BEACH PETROLEUM - BPT

[foodee]

Any following this one. Chart & story looking good.

disc hold

[tommy]

What a coincidence, I was about to look for a thread on this one because of the chart as well :D (Actually just bought into it today)

http://bigcharts.marketwatch.com/interchart/interchart.asp?symb=AU%3Abpt&draw.x=0&draw.y=0

Beach Petroleum looks undervalued to me at the current price, might be a safe place to park extra cash under the current climate.

[foodee]

Tommy
Looks only you & I, so I will keep 'mummm' about it.

cheers

[tricha]

In my radar, PE ratio of 5 forcast for 2008!Bought in on Friday, after doing extensive research upon selling DrillSearch

Oil is a very important part of my portfolio.

This will no doubt help, time to re-visit oil.

Peak Oil Passnotes: Can Oil Go to $80 Again? Why Not?

By Edward Tapamor
20 Apr 2007 at 05:57 PM GMT-04:00


PARIS (ResourceInvestor.com) -- Gasoline has continued its rise on the back of more dodgy refineries, increased demand and it has kept the price of crude healthy and above the $60 per barrel range. The thing is there does not seem to be any reason in the near future for crude to fall too far.

Instead a number of bullish factors - gasoline price, company troubles, geo-politics, the weather - are readying themselves, like an unpleasant obstacle course for barrels of light sweet.




There was a 4.4 million barrel draw in gasoline inventories on the eastern seaboard and in the U.S. as a whole – the only place that really matters – gasoline rose on average by 7.4 cents per gallon, to reach a tidy $2.87 per gallon.

That means that gasoline is up over 70 cents since the start of the year and year on year we are looking at around an 11.5 per cent rise.

Currently exacerbating the problem are two major elections, France and Nigeria. The French may have companies like Total [NYSE:TOT] and Maurel et Prom [Paris:MLFMM] doing pretty well in Africa, they may have the large service company Technip but their politicians are far less promising.

The inheritor of Jacques Chirac’s mantle may well be his fellow party member Nicolas Sarkozy. Sarkozy is seen as being the man who can bring the so-called “free market” to France and revitalise its economy. It might have passed a few people by but France is still the sixth biggest economy in the world, so despite its 35 hour week and best-in-the-world national health service it is not doing too badly.

But as an Organisation for Economic Co-operation and Development (OECD) nation it certainly consumes its fair share of crude oil. The politicians of France are not going to change that or its devotion to nuclear power.

What is more important is the election in Nigeria, which is threatening to spawn even more violence. The country that could produce somewhere around 2.8 million barrels per day is currently lifting around 2.3 million barrels per day because of the long standing problems in the southern Niger delta.

But the regional and now presidential elections have thrown up more bloodshed, corruption and very little hope. Armed men have stormed polling stations and taken ballots and now the actual slips to enable voting for the presidential election have not arrived in the country 24 hours before voting is due to begin. And this is the country the U.S. is relying on to produce and increasing share of its oil.

Around the southern oil town of Port Harcourt the ruling party the People's Democratic Party of Nigeria (PDP) have won elections for the local appointees. Of course there was violence, politicians have traditionally hired various armed men to intimidate, steal and so on. What happened after the last election however was disappointed armed men who suddenly were left out of the loop, really got angry.

Already there are signs that this could happen again. Meanwhile, even before the election various candidates are saying they will contest the results, presumably if they do not win of course.

This has all the hallmarks of a bullish effect on crude do you not think? Another problem that will not go away are the troubles at BP [NYSE:BP]. This week another set of workers were rushed to hospital with sickness and eye irritation. Of course they came from the fantastic Texas City refinery facility where 15 died and 180 were injured in March 2005. This of course does

[SEC]

quote:Originally posted by tricha

Imm, how long since you have looked at Beach Sec [?]

OIL increase 76 %

Gas decrease 17 %


You're right I hadn't looked at the latest quarterly report but after reading it I understand why the market was disappointed.

So oil revenue was approx 53% of total for the quarter. It should have been a lot higher but their rig in the Bass Strait has been fraught with commissioning problems and has been producing at barely half the expected rate (despite management assurances that the development was 'successfully commissioned').

Although oil revenue was slightly higher than gas for the quarter gas production was 65% of total in boe. Furthermore, gas comprises 77% of BPT's 2P reserves in boe so that unless BPT makes some substantial improvements to oil reserves soon BPT will still be considered as primarily a gas producer.

SEC

[tricha]

[}:)]I'm afaid Sec u have got Beach horrible wrong.

Read their latest announcement today.

This is out there, this year they are going to participate in 130 wells+ @ 25% average.

Cheers [B)]

[Huang Chung]

Correct me if I'm wrong Tricha, but don't BPT hold a stack of Ramelius shares [?].

RMS put out an amazing report today, with one of their drill holes returning 48m at 154 g/t au, including 1m at 1783 g/t (1.8kg) fron 148 m down hole depth [:p] [:p] [:p] [:p]

RMS share price more than doubled!

[Huang Chung]

Just checked the RMS website....as at 20 September 2006, BPT held 14.74% of Ramelius. Haven't checked if this holding has since changed.

Certainly not the main game for BPT, but a very nice bonus all the same.

[tricha]

Huang Chung - "Just checked the RMS website....as at 20 September 2006, BPT held 14.74% of Ramelius. Haven't checked if this holding has since changed.
Certainly not the main game for BPT, but a very nice bonus all the same."

WOW that is certainly out Huang Chung, I take it u own Beach or RMS shares[?] [?]
Yes, shows how slack I am getting as far as research goes before I buy into a company these days, I did not have a clue about it[|)]
The MD Reg Nelson from Beach is on the board of RMS.

Yes a very nice bonus indeed for Beach.

13,400,000 million shares and they go up over $1.

Cheers [B)][}:)]

[SEC]

quote:Originally posted by tricha

Read their latest announcement today.

This is out there, this year they are going to participate in 130 wells+ @ 25% average.

Cheers [B)]


BPT's rise yesterday had nothing to do with their exploration plans regurgitated for this week's Melbourne Investor Conference, and everything to do with their 15% holding in Ramelius.

SEC

[ELYOB]

:DNot saying the Beach is going far , but must say they have been talking to the right people over the past month overseas. BPT is now due for some kind of re-rating .....this is the local word on the Terrace in Perth.

ä¤Å¤Ó¤· ¤Ð¤§ ³»¤Ñ¤§ ¤Ð¤ÅÂù ¤Ç¤§¤¡¤§ »õ ¤Ð¤§ ¤Ñ¤±¤·¤§ !

[Dazza]

ive been in beach for awhile now

be4 the big buy out of that company

been in the red ever since

havent brought any more though

i hold avg 1.40 something

[Huang Chung]

Tricha - WOW that is certainly out Huang Chung, I take it u own Beach or RMS shares[?][?]

Hi Tricha.

A friend of mine at work put me onto RMS when they were less than 20c. He holds Beach as well, and from what he tells me, RMS was spun out of BPT some years ago.

Don't currently hold either BPT or RMS, but I've profitably traded RMS a few times, including a 2hr hold during Friday's action [8D].

[foodee]

Dazza
you could be heading into 'new territory'[:p]
The story gets better and chart looks positive - TA comments from experts out there.


cheers

[ELYOB]

[B)]

H2 of 2007 looks very good to be on the beach.

You will all get your money back !

[Jimmy]

quote:Originally posted by ELYOB

[B)]

H2 of 2007 looks very good to be on the beach.

You will all get your money back !


Thats a bit vague! BMG reaching peak production would be nice! I've held BPT for a while now. Pity I bought in at 1.38! Looking forward to good progress by BPT through the rest of 2007[^]

[tricha]

Anyone got a handle on why the big dive yesterday on huge volume.[?][?][?]
I took it upon my self to re-enter at 1.24, no real bad news and oil going up.

[Crypto Crude]

Tricha,
I have no idea, dont follow Beach...

If your into big oilers have alook at OSH, oil search...
Oil search farm into permits with Exxon, and permits in PNG....
Now on the West Coast of America, are going to be four large oil and gas refineries...
and Exxon and OSH will pipe gas from large gas reserves at PNG to West Coast America in the future...
OSH is a great pick, watch out for this one...
[8D]
.^sc

[macduffy]

Hi Shrewd Crude.
I presume you mean "will ship gas" ?

[shasta]

quote:Originally posted by tricha

Anyone got a handle on why the big dive yesterday on huge volume.[?][?][?]
I took it upon my self to re-enter at 1.24, no real bad news and oil going up.


Don't know Tricha, but it made my ears prick up & look some more into it, & Shasta likes the looks of BPT at these levels...:D

[Huang Chung]

Anzon announcement on 6 July is the likely reason Tricha.

Extract:

At 7.00pm on 5 July, the single point mooring (SPM) for the Basker Spirit parted and the Basker Spirit drifted away from its location. [:0]

...it is anticipated that the producing operations will be curtailed for a number of weeks to repair the SPM.

Beach / Anzon seem to have had their fair share of trouble with this operation.

[foodee]

Stopped out.
Problem seemed to be quite big and volume suggest this. Bass Strait really hostile environ.
Will look again when things settle.

cheers

ps also tripped out of NAV so Fri was not good for the taste searcher

[Hommel]

I hold BPT and am looking to buy more at this level too.

[Huang Chung]

Foodee - Bass Strait really hostile environ.

I'd be wondering if this FSPO arrangement for BMG is going to continue to be troublesome. Most Bass Strait production facilities are fixed platforms.

[foodee]

Huang
I won't know, but too uncertain for me at this stage.

cheers

[Crypto Crude]

macduffy,
yes you are correct...
The 4 refineries are in planning stage and are not yet guaranteed to go ahead...
The gas would get condensed, shipped, and supplied to the hungry American market...
[8D]
.^sc

[tricha]

Beach is starting to look underpriced

Reg Nelson gets to preside over the release of what should be a bumper result for Beach Petroleum on Wednesday. Thanks to a full year from the Delhi acquisition, the market will be looking for something near the $90 million mark ahead of a charge to $200 million in following years.


That's why analyst Stuart Baker at Morgan Stanley slapped a $2-a-share price target on the stock early last month when Beach was looking nice and strong at $1.43 a share. That Beach has drifted back to $1.145 on Friday - it hit 99c on Black Thursday - reflects the lack of rebound for the stock since the subprime sell-off, plus some disappointment that the BMG oil project in Bass Strait needs remedial work to get to original forecast production levels.

Wednesday's profit report could be the catalyst for the rerating that Baker and others think is now due to Beach, now ranked number four in our listed oil and gas stocks behind Woodside, Santos and Oil Search. Now that Beach has arrived as a sizeable and profitable producer for the long term (20 years-plus), Nelson has cranked up its exploration portfolio.

Four high-impact wells are now slotted to be drilled in the next 15 months. The big Fermat 1 gas target offshore from Portland in Victoria (1200 petajoules in the second quarter of 2008) has been locked in for a while. The new additions (1 in New Zealand's Taranaki Basin and two in the Bass Basin) each have the potential to yield net oil reserves to Beach of more than 20 million barrels of oil.

[tricha]

Level 1, 25 Conyngham Street, Glenside South Australia 5065
GPO Box 175 Adelaide 5001
Telephone (618) 8338 2833
Facsimile (618) 8338 2336
Beach Petroleum Ltd
ABN 20 007 617 969
www.beachpetroleum.com.au

Wednesday 29 August 2007

MEDIA RELEASE

FOR IMMEDIATE RELEASE

Beach Petroleum reports its best ever result

Beach Petroleum Limited has generated a record after tax profit of $A103.3 million for the
financial year ended 30 June 2007, more than double the previous year’s result, earned from
revenue of $A566.8 million, more than three times higher than in the year ended 30 June 2006.
The result was generated from record production of 9.4 million barrels of oil equivalent (oil and
gas combined) which was boosted by the first production from the Basker-Manta-Gummy field in
Bass Strait and the Tipton West coal seam methane project in south west Queensland.
During the financial year total sales increased seven fold to 10.55 million barrels of oil
equivalent (boe) with oil and gas sales revenue of $472 million.
Beach Petroleum will pay a 1.0 cent per share final dividend based on the record financial
results.
This adds to the 0.75 cents per share interim payment to bring the annual dividend to 1.75 cents
per share, a 16.7% increase compared to the annual dividend rate of the previous year.
The record year was highlighted by a more than doubling of proven and probable (2P) reserves
from 36.2 million barrels of oil equivalent (mmboe) to 89.6 mmboe.
At the heart of Beach Petroleum’s powerful performance during the financial year was the
Company’s admittance to the S&P/ASX 200 Index, marking a year of growth and the
Company’s transformation into a top Australian mid-cap petroleum explorer and producer and a
seven fold increase in petroleum product sales.
The rapid increase in sales volumes was primarily driven by the acquisition of the Delhi
Petroleum group of companies which gave Beach Petroleum an average 20 per cent interest in
the Cooper basin oil and gas production assets.
Also making a material impact on the results to 30 June was the sale of a 10% interest in the
BMG asset for a record $123 million.
For the second year in succession Beach Petroleum was named as a major player in Forbes
magazine’s Asia Top 200 companies “Under a Billion”.

- 2-

Beach Petroleum delivered revenue of $567 million for the financial year to 30 June, compared
with $163 million for the financial year ended 30 June 2006, an increase of 248%, the Company’s
eighth consecutive yearly revenue increase.
The dividend payment is Beach Petroleum’s 12th successive dividend payment since the
Company resumed paying dividends in 2002.
Beach Petroleum Chairman, Bob Kennedy said Beach Petroleum is now recognised both
nationally and internationally as a company that has the technical ability and business acumen
to recognise opportunities both at a corporate level and in terms of exploration.
“The year began with a flush new oilfield discovery at Callawonga. The Cooper-Eromanga basin
delivered yet again.” Mr Kennedy said.
“Delhi Petroleum is delivering value to Beach Petroleum and the company is the second largest
reserves owner and producer in the Cooper-Eromanga, after Santos.”
“Add to this the rising production from our other principal assets, the Basker-Manta oilfields
offshore from Victoria and the Tipton West coal seam gas fields in eastern Queensland. The
result is strength, diversity and growth potential,”
Beach Petroleum Managing Director, Reg Nelson, said the company’s Proved and Probable (2P)
reserves at the end of the financial year was 90 million boe, compared to 36 million boe for the
previous financial year.”
“In the national context, the company ranks fourth in ASX-listed companies in terms of 2P
reserves, after Woodside Petroleum, Santos and Origin Energy.” Mr Nelson said.
“At annual production rates of around 10 million boe, the reserves to production ratio equates to
nine years,”
Mr Nelson added that the outlook for Beach production remains strong.
“Without including any new discoveries, we expect that over the next three years Beach
Petroleum’s annual production can be maintained at 10 million boe or more, based on existing
projects.” Mr Nelson said
“Although booked reserves may fluctuate at any particular reporting date, over the next three
years it is reasonable to expect that coal seam gas reserves will have increased at Tipton West,
development of the gas-condensate resource at BMG will have been sanctioned and that
considerable oil reserves will have been delineated through the Cooper Oil Program and in
Beach Petroleum’s operated areas in the Cooper-Eromanga basins.”
“Overall, it is reasonable to expect that these developments alone should help maintain
production while building the reserves base in a material sense,”

For further information please contact:

Reg Nelson, Managing Director - Beach Petroleum – 08 8338 2833
Ian Howarth, Farrington National - 0407 822 319
Mark Lindh, Adelaide Equity – 0414 551 361

[FarmerGeorge]

Agreed, I've been buying up these guys: plenty of resources and upside potential, been around a while, fairly nicely diversified and trading on low low P/E. Plus of course there's the price of oil... I think a good mid to long term prospect particularly at recent prices.

[TimeIsMoney]

With OPEC increasing oil supply, do you think $80 oil is sustainable? I am seriously considering buying them, but I fear that if oil goes down, BPT will go down with it.

BPT has failed to impress over the last couple of trading days.

