Target TEX

[Dr_Who]

This company has good potential.

Good drilling results in American with two wells in production and drilling a few more wells this year. Six million cash in bank. I like the fact that they have good local partners who knows the local areas well and they let the partners do the work. Gas prices in the USA continues to be strong.

Your thoughts on TEX?

[STRAT]

http://www.sharetrader.co.nz/showthread.php?t=4869&highlight=tex

[bermuda]

This company has good potential.

Good drilling results in American with two wells in production and drilling a few more wells this year. Six million cash in bank. I like the fact that they have good local partners who knows the local areas well and they let the partners do the work. Gas prices in the USA continues to be strong.

Your thoughts on TEX?

I have 300k and think they have good management strategies.

If Catapult comes in, watch for a big rerating. If it doesnt I am out. Could go to 40-50 cents quite quickly. To be honest I should sell it and BUY ( thanks Strat ) some more VPEO.

Am thinking of hopping on the plane and going to the Excellence in Oil and GAS conference in Sydney next Monday.Who's going?

[STRAT]

I should sell it and some more VPEOi assume you mean sell it and BUY some more VPEO:eek:

[Dr_Who]

Thanks Strat, I missed Shrewdies threat.

[bermuda]

Hey, I have been looking at my portfolio and wondering why I am putting up with TEX. It is the only one showing -ve returns and I am wondering whether I have yet aquired the mental fortitude to sell. I am comforted by the tremendous angst that I went through selling my beloved NZO. Thank goodness I did.

But, I wanted to sell TEX and go for Sapex ( which has doubled since ). But I didnt because I couldnt hit the sell button.Is that failure? Or is it because I had breakfast with Lawrence Roe and thought that this guy was going to Catapult into Stardom.

Well we are about to find out shortly. If it is a dud I am out. End of story.

But because I enjoyed my breakfast I am still in.

[shasta]

Hey, I have been looking at my portfolio and wondering why I am putting up with TEX. It is the only one showing -ve returns and I am wondering whether I have yet aquired the mental fortitude to sell. I am comforted by the tremendous angst that I went through selling my beloved NZO. Thank goodness I did.

But, I wanted to sell TEX and go for Sapex ( which has doubled since ). But I didnt because I couldnt hit the sell button.Is that failure? Or is it because I had breakfast with Lawrence Roe and thought that this guy was going to Catapult into Stardom.

Well we are about to find out shortly. If it is a dud I am out. End of story.

But because I enjoyed my breakfast I am still in.

Bermuda

You know that if Catapult comes in you will exit somewhere north of 50c

I shouldn't have sold my TEX shares (i traded it for a short term profit a while back), as there success rate for there first year listed is fantastic!

[Dr_Who]

I am waiting to pick up more shares when it reaches a bottom. I actually like TEX. I like their strategy and their success rate. Ok, their wells are not big, but if catapult hits, it will make them a serious oiler and a path to bigger things. It is a cheap stock and they are producing oil.

Bermuda, if you gonna sell, give me come shares at 10-11 cents. :D

[ScrappyO]

Bermuda,
Have you received your application in the post for the rights issue. I haven't.

[bermuda]

Bermuda,
Have you received your application in the post for the rights issue. I haven't.

I will be back in NZ July 1st. Before I left I saw a letter about a cut off date of July 7th. I have the money ready and will be taking them up.

I think this share is going to go pretty well over the next month or two. If not I am out.

[Dr_Who]

Bermuda,
Have you received your application in the post for the rights issue. I haven't.

Yeah, I have not receive mine also. May email them.

[lakeys]

got mine on friday morning in wellington

[ScrappyO]

Yeah, I have not receive mine also. May email them.

Did finally get them saturday afternoon. Was starting to wonder.


East Chalkley Drill must be finished drilling now?.....140m to go from last drill report on thursday.Hopefully all went well and we get an ann mid week.

[AMR]

What do you lot think of the oppies at the current price? I'm thinking of taking a position for catapult.

[diamond h]

I am waiting to pick up more shares when it reaches a bottom. I actually like TEX. I like their strategy and their success rate. Ok, their wells are not big, but if catapult hits, it will make them a serious oiler and a path to bigger things. It is a cheap stock and they are producing oil.

Bermuda, if you gonna sell, give me come shares at 10-11 cents. :D

:D Hi. They surely have already hit the bottom. Last day today for trading rights.

[STRAT]

Thanks Strat, I missed Shrewdies threat.Dont worry he seems threatening at first but really hes a very nice fella. :p:D:D:D

[bermuda]

Nice little announcement today. Lawrence is starting to get rated. Glad I still have 300k.

[AMR]

Now I wish I had thought about buying the oppies on Friday rather than on Sunday night.:o

Still very undervalued you reckon?

[Dr_Who]

SHHiiiattt!!!

I wanted to pick up some at 11 cents but just missed out!!!! :confused:

[Felix]

Yes the company continues to put out good news and six from eight successes at drilling so far which suggests that management are good at picking their drilling targets.

Today's announcement would have been better for me coming next week after exercising rights had closed off - before the announcement today I sent off my cheque exercising my rights but also subscribing for any shortfall of rights not taken up - that was looking a real possibility with the share price hovering below the exercise price but not any more. Oh well, I'll just have to use my refund from the company to buy more shares on the ASX

Disc: hold 20,000 shares

[Dr_Who]

Bermuda,
Have you received your application in the post for the rights issue. I haven't.

Got my application form. Just mailed the cheque for the full entitlement. :)

Now sit back, relax and wait for catapult.

One of the great strategy I like about TEX is that they JV partners with good local knowledge and experiences and let them get on with the job.

[bermuda]

Got my application form. Just mailed the cheque for the full entitlement. :)

Now sit back, relax and wait for catapult.

One of the great strategy I like about TEX is that they JV partners with good local knowledge and experiences and let them get on with the job.

Hi Dr,
Got my share addition certificate too. Seen a few that are pretty good but this is better than most so have loaded up. Dont usually gamble ( just stay with growth Aussie CSG stocks ).

They have cemented the liners for pressure. This one is going to catapult before the catapult. 80/20 chance imho

[Dr_Who]

Hi Dr,
Got my share addition certificate too. Seen a few that are pretty good but this is better than most so have loaded up. Dont usually gamble ( just stay with growth Aussie CSG stocks ).

They have cemented the liners for pressure. This one is going to catapult before the catapult. 80/20 chance imho

I am thinking of picking up more stock, but I have a funny feeling that the under writers for the rights issue may want to sell their holdings in the rights that did not get taken up.

