Pan Pacific Petroleum Nl (PPP)

[digger]

digger, block 07/03 is south east of vietnam - well away from the disputed spratleys which cover a huge area

nothing to worry about

M

China is getting pushy.Remember Hilter he just wanted a disputed piece in Europe and ended up at the in the middle of Russia and Africa.
Unfortunately uncertainty has to be built into these risky drills. How the chips fall is beyond the control of the drillers.

[bermuda]

China is getting pushy.Remember Hilter he just wanted a disputed piece in Europe and ended up at the in the middle of Russia and Africa.
Unfortunately uncertainty has to be built into these risky drills. How the chips fall is beyond the control of the drillers.

Hi Digger,
If Premier Oil are involved then I am sure they have done their political homework. They employ 4000 people and are well respected.

They recently exercised an option to expand their investment in Wytch Farm ( UK ) where NWE ( Norwest Energy ) have some good permits. Premier sure are international. Good luck with this one in Vietnam. Should be okay.

[boysy]

12 July – Trading and Operations Update

Premier today provides a trading and operations update ahead of its 2011 Interim Results which will be announced on Thursday 25 August 2011.

Simon Lockett, Chief Executive, commented
"With continuing good progress on our Asian development projects we expect to see a significant increase in production to around 60 kboepd by year end. Our development teams in the North Sea and Asia are already focused on delivering the next stage of Premier's growth. Our exploration programme of around 20 wells over the next 12 months targets around 300 mmboe of unrisked prospective potential."

Current trading

Production outlook
2011 to date has seen continuing good production performance from the Anoa field in Indonesia, while Pakistan’s production has remained steady. This was offset by increased maintenance activity in the UK and a recent unplanned shutdown at Balmoral. As a result, estimated average group production for the first half of 2011 was 36.6 thousand barrels of oil equivalent (kboepd) (1H 2010: 46.6 kboepd) and forecast full year production is now estimated at between 40 kboepd and 45kboepd

Near term developments in Asia (Chim Sao and Gajah Baru) are progressing well and 2011 year end run rate is expected to be around 60 kboepd as these projects ramp up. With the UK Huntington and Rochelle projects due on-stream next year, Premier is on target to reach a run rate of 75 kboepd in 2012. Our medium term target of 100 kboepd remains unchanged.

Singapore gas demand continues to grow for our gas exports from the Natuna Sea, with average gas sales under the West Natuna gas contract of 373 bbtud in the first half of 2011 compared to 357 bbtud in the second half of 2010. Block A’s share of the contract amounted to 41 per cent in the period (against a contractual share of 37 per cent), though with a recovery in output from the other two PSC’s participating in the contract, actual levels of production reduced from the prior period. Premier’s production levels will rise in the second half of the year as the Gajah Baru development contributes from October.

In the UK, production was below expectations due to maintenance related downtime earlier in the year at the Balmoral and Wytch Farm facilities and a recent unplanned shutdown at Balmoral due to a subsea hydraulic leak. Production resumed at Balmoral on 4 July after a three week outage. Scott and Telford production has remained steady since April following earlier disruptions for gas compression maintenance.

As announced in June, Premier increased its stake in the Wytch Farm Assets by 17.715 per cent. This is expected to add around 2.5 kboepd to Premier’s UK production from year end 2011 when the transaction is targeted for completion. Following the shutdown in the first quarter, production at the Wytch Farm facilities has been rising in recent weeks to around 14 kboepd (gross).

Pakistan production is stable, with the natural decline in the fields offset by infill drilling and the completion of ongoing front-end compression projects. The successful K-18 sidetrack well on Kadanwari, which came on-stream in February 2011, continues to perform favourably. Delays in the front-end compression project at Zamzama are being resolved and increased production is anticipated imminently.

Working interest production by region


Estimated 1H
2011
kboepd
Full year 2010
kboepd
UK:

Balmoral area1 3.1
7.1
Kyle 2.4
2.4
Scott / Telford 3.3
2.9
Shelley 0.0
0.7
Wytch Farm 1.2
2.1
Other UK 0.2
0.4

10.2
15.6
Indonesia:
Anoa 8.6
9.2
Kakap 2.2
2.4
10.8
11.6
Pakistan:
Bhit / Badhra 3.4
3.6
Kadanwari 2.3
1.7
Qadirpur 3.8
3.5
Zamzama 5.4
6.1
14.9
14.9
Mauritania:

Chinguetti 0.7
0.7


Total 36.6
42.8
1 Includes the Brenda, Nicol, Glamis and Stirling fields.

Current and future developments

Asia
In Vietnam, the Chim Sao project remains on schedule with first oil expected in August. On 1 July, the FPSO moved from the Keppel yard to its offshore anchorage where deep water commissioning and trials were completed. The FPSO is now on tow to the Chim Sao field for the installation of the umbilicals that will connect it to the production wells.

The Gajah Baru project in Indonesia is progressing ahead of schedule. The Central Processing Platform topsides were installed on the jacket on 6 July and the bridge linking this to the wellhead platform was installed on 7 July. Elsewhere on Block A, EPCI technical bids have been received and are under evaluation for the Anoa Phase 4 Development which will add additional compression capacity on the Anoa platform. In addition, the Front End Engineering and Design has been completed for the facilities and pipelines for the Pelikan and Naga fields. These projects are on target for sanction in the fourth quarter of 2011.

In North Sumatra, discussions with the shortlisted facilities EPCI bidders are under way. Technical bids are due in by September and final contract award is expected by year end. First gas on Block A Aceh remains on target for late 2013.

North Sea
The Huntington development in the UK is progressing, with work continuing on the Sevan Voyager FPSO upgrade project and sub-contracted modules. Timing for sail away (and therefore first oil) next year is likely to be impacted by the financial situation of the FPSO supplier. Any material delay in the Huntington project will impact the average production for 2012 and the date at which a run rate of 75 kboepd is achieved. In the meantime, key subsea equipment is on order and an installation contract has been signed. Development drilling commenced in April and is proceeding well.

A unitisation agreement for the Rochelle area has been executed with Premier acquiring a 15 per cent equity in the unitised East and West Rochelle projects. First gas is anticipated for the fourth quarter of 2012. As previously announced, a Sale and Purchase Agreement for the Solan field was signed in May and Premier will become the development operator of the field at sanction with a 60 per cent equity interest. Pre-sanction activities are progressing with final project approval targeted for later this year.

Development concept selection for Fyne is expected by year end, after the East Fyne appraisal well has been drilled. Discussions are ongoing with partners regarding potential development solutions for the Catcher Area. In Norway, development plans for the Froy field received Premier support for moving to the next phase. However, the operator has indicated that, due to limited resources and commitments elsewhere, they will not be proceeding with the project at this time. As a result, discussions with third party new entrants to the Froy project are underway. Dialogue also continues with the preferred contractor for the Bream field development regarding the timing of the FPSO availability.

Exploration and appraisal

Around 20 exploration and appraisal wells are planned during the next 12 months, with unrisked net prospective resource potential, on a P50 basis, of around 300 mmboe. Several of the planned wells for the first half of 2012 remain subject to partner approvals and government consents.

Country Well name
Estimated
timing
Licence
interest
(per cent)
Unrisked resource range
(mmboe, gross,
low-mean-high)
Indonesia Belut Laut* Q3 2011 65.00 40-90-200
Norway Grosbeak Appraisal ST Q3 2011 20.00 TBC***
Norway Gardrofa* Q3 2011 40.00 15-70-115
UK Erne Q3 2011 50.00 10-18-35
Vietnam Qua Mit Vang* Q3 2011 50.00 30-60-140
Indonesia Anoa Deep* Q4 2011 28.67 9-11-17
Indonesia Biawak Besar* Q4 2011 28.67 11-13-15
Pakistan Badhra-6 Parh Q4 2011 6.00 10-55-70
Pakistan K-29 Q4 2011 15.79 6
Pakistan K-30 Q4 2011 15.79 2
UK Bluebell* Q4 2011 60.00 9-19-31
UK East Fyne* Q4 2011 39.90 9-12-16
Indonesia Benteng Q1 2012 30.00 26-77-140
Indonesia Matang Q1 2012 41.67 20-40-70
UK Stingray Q1 2012 50.00 10-30-75
Norway Luno II Q2 2012 30.00 45-148-286***
UK Carnaby Q2 2012 35.00 15-30-50
UK Typhoon* Q2 2012 70.00 20-27-36
* Premier-operated well
** The results of Grosbeak are expected to be announced later in July, following approval from the Norwegian Petroleum Directorate.
*** Operator estimate

North Sea
As previously announced, the Grosbeak well in Norway was spudded in April 2011 and has now been sidetracked. The results of the sidetrack, which reached target depth on 7 July, are anticipated later in July. Premier plans to drill its first operated well in Norway, the Gardrofa exploration well, in the third quarter of 2011.

Premier has signed a Heads of Agreement (HOA) with Antrim Energy to gain additional acreage in the Greater Fyne Area. Under the HOA, Premier will earn a 50 per cent working interest in the acreage in return for funding a promoted share of the costs to drill a well on the Erne Prospect, which is planned for the third quarter. The Erne well will target an Eocene Tay Formation oil prospect located between the Fyne and Guillemot NW fields in the UK Central North Sea. A successful Erne exploration well will be taken into account for the Fyne development concept selection targeted for year end.

Separately the East Fyne appraisal well is now planned for the fourth quarter, using the Sedco 704 semi-submersible rig, the results of which – along with the results of the Erne exploration well – will feed into the Fyne development concept process. The Sedco 704 will then move to spud the Bluebell well, a prospect near to the Premier-operated Caledonia field and the Balmoral facility.

The Stingray well (Premier interest, 50 per cent), which is scheduled for the first half of 2012, is targeting a Jurassic sandstone reservoir in UK Block 15/13b. In UK Block 28/9, the Joint Venture partners have decided to acquire 3D seismic data over the block in the second half of 2011. As a result, the Carnaby well will now be drilled in the first half of 2012.

Asia
In Indonesia, on the Tuna Block, Gajah Laut Utara was plugged and abandoned in June with oil and gas shows. The Ocean General Rig has now moved to Belut Laut, which spudded on 4 July. The Belut Laut prospect is in a separate sub-basin to that of Gajah Laut Utara and is an independent test of the petroleum system on the Tuna acreage. The results of Belut Laut are expected in August.