But agreed on the fact that PE is good, and their exploration portfolio is good. Do they export to Asia?

[AMR]

I've been monitoring this one for a while now, and it seems to be heading for a retest of the 109 support level..

Any fundamental news on why, when the price of oil hits new highs, this stock is going backwards?

[Huang Chung]

Seems to be symtamatic of the whole mid-size oiler space AMR. Amazing when you consider the POO.

From what I can tell, BPT seem to be doing everything right.

Not sure if their entry into CSG and Hot Rocks might have alienated some of the O&G purists.....

[bermuda]

Seems to be symtamatic of the whole mid-size oiler space AMR. Amazing when you consider the POO.

From what I can tell, BPT seem to be doing everything right.

Not sure if their entry into CSG and Hot Rocks might have alienated some of the O&G purists.....

The entry into CSG and Hot Rocks will prove to be one of the best they have made.

[macduffy]

The entry into CSG and Hot Rocks will prove to be one of the best they have made.

Let's hope so!
I think the market is a bit concerned that BPT have sold down two 10% chunks of BMG in the last 6 months or so. Latest results wouldn't look too flash without the profits from these sales. Presumably, the proceeds were needed for the above two investments.

Disc: Long term, perennially optimistic holder of BPT.

[Dr_Who]

What percentage of BMG is BPT holding after sell down and why are they selling down?

[macduffy]

Beach now hold 30% of BMG. From memory, when announcing the second 10% sale the company said something like " sale proceeds can be more profitably applied to our other projects " or words to that effect.
I think the profit booked on that sale was AUD60m odd.

Better look up the announcements for details.

:)

[Huang Chung]

Interestingly, they're selling down their stake in BMG (Oil), yet retaining a non-core holding in Ramelius Resources (Gold).......

[macduffy]

Refer March 2008 Half Yearly update to shareholders.

10% sold to Itochu on 9August, 2007 for AUD 123m

10% sold to Sojitz Energy Aust on 29 Feb 2008 for AUD123m. Effective date will be 31 Dec 2007 when sale goes unconditional.

:)

[Dr_Who]

At what price should I put some of these away? It is on my watchlist as we speak.

[Tok3n]

This one looks like its heading towards previous support levels.

Any fundamentals reasons to get into this one? +why they have invested in a junior like GOG?

To me personally the whole mid tier ASX oil/gas plays don't look very attractive apart from maybe NXS (but they're not producing for a while)...I guess its a case of one lucky strike will change everything :).

Seems to be better leverage, value and opportunities going down a tier towards the emerging producers.

[macduffy]

I pretty much agree with that, tok3n. None of my mid level oilers are thriving at present except AWE to some degree with its 42.5% of Tui, and ARQ which looks like it may be taken over by AWE. ( As a result, ARQ sp is up, AWE is down!)
I'm not into giving advice on prices - isn't it verboten on this forum? - but I would caution anyone interested in BPT that it has a fairly long history of disappointing, shareprice-wise.
But who knows, perhaps that will change one day!

:)

[Hommel]

I have owned BPT and HZN for a couple of years now and I would have expected better from the share prices considering what has happened to oil prices lately. However I am not a seller at present.

[Dr_Who]

Q result is out. CommSec has a valuation upgrade of $1.98.

http://www.beachpetroleum.com.au/files/reports/BPT_08April_CBA.pdf


MEDIA RELEASE
FOR IMMEDIATE RELEASE


Ref: #049/08


INCREASED PRODUCTION AND HIGH OIL PRICES FOR
BEACH PETROLEUM’S QUARTERLY RESULTS


Beach Petroleum has posted record sales revenue of $A147.7 million in the March
quarter, up 14% from the previous quarter reflecting higher production and high oil
prices.


Oil sales revenue in the March quarter was up by 16% to $94.7 million while higher
production volumes and prices of gas and gas liquids also contributed to the results.


Total sales revenue for the nine months to March 2008 was $397 million, an increase
of 15% on the nine months to March 2007 ($345 million).
Beach Petroleum recorded an average oil price, for the nine months to March 2008,
of $A104/bbl (before taking into account hedging adjustments for the period).


In the March quarter Beach Petroleum produced 767,000 barrels of crude oil, up by
7%.
That increase was driven primarily by higher contributions from Beach’s various
Cooper/Eromanga oil projects and increased production from the BMG Project.


Beach sold a further 10% equity stake in the BMG project for A$123 million. Funds
from this sale were received on 24 April 2008.
Beach had previously sold a 10% stake in the BMG project to Itochu of Japan for the
same price.


Gas production volumes achieved by Beach in the March quarter remained steady
with higher liquid yields resulting in an increase in gas liquids production.


Total production during the quarter was 2.33 million barrels of oil equivalent, an
increase of 4% on the previous quarter.


Beach Petroleum managing director, Reg Nelson, said, “The March quarter results
continue to reflect Beach Petroleum’s growing strength in the Australian petroleum
industry.”


“Beach has continued to record significant success in the exploration program in the
western portion of the Cooper Basin and elsewhere in Australia.”


“But the company is also aiming to focus on growing the business in the international
arena.”


“Beach has a strong balance sheet and strong cash flows which it aims to utilise to
continue to build its asset portfolio.”

[macduffy]

Hmmm....
Not too sure if this report warrants large type.
Revenue for 9 mths is up 15% but this includes proceeds of the first 10% BMG sale. ($123m)
Without it, 9 mths revenue is down 20%.
Have I got this right?

[FarmerGeorge]

macduffy: If the sale of the BMG stake was counted under 'Sales Revenue' then yes I think you're right. However sales revenue is sales from oil/gas, ongoing operations. The BMG sale should not be included, it should be it's own line item. If it has been then I won't be a happy farmer.

[Bilo]

Hmmm....
Not too sure if this report warrants large type.
Revenue for 9 mths is up 15% but this includes proceeds of the first 10% BMG sale. ($123m)
Without it, 9 mths revenue is down 20%.
Have I got this right?

Beach don't do themselves any favours with their reporting.:confused: No wonder their share price keeps gravitating to 2 year lows.

Sales by quarter for the last three quarters have been AUD 131M, 130M, and 148M in the latest quarter. The sale of BMG does not appear to be included in these numbers. The poor price per barrel is likely linked to the Delhi hedging (800K barrels this year) which is in its last year of serious impact as it is reducing and phases out by June 2009 (see HY report).

They sold some of BMG, one assumes, because they needed the cash, as they were highly geared into the Delhi purchase that they snatched out of Santos's grasp, and the financing of this is likely to have caused some questioning.

So, bamboozled by mathematics, you and me and most punters don't realise that BPT is actually doing very well.

Pity about the dallying in sundry non oil/gas interests as they tend to hint that the organisation isn't adequately focussed.

I would like to see the $2 valuation tho - Commsec was it?

[Dr_Who]

I would like to see the $2 valuation tho - Commsec was it?

Here ya go.

http://www.beachpetroleum.com.au/fil...8April_CBA.pdf (http://www.beachpetroleum.com.au/fil...8April_CBA.pdf)

CBD report says BPT valuation at $1.98, P/E 8x assuming they can meet forecast. Looks likely they can meet forecast with revenue up.

I assume this company is ripe for corporate activity if the sp stays at these levels? Will reduce alot of management cost if a bigger oil coy takes it out and re-structure to extract value. It just makes sense.

I bought some BPT for my portfolio.

[Bilo]

Here ya go.

I assume this company is ripe for corporate activity if the sp stays at these levels? Will reduce alot of management cost if a bigger oil coy takes it out and re-structure to extract value. It just makes sense.

I bought some BPT for my portfolio.

thanks Dr will study later

[macduffy]

Thanks, Bilo.
They certainly make things obscure.
On a positive note, a Fosterbroking review of PSA ( accessed from the PSA website ) estimates BPT EV/Reserve multiple favourably compared to its peers.
According to Fosters, BPT has an EV/boe of $13-30, compared to ROC $32-60, TAP $22-30, AWE $22-20 and PSA $17-70.

[FarmerGeorge]

Thanks for posting that report but honestly who are these monkeys working at CommSec? Spelling and grammatical errors and typo's a high school kid would pick up. I mean it shouldn't make a difference but it makes me suspicious of the whole report. If they miss out letters writing the document who's to say they didn't punch in the numbers wrong somewhere on their models?
Sorry but I just finished the report and had to vent that a little bit.

[macduffy]

Good results from Basker 6A, described by company as an " outstanding test result."
Just a pity that BPT has sold down its interest in the BMG field from 50% to 30% over the last few months!

:(

[Dr_Who]

At least they still have 30% lol. Maybe thats why the market is discounting them.

disc: BPT holder

[Dr_Who]

Is it me or does the BPT graph look good?

Any chartist can advice? I am not much of a chartist.

[macduffy]

Is it me or does the BPT graph look good?

Any chartist can advice? I am not much of a chartist.

I'm not strong on T/A either but to me it looks like BPT has traded sideways for the best part of 2 months?

:confused:

[AMR]

Actually...it's closer to two years.

[shasta]

Actually...it's closer to two years.

H2so4 - as requested :cool:

BPT had been bouncing around the $1.30 SP for a while, but note the SP is now above the short term 20 day MA (bullish IMO)

Todays ann gives us a clue.... (SP closed at $1.405)

http://www.stocknessmonster.com/news-item?S=BPT&E=ASX&N=166274

Not to mention the rising price of oil (BPT has a history of increasing production & looks to be expanding its production)

I also gather the whole CSG sector has started being re-rated on the back of the British Gas approach to Origin.

BPT own 40% of the Tipton West CSG project with AOE (60%).

[Dr_Who]

I did say BPT is looking good. :)

I think there maybe an upgrade for BPT. Even without upgade the valuation is around $2.00.

disc: BPT holder

[macduffy]

I did say BPT is looking good. :)

I think there maybe an upgrade for BPT. Even without upgade the valuation is around $2.00.

disc: BPT holder

I hope you're right!
My experience as a long term holder is that BPT has underperformed the sector. I hope its not just having a bit of a run on the strength of the price of POO, as so many other O & G companies are.

[AMR]

Congrats to all the BPT holders who bought earlier this month around 120, you are now up 20%.

From the chart it seemed there was a lot of selling pressure which has now abated. Was there any mention of Opes prime by management?

[Dr_Who]

Thanks AMR. I dont think BPT was affected by Opes.

I bought at around $1.20 based on fundamentals of higher oil price and valuation of $2.00 by CBA. I may sell some to trade and some for long term.

[ELYOB]

Bpt is a trade sell for now imho, but watch it ...we need just abit of the right news, and it will be on ............#$

Some decent stuff coming up in mere months ..... good wells , which could be supported by some future b/s announcements

[Hommel]

Close at $1.51 today. But we have been here before followed by 18 months in the doldrums. This time I have a good feeling about the Beach.

[shasta]

Close at $1.51 today. But we have been here before followed by 18 months in the doldrums. This time I have a good feeling about the Beach.

See the link from my post yesterday, someone is pre-empting M&A activity in the sector (especially when STO loses the 15% cap) & has taken a 10% blocking stake in BPT.

I feel that BPT will somehow be involved, as it does have CSG exposure.

[FarmerGeorge]

Trading halt this morning. I'm guessing good news?

[shasta]

Trading halt this morning. I'm guessing good news?

Capital raising

http://www.stocknessmonster.com/news-item?S=BPT&E=ASX&N=166512

Also new presentation out

http://www.stocknessmonster.com/news-item?S=BPT&E=ASX&N=166513

[Dr_Who]

I will participate. Will have to get some options.

What price is the placement?

[macduffy]

I will participate. Will have to get some options.

What price is the placement?


The placement is at $1-43 so I assume the SSP is at the same price.
The options will be issued 1 for 10 - on total holdings, not just new shares? Strike price is $2-00. 30 June 2010.
BPT sp has struggled to digest issues in the recent past so I'll withhold judgement at this stage. I like their CSM interests but not so sure about their Eqyptian and other Middle Eastern tenements and still unsure why they thought it was a good idea to sell down BMG interest in favour of foreign adventures.
Would welcome enlightenment.

:)

[Dr_Who]

I am 50/50 on BPT.

I feel like selling BPT to buy AZA. Dont know yet, need to work out the numbers more. BPT seems to be in a constant trading range.

[SEC]

Have Beach management shot themselves in the foot again with this capital raising?

Beach would have gone up impressively today thanks to Shell's 30% purchase of Arrow's CSM assets for an upfront payment of $435M, which pays for 3P reserves of 2.79PJ and includes their 60% (1.39PJ) stake in Tipton West. Beach has the remaining 40% stake in Tipton West which based on equivalent 3P reserves and price paid by Shell is worth 54cps pre capital raising. Recent valuations by brokers valued Beach's stake in Tipton West from 10 - 20cps.

To think that Beach today has had its asset valuation effectively increase by at least 30cps and at the same time looks to have done a capital raising at 24cps discount to the prevailing price is shocking timing.

I have seen more often than not the market price drop to the SPP price within weeks of a capital raising, no matter how small or large the discount. Crying shame really because Beach was heading for $2. Load up more around $1.43.

SEC

[shasta]

Have Beach management shot themselves in the foot again with this capital raising?

Beach would have gone up impressively today thanks to Shell's 30% purchase of Arrow's CSM assets for an upfront payment of $435M, which pays for 3P reserves of 2.79PJ and includes their 60% (1.39PJ) stake in Tipton West. Beach has the remaining 40% stake in Tipton West which based on equivalent 3P reserves and price paid by Shell is worth 54cps pre capital raising. Recent valuations by brokers valued Beach's stake in Tipton West from 10 - 20cps.

To think that Beach today has had its asset valuation effectively increase by at least 30cps and at the same time looks to have done a capital raising at 24cps discount to the prevailing price is shocking timing.

I have seen more often than not the market price drop to the SPP price within weeks of a capital raising, no matter how small or large the discount. Crying shame really because Beach was heading for $2. Load up more around $1.43.

SEC

How good are those bonus options looking then?

[SEC]

How good are those bonus options looking then?

Forgot about the bonus options. Doesn't offer much existing value for current holders but would be a good way to leverage off BPT upside when buying these options on-market if/when head price falls to $1.43.

SEC

[POSSUM THE CAT]

Sold on Friday at $1.70 now waiting for the figures to decide if I come back in or go somewhere else. Seems to me there was some leakage of news on friday

[AMR]

As a non-BPT holder I'll be looking seriously at the oppies when the heads fall back slightly. Maybe the management is the cause of BPT's trading range while the price of oil skyrockets. Aren't they meant to be swimming in cash right now?

[macduffy]

As a non-BPT holder I'll be looking seriously at the oppies when the heads fall back slightly. Maybe the management is the cause of BPT's trading range while the price of oil skyrockets. Aren't they meant to be swimming in cash right now?

One would think so with $246m within the last 6 or so months from the sale of 20% of BMG, plus the record prices being achieved for their oil and gas, and now with the proceeds of the pending placement and share purchase plan.
They also have a big decision to make about their 40% interest ( with AOE ) in the Tipton CSM field; whether to exercise their pre-emptive rights, or join the AOE/Shell partnership ( or possibly sell out? ). But they also seem to have big plans for expansion further afield as witnessed by recent purchases.

[New Jersey girl]

The insiders who purchased in advance of the capital raising announcement must be feeling a bit sick at the moment; but one can't really understand why the share price has sunk so quickly below $1.43. After all, the fund raising announcement had no news about projects; the dilution is fairly minor, and the price rather high.

As a relative newbie to small Australian oil companies, would someone mind telling me if declines subsequent to non-distress capital raising are ususal? Or is this merely a delayed reaction to possibly overpaying for middle east assets.

Finally, do South Australian oilers have a reasonable history of purchasing foreign assets, or are they much better at finding the stuff themselves. Last time I met a South Australian on the expansion path - the infamous Zipperneck, Tim Marcus-Clark, it all ended rather badly.

[Dr_Who]

BPT seems to be stuck in the "twilight" trading range of $110-$170. I dont kown what to make of it apart from using it as a guide to trade it.

