TAP oil-undervalued

[JBmurc]

just brought into TAP at 1.96av ;) good entry point for Amulet 20% tap 30-40mmbbl. Success could at least double TAP's price.
with Cutter 40% tap-50-80mmbbls,Galloway 25% 28mmbbls,wollybutt south also to be drilled soon TAP looks to be very cheap under $2

[JBmurc]

Amulet to spud in 5 days ,massive upside with little downside on a duster with 100mill in the bank ,no debt many more drill to come
a NTA of 124 and best of all you can buy them at 183.5;)

[Heavy Metal]

Good call JB, they're using that $100mill in the bank to fund a 6% buyback. They need to have a better strike rate to keep up revenue though, I presume Woollybutt runs out soon looking at the 08 eps estimate of only 10cps.

Isn't TAP's share of Amulet 50%?

[JBmurc]

Yes tap has a 50% in Amulet

looks well supported with TAP announcing a 10,000,000 SP buy-back over the next year.should rise over next couple weeks while they drill the very prospective Amulet 40mmbl with any major selling on duster being soaked up by the companys buy-back .making TAP a very good punt if it hits paydirt TAP sp will rocket, if it,s a duster the downside should be alot less.
IMO -above $2 till amulet is known ,if good at least 3.50
-TAP can start buying on market in 14days very soon to time they will have reached target depth on amulet ;) with TAP ,daytraders,holders,investors all trying to buy up on good news the SP could spike over $4
P.S just check out TAP,s permits

JBMURC HOLDS TAP

[ananda77]

...tap spudded AMULET_1 24-5-2006

...drilling will take 11 days

Kind Regards

[clearasmud]

Doubled up at 1.79 yesterday on the belief even if amulet fails sp will not collapse any lower than 1.79

They have a couple more exciting drills in 2h06 including the highly regarded cutter prospect

they have estimated 60c/share cash plus oil reserves of $1.10/share plus upside

[JBmurc]

crude-71.32usd TAP 179c HDR 180c ARQ 159c[?]anybody want to buy a new house in queenstown ;)these three mid-caps are bargin buys in a taxloss selling market ,if my house sells JBMURC will buy up large before the end of june;)


p.s R.V 800,000 best offer will buy.

[Heavy Metal]

Well Murcky and Muddy you got your wishes, $1.79 the low, the drill looks promising so far, 26m of HCs struck.

[JBmurc]

If amulet hits 30-40mbbl (looking good with HC shows)TAP will rocket to $3 ,major worrys is to be non-comerical or gas
gutted that I didn,t buy more at 1.78c instead brought into HDR [V]
was 50:50 certainly taking the shine of TAP's rise with HDR tanking
still if TAP goes to $3 :D

[JBmurc]

crude oil ain,t going down in a hurry,could well see $80 in the short term with news like this-


LAGOS, Nigeria (CNN) -- Armed attackers stormed an oil rig off the coast of Nigeria, kidnapping eight foreign workers and raising new fears over security in Africa's top oil producing nation.

;)

[Heavy Metal]

From the West Australian, one analyst reckons the fully realised potential for Amulet is worth 85cps for Tap:

Tap said the discovery was encouraging, though it would not be able to comment on its significance until it had fully evaluated the results.

However, StockAnalysis analyst Peter Strachan said the discovery was promising for Tap's pre-drill estimate that Amulet could potentially contain between 30 million and 40 million barrels of oil.

"This could be the discovery of the year in Australian waters, not that there's been much competition," he said.

Mr Strachan said confirmation of a 35 million barrel field would be worth about 85¢ a share for Tap, which holds 50 per cent of the discovery. Kuwait Foreign Petroleum Exploration Co (Kufpec) holds the balance.

I'm awaiting the results with interest.

Don't think oil will reach $80 with that sort of news, needs significant disruptions or Category 6 hurricanes to see $80, there's too much inventory at the moment.

[JBmurc]

-24m gross oil column 20m nett
-stantos now taking up there rights in the forward programme;)
-;)should trade sideways till more is knowing on the volume will be drilling 500m away maybe they think it spreads further laterally than thought ,certainly not the size they hoped for but with the current oil price 20mmbll would still be postive should know fully over the next couple weeks,will be holding TAP

[Mick100]

I'm on board murc
.

[JBmurc]

quote:Originally posted by Mick100


I'm on board murc
.

[JBmurc]

yeah mick looks good buying at these levels 1.88-1.90 will be waiting till later in the month to buy more.remember ;)
-TAP,s a prime tax selling stock till JUNE 30 (june 05 tap sp$2.40-High 3.20)
-IMO from july onwards 2.10-2.20+ if POO holds or even spikes to further highs 75+ TAP will just roll upwards as buyers look for a great high impact drill program in the safe areas TAP holds tenaments;)


-got off HC-
Euroz broker report on TAP post-Amulut-1 result has:

Valuation was $2.06/sh
Price Target is $2.35/sh

Estimate of 5-20 mmbbls of oil at Amulet and say that this would add 20-30 cps to TAP.

STO will pay 15 times the well cost sourced out of the operating cash flow to back in to the well taking an interest of 37.4%. This is around $20million to TAP.

[JBmurc]

unless oil tanks TAP,s going to 2.20-2.30 by end of july IMO
$3 later in the year if oil spikes higher
huge profits to all loyal TAP holders as TAP may have up to 2,000bopd extra soon ;)
p.s- glad i brought more at 1.785c anyone else top up on todays bargin buying 1.55c low 1.85 now


AMULET OIL FIELD DISCOVERY

Tap Oil Limited provides the following update on the Amulet discovery.
Location
The Amulet oil field discovery is located in Production License WA-8-L, in the Dampier Subbasin,
of Western Australia, 34 kilometers north-west of the Legendre oil field and production
facilities.
Amulet-1
The Amulet-1 exploration well was spudded on 24 May 2006 and drilled to its total depth.
A 26 metre oil column on a water contact was discovered in this well. Oil samples were recovered
and indicate a light oil similar to that produced at the nearby Talisman oil field by Marathon in the
early 1990.
A preliminary interpretation of the reservoir indicates that it has the potential to flow oil at rates of
up to 10,000 bopd using a horizontal well. A full core analysis will however be required to confirm
this.
Amulet-1 CH (core hole)
The pre drill planning of this well included the alternative to core the well as opposed to flow
testing it. This is because core data, when combined with pressure testing and sample recovery is
considered to be one of the most effective methods of evaluating reservoir potential and flow
characteristics for a development decision.
Consequently, on 7 June 2006 Amulet-1 CH was drilled and a full 34 meter core section was
recovered. Oil was dripping from this core when it was laid out on the rig floor.
Amulet-2 sidetrack
The Amulet-2 sidetrack well was drilled on 9 June 2006 to test the extent of the Amulet structure to
the south east and investigate the possibility of additional oil reservoirs towards the basin bounding
fault.
This well confirmed both the south eastern extent of the lower oil pool and intersected another oil
pool in a structurally higher sand. This sand contained a 6 metre oil column without a water
contact and better reservoir quality than the lower sand.
The size of the lower oil pool is estimated to be around 24 mmbls of oil in place. Recoverable
volumes of up to 10 to 15 mmbls are estimated at this stage however this will need to be confirmed
in due course when the core data mentioned above has been thoroughly analysed and development
scenarios determined.
Encountering oil in the second sand was an excellent result and it is seismically mapped to thicken
up-dip to the east. Moreover there is potential for yet more oil bearing sands east and up-dip;);)
towards the fault. Establishing the eastern extent of the known upper oil pool and the existence of
additional sands will require another well and the Joint Venture is in discussions on an additional
rig slot at this stage.
Summary
The results of this drilling campaign have been very successful and at this early stage, a
commercial development appears achievable. Tap is enthusiastic at the potential for considerable
additional volumes from the upper oil pool and other seismically mapped events to the east. As the
data is further analysed, Tap will provide updates along with the timing of a follow up well.
Santos did not participate in the original Amulet-1. Should a development decision be made by the
Joint Venture, Santos¡¦s election to back in to this campaign requires it to pay the original well
participants 15 times the cost of Amulet-1 from first oil production revenues. Tap¡¦s pro-rata share
of this is estimated to be around $30 million.
Tap¡¦s Managing director Paul Underwood said this is an exciting
oil discovery at a time of very
high oil prices. Whilst more data is still required, at this stage a commercial development looks
achievable with meaningful additional upside potential should more oil volumes be established to
the east. Further, Tap is extremely well positioned to fund new developments without issuing new
shares with $100m cash at bank and zero debt¡¨.

[kura]

Missed out on the bargain price earlier today, but did buy latter on anyhow, what a rollercoaster of a day for TAP !

With Amulet looking the goods, there will have to be one hell of a correction coming to loose money at the current price.

[port hills]

Got into some of these as well, hoping its downtrend is now over. :)

[kura]

Hope so, it has had a string of bad luck (pouring cash down empty holes) but Amulet should perk interest up.

Extract from Stock Analysis newsletter "...TAP appears to be the most undervalued mid sized oil producer listed on ASX..."

Disc: I have found this publication quite good in past, and don't have a problem recommending it to others. His recommendations were responsible for my portfolio consisting of 80% cash at start of May.

[JBmurc]

Amulet 3- side track well to commence today should take 3 days to drill to depth
on the eastern extent on the upper oil bearing sand discovered in Amulet 2 ;) lets hope they find more high grade oil to increase recoverable oil on Amulet ,should rerate this undervalued oiler if its good my pick 2.50+

[JBmurc]

Peter Strachan (StockAnalysis) one of the best in the business.

little snippet from report 14/6/06..for the rest of the great report you should join StockAnalysis..

""Conclusion
Depending on the final outcome of work at Amulet, Tap appears to be the most undervalued, mid sized oil producer listed on the Australian exchange, trading with an EV/BOE of around $8.7/BOE. (EV = market cap less net cash)""

""Recommendation
StockAnalysis recommends a BUY of Tap Oil. Post the discovery at Amulet, StockAnalysis estimates that the company now trades at a very low EV/reserves of A$8.7/BOE, which is about half the valuation attributable to its peers""

got off HC, just shows how undervalued is mid-sized oiler is.And under $2 is very risk free with 50-100% upside
I hold a large CFD position in TAP so for ever 20% TAP goes up I make 100% on funds invested
P.S- also check out ARQ lots of drilling coming up LOW PE-7;)

[trackers]

Well Amulet looks pretty good I must say, and the news of late has been more than positive; I've taken the plunge, im in.

[JBmurc]

last chance to buy cheap TAP should uptread on further drills & news on amulet ;)got galloway#1 20%tap 28mbbls,then cutter 40%tap 80mbbls
IMO very postive times ahead with 100% gains acheivable

[Bel]

I joined this wagon today at $1.88 may she roll on and up.

[JBmurc]

;)looking good thanks to OIL,s price & TAP,s buyback the downside is over with tax loss selling nearly finished TAP should be over $2 next week and with many investors buying up undervalued oilers for the next years growth.
MY PICKs-TAP ARQ STX looking great buying ;)

[ananda77]

... plus 26 drills during the current year :):):)...happy holding so far...

Kind Regards

[Bel]

Hit the 2$ mark today, great call by JBmurc.

[JBmurc]

-yeah a brief time at $2 notice there is a large seller at $2 forming some resistance, shouldn't take long to push through come next week
-sold my TAP CFD at 1.995 made some %70-%80 on the money invested
-forming a Trading company so had close up my CFD account and reform under the company's name,will be buying back into TAP ASAP;)

[trackers]

Yeah I jumped out at 1.95 for a quick profit. Will get back in low 1.90's if the price starts to trail off (not expecting this to happen tho tbh)

[Bel]

Up to $2.10

[JBmurc]

2.20 next week IMO 2.70-3.20 DEC 06 with so much to come
Still undervalued IMO;)


P.s -ARQ going up as well

[Bel]

Oil hit $75US yesterday. Whoever said that oil would drop to $30US?

[ananda77]

...Galloway-1 spuds - Share price down - familiar???

...ananda77 buys...

Kind Regards

[JBmurc]

will be buying large in both TAP & ARQ as soon as E*Trade gets my new account online.;)


$30 oil [:p] what a joke $100 here we come

[info]

ananda77 "...Galloway-1 spuds - Share price down - familiar???" could you please explain? why is it a buy?

JBmurc can you please explain why you see a buy in both TAP & ARQ

Thanks,

[Bel]

I've lost faith in TAP. For me it was always speculative and I'm now looking to exit and put my money to work elsewhere.
No rush but the decision to sell I have made.