Elsewhere in Indonesia the Benteng-1 well on the Buton licence is expected to be drilled in the first quarter of 2012. The Matang-1 well on Block A Aceh is also scheduled to be drilled in the first quarter of 2012. The Antareja Resources land rig, Antareja-8, has been contracted for Matang-1.

Pakistan
As previously announced, the K-27 exploration well was successful and will be tied back to the production facility by the end of the third quarter, delivering around 30 MMscfd (gross). The K-29 and K-30 exploration wells, together with Badhra-6 Parh, are planned for late 2011.

Financial

The average oil price realised for the first half of 2011 was $112.06 per barrel (1H 2010: $77.9 per barrel) compared with an average Brent crude price of $111.1 per barrel for the period.

Average gas prices for the principal gas producing areas for the period were:

$/mcf
1H 2011
1H 2010
Indonesia
18.5
13.8
Pakistan
3.7
3.3
Payments of around $57 million are anticipated in respect of the Group's hedging arrangements for the first half of the year.

The group retains significant cash and undrawn facilities. As at 30 June, these are estimated at $480 million and $800 million respectively. At 30 June, net debt is estimated to be $575 million. Anticipated capital spending for the full year remains unchanged at around $250 million (exploration, pre-tax) and $500 million (development).

The group continues to benefit from its substantial UK corporation tax loss and allowance position with an estimate of $1.2 billion of losses and allowances carried forward at 30 June 2011. Following the UK government’s announcement on 5 July, any tax losses carried forward at 31 December 2012 will be escalated by 10 per cent per annum (formerly 6 per cent) from that date.

Enquires

Premier Oil plc Tel: 020 7730 1111
Simon Lockett
Tony Durrant

Pelham Bell Pottinger PR Tel: 020 7861 3232
Gavin Davis
Henry Lerwill

[the machine]

well ppp have taken a hit with tui reserves downgrade and world troubles last week - whoever picked up the 38,000 shares this morning at nz14c got themselves a bargain.

the ppp quarterly shows cash backing au15.2c and since then the usd has gained so I guess cash backing in au$ is now a bit higher.

the upcoming review in sept to decide if vietnam is commercial or needs another appraisal is very encouraging - either way ppp will be needing some of the usd$

I would buy more ppp if had the cash, but all tied up mostly in ppp and kas, so just have to tough it out for a month or 2.

M

[digger]

Interesting that Allen Tatterfield has just completed his second small purchase of onmarket shares to add to his very large holding of approx 76 million.Now is this just a showing confidence thing or is he for real that PPP will soon be on the rise.

[KentBrockman]

Interesting that Allen Tatterfield has just completed his second small purchase of onmarket shares to add to his very large holding of approx 76 million.Now is this just a showing confidence thing or is he for real that PPP will soon be on the rise.

I have stopped reading too much into these trades. All PPP directors have bought shares at different times over the years and with hindsight there didn't seem to be any pattern that would have predicted a SP rise afterwards.

If anything, these purchases do indicate that NO immediate good news is in the pipeline.

[Master98]

Shares buy back by those directors:)

[troyvdh]

...Im trying to imagine what how it would feel having 76000000 million shares in a company...do you read sharetrader..pray...sure as hell you cant sell....is it 10000000...dollars...the head spins...

I see now ...he owns a jewerly company and is a 12.5 % owner of PPP

[neopoleII]

nice to Allen is buying on market, better than TR and co collecting 1 cent prepaids.
just another insight into directors attitudes to their companies

[the machine]

judging by this report from premier oil, updip in vietnam block 07/03 looks pretty good for 2012 drilling

12 August - Exploration Drilling Update, Nam Con Son Basin, Indonesia and Vietnam
12 August - Exploration Drilling Update, Nam Con Son Basin, Indonesia and Vietnam
Belut Laut-1 (Tuna Block, Indonesia, Premier 65% equity)

The Belut Laut-1 exploration well has reached the planned total depth of 4,948 metres. Oil shows with high gas readings were reported from a depth of 4,740 metres throughout a gross 155 metre Oligocene sandstone interval. However, logs indicated that the sandstones at this depth were of poor porosity. The well will therefore be plugged and abandoned with oil and gas shows.

Belut Laut, along with Gajah Laut Utara-1 and the successful appraisal of the Ca Rong Do discovery (CRD-2x) in Vietnam earlier this year, has confirmed the potential for hydrocarbons within the Oligocene section in the Nam Con Son basin. The ongoing sub-surface interpretation will now be focussed to prospects at shallower depths where good reservoir properties are preserved up dip from proven source rocks. At least five such prospects have been identified in the Tuna acreage and also in the neighbouring Block 07/03 in Vietnam. Premier plans to drill the first of these in the second half of 2012.

CS-N2P (Block 12W, Vietnam, Premier 53.125%)

The CS-N2P well, a development production well for the Chim Sáo project, has intersected the shallow part of a previously undrilled fault terrace to the north west of the Chim Sáo field. Based on Logging While Drilling data, the well encountered a 20 metre oil column in an independent closure within good quality Upper Dua Sandstones. The plan is to appraise this new accumulation as a near-field tie-back opportunity via the CS-N1P development well, through which wire-line logs and fluid samples will be acquired. The results of this well are expected in October.

Simon Lockett, Chief Executive Officer, commented

"We have learnt from the wells drilled on the Tuna acreage and will now target lookalike prospects in the Nam Con Son basin where the Oligocene reservoirs are at shallower depths and are therefore of better quality.

The discovery of new resources close to the Chim Sáo development is very encouraging and we look forward to the appraisal results later this year."

Enquires

Premier Oil plc Tel: 020 7730 1111
Simon Lockett
Andrew Lodge

Pelham Bell Pottinger PR Tel: 020 7861 3232
Gavin Davis

M
Henry Lerwill

[whatsup]

nice to Allen is buying on market, better than TR and co collecting 1 cent prepaids.
just another insight into directors attitudes to their companies

Dont forget that A T bought shares all the way up last year or so paying from memory .70 so in the light of this he now is taking advantage to average out.

[fish]

Early start to hurricane season in the gulf mexico.
Most oilers are up today

[the machine]

ppp leading the dainers on nzx so far today - up 5.96%

M

[neopoleII]

"1,000,000 Options to be
exercised at an expiry price of $0.20 up to and including 30 November, 2014."

i really hate this sort of stuff.
so the directors dish out a million share to be exercised in 3 years time and all they have to do is get the sp up by 6 cents to be in the money.
this doesnt give share holders much inspiration for the next 3 years.
or......... it gives the option holder a massive windfall if this go well.

i see stuff like this as bad news.

[the machine]

"1,000,000 Options to be
exercised at an expiry price of $0.20 up to and including 30 November, 2014."

i really hate this sort of stuff.
so the directors dish out a million share to be exercised in 3 years time and all they have to do is get the sp up by 6 cents to be in the money.
this doesnt give share holders much inspiration for the next 3 years.
or......... it gives the option holder a massive windfall if this go well.

i see stuff like this as bad news.

neople11, thats one way to look at it

I prefer that the CEO accepts the incentive to have sp above 20c au by nov 2014 - todays close was 12c, so that would have to be a very big gain in the sp for options to be excised.

M

[the machine]

article re ppp

http://nzresources.com/showarticle.aspx?id=2650&gid=30002650

m

[Corporate]

PPP market cap of $67m with $94m cash in the bank.

What's the story. The market has zero confidence in management who seem to be extremely overpaid and just milking the company?

[macduffy]

There may be an element of that but directors have very large shareholdings in PPP and have huge stakes in the success of the company.

I don't know that M/Cap v cash held counts for very much in valuing oilies. It's very easy to spend millions on dry holes and successes are few and far between. The best interpretation to put on PPP's $94m cash is that it will fund a fair bit of exploration and drilling without recourse to shareholders for some time. Just IMO.

[troyvdh]

...giday....why not pick up the phone and ask them....cheers...

[the machine]

wonder when ppp will advise about more drilling in vietnam - its on premier oil website

it's a different prospect the the ca rong do discovery that is under development studies

M

[boysy]

You have to question what PPP are going to do differently heading into the future. They are sitting on a tidy pile of cash why not invest in a already producing filed instead of going after high impact drilling ? Or put the for sale sign out side HQ i mean it aint going anywhere but down if these guys try and spend there way out of a problem like the timor sea drills ect

[macduffy]

But oil people don't think that way. The prospect of hitting the jackpot is what drives them and to be fair to PPP, they've had past success with their interest in the Tui field and the lure of another one is hard to resist. Not a lot of mileage in buying a producing field and no guarantee that would be a success, given the difficulty in predicting decline rates, production difficulties, future oil prices etc.

The fact is that oil explorers spend their money exploring for oil. As investors we should expect this or get out of the way.

[boysy]

Well a 5 cent return to shareholders should help shake things up certainly.

[neopoleII]

5cents is awesome.....
and NZO will love the income to fund their share buyback!
i wonder if the board knew of the 5cent distribution when they announced the buyback?
NZO, if it was interested in looking after its shareholders would give a special divi to its own shareholders from the PPP distribution.

[THEONE]

Personaly i am not a fan of special dividends, if share price is undervalued i prefer they buy back shares. but better than a kick in the pants though!

[neopoleII]

share buy back is preferable ONLY when the board is trusted and respected by its shareholders.
in the regard of ppp its a 50/50.
so in this case...... with the global climate........ its a positive for shareholders, and will earn browny points among its shareholders.

as for nzo...... well..........

[boysy]

Will be interesting to see if NZO will show renewed interest in ppp

[digger]

PPP market cap of $67m with $94m cash in the bank.

What's the story. The market has zero confidence in management who seem to be extremely overpaid and just milking the company?

hi Corporate,
The 5 cent capital return shows just how irrational the market can get. With a market value per the announcement it meant that the company could have returned $1.40 for every dollar invested.So what would happen to the SP after it was paid out. Certainly income from TUI would go on and would the 5% of PPPV??????
Guess the only answer is that if you need logic in your life to give it meaning then stay out of the market.