[brettdale]

Hi Dr,
Got my share addition certificate too. Seen a few that are pretty good but this is better than most so have loaded up. Dont usually gamble ( just stay with growth Aussie CSG stocks ).

They have cemented the liners for pressure. This one is going to catapult before the catapult. 80/20 chance imho

I thought about buying in a few months ago, but decided against it, perhaps i should change my mind.

[bermuda]

I thought about buying in a few months ago, but decided against it, perhaps i should change my mind.

Brettdale,
I have a very big feeling for this company so I increased my holdings. But hey, DYOR. Go and do a half hour google. If it makes sense . Press the buy button.

If it doesnt make sense...let me know first thing in the morning.

You might uncover something I have missed.

Ta.

[ScrappyO]

Another operation update today.

Ive taken a snippet of what was said in the ann and just need some clarification that at the moment they are only pumping 43 BOPD and the rest is water.(the other 348 barrels).
does this sound about right? Considering all load water has been recovered.

Cheers S

"Continue flow testing. All load water has been recovered. The well is presently being pumped at rates up to 391 barrels per day, with oil flowing at rates up to 43 BOPD (11% oil cut)."




Am i even making sense?

[ScrappyO]

Bandito plugged....OUCH

[bermuda]

Hi Dr,
Got my share addition certificate too. Seen a few that are pretty good but this is better than most so have loaded up. Dont usually gamble ( just stay with growth Aussie CSG stocks ).

They have cemented the liners for pressure. This one is going to catapult before the catapult. 80/20 chance imho

That is the last time I gamble on oil speciies. Really thought Chalkley and Bandito would be winners. Sold half my holdings. Will await success at Catapult.

Hard luck Lawrence...

[Dr_Who]

OUCH for me also.

I am holding on and see what happens with Catapult. Catapult is the next to drill.

I really dont udnerstand why people are selling down so aggressively on Bendito (Vincent). The potential was only about 14-40 cps.

With Catapult coming up the potential is 75-304 cps on the current sp if they hit gas. Catapult is huge compare to Vincent and the others.

[geezy]

more reason for u to get in Dr?

These days more people are playing safe and not ready to take the risk like we did prior to the slump.

I did purchase TEX before and I think its a great company, unfortunately they have gone down from 32 cents to .09 cents ..

I will look to reenter again some day when i get the $$$$$$$

Happy hunting!

[ScrappyO]

That is the last time I gamble on oil speciies. Really thought Chalkley and Bandito would be winners. Sold half my holdings. Will await success at Catapult.

Hard luck Lawrence...

Bermuda what's your take on Chalkley. Do you think they will get much more out of it. Or do you think they might plug it. Purely thoughts from your past experiences.
Cheers
S

[bermuda]

Bermuda what's your take on Chalkley. Do you think they will get much more out of it. Or do you think they might plug it. Purely thoughts from your past experiences.
Cheers
S

Hi ScrappyO,
I am a bit gutted by the failure at Bandito. And I am not liking the water/oil talk at East Chalkey.

The reason I like TEX is because the Management are very astute and Lawrence Roe is a straight shooter. They started well, but now they need to shoot some more oil and gas.

I have kept half to run with Catapult which is a lot bigger than these.

Might top up on BOW before their 2P reserves get a boost.

[ScrappyO]

Found this snippet from petro resources which i find a little more encouraging.

East Chalkley Field

The Pine Pasture #2 well was a slightly deviated hole drilled to 9,760 feet MD (9,600 feet TVD) and was logged and cased. The well was subsequently completed and tested from the W-2 Sand. The initial test results on a rental pumping unit were positive. Based on the results of the initial testing, the production pump design is currently being engineered. The Company expects that the well should produce total fluids in a range of 700 to 1,000 barrels per day with a 30% to 50% oil cut. The Company has approximately 34% working interest in the project.

[bermuda]

Found this snippet from petro resources which i find a little more encouraging.

East Chalkley Field

The Pine Pasture #2 well was a slightly deviated hole drilled to 9,760 feet MD (9,600 feet TVD) and was logged and cased. The well was subsequently completed and tested from the W-2 Sand. The initial test results on a rental pumping unit were positive. Based on the results of the initial testing, the production pump design is currently being engineered. The Company expects that the well should produce total fluids in a range of 700 to 1,000 barrels per day with a 30% to 50% oil cut. The Company has approximately 34% working interest in the project.

Yes, The market doesnt appreciate this news. It came out positive initially, then came some bad news that subsequently was replaced almost with their expectations. But the market missed it.

Things are still going well for TEX. So much so that I managed to complete my 1 million TEXO order for an average of 2.0 cents.

If Catapult comes in and the risk disappears then the options could go north of $2.
( Catapult unrisked $3.05, risked 75 cents )

Now, that is what I call a real BAGGER.( Still to be had in these awfully depressing days.)

Have a look at it. DYOR. This is a straight out punt but better than the casino. And if it comes in then Yippee.

[Dr_Who]

Hey Bermuda, when are they drilling Catacpult? Have they started yet?

The oiler market is getting hit hard. I am too scared to buy more... LOL. That was a nervous laugh btw.

[bermuda]

Hey Bermuda, when are they drilling Catacpult? Have they started yet?

The oiler market is getting hit hard. I am too scared to buy more... LOL. That was a nervous laugh btw.

Catapult will be drilled in September to 15,500 feet targetting 204 BCF gas and 10.2 milion barrels of oil/condensate. TEX share 15% and worth $3.05/share unrisked and 75 cents risked. It is a high reward/high risk play nearby other successes.

But the drill bit does the talking.

But it is fun 'dreaming' what a strike would do to the sp and the options. That is why I bought 1m of the options. Even without Catapult this company is still looking reasonable.

I am not getting carried away because I have had many such 'dreams' before and most have all been shattered. A good drill for all those who like selling pre drill.

[Crypto Crude]

anyone thinking of having a stab at the Texo's...
Catapult is suppost to be this month...
:cool:
.^sc

[bermuda]

anyone thinking of having a stab at the Texo's...
Catapult is suppost to be this month...
:cool:
.^sc

Shrewdie,
Buy some TEXO and enjoy the risk.

Buy some BCC and enjoy.

Buy some NZO and relax.

Thanks for the car park last night. The Russley nearly got drunk dry.

