were 4.1c per share.

[Sharp737]

oh good god be a bit more realistic. double the reserves? what are you smoking bro?!!?!?

Hehe That was the pub talk over a year ago now...when there was no public mappping of the immediate prospects adjacent the Tui fields. And then, low and behold after some time...whallah!! Then the prospects suddenly appeared...and if you compare all of them, about the same size as the existing Tui fields. Of course, they still need to be drilled and that will be exciting BUT if they strike oil in them, then substantial increases to the existing Tui reserves will happen.

I'm not saying they are right, but it is interesting speculation! :)

[boysy]

Premier-led group to study Vietnam oil resource after discovery


A Premier Oil Plc-led group plans to survey an area off southern Vietnam this month and next to assess potential resources, after announcing a discovery in June.


The group, which includes Vietnam American Exploration Co., Pan Pacific Petroleum NL, and a unit of Abu Dhabi-based Mubadala Development Co., plans a three-dimensional survey covering 1,000 square kilometers, Sydney-based Pan Pacific said Wednesday in statement. It called the discovery “very encouraging.”

Testing at two zones in the area known as Block 07/03 produced flows at a combined rate of 3,265 barrels of oil and 8.1 million cubic feet of gas a day, Premier said last month. The prospect targeted by the well, known as Ca Rong Do, may hold 80 million barrels, Pan Pacific said in May.

Vietnam is hoping that exploration in the area, freed for drilling by a 2003 accord with the Indonesian government that delineated sea boundaries, will help reverse declining oil output. Thailand passed Vietnam last year as Southeast Asia’s third-biggest crude oil producer, after Indonesia and Malaysia, according to BP Plc.

Pan Pacific has surged 57 percent this year in Sydney trading. Premier Oil has climbed 34 percent this year in London.

The survey will target the eastern part of Block 07/03 and is aimed at “defining the resource potential of the Ca Rong Do discovery and adjacent structures, and to determine future exploration and appraisal activity,” Pan Pacific said Wednesday. “Evaluation of an appraisal of the Ca Rong Do discovery will follow the results of the three-dimensional seismic survey.”

The initial well has been plugged and abandoned, and a second exploration well is planned for the fourth quarter, Pan Pacific said.

[boysy]

big parcel of shares traded hands on the nzx some 1080000 or $637,200 in a single trade first trade.

[digger]

big parcel of shares traded hands on the nzx some 1080000 or $637,200 in a single trade first trade.


Sort of looking good all around ,hey Boysy. Every day it is looking more and more like the real thing.In fact by now you have to say it is economic as otherwise it would already be known. Just a few months back i emptyed my youngest daughters account and put it into PPP at 29 cents and a month later at 35. I also bought another 150 thousand at 35 for myself so am happy holding.They are still a good buy.
Anyone planning to sell to take profits needs to think very hard. Already many have sold out for a few cents and are regreating it. It is hard at this stage to put a value on PPP so i don't and just let it run.

[boysy]

definately looking the goods even at these prices. I belive there is still a level of uncertainty surrounding vietnam clearly and if this uncertainty is cleared up there is plenty more room for upside. Hopefully all the uncertainty will be cleared up sooner rather than later and in a positive way.

[the machine]

definately looking the goods even at these prices. I belive there is still a level of uncertainty surrounding vietnam clearly and if this uncertainty is cleared up there is plenty more room for upside. Hopefully all the uncertainty will be cleared up sooner rather than later and in a positive way.



after reading todays quarterly I sold 20,000, basis vietnam is subject to 2 parties, not 1 as previously advised.
petro vietnam and the government can kill it

why should I take the risk that both parties will approve the farm in?

sp would drop 30-40% if vietnam is killed.

as regards kan tan iv drilling schedule, it has sufferred a crane damage in geelong, so will be 1 month delayed.

M

[friedegg]

announce one week you have an interest in vietnam,3 weeks later your in paydirt for not much work,indonesians like hard workers

[the machine]

yesterday sold another 20,000 ppp - this was after reading both quarterly report whereby 2 parties can veto vietnam drill - not just the vietnese government as what ppp had previously been stating.

why should I take so must risk that farmin will be approved?
if it is not approved then sp drops 30-40%

the second read was awe advising tan kan iv has had some crane damage in geelong, thus 1 month delay to any drilling

don't know what will do with money yet - maybe buy more kasbah next week

M

[boysy]

I belive that the risk of down side ie government not approving the farm in as low. DO they want to send out the signal to forign investors not to invest in vietnam. Forign direct investment is down 80 % year on year. PLus you have to way up the fact that there would be plenty of upside if ppp are allowed a farm in. Do you belive that at the current sp farm in approval has been taken for granted i think not. Honestly ppp could fall 40% but just think what the upside will be if ppp get the farm in approval.

[digger]

I belive that the risk of down side ie government not approving the farm in as low. DO they want to send out the signal to forign investors not to invest in vietnam. Forign direct investment is down 80 % year on year. PLus you have to way up the fact that there would be plenty of upside if ppp are allowed a farm in. Do you belive that at the current sp farm in approval has been taken for granted i think not. Honestly ppp could fall 40% but just think what the upside will be if ppp get the farm in approval.

My thoughts exactally. What is the upside and compare it with the downside,give probabilities to each before acting.I have and will carry on holding.

[Billy Boy]

If I remember correctly the vietnamese Govt got cute with WID (ASN)
over that nichol project last year.
Is their Govt in likely to shift the goal post again after all the hard
work is done?
Still question marks in my view.
BB

[macduffy]

I agree that there is still a risk on this but that it's a low one.