[the machine]

hi Corporate,
The 5 cent capital return shows just how irrational the market can get. With a market value per the announcement it meant that the company could have returned $1.40 for every dollar invested.So what would happen to the SP after it was paid out. Certainly income from TUI would go on and would the 5% of PPPV??????
Guess the only answer is that if you need logic in your life to give it meaning then stay out of the market.

some deep pocket was in the market just before it closed with $500,000 buy, then at the end they let price drop half a cent.
amazing that had the money been spent in nz then could have bought at 18.5c nz = 14.2c au - below days close on the ask

the capital return is a very decisive action by the board who are to be congradulated - sp up 20%+ and todays highest volume on asx for over a year shows a breakout
amazing one can still buy ppp below cash backing.
2012 looks like being hot for ppp - time to join the ride

M

[the machine]

what has happenned to PPP all of a sudden - like today looks like 2 trades of 1m each in last hour of trading , making it the highest daily volume for over 2 years. previous highly volume in last 2 years was 600,000 in dec 2010.

something is cooking

M

[digger]

what has happenned to PPP all of a sudden - like today looks like 2 trades of 1m each in last hour of trading , making it the highest daily volume for over 2 years. previous highly volume in last 2 years was 600,000 in dec 2010.

something is cooking

M

But that is how the market works. Been going down for a year and a half to way below cash in the bank and no one would touch the company,then all of a sudden the worm turns.
Most likely something is up. Could be NZO going to increase stake on the back of Priemer about to release development plans or maybe the market has just let the SP go down too far and some smart individual invester has worked it out. Just from my thinking i have wondered if Petro Veitnam itself would know PPP is hughly undervalued and they could be making a stake.
Since i have been in the market [1984] i can not remember a company undervalued this much below cash in the bank.The every crasy market in action.

[Mr Tommy]

Personaly i am not a fan of special dividends, if share price is undervalued i prefer they buy back shares. but better than a kick in the pants though!

Well it seems to have worked for PPP, since the AUD 5c capital repayment was announced, the shareprice has gone from 15c to 20c on NZX.
Once the 5c is paid (about 6.5c nzd) it will probably drop back to 13-14c.

But NZOG starts a share buyback, and the result over the last couple of weeks - ZERO. Same result as the last share buyback.

[Mr Tommy]

Just had a look at PPP annual report at the directors shareholdings.

http://panpacific.online-ar2011.com/directors-report/directors-interests.html

Then I had a look at the company annoucements.
I see Tattersfield, Pitt, Tomkinson and Radford have all been buying up over the last several months.

[digger]

Just had a look at PPP annual report at the directors shareholdings.

http://panpacific.online-ar2011.com/directors-report/directors-interests.html

Then I had a look at the company annoucements.
I see Tattersfield, Pitt, Tomkinson and Radford have all been buying up over the last several months.

Agreed Mr Tommy,been buying up in the last few days as well especiaaly after this 5 cent capital repayment. Sitting right there as a director they must know what they are doing and we have all as well had the info so no insider on there part.

[Corporate]

Agreed Mr Tommy,been buying up in the last few days as well especiaaly after this 5 cent capital repayment. Sitting right there as a director they must know what they are doing and we have all as well had the info so no insider on there part.

Takeover in the wind? Or potential management buyout?

[boysy]

The directors do hold a fair whack perhaps they are thinking of taking this one private

[the machine]

now 2 weeks since ppp announced the capital return and still no notice of meeting - I understand minimum 30 days notice to hold meeting is required.
meanwhile directors topping up their holdings.

when the notice is issued there may only be minimal time to buy before goes ex entitlement - ie 2 days.
ppp can always argue that they have in effect given notice since the agm.

its annoying the notice not yet issued because now the festive season is coming into play - one can hardly expect to hold a meeting on dec 23 and expect shareholders to be there.

surely at the time of the agm a date had been pencilled in with a suitable venue.

there, iv'e got that off my chest and feel better for it.

M

[digger]

now 2 weeks since ppp announced the capital return and still no notice of meeting - I understand minimum 30 days notice to hold meeting is required.
meanwhile directors topping up their holdings.

when the notice is issued there may only be minimal time to buy before goes ex entitlement - ie 2 days.
ppp can always argue that they have in effect given notice since the agm.

its annoying the notice not yet issued because now the festive season is coming into play - one can hardly expect to hold a meeting on dec 23 and expect shareholders to be there.

surely at the time of the agm a date had been pencilled in with a suitable venue.

there, iv'e got that off my chest and feel better for it.

M

Machine your comments are probably on mostly everyones mine. You summed it up alright but i would add that it is just possible that the special GM might as well consider a takeover or buyout at the same time if one is in the wing. Would not suprise me if it did ,but i have nothing to go on except the behavour of the director buying and SP rise.

[the machine]

Machine your comments are probably on mostly everyones mine. You summed it up alright but i would add that it is just possible that the special GM might as well consider a takeover or buyout at the same time if one is in the wing. Would not suprise me if it did ,but i have nothing to go on except the behavour of the director buying and SP rise.

digger any bid the ppp would have to aim for 100%, otherwise if below 90% then no real change.
awe have their agm tomorrow and that might thrown some light on tui - awe have reduced nz interests big time and have more than enough on the go to keep them,selves busy in au.

recall nzo were talking up possible increase in interests in nz - tui and kupe - nothing has come of it so far.

in the absence of no news, time marching on, directors buying up big time, my hopes, then something is cooking.

M

[macduffy]

Directors of PPP are longterm big holders of the company's shares, particularly Tattersfield and Tomkinson. They have a history of adding to their holdings from time to time - presumably when they judge the shares to be extremely undervalued. My guess is that this is another of those times.

[Hoop]

The yahoo data feed seems to be dodgy but it looks like from the divergences that there has been a slow accumulation for the last few months.

http://i458.photobucket.com/albums/qq306/Hoop_1/PPP23112011.png

[boysy]

Looks at the most recent presentaion from premier they are very bullish on the CRD (Oligocene) play mutiple mentions in the below attached link

http://www.premier-oil.com/Asp/uploa...Part_2-WEB.pdf

Particular mention near the end of the presentation seems as though what the machine says may be materialising if things pan out as per operators bullish view.

[boysy]

Looks like the big targets in premiers sights are in 07/03 the above portion of the presentation suggests things are progressing very nicely indeed.

http://www.premier-oil.com/Asp/uploadedFiles/File/Exploration_Analysts_Afternoon_Part_2-WEB.pdf

[skid]

Im not up to scratch with the details. could you translate?

[boysy]

It looks as though premier are very excited by 07/03 from the presentation listed above it seems the find is bigger than previously stated and it looks as though they are looking at development options as opposed to further appraisal

http://www.premier-oil.com/Asp/uploadedFiles/File/Exploration_Analysts_Afternoon_Part_2-WEB.pdf

The entire presentation is discussing the opportunities available in asia with particular mention on 07/03 from page 15 onwards well worth a look as it appears the current largest targets in the Nam Con Son basin are in 07/03 being Silver sillago and blue marlin.

Rather sad PPP cannot be a bit more positive about Vietnam if the operator is bullish on this block.

[the machine]

07/03 is looking really good to me

one has to be very mindful that premier have spent over 2 months enhanced evaluation on this after the meeting in sept that decided to move project forward and spend money on the enhanced evaluation

M

[boysy]

And one must remember they have quite a bit of 3d already shot over the block to make further decision to drill in the area. It seems premier are excited about the Oligocene plays in the basin which have been overlooked to date this helps suggest why after the appraisal premier are much more confident now about moving to the development stages. Its still rather disappointing to see PPP still well below cash backing but in this environment and holding so many $USD the company can be seen as somewhat of a safe haven with plenty of upside if things do improve.

[boysy]

38 mmboe for premier equates to 6.33 mmboe to PPP something to think about for a company with a negative EV

[skid]

Achum............excuse me sir....when did you say you were making the 5c payout.......RELEASE THE HOUNDS!! Ahhhhhh.....

[digger]

Achum............excuse me sir....when did you say you were making the 5c payout.......RELEASE THE HOUNDS!! Ahhhhhh.....

Skid you think you have it tough. Some of my friends and family seem to be blaming me for the delay as if i had somehow something to do with it. All i did was pass on the message released last OCT that a 5 cent AUS capital return was announced.
The answer to your question is that PPP never did say when this money was to be released. The special meeting to OK it has neither happened or a date announced when it is to be considered.
Maybe next oct at the AGM.Probably just giving a years notice so that everyone can get used to the idea. AMEN

[brucey09]

Snr. Digger and Skids
Wait on Australia tax office i thenk

[the machine]

Snr. Digger and Skids
Wait on Australia tax office i thenk

thats right, the aust tax office needs to publish the ruling in the government gazette before ppp can say anything.

wednesdays are publication days

can but wait

M

[skid]

Snr. Digger and Skids
Wait on Australia tax office i thenk
Australian tax office eh? But snr Brucey me tacos have just about run out and me seniorita is saying no money-no honey

[fish]

A frustrating wait but patience is needed . I will wait as long as it takes-and best not to mention it to your seniorita as they will never understand .

[boysy]

it will be interesting to see if giving cash back to investors will do to the sp if and when they do

[the machine]

it will be interesting to see if giving cash back to investors will do to the sp if and when they do

the way its going one could expect news on CRD is out before ex entitlement date for the capital return.
positive news on CRD should push sp a lot higher

M

[skid]

the way its going one could expect news on CRD is out before ex entitlement date for the capital return.
positive news on CRD should push sp a lot higher

MHeres Hoping

[the machine]

one thing missing from todays half yearly was an elaboration on the capital raising - now why is that?

sure there was the 1 liner but no detail.

IMO stand by for the impending tax office ruling which clears the way - the board have had a meeting for the books and no doubt progressed the tax office ruling - just not allowed to say anything.

so IMO the tax office ruling will be out very soon [tomorrow would be nice] then the meeting will be about the same time as CRD update - which the half yearly pumped somewhat.

sp should soon jump over 15c.

M

[Onthemoney]

I am back in the market - this is one I have been accumulating......

[Onthemoney]

Looks like things are hotting up look at ASX latest trades. Interesting open tomorrow in NZ....

[troyvdh]

...your right ..whats that all about....being quite naieve....this has to be stinky...look at the que....to buy....man I hate this.....cheers anyway...

....re the que...a direct opposite on this side of the ditch....sellers dominate......

[Onthemoney]

Hi Troyvdh. Ignore this side things heated up before our close..... Have jumped in over the past few weeks accumulated heaps did it a few years back with CDI and more recently summit gold... Good news coming up.... Capital payment and news from Vietnam....

[fish]

Hi Troyvdh. Ignore this side things heated up before our close..... Have jumped in over the past few weeks accumulated heaps did it a few years back with CDI and more recently summit gold... Good news coming up.... Capital payment and news from Vietnam....

Good news will be so wonderful-hope this reflects on nzo as well .

[boysy]

Lets see what happens in the next wee while could be an interesting run

[Onthemoney]

I would expect some annoucement about the joint venture within the next week.

[boysy]

what JV in vietnam ?