[richierich]

I think you should just hold on to TAP for a bit more... and ARQ is worth looking at as JBmurc mentioned... also AZA

[ananda77]

Belg:

...oilers can be totally frustrating; like oil price up and away and share price down

...the real problem is that the market prices them on the substitution of existing reserves, and that's a tough game

...on the other hand, if they find oil/gas then the share price rockets and you will kick yourself, because now it's too late to be in the market

...so you need to be in the market at all times with oilers...but HEDGED and operating with buy- and sell stops, in case of finds and dusters

Kind Regards

[Bel]

The quaterly report really unimpressed me, all i could really see having occured is that there cash reserves dropped by $2 million.

Still they do have some BIG future prospects in the pipeline...

[JBmurc]

yes they do -Cutter#1 being the biggest SP driver in the short term
-Cutter-1* PEP 38259 40.00% 50-80 mmbbls oil 3Q 06
will be great for Tap and mainland NZ if major oil is found.

Why i like ARQ TAP mainly the strong cashflows from there current production ,large bank balances,unhedged to oil price,good managerment, and most of all good growth prospects.

;)

[trackers]

quote:Originally posted by JBmurc

yes they do -Cutter#1 being the biggest SP driver in the short term
-Cutter-1* PEP 38259 40.00% 50-80 mmbbls oil 3Q 06
will be great for Tap and mainland NZ if major oil is found.

Why i like ARQ TAP mainly the strong cashflows from there current production ,large bank balances,unhedged to oil price,good managerment, and most of all good growth prospects.

;)


Have to agree with you there JB re TAP's prospects; Any thoughts on this current Galloway drill?

[kura]

I'm surprised it has drifted back to 1.85 & am prepared to have a punt at this level (took profits on my previous holding)

[clearasmud]

Its the nervous nellies as the result of the current drilling.
Yet the downside seems minimal still a buying op is likely to occur

[trackers]

yeah, was looking at a bit of upside today, but the change in notice by UPS upsetted this..

Not altogether worried though, they last adjusted their portfolio in June, days before a good drilling result and gains from Amulet finds. I've bought in, just seems too low atm imo, plus the possibility of any one of these current drills showing good amounts of oil seems quite high

[ELYOB]

Cutter not that far away . Buy back should cutter in soon .










[B)]

[JBmurc]

crude oil down ,Bargin tap shares today IMHO TAP should be great buying even if the Galloway drill is dry(which you would think with the current SP) -Bricklanding&Cutter are the drills that will double the SP.
1.80-1.82 sounds good to me;)

[ananda77]

Libris-1 spudded; drill ~25 days

[ananda77]

...judging the availability of 'shorts' in the last 30 min, think we have a find on our hands tomorrow -this is total speculation of course-

Kind Regards

[trackers]

Up 6 cents, most of which in the final session...I'm hopeful

[ananda77]

trackers:

...it's either a 'find' or the 'buy-back' cutting in strategically to buffer the fall in case of a duster...

..anyway, my hedge price is in, so no worries either way...

Kind Regards

[Bel]

An predictions as to how low the sp will go today?
TAP is a pretty small position for me but i'd like to know how after spending millions on 3d seismic surveying etc a well could come up empty of hydrocarbons?

[trackers]

Don't think people had high expectations for this well..high risk high return; I personally believe a few dusters from these wells are factored in and the fall will be 3-4c (remembering the buy back in play)...But who can say

[Bel]

Sigh.
Looks like your very much correct trackers. Though i must confess i'm quite happy to have been wrong in suspecting a much larger drop.

[trackers]

Yeah, looks to be all good - Only factor to consider is whether they're buying back to hold up the price or not? The volume has been semi-reasonable so I suspect the buy back is not in play (or not much anyway).

Which leads to the conclusion that the duster was indeed factored into the sp; still a happy holder, Trackers.

[clearasmud]

Share price currently in freefall:(

Most oilers under stress atm

[trackers]

:(
I can understand the downside, given the drop in revenues from q1 '05... I'm just praying for some success with Cutter (I'm hoping this drill should generate some excitement)

[JBmurc]

-Good entry point 1.76 for the very pospective- Cutter*1 drill IMO
has bounced of 1.75 resistance in the past
-too many positives for TAP too stay under 1.75 over the short-med term,10 more drills in 06,oil price could rocket on any supply issues
or More news on Amulet,100m in bank good news on a purchase;)

[Bel]

I have a gut feeling that TAP will bounce again but once it does i think i'll bail. I have no faith in the future of this company any more. Not when theres plenty of other opportunities out there at the moment.

[JBmurc]

[quote]Originally posted by Bel

I have a gut feeling that TAP will bounce again but once it does i think i'll bail. I have no faith in the future of this company any more. Not when theres plenty of other opportunities out there at the moment.


Yeah Tap will bounce up for cutter#1 60-80mbbl Target;)Don,t Know about and better unhedged mid-cap oiler with over 30% of there market cap in the bank,at current sp 1.74
have certainly dissappointed shareholders over the last year,but things could soon change, reserve issues are the main concern with falling production which could soon change on Cutter-bricklanding;)
if not TAP then-ARQ,COE,STO, higher risk ADI,STX

Iran fears could make oil top $100
Evening Standard
31 August 2006

If Israel attacked Iran's nuclear facilities, '$100 oil could look modest', says Drollas. 'I'm pessimistic myself. It has all the potential to flare up.

OIL prices could top $100 a barrel if the diplomatic situation surrounding Iran's nuclear programme worsens significantly, experts have warned.

Amid growing fears the country plans to build nuclear weapons, the UN had given Tehran until today to stop enriching uranium or face unspecified consequences.

Iran has repeatedly said it will not freeze its nuclear programme, which it insists is for electricity generation, and has threatened to respond to any sanctions by reducing its own oil exports.

With the world's spare oilproduction capacity cushion wearing thin and the peak winter demand season approaching, a substantial cut to Iranian exports could see prices move as high as $100, says Leo Drollas, chief economist at the Centre for Global Energy Studies.

[ELYOB]

Tap has potential , but mgt conservative with the cash . Trying it by small steps for now . A hit will make them drop this approach . They plan to be around for the peak period . Many other oilers suffering the same fate atm . Dont worry , Take ........the risk !

[Bilo]

Does anyone know where to look for information about Bricklanding - potential target and timing? I couldn't find much in TAP standard communications but have I missed something?

[trackers]

STOCK EXCHANGE ANNOUNCEMENT
6 September 2006
LIBRIS-1 PROGRESS REPORT
Pan Pacific Petroleum advises as at 06:00 hours this morning, the Libris-1 well was at 3481 metres. The well will be evaluated over the next 7–10 days.
WA-246-P Joint Venture Participants:
Pan Pacific Petroleum NL 10%
Apache Northwest Pty Ltd (Operator) 45%
Kufpec Australia Pty Ltd 20%
Santos (Globe) Pty Ltd 15%
Tap (Harriet) Pty Ltd 10%


As Fred mentions on the PPP forum, the chances of there being a 7-10 day eval of a dry well... is slim

[trackers]

Well, its not dry...But may as well be. Not suprising given the thrashing that the sp have taken over the last week.... Take the falling POO into account, and its quite unfortunate indeed

Time to turn to one of the two exciting drills coming up - Cutter tap 40% on 50-80mmbbls....

Drilling due to start mid September, now... Had a look, looks like Nexus has nearly finished up with it, so she'll be on the tow soon!

"Longtom Update and Longtom-3 Well Progress report number 9,
September 5th 2006
Following the successful completion of drilling operations on the Longtom-3 well Nexus has
completed a preliminary evaluation of well results and decided to complete the well as a
future producer. The final remaining appraisal objective of the well is a production test
confirming the productivity of the 4 reservoirs, (three of which have now been perforated,
with the fourth to be perforated later this week). Two tests will be undertaken with results
expected to be available within two weeks."

So, given that came out on Sep5, production tests should be about 1 week, with results another week? If thats the case, OP should be nearly on its way

POO $66 US = $87 AUD

x50mmbbls = $4,350,000,000 AUD; Taps share (@40%) = $1,740,000,000 AUD

x80mmbls = $6,960,000,000 AUD; Taps share (@40%) = $2,784,000,000 AUD

No idea on flow rates, or the margin involved (I do understand that they have a lot of piping ready to go, and that the permit is quite close to onshore, near oamaru)

[bermuda]

Well the sp is back to October 2004 levels this morning.This company is better than that.

[trackers]

quote:Originally posted by bermuda

Well the sp is back to October 2004 levels this morning.This company is better than that.


Yup, pretty depressing...Wonder why the buy-back hasn't kicked in lately, geez... (my impression is they've brought back 1mil of a poss 10mil...?)

[Bel]

Maybe they know that the SP will go even lower?

TAP is certainly depressing reading currently.

[edison]

mate the oil price is tanking ...... all major oil stocks (WPL, HDR, PSA, ROC, TAP, ARQ, OSH, etc etc etc) are taking a hammering this morning. This will continue until:

- End of October when general correction is completed.
- Northern Hemisphere gets into winter mode and need oil for heating.
- Some massive oil disruptions happening.

Smart TAP management knows this and may wait to buyback later.

[kura]

Quite right Edison, tempted to start buying, but will just see where the price drops to ( I allways buy in too early )

[trackers]

Well got hammered in this stock, be interesting to see how the next couple weeks pan out given that its at bargain basement prices and Cutter is due to start any day.

geez if cutter finds what its looking for this stock could go a long way up; I aint going near it until it does though lol

[Bel]

Could you explain what you mean trackers? For me TAP was only a small holding and as a result i'm only down ~$1K since this was a stock i was only gambling with the paper loss doesn't bother me at all (yet lol, dependant on the cutter result)

Are you saying that you've already sold out and will only buy back in, in the advent of the sp taking off?

[trackers]

Yep, got stop lossed out. Keeping my eye on a reentry, but the situation would have to dramatically improve

[Bilo]

Ocean patriot to be released from Nexus (ASX:NXS) on Wednesday 20th September...

[kura]

I took a punt today, and got aboard again, mainly as a punt on Cutter, as my "rough and ready" valuation theory of TAP tells me that failure at Cutter should have minimal impact on the share price, why do I say this ?
- TAP has had such a lousy record with recent drilling, it seems the market has discounted any possobility of Cutter success down to zero. (suffers the "ugly sister" syndrome)
- Underlying assets (cash & proven resources) underpin current value.

Of course I have a vested interest in TAP now that I have purchased some today, and I have been in and out of TAP for several years now, and while I have had some short term trading pleasure, I would prefer a longer term relationship.

Disc: Also purchased some ROC for long term portfolio today.

[JoeKing]

Kura, guess we'll know in 11 days (or less if oil comes up to meet OP).
Tada!! Hector 1 is spudded!
Cheers and good luck holders
JK
Discl. hold TAP, and PPP, so if hole is dry lets hope for a southerly gale to get OP north quickly.

[Bel]

They spudded cutter-1 today.

Finger nail biting stuff really. If this comes up dry we will all be throwing away a lot of dough.

[clearasmud]

quote:Originally posted by Bel

They spudded cutter-1 today.

Finger nail biting stuff really. If this comes up dry we will all be throwing away a lot of dough.


Cost to Tap only $6m.
Considering they have over $100m in the bank now fairly insignificant.

[trackers]

quote:Originally posted by clearasmud


quote:Originally posted by Bel

They spudded cutter-1 today.

Finger nail biting stuff really. If this comes up dry we will all be throwing away a lot of dough.


Cost to Tap only $6m.
Considering they have over $100m in the bank now fairly insignificant.


Not really..... not many exciting drills left in the calender...

[Bel]

Exactly. I'm already sitting on a paper loss with tap and if this drill fails i see no way of recovering it so i'll be selling.

Now i might be full of it and completely wrong but i feel that TAP's SP would be a lot higher if they had been actually distributing dividends rather than just sitting on a lump of idle cash. (would of bought in yield investors instead of just speculators/growth investors imho)

[JoeKing]

TAP OIL
Inside Trader stock pick of the week

Symbol / Company
TAP / TAP OIL LIMITED
Date Picked
10-10-2006
Price When Picked
$1.620
Company Overview
Tap Oil Limited is an oil and gas exploration and production company with interests on the North West Shelf of offshore Western Australia, the Gippsland Basin off Victoria and New Zealand.

Tap's main production assets at this stage are its 12.22% interest in the Harriet Group of oil and gas fields and a 15% interest in the Woollybutt Oil Field both located offshore in the Carnarvon Basin, Western Australia.

Nielsen Indicator Buying Level
There are currently twice as many buyers as sellers and there is also evidence of smart money.
Weekly Trend Analysis
Downtrend
Daily Trend Analysis
Downtrend
Short Term Support
$1.55
Short Term Resistance
$1.66
Broker Analysis
Num. Analysts in Sample
9
Recommendation
Buy

[bermuda]

JoeKing,
I agree wholeheartedly with you.This company is severely undervalued and will be rerated in the immediate future.i.e. the Cutter drill.This drill will encounter oil and it will be reported as such which will give the uninitiated a big thrill and drive the price a lot higher.

