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Steve
11-01-2007, 07:45 PM
It makes sense to have a new thread for the new Widespread company now that it is starting to move.

The investment philosophy is similar to that of the original WID, but obviously with a different focus.

I have been a shareholder since WEN was spun out of WID and will be taking up my rights allocation.

Just wondering who else was on-board?

COLIN
11-01-2007, 09:16 PM
quote:Originally posted by Steve

It makes sense to have a new thread for the new Widespread company now that it is starting to move.

The investment philosophy is similar to that of the original WID, but obviously with a different focus.

I have been a shareholder since WEN was spun out of WID and will be taking up my rights allocation.

Just wondering who else was on-board?


Steve, I will probably take up my $2,000 entitlement but it hardly seems worth bothering with as its not going to be easy to acquire a decent-sized decently-priced parcel of other rights, or of other heads in due course, as the number of holders will be small, i.e. mostly those who have entitlements as a result of their WID holding. (It will be possible to pick up a few more in the tender process, of course).
I have a certain amount of curious respect for Chris Castle's investment acumen but WEN involves a big step of faith and I reserve only a small percentage of my total portfolio for such investments.

KentBrockman
12-01-2007, 06:51 AM
quote:Originally posted by Steve



Just wondering who else was on-board?



Shares for ten cents with a free option attached, exerciseable in June 2011, sounds pretty good to me.

With shares currently at 10 cents the options should be trading around 4-5 cents. One could sell both immediately for a quick small profit, or sell the shares and and keep the options in the drawer for free, or sell the options and get the shares effectively for half price.

And who knows what can happen during 4 1/2 years, options might actually be worth something.

croesus
12-01-2007, 07:24 AM
' Large streams from little fountains flow'

' Tall oaks from little acorns grow'

Farouk
12-01-2007, 07:54 AM
I'm in....... this one has got be worth a speculative punt.
I'm kinda hoping that my 500,000 plus holding of WID might one day be worth a buck each.

Lawso
14-01-2007, 07:08 PM
I'm sceptical about WEN. It seems to be pie in the sky, compared with WID which definitely seems to be moving in the right direction with its investment in Asian Mineral Resources. If I were going to put more of my heard-earned in CC's hands, I'd go for WID rather than WEN. But good luck to the punters who decide to have a go.

Steve
15-01-2007, 01:12 PM
quote:Originally posted by Lawso

I'm sceptical about WEN. It seems to be pie in the sky, compared with WID which definitely seems to be moving in the right direction with its investment in Asian Mineral Resources. If I were going to put more of my heard-earned in CC's hands, I'd go for WID rather than WEN. But good luck to the punters who decide to have a go.

It was a bit before my time, but wasn't this similar to how WID started, or did they have AMR from the begining? If someone could probe their memory...

KentBrockman
01-03-2007, 02:55 PM
Looks interesting!

http://www.stuff.co.nz/3978150a13.html

Steve
02-03-2007, 10:13 AM
quote:Originally posted by KentBrockman

Looks interesting!

http://www.stuff.co.nz/3978150a13.html

Nothing like a speculative punt!:)

COLIN
04-03-2007, 10:24 AM
Anyone got any ideas as to what the cut-off price might be for the tenders for the shortfall? Can't see evidence of much enthusiasm for further exploration of this abandoned prospecting claim.
DISC: Indicated I might be interested in tendering for any shortfall but can't bring myself now to get too excited about throwing more idle dollars this way. Would sooner chase uranium, I think.

Steve
04-03-2007, 11:01 AM
Given that the original take up wasn't that great, and you have to take up your original allotment before participating in the tender, there is a good chance that you may get in at 10c?

BTW, I took up my original 20,000 and indictated that I would NOT be interested in the tender process but got sent the tender application anyway...