[Onthemoney]

what JV in vietnam ?

Okay not quite JV but a shareholder all looking good I reckon we will wait and see...

[the machine]

well up in nz on open now asx to do its thing

i wonder if directors are buying again now that the half year is out

M

[boysy]

further strength today up to 16.5 on the asx on interesting volume

[boysy]

6 cents to hit shareholders account this evening will be interesting to see how things progress from here

[troyvdh]

...youve got that right....by no means am I conspiracy theorist....but man would I like to be a fly...in the smoko room...of NZO and PPP....I remain so disgusted with my self in not being aware of the issues surounding PRC.....Im sure that many/all folk....who had an interest in that mine...that had we ...et al....had known....more ..would have blown the whistle ages ago.....
....sorry I had to get that of my chest....

[boysy]

Well the cash is out to holders let the games begin before the AGM

[fish]

...youve got that right....by no means am I conspiracy theorist....but man would I like to be a fly...in the smoko room...of NZO and PPP....I remain so disgusted with my self in not being aware of the issues surounding PRC.....Im sure that many/all folk....who had an interest in that mine...that had we ...et al....had known....more ..would have blown the whistle ages ago.....
....sorry I had to get that of my chest....

Time to move on and stop punishing ourselves . My financial loss in PRC alone was far more than the ppp capital return

NZO didnt have a clue to run a mine and relied on outside advice -and David Salisbury was open about that -he told me he was confident in Peter whittall-but would sell nzo shareholding if he got the right offer to concentrate on what he knew -oil .
So many people-from ministers down -didnt do their job . I am pleased that PW has pleaded not guilty-some more truth as to what really happened might come out at the trial .

Lets hope the bodies are recovered soon

[the machine]

Time to move on and stop punishing ourselves . My financial loss in PRC alone was far more than the ppp capital return

NZO didnt have a clue to run a mine and relied on outside advice -and David Salisbury was open about that -he told me he was confident in Peter whittall-but would sell nzo shareholding if he got the right offer to concentrate on what he knew -oil .
So many people-from ministers down -didnt do their job . I am pleased that PW has pleaded not guilty-some more truth as to what really happened might come out at the trial .

Lets hope the bodies are recovered soon

fish, is one able to claim the PRC financial loss yet as a tax deduction?

I am very binterested in when can claim for AU tax deduction - over A$50k

M

[tsb]

The turnover on th oz and nz - seems high since the divi and associated drop in share price.
Does anyone know the purpose/meaning of the new/change of the takeover clause in the AGM?

[Taijon]

Has anybody received their capital return payment in their NZ bank account yet? Its Wednesday night, 14 Nov and my payment has yet to show up.

Thanks

[digger]

Has anybody received their capital return payment in their NZ bank account yet? Its Wednesday night, 14 Nov and my payment has yet to show up.

Thanks

Yes mine came and was in account on Saturday.Daughter and son still waiting as they will receive cheques.Maybe Taijon they ran out of money after paying me. First up best dressed sort of thing. We are parting here and are happy,i am sure you understand. Will raise glass to you .
Cheers

[Taijon]

Yes mine came and was in account on Saturday.Daughter and son still waiting as they will receive cheques.Maybe Taijon they ran out of money after paying me. First up best dressed sort of thing. We are parting here and are happy,i am sure you understand. Will raise glass to you .
Cheers

Hi Digger, thanks for your reply and party up large as you deserve it. I have followed your posts for years and appreciate your wisdom. I should have been more clear in my post - my PPP shares are on the Australian register but dividends/cap returns are to be paid into my NZ bank account. Hopefully my money is moving through the OZ/NZ banking system. Then again, perhaps they did run out of money after they paid you out!!!!
Cheers

[digger]

Hi Digger, thanks for your reply and party up large as you deserve it. I have followed your posts for years and appreciate your wisdom. I should have been more clear in my post - my PPP shares are on the Australian register but dividends/cap returns are to be paid into my NZ bank account. Hopefully my money is moving through the OZ/NZ banking system. Then again, perhaps they did run out of money after they paid you out!!!!
Cheers

If you are on the Aus registry and want NZ dollars you have complicated it.Might have been better to have opened an Aus account and get the NZ dollars yourself. Something to think about for another time.Who knows this could well be an annual event or at least a bia-annual happening. Most of my money will go back into PPP. Where else can you get $1-20 in the bank for a dollar SP and the rest thrown in for nothing.Cheers again

[skid]

It turned up in my NZ bank acc at the begining of the week

[Taijon]

Thanks again Digger and also Skid. I checked my account on the Link Market Services website and can see a cheque in $A is on the way, despite my having provided Link with details for my NZ bank account about 2 years ago. The bank details are on there so I don't know why they didn't pay it into that account. Nevertheless a cheque in $A suits me better and I agree Digger, reinvesting is an attractive option.

[digger]

Thanks again Digger and also Skid. I checked my account on the Link Market Services website and can see a cheque in $A is on the way, despite my having provided Link with details for my NZ bank account about 2 years ago. The bank details are on there so I don't know why they didn't pay it into that account. Nevertheless a cheque in $A suits me better and I agree Digger, reinvesting is an attractive option.


Hey that is not on. Your not allowed to reinvest until i have fulled my quota. Remember with Christmas coming up the next month soon will be the best time to buy as always a need to sell to get cash for Santa requirements.Also by beginning of new year we will be into drilling and that usually spurs a bit of interest.

[Bella52]

Thanks again Digger and also Skid. I checked my account on the Link Market Services website and can see a cheque in $A is on the way, despite my having provided Link with details for my NZ bank account about 2 years ago. The bank details are on there so I don't know why they didn't pay it into that account. Nevertheless a cheque in $A suits me better and I agree Digger, reinvesting is an attractive option.

if you're in NZ and on the aussie register make sure that they gave you the imputation credits.

[Taijon]

Hi Anyone who is is interested. $A cheque turned up in the mail today. Associated documentation shows NZ residents what to put in next year's tax return. Dividend is fully imputed.

So its party time for me too, while I keep a close eye on the share price. I'm in the queue trying to buy at 10.5 cents on the ASX!!!!! If the party goes on too long I may take those currently on offer at 11 cents.
Cheers and thanks for all those who commented.

[gv1]

wow, received my chq, classed as nz div and imt credit attached.

[skid]

Ca ching..

[boysy]

Have enough lollies been thrown to us shareholders to not stir up trouble during the AGM in the next few days ?

[boysy]

Interesting update on premiers website looks as though we have 2 drills in the 2/3 Q of 2013.

http://www.premier-oil.com/premieroil/media/press/interim-management-statement-1511

[boysy]

Good to see a bit more buy strength coming through both the asx and nzx this week still plenty of ground to bring this to above cash backing however

[boysy]

Well ppp are taking a bit of a gamble with the recent announcement

[neopoleII]

sure are...... if Oi comes in they hand a large portion of the 50% back with a premium buy back..... im guessing a few percent.
if its a duster..... they carry the can.
maybe this was the only way for Oi to get drilled this season??
cant understand how these deals get worked out in the back room.
if the board thinks its worth a 50% carry cost to drill the well and it strikes...... why hand it all back?

[fish]

sure are...... if Oi comes in they hand a large portion of the 50% back with a premium buy back..... im guessing a few percent.
if its a duster..... they carry the can.
maybe this was the only way for Oi to get drilled this season??
cant understand how these deals get worked out in the back room.
if the board thinks its worth a 50% carry cost to drill the well and it strikes...... why hand it all back?

Certainly would be nice if ppp could explain

[boysy]

Looks as though the jv were not keen to drill good to see ppp have learnt from the Vietnam foray to protect the upside. Strong interest today plenty more yet until its at cash backing let alone positive EV.

[lastmoa]

What do you see as PPP's shareprice when equalled to cash backing?

[the machine]

What do you see as PPP's shareprice when equalled to cash backing?

should be in the quarterly out today - but my guess is nz16c

M

[boysy]

Good to see a bit more interest in PPP of late still good buying under cash backing must not be too many oilers with 4-5 upcoming drills in the next year or so at cash backing and still profitable.

[lastmoa]

Agree boysy. Seems an interesting year ahead, hence the renewed interest. The ASX listing doesn't appear to show the same vigouras the NZX though ... yet.

[troyvdh]

dellow....the ASX PPP went up yesterday 10-11 %.cheers

[boysy]

Did the same today still plenty to run on the upside would be good to see some research coverage on ppp in the near future no doubt the valuations could be a multiple of the existing sp

[digger]

Did the same today still plenty to run on the upside would be good to see some research coverage on ppp in the near future no doubt the valuations could be a multiple of the existing sp

So did anyone buy any shares when in the doldrums. I bought 450000 between 12.5 and 14.2. Over time I just could not see how i could lose with still more in the bank than the current SP. Some of the upcoming wells come in and we could be in for a multi bangger.
Cheers

[troyvdh]

dear digger`....you are not wrong....sadly most folk do not appreciate value.....and concentrate instead on short term gains....like i say to my kids when buying a bike,,,a good bike will always be a good bike....not something flashy ....yawn....

hold 45000

[lastmoa]

Digger - I was in around the low 12's to 13. Got in on ASX too. Agree with your thinking.

[boysy]

Still seems cheap for what they are offering in the next year would be good to get some serious broker coverage on ppp it has been in the dark in the last year or 2

[the machine]

So did anyone buy any shares when in the doldrums. I bought 450000 between 12.5 and 14.2. Over time I just could not see how i could lose with still more in the bank than the current SP. Some of the upcoming wells come in and we could be in for a multi bangger.
Cheers

digger I had to weigh up how to buy 450,000 SER as has potential to be a spectactular gain [yes much bigger than kas] so sadly I sold 200k ppp.
still hold 600k for the ride

M

[boysy]

Well looks as though the market is staring to notice PPP lets hope heading into a drill a few brokers get onto the bandwagon and help raise the profile of PPP.

[boysy]

Not a bad week up ~25% could run plenty more on positive news out of the us with oil up further overnight

[Onthemoney]

Yip locked and loaded. Not too much downside from here.

[boysy]

Interesting announcement out today though clearly not unexpected

[digger]

Interesting announcement out today though clearly not unexpected

Quite true Boysy. A good number of drills lined up with these two and two in Taranaki all this year. I have 2.5 million and am waiting for the results which could well be more interesting than what the market is rating it at.Adds spice to life this oil drilling,but as well as spice i really like to feel some of that oil.
It has occured to me that this well we have 15 % of is near to Vietnam but it also is in the water China is claiming as China is claiming all of the South China seas right up to the shores of Singapore.