HOWEVER,be very careful as it may not be an economic find and my advice would be to enjoy the thrill and drill and sell before the final Drill Stem Analysis analysis.

Although I am not a holder I really do wish they strike it rich.It would be great for NZ and obviously brilliant for the South Island.

[JoeKing]

Bermuda
Thanks for comments... appreciated.
My intention is to do exactly as you suggest. If TAP proves good I will cash out on the thrill and poor the lot into PPP before OP has anchors up. TUI is (virtually) in the bag, and if any of the peripherils (especially Hector) can be tied in then current estimates PPP prox 45c TUI alone, could go to $1 plus, by April 07. Will then cash out and put most into BOW for home run 2008.
Latest ann from HZN puts MAARI developement on schedule but production still not invisaged till 2008. So looks at this stage like you might be in line for a couple cases of good shiraz as wagered. If so, I will be only too pleased to deliver them personally. I'm sure you too will be in a celebratory frame of mind...
Cheers
JK

[neopole]

$1 plus for ppp by 04 07?
thats 6 months away.........
a potential 5 to 6 bagger in that time.
i have ppp, if all the wells come up economical,
i would of thought ppp to be in the range of .45 to .50.
and thats only from reading other posters views.
i would be interested in hearing your views JK about ppp possibly hitting a $1,
as it seems now that many investors and punters are holding back.

but i do hope your guess is right!!

[JBmurc]

did well with TAP on Amulet#1 and oil price rise;)
with oil down and cutter on the go I,ll be taking a- long CFD on TAP soon
Margin 15%- hopefully a good exit on oil shows 1.90-2.10
giving a 150%-200% profit

[JoeKing]

Hi Neopole.
Someone who is much more qualified than I recently posted some comparison calculations between PPP and NZO and came up with a value of 43cps PPP share of TUI spoils using updated POO and Capex figures that was agreed to by other knowledgable posters at the time. Hector potential is almost double TUI, throw in a Tieke and/or?? and yes PPP sp could very well exceed $1 IMO. After all Neil Tomkinson didn't pay up to 21c to secure 33 plus million PPP shares for nothing...
I have been unable to find the posts, maybe the poster would be kind enough to repost.
Cheers
JK

[JoeKing]

Well, well, well. TAP still not doing too good in the finding oil department Hector-1 is a bummer:-((
Amazing 2nd drill to commence from same entry point to target 1.8 kilometers away....
update from Cutter can't be far off?

[JBmurc]

Bumping long there low trading band-$1.30-$1.60 - check out the 5yr chart TAP's bargin buying at this level .
-With crude over $60 again, 110m+ in the bank,low MCap-230mill
-12-20mmbbls at amulet 20% TAP further drilling early 07
-Has a large Quality drill program ongoing any major success will rerate alot higher $2-$3sp -Bricklanding 12.4%tap 20-50mmbbls 300bcf gas now drilling
-possible Take/over -AWE STO BHP EXXONM BPT;)

JBMURC-holds TAP 1.47

[clearasmud]

Volume dropping lately,are sellers getting reluctant?

[tracker]

anybody in?

tight stops as always

tracker

[clearasmud]

Still got mine ,almost back to breakeven:)

[Mick100]

Yeah, bought about a year ago @ $1.95
Added to my position a few weeks back @ $1.54
Finnally back in the green on these.

Full-on drilling program in the 2H
Could be back up to $3.00 by the end of the year with a bit of luck.
.

[ELYOB]

Been closely following this oiler explorer. Everything is about to come together , it is basically an explorer rather than producer . Some big hard hitting wells about to happen , and this will compliment the imminent surge in production in June 08

Time to get set for those who want to make serious money ..

Topped up with 110,000 at $1.57 on Friday last and now it has reached 1.68 today . Talk is around it will have legs for $2.50 on any success. # big wells between now and Xmaz .

dyor

[Bilo]

Been closely following this oiler explorer. Everything is about to come together , it is basically an explorer rather than producer . Some big hard hitting wells about to happen , and this will compliment the imminent surge in production in June 08

Time to get set for those who want to make serious money ..

Topped up with 110,000 at $1.57 on Friday last and now it has reached 1.68 today . Talk is around it will have legs for $2.50 on any success. # big wells between now and Xmaz .

dyor

DYOR ELYOB! TAP has a significant income from production - Carnavon (Harriet JV) oil, incl Woolybutt, W Cycad, John Brooks gas, which have more than funded exploration for a number of years and now underwrite
their active exploration program for many more.

AUD100M cash in the bank. ~100M revenue from oil and gas sales for each of the past few years. 30M in additional gas sales per year for the next 8yrs...
NOT just an explorer...

Also tipped as the next junior oiler to be the subject of merger activity so they may not be around to see the year out.

[airedale]

Tap has been holding support/resistance around $1.60 since January. I am watching for an increase in volume/obv to get back in. Yes well financed, has production, cash in the bank, rising price of oil. Definitely one to watch.

[ELYOB]

This could bounce as Marley-2 is about to happen next couple weeks . Mpex are slotting it in .......in their Oil?Gas Insider on Thursday atleast!

Johnson well ?????

Watch this one , could be the start , for the the Mr Market to start talking ....?

Hold TAP; dyor

[ELYOB]

Tap made a late ASX announcement tonight after market .....


Big action in this 48 day well............. worth playing , and do research


Philippine wells are imminent as well .

All happening here ; TAP could really bolt with these huge wells .

Brunei is before Xmaz as a back stop in playing these wells

Hold TAP ; dyor

[JBmurc]

Looking good will be looking at taking a new position in me old favourite TAP today if CTX hits $14

[ELYOB]

This is going to make the MR Market stand-up....and talk....

TAP has put out a new PRESENTATION late Thursday night about the high 3-4 impact explorers [well well....] ongoing to Xmaz08 , with the first spud of Marley-2 last couple days .

This is flying under the radar atm .........

Hold TAP ; Dyor

PS : Stockanalysis ; Euroz and others have done some work on this but they are not up to speed with the latest , see Presentation to fill in the cracks .

[ELYOB]

These started last week and will go on for the next 10 days .

*Coordinating with with t = time on the ground as the exploration programs are progressing . Marley is happening and the others will be announced shortly

[the machine]

interesting what they say about maitland and corvus as have an interest in these permits through ppp.

many years ago we sold out of tap at about $1.60 and they have been up and down since - best thing was put proceeds into nzo at about 30c.

tap have declining production, exposure to burrup and if do not deliver the goods soon then might be taken over.

remember when they tried to buy arq, must be kicking themselves for not keeping and growing the stake.

M

[shasta]

interesting what they say about maitland and corvus as have an interest in these permits through ppp.

many years ago we sold out of tap at about $1.60 and they have been up and down since - best thing was put proceeds into nzo at about 30c.

tap have declining production, exposure to burrup and if do not deliver the goods soon then might be taken over.

remember when they tried to buy arq, must be kicking themselves for not keeping and growing the stake.

M

TAP's presentation to the "Good Oil Conference"

http://www.stocknessmonster.com/news-item?S=TAP&E=ASX&N=419700

A tidy producer, NO DEBT, seemingly sustainable reserves & plenty of upside when oil prices turn around ;).

Still to decide the O&G producer i'll need when oil has its next run :rolleyes:

[shasta]

TAP's presentation to the "Good Oil Conference"

http://www.stocknessmonster.com/news-item?S=TAP&E=ASX&N=419700

A tidy producer, NO DEBT, seemingly sustainable reserves & plenty of upside when oil prices turn around ;).

Still to decide the O&G producer i'll need when oil has its next run :rolleyes:

TAP update re Cyrano...

http://www.stocknessmonster.com/news-item?S=OBL&E=ASX&N=305026

Dibbler-1 update

http://www.stocknessmonster.com/news-item?S=TAP&E=ASX&N=420295

[shasta]

TAP update re Cyrano...

http://www.stocknessmonster.com/news-item?S=OBL&E=ASX&N=305026

Dibbler-1 update

http://www.stocknessmonster.com/news-item?S=TAP&E=ASX&N=420295

TAP down to 87c (down 8c today), OUCH :confused:

[soulman]

Shasta, I can see that there is currently a commodity correction here, or maybe a crash? Who knows? Oil and gas, mid cap miners sold down heavily. Interested in MRE right now but not sure if Glencore has an interest in bidding for the rest of MRE seeing that they have been buying a lot lately on market.

Interesting to see if ELYOB sold his position on TAP for profits or still averaging down. Share price has been mutiliated in a lot of commodity stocks especially the small to mid cap.

I am guessing JBM at $4 and AGM at $0.20 if they have not been taken over for $23 and $1.10 respectively. Wow, what a carnage.

[shasta]

Shasta, I can see that there is currently a commodity correction here, or maybe a crash? Who knows? Oil and gas, mid cap miners sold down heavily. Interested in MRE right now but not sure if Glencore has an interest in bidding for the rest of MRE seeing that they have been buying a lot lately on market.

Interesting to see if ELYOB sold his position on TAP for profits or still averaging down. Share price has been mutiliated in a lot of commodity stocks especially the small to mid cap.

I am guessing JBM at $4 and AGM at $0.20 if they have not been taken over for $23 and $1.10 respectively. Wow, what a carnage.

If anyone believes OPEC will let oil go below $US90/bbl they need there head read...:confused:

It's about positioning oneself for when the turnaround happens...

I'm not sure about TAP, except it seems to have been hit a little harder than others in the sector, perhaps oversold?

You're braver than i to contemplate Nickel companies at the moment!

[ELYOB]

Honestly , I didnt get caught here on the sell down lucky! But , I got caught bigtime in BPT which has been cruel . I dumped IRN at the top , because BPT was hurting ......lucky in some , esp with the T?O going bad on IRN . A mate of mine got killed there . TAP is a stock I still like . It will be back ........6months , a guess? TAP is capable of surprising us with something out of left field , another guess!

[shasta]

Honestly , I didnt get caught here on the sell down lucky! But , I got caught bigtime in BPT which has been cruel . I dumped IRN at the top , because BPT was hurting ......lucky in some , esp with the T?O going bad on IRN . A mate of mine got killed there . TAP is a stock I still like . It will be back ........6months , a guess? TAP is capable of surprising us with something out of left field , another guess!

TAP - Dibbler-1 Update

http://www.stocknessmonster.com/news-item?S=TAP&E=ASX&N=421246

[shasta]

TAP - Dibbler-1 Update

http://www.stocknessmonster.com/news-item?S=TAP&E=ASX&N=421246

TAP - Presentation

http://www.stocknessmonster.com/news-item?S=TAP&E=ASX&N=447833

Cashed up, no debt & high % of institutions on the register

I can see TAP getting snapped up for ~$1.50 a share

Some nice assets & future drilling programme ;)

[trackers]

Yeah I'm a bit of a fan of Tap, really solid credentials in this tough environment (albeit a ****ty 2008), looking at an entry sub $1

This article from oilbarrel.com is a good summation ($3.50 valuation?):


April 28, 2009

Aussie Junior Tap Oil Has An Horrendous Year But Still Has Two Outstanding Projects to Watch





If you think you’ve had a tough year, think again, and compare your hard-luck story with that of Tap Oil, a small Australian oil and gas company dogged by dry holes, fire at a gas hub, and a lousy share price. All of that bad news coalesced at Friday’s annual meeting of Tap when a handful of Bolshie shareholders rudely pointed out the shortcomings, even suggesting that management take a pay haircut and stop the issue of options because they were an undeserved reward. It was a sobering affair witnessed by oilbarrel.com’s Man in Oz who popped along to the scenic Kings Park conference centre to see whether Tap’s story was as bad as its enemies claim. It wasn’t, not that Tap does a very good job of selling itself, even scarring off the major local media outlet in town which couldn’t be bothered attending because of a previous disagreement, a perfect situation for oilbarrel.com to do what Tap’s trying to do – make a discovery.
In the case of oilbarrel.com the discovery in question is not of oil in the ground, rather that of an unloved, under-researched, poorly-performing stock which desperately needs to snap out of its “sulk”. Rather than sticking its corporate head into a hole as deep as one of those it drills, Tap would be well advised to forget the past and focus on a future which can only get better, especially if the oil price behaves as many experts expect and rises strongly in 2010. That’s when investors might discover a company which is trading at cash backing, has at least three long-life income streams, and is about to start drilling in one of homes of oil in South East Asia, Brunei.