In fact, strictly there are two risks.
One, the V govt has to approve the farm-in to PPP. There is no reason why they would not and therefore the risk is low.
Second. The V govt has the right to buy in to a share of the action. Quite likely IMO but only a reduction in everyone's interests, including PPP's, when/if it happens.

[boysy]

macduffy i think we have answered your second point it is all or nothing in this permit there is no dilution of interests in the block. PPP are either in or out i belive nita put foward this explanation after talking with the ceo some weeks back.

[macduffy]

Hi boysy.

Yes, I realise that. I spoke to Tom Prudence myself and came away with a different interpretation of what he had to say.
Now I don't think that TP wants to get into too public a discussion on what might or might not happen - I can understand anyone not wanting to be seen as being critical or pressuring for an early decision - so it might be best if we wait patiently for an outcome. In essence, I'm optimistic that the result will be satisfactory for shareholders of PPP.

[boysy]

i also see no reason as to why the vietnamese government should reject the farm in. Plenty of upside it just seems as though the cards are clearly stacked in the favour of the petrovietnam as they can simply wait out and see how large the potential of the find is before using its pre emptive right. It would be very helpful if the exact situation on what if petro vietnam uses its pre emptive rights or the farm in is rejected by the vietnamese government is cleared up. Some people say we will have nothing others say we will have a diluted share of block 07/03. It wouldnt be critical or impatient to declare the situation to shareholders thats all i am wondering about.

[Sharp737]

Wow, bit of a jump this morning.

And Tapis price just on US$75

http://www.upstreamonline.com/market_data/?id=markets_oil

[boysy]

indeed at an all time high now and tapis over $77 now. Plenty to look foward to in the next few months hopefully vietnam will pan out as expected and perhaps maitland will come back into focus once again. Then on top of that there are the upcoming tui drills and hopefully some more news from mgmt on opportunities passing over there desk.

[digger]

indeed at an all time high now and tapis over $77 now. Plenty to look foward to in the next few months hopefully vietnam will pan out as expected and perhaps maitland will come back into focus once again. Then on top of that there are the upcoming tui drills and hopefully some more news from mgmt on opportunities passing over there desk.

Hi boysy,
Yes things are looking good with PPP. I wonder if some insiders are more hopeful than what is been let on with PPPV. Seems strange it would go up this much without some certainty.
I do not put too much hope into maitland. Gas prices are lousy at the moment and the well has never yet flowed more than 6 on the scale when about 20 was required. What do you know about the flow with Maitlan? A bit of Tap hype me thinks. I see a great future for PPP but not from Maitland.

[boysy]

whats your views on the other permits ppp hold in the area ? corvus ect ?

[digger]

whats your views on the other permits ppp hold in the area ? corvus ect ?

Hi Boysy,
Apart from keeping one sleepy eye on PPP's other assets i do not get too excited about them until they get close enought to effect the SP. Corvus from memory found about 400 metres of gas a few years ago so that should be a reasonably economic but exactally what stage of development it is in now i have to admit i do not know.There is a few other like Tusk and Reindeer and Sage.
Actually Boysy i am pleased you asked me this question as it has forced me to accept i have paid little attention to these other assets that PPP has. With the AGM coming up in a few months it is a good time to get updated on these stranded resources that from MHO are having nil effect on PPP's share price.

[the machine]

now only hold 20,000 ppp after selling more today @ .505.

this 20,000 will have to hang onto as only bought them last nov, thus tax man would like me a lot if sold within 12 months

if vietnam interest is confirmed then thats great and I will share through nzo holding, but if it does not get confirmed then sp will drop quite a lot.

remember premier oil have experienced vietnam govt exercising back in participation earlier this year after 2 oil wells discovered right next door.

vietmese government have form and IMO to think they will not exercise rights [or petro vietnam for that matter] is very optimistic

with some of my proceeds might buy more nzo though

M

[boysy]

another nice move so far today after looking over some documents i noted like you said digger that maitland still has many issues to be dealt with. After reading these documents it makes sence that ppp is looking elsewhere though corvus did get a mention

In WA-246-P, a review of the sub-commercial Libris-1 and
a comprehensive reassessment of the earlier Corvus-1ST1
discovery was completed. At this stage there are no further
prospects considered ready to drill in the permit. A decision
to continue into permit years 4 and 5 will be made in early 2009.

Still plenty of hurdles yet to jump over but at the same time plenty of upside left. The higher it goes the greater the likelyhood of downside if things dont pan out though hopefully mgmt have got a few ideas going foward into the future.

[the machine]

another nice move so far today after looking over some documents i noted like you said digger that maitland still has many issues to be dealt with. After reading these documents it makes sence that ppp is looking elsewhere though corvus did get a mention

In WA-246-P, a review of the sub-commercial Libris-1 and
a comprehensive reassessment of the earlier Corvus-1ST1
discovery was completed. At this stage there are no further
prospects considered ready to drill in the permit. A decision
to continue into permit years 4 and 5 will be made in early 2009.

Still plenty of hurdles yet to jump over but at the same time plenty of upside left. The higher it goes the greater the likelyhood of downside if things dont pan out though hopefully mgmt have got a few ideas going foward into the future.


with reindeer gas now going ahead then corvus could find a home as a feed gas supply into the new devils creek lng development [think thats what it is called]

M

[Odd Fellow]

PPP lost 7 cents

[Nitaa]

PPP lost 7 centsNothing goes up forever and nothing goes down forever (unless you owned Feltex lol).

Perhaps some profitaking but there is no news out and the volume is not significant so its pretty much a non event so far

[boysy]

i think it also has alot to do with the fact the shares on the nzx are much less liquid than the counterparts on the asx. The sp right now would offer an arbitrage opportunity the sp differnece on the asx and nzx is currently about 2 cents but this can clearly be put down to the liquidity differences as usually they run lock in step of each other.