[boysy]

Hi digger yes china seems to be trying to claim anything in the South China Sea. You have to question how much claim they can really have. I see the 2 nd and 3rd drills just as exciting clearly the ca rong do 3rd appraisal well will hopefully be enough to get an idea of oil and gas reserves premier have a fair bit on the go in Vietnam so hopefully this all bodes well. It has been years since they drilled crd in 2009 however the share price did run right up to 60 odd cents f I remember rightly

[digger]

Hi digger yes china seems to be trying to claim anything in the South China Sea. You have to question how much claim they can really have. I see the 2 nd and 3rd drills just as exciting clearly the ca rong do 3rd appraisal well will hopefully be enough to get an idea of oil and gas reserves premier have a fair bit on the go in Vietnam so hopefully this all bodes well. It has been years since they drilled crd in 2009 however the share price did run right up to 60 odd cents f I remember rightly



The run up could well happen again,maybe not as far as last time but as you know it is well undervalue now so has a long way before overvaluation. And your memory is a little short. Last time the SP ran to 78 cents. My daughter sold her 100 thousand for 75 cents and i sold none so you sort of know who in the family is crowing.

[boysy]

Looks like the drilling may be sooner than expected with updated status from rig zone lets watch the money move into ppp.

http://www.rigzone.com/data/offshore_drilling_rigs/577/Semisub/Diamond_Offshore/Ocean_General

[the machine]

Looks like the drilling may be sooner than expected with updated status from rig zone lets watch the money move into ppp.

http://www.rigzone.com/data/offshore_drilling_rigs/577/Semisub/Diamond_Offshore/Ocean_General


so ppp's next adventure is poised to begin
success could see sp way back above 60c nz

M

[Dej]

What caused the drop in November last year? for all the PPP follows.

Disc: looking with interest

Edit: Dont worry, DMOR.

[Billy Boy]

so ppp's next adventure is poised to begin
success could see sp way back above 60c nz

M
agree..... sp @ 13c seams quite stupid when considering their income from Tui.

NTA of 15.5c .... Irons in the fire etc.
BB

[the machine]

What caused the drop in November last year? for all the PPP follows.

Disc: looking with interest

Edit: Dont worry, DMOR.

the 5 cent capital return

M

[Dej]

the 5 cent capital return

M

Yes sorry about that, had a read over the thread on here and looked over much documentation. I cant quite figure out why it is valued soley on cash backing, even with an income. I hold OXX which is simular and it is also valued on cash backing. This is on my watchlist, as any well actually producing can send the share price skyrocketing. I maybe buying in over the coming weeks.

As always DYOR.

[the machine]

the ocean general must have arrived by now and should spud any day

success could see sp surge towards 70c nz and substantially upgrade the other large prospects in the permit

its another "company maker play"

now take a deep breath

one must be mindful this is a high risk new frontier drill so chances of a dud are a lot higher than success

M

[Dej]

the ocean general must have arrived by now and should spud any day

success could see sp surge towards 70c nz and substantially upgrade the other large prospects in the permit

its another "company maker play"

now take a deep breath

one must be mindful this is a high risk new frontier drill so chances of a dud are a lot higher than success

M

Interesting dip today for no apparent reason, someone offloading

[boysy]

Well drilling has started


http://www.rigzone.com/data/offshore_drilling_rigs/577/Semisub/Diamond_Offshore/Ocean_General

[the machine]

Well drilling has started


http://www.rigzone.com/data/offshore_drilling_rigs/577/Semisub/Diamond_Offshore/Ocean_General

good stuff

wonder what info will get from origin

M

[skid]

any ideas why the SP would drop if drilling has just started...??

[Dej]

any ideas why the SP would drop if drilling has just started...??

Its a pretty illiquid stock with not much depth either side, and just so happened that yesterday someone needed to get out and had no option but to sell down to what was available. Nothing to worry about, like moosie said (although a bit more theatrically I might add)

[boysy]

Interesting to note still no announcement from any parties good recent presentation from premier suggesting size of target being 35-120-190 mmbls.

http://www.premier-oil.com/premieroil/uploads/reports/presentation/Investor_Presentation_June2013.pdf

Interesting to note rig zone have the status at drilling for a number of days so far

http://www.rigzone.com/data/offshore_drilling_rigs/577/Semisub/Diamond_Offshore/Ocean_General

[boysy]

Ran to aud$0.60 in early 2009 following finding oil in a similar sized prospect as they are about to drill could be well over $1.00 if they hit oil in the first drill and oil let alone the other 3 drills before the end of the year.

[digger]

Ran to aud$0.60 in early 2009 following finding oil in a similar sized prospect as they are about to drill could be well over $1.00 if they hit oil in the first drill and oil let alone the other 3 drills before the end of the year.

In the meantime me thinks Boysy is getting ahead of the game. At the moment the company does not even know it is involved in a drill as I am sure if they did they would tell us. Not the making of a company that's SP is about to go north. So lets just wait and see if the SP can even get to asset backing which must be 15 or 16 cents NZ.

[boysy]

Digger do you believe Ppp are not involved in block 121 ?

In regards to the drilling schedule it's available for all to see


http://www.panpacpetroleum.com.au/projects/drilling-summary/

Have you heard different digger ?

[fish]

In the meantime me thinks Boysy is getting ahead of the game. At the moment the company does not even know it is involved in a drill as I am sure if they did they would tell us. Not the making of a company that's SP is about to go north. So lets just wait and see if the SP can even get to asset backing which must be 15 or 16 cents NZ.

Digger by my calculations they should have net cash of more than this before you start talking about assets like tui.
Keep informed by following their website .
It all looks very promising .

[the machine]

boysy - if 121 hits oil then that highgrades the other prospects
premiers last 4 drills have all been successful and they know a lot about rift plays in Vietnam

M

[digger]

[QUOTE=boysy;411040]Digger do you believe Ppp are not involved in block 121 ?

In regards to the drilling schedule it's available for all to see


http://www.panpacpetroleum.com.au/projects/drilling-summary/

Hey I was only trying to be funny. Naturally I Know and PPP know they are involved in this drill but as they have not yet said so I took it as an opportunity to stand it all on its head by suggesting the opposite.

currently I do not bother watching the SP relative to the asset backing,but it is at least 3 to 6 cents under the value if sold tomorrow.

The one point I am serious on is that if PPP is involved in a success the SP will not go up like it did in 2008. Last time it came back down so this time the market will be much more careful and demand proof,so I see an upside but very unlikely to be a repeat of 2008.

[boysy]

Digger PPP petro vietnam cannot back in like happened in block 07/03 in 2009. PPP have 15% holding in this block the same position as they initially had in block 07/03 before pertro vietnam clawed back 10% after the oil discovery. Its hard to see why it cannot run at previous highs if they find oil at least this time they will have a 15% holding whether oil is found or not.

In regards to Oi this is standard practise to have back in rights albiet at a significant premium. If PPP is fronting USD$20 mill and they hit commercial oil this should get them back around USD$110 million almost twice the current market cap one must remember.

We must all admit management are our worst enemy at present they seem content to let the drill bit do the talking lets hope it does increase shareholder value.

[boysy]

Someone wanted a few pop today up 1.5 cents to close on 14.5 cents and sell depth dying away

[Onthemoney]

Someone wanted a few pop today up 1.5 cents to close on 14.5 cents and sell depth dying away

A few grabbed in AUS as well. I am locked and loaded.

[boysy]

Yes plenty of volume going through in aus we need plenty more volume going through however

[Onthemoney]

I wouldn't expect a lot of the sellers to be hanging in there as the latest drill goes on....

[the machine]

its a relief there is now some interest in ppp and sp may add a few more cents by end of the week

biggest gainer in % in nz today may cause more interest as well

M

[the machine]

no drill report this week - origin and Vietnam I guess is the reason.
but hopefully the drill bit is doing its thing and now about halfway to target.

one thing I do wonder is why the delay in spudding when rig should have been on site early june - like it was there for maybe over a week before spudded.
perhaps the rig was fitted with high pressure drilling capacity after having to stop drilling for Salamander in Indonesia when they encountered the very high pressure gas kick

if 121 is likely to have any prospect of a high pressure gas kick then IMO it would be prudent for Diamond Offshore to install the high pressure drilling capacity.

notice Diamond offshore latest rig status report still details 12 days mobilisation to 121, but now details the rig will be there until late july ie 6 weeks of drilling.
that implies there will be quite some time available after reaching target depth to do other things
testing - sidetrack to other side of fault.

Also the drilling status report confirms 2 drills for premier in 07/03 - thus the option to appraise crd again has been taken up

back to back drilling until late October for PPP

exciting

M

[Queenstfarmer]

Thought id get this puppy moving today. Agreed machine...exciting!!

[Slowlearna]

as at 14:04:33, Friday 28 June, 2013 (NZT)
MINE: PPP: Vietnam Block 121 Exploration Drilling Update
PPP
28/06/2013 14:04
MINE

REL: 1404 HRS Pan Pacific Petroleum NL

MINE: PPP: Vietnam Block 121 Exploration Drilling Update

Vietnam Block 121 Exploration Drilling Update

Origin Energy (Song Hong) Pte Limited ("Origin"), the operator of the Block
121 Production Sharing Contract, offshore Vietnam, have reported that at 0600
hours on 28th June, the Ca Voi-1X ("121-CV-1X") exploration well currently
being drilled by the "Ocean General" drilling rig, was at a measured depth of
1571m BRT (below rotary table) and had set the 13 3/8" casing. The well which
is being drilled in a water depth of 270m was spudded on 15th June, and has a
planned total measured depth of approximately 3771m BRT.

The 121-CV-1X well has been designed to evaluate the hydrocarbon potential of
the Whale prospect, an unconformity and tilted fault trap, targeting
Oligocene clastic reservoirs. The well will be plugged and abandoned after
the evaluation is complete.

Participating interests in Block 121 are:
PPPV121 15%
Origin 45% (operator)
Premier Oil 40%

[the machine]

Thought id get this puppy moving today. Agreed machine...exciting!!

finished down though on the day in nz

I still think if successful then they will sidetrack it to other side of the fault - ppp drilling plan details spud position exactly on top of the fault and they have to deviate it to target zone

2 weeks and should have an inkling of what lays ahead

M

[the machine]

on a trouble free basis the hole must be @ about 2,500m brt by now - starting to get near target zone
expect another casing point will need to be set though.