[Dr_Who]

anyone thinking of having a stab at the Texo's...
Catapult is suppost to be this month...
:cool:
.^sc

I ve got some TEXO in the rights issue. :)

[Crypto Crude]

arhgghh yes bermuda...
Id seen BCC ages back, and then Rabbi reminded me about the stock...
Looks very good...
Perhaps not with Gustav rolling on in...
as for TEXOs... yup im thinking about a punt
:cool:
.^sc

[Serpie]

I've got a small amount of TEXO Shrewd. I'll be looking to flick them as soon as they announce Catapult spud. I wont hold them through the drill. Trying a different stategy with this one.

[shasta]

I've got a small amount of TEXO Shrewd. I'll be looking to flick them as soon as they announce Catapult spud. I wont hold them through the drill. Trying a different stategy with this ones.

TEX presentation to the "Good Oil Conference"

http://www.stocknessmonster.com/news-item?S=TEX&E=ASX&N=419717

NB, TEX has an EV of just $3.8m!!!!

[Rif-Raf]

Anyone care to share an informed opinion about the probability of catapault being successful?

Also can anyone clarify in more detail what is generally considered appropriate "risked" versus "unrisked" i.e is risked considered the expected if sucessful or the worst case if successful.
Also on what basis are the measurements i.e is it after all costs an using NPV?

It looks like a good punt, but would be interested to apply some probabilities

[bermuda]

Anyone care to share an informed opinion about the probability of catapault being successful?

Also can anyone clarify in more detail what is generally considered appropriate "risked" versus "unrisked" i.e is risked considered the expected if sucessful or the worst case if successful.
Also on what basis are the measurements i.e is it after all costs an using NPV?

It looks like a good punt, but would be interested to apply some probabilities


Hi Rif Raf,
This play is all about risk. The ratio of unrisked to risked is about 4.5:1. At 3 cents for an option this is a superb play. The worth of this company right now is above 25cents. Imagine if Catapult hits Goliath in the head. We are talking 40-50 cents per option as a downside.

Look, the drill could be dry..but I am picking it to be wet. Laurence deserves a success here.

[shasta]

Anyone care to share an informed opinion about the probability of catapault being successful?

Also can anyone clarify in more detail what is generally considered appropriate "risked" versus "unrisked" i.e is risked considered the expected if sucessful or the worst case if successful.
Also on what basis are the measurements i.e is it after all costs an using NPV?

It looks like a good punt, but would be interested to apply some probabilities

Unrisked potential refers to the maximum "OIP" (Oil in Place) that is potentially recoverable based on model calculations within the actual structure.

Risked potential has the extra "COS" (Chance of Success) factored into it.

Quite often you will see, say a 10% COS used, as that may well be the known industry strike rate in that particular area.

[Rif-Raf]

Shasta/Bermuda,thanks for replies.

Although there are some erratic valuations in the current markets, I'm really struggling to try and reconcile the implied valuation from what is in their presentation pg12 to current market prices.


Shasta, Price now 8c so value of assigned to oil assets and prospects is now only $1.7m. Considering there are 4 producers with a "risked" valuation of 40c a share ($36.4m) or "unrisked" ($63.7m) then if these figures alone are to be believed then it seems to suggests the shares are undervalued by at least 21 fold (36.4/1.7)...huh!!!

Catapault - if risked value is 66c and unrisked 267c that's a helluva leverage! for heads on risked basis 7 fold and on unrisked basis 33 fold, on options perhaps 16 to 93 times.


For the exploring I'm struggling to see how the chance of success can in fact be included in their numbers as they show an upper and lower volume of reserves they are targeting????

Above is all theoretical and markets will ultimately determine value, however what ever way I look at this I agree this is one massive punt, but seems like an exceptionally good one if you like to gamble.

[shasta]

Shasta/Bermuda,thanks for replies.

Although there are some erratic valuations in the current markets, I'm really struggling to try and reconcile the implied valuation from what is in their presentation pg12 to current market prices.


Shasta, Price now 8c so value of assigned to oil assets and prospects is now only $1.7m. Considering there are 4 producers with a "risked" valuation of 40c a share ($36.4m) or "unrisked" ($63.7m) then if these figures alone are to be believed then it seems to suggests the shares are undervalued by at least 21 fold (36.4/1.7)...huh!!!

Catapault - if risked value is 66c and unrisked 267c that's a helluva leverage! for heads on risked basis 7 fold and on unrisked basis 33 fold, on options perhaps 16 to 93 times.


For the exploring I'm struggling to see how the chance of success can in fact be included in their numbers as they show an upper and lower volume of reserves they are targeting????

Above is all theoretical and markets will ultimately determine value, however what ever way I look at this I agree this is one massive punt, but seems like an exceptionally good one if you like to gamble.

I'll use that word "potential".

TEX/O has potentially the best leverage of any O&G company, IF Catapult comes in...

It is a calculated punt, & the market has ignored all of TEX's producing assets, so the downside is rather minimal even if it's a duster.

[bermuda]

I'll use that word "potential".

TEX/O has potentially the best leverage of any O&G company, IF Catapult comes in...

It is a calculated punt, & the market has ignored all of TEX's producing assets, so the downside is rather minimal even if it's a duster.

Hi Shasta,
This Tex thing is probably the most unknown thing happening on the ASX. One of the gems that us guys on Sharetrader come across. All DYOR. And the drill bit does the talking.

[yogi-in-oz]

:)

Hi folks,

TEX ..... will be looking for a low over the next few days, then anticipating
some significant news next week, as 3 positive time cycles slot into place,
around 12-15092008 ..... :)

have a great weekend

:)

=====

[brettdale]

:)

Hi folks,

TEX ..... will be looking for a low over the next few days, then anticipating
some significant news next week, as 3 positive time cycles slot into place,
around 12-15092008 ..... :)

have a great weekend

:)

=====

we live in hope.

[Dr_Who]

I'll use that word "potential".

TEX/O has potentially the best leverage of any O&G company, IF Catapult comes in...

It is a calculated punt, & the market has ignored all of TEX's producing assets, so the downside is rather minimal even if it's a duster.

I agree. Why, cos I am a shareholder.. LOL

[ScrappyO]

Operational update from Petro

The East Chalkley field suffered no setbacks due to storm activity; however, was shut in during Hurricane Gustav coming ashore. The Pine Pasture #2 well was producing approximately 95 barrels of oil per day (gross) prior to the hurricane. A second field well is scheduled to be drilled in the fourth quarter of 2008. This well will be drilled from the same pad site as the Pine Pasture #2 in an effort to determine the extent of the reservoir. The Company has a 34% working interest in the field.