COLIN
04-03-2007, 02:17 PM
Given the fact that there seems to be little or no buying interest in the heads (the sale of 10,000 at 10c on Friday could have been a "friend" of the Directors, trying to bolster the price level while the tender is under way) and only 1.1c is being offered for the options, coupled with the fact that the issue was only about 30% filled, I think that if Chris wants to get some more cash in he is going to have to accept tenders well below 10c. The question is, how much below 10c would he accept without making the whole issue look a bit of an oily rag?

Steve
04-03-2007, 04:15 PM
Can the tender price be set below the existing issue price?

I will have to dig up my doc's to see if that can happen. From memory, the example only showed tenders ABOVE the issue price...

COLIN
04-03-2007, 09:01 PM
quote:Originally posted by Steve

Can the tender price be set below the existing issue price?

I will have to dig up my doc's to see if that can happen. From memory, the example only showed tenders ABOVE the issue price...

Steve - from a quick perusal I can't see anything that would prevent someone tendering at a price below 10c. (I suppose it is understandable that the company would only use an example showing calculations above the issue price - can't have subscribers thinking too low.)

Steve
05-03-2007, 08:05 AM
I guess then that they would be under no obligation to accept tenders at a lower price - just let the shortfall stand?

The Examiner
05-03-2007, 03:04 PM
Hi Guys

Just to clarify this point

The price payable in the Tender for New Securities comprising the Shortfall will be the lowest price tendered at which, when taking into account Tenders at a higher price and Open Tenders, all the New Securities comprising the Shortfall will be allotted (the Strike Price). In accordance with NZAX Listing Rule 7.3.4(c), Appendix One, [u]the Strike Price cannot be less than the issue price of 10 cents per New Security</u>

Cheers

CC

Steve
05-03-2007, 03:24 PM
Thanks Chris:)

COLIN
05-03-2007, 07:17 PM
Thanks, Chris. Just a pity that point wasn't made in the tender documentation.
I wish you well in filling the tender. The current market doesn't make it easy.

croesus
06-03-2007, 06:23 AM
Must be showing my age here.. but when I saw those photos of the oil seep.. the theme tune for the Beverly Hillbillys kept bouncing around in my head all afternoon...another plus is that its just down the road from the Blackball Hilton.. what a spot for a shareholders meeting... and for those needing a walk after a big lunch of Miners Dark and Blackball sausage, the Croesus Track is just 7 kms up the road....

The Examiner
06-03-2007, 06:38 PM
Hi Colin,

My quote is copied direct from the tender documentation.

Cheers

CCC

COLIN
07-03-2007, 09:49 AM
quote:Originally posted by The Examiner

Hi Colin,

My quote is copied direct from the tender documentation.

Cheers

CCC

Sorry, Chris. Missed it. My apologies.

The Examiner
07-03-2007, 06:03 PM
No problem - the document is pretty verbose - easy to miss.

Cheers

CC

KentBrockman
12-05-2007, 11:04 AM
http://www.stuff.co.nz/4056394a13.html

shasta
23-10-2007, 10:12 PM
http://www.stuff.co.nz/4056394a13.html

WEN in the news

http://www.nzherald.co.nz/section/3/story.cfm?c_id=3&objectid=10471573

bermuda
24-10-2007, 10:16 AM
I must admit Chris hasnt lost his ambitious vision. This is sensational stuff. Offshore as well.
Perhaps he thinks he can do an attractive farmout.

Steve
03-02-2008, 08:39 AM
Announced on Friday - Kate-1 test well to commence in April 2008.

Good to see some action... :)

Disc: Holder of WEN

COLIN
14-05-2008, 09:29 PM
Announced on Friday - Kate-1 test well to commence in April 2008.

Good to see some action... :)

Disc: Holder of WEN


Why no announcement on NZX this afternoon, re Kate-1 disappointment? GGX(ASX) published at 2.53 p.m. Australian time = 4.53 p.m. NZ time. Consequently GGX price slumped 50%.
Chris will need to explain.