M

[the machine]

amazing, in 1 trade for just 15,000 shares ppp jump to 13c and top out todays gainers with 10% increase

IMO it shows that it does not take much for ppp to move [hopefully up] and they are poised to climb very sharply on the sniff of good news

the Vietnam drill has a seal risk - if that is found to not be an issue then it upgrades the other prospects near by [large prospects]
maybe even the deepwater ones as well

ppp could be 40c this time next week on the sniff of success or [10c on a duster]

I prefer the former and apart from helping my share tipping it would also help my pocket

M

[Slowlearna]

there are still some sellers round

[the machine]

there are still some sellers round

end of next week there could be more sellers - but at a much higher price

M

[troyvdh]

giday machine...I really enjoy your postiviness....(I could never spell).....Ive been a holder (45000) for while because I had faith in the story....are we a forgotten breed i.e. accept that a entity will do well ...eventually......

[the machine]

giday machine...I really enjoy your postiviness....(I could never spell).....Ive been a holder (45000) for while because I had faith in the story....are we a forgotten breed i.e. accept that a entity will do well ...eventually......

troyvdh - build it and they will come - or in ppp case get the settings right and you will find

another single trade this morning for 75,000, pushing sp back up to 2nd top gainer

M

[the machine]

now approaching the stage in the drill that there could be an announcement any day effective Monday
nailbiting time next week

M

[boysy]

The machine I think we may be a bit eager for news my bet they still have a way to go to get to the Oligocene classic structure they are targeting as of last report on the 28/06 they had yet to drill half way to TD by the looks of the initial spud Ann it would appear we are interested in the last 500 m or so. In other words we needed to drill another 1700 m from last report on the 28/06 to be in the pay zone as such my bet an announcement a week Monday.

[the machine]

boysy - its now 8 days since drilling ahead after 13.5" casing set - rig should be able to do 125 - 150m m per day, so should be past another casing point come Monday and be at least 2,500m brt
the syn-rift unconformity is @ approx. 2,500m brt - pay zone after penetrating that IMO
sure the Oligocene is another 1,000m lower, but the syn-rift unconformity is the first critical point and an effective seal at this point significantly de-risks the prospect, along with other nearby prospects
Monday is day 10 after 13.5" casing

M

[boysy]

Lets hope premiers rate of finding oil holds and this is the 5 find from 5 holes. Still hard to comprehend the lack of interest I think you may be dead right any hint of oil and this will double and go from there.

[the machine]

premier have trading and operations update out this week
at the very least will have game plan for crd 2nd appraisal hole

M

[Onthemoney]

Bit of volume through in AUS. Only one way to go now....

[the machine]

yes, biggest 1 day volume for a while - came early in the day and then no more trades

M

[Slowlearna]

09/07/2013 11:35


MINE: PPP: Vietnam Block 121 Exploration Drilling Update

Vietnam Block 121 Exploration Drilling Update

Origin Energy (Song Hong) Pte Limited ("Origin"), the Operator of the Block
121 Production Sharing Contract, offshore Vietnam, have reported that at 0600
hours on 9th July the 121-CV-1X exploration well currently being drilled by
the "Ocean General" drilling rig, was at a measured depth of 2967m BRT (below
rotary table) and was planning to set the 9 5/8" casing.

The 121-CV-1X well has been designed to evaluate the hydrocarbon potential of
the Whale ("CV") prospect, an unconformity and tilted fault trap, targeting
Oligocene clastic reservoirs and is now close to the top of the main
objective section.

The well has a planned total measured depth (TD) of approximately 3771m BRT,
and the Operator will complete evaluation of the objective sequence by
wireline logging after reaching TD. 121-CV-1X well will be plugged and
abandoned after the evaluation has been completed.

The well is being drilled in a water depth of 270m and was spudded on 15th
June.

Participating interests in Block 121 are:
PPPV121 15%
Origin 45% (operator)
Premier Oil 40%

[boysy]

Looks like we will have an answer either way by this time next week they made some good progress in the week

[the machine]

Looks like we will have an answer either way by this time next week they made some good progress in the week

since 28th the average drill rate is 127m per day which to me sounds good.

if it was a much quicker rate of say over 200m per day, then that implies they are drilling through stuff that is soft

since about to set the casing then say allow 48 hours for that, so come Thursday morning they are drilling ahead - smaller drill bit so slower progress - say 100m per day would be good - not to hard and not to soft

end of next week is my stab rather than Tuesday , but heck I will take oil anyday

M

[swissboy]

I am struggling with the wording ( complete evaluation-wire line logging- well will be plugged and abandoned) why hold out hope for a strike if they intend to abandon the damn well?????

[brucey09]

Snr. Swissboy
I think to agree sizes of present field

[the machine]

I am struggling with the wording ( complete evaluation-wire line logging- well will be plugged and abandoned) why hold out hope for a strike if they intend to abandon the damn well?????

it is a "cheap" exploration drill and once finished and they know what's there then it has no further purpose.
plugged and abandoned [after they have finished with the hole] is normal - even if find a squillion barrels of black gold

a production hole is drilled differently - cased all the way down and is a lot more "expensive" to drill

M

[Captain Darling]

This was always going to be just an exploration hole nothing more.they are trying to find what HC are down there, and they are right on top of their target area. An exciting week coming up.

According to premier, they are targeting 100 mmb +. They will also wire log the well to establish what's down there to find out if they have a commercial volume and if the are on target. All these have been signalled all the time.

Cap

[the machine]

after allowing 2 days to set the 9 5/8" casing then should be drilling ahead now.
in the home stretch and it would be great if can determine oil is there before wire logging

M

[digger]

Thanks for all the comments posters. Is it not the most incredible drilling age we are moving into. Years ago each drill was accompanied with some excitement and speculative play. Now it is as if nothing is happening at all. The upshot of this non interest is that the punters and intended investors will all be caught with their trousers down if oil is found. The other side of the coin is that punters can be happy they took no part if the well is dry.. Still my point stands that it is now a wait and see world there in the past this well would have been at fever pitch by now.

[Captain Darling]

Tis sad digger, but as you say if this puppy comes in and it may very well do, then those sitting on the sidelines will most likely miss out certainly at these prices. A positive find for Premier doesnt raise their SP as much as it will for PPP.

A dry well whilst disappointing is one of just 5 wells for PPP this year where they try to find that elusive producing site.

I think that the potential here is very encouraging, and the next few days will be very interesting to watch.

[BIRMANBOY]

Confucius say man who is caught with trousers down is getting prepared for active drilling.
Thanks for all the comments posters. Is it not the most incredible drilling age we are moving into. Years ago each drill was accompanied with some excitement and speculative play. Now it is as if nothing is happening at all. The upshot of this non interest is that the punters and intended investors will all be caught with their trousers down if oil is found. The other side of the coin is that punters can be happy they took no part if the well is dry.. Still my point stands that it is now a wait and see world there in the past this well would have been at fever pitch by now.

[the machine]

so JPDA is dead
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01424886

M

[Captain Darling]

Looks like the Timorese govt made it too hard to do business there. No great loss at all

the prospects in Vietnam and he producing tui assets in NZ are a better fit for PPP's profile.

keep this channel open for further developments in the upcoming week.

locked and loaded

Cap

[fish]

Looks like the Timorese govt made it too hard to do business there. No great loss at all

the prospects in Vietnam and he producing tui assets in NZ are a better fit for PPP's profile.

keep this channel open for further developments in the upcoming week.

locked and loaded

Cap

Both look very promising.
Tui will be very exciting .High chance of success and quickly able to be put into production.
Oil and petrol prices rising again.
having shares in this kind of company is good insurance against the next oil crisis

[boysy]

Should get an Announcement any day now the market has completely looked past this drill any sign of commercial hydrocarbons will see this fly. Will be interesting to see what type of downside for the sp if dry.

[boysy]

Block 121 Vietnam targeting 120 mmbls new should be out early next week at the latest I would suggest.

http://hotcopper.com.au/announcementFiles/2013/PPP/e44e4061-6fc0-45f7-bfc7-5da803430e8b-PPP740246.pdf

[boysy]

This week is the week

[Slowlearna]

up 1 cent, 10% in oz today

[boysy]

Yes slowlerna seems a bit more interest in Aussie however an Ann could be out any time. Similar trading to 09 when ppp didn't move until oil and gas was found. Any day now

[digger]

Pretty dry down there. Gutted. Ah well, more wells to come! Hope everyone isn't going to be too out of pocket soon...

About the only positive I can get out of the dry well announcement is that at least China will not start a war over it claiming all. Bugger.

[boysy]

On to the next well good to see the market didn't over react noting still trading well under cash backing

[boysy]

Interesting no note the new partner tailsman has more financial muscle than premier and really does seem to be talking up the red emperor discovery . $95m payment for 55% of block 07/03 certainly adds a few cents a share to ppp. Looks as though we should get a report out this week regarding commencement of drilling in block 07/03

http://talismanenergy.mwnewsroom.com/Files/b4/b4d2faaa-f970-443c-b0bd-960d550b0834.pdf

[Captain Darling]

Good quote, still PPP only has 5% which will be something if the discovery is commercial.
be good if silver silago is positive. That will be the next drill after the CRD appraisal well.

will be very interested in OI if only because of the 50% interest.

Ppp are better positioned than most as they truly cashed up just waiting for the right opportunity.


Cap

[Queenstfarmer]

Some interest here today??

[boysy]

12 cents is a steal in my books will take a gusher for mr market to wake up and remove discount to cash backing let alone a positive EV

[Slowlearna]

Vietnam Block 121Drilling Update

Origin Energy (Song Hong) Pte
Limited (“Origin”), the Operator of the Block 121
Production Sharing Contract, offshore Vietnam, has reported that abandonment of the 121-CV-1X exploration well drilled using the “Ocean General” drilling rig is still on going.

This has taken longer than planned due to operational challenges, and a further update will be provided when the abandonment has been completed.

On release the rig will next move to Vietnam Block 07/03 to drill the CRD-3X appraisal well.





Market seems to have responded positively, any ideas what these operational challenges could be???

[boysy]

Looks like strength is coming via a new initial substantial holder notice note 2 directors in PPP are behind the companies in question.

[Onthemoney]

Looks like strength is coming via a new initial substantial holder notice note 2 directors in PPP are behind the companies in question.

Go to be a good thing if 2 Directors are buying....

[Onthemoney]

Market seems to have responded positively, any ideas what these operational challenges could be???

Operational challenges - maybe got to stop the gushing oil that did not show on the tests....