[bermuda]

Operational update from Petro

The East Chalkley field suffered no setbacks due to storm activity; however, was shut in during Hurricane Gustav coming ashore. The Pine Pasture #2 well was producing approximately 95 barrels of oil per day (gross) prior to the hurricane. A second field well is scheduled to be drilled in the fourth quarter of 2008. This well will be drilled from the same pad site as the Pine Pasture #2 in an effort to determine the extent of the reservoir. The Company has a 34% working interest in the field.

Thanks ScrappyO, That sounds better than I thought.

[Dr_Who]

Someone is selling the **** out of TEX. I am wondering if the seller are the under writers for the rights issue? Bermuda, can you ask your mate at TEX?

[bermuda]

Someone is selling the **** out of TEX. I am wondering if the seller are the under writers for the rights issue? Bermuda, can you ask your mate at TEX?

Got an email from Laurence this morning. They have been pretty busy battening down for Gustav and Ike. Once the weather clears they will attempt a stronger flow test to see if they can increase the oil recovery at East Chalkley ( up to about 120 bbls per day oil ).

This market is very sick at the moment. The value of the company is worth a lot more but it will take the Catapult startup to put this company back in the limelight.

Yogi's onto it. Good news coming.

[Financially dependant]

Someone is selling the **** out of TEX. I am wondering if the seller are the under writers for the rights issue? Bermuda, can you ask your mate at TEX?

I thought I would help them and bought a few at 7.6c!

I am thinking of selling on spud but might be cheap enough to hold through drill??

[Corporate]

I thought I would help them and bought a few at 7.6c!

I am thinking of selling on spud but might be cheap enough to hold through drill??

FD i've seen this strategy talked about previously. Can you explain it further?

Cheers

[shasta]

FD i've seen this strategy talked about previously. Can you explain it further?

Cheers

I think you are referring to the terms "BESBS"

Buy early sell before spud...

[Financially dependant]

I think you are referring to the terms "BESBS"

Buy early sell before spud...

Yes this is exactly what I had in mind....

A good company that appears undervalued with exploration ahead is worth a punt, there is normally a run up of share price before spud and some traders just speculate on that period, less risk then hoping for oil/gas from the drill.

[Crypto Crude]

I picked up 100,000 TEXO today...
been real patient...
I'll hold all the way through Catapult... Should be able to get them out on not too much of a loss with snapper-a3...
This is for the first house in cash...
Im gambling here...
Hey, listen to Board Room Radio, they said pretty good things about this catapult
:cool:
.^sc

[Corporate]

I picked up 100,000 TEXO today...
been real patient...
I'll hold all the way through Catapult... Should be able to get them out on not too much of a loss with snapper-a3...
This is for the first house in cash...
Im gambling here...
Hey, listen to Board Room Radio, they said pretty good things about this catapult
:cool:
.^sc


SC - first house in cash. Thats a pretty damn cheap house?

even if texo hit 30c thats only $30k

[Crypto Crude]

two forty foot countainers glued down the middle baby..... hahahaha... jokes...

A dollar for texos, plus what I have and I'll be on my way...
:cool:
.^sc

[ScrappyO]

From the oil & gas Gazette
http://www.gtp.com.au/targetenergy/inewsfiles/Oil%20&%20Gas%20Gazette%20Sep%2008.pdf

[bermuda]

From the oil & gas Gazette
http://www.gtp.com.au/targetenergy/inewsfiles/Oil%20&%20Gas%20Gazette%20Sep%2008.pdf

Thanks Scrappyo,

"Set to grow exponentially"

I like that sort of news on an historically awful day.

Laurence deserves a break with Catapult and in the meantime he is working on a few producers to bring in the revenue.

[stephens.pc]

Does anyone know when the drill will commence?

[Squid]

i am wondering the same?
Couldnt find any date mentioned for the spud, shareprice could use some positive movement..............

[ScrappyO]

"Rig ordered - expect spud in 30-60 days"

This was announced september 1st.

Hopefully very soon..

[Crypto Crude]

Im hearing that there has been delays with the weather... which will push out drilling by a month (im guessing as to how long of a delay)...
:cool:
.^sc

[Corporate]

Just been reading the lastest annual report. Nice to see that the directors own about 13% of the company.

[shasta]

Details on Options... Code TEXO?
Expiry Date, Exercise Price,

Pretty Please

AA

25c Nov 09 :D

I use this site for option expiry info

http://tradingroom.com.au/apps/qt/index.ac

[Dr_Who]

Hey Bermuda, whats happening to TEX? IT is looking sick. ANy updates on Catapult?

[vr]

Finally some decent action two solid days trading at +17 % on each.

[ScrappyO]

Quarterly out

Catapult due to be drilled 1Q 09. :mad:

[ScrappyO]

http://www.asx.com.au/asxpdf/20081024/pdf/31d44hdjx8k5m5.pdf

[ELYOB]

expect some sell off here .... this market cannot put up with this sort of behaviour....

[Felix]

Yes very disappointing. The company has been spouting about Catapult being a potential 'company maker'. Their June prospectus for the rights issue indicated that drilling at Catapult was scheduled to start in late July. I struggle to believe that in June they believed the drill was going to happen in July when it isn't actually going to happen until at least January 2009! Lets hope they have enough cash to keep operating until then because they won't get any more from the current market.

Disc: annoyed shareholder

[brettdale]

Tex had been on my watchlist, But I have been put off buying because the market, I guess I will watch PEN from now on.

[Dr_Who]

I am not a happy shareholder. :mad::mad:

[brettdale]

Tell me about it, I watch to fast forward to six months time, when all these massive swings should be over.

[Dr_Who]

Hey Bermuda, do you still hold shares in TEX? Whats your views?

[bermuda]

Hey Bermuda, do you still hold shares in TEX? Whats your views?
Hi Dr.
Just got back from watching Anthony Kim at Cape Kidnappers.
Sell all your stocks and back Kim to be a top 10 finisher in every tournament he starts in. Far easier. What a casual young talented 23 year old.

Yes hold 100k Heads, 1m Options. Quarterley and communication were disappointing but it doesnt take away the distinct possibility of TEX making it big with Catapult. I am holding for this and wish the company well.

[ELYOB]

All oilers are letting things slip back ........maybe a good tactic !