[POSSUM THE CAT]

I sold at $1.70 just before capital raising. Did not like the proposed purchases with the capital raising money. Before this it was a reasonably conservative oiler, in mainly stable countries. Now it is getting into more volatile areas of the world and seemly more speculative. I have had a very tiny dabble at $1.36 but not really interested in buying more.

[macduffy]

I sold at $1.70 just before capital raising. Did not like the proposed purchases with the capital raising money. Before this it was a reasonably conservative oiler, in mainly stable countries. Now it is getting into more volatile areas of the world and seemly more speculative. I have had a very tiny dabble at $1.36 but not really interested in buying more.

That was good selling at $1-70 Possum!
History is repeating itself with BPT playing true to form and unable to maintain its SP after another issue. Only this time its dropped before the issue closes!
I won't be taking any up and will look to sell if they ever spike up. Would have to be the big disappointment amongst my modest Aussie oils.

[macduffy]

The insiders who purchased in advance of the capital raising announcement must be feeling a bit sick at the moment; but one can't really understand why the share price has sunk so quickly below $1.43. After all, the fund raising announcement had no news about projects; the dilution is fairly minor, and the price rather high.

As a relative newbie to small Australian oil companies, would someone mind telling me if declines subsequent to non-distress capital raising are ususal? Or is this merely a delayed reaction to possibly overpaying for middle east assets.

Finally, do South Australian oilers have a reasonable history of purchasing foreign assets, or are they much better at finding the stuff themselves. Last time I met a South Australian on the expansion path - the infamous Zipperneck, Tim Marcus-Clark, it all ended rather badly.

Hi NJg
I don't think you can generalise too much in these instances. A lot depends on timing, market sentiment and individual company issues.
As you can tell from my previous post, I'm rather disillusioned with BPT. They have sold down their interest in the BMG project from 50% to 30%, reaping $246m in the process, - which may or may not be a smart move - and they have used that plus the proceeds from the placement and now the SPP ( if anybody subscribes!) to further their foreign interests - Turkey, Albania, Spain ( from memory) and now Egypt.
I don't think they have adequate management strength to manage all this properly when they have plenty of irons in the Australian fire, especially small but potentially valuable Coal Seam Methane interests ( Tipton West for starters ).

I may be completely wrong with this but BPT has a bit of a track record in failing to produce the goods SP-wise. Because of this, I won't be adding to my stake but will hold for a spike in price, hopefully on some CSM news.

[POSSUM THE CAT]

Mac Duffy do not be in to much of a hurray to sell remember there is a freebie involved as well even if you do not take up SPP & tax loss selling and repurchasing goes on in Australia does not usually settle down untill mid July

[macduffy]

Mac Duffy do not be in to much of a hurray to sell remember there is a freebie involved as well even if you do not take up SPP & tax loss selling and repurchasing goes on in Australia does not usually settle down untill mid July

All true Possum but I'm not so sure that the options will be very attractive with a strike price of $2.
I guess they may trade for a few cents initially.
In any case it looks like I'll be on the beach for a while yet!

[SEC]

Have Beach management shot themselves in the foot again with this capital raising?...

...I have seen more often than not the market price drop to the SPP price within weeks of a capital raising, no matter how small or large the discount. Crying shame really because Beach was heading for $2. Load up more around $1.43.

SEC

Picked it like a dirty nose. Happens almost every time.

Still a complete sell overreaction by the market.

SEC

[macduffy]

Beach have announced that BP will not exercise its pre-emptive right in respect of North Shadwan and that the purchase ( By Beach) will therefore proceed.
This is supposedly good news!

[POSSUM THE CAT]

If it was any good surely BP would have taken up its pre-emptive rights. Are Beach trying to grow at any cost. Oil prices going up share price going down.

[ELYOB]

I am trying to be objective as possible . I do alot of research over many weeks by phoning companies , and try to understand what they may or may not achieve . Beach is a massive complex machine which i have learnt alot about . They certainly know what they are about and management is ok . They have exciting multi-strategies in place which i believe a lot of negative posters fail to analyse. From Qld to Egypt , BPT have much going on and H2 08 is just going to amaze......this process with an shareholders issue is going to happen as these guys at BPT are not and do not plan to look like idiots as some posters on various boards like to infer ....................Euroz have got the latest $xxxx.xx on this in a report just out today in an update , and they are close to the action {target short term now $2.02}

It would be a shame not to get onboard at $1.32.......... anyway that is the game ....

Hold BPT

dyor , and win ...

[macduffy]

I am trying to be objective as possible . I do alot of research over many weeks by phoning companies , and try to understand what they may or may not achieve . Beach is a massive complex machine which i have learnt alot about . They certainly know what they are about and management is ok . They have exciting multi-strategies in place which i believe a lot of negative posters fail to analyse. From Qld to Egypt , BPT have much going on and H2 08 is just going to amaze......this process with an shareholders issue is going to happen as these guys at BPT are not and do not plan to look like idiots as some posters on various boards like to infer ....................Euroz have got the latest $xxxx.xx on this in a report just out today in an update , and they are close to the action {target short term now $2.02}

It would be a shame not to get onboard at $1.32.......... anyway that is the game ....

Hold BPT

dyor , and win ...

Hi ELYOB

It's good to have another view on BPT but the complexity of their interests is one of my concerns and the massive number of shares on issue is another - now well over a billion and more to come if anyone takes up the SPP - why they would when the shares can be bought on market 11c lower I can't imagine.
It looks very much to me a case of taking a lot of small bets on several horses in the same race. I can't see where they have a competitive advantage in places as diverse as Eqypt, Albania, Turkey,Tanzania etc. Their expertise surely is in Australia, particularly with the newly aroused interest in gas and coal seam methane gas. The distraction to management of having a lot of relatively small and diverse interests to manage is also an issue when there is a bigger stake closer to home. For example, they still have 30% of BMG to look after and maximise returns from, amongst other local producing assets.
I'm not sure I know what you mean by the " shareholders' plan is going to happen". Yes, we all have our forms but unless there is an upturn in the SP there won't be many shares taken up at $1-43. The issue isn't underwritten but I doubt that the co will be too concerned, the larger amount having been raised by the private placement.
So I don't expect to be taking up any more shares. BPT have a bit of a track record of raising new capital, only to see the SP fall back, so I'll be wanting a bit more solid evidence of progress before I consider increasing my stake.

;)

[macduffy]

It should be noted that Euroz Securities Ltd was one of the Joint Lead Managers for the recent share placement.
They obviously have a strong incentive to paint an optimistic picture.

[ELYOB]

MacDuffy,

I wouldnt worry about shares on issue 1B size . Projects are growing and these can move BPTs SP with any "huge" expansion in them . I would advise you go and research the various projects and see which one will imminently expand , and support the current share plan . This might just make you some money.

Also, we know the beach frontage can be sold off at the right price . This has been demonstrated with BMG . Now if a huge offer were to come along for frontage huge in the making ....

dyor

[macduffy]

MacDuffy,

I wouldnt worry about shares on issue 1B size . Projects are growing and these can move BPTs SP with any "huge" expansion in them . I would advise you go and research the various projects and see which one will imminently expand , and support the current share plan . This might just make you some money.

Also, we know the beach frontage can be sold off at the right price . This has been demonstrated with BMG . Now if a huge offer were to come along for frontage huge in the making ....

dyor

"....and support the current share plan."

?? Not very likely when the shares can be bought on market for 11c less!
3,496 shares via the SPP = $4,999-28.
3,496 shares at $1-32 on market = $4,614-72 ( plus brokerage).

Of course, the market price may not last but meantime that would be the way to go for those who think BPT is a good buy.

;)

[macduffy]

Beach has paid out $50m to buy out a big chunk of its hedging, leaving about 90% of oil production to sell at market prices. They figure that the PoO is likely to stay high or go higher. I go along with that.
They also talk about the possibility of buying further interests in Egypt. I'm not so sure about that!

:(

[Dr_Who]

Beach has paid out $50m to buy out a big chunk of its hedging, leaving about 90% of oil production to sell at market prices. They figure that the PoO is likely to stay high or go higher. I go along with that.
They also talk about the possibility of buying further interests in Egypt. I'm not so sure about that!

:(

Do they own 100% of the drilling in egypt or do they have a local partner? I am concern that they dont have a competitive advantage in egypt. Is the market factoring in political risk? God help us if Isreal attack Iran, or even worst McCain becomes president.

[macduffy]

Do they own 100% of the drilling in egypt or do they have a local partner? I am concern that they dont have a competitive advantage in egypt. Is the market factoring in political risk? God help us if Isreal attack Iran, or even worst McCain becomes president.

Hi doc

All BPT's overseas adventures are farm-ins - 20% North Shadwan (Egypt), 25% Spain, 25% Albania, 25% North Qaran, ?% Tanzania?
I'm not a fan of this dispersion of effort when there is so much opportunity closer to home but, as usual you'll have to assess the risks for yourself.

;)

[ELYOB]

BPt is going international in more ways than one . It has the international properties in above [eg: Egypt, etc.,.], as well as favouring placement recently to international instos . Local instos etc.,. missed out badly recently in the issue , only getting 1:10 of what they thought was their god given right .....maybe this is a current sore point locally with the instos , but they are the ones who have been playing with the share price and they are going to lose.

When the button gets pushed the new holders from o/s will make a difference.

[Dr_Who]

Sooooo....

BPT paid out $50m to close their hedge at the top of the oil price and not they are unhedged with a dropping oil price? Hmmm.. no wonder the market is punishing their sp. :confused:

[ELYOB]

Beach still a good company with the fall in SP ....the market is stuffed atm ; but oil price is US136 after last nights fall ......all bets with every stock is off for the time being .

[Dr_Who]

Investors that took the $1.43 placement of shares will not be happy with the sp now at $1.15.

[ELYOB]

It is those international investors in the recent issue who are pushing the SP down .....this is a game ..... no one can match them ......when they are ready or news changes the rules ....they will have to execute the grand plan and suck hard .....the quarterly may well change the game . The H2 08 activities certainly will !

[Dr_Who]

The H2 08 activities certainly will !

What date is that due out?

[Dr_Who]

Can someone enlighten me on today's substantial holder notice on leveraged position? Is this stock someone has leveraged or someone borrowing stock to short? I am abit confused on this announcement.

[AMR]

To buy or not to buy? BPT is at a critical junction right now where one technician will say a double top has been confirmed while another will call this a bounce off resistance with a bullish divergence (OBV).

To this untrained fundamentalist the overseas acquisitions don't seem too bad...gives BPT a bit more of a speculative elephant hunting tinge.

Will watch this very carefully tomorrow. Either it will be the best entry point in years or a very foolish TA entry.

http://www.sharetrader.co.nz/picture.php?albumid=5&pictureid=34

[ELYOB]

The Company’s total oil and gas reserves at 30 June 2008 to approximately 148 million barrels of oil equivalent (mmboe).

Big announcement this morning .... This may take a few days to sink ! but we are up at $1.09 atm

....the CSG and reserves announcement is big news ....maybe another surprise to come with a sales to fire it up ...

[Phaedrus]

To buy or not to buy? BPT is at a critical junction right now where one technician will say a double top has been confirmed while another will call this a bounce off resistance with a bullish divergence (OBV). Either it will be the best entry point in years or a very foolish TA entry.

I'm a bit puzzled by your comments, AMR. You say "one technician will say a double top has been confirmed". I have looked really hard at the last 3 years price plot and cannot see a single double top anywhere.

".....another will call this a bounce off resistance". I'm hoping you mean a bounce at previous Support! BPT has been in a trading range for years.

"....with a bullish divergence (OBV)" Whether you look at the short term or the long-term, the OBV has been essentially flat. BPT has been neither accumulated nor distributed.

"Either it will be the best entry point in years or a very foolish TA entry."
Entry at a bounce from a support level that has held for many years would be a very logical and sensible TA entry. Yes?

http://h1.ripway.com/Phaedrus/BPT86.gif

[AMR]

It looked like it was going to bounce but then ended up closing lower. Now would you suggest a double top has been completed?

[Phaedrus]

Ah, I think I now see where you are coming from. You view the entire trading range as a (possible) gigantic double top. Yes?

This formation does not qualify as a double top for many reasons.
A double top should have 2 distinct tops - this has 4 or 5.
There should be a clear valley between the peaks - this has 2 distinct separate lows.
The tops can be up to a year apart. These are over 2 years apart.
Most important of all, the tops should not be part of the same consolidation pattern. BPT has been in a consolidation pattern (a trading range) for two and a half years, so far.

[POSSUM THE CAT]

Is the share price being driven down for someone to get very cheap shares in the issue of shares to proffesional investors

[Dr_Who]

Is the share price being driven down for someone to get very cheap shares in the issue of shares to proffesional investors

Nope.

All oil stocks across the sector is getting hammered. :eek:

[ELYOB]

BPT is no worse than other midcap oilers ; and it is not significant in shorting . This is just a market sentiment thing . Traders are into this stock and out again as it is one of the more liquid stocks . When the market settles , the beach will move up quick as the traders will have more to stay for . If a insto starts feeding this will upset the present game . There is alot of Fund money on the sidelines apparently ...so it becomes a time thing ...

Strategy ; wait it out ; we have a big H2 08 ahead of us ....research that and you will see it is actually exciting

Hold BPT BPTO

[shasta]

BPT is no worse than other midcap oilers ; and it is not significant in shorting . This is just a market sentiment thing . Traders are into this stock and out again as it is one of the more liquid stocks . When the market settles , the beach will move up quick as the traders will have more to stay for . If a insto starts feeding this will upset the present game . There is alot of Fund money on the sidelines apparently ...so it becomes a time thing ...

Strategy ; wait it out ; we have a big H2 08 ahead of us ....research that and you will see it is actually exciting

Hold BPT BPTO

Ok, it's hardly a contrarian play, but BPT at $1 is getting a tad ridiculous

Im interested...

[AMR]

We now have a clear downwards breakout of the trading range. Standing clear for now myself, but waiting for that reversal.

[STRAT]

Oilers being smashed as everyone is saying seems a clear indicator which way the POO is going short term I reckon. The world forgot it was on daylight saving time:D.
Twilight? or is it still mid afternoon in the Desert?:p

[AMR]

Was yesterday the reversal day? OBV trendline not broken yet...might wait for a retest of the low to enter or just watch. This market is confusing.

[shasta]

Was yesterday the reversal day? OBV trendline not broken yet...might wait for a retest of the low to enter or just watch. This market is confusing.

BPT is a hard one to work out, just like AZA (currently 81.5c) yet most oilers have had a crack at them!

I like BPT, & am waiting for confirmation myself

[AMR]

Oil's certainly taken a fair hit over the last half hour or so. BPT opens higher, touches 113, now looking to close lower. Same with AZA, PSA, NXS, AWE, etc

[shasta]

Oil's certainly taken a fair hit over the last half hour or so. BPT opens higher, touches 113, now looking to close lower. Same with AZA, PSA, NXS, AWE, etc

Perhaps part of the reason for the turnaround? :cool:

http://www.stocknessmonster.com/news-item?S=BPT&E=ASX&N=167851

[shasta]

Perhaps part of the reason for the turnaround? :cool:

http://www.stocknessmonster.com/news-item?S=BPT&E=ASX&N=167851

BPT: Flags Accelerated Drilling Activity

http://www.stocknessmonster.com/news-item?S=BPT&E=ASX&N=168176

I'm looking again at BPT at these levels :rolleyes:

[shasta]

BPT: Flags Accelerated Drilling Activity

http://www.stocknessmonster.com/news-item?S=BPT&E=ASX&N=168176

I'm looking again at BPT at these levels :rolleyes:

BMG projects starts (see AZA ann) - BPT holds 30%

http://www.stocknessmonster.com/news-item?S=AZA&E=ASX&N=520760

[drillfix]

BMG projects starts (see AZA ann) - BPT holds 30%

http://www.stocknessmonster.com/news-item?S=AZA&E=ASX&N=520760


Gee Shasta, You sure do a good job on keeping your eye on Who has How much and what % of what project, along with When When and Where andy Who and we all know why :rolleyes: :D

Do any of these oilers get a flogging when the credit world gets flogged too?
or is it all oil price dependent?