[Slowlearna]

Operational challenges - maybe got to stop the gushing oil that did not show on the tests....

don't think you're on the money

[Onthemoney]

don't think your on the money

If I am I will be in the money....

[boysy]

Good to see things are still progressing on block 07/03

[Onthemoney]

Note the late notice on the ASX re Tui acquisition today PPP increasing their interest in the next drill by 50%....

[macduffy]

Note the late notice on the ASX re Tui acquisition today PPP increasing their interest in the next drill by 50%....

http://asx.com.au/asxpdf/20131002/pdf/42jsgx0l67wsm5.pdf

[boysy]

Yes interesting to see got to be a good move I recon

[Onthemoney]

Anyone have any further thoughts on this.... Am pretty much locked and loaded with this stock.

[macduffy]

Good to see PPP starting to spend some cash but it's only a start - $2-3m of $76m at June balance date. It's not as though PPP went out and actively sought a new prospect, Mitsui clearly wanted out and have sold to the other partners. Caution is to be commended but does it signal a lack of research/expertise in not identifying alternative projects?

Disc: I don't hold PPP these days.

[micket]

Anyone have a clear explanation from Mitsui why they wanted out?

they still get to clip the ticket as they are to handle tui oil sales as part of deal. after initial misgivings on oi drill I believe this is what ppp shareholders have been waiting for. For tom prudence ,a very, very cautious man, to go all out for 50% of oi, says heaps. more to this deal than meets the eye I think.

[micket]

ps. low hanging fruit picked, and presumably mitsui get out of any de-commision work at end of tui life

[digger]

I think TUI will chuck along much longer than the conserative estimate give it. To my inquiry about 9 months ago about TUI south west I was told that that area seems to be depleting. Well to me that can only happen if it is seeping into the TUI. Also from the very start Pateke had the same water bottom level that TUI had and it was initially said to be the same well. Later that got changed to it being a separate well. Well maybe and maybe not more likely joined up together somewhere. I await the drilling of OI -1 with interest and if they do find oil at what debt will the oil water be.
So I am very pleased with todays announcement as I do believe there is more life in TUI yet.
Also I would put little value into why Mitsui is selling out. People and companies sell for all sorts of personal reasons and most have nothing to do with the value of the product sold.

Great to see NZO moving back into NZ activities. Under DS we were rushing off to north Africa while at the same time Tag was coming here making the discoveries we should have stayed here and made.

[brucey09]

Correcto Snr. Digger,
I am wanting for PPP NZO to buy new East coast relese areas

[Corporate]

Still concerned about NZO having a large share in this op. Management leaves A LOT to be desired. But PPP is definitely the one to buy for this play.

Moose is this a joke?? Both management teams are as bad as each other.

[sideline]

Moose is this a joke?? Both management teams are as bad as each other.

And neither are running this show - AWE is the operator!

[Onthemoney]

http://www.sharechat.co.nz/article/0d669875/tui-deal-should-have-shifted-nzog-share-price-says-clare-capital.html

[boysy]

Well a rather positive Ann I recon

http://hotcopper.com.au/announcementFiles/2013/PPP/3799ca52-3e57-4171-84fa-fcb3241fc50a-PPP761469.pdf

[fish]

Well a rather positive Ann I recon

http://hotcopper.com.au/announcementFiles/2013/PPP/3799ca52-3e57-4171-84fa-fcb3241fc50a-PPP761469.pdf

sounds as if it is an extensive field .Lets hope the flow testing is good .

how good was the flow test on the first drill?

[boysy]

As per link below

http://www.panpacpetroleum.com.au/projects/vietnam/block-0703/

Crd1x 3200 bopd and 8 mmcf gass
Crd2x 2500 bopd and 27 mmcf combined

It does seem as though they are rather excited with both dst and a sidetrack taking place. Still a negative EV after all of this

[digger]

Sounds positive to me. This current drill CRD-3 is 1.5 kls from the first one CRD-1 and the oil columns are reasonable similar so the field must be extensive so I would say it is very hopeful for commercial development. Guess I should say IMHO as these things are very technical with issues not always made clear to investors . Still looks all good to me.

[boysy]

Yes it certainly sounds like they are trying to determine the extent of the find lets hope this drill will make the jv fast track development

[boysy]

Would be good to get flow rates this week and other information my bet these drills have confirmed the commercial nature of the discovery. Would be good for the jv to come out and provide updated reserve estimates of CRD

[boysy]

Much better flow rates than achieved over previous drills the jv must be happy lets hope the sidetrack proves up further hydrocarbons

http://www.asx.com.au/asxpdf/20131108/pdf/42kqvwwdb2hrz8.pdf

[digger]

Much better flow rates than achieved over previous drills the jv must be happy lets hope the sidetrack proves up further hydrocarbons

http://www.asx.com.au/asxpdf/20131108/pdf/42kqvwwdb2hrz8.pdf

Good to see you at least Boysy have interest here. This must end in a positive decision for the FID and soon. The outstanding fear I have here is that China has claimed all of the South Chin Seas right up to the shores of Singapore and Vietnam. Also more than a few scraps with Japan.
If waiting is fun we are here having a ball.

[Hawkeye]

Whats your call here digger? will these bad boys take off? I have had them a while and have enjoyed their special 0.05c dividend, but I am left wondering what will happen with them next? another dividend perhaps?

[boysy]

Digger I think talisman coming on board may be a godsend for ppp. Clearly premier had to focus on other areas while talisman appear to pressing ahead with development of Asian assets at the forefront.

[Billy Boy]

8th November 2013


Vietnam Block 07/03 Appraisal Drilling Update


Pan Pacific Petroleum (Vietnam) Pty Ltd has been advised by the Operator of


the Block 07/03 Production Sharing Contract that drill stem flow testing


(DSTs) of three key Miocene reservoir sands encountered in the CRD-3X


appraisal well being drilled by "Ocean General" semi-submersible drilling rig


has been completed.





The results from the DSTs of these three sandstones reservoirs, which have


not previously been flow tested, are summarised below;





First test: 4100 barrels of 31.8 deg. API oil per day plus 1.93 million


standard cubic feet of gas per day, through a 40/64" choke.


Second test: 2750 barrels of 26.4 deg. API oil per day plus 0.75 million


standard cubic feet of gas per day, through a 40/64" choke.


Third test: 1161 barrels of 17.6 deg. API oil per day plus 0.07 million


standard cubic feet of gas per day, through a 32/64" choke.





No water was produced in any of the tests.





The well is currently being sidetracked to test a structure within the CRD


field to the south of CRD-3X to evaluate the potential for additional net pay


within the Miocene reservoirs.





The appraisal well and side track are designed to resolve resource


uncertainties in the C R?ng ?? (CRD) oil and gas/condensate discovery and


prove up sufficient recoverable volumes to justify a commercial development.


.
Good results for this stock ??
BB:)

[boysy]

Very interesting read page 17 sums up the plans for the area. Detailed briefly below it seems as though talisman are keen to push through development ASAP none of which is built in the current sp.


On block 07/03


• Oil discovery synergy with adjoining blocks
• Discovered oil resource with upside potential
• Appraisal well CRD-3X tested over 8 mboe/d
• Successful sidetrack further confirming resource potential
• Early commercialization and potential infrastructure hub for the area

http://www.talisman-energy.com/upload/media_element/20140212175218/Corp%20Pres%20-%20February%202014%20FINAL_booklet.pdf

[the machine]

Very interesting read page 17 sums up the plans for the area. Detailed briefly below it seems as though talisman are keen to push through development ASAP none of which is built in the current sp.


On block 07/03


• Oil discovery synergy with adjoining blocks
• Discovered oil resource with upside potential
• Appraisal well CRD-3X tested over 8 mboe/d
• Successful sidetrack further confirming resource potential
• Early commercialization and potential infrastructure hub for the area

http://www.talisman-energy.com/upload/media_element/20140212175218/Corp%20Pres%20-%20February%202014%20FINAL_booklet.pdf

its been a long time coming

m

[boysy]

Premier did not want to progress the development they simply didn't have the resources with rockhopper on the go. Lets hope with talisman on board they mean business in short term.

[Onthemoney]

Well spotted Boysy locked and loaded cheers....

[fish]

Very interesting read page 17 sums up the plans for the area. Detailed briefly below it seems as though talisman are keen to push through development ASAP none of which is built in the current sp.


On block 07/03


• Oil discovery synergy with adjoining blocks
• Discovered oil resource with upside potential
• Appraisal well CRD-3X tested over 8 mboe/d
• Successful sidetrack further confirming resource potential
• Early commercialization and potential infrastructure hub for the area

http://www.talisman-energy.com/upload/media_element/20140212175218/Corp%20Pres%20-%20February%202014%20FINAL_booklet.pdf

Thanks boysy-I like the way talisman is cutting costs.
Dont you mean page 13?
ATM we are only looking at 5% 0r 400 barrels a day or 10000 us dollars a day
No water and lots upside in Vietnam
Whilst in nz we have a bigger share of tui and development well for pateke 3 being drilled followed by exploration well with good prospects at oi.
NZO should also gain from this activity

[fish]

Very interesting read page 17 sums up the plans for the area. Detailed briefly below it seems as though talisman are keen to push through development ASAP none of which is built in the current sp.


On block 07/03


• Oil discovery synergy with adjoining blocks
• Discovered oil resource with upside potential
• Appraisal well CRD-3X tested over 8 mboe/d
• Successful sidetrack further confirming resource potential
• Early commercialization and potential infrastructure hub for the area

http://www.talisman-energy.com/upload/media_element/20140212175218/Corp%20Pres%20-%20February%202014%20FINAL_booklet.pdf

Thanks boysy-I like the way talisman is cutting costs.
Dont you mean page 13?
ATM we are only looking at 5% 0r 400 barrels a day or 10000 us dollars a day net profit
No water and lots upside in Vietnam.?any idea of the total recoverable amount
Whilst in nz we have a bigger share of tui and development well for pateke 3 being drilled followed by exploration well with good prospects at oi.
NZO should also gain from this activity

[the machine]

I actually sold out of ppp back in august but have indirect hold via nzo

the timelines from ppp wore me out and have put the money into a nice new car instead

even if 07/03 in commercial , give it 3 months and sp may be back to where it is now

m

[upside_umop]

I don't really like the terms of the Oi prospect for PPP.
Have they actually mentioned what the buyback premium for Oi will be if it's successful?
Generally, in oil and gas, a successful exploration well should pay back multiple times for the other failures (1 in 10?).
Now, I don't see PPP getting reimbursed 10 times for the risk they're taking....