[macduffy]

Yes, the risk is that a Buy on the NZX to complete an arbitrage would see the SP bid up again. In any volume worth doing, that is.

Perhaps someone else might try it?

;)

[J R Ewing]

Nothing goes up forever and nothing goes down forever (unless you owned Feltex lol).



Or Austral Pacific, unfortunately

[boysy]

ppp cracked 80 cents

[digger]

ppp cracked 80 cents

boysy,you getting the speed wobbles yet? I do wonder how i would feel if i wake up some morning to read that Vetinam said not to us holding this Farmin.Something is sure driving it to rocket so much on what is really a small volumn.That of coa-rse means that if the volumn really picks up it will go up or down in a big hurry. Interesting and kind of scarry.
So do we place bets on when it hits a dollar.Or is it a 50-50 that it hits the dollar before it falls to 30 cents? I will certainly be watching this space but do not really know what to make of what is happening this last two weeks.

[boysy]

It certainly has taken off like a rocket . The only factors i can put this down to are the rise in the oil price which potentially means the vietnam discovery is worth more if we get the farm in. Then there is renewned interest in gas off wa with the gorgon project and the fact that maitland is right next door literally to the development. Im hoping the smart money is hopping in though who knows. I think now $1 easy if the farm in is approved but on the same token back to $0.40 if it isnt. Im still holding but like you i think the cards need to be laid on the table before i make my move.

[Phaedrus]

PPP is in a good uptrend that is showing no signs of weakening as yet. But you already knew that - right? It's not often that a chart adds no extra insight into a stocks movement.

http://h1.ripway.com/78963/PPPnz825.gif

[delboy]

Im all for the PPP gamble avg .26 buy in....at least it keeps me smiling, unlike the PRC roller coaster. I know Vietnam loves our tourism dollars, so lets hope they feel the same to our investment dollars.

[boysy]

im along for the ride as well if vietnam turns out to be as big or bigger than currently stated i wouldnt be supprised if another oiler with ties in vietnam would go after ppp. Time will tell hopefully we get some indication this week of an updated picture of things.

[Xerof]

May be wrong, but I suspect you got some kind of 'answer' on PPPV by todays activity.

Alternatively, it's just decent bout of profit-taking

[Nitaa]

PPP has risen very fast of late. It had a sharp drop the other day then rebounded with interest in no time. Therefore any correction at the moment will be accentuated. The other matter is investors who are running say a 10 or 15 % trailing stop loss would have got kicked out today.

Where will the sp go from here? No one knows but the Veitnam gamble is certainly playing on investors minds of late. Big wins or big loses coming up in the next month or two i suspect.

[the machine]

Very true, looks well supported in the market depth also so going by that, the first scenario as above, with likely hood of a inside day with trading not falling below 54.5c.

With Technical support at 52.5-53c, the worst has already occurred, and as long as this level holds accumulate on weakness.

(Note Talking ASX PPP)

AA

it hit a low of 50c au today before recovering some.

before the fall I checked with my stockbroker [ppp 64c at time] when I did actually purchase my last 20,000 and it was october 9 2008 - thus I have to wait another 6 weeks before can sell and have 50% discount on capital gains.

@ this stage will sell them after 12 months up, but of course tui drills will be 6 weeks closer by then

M

[friedegg]

ive never really understood the chart/tech side but if they came out tomorrow and said vietnam was a mistake,wat chart do you apply the big drop to?or are charts mainly used for no major announcements?

[troyvdh]

...just thinking....if PPP now announce summit bad....and I had I today sold a significant amount of PPP ...should I be worried.....would it be a bad look for PPP.....look bad for "the MKT".....or just confirm is some folks minds that "thats the sharemarket...who would go there...

[Romer]

The drop towards the end of the day was on very light volume.

[Nitaa]

Biggest time to worry is when the directors start dumping. Strong volatility at the moment huh?

[digger]

PPP dropped in two days what it went up the previous two weeks. I put this down to nothing other than speculators or traders assuming that with the Annual the company would clear up the PPPV situation. As this did not even get a mention the traders dumped.The rise and then fall tells us nothing about PPPV but say a lot about how the sharemarket works.

[digger]

I should have also said that it is somewhat strange that traders would assume this as the Vietnam govt hardly comes under the PPP reporting time line.The only way we would get a report to coincide with the annual would be if the company withheld the new to make this happen,which is suppost to be against continous disclosure so not likely.

[Nitaa]

PPP effectively went into a bubble this year rising from the 20's cps to hitting 80 cps (nz). Simply stunning in the whole scheme of things given the economic turmoil. It has defintiately been driven by a lot of hype with the Veitnam potential.

Still, i am playing with free money on this one and prepared to ride out the good or bad with regards to the Veitnam propositin

[pietrade]

PPP dropped in two days what it went up the previous two weeks. I put this down to nothing other than speculators or traders assuming that with the Annual the company would clear up the PPPV situation. As this did not even get a mention the traders dumped.The rise and then fall tells us nothing about PPPV but say a lot about how the sharemarket works.

I'm VERY surprised and disappointed that the Vietnam situation got no mention and there's been no update since. Reminds me of the days when getting any news/updates from NZO was like extracting teeth. Maybe it's some kind of a 'disease' that PPP's caught. Grrrrrrrr......

[boysy]

we all have to remember they are working within another countrys regulations and dont want to call it before it is. The survey isnt expected to be finished before the end of august why is everybody expecting a result to be announced before they have finished doing the survey ?