Anyways, good work as thats a fair bit of posting you do so good work ;)

[shasta]

Gee Shasta, You sure do a good job on keeping your eye on Who has How much and what % of what project, along with When When and Where andy Who and we all know why :rolleyes: :D

Do any of these oilers get a flogging when the credit world gets flogged too?
or is it all oil price dependent?

Anyways, good work as thats a fair bit of posting you do so good work ;)

Think Dustin Hoffman in "Rainman" :rolleyes:

That's not me... :D

I make it my business to know the companies im looking at inside out ;)

BPT has exposure to CSG & keeps on making record revenues, yet gets punished more so than non producers - go figure?

[shasta]

Think Dustin Hoffman in "Rainman" :rolleyes:

That's not me... :D

I make it my business to know the companies im looking at inside out ;)

BPT has exposure to CSG & keeps on making record revenues, yet gets punished more so than non producers - go figure?

BPT - Shareholder Update, a good read for the weekend ;)

http://www.stocknessmonster.com/news-item?S=BPT&E=ASX&N=168500

[Crypto Crude]

Beach is a great oil company...
http://www.stocknessmonster.com/news-item?S=BPT&E=ASX&N=169375
Oh if only the crash was a few years later... would have had abit more behind me to swoop up some of these companies...
prolific period in the oil industry over the next few years...
get yourselves set at the best entry point as Oil prices falling have discounted these stocks more than you could possibly imagine...

NZO...BPT....HZN....CUE...AWE.... great oilers...
ARRRGGGGHHHH....
:cool:
.^sc

[macduffy]

I'm not so sure that this latest announcement will add much to BPT's appeal. After all it is merely Egyptian govt approval of acquisitions made back in May. As the PoO was considerably higher then, I doubt whether they are now seen as particularly attractive deals.
Nevertheless, I hold a few so here's hoping that I'm wrong again!

;)

[Crypto Crude]

macduffy,
My reference is not specifically related to the Egyptian ann today... I have not had time to study it...
Im talking generally about the company...
To good to be true...
yeahh hharrggghhh
:cool:
.^sc

[macduffy]

macduffy,
My reference is not specifically related to the Egyptian ann today... I have not had time to study it...
Im talking generally about the company...
To good to be true...
yeahh hharrggghhh
:cool:
.^sc

Yes, I realise that, Shrewdie.

Although I hold a few BPT I have several concerns about them including the over 1b shares now on issue; their lacklustre performance last FY when despite record prices, their eps halved; their appalling timing in spending $40-50m a few months ago to settle hedges to " allow them to benefit from current record oil prices"!!!!

However, as stated, I hold in hope!

:)

[Dr_Who]

BPT has a nice hedging position and they sold out it at the top of the oil price taking a big hit. I like this stock, but they do odd things at times. It is still on my watchlist.

[macduffy]

BPT has a nice hedging position and they sold out it at the top of the oil price taking a big hit. I like this stock, but they do odd things at times. It is still on my watchlist.

To be fair to BPT their hedging, largely inherited from the Delhi takeover, had cost them a lot of money in the recent past.
Wasn't surprising then that they decided to bite the bullet and pay to settle it out to benefit from the upside in what were then record prices. In hindsight ( that wonderful analytical tool! ) their timing was as bad as it could be!

:o

[Huang Chung]

Just reading the regular progress report that Beach puts out. Fermat-1 is a significant offshore (gas) well for them, but doesn't get top billing in today's report. What they do say though is......

"Fermat-1 is at a depth of 3585m. The current operation is conditioning hole in preparation of running wireline logs".

Can any of you oilers tell if there are any clues as to the success (or otherwise) of this well by conducting this operation? I was of the view that wireline logs wouldn't be run if they hadn't hit gas or oil....happy to be corrected.

http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00918185

[ELYOB]

As EPR havent paid the money for the well , BPT are under no obligation to say anything except if they want to ASX . BPT will just go along with the job and keep quiet so that EPR will default and take over the share of EPR . The work being done indicates some interesting speculation , and we should remember if testing is done it will take more days yet . This is now a game , still with all the risks , and rewards = ???????????????

[Huang Chung]

Thanks Elyob...yeah it sounds interesting, even to this oil ignorami.

But can they hold off saying anything for 44 days??

http://www.stocknessmonster.com/news-item?S=EPR&E=ASX&N=312263

[tricha]

BPT - Shareholder Update, a good read for the weekend ;)

http://www.stocknessmonster.com/news-item?S=BPT&E=ASX&N=168500



Hey Shasta can u fill the blanks in for BPT in the poll please. or someone else.

[shasta]

Hey Shasta can u fill the blanks in for BPT in the poll please. or someone else.

Will do, i'll have a look now

[tricha]

Will do, i'll have a look now

Hey Shasta the accountant, have u done a basic calculation of what Beach is worth ?
Mine is $4.33 a share.

It does not make sense with their P2 reserves why they are so cheap or am I so far out it's not funny.

Can anyone quantify why I should go out and buy heaps tomorrow :confused:

Is management that bad that their discount runs into the 14 cents to the dollar value.


6. BPT - Beach Petroleum 93.5c, 1030 million shares, debt of ? million and no hedging.

1.0 Basic valuation $4.33

1.1 - 10.5 cents a share in the bank, Net Cash/(Debt) position as @ 30/9/08 - ~$A108.8 million
1.2 - 2P reserves 145 mmbo
1.3 - 1
1.4 - 1
1.5 - 2

ANZ =13.11%
J P Morgan =8.71%
Cogent = 8.25%


Shasta - Divestment of BMG to reduce debt (Good)
- Hedging (Bad)
- Diversity Oil/Gas/CSG + Emission friendly investments, Mgmt on the ball (Good)
- SP performance & placements at discount to market value (Bad)

[shasta]

Hey Shasta the accountant, have u done a basic calculation of what Beach is worth ?
Mine is $4.33 a share.

It does not make sense with their P2 reserves why they are so cheap or am I so far out it's not funny.

Can anyone quantify why I should go out and buy heaps tomorrow :confused:

Is management that bad that their discount runs into the 14 cents to the dollar value.


6. BPT - Beach Petroleum 93.5c, 1030 million shares, debt of ? million and no hedging.

1.0 Basic valuation $4.33

1.1 - 10.5 cents a share in the bank, Net Cash/(Debt) position as @ 30/9/08 - ~$A108.8 million
1.2 - 2P reserves 145 mmbo
1.3 - 1
1.4 - 1
1.5 - 2

ANZ =13.11%
J P Morgan =8.71%
Cogent = 8.25%


Shasta - Divestment of BMG to reduce debt (Good)
- Hedging (Bad)
- Diversity Oil/Gas/CSG + Emission friendly investments, Mgmt on the ball (Good)
- SP performance & placements at discount to market value (Bad)

No i haven't, valuing oilers is not my specialty, although BPT at 74c is trading on a P/E of around 8. (Market Cap ~$770m)

Commsec values BPT @ $1.25, & Euroz Securities @ $2.07, both of which value BPT's 40% interest in Tipton West (CSG) at under 10cps!

Based on FY09 forecast earnings around 10cps, broker consensus seems to be that NPAT will be something just over $100m.

Reasons why the discount in valuations to SP?

1. Low oil prices
2. Debt (although gearing down to 18% & in a net cash position)
3. Management that has a fairly bad track record of selling down/out of decent projects to invest in "riskier" ventures.
4. I would argue that the Tipton West CSG project is not accurately valued, & appears almost forgotten by investors.

[macduffy]

I think the market reckons that the value of Tipton West, only a small part of BPT's value, is offset by the indifferent management of the company in recent years.

Disc: Still holding a few, more in hope than conviction.

[shasta]

I think the market reckons that the value of Tipton West, only a small part of BPT's value, is offset by the indifferent management of the company in recent years.

Disc: Still holding a few, more in hope than conviction.

Tricha

I should add the Tipton West CSG project in the Surat Basin makes up 76mmboe (2P) of BPT's total 145mmbo reserves.

AOE are due to report increased certified reserves in this quarter, & i assume it will include there 60% in Tipton West, therefore BPT (40%) should be inline for an increase in reserves as well.

[shasta]

BPT - Very interesting ann if it is to be believed?

http://www.stocknessmonster.com/news-item?S=BPT&E=ASX&N=170406

[tricha]

BPT - Very interesting ann if it is to be believed?

http://www.stocknessmonster.com/news-item?S=BPT&E=ASX&N=170406

WELL Shasta, believe it, Santos said it, its a done deal, watch out for Santos to eat Beach, or someone else.
It makes my valuation of Beach a tad low.

Disclosure hold Beach, its on the list :rolleyes:

6. BPT - Beach Petroleum 93.5c, 1030 million shares, debt of ? million and no hedging.

1.0 Basic valuation $4.33
1.1 - 10.5 cents a share in the bank, Net Cash/(Debt) position as @ 30/9/08 - ~$A108.8 million
1.2 - 2P reserves 145 mmbo
1.3 - 1
1.4 - 1
1.5 - 2




Beach notes the release by Santos yesterday that its year-end reserve review has included a "Major contingent resource booking in the Cooper Basin for unconventional reservoir gas and closer spaced drilling into conventional reservoirs", totalling 863 million boe (Santos Share). Although Beach has not yet received the DeGoyler and MacNaughton report which has audited this assessment , it is estimated that Beach's share of the identified resource is approximately 262 million boe.

The big picture ;)

http://www.stocknessmonster.com/news-item?S=STO&E=ASX&N=170368

[shasta]

WELL Shasta, believe it, Santos said it, its a done deal, watch out for Santos to eat Beach, or someone else.
It makes my valuation of Beach a tad low.

Disclosure hold Beach, its on the list :rolleyes:

6. BPT - Beach Petroleum 93.5c, 1030 million shares, debt of ? million and no hedging.

1.0 Basic valuation $4.33
1.1 - 10.5 cents a share in the bank, Net Cash/(Debt) position as @ 30/9/08 - ~$A108.8 million
1.2 - 2P reserves 145 mmbo
1.3 - 1
1.4 - 1
1.5 - 2




Beach notes the release by Santos yesterday that its year-end reserve review has included a "Major contingent resource booking in the Cooper Basin for unconventional reservoir gas and closer spaced drilling into conventional reservoirs", totalling 863 million boe (Santos Share). Although Beach has not yet received the DeGoyler and MacNaughton report which has audited this assessment , it is estimated that Beach's share of the identified resource is approximately 262 million boe.

The big picture ;)

http://www.stocknessmonster.com/news-item?S=STO&E=ASX&N=170368


Life's a beach if they can add these reserves to the 145mmboe they already have.:eek:

Along with the expected increased certification of Tipton West & BPT could conceivably double there reserves, giving them 30 years production at the current annual rate!

[tricha]

Life's a beach if they can add these reserves to the 145mmboe they already have.:eek:

Along with the expected increased certification of Tipton West & BPT could conceivably double there reserves, giving them 30 years production at the current annual rate!

So are u going to buy some Shasta or are u still window shopping.?

[shasta]

So are u going to buy some Shasta or are u still window shopping.?

Some BPT, no i've looked & looked at them & run them through my "criteria" but they don't make it.

NZO does however ;)

I'm getting closer to start buying, just not yet!

[tricha]

Some BPT, no i've looked & looked at them & run them through my "criteria" but they don't make it.

NZO does however ;)

I'm getting closer to start buying, just not yet!

So being a qualified accountant, you must have done a valuation of both companies ?

[shasta]

So being a qualified accountant, you must have done a valuation of both companies ?

Of course :D

Both look very good to me fundamentally, but i don't want over exposure in oil.

One producer is enough, & NZO has plenty of cash (no debt, unlike BPT), & BPT has some historical "baggage" that investors clearly remember!

BPT - Quarterly Out

http://www.stocknessmonster.com/news-item?S=BPT&E=ASX&N=170421

Record Oil & Gas production

http://www.stocknessmonster.com/news-item?S=BPT&E=ASX&N=170422

[macduffy]

Good quarterly report with record O and G production.

The bit I didn't like so much was " seeking expressions of interest for the sale of all or part" of Tipton West CSG interests. BPT seem determined to sell off the most promising parts of their portfolio, IMO.

Disc: Still holding a few.

[tricha]

Good quarterly report with record O and G production.

The bit I didn't like so much was " seeking expressions of interest for the sale of all or part" of Tipton West CSG interests. BPT seem determined to sell off the most promising parts of their portfolio, IMO.

Disc: Still holding a few.

Smart move, they are not big enough and it is to risky to be developing their own CSG plant.

Just a guess but say they got offered a billion for their CSG, it makes their shares look rather cheap. :)

Disclosure hold BPT

[macduffy]

Smart move, they are not big enough and it is to risky to be developing their own CSG plant.

Just a guess but say they got offered a billion for their CSG, it makes their shares look rather cheap. :)

Disclosure hold BPT

Well, let's hope they get offered the billion!

As a 40% holder of Tipton West they wouldn't have been developing their own CSG to LPG plant but would have been tagging along with 60% holder AOE and their big partner, Shell.
I guess they're hoping that someone else will offer them more than AOE/Shell but as the minor partner in Tipton West, I doubt it.

[tricha]

Well, let's hope they get offered the billion!

As a 40% holder of Tipton West they wouldn't have been developing their own CSG to LPG plant but would have been tagging along with 60% holder AOE and their big partner, Shell.
I guess they're hoping that someone else will offer them more than AOE/Shell but as the minor partner in Tipton West, I doubt it.

Imm, interesting, they would have had to sell 20 - 30% just to afford part of their cost for developing the project, high risk, especially if we are into a depression and oil remains low for that period, could be up to 4 years.

[ELYOB]

Think BPT would like to sell 10% and retain 30% of TW , make money and still own it .

Sort of another BMG trick ...

[tricha]

Of course :D

Both look very good to me fundamentally, but i don't want over exposure in oil.

One producer is enough, & NZO has plenty of cash (no debt, unlike BPT), & BPT has some historical "baggage" that investors clearly remember!

BPT - Quarterly Out

http://www.stocknessmonster.com/news-item?S=BPT&E=ASX&N=170421

Record Oil & Gas production

http://www.stocknessmonster.com/news-item?S=BPT&E=ASX&N=170422


This is an outstanding report, I thought it would be a bit like OSH's, no, Beach has excelled, it still has cash backing per share after debt, great assets and will survive this market.

Looks like they have some great hedging which will keep them in play on these low oil prices.

Beach is far too cheap, has the goods and it will blow NZO away as a short term investment Shasta..
And being far to cheap makes it ripe for a takeover. So ripe I'm going to top up.

You have backed the wrong horse Shasta. ;)


BPT Hedged Oil Volumes (bbls)as at 31 December 2008FloorA$35.00SwapUS$21.04FloorUS$25.04CollarUS$ 60.00toUS$69.60CollarUS$60.00toUS$69.50FloorUS$60. 00FloorUS$80.00WTITAPISTAPISWTIWTIWTITAPISRemainin g2008/200949,99884,00084,000150,000150,000420,000150,000 1,087,9982009/2010420,000600,0001,020,000Total49,99884,00084,000 150,000150,000840,000750,0002,107,998PeriodTotalHe dgedVolumes(Hedging As highlighted in the table below, at least 58% of Beach's forward estimate of 1.5 million barrels of oil sales for the six months between January 1 and 30 June 2009 is underpinned at a minimum of US$60 per barrel. This includes ten percent underpinned at a minimum US$80 per barrel. Beach is further cushioned against the weakening oil prices as most of its sales are made against the Singaporean-based oil price benchmark, Tapis, which has traded at a premium for most of 2008 to the West Texas Intermediate (WTI) price that is most often quoted. For the 6 months to December 2008, Beach has secured an average realised price of AUD$108/bbl before taking in to account forward hedging. This increases to AUD$110/bbl after taking in to account the realised effect of maturing oil hedges settled during the period.