[digger]

I don't really like the terms of the Oi prospect for PPP.
Have they actually mentioned what the buyback premium for Oi will be if it's successful?
Generally, in oil and gas, a successful exploration well should pay back multiple times for the other failures (1 in 10?).
Now, I don't see PPP getting reimbursed 10 times for the risk they're taking....

Agree UU and I did put this question to AK about a year ago but he could not tell me what the premium was. And PPP did make this agreement when they had only 10% of the field, now 15%, so some very small improvement of the 50% risk they are taken up predrill.

[Billy Boy]

A lot of folk seam have have confidence in OI.
I,m Not sure if it's just a ramp or the fairway looks too good
not to bet on.
BB

[fish]

[QUOTE=Billy Boy;462202]A lot of folk seam have have confidence in OI.
I,m Not sure if it's just a ramp or the fairway looks too good
not to bet on.
BB-this is an old announcement but one of several reasons why I am optimistic about oi

AWE Announces Additinal Wells In Tui Area Development
Type: Operator Update
Feb. 2013 - AWE Limited, on behalf of the Tui Area Development partners, announced the joint venture approval of two wells to be drilled in the second half of 2013 in permit PMP 38158. Pateke-4H will be an infill development well targeting a mapped northern extension of the Pateke field. The well will be drilled to the proposed measured depth of 22,637 feet with an 8,202-foot horizontal section. It is possible that gross recovery could be increased by 2.3 million barrels. The Oi exploration well will target the Oi prospect which is structurally similar to the Tui, Amokura and Pateke fields. The reservoir is thought to hold prospective resources in the range of 11 million barrels. Firgstad Offshore's Kan Tan IV (mid-water semisub) has been contracted to drill both wells.


It is anticipated that pateke extension development well will produce an additional 1/2 million barrels or so to ppp now that they have increased their share of tui fields.
PPP have 11 au cents in cash per share and with Vietnam and pateke extra production the future should hold a lot of profit and dividends should have imputation credits despite it being an au share.
A success at OI by an off the cuff calculation could be worth a dollar or more a share after awe has bought back part of ppp 50% holding.

[boysy]

Fish you might be a bit exuberant there I remember reading buy back premium of circa 7-8x cost ie well cost $30m buy back premium $220-$240m. 85% of say $200m is $170m or 30 cents a share on a success

[fish]

boysy I was also factoring in oil production profits from the remaining ppp share of the hoped for 11 million barrels .
It is a big gamble for ppp but they can afford it .

[boysy]

I agree the market is factoring no success would be good to ppp actively promoting what they are doing

[digger]

I agree the market is factoring no success would be good to ppp actively promoting what they are doing

After so many dry wells the market no longer is interested in the predill hype. One day the market will be wrong. Will that be OI???

[fish]

My hope is they saved the best until last.
NZOG have good diagrams and explanatory notes for the pateke 4-its a long horizontal drill in shallow but laterally extensive sandstones . resource size is small and I fear it could it already have migrated-but probably hasnt?

I would love to see similar pictures for the 5 times larger potential of OI..
The exact depth of the captive structures is critical and hopefully they will have more accurate seismics this time

Digger what would you put the odds for a commercial find at oi?
Has knowledge and technology advanced sufficiently to improve the odds ?
To be so close to tui-?8k and in a similar structure surely the odds must be good?

[Billy Boy]

#2001
Thanks Fish
BB

[upside_umop]

Fish you might be a bit exuberant there I remember reading buy back premium of circa 7-8x cost ie well cost $30m buy back premium $220-$240m. 85% of say $200m is $170m or 30 cents a share on a success

Really? If it was that much, I'd be game. Do you have a link to this, or is it speculation? I find it crazy that PPP aren't forthcoming with this number as it's very significant and material commitment they have. Shareholders deserve to know the risks and rewards, right?

I'm thinking they would have negotiated maybe 2 times. That's me being cynical though....

Has anyone else seen this play out in oil and gas before and what an ​industry average ​is?

[noodles]

Well this must be good. Looks like they have to wait for horizontal drilling to confirm commercial quantities.

https://www.nzx.com/companies/PPP/announcements/247902

Any oil experts out there? When they started drilling, what sort of % success rate would have been factored in?

[skid]

It would be nice to see a good ole fashioned oil strike again

[Onthemoney]

The old bubbling crude....

[digger]

How about a few for NZ's economy?

Rockstar mode: Engaged

To hell with the NZ economy. This is about for me my economy.
We now just have to wait for the horizontal section. We are certainly not there yet as things could go wrong. As NZO says it could be depleting even if the theory predrill says It won't be. Also a number of other things could go wrong. Who is to say for sure that the resource rock is as good as the rest of the field,and as yet no figure on how deep the oil column is. Early days but I do like PPP point that it is encouraging.

[freddagg]

Trading halt on PPP at the moment. Does any one know why?

[Bobcat.]

Trading halt on PPP at the moment. Does any one know why?

Drilling update:

https://www.anzsecurities.co.nz/DirectTrade/dynamic/announcement.aspx?id=3607213

[Lion]

Trading halt on PPP at the moment. Does any one know why?

What? where?

[macduffy]

What? where?

Trading on the ASX at present.

May have been a delayed start for the drilling update.

[freddagg]

What? where?

It was on the NZX but had disappeared when I went back to it after asking the question.

[Billy Boy]

Tanking over on the ASX, probably because of cost over runs. Get out while you can!

!!!!! Whatta ya on about moosie. These guys have got heap of hoot, and with the extra coming in
next year will mean more hoot and probably a (an other) cash distrubition.
3 golden rules in real estate. Location Location Location
In equities.... perception, perception, perception,
​BB

[skid]

AWE is still steady so its not cost over runs--sometimes the market does funny things.
I would agree with BB on this one.

[boysy]

No buy depth for PPP on the NZX anymore not a good look tom

[Bobcat.]

Driven by PPP.asx which had a big sell-off yesterday. I don't expect much buyer interest on the nzx until after the asx opens. Whether we see a bounce-back remains to be seen. Methinks the selling has not yet ended.

[macduffy]

Of possible interest to PPP holders. I hold AWE but sold PPP some years ago.

"Excerpts From Today's Broker Call
Wednesday, 7 May 2014
AWE - AWE LIMITED
Macquarie rates AWE as Outperform (1) - The good news is the successful Pateke well will now be tied in to help arrest declines at Tui and help offset the large reserve downgrade AWE reported in 2011, the broker notes. The bad news is the higher than expected cost of completion, which will significantly erode the value of Pateke.
Nevertheless, the broker retains Outperform and a $2.50 target.
Target price is $2.50 Current Price is $1.54 Difference: $0.96 If AWE meets the Macquarie target it will return approximately 62% (excluding dividends, fees and charges).
The company's fiscal year ends in June. Macquarie forecasts a full year FY14 dividend of 0.00 cents and EPS of 8.20 cents .
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.78.
Market Sentiment: 0.8
How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 7.5, implying annual growth of 94.6%.Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.Current consensus price target is $ 1.96, suggesting upside of 27.1%(ex-dividends).Current consensus EPS estimate suggests the PER is 20.6.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources."

[troyvdh]

giday...I admit being totally "out of the loop" re this company but none the less I hold about 50K shares....mainly (historically) because many folk spoke about the NTA being about 16 cents...so what is the go here....either a good time to top up ...or discard ...cheers

[ziggy415]

giday...I admit being totally "out of the loop" re this company but none the less I hold about 50K shares....mainly (historically) because many folk spoke about the NTA being about 16 cents...so what is the go here....either a good time to top up ...or discard ...cheers
ppp about to drill oi well north of Tui....they are so keen they have taken on 50%....if no oil in the well its a lot of moolah down the gurgler...if they strike their estimate of 13 million barrels it looks good....exxxxcept the other partners can take back their levels as they have in tui ...( for a cost)..and ppp is left with 15%......not really a win win for ppp.....no one saying what the buy back cost is but surely ppp would have struck a reasonable deal

[digger]

PPP very bad SP rating I put down to the Chinese pushing for ownership over all the South Chin Seas, that would include the 5% that PPP has in the Vietnam well. PPP has put time and money into this and we for sure are in no position to do anything about it. China is on the road to be a 100 Hitlers.

[ziggy415]

PPP very bad SP rating I put down to the Chinese pushing for ownership over all the South Chin Seas, that would include the 5% that PPP has in the Vietnam well. PPP has put time and money into this and we for sure are in no position to do anything about it. China is on the road to be a 100 Hitlers.
have heard rumours were sending 2 herculees equiped with the latest flour bomb technology to protect our interests in the south china seas and china sent 4 destroyers to evacuate their people from vietnam so dont think thats what depressing the sp for ppp....oi could be expensive for ppp if no oil but no real upside if they strike a gusher

[digger]

...oi could be expensive for ppp if no oil but no real upside if they strike a gusher

Hardly. If PPP strike a gusher it will be very positive for the company in several ways. Firstly if oil is strike and PPP does not leap up then NZO would make a good investment by taking them out at these very low levels. That would give NZO 42% of tui ,oi and the surrounding prospects. In my mind a strike will be very positive for PPP

[ziggy415]

Hardly. If PPP strike a gusher it will be very positive for the company in several ways. Firstly if oil is strike and PPP does not leap up then NZO would make a good investment by taking them out at these very low levels. That would give NZO 42% of tui ,oi and the surrounding prospects. In my mind a strike will be very positive for PPP
MY GOD digger why arent you running nzog...makes perfect sense...offer needs to be made pre drill tho...does,nt leave much time...i think they paid 15 cents each for 15% they own

[ziggy415]

MY GOD digger why arent you running nzog...makes perfect sense...offer needs to be made pre drill tho...does,nt leave much time...i think they paid 15 cents each for 15% they own
but then ppp directors would be out of a job so that wouldnt work

[digger]

but then ppp directors would be out of a job so that wouldnt work

The rate it is falling they are going to be out of a job anyways.

[fish]

MY GOD digger why arent you running nzog...makes perfect sense...offer needs to be made pre drill tho...does,nt leave much time...i think they paid 15 cents each for 15% they own

Actually Ziggy we had this idea a few years ago and i think nominated digger for director-I have a feeling he got 11 million votes-not enough -but i could have dreamt it .Perhaps digger could overcome his modesty and remind us!

[Onthemoney]

Anybody have any details as to the buyback details on the up and coming drill. Surely this should be available to shareholders.