[Nitaa]

hi there,To introduce myself,I bought shares at 12 cps.Anyway to get back to hopefully not to rudely interupting your conversation when the tui oilfields were 3D the timeline for results were from 31 3 2003 till sept 2003.however there was mention of goings on in the quarterly reports.As i understand it, PPP have put met all the necessary requirements to get approved by the Veitnam Government. In saying that, it does not guarentee final approval from them. When i contacted PPP aproximately 2 months ago i asked the question on how long could it be expcted to find out if approval was granted or not. As a guessimate it was expected to take about 3 months. However it does not mean that if we har nothing in the next month or two it is good or bad news. PPP can only release news as it comes to hand and cannot speculate on what the government may or may not do. As frsutrating as it may be it is a wait and see.

ps. After visiting Veitnam on business last year I saw it as a country well worth investing in on a general basis. The government seems stable and the country seems to be in a good position going forward

[boysy]

PPP running hard up 5 today to 71 i guess market thinks it was oversold last week based on the fundamentals.

[troyvdh]

..usually yes....absolutely.....however...one must remember...when everyone is thinking the Same thing......is everyone thinking..........

[patrick]

Well,
YES

[newbietrader]

If a director bought shares from open market prior to the release of positive news, does this considered as insider trading?

[the machine]

If a director bought shares from open market prior to the release of positive news, does this considered as insider trading?

it could be, depending on timeline from purchase to news.

at very least a director buying indicates to me there is nothing new pending that not already public knowledge

M

[shawsie]

perhaps from an inside knowledge perspective, a double negative is in play.

no news is good news.

ie knowing that nothing has happened, legislative or otherwise from V, is not grounds for prior knowledge. There would be no change in public knowledge, no event that had to be disclosed.

all conjecture.

phaedrus, if i may be so bold, what does TA make of this run. presumably no sell signals, but does RSI predict an overbuy?

[da puntzda]

why would the director buy if Vietnam is not going to be approved by Vietnamese Govt - make no sense otherwise as he would be just tossing away 20 cents a share

[Phaedrus]

What does TA make of this run? PPP remains in a long-term uptrend. It is quite a volatile stock, though - the recent 20% drop was of much the same magnitude as previous retracements made during the course of this uptrend. If you are not interested in active trading and want to be a longer-term holder of PPP, you must be prepared to ride out corrections such as this.


Does RSI predict an overbuy?The RSI is an oscillator designed to show if a stock is technically OverBought or OverSold. It is not able to predict when this may occur. The RSI oscillator triggers Sell signals when it moves below the OverBought threshold level of 70. Looking at the RSI (14) plot, you can see that this has triggered a string of "Sell" signals over the course of 2009. This is what happens in an uptrend and that is why you should not act on any unconfirmed oscillator Sell signal when a stock is in an uptrend. The RSI(14) did give 2 good Buy signals late last year.


Presumably no sell signals...None for long-term holders. Conservative indicators such as the Trendline, OBV, Trailing stop, EMA84, RSI(40) and Slow Stochastic oscillator are all well away from triggering Sell signals.

More active traders would have observed the RSI(14) Bearish Divergence and sold out. Class A Bearish divergences are formed when the shareprice continues to make higher highs, but the oscillator makes lower highs. TA sceptics that question the significance or import of such signals might like to look back at what happened last time PPP showed a Bearish divergence.

http://h1.ripway.com/78963/PPPnz92.gif

[the machine]

someone seemed to be on a mission with ppp right at end of day, pushing sp up with decent volume - finished at .605

M

[digger]

someone seemed to be on a mission with ppp right at end of day, pushing sp up with decent volume - finished at .605

M

Careful here. I smelt a rat and wondered if it was someone wanting to sell on Monday so put in a small high bid on very little shares to push the price up.Means nothing,needs more back up next week.

[the machine]

Careful here. I smelt a rat and wondered if it was someone wanting to sell on Monday so put in a small high bid on very little shares to push the price up.Means nothing,needs more back up next week.

yes, volume and timing critical factors

M

[boysy]

looks as though its pointing to a higher open on the asx some buyers already lining up to pick up shares at or above the close on fridays price.

[digger]

looks as though its pointing to a higher open on the asx some buyers already lining up to pick up shares at or above the close on fridays price.
Lets hope you are correct. I however am very weary of these opening bids especially on the ASX. They can be used as a bid that is quickly pulled so is not neccesarly one that you have to put and keep your money on. In a few hours we will know if something is brewing or just more unfounded hope.
It is time this PPPV situation got sorted. I do not know what to make off it draging on--that is it more likely or less. You would think that the longer the better but then we are not the Vet govt and have no say in there thinking. I hope NZO does not turn out the same way with Romana.

[manxman]

It is time this PPPV situation got sorted.

Any reason why the Vietnamese govt should not wait until the results of the next drill? In their position, one might be tempted to keep quiet until there was a definite committment to proceed to production. They are the government and they set the rules.

[boysy]

i wouldnt be supprised if that was the case manxman though only time will tell. Its well out of ppp hands to be honest but its a exciting few months ahead with the drill bit hopefully we can get some concrete information out of vietnam.

[macduffy]

Meanwhile, Tui area drilling getting closer.

http://asx.com.au/asxpdf/20090921/pdf/31ktr0r91zgm1w.pdf

;)

[boysy]

and the vietnam drills even closer

[digger]

and the vietnam drills even closer

And no decision as to if PPP is in, out or just left holding the baby.