[Corporate]

This is an outstanding report, I thought it would be a bit like OSH's, no, Beach has excelled, it still has cash backing per share after debt, great assets and will survive this market.



Tricha - isn't debt actually higher than cash?

[macduffy]

Cash $139.2m

Debt $196.6m

[tricha]

Tricha - isn't debt actually higher than cash?

Thanks for that Corporate. I only did a valuation a few weeks ago and I did not update it with the new quarter and I made a mistake in not reading the whole quarterly properly.

Hey Shasta u made the right move going for NZO :)

Wow, now they have debt after chucking 110 million into a play in Egypt.

A debt of 5.5 cents a share. It now puts them at risk, from being a cash cow to a major gambling stock.

They are now off my cash cow list :(

I will not be buying any more, but will stick to the ones I bought for now, maybe.

BPT is now a major gambling stock.

[Corporate]

Thanks for that Corporate. I only did a valuation a few weeks ago and I did not update it with the new quarter and I made a mistake in not reading the whole quarterly properly.

Hey Shasta u made the right move going for NZO :)

Wow, now they have debt after chucking 110 million into a play in Egypt.

A debt of 5.5 cents a share. It now puts them at risk, from being a cash cow to a major gambling stock.

They are now off my cash cow list :(

I will not be buying any more, but will stick to the ones I bought for now, maybe.

BPT is now a major gambling stock.


No worries. I still think BPT look good...however, I'm not sure about all this spending. They should be paying down debt.

[macduffy]

No worries. I still think BPT look good...however, I'm not sure about all this spending. They should be paying down debt.

Unfortunately, the commitment to spend was made about 8 months ago when they bought into the Egyptian interests.
The PoO looked a lot brighter then, of course. About the same time they spent $50m to unwind some hedges which would have been very lucrative had they been left in place!
Oh, for a crystal ball!

[ELYOB]

....my enquiry with the beach , indicates that it will be mid Mar09 when the air will clear on the game they are playing . Things on the ground have been changing so much over the past 5 months . All the numbers will reconcile , and we will see how well objectives[eg : Egypt] are travelling ......Debt is being reduced , maybe 25m this quarter . Strong gas volumes provides a bit of a natural hedge in challenging times with the current POO ....

Very few oilers have a short term strategy now , and the beach is a solid stock and will be one of the best on any turn around ......

[shasta]

....my enquiry with the beach , indicates that it will be mid Mar09 when the air will clear on the game they are playing . Things on the ground have been changing so much over the past 5 months . All the numbers will reconcile , and we will see how well objectives[eg : Egypt] are travelling ......Debt is being reduced , maybe 25m this quarter . Strong gas volumes provides a bit of a natural hedge in challenging times with the current POO ....

Very few oilers have a short term strategy now , and the beach is a solid stock and will be one of the best on any turn around ......

As i hinted at earlier in the thread, BPT would benefit from AOE's increased reserves certification...

http://www.stocknessmonster.com/news-item?S=BPT&E=ASX&N=170580

[Huang Chung]

As i hinted at earlier in the thread, BPT would benefit from AOE's increased reserves certification...

http://www.stocknessmonster.com/news-item?S=BPT&E=ASX&N=170580


Unfortunately, it didn't seem to benefit BPT's share price...finished the week at 69.5c.

[tricha]

Unfortunately, it didn't seem to benefit BPT's share price...finished the week at 69.5c.

Beach is bouncing around like a yo yo, whats going on :confused: I've bounced in and out twice in the last month, but oil is screwed, so caution is needed, Life's a Beach or a Beached Whale :confused:

[shasta]

Beach is bouncing around like a yo yo, whats going on :confused: I've bounced in and out twice in the last month, but oil is screwed, so caution is needed, Life's a Beach or a Beached Whale :confused:

BPT - Half Year Financial Report

http://www.stocknessmonster.com/news-item?S=BPT&E=ASX&N=170797

On the surface the result is fairly solid, however BPT are up to there old tricks & appear to be looking to sell its 40% in Tipton West...:confused:

Again selling the family silver to finance oversea's risky exploration (probably!)

AOE would have pre-emptive rights & look set to be outbid by BG for PES.

I would expect AOE to buyout BPT's stake & have plenty of cash to do so.

BPT could pay off/down it's debt, & perhaps should employ some great PR whiz to promote the company & acquire something useful?

[macduffy]

Yes, shasta, a bit of a worry when the Tipton reserves represent over 50% of BPT's total boe reserves! Seems to put a lot of faith in their foreign adventures, especially Egypt by the sound of things.
I won't be adding to my modest holding on the strength of today's announcement.

[Corporate]

Yes, shasta, a bit of a worry when the Tipton reserves represent over 50% of BPT's total boe reserves! Seems to put a lot of faith in their foreign adventures, especially Egypt by the sound of things.
I won't be adding to my modest holding on the strength of today's announcement.

Well Tipton is all but sold for $260m cash, $70m AOE shares and a further $70m contingent. Probably a good move, not really beach's area of expertise and a good ROI.

So now BPT have about $200m net cash, with a market cap of $847m and are in a pretty strong position.

I wonder if a few options would be worth a look. Not sure if BPT has the grunt to get over $2 bucks. Maybe if oil headed back to $150 per barrel.

[macduffy]

I reckon if oil gets back to $150 pb there'll be a lot better buys than BPT at $2. WPL and AWE for example.
BPT already has in excess of a billion shares on issue with a few more to issue this month via the dividend reinvestment plan.

[tricha]

I reckon if oil gets back to $150 pb there'll be a lot better buys than BPT at $2. WPL and AWE for example.
BPT already has in excess of a billion shares on issue with a few more to issue this month via the dividend reinvestment plan.


WELL Beach is now a 1st class investment, it is debt free and has cash and lots of production ahead.
All that money and production is only going to suffer slightly, due to the selling of their CSG.

Where to here for Beach, I'm buying, it's that simple and as long as management do not stuff up again :confused: they will do very WELL.

http://www.stocknessmonster.com/news-item?S=BPT&E=ASX&N=171499


Beach‟ hedging is predominantly equivalent to an insured position
Achieved by purchasing „loor prices‟that guarantee a minimum designated price for a portion of oil production (but allow the Company to receive higher prices if the spot price of oil is higher than the floor price)
e.g., between March 2009 and June 2010 Beach has approx. 1 million barrels at a floor price of USD60/bbl plus 750,000 barrels at a floor price of USD80/bbl*

FY08 –commodity hedge portfolio underpins average oil price of A$75 (at US$0.65 cent exchange rate) or better for second half of 2009 financial year (average price for first half was A$108.

[macduffy]

Beach‟ hedging is predominantly equivalent to an insured position. QUOTE.

Yes, it looks like Beach management learnt an expensive lesson from their hedging experience of 2008.
For those who have forgotten or didn't know, BPT paid a considerable sum - about $50m from memory - to settle hedges so that they could benefit from high spot oil prices. That ill-timed decision was made just before the price of oil tanked from its highs!

;)

[Dr_Who]

Anyone have a view on this stock?

The sp looks like it is under performing the other oilers. Is it an opportunity to buy a cheap stock or am I missing something?

[tricha]

Anyone have a view on this stock?

The sp looks like it is under performing the other oilers. Is it an opportunity to buy a cheap stock or am I missing something?

I hold Beach and they have a lot going, but can management perform?, who knows.
But at this price it is a prime takover target, maybe from AWE, they must be on the acquisition trail again soon. Especially with oil holding firm.

[Dr_Who]

I agree with you as a potential T/O target at these prices. Not so sure it will come from AWE. Macquarie have a valuation on BPT north of $1.25.

[ELYOB]

Someone is in trouble and are selling .... doing it via D-Bank so they dont get killed [seen]in the process. When the sell is complete , we may see a more rational time in trades . I reckon BPT will put a new Presentation out at the end of the forced trades . Signal!

Euroz has raised its target price from 1.28 to 1.41 on the 7/5/09

Await ?

[shasta]

Someone is in trouble and are selling .... doing it via D-Bank so they dont get killed [seen]in the process. When the sell is complete , we may see a more rational time in trades . I reckon BPT will put a new Presentation out at the end of the forced trades . Signal!

Euroz has raised its target price from 1.28 to 1.41 on the 7/5/09

Await ?

Just reading this BPT presentation...

http://www.stocknessmonster.com/news-item?S=BPT&E=ASX&N=172192

Whilst i think selling Tipton West was a mistake, it clears BPT's debt & gives them some spending money. (+ ~$70m in AOE shares, likely to be held in escrow for at least 12 months?).

Not sure about wasting $50m in scrip (more dillution) on DLS though, anyone know DLS?

http://www.stocknessmonster.com/news-item?S=BPT&E=ASX&N=171958

BPT has more to it than just O&G, & so i'm looking at it again.

PS, See if anyone else spots the error on page 29 ;)

PPS, I'd like to see a share consolidation at some point this year!

[tricha]

Just reading this BPT presentation...

http://www.stocknessmonster.com/news-item?S=BPT&E=ASX&N=172192

Whilst i think selling Tipton West was a mistake, it clears BPT's debt & gives them some spending money. (+ ~$70m in AOE shares, likely to be held in escrow for at least 12 months?).

Not sure about wasting $50m in scrip (more dillution) on DLS though, anyone know DLS?

http://www.stocknessmonster.com/news-item?S=BPT&E=ASX&N=171958

BPT has more to it than just O&G, & so i'm looking at it again.

PS, See if anyone else spots the error on page 29 ;)

PPS, I'd like to see a share consolidation at some point this year!

Drillsearch is a tidy fit, looks like a shopping day for me tomorrow Shasta, time to top up.

If u do the numbers, "Lifes a beach" ;)

Cooper 83 Mmboe

[shasta]

Drillsearch is a tidy fit, looks like a shopping day for me tomorrow Shasta, time to top up.


If u do the numbers, "Lifes a beach" ;)


Cooper 83 Mmboe



If BPT were to use there funds wisely, to ramp up more oil production wells to offset the Tipton West gas production, then the SP should break above $1 again.

But, BPT's management hasn't got a good track record on making wise decisions!

BPT without debt, looks a better prospect fundmentally, but its chart is as erratic as the BPT exec's :eek:

http://hfgapps.hubb.com/asxtools/imageChart.axd?s=BPT&pi=Stock&ct=3&tf=D6&ovs=XJO&si=Index&tima1=20&tima2=20&bi=9&bima=0&comt=index&ds=BPT&dovs=XJO&val=1&stmp=20090521195005915

[macduffy]

PS, See if anyone else spots the error on page 29



I presume you're referring to the haphazard numbering of the exploration locations, shasta?

More seriously I think is the mingling of "Resources" with "Reserves" a few pages on. Is this intended to obscure the fact that the sale of Tipton West takes with it almost 60% of BPT's 2P reserves? The market doesn't seem to like its chances of replacing these in the short/medium term.

By the way, I don't see any point in a share consolidation. A case of " lipstick on a pig"?

[shasta]

I presume you're referring to the haphazard numbering of the exploration locations, shasta?

More seriously I think is the mingling of "Resources" with "Reserves" a few pages on. Is this intended to obscure the fact that the sale of Tipton West takes with it almost 60% of BPT's 2P reserves? The market doesn't seem to like its chances of replacing these in the short/medium term.

By the way, I don't see any point in a share consolidation. A case of " lipstick on a pig"?

Better hope i dont get swine flu then, i bought some BPT today, im punting that BPT will do something useful with there cash...:eek:

[macduffy]

Better hope i dont get swine flu then, i bought some BPT today, im punting that BPT will do something useful with there cash...:eek:

I don't know about "useful" but BPT management have never had a problem spending cash!
Cooper CAPEX is running at $85m pa;
exploration expenditure at $50m pa;
The recent farmin to Adelaide Energy's interest in PEL218 will account for another $7m odd;
$? on Egyptian development, etc.
Just as well they have some of those hundreds of millions left from selling 2x10% chunks of BMG and their 40% interest in Tipton West.

:rolleyes:

[shasta]

I don't know about "useful" but BPT management have never had a problem spending cash!
Cooper CAPEX is running at $85m pa;
exploration expenditure at $50m pa;
The recent farmin to Adelaide Energy's interest in PEL218 will account for another $7m odd;
$? on Egyptian development, etc.
Just as well they have some of those hundreds of millions left from selling 2x10% chunks of BMG and their 40% interest in Tipton West.

:rolleyes:

BPT are busy if nothing else, alot of announcements coming up to hopefully spark investor interest.

Unlike ROC, BPT is now debt free & that gives them leverage with there decent cashflows.

Just need oil to head back & stay above $US60/bbl & the O&G sector will take off again

[tricha]

BPT are busy if nothing else, alot of announcements coming up to hopefully spark investor interest.

Unlike ROC, BPT is now debt free & that gives them leverage with there decent cashflows.

Just need oil to head back & stay above $US60/bbl & the O&G sector will take off again

That's right Shasta, being debt free in this market is a blessing. They are now re-classified as a cash cow.

Lets hope management have learned their lessons.

I did not top on on Friday because I expected a bigger discount with the market dip, lets see what next week brings, but I do not expect much weakness for BPT now.:(

Happy hunting.

[bermuda]

BPT are busy if nothing else, alot of announcements coming up to hopefully spark investor interest.

Unlike ROC, BPT is now debt free & that gives them leverage with there decent cashflows.

Just need oil to head back & stay above $US60/bbl & the O&G sector will take off again

Hi Shasta,
Someone mentioned that BPT were suffering from diminishing reserves. If so, who would they target? They have the cash. Would be interested in your views. Ta.

[shasta]

Hi Shasta,
Someone mentioned that BPT were suffering from diminishing reserves. If so, who would they target? They have the cash. Would be interested in your views. Ta.

Well the sale of Tipton West, reduces there reserves & production, so BPT is more an oiler again, than a gas play.

BPT could target TAP, COE or NXS i guess, but given past experiences they may try & farm in on more overseas ventures?

BPT are known for it, & even NZO (Romania) & PPP (Vietnam) have shown they are open for overseas opportunities.

The Phillipines is an area i rate very highly (good fiscal scheme too), so perhaps BPT may consider NDO/OEL.

BPT could also look to fund some of there non oil/gas projects???

It's the fact BPT have all these options open, that got me interested

[Crypto Crude]

shasta-It's the fact BPT have all these options open, that got me interested

Better hope i dont get swine flu then, i bought some BPT today, im punting that BPT will do something useful with there cash

hummm....
thats an interesting strategy shasta...

Ive always invested in oilers for what they do have, and not for what they dont have...(unless for example gambling on exploration drilling)...

I mean, if you think BPT 'may consider' OEL/NDO, then you go out and buy those companies...
as you know, an acquirer pays a premium for a takeover, so the value is not seen by the market straight away...

sorry, it just doesnt make sense to me...


Unless BPT offer something special, or have some great value adding projects of course?
:cool:
.^sc

[macduffy]

Well the sale of Tipton West, reduces there reserves & production, so BPT is more an oiler again, than a gas play

I don't know about that.

Even after Tipton West, BPT's 2P reserves of about 60mboe are more than 60% gas. The farmin to Adelaide Energy's Cooper Basin tenement (PEL 218 ) and this quote from their recent presentation

"Cooper Gas Resource far exceeds the Tipton CSG volume "

is an indication that gas ( and what BPT call "unconventional gas" ) is still BPT's major interest.

[macduffy]

Yes, I made a bit of a mess of that!

The quote was meant to be:

"Well the sale of Tipton West, reduces there reserves & production, so BPT is more an oiler again, than a gas play."

;)

[shasta]

hummm....
thats an interesting strategy shasta...

Ive always invested in oilers for what they do have, and not for what they dont have...(unless for example gambling on exploration drilling)...