[Corporate]

I haven't bought anything for ages. But TEX at these prices is VERY tempting. Maybe even TEXO but i'm a little worried that catapult may not get drilled before expiration.

[Corporate]

Thinking more about TEX. What do people know about Catapult? Tex have said it could be a company maker and have estimated the possibility of 208bcf gas and 10 million barrels of oil. With a 15% interest.

Surely the market cap would instantly be $30 odd million. 3c ----> 30c is pretty tempting!

[shasta]

Thinking more about TEX. What do people know about Catapult? Tex have said it could be a company maker and have estimated the possibility of 208bcf gas and 10 million barrels of oil. With a 15% interest.

Surely the market cap would instantly be $30 odd million. 3c ----> 30c is pretty tempting!

Catapult is maybe a 1 in 10 chance to strike a large commercial find, but is by far TEX's biggest jewel in there crown, & the best leverage in terms of being a "company maker".

You're right huge upside if they strike it lucky, otherwsie downside is minimal given cash holdings exceed it's market cap.

[Financially dependant]

Shrewd mentioned before that it could be worth a taking the risk, because of the following drilling and production upgrades allows to recoup any loses if Catapult is a duster??

I remain neutral and will wait to see if there is much pre spud share price movement.

[Corporate]

Thanks for the post's guys. I is amazing the the share price got to 32c only a year ago. Making it a 92% decrease in the SP since then! Now at 2.5c.

High risk play but very tempting.

Bermuda and SC - still holding TEX? or TEXO? Looks promising

[shasta]

Thanks for the post's guys. I is amazing the the share price got to 32c only a year ago. Making it a 92% decrease in the SP since then! Now at 2.5c.

High risk play but very tempting.

Bermuda and SC - still holding TEX? or TEXO? Looks promising

Both Bermuda & Shrewd Crude are holding TEXO...;)

I'm wishing i didn't sell my TEX now (which was along time ago), but your right it's dropped off dramatically, however it has a great record of sucessful wells (albeit on a small scale) & are in production :rolleyes:

[Corporate]

Both Bermuda & Shrewd Crude are holding TEXO...;)

I'm wishing i didn't sell my TEX now (which was along time ago), but your right it's dropped off dramatically, however it has a great record of sucessful wells (albeit on a small scale) & are in production :rolleyes:

Why are you wishing you didn't sell ya TEX shasta? Couldn't you just rebuy now at much lower prices?

[shasta]

Why are you wishing you didn't sell ya TEX shasta? Couldn't you just rebuy now at much lower prices?

True, but Catapult is the "compnay maker" & a substantial hit will see it surpass it's old highs.

I did alright out of TEX, so shouldn't complain

[Crypto Crude]

shasta,
I bought 100k TEXO's at 2.2cents... not so bad...
I disclosed it on HC...
Hummm....
Heard it from the horses mouth that Catapult is 20-25% Chance of success... Dont know where you got 10% from shasta)...

Go to Broadroomradio and hear the presentation...

but I wont hold my breath, the market has not cared much about exploration success in other companies this year.....

NDO is one I can think of that made two monumentus discoveries and nothing...
what about production startup with OEL...
Its anybodies guess to know how The SP will react on Catapult...
10c 20c 30c plus... I guess we will have to wait to find out...
...
:cool:
.^sc

[shasta]

shasta,
I bought 100k TEXO's at 2.2cents... not so bad...
I disclosed it on HC...
Hummm....
Heard it from the horses mouth that Catapult is 20-25% Chance of success... Dont know where you got 10% from shasta)...

Go to Broadroomradio and hear the presentation...

but I wont hold my breath, the market has not cared much about exploration success in other companies this year.....

NDO is one I can think of that made two monumentus discoveries and nothing...
what about production startup with OEL...
Its anybodies guess to know how The SP will react on Catapult...
10c 20c 30c plus... I guess we will have to wait to find out...
...
:cool:
.^sc

You have TEXO in your signature, thats where i got it from, & the 10% COS was merely my poor memory, i should have looked it up!

My bad :o

[Crypto Crude]

yes,
this is what I hated about sharescene...
cats make gross generalisations on the state of ones portfolio on what others have on their disclosure list...
personally thought id earnt abit of a punt on this one, and disclosed it as no intention to tip it off... ...... gambling only... and deserved...
dyor....
:cool:
.^sc

[STRAT]

Is it time for another look at TEX?. Clearly the options are a long way from being in the money @ 25c to convert with less than a year to go but with a SP which seems to have bottomed out around 3c and a bit on the 09 calendar is it worth another look?

Shrewdy and Bermuda, Have you fellas still got some of these tucked away?

https://www.directbroking.co.nz/cgi-bin/sparkle.dll/superchart?template=dblsuperchart&session=02210AC2-9D3C-4A42-B237-B5348B5A2792&instrument=TEX&exchange=ASX&period=6M&adj=yes&vs=LOG&ct=LINE&compi=&ma1=30&ma2=10&bb=Y&ind=MACD&ra=2

[Dr_Who]

I still have TEX sitting under the mattress.

[STRAT]

I still have TEX sitting under the mattress.Hi Doc and Happy New Year to you,
Is that a "not worth selling" or an "09 is the year" situation for you and TEX:D

[OutToLunch]

I tried to get into TEX at 3c this morning but had to cough up 3.2c in the end. Even without the potential from Catapult it looks like a relatively safe punt, esp if energy prices pick up a bit. Under the mattress they go. :)

[Financially dependant]

A lot of interest in TEX today, big jump in volume..... nice to see

I bought TEXO a couple of weeks ago for just under 1c and will hold them through Q1 exploration.

[bermuda]

I tried to get into TEX at 3c this morning but had to cough up 3.2c in the end. Even without the potential from Catapult it looks like a relatively safe punt, esp if energy prices pick up a bit. Under the mattress they go. :)

Well done Out to Lunch,
I was Out to Sleep having put an order in for 250k at 3 cents and gone to bed in minus 4 Oxford UK. I should have gone to bed leaving it as the top bid before opening.

Never mind. But I simply just have to get some more.

[STRAT]

Well done Out to Lunch,
I was Out to Sleep having put an order in for 250k at 3 cents and gone to bed in minus 4 Oxford UK. I should have gone to bed leaving it as the top bid before opening.

Never mind. But I simply just have to get some more.Hi Bermuda and Happy New Year to you.