Tap chairman, Neale Taylor, acknowledged and effectively apologised for an awful 2008. He singled out two events which sorely challenged management. An explosion and fire at the Varanus Island gas hub off the north-west coast of Western Australia which processes gas from Tap’s 12.22 per cent-owned Harriet joint venture, and the shutting in for much of the first half of 2008 of the 15 per cent owned (and delightfully-named) Woollybutt oilfield so “issues” with emergency shutdown equipment could be rectified. On top of that was the usual oilfield dilemma of dry holes such as the 50 per cent owned Lumba Lumba 1A in the Philippines – and that horrible share price which has sagged from a peak in late 2007 of A$2.50 to a low in late 2008 of A49 cents. Worse than the fall is the fact that Tap’s shares barely acknowledged the oil-price boom of early 2008, which probably did as much as anything to drag a bunch of ancient investors along to the annual meeting to vent their spleens, assiduously voting against everything recommended by management.

With that picture in your mind of a company in the sin bin it might come as some surprise to imagine why anyone would bother to take an interest. The answer, somewhat obviously, is that it really can’t get much worse for Tap, and a check list of cashflows and future opportunities reveals a company that, with a modicum of good luck, and a happier relationship with its critics (especially those in the media who have long memories and sharp quills), might actually be worth a closer look. The first point is the cash and profits from a gas-marketing “annuity”, which when Tap chief executive, Peter Stickland, got up to speak at 10.30am on Friday was valued at about A79 cents a share which was, somewhat interestingly, A5 cents more than the A74 cents low point reached by the stock during the previous day’s trading – bet that’s got your attention!

Sadly, oilbarrel.com’s Man in Oz must also report that it caught the eye of a few other observers, because by the time Stickland sat down Tap’s share price was on the move, closing on Friday at A87 cents which means some clever punter made A13 cents per share, or generated a return of 17.5 per cent on his money “in a day”. It gets better, not that a word of the news from Tap’s annual meeting made it into the Australian media. This report, on a London website, is the first coverage of the event, such is the unfortunate relationship the company has with the Australian media, perhaps a throw-back to making lots of promises some years ago, and not delivering. We move on, because the purpose of this dispatch from the field is not to rubbish Tap, but to draw the attention of wider audience to a story missed.

After the cash comes ongoing, and profitable, production which, according to a graph displayed by Stickland (and available at www.tapoil.com.au), boosts the value of Tap’s assets to slightly more than A$2 a share, followed by a valuation of the exploration which lifts the theoretical share value to around A$3.50. Wise followers of the stock market might, at this point, think that a Stickland is adopting the chief executive’s equivalent of the famous Mandy Rice Davies line of: “would say that, wouldn’t he”– and perhaps he would.

The point is that Tap has had a horrible year, or three. It has suffered from lost production following the Varanus Island explosion and fire, plus the outage on the Woollybutt field. Varanus, however, is within days of returning to full production after 10 months of none, or restricted output. Woollybutt is back on line, but will come off for major maintenance soon. Insurance payments from Varanus are flowing in, while the gas “annuity” is a financial delight which deserves a closer look. Back in 2005 the operators of the John Brookes project off the WA coast were worried about a shortfall of gas sales. Tap agreed to buy 33 petajoules and market the gas. The 2005 price was around US$2.50 a unit, the price achieved when sales started was around US$7.50 – and that fat margin runs for 10 years. Beautiful if you’re the middleman, which Tap is.

With cash locked in, plus the gas marketing annuity, and a chastened management which promised shareholders to look at executive remuneration, the next key to Tap is exploration, with two outstanding projects for investors to watch. The first is the potential “high impact” work on a 25 per cent-owned permit located in the heart of a world-class gas fairway on the Exmouth Plateau which lies adjacent to the North West Shell off the WA coast. BHP Billiton is the 50 per cent partner in the permit which contains an estimated 20 drilling leads which include a number of prominent gas bright spots. Stickland estimates that the value potential to Tap is between A$2 and A$3 a share – if multiple trillion cubic feet of gas a day can be discovered.

The second hot prospect is Tap’s hold on Block M in the tiny, but oil-rich sultanate of Brunei. This 3000 square kilometre block includes an old (as in 1922) Royal Dutch Shell oilfield called Belait, and lies adjacent to the billion barrel Seria oilfield. Tap’s plan is to see if there are “down flank” extensions of Seria in its acreage. Work has started with the acquisition of three dimensional seismic around Belait, to be followed by drilling two appraisal wells in 2010. The Seria flank work involves 2D and 3D seismic this year and exploration drilling next year. In terms of location a chunk of Brunei is a handy place to be, hopefully playing a role in the revival of Tap which is a company with a profile lost, but waiting to be found again.

[trackers]

Damn... bought this at 96c at the end of last week and got the jitters so sold it at just over $1 - Now $1.45 with a speeding ticket.

Market was bound to re-rate this eventually, and will do the same with some other mid-cap oilers that spring to mind

[trackers]

Looking for a rebound today on the back of a good rise in WTI and DOW (so far).

My quick back of the envelope calculations:

Market cap after recent rise = AUD$195million

2P Reserves: 5.8mmboepd
contracted gas: 5.1mmboepd (company est $65million worth going forward)
@ 72.50 POO and current AUDvsUSD

= AUD$ 460.8million (2p reserves less 10% costs) + 65million (contracted gas) + 53million (cash) + 13million (insurance claim) = AUD$578.8million


Too long, didn't read?
AUD$
Market Cap $195million
2P Reserves/Contracted Gas/Cash/Insurance: $591.8million
No debt.

52-Week high: $1.99
Current SP: $1.25

[shasta]

Looking for a rebound today on the back of a good rise in WTI and DOW (so far).

My quick back of the envelope calculations:

Market cap after recent rise = AUD$195million

2P Reserves: 5.8mmboepd
contracted gas: 5.1mmboepd (company est $65million worth going forward)
@ 72.50 POO and current AUDvsUSD

= AUD$ 460.8million (2p reserves less 10% costs) + 65million (contracted gas) + 53million (cash) + 13million (insurance claim) = AUD$578.8million


Too long, didn't read?
AUD$
Market Cap $195million
2P Reserves/Contracted Gas/Cash/Insurance: $591.8million
No debt.

52-Week high: $1.99
Current SP: $1.25

TAP back down to $1.03 & i'm sure getting the ruler run over it. :confused:

Like NZO & BPT, TAP also gets the Tapis price which is still over $US68/bbl

Still say $A1.50 would likely get control of TAP & $A2 would scoop it up, with still plenty of upside.

I hope NZO is reading this ;)

[Huang Chung]

Last time I looked at TAP, they seemed to have a collection of very small stakes in a lot of prospects. Great in terms of diversification, but unlikely to set the share price on fire.

Has anything changed?

[shasta]

Last time I looked at TAP, they seemed to have a collection of very small stakes in a lot of prospects. Great in terms of diversification, but unlikely to set the share price on fire.

Has anything changed?

They have some decent exploration targets, quite good reserves, approx production ~1500bopde (ramping back up towards 2000 bopde).

Getting the Tapis price & SP has declined off it's recent run.

No debt, & approx 1/3 Market Cap is in cash.

I see them as a nice fit for the likes of NZO, the extra production would help fund the enlarged exploration portfolio including a favourite area of mine, the Philipines (NDO, OEL, KIK already there)

Very cheap :D

[trackers]

With Oil over $80, the exciting 9 drill 2010 campaign approaching ,including:

- potential company maker in Philipines (Exxon drilling adjacent at the mo') and,
- WA-351-P (2-12TCF target next to Giants in the Northwest shelf and BHP as 55% Operators)

With TAP back to 1.05 it once again is ridiculously undervalued, and I'm in.

locked in gas contracts / cash / insurance make up around $120mil of TAP's current ~$160mil cap - valuing its 5.8mmbo at less than $10 p/barrel and its unexplored permits chucked in for free

[Crypto Crude]

Trackers,
you are da man...
Looks like yourve found a tasty stock...
:cool:
.^sc

[ELYOB]

Exxon is drilling two wells in SC56 commencing 26th , adjacent to TAP’s SC41 permit, where Wahoo Prospect is on the radar ...

TAP is now one of my core stocks started to buy 1.08 and 1.05 now , so hold.

SC , please run the ruler over this if you have time , would be appreciated .

Targeting $1.57 S/T

[Crypto Crude]

ELYOB,
next week I will post more info...
usually you can get a good idea of where the company is headed, or how great the company is with just 20mins research...
it should only take that...

eg,I looked at RFE and knew within 10 mins that it was a dog...
same with GDN....AZZ...

TAP clearly meets my criteria of low technical downside risk...
looks favourable, and I will explain why during the week...

What I mean by low technical downside risk is as follows...
That the company has support from projects/activities/production/cash/ to protect downside technically... but this does not necessarily mean that there is no downside risk...
eg downside to the shareprice comes in other forms such as market risk/ market cycles/ business cycles/manipulators/traders, which can cause losses in the short term, but over time as these get factored out, then the upside kicks in, in what was always suppost to happen, but as usual on an uncertain time scale...

so downside risks come from factors unaffected by the company directly... this is good... because all companies hold these set of risks, aswell as company specific risks, which are low for a stock like TAP...
and they have the cash backing... and exploration drilling for the upside...

I will post direct info on TAP during the week...
good pick Trackers ELYOB...
bye for now...
:cool:
.^sc

[bermuda]

Tap have great potential but things went awry for them about a couple of years ago and since then they have lacked support. They need to get rid of this baggage and get one of these big fish hooked to rejuvenate things.

Undervalued. But so many opportunities are so marked down it is hard to take your pick. The market has never been riper for the plucking.

[ELYOB]

Euroz Securities will put out a new sheet this coming week , they are backing this one . New valuation of $1.43 disc 10% nom.

Wahoo and return of production ship on radar ; plus plus plus ...

Pick up more at $1.00 on Friday , but this week may be tough for oilers???? Have a swag of TAP averaging $1.04 , very pleased .

[trackers]

TAP appoints the former Woodside Chief Financial Officer to the board...sounds good to me, but does anyone know anything about this guy?


http://www.stocknessmonster.com/news-item?S=TAP&E=ASX&N=468786

[Misc]

Indeed undervalued , its the 'plus plus plus' ELYOB alluded to that will drive this forward toward take-over , imo , possibly sooner than many think! I hold.
M

[trackers]

Indeed undervalued , its the 'plus plus plus' ELYOB alluded to that will drive this forward toward take-over , imo , possibly sooner than many think! I hold.
M


Hi Misc,

I agree - The return of Wollybutt is imminent, but the real drivers of this will be WA-351P (Northwest shelf, 2-12TCF) and SC41 (Philipines) in 2010 - I'm picking these drills will light a fire under TAP when coupled with TAP's strong cash position and production profile

[ELYOB]

More cash on hand from ASX announcement re Insurance final payout . All ac-counts !

[Misc]

Yes indeep SC41 and the NWS exploration assets are not valued at all in the current SP. Further 'areas of interest' in other 'red hot' offshore exploration fairways will also have a large part to play in the imminent re-rating , imho.

Misc

[trackers]

Huge news for TAP.


From quarterly:
" It is also worth noting that ExxonMobil has
commenced drilling a significant exploration well in the adjacent deepwater permit SC56; Tap will
monitor the results of this well and assess their relevance to SC41. "

----

Hydrocarbon deposit found in Sulu Sea

EXXON Mobil Corp. has struck hydrocarbon deposit in its exploration block in the Sulu Sea, spurring the multinational oil giant to drill further down the existing well and to drill another one.

“Logs taken at the Dabakan-1 well indicate that we encountered reservoir sands and hydrocarbons. The well will be drilled further to a total depth of approximately 5,000 meters (16,400 feet), setting the record for the deepest well drilled in the Philippines,” Ian A. Fischer, managing director of ExxonMobil Exploration and Production Philippines B.V., said in a statement.

Mr. Fischer added that "data analysis and additional studies are being conducted to evaluate the potential of the find."

The company plans to drill another well within the month. ExxonMobil has said that it is spending $1 million per day for the exploration activity.

The exploration drilling is being done using Seadrill West Aquarius deepwater semi-submersible rig, which is designed to operate in water depths of up to 3,000 meters with a maximum drilling depth of about 10,000 meters.

ExxonMobil Exploration and Production Philippines B.V. is the operator of Service Contract 56 with 50% interest. Mitra Energy Limited and BHP Billiton Pty. Ltd each have 25% interest in SC-56.

The Department of Energy estimates possible reserves at SC 56 at about 750 million barrels, which, if proven right, may be enough to fuel our oil requirement for the next seven years.

In a press conference early today, Energy secretary Angelo T. Reyes said the hydrocarbon find moved the exploration team "from being cautiously optimistic to being reasonably optimistic."