I mean, if you think BPT 'may consider' OEL/NDO, then you go out and buy those companies...
as you know, an acquirer pays a premium for a takeover, so the value is not seen by the market straight away...

sorry, it just doesnt make sense to me...


Unless BPT offer something special, or have some great value adding projects of course?
:cool:
.^sc

No not going after the whole companies, but farming into there deep offshore prospects, as you know BHP is sniffing around OEL despite the 1st deal falling through.

Macduffy, i forgot about the 262mmboe contingent resource, so BPT is a still a large gas play, just not quite as big as before!

BPT still has a hand in some Geothermal projects too!

[tricha]

hummm....
thats an interesting strategy shasta...

Ive always invested in oilers for what they do have, and not for what they dont have...(unless for example gambling on exploration drilling)...

I mean, if you think BPT 'may consider' OEL/NDO, then you go out and buy those companies...
as you know, an acquirer pays a premium for a takeover, so the value is not seen by the market straight away...

sorry, it just doesnt make sense to me...


Unless BPT offer something special, or have some great value adding projects of course?
:cool:
.^sc

WELL Shrewd, it makes perfect sense to me.

1 - No major shareholder.

2 - The shares are dirt cheap.

3 - Run by a bunch of half .....

4 - Huge potential, no debt and cash and an oil producer.

So -they are a takeover over target and they are in line to be slam dunked with a 40% premium.;)

Now there is a fairy godmother down the road, named AWE with a bucket full of cash, who have made their intentions quite clear, they want more. And to add to their credentials they did a great job on ARQ, a year ago.
Yes they Can.:D

[macduffy]

I'm not sure that even AWE would be able to raise the $1b plus needed to takeover BPT at a 40% premium to the current SP.
AWE already has big demands on its cash with a $200m exploration programme next 15 -18 months, according to its recent company presentation.

[shasta]

I'm not sure that even AWE would be able to raise the $1b plus needed to takeover BPT at a 40% premium to the current SP.
AWE already has big demands on its cash with a $200m exploration programme next 15 -18 months, according to its recent company presentation.

BPT generates pretty decent cashflows*, for a producer with there reserve base & no debt, the payback period wouldn't be that long.

*Revenue for the 9 months to March 2009 = $463m, & with the hedging inplace the average price received is $A99/bbl (BPT receives the Tapis price)

[tricha]

BPT generates pretty decent cashflows*, for a producer with there reserve base & no debt, the payback period wouldn't be that long.

*Revenue for the 9 months to March 2009 = $463m, & with the hedging inplace the average price received is $A99/bbl (BPT receives the Tapis price)

And if we do the numbers on their around 70 million P2 reserves and x it at $40 a barrel profit = 2.8 billion worth of in ground oil.

It's a steal :)

[Huang Chung]

And don't forget that BPT own a swag of RMS stock as well.

http://www.rameliusresources.com.au/

[macduffy]

I'm a rather sceptical small shareholder in BPT, having sold most of my shares over the years as disillusionment set in.
It's encouraging though to see so many positive posts about the beach!

:)

[macduffy]

And don't forget that BPT own a swag of RMS stock as well.

http://www.rameliusresources.com.au/

Yes, what's an O&G company doing owning 11% of a small gold miner?

Oh, I see, it gets Reg Nelson a seat on the board!

Just another example of BPT's scattergun approach.

:D

[shasta]

Yes, what's an O&G company doing owning 11% of a small gold miner?

Oh, I see, it gets Reg Nelson a seat on the board!

Just another example of BPT's scattergun approach.

:D

BPT have 75% of this permit (6 drills lined up)

http://www.stocknessmonster.com/news-item?S=COE&E=ASX&N=447813

[Huang Chung]

Yes, what's an O&G company doing owning 11% of a small gold miner?

Oh, I see, it gets Reg Nelson a seat on the board!

Just another example of BPT's scattergun approach.

:D

macduffy, you obviously remembered to take you cynic pills this morning...:D

[shasta]

macduffy, you obviously remembered to take you cynic pills this morning...:D

BPT - Ann re DLS takeover of TDO

http://www.stocknessmonster.com/news-item?S=BPT&E=ASX&N=172290

Why does Beach even want DLS???

Seems to be nothing more than a distraction & waste of resource!

I might compile a list of shareholdings BPT has...

RMS, AOE, ADE, DLS (any others?)

[shasta]

BPT - Ann re DLS takeover of TDO

http://www.stocknessmonster.com/news-item?S=BPT&E=ASX&N=172290

Why dioes Beach even want DLS???

Seems to be nothing more than a distraction & waste of resource!

I might compile a list of shareholdings BPT has...

RMS, AOE, ADE, DLS (any others?)

BPT - Drilling Report

http://www.stocknessmonster.com/news-item?S=BPT&E=ASX&N=172297

BPT kicking off a 6/7 driill program with COE (BPT 75%)

Note the other partners at the bottom of the ann, STO & ORG.

Nice to have some big boys as JV Buddies :D

[shasta]

BPT - Drilling Report

http://www.stocknessmonster.com/news-item?S=BPT&E=ASX&N=172297

BPT kicking off a 6/7 driill program with COE (BPT 75%)

Note the other partners at the bottom of the ann, STO & ORG.

Nice to have some big boys as JV Buddies :D

ROC sells 10% of the BMG project (Realising $U31.5m)

http://www.stocknessmonster.com/news-item?S=ROC&E=ASX&N=552016

BPT holds 30% still, & there sale of 10% for $123m looks good in comparison.

ROC needs to reduce debt, BPT is debt free!

[macduffy]

ROC sells 10% of the BMG project (Realising $U31.5m)

http://www.stocknessmonster.com/news-item?S=ROC&E=ASX&N=552016

BPT holds 30% still, & there sale of 10% for $123m looks good in comparison.

ROC needs to reduce debt, BPT is debt free!


$123m is the same price that BPT received from Sojitz for a 10% interest in BMG in April, 2008.
Good to see that BMG is holding its value, despite the wild fluctuations in the PoO over the last year or so.

;)

[macduffy]

$123m is the same price that BPT received from Sojitz for a 10% interest in BMG in April, 2008.
Good to see that BMG is holding its value, despite the wild fluctuations in the PoO over the last year or so.

;)

Please ignore the above bit of rubbish " ..holding its value...."

I badly misread shasta's post!

:o

[tricha]

I'm a rather sceptical small shareholder in BPT, having sold most of my shares over the years as disillusionment set in.
It's encouraging though to see so many positive posts about the beach!

:)

WELL macduffy

Things sometimes change and VPE is a classic example of 30 years of being a major Dog.

Beach sold their CSG which they could never develope, because of the huge up front cost. :) WHAT A BONUS.

They do have green shoots appearing :)


Cooper /
Eromanga
(oil / gas)

��Record production, increasingly more oil

�� Large contingent gas resource (1535 PJ, 262 mmboe 2C)

�� Cooper program added 3 mmboe in 1HFY09 (2 mmbbl oil, 1 mmboe gas)

�� 86 % drilling success rate

They will soon be ripe for the picking.:)

Could not resist and topped up late today.

[shasta]

WELL macduffy

Things sometimes change and VPE is a classic example of 30 years of being a major Dog.

Beach sold their CSG which they could never develope, because of the huge up front cost. :) WHAT A BONUS.

They do have green shoots appearing :)


Cooper /
Eromanga
(oil / gas)

��

Record production, increasingly more oil

��



Large contingent gas resource (1535 PJ, 262 mmboe 2C)

��



Cooper program added 3 mmboe in 1HFY09 (2 mmbbl oil, 1 mmboe gas)

��



86 % drilling success rate


They will soon be ripe for the picking.:)


Could not resist and topped up late today.




Two days in a row where oil goes up $US1+ (to new 2009 highs) & BPT hits 84.5c only to fall back to 79c? :confused:


Tapis is still just over $US65, & BPT has hedges in the money!


I like it when the market overlooks the obvious...


Thought about topping up, but NZO & BPT is enough O&G exposure ;)

Nice map i found, re BPT's farm in with ADE, re PEl 218 (Very gassy neighbourhood!)

http://www.stocknessmonster.com/news-item?S=ICN&E=ASX&N=204255

[ELYOB]

PEL-92 nota bella !

Collective P50 oil reserves for all prospects
comes to 11.6mil bbls, while at the upside level,
the drilling program is considered to have a
10% chance of finding up to 33mil bbls oil –
24.75mil bbls of that net to Beach and the
remaining 8.25mil bbls net to Cooper.

[Rabbi]

A recent valuation of BPT had them at just over $1.00 on a very conservative NTA and not taking into account any future discoveries etc. etc.

But with over a billion shares on issue they are going to have to keep finding the black stuff to keep up the revenue.

Maybe the market thinks they just have to run too fast to stay in the same place.:D

[Dr_Who]

Why is BPT sp so weak compare to other oilers?

I am wondering if I should buy more shares.

[macduffy]

Why is BPT sp so weak compare to other oilers?

I am wondering if I should buy more shares.

I don't think that the market believes in BPT's "green shoots"!
Not a great idea to try to beat the trend, IMO.

;)

[soulman]

Yep, although the trend is in stable mode right now. I see it a 75 to 85 cents shares until the bid for DrillSearch ends.

[shasta]

Why is BPT sp so weak compare to other oilers?

I am wondering if I should buy more shares.

Same reason that held back NZO & VPE for many years, bad decision making by management.

BPT has gone on an international "OE" if you will with there exploration (Eygpt, Spain, Albania etc) which the market rightly deems as "high risk".

If any of these hits a big discovery, BPT will soar :rolleyes: (High risk v high reward)

But for me, BPT has cash, no debt & generates decent cashflows, im punting this time around they may make the right decisions & increase shareholder wealth!

I wouldnt touch any O&G company with debt :confused:

[shasta]

BPT - SSH Notice

http://www.stocknessmonster.com/news-item?S=BPT&E=ASX&N=172341

Someone likes the Beach!

[STRAT]

Hi Phaedrus.
I would like to share something that is bugging me. Ive been looking at alternative Price/volume indicators and would like your opinion on why these two differ so much.

OBV shows a clear divergence in BPT right now ( second charted line ) as does Accumulation/Distribution yet they are opposite in the earlier charted line. Accumulation/Distribution showing a strong divergence where as OBV does not :confused:

[Bilo]

Hi Phaedrus.
I would like to share something that is bugging me. Ive been looking at alternative Price/volume indicators and would like your opinion on why these two differ so much.

OBV shows a clear divergence in BPT right now ( second charted line ) as does Accumulation/Distribution yet they are opposite in the earlier charted line. Accumulation/Distribution showing a strong divergence where as OBV does not :confused:

Beach is a trading mystery. There are consistently very large parcels recorded as special and don't seem to be recorded in volumes - just what volumes are/should be used is any ones guess. The Beach is very fishy but the ASX only query when a price goes up, never when it goes down or is held down - probably do it themselves. LOL.

[STRAT]

Beach is a trading mystery. There are consistently very large parcels recorded as special and don't seem to be recorded in volumes - just what volumes are/should be used is any ones guess. The Beach is very fishy but the ASX only query when a price goes up, never when it goes down or is held down - probably do it themselves. LOL.Hi Bilo,
Thats interesting but wouldnt apply here because both indicators would be using the same raw data.

[Dr_Who]

When it comes to reading the chart, it is like reading Chinese, all mumbo jumbo.

What about BPT's hedging? Can anyone enlighten us on their hedging? Any risk there? I do record BPT used to have a disastrous hedging in place when oil was over $140bbl, they then sold out at the high and took a huge lost.

[shasta]

When it comes to reading the chart, it is like reading Chinese, all mumbo jumbo.

What about BPT's hedging? Can anyone enlighten us on their hedging? Any risk there? I do record BPT used to have a disastrous hedging in place when oil was over $140bbl, they then sold out at the high and took a huge lost.

This from the last quarterly...



Beach continues to have protection from lower oil prices with 510,000 barrels of next quarter's sales hedged at a minimum of US$60 per barrel (including 150,000 barrels at a minimum of US$80 per barrel).

[macduffy]

This from the last quarterly...



Beach continues to have protection from lower oil prices with 510,000 barrels of next quarter's sales hedged at a minimum of US$60 per barrel (including 150,000 barrels at a minimum of US$80 per barrel).


Yes, Beach took an expensive lesson from their closing out of hedges last year - cost them $50m to "take advantage of high oil prices" just before the PoO tanked.
Following a much more conservative policy these days which appears to feature the use of options more than outright forward sales.

;)

[bigminty]

Diggers and Drillers------BPT recommended Friday arvo 5pm--whatch for the bounce Monday morning!!!

'The last stock I’m going to profile is the one I’m
going to recommend.

A “Tight Gas” Play
You’ve no doubt heard of Beach Petroleum (ASX:
BPT). The company has over 350 exploration
and production tenements within Australia, New
Zealand, Papua New Guinea, Egypt, Spain and
Albania (of all places).
But the reason I’m tipping it as a speculative buy
this month is that its primary areas of activity
are the Cooper/Eromanga, Surat and Gippsland
Basins of eastern Australia. According to its annual
report, the Company holds interests in 26 oil and
gas production joint ventures in the Cooper and
Eromanga Basins. It also has oil and pas joint
ventures in the Gippsland and Surat Basins. But it’s
the Cooper Basin that has my interest.
Keep in mind, Beach is already a producer and
not just an explorer with some permits. During the
last fiscal year, the company produce 9.3 million
barrels of oil equivalent (MMboe). It has proved

have a really good look at it.”
Beach will have that look this year or early next.
Based on its status as a producer and its exploration
joint ventures in Eromanga, I’m tipping it to be
involved in the on-shore unconventional gas
industry. Whether it has one of the projects on
Statoil’s list, I can’t say because I haven’t seen the
list.
But if you were speculating about which Aussie
firms may stand to benefit from a bidding war for
prospective unconventional gas properties, I’d
put Beach at the top of my list. If I’m wrong, well
then the share will move up or down based on the
company’s production and capital structure, which I
have not included in this analysis.
Action to take: Buy Beach Petroleum (ASX:BPT),
recommended price $0.78. n

[Phaedrus]

Hi Phaedrus. I've been looking at Price/volume indicators and would like your opinion on why OBV and Accumulation/Distribution differ so much. OBV shows a clear divergence in BPT right now, as does Accumulation/Distribution yet they are opposite in the earlier charted line. The short answer is that they take a different approach as to how each days volume is treated.
OBV applies it either up or down dependent on how each Close compares with the Close of the previous day.
Accumulation/Distribution applies volume according to where the Close lies within the days range. The previous days Close doesn't come into it at all.

Re lack of correlation on divergences - you can see the exact same thing with AOE. A/D was falling all the time OBV was rising. Now, Strat, answer me this. In these two instances (BPT and AOE) which indicator gave nice clear, early trendline-break SELL signals that were confirmed by price action........and which one didn't give any Sell signals at all?

[STRAT]

When it comes to reading the chart, it is like reading Chinese, all mumbo jumbo.

What about BPT's hedging? Can anyone enlighten us on their hedging? Any risk there? I do record BPT used to have a disastrous hedging in place when oil was over $140bbl, they then sold out at the high and took a huge lost.It will be interesting to watch next week Doc. There seems to be two different messages coming out here between TA & FA. Mind you the chart on the previous page is mine and should be taken with the usual sack of salt tossed over the shoulder.

[shasta]

Diggers and Drillers------BPT recommended Friday arvo 5pm--whatch for the bounce Monday morning!!!

'The last stock I’m going to profile is the one I’m
going to recommend.