SMan
14-05-2008, 09:51 PM
I don't think this will effect WEN's SP much at all. Very tightly held and illiquid, have sat at 15c for ages and Chris did state in one of the announcements the chance of success was pretty low (as to be expected). Still waiting for post drill wirelog analysis and de-brief etc.. I think all those who bought into GGX purely for Kate1 knew it was a gamble. Us WEN holders have a lot of other exciting projects to look forward to. The up coming rights issue should give WEN the cash to get a couple moving.

The Examiner
15-05-2008, 10:46 AM
Colin,

The GGX announcement was made contrary to my up-to-the-minute understanding of what was happening at Kate 1 and took me and a number of other parties completely by surprise. Overnight WEN completed an investigation of the surrounding circumstances and released the following announcement this morning.

I think this explains the position. You can rest assured that WEN (and WID) fully understand the NZX continuous disclosure regime and act accordingly. The number of announcements we issue are ample evidence of this.

Cheers

CC


New Zealand Exchange Limited
P.O. Box 2959
Wellington


15 May 2008

Dear Sir,

Widespread Energy provides Kate 1 well update

Widespread Energy holds 11.7% of Nelson based oil and gas exploration company Green Gate Limited.

Green Gate is presently drilling an exploration well (Kate 1) on the onshore Kate Anticline oil prospect near Amberley in PEP 38260, using the Rover drill rig, owned and operated by New Zealand based NRG Drilling.

Yesterday in Australia ASX listed Gas2Grid (who are funding the well) made the following announcement:

“The Directors advise that at approximately 12.00 hours today the Kate-1 well reached interpreted basement at 1,050 metres, close to prognosis. The well is currently at TD of 1,112 metres, with current operation pulling out of the hole to run electric logs. No hydrocarbon shows have been reported in the well”

The directors of Widespread Energy (who also have representatives on-site) consider this announcement premature.

They confirm that The Kate-1 well reached total depth of 1,112m yesterday, and that it is currently being prepared for wireline logging and evaluation.

Whatever the result of the evaluation of the well, it has verified several of the factors considered to indicate a likely petroleum system in Green Gate’s extensive North Canterbury permits, and thus provides a very useful new point of reference for refinement of further efforts towards commercial oil or gas discovery in the previously largely unexplored region.

A further statement will be issued when logging has been completed and the results reviewed, probably during Friday 17 May.

For and on behalf of the Board,

Chris D Castle

COLIN
15-05-2008, 01:20 PM
Colin,

The GGX announcement was made contrary to my up-to-the-minute understanding of what was happening at Kate 1 and took me and a number of other parties completely by surprise. Overnight WEN completed an investigation of the surrounding circumstances and released the following announcement this morning.

I think this explains the position. You can rest assured that WEN (and WID) fully understand the NZX continuous disclosure regime and act accordingly. The number of announcements we issue are ample evidence of this.

Cheers

CC


New Zealand Exchange Limited
P.O. Box 2959
Wellington


15 May 2008

Dear Sir,

Widespread Energy provides Kate 1 well update

Widespread Energy holds 11.7% of Nelson based oil and gas exploration company Green Gate Limited.

Green Gate is presently drilling an exploration well (Kate 1) on the onshore Kate Anticline oil prospect near Amberley in PEP 38260, using the Rover drill rig, owned and operated by New Zealand based NRG Drilling.

Yesterday in Australia ASX listed Gas2Grid (who are funding the well) made the following announcement:

“The Directors advise that at approximately 12.00 hours today the Kate-1 well reached interpreted basement at 1,050 metres, close to prognosis. The well is currently at TD of 1,112 metres, with current operation pulling out of the hole to run electric logs. No hydrocarbon shows have been reported in the well”

The directors of Widespread Energy (who also have representatives on-site) consider this announcement premature.

They confirm that The Kate-1 well reached total depth of 1,112m yesterday, and that it is currently being prepared for wireline logging and evaluation.