Texas-based ExxonMobil is the world's largest publicly traded oil and gas company with upstream operations in 38 countries in the world.

The company is a direct descendant of John D. Rockefeller's Standard Oil Co., which lorded over the global petroleum industry's budding years in the late nineteenth century. -- Jose Bimbo F. Santos

http://www.bworldonline.com/main/content.php?id=2473

-----

This could be big for TAP

[Misc]

Could test recent highs at $1.45 on this and other expected news this month. I will be buying more today.

M

[ELYOB]

Good to see BHP in there as well [Philippines]..... They seem to like this patch . TAP is close to them also on NWS

[JBmurc]

brought back into TAP 1.06 confindent I'll be rewarded with a good short term profit could well be a takeover target

[JBmurc]

loving this price movement of late hope it continues

[trackers]

TAP now in an uptrend, higher highs and higher lows (thanks Phaedrus). OBV looks good.

Oil is rising fast, WTI over $81 and TAPIS over $83, what better time to buy a mid-tier oil producer with an amazing 2010 drilling schedule?

Given all this, I've brought more today and now am about 40% heavy in TAP (my first purchase for 2010).

delayed chart below (misses recent closes at 1.16):

http://img63.imageshack.us/img63/8433/tapx.png

[trackers]

http://img683.imageshack.us/img683/7080/tap2.png

[Crypto Crude]

Trackers and TA...
LOL...
I just think its funny because last time we spoke you didnt have nice things to say about it...

good pick though, you spotted this one and it looked/s good...
sorry didnt get time to post any meaningful info, been super busy as you know...
:cool:
.^sc

[trackers]

Trackers and TA...
LOL...
I just think its funny because last time we spoke you didnt have nice things to say about it...

good pick though, you spotted this one and it looked/s good...
sorry didnt get time to post any meaningful info, been super busy as you know...
:cool:
.^sc

Good to hear from ya Shrewdie, busy busy I know.


TA, ey...yeah its my new years resolution to not 'knock it anymore before I give it a good go'... So I'm committed to only buy the stocks I like when the charts tell me too this year, as opposed to my gut! Will see how it goes :D

[JBmurc]

Tap Oil Ltd has restarted oil production at the Wollybutt field as the dry dock of the Four Rainbow FPSO ship has been completed. Production was suspended on April 28, 2009 to undertake a dry dock for the ship to extend its life and allow it to remain on location to the end of the Woollybutt field life.


Over the next few weeks various tests and procedures will be carried out after which oil production rates are expected to return to pre-shut down levels of 8,000 to 9,000 bopd.

[Corporate]

Tap Oil Ltd has restarted oil production at the Wollybutt field as the dry dock of the Four Rainbow FPSO ship has been completed. Production was suspended on April 28, 2009 to undertake a dry dock for the ship to extend its life and allow it to remain on location to the end of the Woollybutt field life.


Over the next few weeks various tests and procedures will be carried out after which oil production rates are expected to return to pre-shut down levels of 8,000 to 9,000 bopd.

Hi JB. TAP rely are relying on the success of their near term exploration. Their two oil fields are nearing the end of their lives 2013.

Have you thought about TAP vs CUE?

Same market caps but slightly different prospects. I'm really not sure which is better but leaning towards CUE given the fact that maari, manaia and m2a will produce out much longer than tap's current assets

[gazprom1]

JB/ Corporate,

I traded in and out of TAP earlier in the year for a nice return and I am now back in and will continue to buy at these levels. Their prospects are v. good and not high cost drills. They manage their risks well and have a decent pile of cash. Their current fields will have life extensions through further exploration. The potential upside of TAP, IMHO, is greater than that of CUE despite CUE having longer term reserves.

Thoughts?
Gazprom

[JBmurc]

holding both TAP an CUE like them both longer term still If theres a good profit in the short term I'll sell down some

[tricha]

holding both TAP an CUE like them both longer term still If theres a good profit in the short term I'll sell down some

I'm having trouble finding what their p2 reserves are so I can do a valuation.

Anyone got the answer ????

[Corporate]

JB/ Corporate,

I traded in and out of TAP earlier in the year for a nice return and I am now back in and will continue to buy at these levels. Their prospects are v. good and not high cost drills. They manage their risks well and have a decent pile of cash. Their current fields will have life extensions through further exploration. The potential upside of TAP, IMHO, is greater than that of CUE despite CUE having longer term reserves.

Thoughts?
Gazprom

hey Gaz, I would have thought CUE has greater upside through being free carried on Artimis (1 drill p50 11tcf) and Caterina....looking to farm down their 100% share, this is another multi tcf target.

Add martaraki and PNG

[gazprom1]

hey Gaz, I would have thought CUE has greater upside through being free carried on Artimis (1 drill p50 11tcf) and Caterina....looking to farm down their 100% share, this is another multi tcf target.

Add martaraki and PNG

Hey Corporate,

Yeah, I guess it depends on how you analyse the various projects of CUE (like you referred to above and they are big targets) and TAP's and that is a million dollar question. Tap's prospects in Brunei, WA gas (2-3tcf target plus another 1tcf target) and the Philippines (near Exxon's find) look exciting to me. No idea about Tap's Rangkas prospect in Indonesia.

Here's hoping they both fly anyway!!!

Gaz

[tricha]

I'm having trouble finding what their p2 reserves are so I can do a valuation.

Anyone got the answer ????

Have they got any P2 reserves ????????????????????????

[gazprom1]

Tricha,

Bugger all I think. Don't quote me but I think TAP's P2 reserves are 4.7mmbbl.

Gaz

[trackers]

Glad to see the interest in TAP, been a holder for a while and its my favorite. Market cap is nearly all made up by cash and long-term gas sales contracts. Its near-term targets are low-medium risk with reasonable upside.

The boys on HC note that Peter Strachan has a valuation of $4.20 - Which is absurd, but goes a way in explaining how undervalued TAP is. My 2010 target is $1.50.

Some of their larger targets are Philipines 100-200mmboe SC41 and Northwest shelf WA351-P (2-12Tcf)

[gazprom1]

Good week for TAP holders....94 to 105. I wonder if we will hear some news early next week re planned drills or was it just a slow reaction to the news about Woollybutt!!!??

Have a good weekend.

Gazprom

[trackers]

And completely out of the blue....... Trading Halt!

[drillfix]

Yep, now it shows a 98c support line on my charts.

Lets see what this brings.

[Corporate]

hey guys, is anyone still following TAP? A couple of drill bits in play over the next couple of months.

[NoVice]

Yep. Between Zola & Belait I feel they have a reasonable COS. If one of those comes in it will shore up their revenue stream more long term & let them have a decent crack at Ghana. The new seismic at their Brunei M block could be interesting as well.

[ELYOB]

Have a look at recent ASXann on AED , gives the big picture on Brunei plays

[trackers]

TAP is interesting. From today's quarterly:

156,485,921 shares on issue.
$66,284,000 cash in hand

gas sales $30mil p/year for 6 years = $1.15 p/share

0.42c p/share in cash

= $1.57 p/share cash / cash like assets (needs a discount to reflect forward gas sales which extend to 2016?)

This assumes zero enterprise value / value of permits (and they do have some goodies)

CEO Strickland leaving within the year, in no hurry however. He's steadied the ship but don't think this is a big loss at all

current share price is 0.885

There looks like a medium term trendbreak, also a bullish divergence between accum/distr and price action (perhaps)... Also a break above 40day EMA for the first time in a while.

If the DMI shows me a bit of love and some volume kicks in I'll probably pick some up (though I don't plan to hold through any drilling LOL)

[Corporate]

TAP is interesting. From today's quarterly:

156,485,921 shares on issue.
$66,284,000 cash in hand

gas sales $30mil p/year for 6 years = $1.15 p/share

0.42c p/share in cash

= $1.57 p/share cash / cash like assets (needs a discount to reflect forward gas sales which extend to 2016?)

This assumes zero enterprise value / value of permits (and they do have some goodies)

CEO Strickland leaving within the year, in no hurry however. He's steadied the ship but don't think this is a big loss at all

current share price is 0.885

There looks like a medium term trendbreak, also a bullish divergence between accum/distr and price action (perhaps)... Also a break above 40day EMA for the first time in a while.

If the DMI shows me a bit of love and some volume kicks in I'll probably pick some up (though I don't plan to hold through any drilling LOL)

I'm also very interest and may buy some today. The third party gas business is valued at $75m using a 10% discount rate; http://www.asx.com.au/asxpdf/20100414/pdf/31prxt6q043935.pdf

That means

$75m (gas)+66m (cash) = $141m which is TAP markets cap. No value for current oil producing assets or exploration portfolio.

[Corporate]

My big problem with TAP is that their operating expenditure is quite high at $41.42 per BOE. This is very high.

[gazprom1]

Interesting announcement re drill results at Markisa... possible 29m oil column. Mkt reaction is muted but given that announcement is "possible" then probably justified. At least it looks like it may not be a duster!!!

[ELYOB]

The problem is no one knows how big the find is in size , and will it produce . The ASX is ignoring AED and TAP as results are not clear and conclusive . More work is required .... half cocked ramping by the likes CTP and others just burns the punters ....guess they eventually get shy..... even with CVN = ????

[Bilo]

Markisa 29m oil column: The problem is no one knows how big the find is in size ELYOB
TAP release on 20 August indicated shallow objective, previously found to be oil bearing with estimated recoverable oil of up to 3M barrels.
Not company making like Zola or BHP JV but would be very nice and at 1100m would indicate that Belait will more than cover costs.

[gazprom1]

Have not had time yet to read the euity raising in detail but it looks like it is attractive for SH's....potentially a good buy. News out on MAK also today re purchase.....and BUR finally gets the offering docs out. Good day in the markets...lots to read!!!

[ELYOB]

Tap into Thailand oil ; expansion time ; this will take some understanding .... raising 82m bucks , they are raising a lot of cash , more than one would think they need .

[ELYOB]

If the market sees this Thai acquisition as a good one , could be high reward in time . Bit of digestion may be required

[trackers]

If the market sees this Thai acquisition as a good one , could be high reward in time . Bit of digestion may be required

Hmm, yes very interesting.



Manora-1 discovery (late 2009): opens a new oil play in the northern Gulf in underexplored fairway


Estimated 24 mmbbl resource (100%) discovered to date

- 3 well tests undertaken in Manora-1 with cumulative flow rates > 9,000 bopd
- Targeting further appraisal in 2010 & 2011,FID in early
2012 and first production early 2014

Rossukon-1 discovery (2009):
- 9.5m net oil pay, tested 890 bopd from single zone
- seismic planned in 2011 with appraisal to follow

[ELYOB]

TAP dont seem to be explaining themselves to the market clearly. This is a view expressed around the traps in Perth yesterday. Notable analysts who have looked at the post deal think it is very cheap and good for TAP . Well if this is the case , the market reaction is the opposite . Now Zola is a 50 day well . Other wells falling to bits . So, x = ????

[ELYOB]

Zola-1 spud any hour now ...... await ASXann ...... there is more to this well than what people know. 30 klms away Spar -2 has delivered a terrific result in last 2 weeks . Refer STO ASXann past week, it is big!

TAP will recover .....[SP]

[ELYOB]

The problem is no one knows how big the find is in size , and will it produce . The ASX is ignoring AED and TAP as results are not clear and conclusive . More work is required .... half cocked ramping by the likes CTP and others just burns the punters ....guess they eventually get shy..... even with CVN = ????

Refer Quarterly coming : we may get an answer in the next few days ....Brunei may be a dud ......will they can it ! People around the traps think TAP has one big Brunei duster, and this is causing the SP rot!!!!!!!!!!

On the other hand Strachan recons Thailand could be worth $3 per share when it is tapped. Could be 100mmbblo refer Stockanalysis today

[ELYOB]

TAP is worth a roll of the dice with Zola. The clock is ticking . TAP needs to get a better message out there . Attempt to date has been very poor! Strachan seems to be back pedaling on this one now . How people like to analyse and back track?

[gazprom1]

TAP is worth a roll of the dice with Zola. The clock is ticking . TAP needs to get a better message out there . Attempt to date has been very poor! Strachan seems to be back pedaling on this one now . How people like to analyse and back track?

ELYOB,

That roll of the dice would have been a very good one yesterday....looks like Zola could be the goods. Will be interesting to see what develops but the market is getting excited. That SP is recovering for you...

Gazprom

[tricha]

ELYOB,

That roll of the dice would have been a very good one yesterday....looks like Zola could be the goods. Will be interesting to see what develops but the market is getting excited. That SP is recovering for you...