[boysy]

that sadly is true its totally out of ppp hands though one would think forign investment into vietnam would be welcome but time will tell. Every one who is holding is holding their breath for the announcement though i wouldnt be supprised if they wait until the results of the second drill before releaseing there decision. Some information out of ppp on the state of pppv would be awfully helpful to the market as to the actual state of affairs and clarifying the entire situation.

[boysy]

The annual report out and its a big one some 68 pages

http://www.stocknessmonster.com/news-item?S=PPP&E=ASX&N=566200

[Sharp737]

Trading halt this morning....wonder what this is about?

[manxman]

Every one who is holding is holding their breath for the announcement ...

Can't stand the suspense. Taking the dog for a walk.

[boysy]

very interesting i guess we are all waiting with baited breath

[digger]

very interesting i guess we are all waiting with baited breath
Well boysy what is with this trading halt. It will stay in force at least until after the Aus market opens. Is it the PPPV thing or something else. If the PPPV expect the SP to go to 40 cents either way. Am holding my breath as you suggested in last post.
Actually i have sold 300000 shares recentally to my three adult kids. They can make up there own minds about what to do with them. If you sold last week and they now go down big time you can look good. On the other hand anybe they will go up. Perhaps one of the four of us will get it right.

[boysy]

yes i think we should expect a big pop or drop if it is pppv the question i am asking myself is what else would force a trading halt i know its a big call to say the trading halt wont likely be about pppv but there could be other possibilities. I think your 40 cent call could be quite close to the mark surely if this is possitive it will require a massive rerate as would the negative outcome.

[Xerof]

entry into new exploration venture apparently

[macduffy]

We can speculate but it really could be anything.

Received an approach from another company?

Looking to spend some of that big kitty on a new acquisition? either a small oily or a juicy asset?

Vietnam?

Exciting times!

:cool:

[macduffy]

entry into new exploration venture apparently

Where did you see that?

There's no further announcement to the ASX as far as I can see?

[Xerof]

There's a page 2, as always.

With ASX, they actually give you all the info, on time and for free, unlike the pathetic NZX who want pay per view.......

http://asx.com.au/asx/statistics/todayAnns.do

[boysy]

28 September, 2009
Emma Badhni
Companies Advisor
Australian Securities Exchange
Exchange Centre
20 Bridge Street
Sydney NSW 2000
Dear Emma,
Re: Pan Pacific Petroleum NL (“PPP”) Request for Trading Halt
PPP requests that the ASX grant a Trading Halt under Listing Rule 17.1, to apply
from the commencement of trading on Monday 28 September, 2009 pending the
anticipated announcement of entry into a new exploration venture.
PPP requests that the Trading Halt end on the earlier of the commencement of
normal trading on September 30, 2009 or such time as the anticipated
announcement regarding the above transaction is released to the market.
PPP is not aware of any reason why the Trading Halt should not be granted.

[macduffy]

Thanks for that.

That narrows the field a bit!

;)

[the machine]

another permit buyin is a possiblity

M

[blockhead]

not with NOG though, no halt there

[Misc]

Trading Halt for an 'Exploration Play' ... how ridiculous.
M

[digger]

Trading Halt for an 'Exploration Play' ... how ridiculous.
M
The last trading halt sent the SP up a ridiculous amount. So lets hope this is another non sencical halt. Actually this time i would like to see us clearly in or out,not with the possibility of picking up the expenses and booted out if well is successful.

[Nitaa]

Its starting to get a bit nervy isnt it? Its always the not knowing that is the hardest.

[Xerof]

the announcements on the ASX pages for those holders waiting for the info

[Paint it Black]

So we have a PPPJ fully owned subsidiary of PPP farming in to a large 15% development in the Timor Sea with Indian and Japanese partners. Drilling to start in late 2009 with high expectations. What will happen tomorrow?

[Misc]

Near-Term drilling of relative monsters usually excites the market .... however 3 big players reducing their holdings a slight negative? Still hardly required a T/H ,, look at MOG on the ASX today announcing a farm-in without a T/H! And farmin terms not disclosed , but good luck to PPP , seems like they are moving in the right circles (partner and deal wise). M

[the machine]

The last trading halt sent the SP up a ridiculous amount. So lets hope this is another non sencical halt. Actually this time i would like to see us clearly in or out,not with the possibility of picking up the expenses and booted out if well is successful.

digger, this is elephant country with a lot of big discoveries all around the permit.

M

[the machine]

285 million worth of elephants to be exact

http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=00970454

m

[macduffy]

The probable reason for the trading halt was the number of parties involved and the likelihood that negotiations were at varying stages. Hard to keep things under wraps in those circumstances.

;)

[friedegg]

"47 million shares traded this morning as opposed to a daily average of 243,000" so who brought these and who sold,or who needs firing

[jonu]

That news story has added a couple of zeros to the volume. It would have been 47,000 according to the nzx chart:eek:

[newbietrader]

"47 million shares traded this morning as opposed to a daily average of 243,000" so who brought these and who sold,or who needs firing

i dont see the number in nzx..where did you get the info from? thx

[delboy]

Hmmm...am I missing something?? I looked at this as a positive move...yet there seems to be alot of downward movement. Either theres alot of nervous people or a lot of smart people out there...luckily nerves and smarts aint my scene! Hold or buy thats the question for me.

[temptation]

Hmmm...am I missing something?? I looked at this as a positive move...yet there seems to be alot of downward movement. Either theres alot of nervous people or a lot of smart people out there...luckily nerves and smarts aint my scene! Hold or buy thats the question for me.

This weeks announcement was just an announcement about a farmin. These exploration rights don't seem to affect the SP - perhaps because they are also a liability given that exploration costs money.