Whatever the result of the evaluation of the well, it has verified several of the factors considered to indicate a likely petroleum system in Green Gate’s extensive North Canterbury permits, and thus provides a very useful new point of reference for refinement of further efforts towards commercial oil or gas discovery in the previously largely unexplored region.

A further statement will be issued when logging has been completed and the results reviewed, probably during Friday 17 May.

For and on behalf of the Board,

Chris D Castle

Thanks, Chris. You are usually onto things smartly, and thats why I was a little surprised at the time delay.

Steve
15-05-2008, 04:21 PM
The up coming rights issue should give WEN the cash to get a couple moving.

It may not necessarily be a a rights issue. It could be a SPP like WID...

KentBrockman
12-08-2009, 11:47 AM
I am tidying up my holdings and realised I have some of these still in the bottom drawer.
2 1/2 years ago I had this to say:


Shares for ten cents with a free option attached, exerciseable in June 2011, sounds pretty good to me.


hmmm...




With shares currently at 10 cents the options should be trading around 4-5 cents. One could sell both immediately for a quick small profit...


That's what I should have done...




And who knows what can happen during 4 1/2 years....



More than halfway through this period, obviously not much has happened.

Are there still any faithful out there?

I have mine ready for sale....if there would only be a buyer...lol!

KentBrockman
25-05-2010, 04:39 PM
Sooooo, a twenty fold increase in value, eh?

Could this project ever be pulled off? I believe it when I see it.
Prediction for impact on SP? Zero.

COLIN
25-05-2010, 08:13 PM
Sooooo, I twenty fold increase in value, eh?

Could this project ever be pulled off? I believe it when I see it.
Prediction for impact on SP? Zero.

I agree with your reaction, Kent. What a ridiculous "valuation". Its a bit like saying the NPV to NZ of the All Whites winning the World Cup is $X, and then quoting that as an addition to the country's GNP!

upside_umop
25-05-2010, 08:40 PM
I love this bit here:


The Rockpoint independent valuation of the project has not yet been adopted as
the carrying value of this asset in the financial statements of WEN and WID, but if
it were that would have the following effects on the balance sheets of the two
companies:

What a joke!

On another note, the project economics look ridiculous anyway! Only a $20 million NPV on project life revenues of approximately $6.2 billion! The sensitivity of this would be crazy.

croesus
26-05-2010, 03:04 AM
Kent, Colin and Downside......its easy to mock....personally I have done very well out of WID ( more good luck I suspect.. as I rode them from nothing to the (almost) top of the s/p a couple of years ago... I am still...(free carry) holding a large no of WIDWA..). which are currently dead in the water.
I also hold WENOA.....and have every expectation ... that this project will make a huge amount of money... time will tell.

KentBrockman
26-05-2010, 02:13 PM
Damn it, no twenty fold increase in SP today. And here I was hoping...

croesus
27-05-2010, 08:04 AM
Kent....IMHO. you sound a bit negative, sad and petty.

( have you lost money on this stock and maybe have a chip on your shoulder ? .. move on mate )...

no one in their right mind.. would suggest it was likely to go up 20 times.. that's a silly thing to say... ( up about 14% on light turnover yesterday)

Now I have better things to do .. then waste time replying to your inane posts...so that's my last word on this matter.. lets see where the S/P is in a year.

Regards.

KentBrockman
19-04-2011, 03:56 PM
Kent....IMHO. you sound a bit negative, sad and petty.

( have you lost money on this stock and maybe have a chip on your shoulder ? .. move on mate )...

no one in their right mind.. would suggest it was likely to go up 20 times.. that's a silly thing to say... ( up about 14% on light turnover yesterday)

Now I have better things to do .. then waste time replying to your inane posts...so that's my last word on this matter.. lets see where the S/P is in a year.

Regards.

The year is up (almost) mate. Let's look at the SP then: Virtually same as last year....lol