A “Tight Gas” Play
You’ve no doubt heard of Beach Petroleum (ASX:
BPT). The company has over 350 exploration
and production tenements within Australia, New
Zealand, Papua New Guinea, Egypt, Spain and
Albania (of all places).
But the reason I’m tipping it as a speculative buy
this month is that its primary areas of activity
are the Cooper/Eromanga, Surat and Gippsland
Basins of eastern Australia. According to its annual
report, the Company holds interests in 26 oil and
gas production joint ventures in the Cooper and
Eromanga Basins. It also has oil and pas joint
ventures in the Gippsland and Surat Basins. But it’s
the Cooper Basin that has my interest.
Keep in mind, Beach is already a producer and
not just an explorer with some permits. During the
last fiscal year, the company produce 9.3 million
barrels of oil equivalent (MMboe). It has proved

have a really good look at it.”
Beach will have that look this year or early next.
Based on its status as a producer and its exploration
joint ventures in Eromanga, I’m tipping it to be
involved in the on-shore unconventional gas
industry. Whether it has one of the projects on
Statoil’s list, I can’t say because I haven’t seen the
list.
But if you were speculating about which Aussie
firms may stand to benefit from a bidding war for
prospective unconventional gas properties, I’d
put Beach at the top of my list. If I’m wrong, well
then the share will move up or down based on the
company’s production and capital structure, which I
have not included in this analysis.
Action to take: Buy Beach Petroleum (ASX:BPT),
recommended price $0.78. n

Beach's recent presentation spells out it's not just a conventional oil & gas company, so this ain't new.

BPT have 21% of a Geothermal project about to start drilling, refer the weekly drilling reports.

It was Bermuda who made the comment (in relation to CSG & Hot Rocks) that it was the best thing BPT got into.

PS, Tapis up $US3.19 to $US68.32 - this should really push the BPT SP along come Monday

[Phaedrus]

Technically, I find it hard to see why, other than for short term range trading, this stock attracts any interest at all. It has gone nowhere in 4 years. It is currently in another trading range.

The first trading range ran for two and a half years before it broke down.

I wonder how long this one will last?

http://h1.ripway.com/78963/BPT530.gif

[STRAT]

The short answer is that they take a different approach as to how each days volume is treated.
OBV applies it either up or down dependent on how each Close compares with the Close of the previous day.
Accumulation/Distribution applies volume according to where the Close lies within the days range. The previous days Close doesn't come into it at all.

Re lack of correlation on divergences - you can see the exact same thing with AOE. A/D was falling all the time OBV was rising. Now, Strat, answer me this. In these two instances (BPT and AOE) which indicator gave nice clear, early trendline-break SELL signals that were confirmed by price action........and which one didn't give any Sell signals at all?Thanks for that Phaedrus.
In answer to your question
I would be selling AOE as the sell signals are clear.

If I had entered BPT it would have been on the 29th April and I would have exited on the 28th May. It would not have been a fruitful trade. I think its a sell too.

I dont hold either.
I missed the boat with AOE
BTP looks too much like hard work.

[shasta]

Thanks for that Phaedrus.
In answer to your question
I would be selling AOE as the sell signals are clear.

If I had entered BPT it would have been on the 29th April and I would have exited on the 28th May. It would not have been a fruitful trade. I still think its a sell.

I dont hold either.
I missed the boat with AOE
BTP looks too much like hard work.

Without getting ahead of myself, but surely when the fundamentals change & fundies enter the stock, it's this "volume" that creates the TA indicators in the first place, ie TA waits for FA to trigger them!

BPT has recently sold it's CSG interests for $A260m upfront* & is effectively now debt free, plus has $A70m+ in AOE shares.

* Up to another $A70m could be received on certain milestones being achieved by AOE.

Add this to the price of Tapis at 2009 highs, & with favourable hedging in place surely the fundamentals for BPT have changed for the better, i would have thought this would have triggered a TA reversal, maybe the tip sheet on Friday will create some interest/volume on Monday.

Either i'm seeing some value in this, that isn't currently reflected in the SP, or there is something bad in the wind we don't know about?

[STRAT]

Now, Strat, answer me this. In these two instances (BPT and AOE) which indicator gave nice clear, early trendline-break SELL signals that were confirmed by price action........and which one didn't give any Sell signals at all?I didnt really answer that question . Did I Phaedrus? :o

AOE
OBV gave a clear trend line break sell signal soon after the price trendline break.
AC did not give a clear signal

BPT ( short term up trend 27th April to 27th May )
OBV gives a trend line break sell signal before the price trend line break when set to Daily. It should be noted that on the chart on the previous page the OBV was set to weekly which did not give a clear signal. I take it from this that a weekly setting clears too much detail away to be useful in a 4 week time frame and in part I may have answered my original question. I have included the daily and weekly OBV below.
AD does not give a clear signal.

[STRAT]

Without getting ahead of myself, but surely when the fundamentals change & fundies enter the stock, it's this "volume" that creates the TA indicators in the first place, ie TA waits for FA to trigger them!

Hi Shasta,
In my humble opinion there are people getting in and out of stocks well before retail fundies. Lets call em the Smart money for want of a better phrase. It could be argued that these people show up on the charts before the retail fundies get on board putting the TA ahead of the FA :eek: . That said both are reactive by nature and behind the game.

[ELYOB]

Shasta,

Good posts above , feel you have it right .

"Either I'm seeing some value in this, that isn't currently reflected in the SP, or there is something bad in the wind we don't know about?"


I have someone close to the boys at beach , and they say that there is nothing bad in the wind . They see it as a trend thing with the Fundies. The way we should see it is every midcap has its turn whenever , and the Funds are weird animals. If a Fund starts to really take a position in a positive way , the trend will be established as all the other Fundies try to get through the door for some of the action . If you research Matthews trading over last 3-4 months via the shield of Zie-D-Banker on BPT....you might get a better understanding .

Next quarterly will see the beach in a sexy bikini
__________________

[tricha]

Phaedrus - "Technically, I find it hard to see why, other than for short term range trading, this stock attracts any interest at all. It has gone nowhere in 4 years. It is currently in another trading range.

The first trading range ran for two and a half years before it broke down.

I wonder how long this one will last?"

Fundamentally Beach is now positioned as a cash cow, cash producer and has more oil up their sleeve and huge exploration upside, very little soverign risk.. It's become so cheap when you take in their oil reserves.

It is also a takeover prospect.

What you really mean Phaedrus, is you haven't a clue in the world.

Management is the big question? Along with where the oil price is going to trend in the near term.

Beach is now my biggest holding by far. The only holding Phaedrus has is hot air, out of a tea cup. ;)

[shasta]

Phaedrus - "Technically, I find it hard to see why, other than for short term range trading, this stock attracts any interest at all. It has gone nowhere in 4 years. It is currently in another trading range.

The first trading range ran for two and a half years before it broke down.

I wonder how long this one will last?"

Fundamentally Beach is now positioned as a cash cow, cash producer and has more oil up their sleeve and huge exploration upside, very little soverign risk.. It's become so cheap when you take in their oil reserves.

It is also a takeover prospect.

What you really mean Phaedrus, is you haven't a clue in the world.

Management is the big question? Along with where the oil price is going to trend in the near term.

Beach is now my biggest holding by far. The only holding Phaedrus has is hot air, out of a tea cup. ;)

Phaedrus does raise some relevant points Tricha, technically BPT isn't a buy yet, but i bought into BPT on it's changed/improved fundamentals.

Time will tell if we bought in too early, or got in before the herd. :confused:

Fundamentally BPT hasn't looked this good in years, & im expecting a good day tomorrow ;)

[shasta]

BPT - PTR's ann re geothermal drilling

http://www.stocknessmonster.com/news-item?S=PTR&E=ASX&N=172370

That's a very impressive looking drill!

[tricha]

Phaedrus does raise some relevant points Tricha, technically BPT isn't a buy yet, but i bought into BPT on it's changed/improved fundamentals.

Time will tell if we bought in too early, or got in before the herd. :confused:

Fundamentally BPT hasn't looked this good in years, & im expecting a good day tomorrow ;)


Technically I do not give a dam if it isn't a buy. Give me an example Shasta, where Phaedrus has made a recommendation, before the event and put his money where his mouth is. He's a historian :)

"From the Horses Mouth"

A focus on fundamentals:

Earnings, cash flow & gearing
Growth strategy
Long term production and reserves
A balanced exploration portfolio
Thinking ahead of the pack

[tricha]

They are very busy as WELL


Cooper50 wells(50% oil / 50% gas)

Offshore Australia2 wells(Bass & Browse)
Egypt7 wells (4 expn / 3 devl’t)
Geothermal 2 wells
Key Exploration Drilling
PEL 92 (6 wells)May –September
Spikey Beach-1 September (?)
North Shadwan (3 wells) Sept -Nov

[tricha]

Technically, I find it hard to see why, other than for short term range trading, this stock attracts any interest at all. It has gone nowhere in 4 years. It is currently in another trading range.

The first trading range ran for two and a half years before it broke down.

I wonder how long this one will last?

http://h1.ripway.com/78963/BPT530.gif

Technically u again Phaedrus , read the tea leaves wrong, u forgot to take in the fundamentals = http://www.kitco.com/images/up.gif Crude Oil (javascript:NewWindow('/glossary/crude.html','AU','top=50,left=200,width=525,height =570,scrollbars=yes');)68.86+0.05
( But it could all change tomorrow, such is the current market stability :rolleyes: )

I did how ever drop off 12 K today, (Phaedrus - "other than for short term rangetrading")

Disclosure - Back to 1 foot in the door and the other on the side line. Hold AWE, BPT, ROC and SAE and Cash.

AWE is my prefered stock and my largest holding.

[shasta]

Technically u again Phaedrus , read the tea leaves wrong, u forgot to take in the fundamentals = http://www.kitco.com/images/up.gif Crude Oil (http://javascript<b></b>:NewWindow('/glossary/crude.html','AU','top=50,left=200,width=525,height =570,scrollbars=yes');)68.86+0.05
( But it could all change tomorrow, such is the current market stability :rolleyes: )

I did how ever drop off 12 K today, (Phaedrus - "other than for short term rangetrading")

Disclosure - Back to 1 foot in the door and the other on the side line. Hold AWE, BPT, ROC and SAE and Cash.

AWE is my prefered stock and my largest holding.

BPT inching along nicely at 86.5c, good to have two oil producers getting the Tapis price :D (Buy price was 79c)

http://hfgapps.hubb.com/asxtools/imageChart.axd?BI=2&COMT=index&OVS=XJO&TF=D6&TIMA1=20&TIMA2=20&s=BPT

[tricha]

Yeah But ?

What did that chart show u Shasta ?

(Phaedrus - "other than for short term rangetrading")

Fundamentally it is on track, but how many times recently, have things looked good and then turned "dog" ?

I have to agree with him on this one, range trading. 10% is a huge range though :)

[shasta]

Yeah But ?

What did that chart show u Shasta ?

(Phaedrus - "other than for short term rangetrading")

Fundamentally it is on track, but how many times recently, have things looked good and then turned "dog" ?

I have to agree with him on this one, range trading. 10% is a huge range though :)

Showed me that BPT was a good buy, just like this chart confirms it.

Resistence around 96c :confused:

http://www.directbroking.co.nz/cgi-bin/sparkle.dll/superchart?template=dblsuperchart&session=0&instrument=BPT&exchange=ASX&period=3M&adj=yes&vs=LINE&ct=CANDLE&compi=&ma1=10&ma2=30&bb=&ind=RSI&ra=2

[STRAT]

If I had entered BPT it would have been on the 29th April and I would have exited on the 28th May. It would not have been a fruitful trade. I think its a sell too.
.Umm, Ive changed my mind lol :D

What a difference a couple of days make eh?

[tricha]

Showed me that BPT was a good buy, just like this chart confirms it.

Resistence around 96c :confused:

http://www.directbroking.co.nz/cgi-bin/sparkle.dll/superchart?template=dblsuperchart&session=0&instrument=BPT&exchange=ASX&period=3M&adj=yes&vs=LINE&ct=CANDLE&compi=&ma1=10&ma2=30&bb=&ind=RSI&ra=2

Phaedrus does raise some relevant points Tricha, technically BPT isn't a buy yet, but i bought into BPT on it's changed/improved fundamentals.

Time will tell if we bought in too early, or got in before the herd. :confused:

Fundamentally BPT hasn't looked this good in years, & im expecting a good day tomorrow ;)

Hmm Shasta what u are saying, it is a buy now T\A wise, because u r looking in the rear vision mirror.
Thats why Phaedrus never picks a stock I guess.

[shasta]

Phaedrus does raise some relevant points Tricha, technically BPT isn't a buy yet, but i bought into BPT on it's changed/improved fundamentals.

Time will tell if we bought in too early, or got in before the herd. :confused:

Fundamentally BPT hasn't looked this good in years, & im expecting a good day tomorrow ;)

Hmm Shasta what u are saying, it is a buy now T\A wise, because u r looking in the rear vision mirror.
Thats why Phaedrus never picks a stock I guess.

Nope it's been a FA buy since it became debt free, TA is now confirming that as debt free producer who attracts the increasing Tapis price, BPT is showing signs of life.

The geothermal project has really got me thinking this could be HUGE for BPT, & for just $30m we can get 36% of the project...

Those looking at Geothermal energy should have a look at PTR (who BPT & TRU Energy are JV's partners with).

PTR could farm out a total of 66% to BPT & TRU Energy for a combined $A87m :eek:

[ELYOB]

I think you all misunderstand BPT .

It is about the Funds playing with mid-caps . No Fund is going to buy while we have a Fund weak holding this stock , they all know who it is , and are waiting for it to bleed .

TAP got away from the Funds , in time BPT will do the same , but when is the question ?//??

[tricha]

I think you all misunderstand BPT .

It is about the Funds playing with mid-caps . No Fund is going to buy while we have a Fund weak holding this stock , they all know who it is , and are waiting for it to bleed .

TAP got away from the Funds , in time BPT will do the same , but when is the question ?//??

Hmm u have got me there ELYOB, what do u mean by a fund weak ?

Another question I have is, where do u get a up to date list of current holders. ?

And another is, does anyone have a profile on the Beach management, most views are, they are pretty dumb. ?


As at 23 SEPTEMBER 2008 Rank
Name

Shares
%
1.ANZ Nominees Limited135,027,424 13.112.J P Morgan Nominees Australia Limited 89,839,5298.723.Cogent Nominees Pty Limited85,027,2698.254.Citicorp Nominees Pty Limited 63,767,610 6.195.HSBC Custody Nominees (Australia) Limited55,829,2705.426.National Nominees Limited 55,354,8795.377.RBC Dexia Investor Services Australia Nom Pty Ltd30,452,6282.968.Mathews Capital Partners Pty Ltd Sabre Fund A/C14,000,0001.369.Tasman Asset Management Ltd 13,633,6361.3210.Mathews Capital Partners Pty Ltd IIOR Sabre Fund11,216,3291.0911.Zero Nominees Pty Ltd9,741,7520.9512.AMP Life Limited8,258,8880.8013.Bond Street Custodians Limited 6,821,5560.6614.Merrill Lynch (Australia) Nominees Pty Ltd4,027,7840.3915.Mr Thai King Tiong3,410,1580.3316.Queensland Investment Corporation3,343,254 0.3217.Equity Trustees Limited2,589,9590.2518.Irrewarra Investments Pty Ltd2,579,2230.2519.Mr Reginald George Nelson2,309,9030.2220.Bapal No 17 Pty Ltd2,046,6640.20 TOTAL: 599,299,715 58.16

[macduffy]

Hi, ELYOB.

Are we talking about Deutsche Bank here? They are the only substantial holder to have disclosed a change in substantial holdings in recent weeks, showing a reduction from 6.86% to 5.38% following an increase the previous month.

[tricha]

Yes, Beach took an expensive lesson from their closing out of hedges last year - cost them $50m to "take advantage of high oil prices" just before the PoO tanked.
Following a much more conservative policy these days which appears to feature the use of options more than outright forward sales.

;)

I guess if anyone knows about these guys, it would be you Mac Duffy.