Same here. Put in a bid this morning pre open and came back this arvo to find I had only just missed the boat :rolleyes:

[OutToLunch]

I saw those other bids come in on open but didn't realise it was you guys! :eek:

Anyway, TEX is looking good, though I expect markets overall are going to remain fragile for a while yet and the current rally mightn't last long. This one's for later in the year or next year when (hopefully) the coming energy squeeze is under way. Off now to get some AGS (U + Au). :)

[STRAT]

Hi OTL.No hurry then eh?haha Oil seems to be having its third attempt to break the down trend in as many months. Im gonna stick my neck out and say its goin up from here. Does that mean Im also permanently out to lunch? Im sure Skol would say so.

[OutToLunch]

Nah, no rush, I can wait a year or two if need be. Our mate Skol has been on the money so far with his calls and good on him, but the simple fact that the majority of world oil production is entering into steep decline now means that longer term something *has* to give. Even if demand drops 20%, that 'surplus' would be eaten up within 3-5 years at most by the present rate of supply decline. The IEA have just recently predicted that world oil consumption will drop by, what, 0.2 mbpd, in 1Q 2009? Meanwhile existing supply is dropping much, much faster. Even if they're wrong by a factor of 10, it makes little difference in the longer term picture. It just buys a little bit more time.

Just wait till things start to turn, whenever that might be.. it'll happen pretty quickly I reckon.

[scorp57]

here here.

things will turn. and when they do, people will try not to miss the boat.

[OutToLunch]

Look at the buyers pouring in pre-open. Or is it just traders doing the ol' P&D thingy?

[STRAT]

Would be nice to see TEX stay above 4c today

[ScrappyO]

Would be nice to see TEX stay above 4c today

Also would be nice to see some action on the drilling front...

[ScrappyO]

What a load of crap..... ann out ....tex withdraws from catapult and parks north. :mad:

[KentBrockman]

What a load of crap..... ann out ....tex withdraws from catapult and parks north. :mad:

The options will be basically worthless now.

[Corporate]

What THE! I was very very close to buying tex this week, only held back to do a little more research!

Feel sorry for those holding only for catapult!

[Dr_Who]

They should wind down this company and give cash back to sh. :confused::mad:

Bermuda, your thoughts?

[Corporate]

They should wind down this company and give cash back to sh. :confused::mad:

Bermuda, your thoughts?

I'm sure he is spewing. I saw something about buying another 650k just the other day.

[Dr_Who]

Sheph,

Do you know how much cash they have in the accounts?

[Corporate]

Sheph,

Do you know how much cash they have in the accounts?

I do no...but that means SFA in this market.

[Oiler]

I do no...but that means SFA in this market.

good answer :D:D:D

[Corporate]

Sheph,

Do you know how much cash they have in the accounts?

To add to my point. If Tex had a market cap of $5m, cash in the bank of $1m and catapult was still on - i'd call it a VERY risky play. Tex with $5m market cap, $5mill in the bank and catapult on, is reasonably priced in this market. Tex with a $5mill market cap and $5mill in the bank means jack. It's pretty much a bank account at zero interest with someone else having your ATM card and pin.

[shasta]

To add to my point. If Tex had a market cap of $5m, cash in the bank of $1m and catapult was still on - i'd call it a VERY risky play. Tex with $5m market cap, $5mill in the bank and catapult on, is reasonably priced in this market. Tex with a $5mill market cap and $5mill in the bank means jack. It's pretty much a bank account at zero interest with someone else having your ATM card and pin.

Thats a bit too simple way of thinking, TEX has other assets/projects & is well funded to pursue them into production/increased production.

[Corporate]

Thats a bit too simple way of thinking, TEX has other assets/projects & is well funded to pursue them into production/increased production.

I don't think so. Catapult was the company maker and there are many better companies out there now. I can't believe how much catapult was touted.

[shasta]

I don't think so. Catapult was the company maker and there are many better companies out there now. I can't believe how much catapult was touted.

Shrewd (i think) stated it was a 25% chance of success & i was booed for suggesting it was more like 10%.

Thats the O&G game for ya!

[bermuda]

I don't think so. Catapult was the company maker and there are many better companies out there now. I can't believe how much catapult was touted.

A big disappointment as you are right, Catapult was the play maker for me. All is not lost as TEX has the ability to survive but the big imminent prize has gone until something else comes up. 6 out of nine well successes will keep them solvent.

I took a picture of David and Goliath in the Le Louvre yesterday. The catapult was there lying on the ground. It had done it's job, but sadly not for TEX. Still, having met Laurence Roe, I am sure he has made the right decision in the circumstances.

I have had write offs before. This isnt one of them but it is a disappointment. It's 6% of my portfolio...and was the 2nd riskiest. My riskiest stock of the five stocks I hold is CNX. But only have a few.

TEX will survive .

[shasta]

A big disappointment as you are right, Catapult was the play maker for me. All is not lost as TEX has the ability to survive but the big imminent prize has gone until something else comes up. 6 out of nine well successes will keep them solvent.

I took a picture of David and Goliath in the Le Louvre yesterday. The catapult was there lying on the ground. It had done it's job, but sadly not for TEX. Still, having met Laurence Roe, I am sure he has made the right decision in the circumstances.

I have had write offs before. This isnt one of them but it is a disappointment. It's 6% of my portfolio...and was the 2nd riskiest. My riskiest stock of the five stocks I hold is CNX. But only have a few.

TEX will survive .

Bermuda

You of anyone would know, you don't strike a tui oil field every time!

Them's the brakes huh?

[Crypto Crude]

ise away from the computer and missed the selling at .5, .6 of a cent for my 100k texo...
i'll sit at .5 and prob get them out on snapper-3 when that hits...

yup,
theres always the possibility of info changing, more so at the ultra spec end of the market...
as info changes, its about how you react to the changing circumstances...
I want out as ise only there on a punt....
had a punt on Central and that one went bad too...
back to fundamentals and more discipline which was what gave me the chance to have a punt like this...
:cool:
.^sc

[STRAT]

As dissapointed as everyone is I couldnt help but notice there was no big sell down yesterday. In spite of the fact that TEX is way below previous highs and most long term holders are out of pocket with a total of around $70k for both heads and options traded yesterday one would think this indicates that the company is still worth hanging onto?

[OutToLunch]

Think I'll sit tight too, despite the disappointment. Cash backing and ongoing revenues means the opportunity to get into some distressed projects on the cheap, all of which will look good when the oil price eventually picks up again. Of course with Catapult we were probably looking at a 75% chance at least that we'd end up in this position anyway, but with less cash in the bank.