There is speculation during a drill, but it's only when there is a discovery that the SP takes off. PPP took off on the back of the Vietnam discovery, but we are all nervously awaiting the Vietnam government approval of the farmin. The longer this goes on - the more nervous I'm getting. I have sold some of my shareholding.

[delboy]

Thanks temptation for your explanation. Im sort of new to this, I understand exploration requires money, but without exploration there's no pot of gold...so to speak. PPP hasn't really set a foot wrong since I've held...away from having to rely on outside powers (Vietnam goverment). But I guess you cant bank on everything falling into place...or everyone would be in.

[digger]

This weeks announcement was just an announcement about a farmin. These exploration rights don't seem to affect the SP - perhaps because they are also a liability given that exploration costs money.

There is speculation during a drill, but it's only when there is a discovery that the SP takes off. PPP took off on the back of the Vietnam discovery, but we are all nervously awaiting the Vietnam government approval of the farmin. The longer this goes on - the more nervous I'm getting. I have sold some of my shareholding.


Temptation i think you are not the only one who is selling down a bit and getting nervous.I will be holding my stock to await the out come of these two farmins,even though i said at the start i really am not happy with this sort of agreements. I would have sold beforehand except the directors making these deals have the most to gain by getting it right. The fact that we have heard nothing means nothing more than it did at the start of this arrangement. The market is and will continue to mark it down as this sort of dealing need to prove themselves as vaiable. Until it bears fruit we can expect the market to be a bit causes.
Have to say i am not the least suprise by the market reaction,having recently now fallen 25% from its high.But that is only the current market feeling and has nothing to do with the eventual outcome.

[Paint it Black]

Yes it's dropped away very quickly but on fairly low volumes and is now at the 100 day trailing average. Even at 60c it is 300% up on 12 months ago and for this reason alot of the smaller holders I think are taking their profits and the larger holders are getting some insurance in place. With drilling about to commence in 3 different areas each with high prospectivity I'm holding on to mine for sure at the current price. If it gets to 80c again though I may begin progressively off loading a few however.

[boysy]

the way i look at is at these current prices the ppp is looking more and more attractive we have basically added another sort of blue sky drilling into the loop and the sp has fallen back a little. before vietnam and all this other business we had a sp of around 40 cents we are up 50% on that mark but we have a whole lot more exploration in the mix and much more further upside. If we get farm in approval in vietnam i would expect sp to be $1 or over add in the timor sea and we have a few exciting months ahead. Compared to other oil and gas companies out there with little more than permits i think ppp is still cheap especially at these dropping levels you just have to hope they know what they are doing when it comes to dealing with the added risk of having to get approval from other governments all in all im still happily holding.

[Nitaa]

the way i look at is at these current prices the ppp is looking more and more attractive we have basically added another sort of blue sky drilling into the loop and the sp has fallen back a little. before vietnam and all this other business we had a sp of around 40 cents we are up 50% on that mark but we have a whole lot more exploration in the mix and much more further upside. If we get farm in approval in vietnam i would expect sp to be $1 or over add in the timor sea and we have a few exciting months ahead. Compared to other oil and gas companies out there with little more than permits i think ppp is still cheap especially at these dropping levels you just have to hope they know what they are doing when it comes to dealing with the added risk of having to get approval from other governments all in all im still happily holding.An optimistist view. With so much uncertainty, the only certainty with this stock is the volatility in the SP. I would love to be a fly on the wall during the Board Meetings at the moment.

discl. hold

[boysy]

the sp certainly has been up and down in the last few months with incresed volatility i guess people have put stop losses in place as a small volume can lead to a big drop as no body wants to try and catch falling knives. The fact is that ppp have no debt have a bit of a warchest and are actively seeking to replace reserves which they should be doing. I guess with the new ceo in place and his seemingly more aggresive expansion policy is putting some people off. But we have to put these farm ins into perspective they are wildcats but in a highly prospective basin with plenty of upside the downside is the fact that forign governments are involved. Vietnam was a hit stright off the bat all we are waiting for is outcome from the government. Let the drill bit do the talking ( and hopefully some good news out reguarding the farm in )

[777]

This article yesterday may not have helped the share price of PPP.

http://www.stuff.co.nz/business/market-data/2930018/Mining-companys-shares-could-rise-by-2

NZOG shares 'could rise by $2'
By JAMES WEIR - The Dominion Post
Last updated 05:00 05/10/2009

NZO 1.670 0.01 0.60%

New Zealand Oil & Gas shares could more than double, adding as much as $2 a share if its four new wells are all a success, according to a broker report.

But the Wellington-based company has snookered itself on its $30 million investment in Pan Pacific made late last year.

McDouall Stuart head of research John Kidd said there was "the genuine prospect of very significant exploration-led upside" for NZOG in its planned wells.

There was an 80 per cent chance that at least one of the four wells to be drilled this summer would be a success, he said.

NZOG was valued at $1.88 a share by McDouall Stuart and was rated a "buy" in Mr Kidd's latest report. NZOG shares traded at $1.62 on Friday.

Other brokers' valuations for NZOG range from $1.54 by Credit Suisse to $1.94 by Macquaries.

Mr Kidd said the drilling programme could result in NZOG shares falling 5 cents if it failed entirely due to exploration costs, or gaining as much as $2 a share.

NZOG made a $53.2 million after-tax profit in the June year – entirely the revenues from the offshore Taranaki Tui oil field. NZOG also has $175m cash in hand.

It holds stakes in the offshore Kupe gas field which is due to start producing by the end of the year, a near 30 per cent holding in Pike River Coal, and 15 per cent of Pan Pacific Petroleum.

NZOG and its partners in Tui, AWE and Pan Pacific, will drill two more wells in the Tui licence area early next year. The targets are extensions of the existing Tui field, so had a higher probability of success than new "wildcat" prospects, Mr Kidd said.

