Pan Pacific Petroleum Nl (PPP)

[digger]

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!


Fish I pulled my name before the election for private reasons. The 11 million you mentioned was probably related to a Mr Dick who put his name up the following year. I have always felt we need a owner shareholder on the board with years of interest in the company rather than just professionals who buy a few thousand shares in the company the week before they get elected on. Actually I feel that quite strongly. But I am too deaf so we need someone else. You Interested?

[the machine]

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

I to thought the industry standard was 7 times the drill cost

M

[digger]

I to thought the industry standard was 7 times the drill cost

M

Well if it is 7 times the drill cost it is a lousy deal for PPP, given that success drill rate is about 1 in 12 world wide at the moment.

[the machine]

Well if it is 7 times the drill cost it is a lousy deal for PPP, given that success drill rate is about 1 in 12 world wide at the moment.

20-25 % chance of success is a lot lower than 1 in 12

M

[digger]

20-25 % chance of success is a lot lower than 1 in 12

M

Yes that is correct but you are picking up info along the way that changes the probability. When PPP took up the decision to drill at 50% OI was more of a wild cat than it is now after the success at Pateke H-4.

[Bobcat.]

Something's afoot with PPP. Bids coming in thick and fast, with offers taken out at 9.9c (up 15% in this morning's trading).


From this week's report:

Oi-1 well costs are estimated at US$27m, net US$13.5m PPP share. Costs incurred at Oi-1 will be tax deductible from income derived from Tui Field production which will reduce the Company’s overall cost exposure. Additionally, success at Oi-1 may well lead to the other participants in the Tui Joint Venture electing to reinstate their former interests in any discovery by way of reimbursement of pro-rata well costs and the payment of a buy-back premium which could result in a significant cash payment to PPP. Both AWE and NZOG will have a period not exceeding 6 months after completion of operations at Oi to consider the well results and a buy-back decision.

[Onthemoney]

The news is the rig is trying to move the surface pipe after it got jammed.

How do you feel holding PPP when the there are leaks like this before the annoucement today.

[youngatheart]

With a massive 28% drop today, would this be a good candidate for a dead cat bounce?

[ziggy415]

With a massive 28% drop today, would this be a good candidate for a dead cat bounce?

a strangled chicken maybe:t_up:...(i guess you had to be there)......could be good time for nzo to up the ppp ownership..must be still 50 million in ppp coffers and 15% of tui as well

[boysy]

Ziggy415 sold my residual holding in ppp today the drilling would have almost exhausted ppp's cash balance I recon they have below 10m now. I was surprised this didn't fall the 20m this latest well will end up costing ppp's share anyway. I recon this will head lower once the real damage to the bank balance is proven.

[Bobcat.]

Yes, I also got out early today, soon after I saw the announcement - what a costly, dismal failure.

Unlikely to touch this stock again, or NOG for that matter.

AOR's stake in a drilling company that knows what they are doing (i.e. Mosman) is looking more appealing by the day.

http://www.lse.co.uk/shareprice.asp?shareprice=MSMN&sharename=mosman_oil_and_gas_limited_(di)

[youngatheart]

I concur Bobcat. AOR's Mosman stake is showing to be a real winner with still quite a lot of upside yet to go!

[Hawkeye]

https://www.nzx.com/files/attachments/197690.pdf

[Joshuatree]

Notice of intention to resign and disposal of shares out
Notice of Intention to Resign and Disposal of S... (https://www.nzx.com/companies/PPP/announcements/254606)

[ziggy415]

Notice of intention to resign and disposal of shares out
Notice of Intention to Resign and Disposal of S... (https://www.nzx.com/companies/PPP/announcements/254606)
interesting to see who gets the shares....make sense for nzog to go for full takeover for another 15% of tui......will keep the gravy train going ..eh balance

[tim23]

Makes sense to make a takeover, how much of PPP do NZO own now?

[ziggy415]

Makes sense to make a takeover, how much of PPP do NZO own now?
15%.......

[troyvdh]

mmm..not wishing to appear thick..which I am incidently...but in simple terms whats go on to spur this exuberance.....cheers

Hold about 45k.