[Crypto Crude]

well,
someone came over the top at .5c... I came back over the top and sold my 100k TEXO's at .3 of a cent yesterday...
Theres no way on Earth that these options will be exercised...
Ill take my 300 dollars and run...
This was the worst performing oil position ive ever held...
lost 1900 AUS...
If Catapult was unsuccessful, that would have been ok... BUT I lost and didnot even get a sniff with the drill bit...
thats whats the most gutting...

I was going to buy my TEXO's as a BESB's play...
oh well.... Im out and wont be coming back to Target...
:cool:
.^sc

[ScrappyO]

Quarterly out.


http://www.gtp.com.au/targetenergy/inewsfiles/Target%20ASX%20290109%20Quarterly%20Report%2031%20 December%202008.pdf

[Financially dependant]

Quarterly out.


http://www.gtp.com.au/targetenergy/inewsfiles/Target%20ASX%20290109%20Quarterly%20Report%2031%20 December%202008.pdf

Good detailed report on exploration, drilling Snapper A3 late February! Good news :)

[bermuda]

Good detailed report on exploration, drilling Snapper A3 late February! Good news :)

FD,
Yeah, not a bad report eh. Cash backing at 5 cents. This has to be a steal. Plus if they can have a few successes they might get a chance to have that crack at Catapult.

[Financially dependant]

FD,
Yeah, not a bad report eh. Cash backing at 5 cents. This has to be a steal. Plus if they can have a few successes they might get a chance to have that crack at Catapult.

Hi Super B,

Yes with a little drill action we might see sp above cash backing??? It sounds that Catapult isn't over yet which is also very good news and I like the way you are thinking...

[Crypto Crude]

Report yesterday read ok (at best)...
Target is still not cashflow positive, and the company is not likely to stop losing cash for any time soon...
Snapper A-3 is a great well to drill but it wont provide the big Ommmf to revenues...
Healthy cash backing now... This money will be spent....
With the drilling costs of snapper A-3, and other costs in maintaining the business, I dont believe this is a good investment...
Catapult was that important... and the leverage it held was well worth a punt on the options...
Unless Catapult is back on, then the options are worthless...
and since my sell, no-one is bidding...
was that you Bermuda with the 2 million bid earlier in the week?

I will make a bold call here... within 3 years it is more likely than not that Target wont survive...
It will take something special...
Oil prices will need to go ballistic or something like that... (which is expected to a point)...

ramping up East Chalkley production wells will be important
:cool:
.^sc

[Crypto Crude]

whats up with this....
someone wants close to one million TEXO at .3 of a cent...
Is catapult back on or something..? does someone know something we dont?
Hummm.... I could think of two reasons why TEXO's could strike in the money...
1) catapult back on
2) some other big target well announced...

given current information it is strange buying to me, so Im assuming its inside... and therefore this move on the options maybe a buy signal in itself...
im not tipping it, and im not buying...
very interesting...

:cool:
.^sc

[Crypto Crude]

on second glance...
1million texo is $3,000 worth at .3 of a cent...
still a bold move considering current information...
:cool:
.^sc

[Financially dependant]

Ann out....Snapper A3 prospect now March quarter.....lets hope so..:rolleyes:

http://stocknessmonster.com/news-item?E=ASX&S=TEX&N=440768

[STRAT]

Bermuda are you still holding TEX?. How do you see them doin this year?

[bermuda]

Bermuda are you still holding TEX?. How do you see them doin this year?

Strat,
Yes I still hold. Was impressed by Lawrence Roe when I met him last year. The oilers in the USA are beset with all sorts of problems, mostly financial. Fortunately TEX has a reasonable amount of cash and some improving projects. I dont hold that much but I will sit on them because they could double overnight. Probably need oil to hit $60 to get a change in sentiment. Will find out more at the oil and gas conference in Sydney on April 6/7 . I will let you know if there is any new news.

[Dr_Who]

I ve given up on this company. The shares have gone in the filing cabinet for the grand kids.

[STRAT]

Strat,
Yes I still hold. Was impressed by Lawrence Roe when I met him last year. The oilers in the USA are beset with all sorts of problems, mostly financial. Fortunately TEX has a reasonable amount of cash and some improving projects. I dont hold that much but I will sit on them because they could double overnight. Probably need oil to hit $60 to get a change in sentiment. Will find out more at the oil and gas conference in Sydney on April 6/7 . I will let you know if there is any new news.Thanks Bermuda. I bought a small parcel in leading up to Catapult. They are just below break even and was thinking of dumping them but its so iliquid, even letting a small parcel go moves the price around. Its not my usual way of doing things but I suppose I could put em in the bottom drawer as the Doc has done. Would love to hear anything interesting from the conference next month.

[croesus]

Same boat as you Strat..... the VPEO s I purchased on the same day.. have done way better.

[STRAT]

Same boat as you Strat..... the VPEO s I purchased on the same day.. have done way better.Hi Croesus,
Ive been watching VPE and VPEO so close this month I feel like the chart is burned onto the back of my eyeballs :D
Both have nearly doubled and I dont want to give it back lol

Got an eye on HGD too ;)

[croesus]

yeah.. have sold enough VPEOs to take a profit and have a free carry with the rest.. which is close to Nirvana for me

Have been big on HGD for a long time... currently awash in red ink....but when (if) the permit and the J/V happen.. they will be a Phoenix....

Partly spurred by Shrewdies passion have dived into CUE...but mostly on my own research.. the lads on to a winner with that one......

cheers

[croesus]

ps .. off topic I know.. but surprised PPP are not stronger... must almost have 37c nz in cash per share by now.... almost ready to take a small hit on TEX and spend the money on PPP.. thoughts ??

[STRAT]

ps .. off topic I know.. but surprised PPP are not stronger... must almost have 37c nz in cash per share by now.... almost ready to take a small hit on TEX and spend the money on PPP.. thoughts ??Dont know much about PPP other than that they have been in an uptrend since 2003 and still are. Had a look in Jan after they ran past 30c so missed that. These cash safe companies like PPP and NZO will go off I suspect if the POO goes into a decent climb. Im keeping an eye on that and would put them on closer watch if the POO takes a stronger turn for the better. Not that Im complaining about the last months action with Oil prices. Chart there looks OK.