They have been around a long time, but do u reckon they learn of their mistakes or are they going to keep doing dumber :confused:


http://www.beachpetroleum.com.au/irm/Company/ShowPage.aspx?CPID=1303Robert Michael Kennedy
INDEPENDENT NON-EXECUTIVE CHAIRMAN
ASAIT, Grad Dip (Systems Analysis), FCA, ACIS, Life Member AIM, FAICD

Mr Kennedy is a chartered accountant and a consultant to Kennedy & Co, Chartered Accountants, a firm he founded. He joined Beach Petroleum in December 1991 as a non-executive director and has been the Chairman of Beach Petroleum Ltd since 1995. He is also a director of ASX listed companies Ramelius Resources Limited (since 1995), Flinders Diamonds Limited (since 2001), Maximus Resources Limited (since 2004), Eromanga Uranium Limited (since 2006), Monax Mining Ltd (since 2004) and Marmota Energy Limited (2007).

His special responsibilities include chairmanship of the Corporate Development and Remuneration/Nomination/Litigation Committees and membership of the Audit Committee. Mr Kennedy brings to the Board his expertise in finance and management consultancy and extensive experience as chairman and non-executive director of a range of listed public companies including in the resources sector.



http://www.beachpetroleum.com.au/irm/Company/ShowPage.aspx?CPID=1302Reginald George Nelson
MANAGING DIRECTOR
BSc, Hon Life Member Society of Exploration Geophysicists, FAusIMM, FAICD
Joined in May 1992 as an executive director, appointed Chief Executive Officer in October 1995 and then Managing Director in May 2002. He has had a career spanning nearly four decades as an exploration geophysicist in the minerals and petroleum industries. He was chairman of the peak industry organisation, the Australian Petroleum Production and Exploration Association (APPEA) from 2004 to 2006 and remains a member of its Council. He is also a director of ASX listed companies, Ramelius Resources Limited (since 1995), Monax Mining Ltd (since 2004) and Marmota Energy Limited (since 2006).

His special responsibilities include membership of the Corporate Development and Remuneration/Nomination /Litigation Committees. Mr Nelson's contribution to the Board is his technical expertise and knowledge of the petroleum industry and broad experience in corporate matters.

[Rabbi]

My broker recommended Beach as a buy early last year, when they were trading at $1.30.

They are very difficult to research because of their wide ranging exploration portfolio. I'd be prepared to bet that at the current price you would not lose money, at least in the long term. Whether they are at "bargain basement" is another matter. The problem-as already alluded to by astute posters-is that they seem to have one or two big institutions selling down, depressing the price.

For Beach the fundamentals look good, but technically, if the past is anything to go buy, other mid-tier oilers will give better returns.

[macduffy]

Hi, tricha.

I don't know much about the individual members of the board but as you say, the principal players have been around the company for a long time. Someone made the comment recently that BPT hasn't moved past the " founder stage " and I think there's a fair comment.

Not all their decisions have been bad of course. The takeover of Delhi a few years ago to consolidate their position in the Cooper Basin was a good move, really only spoilt by the mismanagement of the Delhi hedges. Yes, I think they've learnt from that! They also achieved good prices for the sale of 2 x 10% chunks of the BMG project.

What I don't like are their global ambitions which I think are unrealistic for this company. How they think they can manage and exploit interests in Spain, Albania, Tanzania, Egypt, etc while keeping their focus on the big Australian assets beats me.

The sale of the CSG assets will result in a big one off profit this financial year which will obscure the fact that they now have to replace more than half their 2P reserves. I note that recent presentations are now putting a lot of emphasis on huge " contingent resources" rather than "reserves".

;)

[Phaedrus]

Phaedrus - "Technically, I find it hard to see why, other than for short term range trading, this stock attracts any interest at all. It has gone nowhere in 4 years. It is currently in another trading range. The first trading range ran for two and a half years before it broke down. I wonder how long this one will last?" What you really mean Phaedrus, is you haven't a clue in the world.As to how long the current trading range will last? Dead right Tricha, I haven't got a clue. Neither have you. Neither has anyone else.


Fundamentally Beach is now positioned as a cash cow, cash producer and has more oil up their sleeve and huge exploration upside, very little soverign risk.. It's become so cheap when you take in their oil reserves. It is also a takeover prospect. Beach is now my biggest holding by far. Yet just a few days later you were selling! What changed your mind so suddenly?


The only holding Phaedrus has is hot air, out of a tea cup.You're mangling your metaphors again Tricha, but you are quite right, I don't hold any BPT.


Technically u again Phaedrus, read the tea leaves wrong, u forgot to take in the fundamentals Tricha, the fundamentals of BPT are not a state secret. Everyone is aware of them. Can you not see that they are therefore built into the shareprice? The market valuation of a stock incorporates all that is known about that stock.


I did however drop off 12 K today, ("short term range-trading"). AWE is my prefered stock and my largest holding.Huh? Less than a week ago, BPT was your preferred stock and your "biggest holding by far"! Surely selling just $10,000 worth of BPT didn't make that much difference!


(Shasta)"Phaedrus does raise some relevant points Tricha, but i bought into BPT on it's changed/improved fundamentals. Fundamentally BPT hasn't looked this good in years, & I'm expecting a good day tomorrow". Hmm Shasta what u are saying, it is a buy now T\A wise, because u r looking in the rear vision mirror. Thats why Phaedrus never picks a stock I guess.TA, FA, we are ALL looking in the rearview mirror, Tricha. No-one can see out the front windscreen. Shasta is saying that in his opinion, technically and fundamentally, BPT is a HOLD. Shasta is able to combine TA and FA to his advantage. You could too!


Technically I do not give a dam if it isn't a buy. Give me an example Shasta, where Phaedrus has made a recommendation, before the event and put his money where his mouth is. He's a historian Tricha, those who fail to learn from history are doomed to repeat it. Surely you realise that ALL data are historical? That's the only sort of data there is!

Tricha, if you could only drop your silly, adversarial, combative, abrasive, confrontational approach you might learn something to your advantage. For all your scoffing at TA, you, more than most on this site, stand to gain a lot from it. The timing of your buy and sell decisions is particularly poor. For example, it appears that you are now attempting to range-trade BPT. Can you see that you sold right in the middle of the trading range? The idea is to buy near the lower limit of the trading range and sell near the upper limit. BPT is in a short-term uptrend. If you want to range-trade this stock, you have sold too soon.

Before you launch into another round of personal abuse, enormous multicoloured fonts and protracted "cut and paste" posts, take a look at this chart. See how tea-leaves could help you time your BPT trading entries and exits. The idea is to buy when the oscillator is rising from "OverSold" levels and Sell when the oscillator is falling from "OverBought" levels. The green arrows mark Buy signals, the red Sell signals. See how you sold even though BPT was nowhere near resistance, was still rising and had not even reached Oversold levels? A simple chart like this would help you time your entries and exits - to your advantage.

http://h1.ripway.com/78963/BPT67.gif

[STRAT]

Phaedrus your ability to present the cold hard facts which often painful for those who are the subject of your charted timeline vs posted remarks tutorials is without doubt over shadowed and topped by your continued regular offering of help to others and your seemingly limitless capacity for remaining polite under all circumstances which I find at times nothing short of astounding.

[tricha]

As to how long the current trading range will last? Dead right Tricha, I haven't got a clue. Neither have you. Neither has anyone else.

Tricha - Glad we agree on that one ! :)

Yet just a few days later you were selling! What changed your mind so suddenly?

Tricha - My targets are weakness in AWE, BPT, PPP. Cash cows which will survive whatever the market throws upon us.
But my selection could change tomorrow, Mr Market waits for no one, :(
( posted on the AWE site)

You're mangling your metaphors again Tricha, but you are quite right, I don't hold any BPT.

Tricha - I do :p

Tricha, the fundamentals of BPT are not a state secret. Everyone is aware of them. Can you not see that they are therefore built into the shareprice? The market valuation of a stock incorporates all that is known about that stock.

Tricha - Thats bull and u know it, ask Warren Buffet

Huh? Less than a week ago, BPT was your preferred stock and your "biggest holding by far"! Surely selling just $10,000 worth of BPT didn't make that much difference!

Tricha - I bought averaging down and I sold averaging up and I still hold 20 k.
I was overweight in BPT and I stuffed up

TA, FA, we are ALL looking in the rearview mirror, Tricha. No-one can see out the front windscreen. Shasta is saying that in his opinion, technically and fundamentally, BPT is a HOLD. Shasta is able to combine TA and FA to his advantage. You could too!

Tricha - Shasta bought on FA and TA ( The past tense) confirmed it

Tricha, those who fail to learn from history are doomed to repeat it. Surely you realise that ALL data are historical? That's the only sort of data there is!

Tricha, if you could only drop your silly, adversarial, combative, abrasive, confrontational approach you might learn something to your advantage. For all your scoffing at TA, you, more than most on this site, stand to gain a lot from it. The timing of your buy and sell decisions is particularly poor. For example, it appears that you are now attempting to range-trade BPT. Can you see that you sold right in the middle of the trading range? The idea is to buy near the lower limit of the trading range and sell near the upper limit. BPT is in a short-term uptrend. If you want to range-trade this stock, you have sold too soon.

Before you launch into another round of personal abuse, enormous multicoloured fonts and protracted "cut and paste" posts, take a look at this chart. See how tea-leaves could help you time your BPT trading entries and exits. The idea is to buy when the oscillator is rising from "OverSold" levels and Sell when the oscillator is falling from "OverBought" levels. The green arrows mark Buy signals, the red Sell signals. See how you sold even though BPT was nowhere near resistance, was still rising and had not even reached Oversold levels? A simple chart like this would help you time your entries and exits - to your advantage.

http://h1.ripway.com/78963/BPT67.gif

Phaedrus when u have the balls to put your money where your mouth is, I might have some respect for you.
That's is if u call it right, somehow I doubt it.

Fundamentally Beach has a flaw and its management. :(

[tricha]

Hi, tricha.

I don't know much about the individual members of the board but as you say, the principal players have been around the company for a long time. Someone made the comment recently that BPT hasn't moved past the " founder stage " and I think there's a fair comment.

Not all their decisions have been bad of course. The takeover of Delhi a few years ago to consolidate their position in the Cooper Basin was a good move, really only spoilt by the mismanagement of the Delhi hedges. Yes, I think they've learnt from that! They also achieved good prices for the sale of 2 x 10% chunks of the BMG project.

What I don't like are their global ambitions which I think are unrealistic for this company. How they think they can manage and exploit interests in Spain, Albania, Tanzania, Egypt, etc while keeping their focus on the big Australian assets beats me.

The sale of the CSG assets will result in a big one off profit this financial year which will obscure the fact that they now have to replace more than half their 2P reserves. I note that recent presentations are now putting a lot of emphasis on huge " contingent resources" rather than "reserves".

;)

Thanks for your informative post Mac Duffy, global roaming in oil is now an endangered species.

[Phaedrus]

Phaedrus when u have the balls to put your money where your mouth is, I might have some respect for you. Your respect would mean nothing to me, Tricha - and I have no intention whatsoever of restricting my comments solely to stocks that I hold.

[tricha]

Your respect would mean nothing to me, Tricha - and I have no intention whatsoever of restricting my comments solely to stocks that I hold.

Thats just fine Phaedrus, do u see me stalking you? Do us a favour if you dare and do the "Great Depression Chart" and overlay it with the DOW of the last two years just to see if there is a comparision.
That would be real educational, Guru of Charts, as I can not do and I would hazard a guess you have already done it.

Cheers T

[shasta]

Thats just fine Phaedrus, do u see me stalking you? Do us a favour if you dare and do the "Great Depression Chart" and overlay it with the DOW of the last two years just to see if there is a comparision.
That would be real educational, Guru of Charts, as I can not do and I would hazard a guess you have already done it.

Cheers T

Meanwhile BPT continues to produce the black gold (& gas) @ 10k+bopde

Tapis @ $US72.30/bbl & the AUD/USD @ 0.7932 = ~$A91/bbl

Lifes a beach :D

[shasta]

Meanwhile BPT continues to produce the black gold (& gas) @ 10k+bopde

Tapis @ $US72.30/bbl & the AUD/USD @ 0.7932 = ~$A91/bbl

Lifes a beach :D

BPT - Weekly Drilling Report

http://www.stocknessmonster.com/news-item?S=BPT&E=ASX&N=172464

Can someone please explain what the first 2 drilling "operation" comments mean?

On page 3, i assume the 1st one means no good...

The 2nd one????

[Huang Chung]

Shasta...don't know if this helps at all.....

Wiper trip

An abbreviated recovery and replacement of the drillstring (http://www.glossary.oilfield.slb.com/Display.cfm?Term=drillstring) in the wellbore that usually includes the bit (http://www.glossary.oilfield.slb.com/Display.cfm?Term=bit) and bottomhole assembly (http://www.glossary.oilfield.slb.com/Display.cfm?Term=bottomhole%20assembly) passing by all of the openhole (http://www.glossary.oilfield.slb.com/Display.cfm?Term=openhole), or at least all of the openhole that is thought to be potentially troublesome. This trip varies from the short trip (http://www.glossary.oilfield.slb.com/Display.cfm?Term=short%20trip) or the round trip (http://www.glossary.oilfield.slb.com/Display.cfm?Term=round%20trip) only in its function and length. Wiper trips are commonly used when a particular zone is troublesome or if hole-cleaning efficiency is questionable.

Nipple up

To put together, connect parts and plumbing, or otherwise make ready for use. This term is usually reserved for the installation of a blowout preventer (http://www.glossary.oilfield.slb.com/Display.cfm?Term=blowout%20preventer) stack.

http://www.glossary.oilfield.slb.com/

[shasta]

Shasta...don't know if this helps at all.....

Wiper trip

An abbreviated recovery and replacement of the drillstring (http://www.glossary.oilfield.slb.com/Display.cfm?Term=drillstring) in the wellbore that usually includes the bit (http://www.glossary.oilfield.slb.com/Display.cfm?Term=bit) and bottomhole assembly (http://www.glossary.oilfield.slb.com/Display.cfm?Term=bottomhole%20assembly) passing by all of the openhole (http://www.glossary.oilfield.slb.com/Display.cfm?Term=openhole), or at least all of the openhole that is thought to be potentially troublesome. This trip varies from the short trip (http://www.glossary.oilfield.slb.com/Display.cfm?Term=short%20trip) or the round trip (http://www.glossary.oilfield.slb.com/Display.cfm?Term=round%20trip) only in its function and length. Wiper trips are commonly used when a particular zone is troublesome or if hole-cleaning efficiency is questionable.

Nipple up

To put together, connect parts and plumbing, or otherwise make ready for use. This term is usually reserved for the installation of a blowout preventer (http://www.glossary.oilfield.slb.com/Display.cfm?Term=blowout%20preventer) stack.

http://www.glossary.oilfield.slb.com/

Thanks for the link, appreciate that...

If they wrote it in French i'd understand it better :D

Why can't they say the following:

1. We found no hydrocarbons, not a sausage :(
2. We found some stuff, not enough to get just now :confused:
3. We found oodles of the sh*t! :D

[shasta]

Thanks for the link, appreciate that...

If they wrote it in French i'd understand it better :D

Why can't they say the following:

1. We found no hydrocarbons, not a sausage :(
2. We found some stuff, not enough to get just now :confused:
3. We found oodles of the sh*t! :D

BPT - Updates

http://www.stocknessmonster.com/news-item?S=COE&E=ASX&N=449797

Encouraging to see the Aussie Govt, coming to the party with funding for geothermal projects...

http://www.stocknessmonster.com/news-item?S=PTR&E=ASX&N=172524

[shasta]

BPT - Updates

http://www.stocknessmonster.com/news-item?S=COE&E=ASX&N=449797

Encouraging to see the Aussie Govt, coming to the party with funding for geothermal projects...

http://www.stocknessmonster.com/news-item?S=PTR&E=ASX&N=172524

BPT are still seeing something in DLS that i can't? :confused:

http://www.stocknessmonster.com/news-item?S=BPT&E=ASX&N=172528

1 BPT for every 27 DLS, surely they will all go for this offer?

DLS's (mis) management makes BPT's look like superstars :D

[ELYOB]

It puts a long term value of about 5.5c on DLS . If DLS doesn't go for this , the world is a funny place .