[tim23]

Article in The Headliner recently PPPs last drill was last throw of dice so these directors may have decided its time to quit.

[digger]

Article in The Headliner recently PPPs last drill was last throw of dice so these directors may have decided its time to quit.

Oi was very much the last throw of the dice for PPP. The 4.5% ownership by PPPV will be somewhat doubtful given that China is claiming everything and they have the bigger guns. So it is pretty much the 15% of TUI that is all that will be bringing in the money. The directors of PPP are not needed so other than collect fat salaries they really have nothing to do. NZO could take this over without any further expense.
If it is NZO who will buy these shares the directors are quiting is any ones guess but that is for me the only company that could make since with the exception of AWE.
Now that we have had this release from PPP next week we will be hearing who bought them.
My top value for PPP will be 8 cents a share.
Any other guessing out there about what is going on??

[troyvdh]

gee digger...I was expecting more from you...I thought NTA was about 15 cents......cheers

[digger]

gee digger...I was expecting more from you...I thought NTA was about 15 cents......cheers

Oi was water not oil. PPP blew most of the cash reserves on the 50% drilling of OI and Pateke.
So the 8 cents was from top of head and low to see what others thought.
PPP has 588 million shares on issue. With Pateke now going to give another 2.5 million there is probably 7 million left in TUI at the very top end. Actually from my poking at both investor presentations I have not got a better estimate.
So with PPP owning 15% of TUI that gives about 1 million to PPP for the rest of TUI life.
In NZ dollars that is about 140million. Half that for costs and we can settle on about 70 million.

70 million divided by shares on issue of 588 million gives 11.9 cents.
As for cash in the bank most of it is shot, or will be after PPP directors party up with the sell out of the company. After all they did a great job---did they no??
Note I do not stand by any of these figures just trying to get discussion going. Do not buy or sell on my thinking

[ziggy415]

Hi Digger, i think 3.5 cents per share was the value of the cash balance after all payment for oi and some tax right-off assocciated with that as well make PPP not to bad at 9 cents....nzo owns 15% of ppp so only have to buy 85% to get those Tui barrels....might even be some deductions from owners of Tin Can iv for the inability of the rig to do its job......interesting to see pateke oil will be used to up production rather than extend the life of Tui and i read somewhere that Tui south maybe a drill posibility which all still gives some value to PPP

[digger]

Hi Digger, i think 3.5 cents per share was the value of the cash balance after all payment for oi and some tax right-off assocciated with that as well make PPP not to bad at 9 cents....nzo owns 15% of ppp so only have to buy 85% to get those Tui barrels....might even be some deductions from owners of Tin Can iv for the inability of the rig to do its job......interesting to see pateke oil will be used to up production rather than extend the life of Tui and i read somewhere that Tui south maybe a drill posibility which all still gives some value to PPP

Well TUI south west will be a dead loss if we reemploy the tin can to do the job. Please never.

So you pick 9 cents then. There has to be a bit left in it for NZO or no point. I will guess 10 cents an average of my two last posts.

[Balance]

Noggers are nodding.

[digger]

[QUOTE=Balance;501583]Noggers are nodding.[/QUOTE}

Is that all you got to say. As soon as I saw you had a post I looked forward to a juicy bit of down ramping with humour ,and then all I get is Noggers are nodding.
What is PPP worth Balance? Show your knowledge and experience in these delicate matters.

[Balance]

[QUOTE=Balance;501583]Noggers are nodding.[/QUOTE}

Is that all you got to say. As soon as I saw you had a post I looked forward to a juicy bit of down ramping with humour ,and then all I get is Noggers are nodding.
What is PPP worth Balance? Show your knowledge and experience in these delicate matters.

Too late crying to moi - warned you all a while ago that this dog doesn't hunt.

Now the directors have abandoned the sheep (oops - ship) and NZOG is left wondering why Noggers are still nodding.

:D

[ziggy415]

[QUOTE=digger;501599]

Too late crying to moi - warned you all a while ago that this dog doesn't hunt.

Now the directors have abandoned the sheep (oops - ship) and NZOG is left wondering why Noggers are still nodding.