Gazprom

WELL we seem to have a disconnect here, great news from Zola and the we have a 36 million dollar bonus, Tap yawns. :confused:


http://www.stocknessmonster.com/news-item?S=TAP&E=ASX&N=540387

TAP SELLS 25% OF WA-351-P TO JAPAN AUSTRALIA LNG (MIMI) PTY LTD

Tap Oil Limited (ASX Code: TAP) has agreed to sell to Japan Australia LNG (MIMI) Pty Ltd
(“MIMI”) a 25% interest in the highly prospective WA-351-P exploration permit in Western
Australia’s Carnarvon Basin.
MIMI will acquire the 25% participating interest for a cash consideration of US$30,154,000. After
costs relating to the transaction, Tap expects to net $26 million in cash from the sale. In addition,
MIMI will pay Tap’s 20% share of the next exploration well in the permit up to a cap of US$10
million (Tap share).

[tricha]

WELL, WELL, WELL I can not believe my luck, bought 20k more yesterday.



OIL DISCOVERY AT FINUCANE SOUTH - DRILLING UPDATE

http://www.stocknessmonster.com/news-item?S=TAP&E=ASX&N=542946

[gazprom1]

[QUOTE=tricha;346540]WELL, WELL, WELL I can not believe my luck, bought 20k more yesterday.


[B][FONT=Arial][FONT=Arial][SIZE=3]
[SIZE=4]OIL DISCOVERY AT FINUCANE SOUTH - DRILLING UPDATE


Well done Tricha. The announcement looks very positive and if they can get on a monetize it quickly that would be even better. SP would be flying but for the market being hammered this week.

Hope the SP continues to climb through a $1.

Gaz

[trackers]

Nice timing Tricha. Tap's 2 for 2 this year, pretty good going. 8mil barrels is not to be sniffed at.

[Corporate]

TAP only have a small share of that 8mboe right?

[macduffy]

TAP only have a small share of that 8mboe right?

TAP have an 8.2% share.

The 8mboe is of course only a pre-drilling estimate.

Not holding TAP myself but I have a few STO who are the operator with a 33% interest.

[ratkin]

Sounds like a few people getting carried away

[drillfix]

Here is a Daily chart of TAP for reference:


Tap daily > http://www.imageurlhost.com/images/rpcnxkrs234gdqwxg6dm_TAP.png


Some mixed signals on the hourly preparing to decline, whilst the daily chart shows the MACD histogram gone positive and the signal lines crossed in the negative zone of the MACD.

DMI is now touching and could either cross or bounce backwards.

Williams %R is moving upwards to just below the -25 mark which is good

RSI increasing upward and nearly 50 which is good, OBV also moving upwards which is also good.

PRICE (the thing that counts the most :P)

Price today for TAP bounced in between EMA's as in between the 13ema and the 60ema and closed right on/at the 150ema

To me, this price action is showing a bit of uncertainty. There could be some falls coming, but yet in contradiction to that, there could be a rise as well due to the fact that global sentiment is not stable as we all know, and TAP is acting kinda like a Ping Pong Ball.

These Oil Co's sure know how to bounce around in any given day as seen previously by length of the candles shown in the chart above.

I dont hold and currently view this technically as Neutral, yet the stock needs to maintain an upward thrust in price to offer new direction.

Cheers folks~!

[Crypto Crude]

tap looks ok...
dont know if id be jumping up and down about it though...

what up trackers
:cool:
.^sc

[ELYOB]

What we have to look at is what is TAP management going to do in the immediate future . Time to trade . Flog the too hard projects in the near term . Zola etc.,.

[trackers]

tap looks ok...
dont know if id be jumping up and down about it though...

what up trackers
:cool:
.^sc

Hey SC, been a while man - Just trying to ride this rubbish market, hope all is well with you.... about time for another chch catchup!

[tricha]

Hey SC, been a while man - Just trying to ride this rubbish market, hope all is well with you.... about time for another chch catchup!

Great idea Trackers, I'm in or if u guys want, we can have one here in Mapua.

[drillfix]

Would you folks know, is most of the ST gang here from the South Island in NZ or North Island, or a balanced mix of both?

[Oiler]

Great idea Trackers, I'm in or if u guys want, we can have one here in Mapua.

Good idea Trackers. Any suggestions as to where we could meet?

Tricha its time you came to another shindig, it must be time to get away from Mapua for a day or two. :cool:

[Oiler]

Would you folks know, is most of the ST gang here from the South Island in NZ or North Island, or a balanced mix of both?

Drilly I would guess the "ST folks" are spread all over both islands but I can say the SI Christchurch group are the most sociable. :t_up:

[Crypto Crude]

Yeah trackers, oiler,
Im keen as...
But im headed away from the 20th of June to mid July...
:cool:
.^sc

[percy]

Yeah trackers, oiler,
Im keen as...
But im headed away from the 20th of June to mid July...
:cool:
.^sc

About time we had an update on your Poker games.???

[Crypto Crude]

Yeah percy...
Its been a tough last month mate...Ive dropped about 2-3k US off the top...
but still up 10KUS in the last few months...
Done it off small buy in tornaments of $20, $16.50 and so on...sometimes a bigger one in there... but less crap players to snack on...
I did a 1st 1st, heads up split, and a 4th in this one tornament, $16.50 6 man..100-150 players, 4 days in a row...Just got to grind the small ones...
Its not been good lately, got to take bad with the good...The same cards Im playing have not been flowing the same as usual, so last few weeks just been sitting back and relaxing... not bad income for a primo lifestyle, but I should/could be earning more...
Im cashed up for the World Series of poker, leave in less than a month...
playing event 51...
I'm meeting up with like minded players of omaha hi low....ive got a few contacts, and staying with some US based players who now live in Vegas.... Im still number 1 in New Zealand at online Omaha hi low...Its still a small game and gotten smaller with the US ban from the Department of Justice... Im not sure how it will go in vegas, because I might give away a few tells...
its easy for me to fire away behind a computer screen,(shrewd crude, the alter ego:cool:).. so lots of study to do on the live game...
If I give it a few years I will come back a world champion... Just really exciting period for me coming, which might even determine my future in this game or not...

percy,
you can track my online poker performances at sharkscope.com ...search the database with pokerstars as the site, and shrewd crude my name...
I will be starting back up in a few days and ohh Im gona be rolling the small buy ins before I slide on in to the bigger tornaments....
I will be wearing that CAP...

shares and poker,
got to be the two big dreams ive found...

I hope you are all well..

:cool:
.^sc

[percy]

Great update.You go to Vegas with all our best wishes.Win, lose we all still love you. I and others will try to track you on sharkscope.com Lose your shirt,but hang onto your cap.!!!!
I have been running around like a flee in a fit.Had great sales out of town,but having to work for it in ChCh.With school rolls down, funding is down.Still lucky to have a business,still enjoying it.

[trackers]

Good idea Trackers. Any suggestions as to where we could meet?

Tricha its time you came to another shindig, it must be time to get away from Mapua for a day or two. :cool:

Be good to see you again some stage, and Tricha would be a treat... Merivale is the place to be these days I think..JDV etc :)

NWE's going well...

[airedale]

Yeah trackers, oiler,
Im keen as...
But im headed away from the 20th of June to mid July...
:cool:
.^sc

Hi Shrewdy, don't know much about poker, but I see that one of the bars here in Rangiora has a poker night. Texas Holdem?? maybe you could take a few of the local yokels for pocket money. I think it is JR's bar on High St.

[drillfix]

Hey Shrewdy, good to see ya again.

Wild stories about all this poker and what not, glad to see its all happening and unfolding to such a grand level.

All the best to you and fortunes and have a safe trip whilst on those travels.

Cheers :)

[JBmurc]

Good luck shrewdy hope to see ya on ESPN sitting on a pile on the champ last table....as for myself don't mind the odd game of black jack etc at one of our local casino's more of a laugh than a money maker...still i do remember 5-6yrs ago taking home round 10k in profits from the local tables in one month still over the year i keeped a tab think i ended up round 1k ......
Now if some of my High growth specs would pull finger..................................I'd pay my TAX ... then book in for a Vegas boys trip(go in winter then get some snowboarding in up north)

[Crypto Crude]

thanks everyone for your comments...

percy, good to hear that considering the state of this place...
apart from family and friends, theres nothing to stay here for... lots of big decisions to make...

airedale, jr's is freeroll poker... not interested... you Goon... haha... ran-goon...:t_up:

yeah drilly, thanks you take care aswell....

jbmurc, blackjacks for weasels (negative expected return)...any profit at casino games are a bonus... Snowboarding in the states... the dream....
:cool:
.^sc

[percy]

Shrewd Crude,
Go everywhere,see everything,do everything.Do it all. !!!! Just do it.! The world is full of great people,wonderful places just waiting for you.

[JBmurc]

jbmurc, blackjacks for weasels (negative expected return)...any profit at casino games are a bonus... Snowboarding in the states... the dream....

-yeah I know our bigger local Casino has most years made only small profits of their tables(even one year breaking near even) with 90% of the profit coming from the pokies/food/drink etc
Snowboarding in the states it will happen was in canada back in 2000 for 6 wks loved it...come on SSN

[tricha]

Be good to see you again some stage, and Tricha would be a treat... Merivale is the place to be these days I think..JDV etc :)

NWE's going well...

OK folks, are we going to deal, do we have a venue and time, for a good old South meeting, like I said u r all welcome at Mapua.
U Never know a good round of poker would not go a miss.:t_up:

[Crypto Crude]

Tricha,
Have a yarn with Oiler and you two work out a time that suits between you... Trackers has a venue in Merivale (good choice)...
trackers, keep the disco for the after party dance...
:cool:
.^sc

[Oiler]

OK folks, are we going to deal, do we have a venue and time, for a good old South meeting, like I said u r all welcome at Mapua.
U Never know a good round of poker would not go a miss.:t_up:

Tricha maybe we could entice SKOL to fly his new fuel efficient 787 to Christchurch or better yet to Mapua.:D

You are right, it is time to have another "hooey" in Christchurch. We are going to lose one of the three Amigos (SC) to the glitz of Las Vegas in June/July. Bermuda will be back from his Langkawi hideaway.

Trackers do you want to sort out a venue and a possible date. We need to take this discussion off the TAP thread. :cool:

[tricha]

Tricha maybe we could entice SKOL to fly his new fuel efficient 787 to Christchurch or better yet to Mapua.:D

You are right, it is time to have another "hooey" in Christchurch. We are going to lose one of the three Amigos (SC) to the glitz of Las Vegas in June/July. Bermuda will be back from his Langkawi hideaway.

Trackers do you want to sort out a venue and a possible date. We need to take this discussion off the TAP thread. :cool:

WELL sounds like Trackers to organise it, any Friday\Sat\Sun fine by me. Be a great mid winter catch up. I will have to bring a bottle of port to share around.
I've only been to one and it was an great insight to get to put real faces to cyberspace. It was at Bermudas and it was a excellent night.
Yeah Skol r u in, AIR NZ could do with xtra passengers to CH CH.

[Crypto Crude]

great... I opened up the sharetraders thread on the NZX...
:cool:
.^sc

[tricha]

WELL, BHP must like it, who knows where this will lead, but theres a possibility of a huge discovery for TAP. 20% is still a great stake, to be free carried.

Tap sells extra stake in NW permit to BHP

The West Australian June 2, 2011, 12:36 pm




http://l.yimg.com/fv/xp/wan/20110525/14/3415369296.jpg (http://l.yimg.com/fv/xp/wan/20110525/14/3415369296.jpg) The West Australian ©







The world's biggest resources company, BHP Billiton, has exercised its right to buy a gas exploration permit offshore WA from Tap Oil, ahead of a Japanese consortium.
Tap Oil had agreed to sell the 25 per cent interest in WA-351-P in the Carnarvon Basin to Japan Australia LNG (MIMI), owned by Japanese trading giants Mitsubishi Corporation and Mitsui & Co, for $US30.2 million ($A28.5 million).
MIMI had also agreed to pay Tap Oil's 20 per cent share of the next exploration well in the permit, up to $US10 million.
BHP Billiton, which already held 55 per cent of the permit, would exercise its right of pre-emption to buy the 25 per cent interest on the same terms and conditions as agreed with MIMI, Tap Oil said in a statement.
Tap Oil will keep 20 per cent of the permit near the North West Shelf LNG venture and the Gorgon venture.

[tricha]

Where are all the punters on this one, JBmurc ? A new broom, new sucess, is TAP ready to roar, WELL u work it out, flogged this of hOTCOPPER.

Tap Oil's lucky hand Nathan Bell
June 6, 2011 - 12:50PM
.Poker aficionados know that luck plays a part in success. They also know that the best players take advantage of chance and manipulate probabilities to their benefit. That's what makes poker a game of skill rather than luck.

Hunting for oil and gas is much the same. Luck plays its part in the outcome of an individual prospect but, over time, the skill of the driller is more important.