It was reasonable to assume that one of the two new wells at Tui would be a commercial discovery, he said.

In July, NZOG bought a 10 per cent stake in the Hoki prospect about 150kms northwest of New Plymouth. The licence area was drilled in the 1970s but the oil and gas was not commercial.

The new Hoki well is seen as a wildcat, with a relatively low 10 per cent probability of success, he said.

The Hoki well is 4000 metres deep and so would be expensive to drill.

In August, NZOG took a 40 per cent stake in the Albacore prospect, offshore north of New Plymouth.

The Albacore well would start drilling later this month, with an expected total cost of up to $25m, but it was also seen as a wildcat play.

Based on its existing reserves, NZOG is valued at about $22m for each million barrels of oil, which is 19 per cent above the average for Australia exploration and production companies.

By this measure, Pan Pacific is the highest-priced company of its peers, with a value equal to $107m for each 1m barrels of reserves.

Last year, NZOG spent $30m buying almost 15 per cent of Pan Pacific Petroleum, which in turn holds a 10 per cent stake in Tui.

Pan Pacific shares were "significantly overpriced" and for NZOG to buy out the other 85 per cent of PPP it did not already hold would be hard to support, Mr Kidd said.

"We cannot justify the extent of the premium that the [PPP] stock is currently demanding," Mr Kidd said.

The investment in PPP remained a chink in NZOG's armour. It remained unclear what the end game was, even though the value of Pan Pacific had doubled since NZOG increased its stake late last year.

"It appears NZOG has snookered itself in the process," he said.

[boysy]

the person writing this article clearly has no idea about ppp and the situation they are in. No mention of vietnam exploration success and the fact this could add significant reserves to ppp. A very pro nzo article considering if nzo is successful around tui ppp has greater leverage off this success.

[troyvdh]

Dear Phaedrus...would you buy,hold/sell PPP......

[Phaedrus]

Technically aware traders that sold PPP on the recent Bearish divergence at 79 cents would have bought back in at 64 cents on the basis of RSI and RVI buy signals as marked by green arrows.

For more conservative investors in this stock, PPP remains a "Hold" for the following reasons :-
(1) Longterm confirmed trendline is unbroken.
(2) Slow Stochastic Oscillator has not signalled a Sell.
(3) OBV trendline is unbroken.
(4) Trailing Stop has not been hit.

PPP is therefore a Buy or a Hold but not a Sell at this time.

http://h1.ripway.com/78963/PPPnz108.gif

[troyvdh]

Thanks as always...

[boysy]

STOCK*EXCHANGE*ANNOUNCEMENT*
13th October, 2009
Pan Pacific Petroleum Farmin Updates
Timor Sea Block JPDA 06-103
As previously announced Pan Pacific Petroleum (JPDA 06-103) Pty Ltd (“PPPJ”) has agreed to acquire a 15% Participating Interest in the JPDA 06-103 Production Sharing Contract (JPDA 06-103).
PPP is pleased to advise that all JV parties have now waived their pre-emptive rights in relation to the respective Farmouts.
Under the terms of the Farmout agreements, application to the Designated Authority the Autoridade Nacional do Petróleo of Timor Leste for approval of the assignment will be made after completion of the earning obligations relating to the drilling of the first two exploration wells in the contract area.
These wells are currently planned to be drilled in November-December 2009 using the Songa Mercur semi-submersible drilling rig and will target the Loré and Lolotoe prospects which the Operator (Oilex) reports as having recoverable mean prospective resources (on 100% basis) of 195 million barrels of oil and 90 million barrels of oil respectively.
Upon completion of PPPJ’s farmin obligations, the participating interests will be;
Pan Pacific Petroleum (JPDA 06-103) Pty Ltd 15%
Oilex (JPDA 06-103) Ltd (Operator) 10%
Global Energy Inc 20%
GSPC (JPDA) Ltd 20%
Bharat PetroResources JPDA Limited 20%
Japan Energy E&P JPDA Pty Ltd 15%
Vietnam Block 07/03
In May 2009 Pan Pacific Petroleum (Vietnam) Pty Ltd (“PPPV”) entered into a farmin agreement with Premier Oil Vietnam South B.V. (“Premier”) to earn a 15% interest in the Block 07/03 Production Sharing Contract, offshore, Vietnam, subject to waiver of pre-emption rights by PetroVietnam and approval by the Vietnamese Government.
PPP has now been advised that PetroVietnam Exploration Production Corporation Ltd (PVEP), intends to exercise the pre-emptive right on behalf of PetroVietnam, and is considering the acquisition of part of the Participating Interest from the assigning Contractor Party, Premier. A further update will be provided when the details of the PVEP position are confirmed.
For further information please contact:
Tom Prudence
Chief Executive Officer
Pan Pacific Petroleum NL
Telephone: + 61 2 9957 2177
www.panpacpetroleum.com.au

[Nitaa]

Interesting and i guess the longer it went on it was no suprise.

Good character building is what i call it. I also think that AT would feel somewhat cheated by quite a few million bucks.

Moving on....

[Paint it Black]

The reaction to Vietnam is far more negative in NZ than Australia - in fact it's now coming back in Australia - all on light volume. Has anyone got a take on whether the uptake of preemptive rights eliminates PPPV completely or just a 12.5% share.

[Nitaa]

The reaction to Vietnam is far more negative in NZ than Australia - in fact it's now coming back in Australia - all on light volume. Has anyone got a take on whether the uptake of preemptive rights eliminates PPPV completely or just a 12.5% share.