:D
My apologies balance but this is the first time ive seen you ever mention PPP...i must have missed it

[Queenstfarmer]

Bought a small parcel of NZO as it is now at NTA value. PPP seems to have gone up to fast, might consider next week.
I don't recall seeing anything from Balance either?

[Balance]

[QUOTE=ziggy415;501736]

Believe he mentioned it many months ago that PPP directors were even worse than their NZO counterparts...

It's not on this thread but NZO thread - banter between the redoubtable Digger and moi.

Anything NZO touches outside of its investments in Tui and Kupe (which are managed and substantially owned by Aussie miners AWE or Origin) has been wealth destructive.

[digger]

[QUOTE=moosie_900;501758]

It's not on this thread but NZO thread - banter between the redoubtable Digger and moi.

Anything NZO touches outside of its investments in Tui and Kupe (which are managed and substantially owned by Aussie miners AWE or Origin) has been wealth destructive.


I am reasonably confident that Kisaran will get the go ahead by years end and be positive for NZO.
Tunisia was David Salisbury doing and I was one of the first to say it would be wealth destroying,and it was.Fortunately we are leaving Tunisia. DS also wanted us to drill or frank in Poland and since that time about 24 wells have been drilled and all are failures.
So your post is half right Balance but what a great future we have.
Cheers

[ziggy415]

[QUOTE=moosie_900;501758]

It's not on this thread but NZO thread - banter between the redoubtable Digger and moi.

Anything NZO touches outside of its investments in Tui and Kupe (which are managed and substantially owned by Aussie miners AWE or Origin) has been wealth destructive.
Balance...if you form a negative view about a company do you never change your opinion...PPP could be a good fit to nzo at the right price.....6 cents...5 cents...4 cents or just never.....not poking the borax just wondering

[Balance]

[QUOTE=Balance;501771]
Balance...if you form a negative view about a company do you never change your opinion...PPP could be a good fit to nzo at the right price.....6 cents...5 cents...4 cents or just never.....not poking the borax just wondering

I do change my view - eg. THL and GPG.

However, I only change my view after massive changes at a director and management level.

NZOG and PPP - same old management really, more preoccupied with telling the market and investors how great they are and why bad investments are not their fault.

Meanwhile, most institutional shareholders have sold out of NZO and PPP so the push for change is not going to happen in a hurry - unlike GPG and THL where institutions forced the departure of the freeloaders and useless directors and management.

[Hawkeye]

So do you think someone will launch a takeover bid for these bad boys?




....



please can someone launch a takeover bid..... i don't want these anymore

[Balance]

So do you think someone will launch a takeover bid for these bad boys?

It's not under priced or under valued so why bother?

To properly assess mining companies you do need to look closely at contingencies and commitments.

[ziggy415]

It's not under priced or under valued so why bother?

To properly assess mining companies you do need to look closely at contingencies and commitments.
so what value is left in ppp...management stated 3.5 cents is cash component....15% of Tui plus Pateke 4 and vietnam 5%...then chuck in tax rebates for oi....at 10 cents it will cost nzo $49 million

[Balance]

so what value is left in ppp...management stated 3.5 cents is cash component....15% of Tui plus Pateke 4 and vietnam 5%...then chuck in tax rebates for oi....at 10 cents it will cost nzo $49 million

Insiders/directors bailed out at 6 cents - NZO taking the stake would have triggered a takeover offer and it's clear NZO was not interested in taking the 10% odd directors' shares.

That says PPP is not worth the 6 cents to NZO that the directors sold out at.

[ziggy415]

Insiders/directors bailed out at 6 cents - NZO taking the stake would have triggered a takeover offer and it's clear NZO was not interested in taking the 10% odd directors' shares.

That says PPP is not worth the 6 cents to NZO that the directors sold out at.

thats good info balance..how did you find out the 6 cents....the directors arent going to sell cheap because they made a cock up but i would have thought more value than that left in company...makes my 7000 shares @.8 expensive...lucky thats all the money i had in my account...was still a nogger back then:t_down:

[Onthemoney]

Insiders/directors bailed out at 6 cents - NZO taking the stake would have triggered a takeover offer and it's clear NZO was not interested in taking the 10% odd directors' shares.