Over the past five years, Tap Oil has lacked luck and skill, spending almost $200 million trying to increase its reserves without much success. The share price has sagged as a consequence.

Advertisement: Story continues below Now a new management and improved exploration teams are reinvigorating the company. Modest ambition and extreme conservatism - appropriate in most industries except this one - have been replaced with aggression and ?lan.

Tap has so far made two significant acquisitions, ventured into new turf and, most recently, done what many imagined was beyond it - made new discoveries.

In February the company confirmed gas at Zola, a large structure it was drilling with US-based Apache in the Carnarvon Basin off Western Australia. Pre-drill estimates suggest it could hold between 1 and 2 trillion cubic feet (Tcf) of gas which, to be technical, is a lot.

According to management, Zola holds reserves at the larger end of pre-drill estimates. But even at 1Tcf it would be worth about 44 cents per share. At the moment, the market isn't attributing anywhere near that much to the discovery.

If Zola turns out to be commercial, it will be a genuine company changer. The gas could be quickly plugged into nearby LNG developments or fed into the lucrative WA gas market. It also bodes well for other areas in the exploration portfolio.

Good luck has struck not once, but twice. Tap and its partners have made a small oil discovery known as Finucane South. Although it's only perhaps 8 million barrels, it could add a further 10-15 cents to Tap's share price.

Better days

These two new discoveries alone justify some excitement but Tap's exploration portfolio adds a little extra. The company recently purchased additional equity in a Carnarvon Basin prospect with the rather dull moniker of WA-351-P.

Operated by BHP Billiton, it's one of the most attractive prospects in the lucrative waters off the coast of Western Australia. High quality seismic surveys and nearby success for US energy giant Hess suggests this is as good as offshore drilling gets.

In fact, BHP itself has swooped in to buy the additional equity from Tap, gifting the smaller company a quick profit and highlighting the excitement that surrounds the permit, of which Tap now owns a 20 per cent stake.

Tap has also secured new exploration ground off the coast of West Africa, where several large oil discoveries have been made by other explorers. The targets here are relatively big - up to 200 million barrels of oil - but a good dose of luck and skill will be required for Tap to make something of them. This area will be risky drilling but the potential is exciting.

So why is the market discounting Zola when energy prices are soaring? One explanation is that it's located next door to the giant Gorgon gasfield, where a high level of carbon dioxide has delayed development for 30 years. A similar problem may stifle the development of Zola.

Similarly, WA-351-P may look sensational on paper, but Tap's old foe - luck - may decide the final outcome. Tap's fortunes might have changed but the laws of risk and reward haven't.

Legal dispute

A legal dispute also weighs on the company's fortunes. Tap is part of a joint venture being sued by customers for failure to deliver gas following the Varanus Island gas explosion in 2008. Tap could find itself liable for tens of millions of dollars in damages.

Despite these woes, this is a company in better shape now than it has been for years. Assuming a favourable outcome at Zola, the share price could go much higher and the threat of legal action is more than offset by new discoveries and exploration potential.

This small oil and gas explorer, despite its patchy past, is worth a look, but only for those willing to bear all the usual risks that accompany oil and gas exploration.

This article contains general investment advice only (under AFSL 282288).

[ELYOB]

Is this a life style company. Not much to impress in the medium term . It seems they will just sell off most immediate assets , if possible . A declining producer, and uninspiring explorer . Valuation seems high in the market.

[JBmurc]

yeah TAP is a tab boring much rather hold SSN AMU for my Oil&Gas exposure SSN with it's massive growth prospects AMU for it cashflow postive undervalued market value to it's peers

[tricha]

WELL, BHP must like it, who knows where this will lead, but theres a possibility of a huge discovery for TAP. 20% is still a great stake, to be free carried.

Tap sells extra stake in NW permit to BHP

The West Australian June 2, 2011, 12:36 pm




http://l.yimg.com/fv/xp/wan/20110525/14/3415369296.jpg (http://l.yimg.com/fv/xp/wan/20110525/14/3415369296.jpg) The West Australian ©




The world's biggest resources company, BHP Billiton, has exercised its right to buy a gas exploration permit offshore WA from Tap Oil, ahead of a Japanese consortium.
Tap Oil had agreed to sell the 25 per cent interest in WA-351-P in the Carnarvon Basin to Japan Australia LNG (MIMI), owned by Japanese trading giants Mitsubishi Corporation and Mitsui & Co, for $US30.2 million ($A28.5 million).
MIMI had also agreed to pay Tap Oil's 20 per cent share of the next exploration well in the permit, up to $US10 million.
BHP Billiton, which already held 55 per cent of the permit, would exercise its right of pre-emption to buy the 25 per cent interest on the same terms and conditions as agreed with MIMI, Tap Oil said in a statement.
Tap Oil will keep 20 per cent of the permit near the North West Shelf LNG venture and the Gorgon venture.


It's nearly reckoning day for this WELL, they give it 65 % of sucess, it's a long time since I won a decent well\discovery. If sucessful, TAP becomes a prime takeover target.

http://www.stocknessmonster.com/news-item?S=TAP&E=ASX&N=583782

[ELYOB]

Basically , TAP is an under-performer . Its projects are not that inspiring . But some oil people rave about it with high expectations , cant see what it is myself . Over time , been a big cash burn ,seems to be main goal.

[tricha]

Basically , TAP is an under-performer . Its projects are not that inspiring . But some oil people rave about it with high expectations , cant see what it is myself . Over time , been a big cash burn ,seems to be main goal.

This is a new TAP ELYOB.

New management, 100 million cash and free carryed in this WELL.

Tomorrow will be very interesting, a game breaker.

[Corporate]

I'm a new TAP holder as of today. Fundamentally sound company with a refreshed CEO and now board.

My buy reasons:


$150m market cap
$100m cash
$30m gas sales contracts provides stable cash flow until 2016
Thailand development FID in the next 2 months funded through cash and debt. First oil is expected in 2014 at initially 4,500 bopd TAPs share
Ghana farmout news pending. Huge target...500mmboe
2.2tcf discovery at Zola. Big partners - more drilling in Q4
Tallaganda gas discovery
2-3 exploration wells in Thailand Q3/Q4

[upside_umop]

Interesting and good summary corp - I didn't realise they had so much going on...looks the goods. Think there will be a while to get in or are trading this short term?

I'm still an NSE shareholder traded in and out a couple of times but getting serious now and can't afford to miss the boat. Also bought some KEY and BRU as of late....

Now just drip feeding my wages!

[Corporate]

Good call on NSE. I was to chicken to pick up BRU in the recent downswing.

TAP going along nicely. Up to 68c.

[Crypto Crude]

hey upside...
thats great to hear your trading... meanest...
I like KEY, its got some special things going for it...
but theres something not to trust about the people behind it...
I still think its on a path to go gangbusters... im really hoping to get some...

Hey, yesterday I realised I know your work colleague Mike...


:cool:
.^sc

[upside_umop]

haha trying not to trade SC - my timing isn't usually too good, so i just try and get on the good stories these days.
as for KEY, i agree...management and related party transactions don't look ideal. although, i'd say there is a slim chance of anything coming out of it...i.e. transferring back to EGO.
i think KEY could end up with a bit of cash from their divestments - production assets are cashflow positive which is a bonus.
i really don't want any discounted capital raisings...
in anycase, i haven't allocated too much of my portfolio to it. still...the leverage is amazing if the goldwyer extends into their permits - especially with 70% and a $10m market cap.

mike said that he knows you - small world...right must go, still at work atm and need to get out of here!

[tricha]

According to stockanalysis ( not that hes right most of the time, nor am I ) reckons they are under valued.

On the numbers I tend to agree, heaps of cash, income for the next four years. Thats their market cap paid and the rest is free.


All free :t_up:

Real gas, in Zola

AND this


Source: BHP Billiton Petroleum Annual Review, 2012

--BHP made special note of the Tallanganda discovery in the annual report. Tap Oil has a 20% stake in that project, and has previously claimed the field could hold as much as 1.3 trillion cubic feet of gas. BHP didn't confirm that in its report. But it certainly highlighted the project



And lots more happening. Lots. Unlike like Shale gas, this is the real deal and they are far to cheap.:confused:

So much so, why BHP have not taken them is beyond me.

[tricha]

If you want a bargain, have a close look at TAP, I picked some more up today.
They have 20% and in the context of this, it is big.

Very strong words
If BHP use these words and have 55% then TAP should be getting very excited


Dr Dax
These are big words from BHP

BHP to focus on Kimberley oil and gas exploration
Updated 9 hours 2 minutes ago

PHOTO: BHP says further drilling results confirm the Tallaganda find has huge potential.
Mining giant BHP Billiton says its oil and gas deposits in Western Australia's Kimberley are now a key focus for the company, after making a huge discovery in the Carnarvon Basin.

BHP made the Tallaganda gas discovery earlier this year and says further drilling results show the area has huge potential.

The company says the Tallaganda find has been its biggest discovery in 2012.

A company spokesperson says it is a world class deposit with significant potential and it opens up a large area close to existing fields.

BHP has also acquired additional prospective tenements over the past financial year.

BHP says its oil and gas exploration programs will now be focused on its tenements in WA's Carnarvon Basin along with its Gulf of Mexico deposits in the United States.

Topics: oil-and-gas, broome-6725, perth-6000
First posted 10 hours 26 minutes ago

More stories from Western Australia

[JBmurc]

Yes looking good trying to get a few today @79c likely take-over IMHO

[ELYOB]

Date/Time:

3/10/2012 7:39 AM








--"Tap Oil is preparing to sell a package of gas assets in the Carnarvon Basin, according to MD Troy Hayden. He said the group had launched a sale process for the Tallaganda and Zola gas discoveries, despite BHP Billiton's recent comments on the significance of the Tallaganda find. Tap shares rose $A0.01 to $A0.79 on the news on 2 October 2012"--

Lifted this from Westpac just now .

[JBmurc]

EXPLORER Tap Oil says a sale process for its recent Tallaganda and Zola gas discoveries off Western Australia, both of which would most likely be developed through LNG projects, could take six months.

Tap managing director Troy Hayden yesterday confirmed the Perth-based company still wanted to sell Tallaganda after it was revealed this week that operator BHP Billiton had become more bullish on the find and the opportunities it provided.

"Due to size and location of both of these discoveries, Tap considers the most likely development scenario in both cases to be an LNG development," Mr Hayden said.

Because of the lengthy development and return times, and multibillion capital costs, associated with LNG development, Tap is trying to make money from the finds now.

"We don't believe these are core assets for Tap and have consequently initiated a sale process to sell a package of gas assets in the Carnarvon Basin," Mr Hayden said.

"We believe these assets provide a good opportunity for a buyer to access a material position (in the basin)."

Tallaganda was discovered in April and Zola, which is operated by Apache, was discovered about a year earlier.

In its recently released 2011-12 petroleum review, BHP made its first comments on the significance of Tallaganda, saying it was the company's biggest discovery of the financial year and that it had created a number of follow-up opportunities.

Tap's shares jumped 8 per cent on Monday after BHP's comments were reported.

Yesterday, the shares rose 1c to a new five-month high of 79c but are still down on where they were when Tallaganda was announced.

BHP is still evaluating the size of the field, which has left Tap cautious on talking up the project.

Tap's sale process, which Mr Hayden said could take another six months to close, is being run internally.

The company has more than $100m in cash, meaning it can fund future exploration commitments on the permits while the sale process runs.

Tap has been cautious about talking up Tallaganda but according to BHP the well had a net-pay zone of 86m. While this is healthy, more information on how well the gas flows is needed before it can be worked out how much gas could be produced.

[tricha]

Yes looking good trying to get a few today @79c likely take-over IMHO

79 cents willl look cheap soon, JBMurc, they have the goods.

[Corporate]

Yes looking good trying to get a few today @79c likely take-over IMHO

JB, do you think a takeover will eventuate? There are many substantial holders and I can't see them giving up their holdings cheaply. I would have thought that a trade sale of Zola and Tallangana is more likely.

[JBmurc]

JB, do you think a takeover will eventuate? There are many substantial holders and I can't see them giving up their holdings cheaply. I would have thought that a trade sale of Zola and Tallangana is more likely.

well guess depends the value one puts on "Zola & Tallangana" when you take TAP's cash out of the picture $100mill and the value of the Gas contracts(which bring in 30mill p.a) the leases at Ghana ...Thailand .... the likes of BHP paying top dollar for US shales(paid 40mill for 25% of Tallangana before discovery) .....TAP is only valued 188mill on the ASX cheap cheap IMHO brought more at 75.5c

[ratkin]

Highlighted by quite a few of the tip sheets over the weekend, mainly for the channel trade

4172

[tricha]

well guess depends the value one puts on "Zola & Tallangana" when you take TAP's cash out of the picture $100mill and the value of the Gas contracts(which bring in 30mill p.a) the leases at Ghana ...Thailand .... the likes of BHP paying top dollar for US shales(paid 40mill for 25% of Tallangana before discovery) .....TAP is only valued 188mill on the ASX cheap cheap IMHO brought more at 75.5c

Its a cheap company with Zola & Tallangana coming free of the share price. What they are worth, something north of 100 million at the least.