It will take a few days for the skake out to settle itself

[friedegg]

its been far more negative for nzo

[Paint it Black]

Re reading the announcement I believe it is saying the preemptive rights are for 15% from the assigning party ie Premier which comes down to 15% of PPPV's 15% which brings the holding down to 12.75% of the field. Still looks OK to me?

[sideline]

its been far more negative for nzo

I wonder why - must be somebody panicking. NZO's involvement through
PPP is very small, and the outcome kind of validates their more cautious
approach in 'overseas involvement'.

[Nitaa]

Re reading the announcement I believe it is saying the preemptive rights are for 15% from the assigning party ie Premier which comes down to 15% of PPPV's 15% which brings the holding down to 12.75% of the field. Still looks OK to me?You are right.. sort of. I am still trying to get my head around the wording and what it actually means.

from above.

"15% interest in the Block 07/03 Production Sharing Contract, offshore, Vietnam, subject to waiver of pre-emption rights by PetroVietnam and approval by the Vietnamese Government.

PPP has now been advised that PetroVietnam Exploration Production Corporation Ltd (PVEP), intends to exercise the pre-emptive right on behalf of PetroVietnam, and is considering the acquisition of part of the Participating Interest from the assigning Contractor Party, Premier. A further update will be provided when the details of the PVEP position are confirmed."

Does that mean their 15% is diluted or taken away entirely based on PVEP exercising their preemptive rights? Im unsure and would be good to get some clarification from PPP as to what this means.

Also, there has been no mention of approval form the Vietnam Government. Anyone else decipher it.

In short the 3 options are;

1/ PPP have lost their 15% farm in agreement
2/ PPP holding is diluted (still seeking approval from Vietnam)
3/ PPP still have 15% share subject to approval from the Veitnam government.

Its either 1 or 2 for me. Number 3 looks impossible as it was subject to a waiver...

[digger]

I would say some of you people are cluching at straws.We have lost it ---gone---finished.At least the top holders also experience money passing by. . Would say this has been know for some time and the last trading halt was a cover to get one of these micky mouse farmins under way successfully.Didn't really think it would work,it was always a long shot. Nationalisation is currently the name of the game around the world. But lets say well done to Petro-vetnam. They got some other suckers to find oil then take it over at costs,with nil cost to them if the well turns out to be dry. Let us hope the upcoming AGM has enough angry shareholders to put a stop to drilling for someone elses success.
The silver lining here is that PPP might fall enought to come under the eye of NZO again.
Can we sucker some asians into farming into our TUI drills with a nice back in arrangements if successful.

[Nitaa]

I tend to agree. Got sucked in and spat out in bubbles.

I am also in the view that this information was likely available as it was too coincidental to come out exactly the same time as the Farm In Agreement for the Timor Sea.

Should Tom Prudence carry the can for this? Or was this a calculated gamble that they simply lost. If it can off he would have been a hero. However PPP and its shareholders (including yours truly) lost.

[Misc]

Just sloppy naive business imo. Its virtually unheard-of farming-in 'post spud' ........ and now you know why!! What a shocker.

M

[Paint it Black]

Precisely Yankiwi - the word 'part' is crucial. To me it infers the other interested parties are also having parts of their holdings diluted.

What we don't know is the deal between PPPV and Premier. Possibly Premier have asked for any dilution of their original 45% (prior to selling PPPV 15%) share to come from PPPV's share ie PPPV only now only hold 15% - 45% x 0.15 = 8.25%? Still not insignificant in a field that a Vietnamese company also want to buy (presumably) into.

If PPPV was being completely eliminated by this surely the notification should have said this in plain english.

[KentBrockman]

Just sloppy naive business imo. Its virtually unheard-of farming-in 'post spud' ........ and now you know why!! What a shocker.

M

Tomkinson and Pitt have a huge stake in this coy, and are known as shrewd operators. I just refuse to believe that these people (and Tomkinson is a lawyer!) go into an agreement where the two possible outcomes are that A) the JV either finds something, in which case PPP will lose its stake due to the preemptive rights of the Vietnames GV company, or B), the well is a duster, and PPP shares the costs of the drill!

If so, this would have to be the stupidest business deal I have ever heard of.

Moreover, Pitt and Tomkinson bought more shares just 6 days ago!

Having said this, the Vietnamese GV screwed ASN too, and the way that PPP announced this Vietnamese outcome today ('hidden' at the end of another announcement) doesn't look promising.

[Misc]

I reckon PPPV have been completely 'PineAppled' here ... however PVEP will reimburse costs no doubt ... how generous! M

[Paint it Black]

It would be intersesting to know how the Premier, Vamex and Pearl Oil shares did today or will do tonight or if there are any notifications also appearing on their websites re PVEP's involvement. I've looked on google but nothing of interest so far.

[Paint it Black]

http://energy.ihs.com/News/oil-gas-exploration/2009/Premier-partner-drilling-Vietnam.htm

The above link is intersesting - it says PVEP has an option to back into the licence with a 15% interest in the event of a commercial discovery.

All parties in the JV must surely therefore be contributing.

[the machine]

problems with sharetrader, look like resolved with new day in nz

well ppp have missed out on a lot of oil in vietnam and should get back all their money.

feel for posters who brought on basis vietnam discovery, but atleast there is now timor and nz drills over summer.

my remaining 20,000 which had slated to sell after held for 12 months to halve capital gains tax - well missed out by 6 lousy days -
ppp would have had to drop 16c before worse off selling yesterday/100% tax or sell next week/50% tax - anyway thats life and will still make a lot of profit on them.
was going to buy some more nzo with them, so provided nzo drop is reletive then no real loss.

M