That says PPP is not worth the 6 cents to NZO that the directors sold out at.

Zeta is the buyer.... Some at 6 cents some at 9 cents Australian...

[Balance]

thats good info balance..how did you find out the 6 cents....the directors arent going to sell cheap because they made a cock up but i would have thought more value than that left in company...makes my 7000 shares @.8 expensive...lucky thats all the money i had in my account...was still a nogger back then:t_down:

Mine was from the multiple crossings done on ASX on 29 August. Strange why the shares were sold/transferred like that - 73m shares were done that day on market.

But SSH notice today shows :

Zeta Energy Pte. Ltd. 29 August 2014 AU$3,794,298.72 63,238,312 shares
Zeta Energy Pte. Ltd. 01 September 2014 Acquired from its ASX Listed holding company Zeta Resources Limited
AU$2,526,200.83 27,990,101 shares

So Zeta Energy Pte Ltd bought at 6 cents and then do a transfer from Zeta Resources Ltd at 9 cents on Monday for the shares they had already acquired (ouch!).

But hi, they just booked a 50% profit on the PPP shares they bought off the directors! Geniuses at play! :D

[ziggy415]

Mine was from the multiple crossings done on ASX on 29 August. Strange why the shares were sold/transferred like that - 73m shares were done that day on market.

But SSH notice today shows :

Zeta Energy Pte. Ltd. 29 August 2014 AU$3,794,298.72 63,238,312 shares
Zeta Energy Pte. Ltd. 01 September 2014 Acquired from its ASX Listed holding company Zeta Resources Limited
AU$2,526,200.83 27,990,101 shares

So Zeta Energy Pte Ltd bought at 6 cents and then do a transfer from Zeta Resources Ltd at 9 cents on Monday for the shares they had already acquired (ouch!).

But hi, they just booked a 50% profit on the PPP shares they bought off the directors! Geniuses at play! :D

shall we try the same game Balance....i,ll sell sayyyyy 7000 to you @10cents an you sell em to digger @12 cents...everybody wins....almost:D

[Hawkeye]

So PPP is in a death roll? or do you think it will eventually recover?

[Balance]

No wonder they're registered in Bermuda.

Big, huge, massuve red warning flags going up all over the place...

And over in Nogger/Nodder land, director Finlay just got rid of his 1m shares at 78 cents.

[Corporate]

So now zeta have significant stakes in NZOG, PPP and CUE. I'd like to see a merger of all three. Unlikely though.

[Billy Boy]

So now zeta have significant stakes in NZOG, PPP and CUE. I'd like to see a merger of all three. Unlikely though.
.
Not so unlikely.....!!!
Time will tell.
BB

[Taijon]

Anyone out there remotely interested in this company? AGM was today but no Chairman or CEO speeches have appeared on the ASX. Mind you now there are only 3 Directors and one of the company secretaries has departed I guess they haven't got time to keep shareholders informed about whether they will be solvent for a few more months.

If anyone went to the AGM it would be great to get a bit of news if you have time.
Thanks

[freddagg]

Anyone out there remotely interested in this company? AGM was today but no Chairman or CEO speeches have appeared on the ASX. Mind you now there are only 3 Directors and one of the company secretaries has departed I guess they haven't got time to keep shareholders informed about whether they will be solvent for a few more months.

If anyone went to the AGM it would be great to get a bit of news if you have time.
Thanks

It was on NZX at 1.50 pm

[freddagg]

I see what you mean, just went to read the info, there was none

[Billy Boy]

What's going on here...
PPP slowly moving up and a big gap between Buy & Sell this mornin g
Not much on the sellers side, and the big boys getting in ??
Maybe NOG ready to do a take over:scared:
BB

[tim23]

Big crossing Friday reckon nzo will make a play for ppp also why not makes sense

[Billy Boy]

Big crossing Friday reckon nzo will make a play for ppp also why not makes sense
Tks tim23.... I thought i was all alone on that line of thinking
BB

[digger]

[QUOTE=tim23;559085]Big crossing Friday reckon nzo will make a play for ppp also why not makes sense[/QUOT

It only makes sense at a certain price. Their is one large holder director a little out of touch with reality that wants over the top for his stake. I do not want NZO paying toooo much for PPP even if I do own a lot of PPP and NZO. A merge at fair value or no merger at all is my humble thinking.