Then there is the rest to come.



2:11 pm
Manora-5 Exploration Well - Drilling Update (http://www.sharetrader.co.nz/news-item?S=TAP&E=ASX&N=608587)



We will know very soon what happens here
and the market has not priced in a new find, but I guess it will go down, if it is a miss. If it does I might just top up.

Its worthy of a read.


Investor Presentation - 17 October 2012 (http://www.sharetrader.co.nz/news-item?S=TAP&E=ASX&N=608604)

http://www.stocknessmonster.com/news-item?S=TAP&E=ASX&N=608604

[tricha]

Its a cheap company with Zola & Tallangana coming free of the share price. What they are worth, something north of 100 million at the least.

Then there is the rest to come.



2:11 pm

Manora-5 Exploration Well - Drilling Update (http://www.sharetrader.co.nz/news-item?S=TAP&E=ASX&N=608587)



We will know very soon what happens here
and the market has not priced in a new find, but I guess it will go down, if it is a miss. If it does I might just top up.

Its worthy of a read.


Investor Presentation - 17 October 2012 (http://www.sharetrader.co.nz/news-item?S=TAP&E=ASX&N=608604)

http://www.stocknessmonster.com/news-item?S=TAP&E=ASX&N=608604

Just got even cheaper, http://www.stocknessmonster.com/news-item?S=TAP&E=ASX&N=628463 upgrade on Manora,

tempted to triple dip, my biggest holding.

[JBmurc]

yes TAP one of better Oil&Gas plays looks like it will move upwards today

[gazprom1]

Hi Tricha,

Thanks for bringing TAP to our attention. IMO the SP does not reflect where TAP is at. Have been buying the past three days...picked a nice few at 61 cents y'day....52 week low. SP has to be underpinned by the gas sales contract and then will have Thai oil next year. Almost a no brainer although you never know with 2nd/3rd tier O/G companies!

Thanks again.

Gaz

[tricha]

Hi Tricha,

Thanks for bringing TAP to our attention. IMO the SP does not reflect where TAP is at. Have been buying the past three days...picked a nice few at 61 cents y'day....52 week low. SP has to be underpinned by the gas sales contract and then will have Thai oil next year. Almost a no brainer although you never know with 2nd/3rd tier O/G companies!

Thanks again.

Gaz

Yes quite right , Gazprom, almost a no brainer.

It could take a while for the company to get re-rated, but with cash, income and futher prospects bearing fruit.
Will be worth the wait.

Also worth noting. because it is so cheap, a takeover could happen tomorrow. ;)

[digger]

Yes quite right , Gazprom, almost a no brainer.

It could take a while for the company to get re-rated, but with cash, income and futher prospects bearing fruit.
Will be worth the wait.

Also worth noting. because it is so cheap, a takeover could happen tomorrow. ;)
Hi tricha,

Is this Tap oil not the one that is in south Taranaki and has done so well. Also the company that i saw just the other day got consent to Hydro franking and claiming it is worth billions. I have had a look on their web site and found nothing. As you can see I have no holding in Tap but am scouting. Thanks in advance.

[macduffy]

Not to be confused with Canadian company TAG Oil.

TAP website doesn't list any NZ assets.

[zigzag]

Hi tricha,

Is this Tap oil not the one that is in south Taranaki and has done so well. Also the company that i saw just the other day got consent to Hydro franking and claiming it is worth billions. I have had a look on their web site and found nothing. As you can see I have no holding in Tap but am scouting. Thanks in advance.

Better give your glasses a quick wipe Digger, or get some new ones.

[Corporate]

Better give your glasses a quick wipe Digger, or get some new ones.

Digger I think that is Tag Oil

[digger]

Not to be confused with Canadian company TAG Oil.

TAP website doesn't list any NZ assets.

Thanks macduffy,yes it is Tag Oil a Canadian company.Interesting that in the NZ papers so little has been said about this hydro fraking they have got concent to do. I want to find out more about it but it sure has nothing to do with Tap so over and out here.Let you people get back to Tap.
By the way I bought 25000 today at 61. Have noted this company for many years but now think it is to good to not be in.From what i have read[all your posts since 2006]and the company releases something is wrong especially with cash holding and more income in 2014.
Cheers

[macduffy]

Yes, digger, strange animals these oilies!

Sometimes I wonder if their prime purpose isn't so much as to find and produce oil as to provide some nice, well-paid jobs for their executives! But seriously, I've learnt not to pay too much attention to cash reserves. Nice to have, but it seldom gets paid out to shareholders -, even with the PoO up around $100 pb. Just prolongs the excitement while another well gets drilled!

:mellow:

[Corporate]

At 55c TAP is worth a go IMO!

Lots of volume on Friday, cash in the bank, funding sorted for thailand, massive ghana well, zola drilling and some recent success in the region by Apache.

Big year for TAP and I'm in at 54.5c.

[gazprom1]

At 55c TAP is worth a go IMO!

Lots of volume on Friday, cash in the bank, funding sorted for thailand, massive ghana well, zola drilling and some recent success in the region by Apache.

Big year for TAP and I'm in at 54.5c.

Hey Corp,

IMHO I think your timing is pretty sound. I have been in for a few weeks as you know and have suffered a bit (ave. entry price 62 cents). The market will be the market but at the end of the day TAP's cash, gas contract and 5000bopd commencing in early 2014 means that it has a platform for growth. Throw in the Ghanian drill in June and offshore NW shelf gas drills and the SP should re-rate in the medium term.

It has been a solid week for me with CGF and TTE moving up nicely. OEL is the elephant in the room!!!!

Hoep you're well.

Gaz

[Corporate]

Hey Corp,

IMHO I think your timing is pretty sound. I have been in for a few weeks as you know and have suffered a bit (ave. entry price 62 cents). The market will be the market but at the end of the day TAP's cash, gas contract and 5000bopd commencing in early 2014 means that it has a platform for growth. Throw in the Ghanian drill in June and offshore NW shelf gas drills and the SP should re-rate in the medium term.

It has been a solid week for me with CGF and TTE moving up nicely. OEL is the elephant in the room!!!!

Hoep you're well.

Gaz


Gaz - long time no chat.

You'll be fine with an average of 62c. The sell down into the 50's was a great opportunity.

I think Zola might surprise a few, the speed at which they are drilling the second well says something. I also heard one of the other partners is very excited!

[JBmurc]

Geez never thought my title of the thread would still be so relevant several years later with TAP still hugely undervalued.....can't be for much longer surely ...I understood the price was well supported by the GAS contracts ,,,,to see it sold down into the 50's plain crazy IMHO buy while the market has there eyes closed

[tricha]

Geez never thought my title of the thread would still be so relevant several years later with TAP still hugely undervalued.....can't be for much longer surely ...I understood the price was well supported by the GAS contracts ,,,,to see it sold down into the 50's plain crazy IMHO buy while the market has there eyes closed

my biggest holding, making a loss, but happy to sleep on them, with all that cash, income , and great prospects

[gazprom1]

Past two days has been ugly for almost everything I own....despite all the gloom and doom I decided to buy some more TAP at 55 cents...

Here's hoping that the markets calm down.

Gaz

[gazprom1]

...feel like I am flying solo!!! Bought more at 53 cents today. It feels bad but trying to take the emotion away from the investment decision. Been a very bad week generally.

Gaz

[tricha]

Gazprom I hold 50000 of them and as u know, they are now dirt cheap.

will hold for the long term here.

[digger]

...feel like I am flying solo!!! Bought more at 53 cents today. It feels bad but trying to take the emotion away from the investment decision. Been a very bad week generally.

Gaz


Me too. I bought 25000 at 61 and thought I was a thief. Guess it is just the market and the world. Oil is down ,gold is down,,etc etc---about the only thing in the world that is up is trouble. I am putting it down to a bad patch with invester fear running higer than i can remember for a long long while.
I am on a buying spree on the market especially in gold as am willing to bet this is one of the great buying opportunies since i entered the market back in 1984.
Buying tap,NTL and maybe tte. On nzx buying GEL and more NTL and NTLOA.

[soulman]

...feel like I am flying solo!!! Bought more at 53 cents today. It feels bad but trying to take the emotion away from the investment decision. Been a very bad week generally.

Gaz

You said it fellow....what a stinker....

Currently not in TAP but lets look at SXY announcement. Positive, with 20% extra production in oil. Shares drop from 84 to 67 in 3 days.

Sentiment is definitely not good. Looking for coy with more cash than market cap right now. Maybe BND, WEC and FML.

[tricha]

You said it fellow....what a stinker....

Currently not in TAP but lets look at SXY announcement. Positive, with 20% extra production in oil. Shares drop from 84 to 67 in 3 days.

Sentiment is definitely not good. Looking for coy with more cash than market cap right now. Maybe BND, WEC and FML.


Sentiment not good ? I see it as a buying opportunity, nothing has changed. Except some fund manager has decided to sell us discounted shares.

Exciting times a head with TAP, on a whole lot of different fronts.

[Huang Chung]

Gazprom I hold 50000 of them and as u know, they are now dirt cheap.

will hold for the long term here.

Anyone still holding?

I grabbed some this arvo at 51c, which just seems too cheap (but that seems to be a frequent comment when it comes to TAP)

[Corporate]

Yip I'm holding and TAP is way to cheap!

[tricha]

Anyone still holding?

I grabbed some this arvo at 51c, which just seems too cheap (but that seems to be a frequent comment when it comes to TAP)

i am holding for the long term here Huang, the CEO took a pay cut for shares, with a high entry price .
He now has to work hard to be well rewarded. He has the pedigree to do it.

[Dej]

i am holding for the long term here Huang, the CEO took a pay cut for shares, with a high entry price .
He now has to work hard to be well rewarded. He has the pedigree to do it.

Any near term price stimulation? I cant see why this has drifted so far down.. Seems most oil stocks are valued for worst case scenario until proven wrong.

[gazprom1]

Just shy of a 26 week high on TAP. Has been moving up steadily for 2 weeks on little or no news. Even the past few down days has seen TAP move up. Maybe something in the wind....sell down of gas assets??? I am finally back in the money but it has taken 6 months!!!! Happy to hold and see what unfolds.

Gaz

[Huang Chung]

Kicking myself for taking a skinny profit, just as it started to rise.

Many oilers were weak today, but TAP held very well.


Good luck!

[JBmurc]

Just shy of a 26 week high on TAP. Has been moving up steadily for 2 weeks on little or no news. Even the past few down days has seen TAP move up. Maybe something in the wind....sell down of gas assets??? I am finally back in the money but it has taken 6 months!!!! Happy to hold and see what unfolds.

Gaz

Yeah good longer term hold their forward EPS are very tidy and should see a much higher S/P

[tricha]

Just shy of a 26 week high on TAP. Has been moving up steadily for 2 weeks on little or no news. Even the past few down days has seen TAP move up. Maybe something in the wind....sell down of gas assets??? I am finally back in the money but it has taken 6 months!!!! Happy to hold and see what unfolds.

Gaz

Remember the rule never buy in a down trend, I bought and bought.

TAP has huge gas reserves . Real gas.

Oil to be produced soon.

An astute CEO who has part of his pay hedged at $1.50 a share.

It doesn't"t get much better.

[gazprom1]

Hey tricha,

That downtrend rule is an interesting one. It is not one I subscribe to. Don't really want to get into an in depth discussion about it but I have a rule whereby if I have a strong conviction to buy a stock (and that conviction does not take into account whether it is going up or down), I buy regardless of whether or not it is going up or down. The experts would say that "we" are missing out because we are either buying too soon or should not be buying at all. Each to their own.

TAP breached its 26 week high today on solid volume. It is has all happened with the backdrop of Thai first oil being slightly delayed and cost over runs. Also, if you were to believe comments, it should be heading south!!!! You gotta wonder if there is something going on regarding the sale of gas assets.


Good luck to holders.

Gaz

[tricha]

Still in a no where trend Gaz, like AWE, way undervalued.

[JBmurc]

Still in a no where trend Gaz, like AWE, way undervalued.

Yes with 2015 outlook 20-25c earning just crazy to buy at 50c ...will reprice north of $1 only a matter of time

[biker]

Buying some of these at around 50c. Just easing into some oil & gas exploration/production shares