[tim23]

A merger makes sense say 1 NZO for 6 ppp?

[tim23]

Oops try 10 ppp!

[Billy Boy]

[QUOTE
It only makes sense at a certain price. Their is one large holder director a little out of touch with reality that wants over the top for his stake. I do not want NZO paying toooo much for PPP even if I do own a lot of PPP and NZO. A merge at fair value or no merger at all is my humble thinking.[/QUOTE]
.
Digger
What do you think is a fair price ?
BB

[whatsup]

Take over at .05 today !!!

[Billy Boy]

Take over at .05 today !!!
5c ??? WHAAAT ????
I not even going to reach into the bottom draw at that price.
The NTA is 7.8c
Jeezzzz
BB:eek2:

[whatsup]

5c ??? WHAAAT ????
I not even going to reach into the bottom draw at that price.
The NTA is 7.8c
Jeezzzz
BB:eek2:

Aust .05 which nowadays is .05 N Z !!

[Bella52]

but NTA is going down fast. I don't believe Radford and Tattersfield can come up with a better outcome!

but if they believe they can the should put their balls on the table and put a higher bid out.

[dodgy]

but NTA is going down fast. I don't believe Radford and Tattersfield can come up with a better outcome!

but if they believe they can the should put their balls on the table and put a higher bid out.

Hi Bella52
Don't loose sight of Vietnam - maybe the only salvation otherwise who in their right mind would have bet the farm on Oi. Morally and possibly indefensible.

Have a happy evening.
-dodgy ( owner/shareholder - no remaining trust in TR decision making)

[Bella52]

Dodgy - Vietnam haha - the failing talisman said was going to be a $2b spend which PPP share would be $100m, minimum. PPP can't afford it they will be screwed out. TR has more hope of payback from his PRC investment than Vietnam.

[Bella52]

Digger was always a fan he should put a bid in.

or even better Balance knows everything about running an oil coy, he could hit the market at 6 cents!

[dodgy]

Digger was always a fan he should put a bid in.

or even better Balance knows everything about running an oil coy, he could hit the market at 6 cents!

Hi Bella52
I was unaware of the 2bill bit - maybe you should point me in the right direction. I think Digger has stopped commending the trio of NZO, PPP and CUE (?) as the past 8mths have unfolded. A trench too far maybe ?
Regards
-d (owner/shareholder - reluctantly)

[flyingmariner]

Did everyone get the email last week, don't sell, don't sell?

[dodgy]

Did everyone get the email last week, don't sell, don't sell?

Good Morning flyingmariner,
Can you post copy or link for unknown email.
Thanks
-dodgy (owner/shareholder - 750k)

[Billy Boy]

Good Morning flyingmariner,
Can you post copy or link for unknown email.
Thanks
-dodgy (owner/shareholder - 750k)

https://www.nzx.com/files/attachments/211891.pdf
.
Scroll down
BB:)

[dodgy]

https://www.nzx.com/files/attachments/211891.pdf
.
Scroll down
BB:)

Thanks Billy Boy
Appreciated
-dodgy (owner/shareholder )

[Onthemoney]

Interesting notice today by PPP for sale of assets also change of chairman.

I wonder if NZO will put in an offer?

[ziggy415]

5c ??? WHAAAT ????
I not even going to reach into the bottom draw at that price.
The NTA is 7.8c
Jeezzzz
BB:eek2:
Is another offer coming....ppp coffers getting quite full and Zeta will want to get thier hands on it

[Marilyn Munroe]

Pan Pacific Petroleum to de-list from the NZX.

https://www.nzx.com/companies/PPP/announcements/288676

Boop boop de do
Marilyn

[whatsup]

5c ??? WHAAAT ????
I not even going to reach into the bottom draw at that price.
The NTA is 7.8c
Jeezzzz
BB:eek2:

B B my .05 was a bit too generous what with the delisting request , price now circa .03, hmmmm !

[blackcap]

B B my .05 was a bit too generous what with the delisting request , price now circa .03, hmmmm !

Cash shell again now with NTA of about 4.5 cents. What do they do now?

http://www.asx.com.au/asxpdf/20170418/pdf/43hkl1gtl1nyg7.pdf

[flyingmariner]

Curious to see if any one else has had problems with their PPP holdings not showing up on the Link Market Services in Aust. after the transfer?

[Mawaihakona]

Yes, there appears to have been an issue with the some of the details transferred over - in my case the first line of my address was omitted

If you drop the registrars a line Registrars@linkmarketservices.com.au, they should sort it for you

[skid]

I had just about blocked that bad memory from my conscious mind and then you guys went and brought it up again:(

[fish]

Sorry to mention ppp again
Is anyone interested in the Zeta offer-if so cash or zeta shares?

[RTM]

Sorry to mention ppp again
Is anyone interested in the Zeta offer-if so cash or zeta shares?

Cash for me. Time it was over.

[fish]

Cash for me. Time it was over.

Thats my feeling as well but I havnt looked at the alternative

[Lion]

Sorry to mention ppp again
Is anyone interested in the Zeta offer-if so cash or zeta shares?

So, what are you PPP guys being offered, exactly?
I don't hold PPP, but do have some CUE, and I have never seen any sort of offer. Maybe there is none.

[digger]

Cash for me. Time it was over.

I have 3 million of these shares. As I read the so called scheme only Australian shareholders can exchange for ZETA shares . The rest of us have to have to take the cash. In fact if as an non Australian you elect to take the ZETA shares you get them and then they sell them on your behalf all you get the proceeds. Not a good arrangement. Looks like your stuck with the cash of 3.8 cents.

[freddagg]

Did you vote against it Digger. I did but I only have 200000 shares.

[digger]

Did you vote against it Digger. I did but I only have 200000 shares.

yes ,but my vote never seems to make a difference

[fish]

I have 3 million of these shares. As I read the so called scheme only Australian shareholders can exchange for ZETA shares . The rest of us have to have to take the cash. In fact if as an non Australian you elect to take the ZETA shares you get them and then they sell them on your behalf all you get the proceeds. Not a good arrangement. Looks like your stuck with the cash of 3.8 cents.

what if you dont sell-can you seek independent arbitration and a fair price as in nz?

[fish]

what if you dont sell-can you seek independent arbitration and a fair price as in nz?

Digger i have only got a few hundred thousand of these and havnt the time to research or get legal advice.
With the number you have I would seriously look at the provisions in section 232

Minority shareholders have rights-including being bought out at a fair and reasonable price

[digger]

Digger i have only got a few hundred thousand of these and havnt the time to research or get legal advice.
With the number you have I would seriously look at the provisions in section 232

Minority shareholders have rights-including being bought out at a fair and reasonable price

thanks will do

[fish]

thanks will do

Only a few days left before we are told we have to choose between Zeta shares and cash.I cannot believe this is fair but we are dealing with Aussies and I dont know .I am trying to find out more through asb securities and am expecting a phone call today from Chris at ASB but will be surprised if I get an answer to all my questions.
Digger have you found anything out?

[Alz99]

Only a few days left before we are told we have to choose between Zeta shares and cash.I cannot believe this is fair but we are dealing with Aussies and I dont know .I am trying to find out more through asb securities and am expecting a phone call today from Chris at ASB but will be surprised if I get an answer to all my questions.
Digger have you found anything out? any news or info you can share?

[fish]

any news or info you can share?

Sorry I decided I didnt own enough to really care.
My understanding is the default position is that you get Zeta shares.
Hence I have done nothing and expect to hear sometime that I am now a Zeta shareholder by default !

[digger]

My daughter decided to take the cash for her PPP shares. To date she has not got any money for her shares. Has anyone else had problems and are still not paid? Zeta claim they sent the money but not so or lost in mail.

[blackcap]

My daughter decided to take the cash for her PPP shares. To date she has not got any money for her shares. Has anyone else had problems and are still not paid? Zeta claim they sent the money but not so or lost in mail.

I got my cheque a month or 2 ago... (i cannot remember exactly as it really was that long ago)