[bigminty]

Strat,
Yes I still hold. Was impressed by Lawrence Roe when I met him last year. The oilers in the USA are beset with all sorts of problems, mostly financial. Fortunately TEX has a reasonable amount of cash and some improving projects. I dont hold that much but I will sit on them because they could double overnight. Probably need oil to hit $60 to get a change in sentiment. Will find out more at the oil and gas conference in Sydney on April 6/7 . I will let you know if there is any new news.

Hi Bermuda
I am also going to this conference(I live in Sydney).I would like to say 'hello' but how will I recognise you?:confused:
Cheers Bminty

[ScrappyO]

Target in takeover...............

[stephens.pc]

Target in takeover...............

Only available to Australian residents

[stephens.pc]

The offer works out at 3.55 cents per share.

[STRAT]

The offer works out at 3.55 cents per share.Today it does but its 4c per 4 shares and 3 shares in a company that has gone down from 71.0c to 3.4c

They have given the middle finger jesture to option holders and all Kiwis

Looks like trading a longshot for a bowl of rotting catfood to me.

I wonder if anyone else is interested in TEX?

[ScrappyO]

Today it does but its 4c per 4 shares and 3 shares in a company that has gone down from 71.0c to 3.4c

They have given the middle finger jesture to option holders and all Kiwis

Looks like trading a longshot for a bowl of rotting catfood to me.

I wonder if anyone else is interested in TEX?

Yip not much of an offer middle finger back to them.

[Dr_Who]

Well, fudge me!!!

I have both ODN and TEX shares hidden in the bottom draw somewhere.

They can go FUDGE themselves with this offer! What a joke! This looks hostile.

Why the fudge NZ shareholders cannot participate?

Bermuda, where are you old boy?

[STRAT]

Well, fudge me!!!

I have both ODN and TEX shares hidden in the bottom draw somewhere.

Let me read the announcement.Its not fudge Doc but it is brown and with a similar texture :eek:

Still, early days.

[Rif-Raf]

Only available to Australian residents

The first bullet point of the announcement says it will be making an offer for all the shares in Target.

Whereas further down they say it will only be made to residents of Australia.

So what is it then?

[STRAT]

Do any Fundies here know what TEX has in the bank right now?

[Rif-Raf]

Do any Fundies here know what TEX has in the bank right now?

Half year to December they had $4.7m, however the later withdrawal announcements indicates they will get cash back from what they've previously put forward and all up will have another $422,000 available. Probably less net cash burn over the last 3 months.

[STRAT]

Half year to December they had $4.7m, however the later withdrawal announcements indicates they will get cash back from what they've previously put forward and all up will have another $422,000 available. Probably less net cash burn over the last 3 months.Thanks Rif Raf

[bermuda]

Thanks Rif Raf

What a joke. These guys remind me of Fagan in Dicken's Oliver Twist.

Dont sell.

[Felix]

Seems very opportunist but then I can understand it. Why not have a cheeky bid at a company that hasn't delivered. Bid below cash backing so that the bid pays for itself plus pick up some sites that will shortly be drilled. I suspect with a lot of companies hoarding cash and some share prices sitting below cash backing that there will be more bids like this to come.

Sucks to be a New Zealand shareholder and somebody who owns options but, hey, this might at least give the directors a wake up call. I probably wouldn't sell to them even if I could.

[bermuda]

Seems very opportunist but then I can understand it. Why not have a cheeky bid at a company that hasn't delivered. Bid below cash backing so that the bid pays for itself plus pick up some sites that will shortly be drilled. I suspect with a lot of companies hoarding cash and some share prices sitting below cash backing that there will be more bids like this to come.

Sucks to be a New Zealand shareholder and somebody who owns options but, hey, this might at least give the directors a wake up call. I probably wouldn't sell to them even if I could.

There is an announcement out by TEX.

"Take no action and ignore." Seems appropriate.

[KentBrockman]

There is an announcement out by TEX.

"Take no action and ignore." Seems appropriate.

These are the same guys who tried to have a go at VPE in a similar same clumsy manner. Unlikely to succeed.

ODN and ADV themselves are not exactly star performers.

[Dr_Who]

I am really ashamed to be a ODN shareholder. :confused::mad:

[Sehnsucht888]

Well the bidders statement is out. Seems that everyone can participate, NZers and others from further afield.
Maybe they found a large % of the holders are off shore?

[Financially dependant]

Well the bidders statement is out. Seems that everyone can participate, NZers and others from further afield.
Maybe they found a large % of the holders are off shore?

Yes I see option holders are not dead and buried either...

http://stocknessmonster.com/news-item?E=ASX&S=TEX&N=443598


If nothing else it will light a fire under the directors rear ends....:)

[Sehnsucht888]

yeah, The offer is pretty hostile - they aren't pulling any punches in their criticism of the directors.

[STRAT]

Yes I see option holders are not dead and buried either...

.:)Aaah yes they are FD :mad: Section 2.9 page 6

[Sehnsucht888]

Hey, they "may" make an offer....

I don't like the chances of this years options being in the money at the moment...

[bermuda]

Hey, they "may" make an offer....

I don't like the chances of this years options being in the money at the moment...

Laurence Roe rang me yesterday. He was not impressed by this offer. Mostly due to the time and money to defend Tex. Unneccessary. But, they have a couple of opportunities ( about one third the size of Catapult ) that could still get the oppies in the money. He wasnt going to elaborate because he is very aware that the USA oil market ( read operators ) is very difficult at the moment. Everyone is trying to cut costs.

I was not impressed to learn that these cowboys ( advance ) 'may' have manipulated their share price upwards before commencing takover proceedings.

Take no action imho. They want TEX's cash.

[stephens.pc]

Bermuda, I was suspicious about the convenient rise in Advance's share price early this week as well. Particularly as the volume is so miniscule.

[Dr_Who]

How can they make a bid to acquire all the shares in TEX, yet they wont accept shares from NZ holders????!!!!!! :mad:

What alot of crap. I would never sell to these geezers. I may even buy more shares to push up the sp so to make it hard for them in the T/O.

They can go F@#K themselves.

[STRAT]

How can they make a bid to acquire all the shares in TEX, yet they wont accept shares from NZ holders????!!!!!! :mad:

What alot of crap. I would never sell to these geezers. I may even buy more shares to push up the sp so to make it hard for them in the T/O.

They can go F@#K themselves.Heck, thems fightin words Doc :eek:
They arent gettin their grubby hands on my options either :mad: aaah.. eh. oh. thats right. they dont want em :(

:D

[croesus]

Not getting my head shares. either......carpetbagging.... #%!* wits

[Felix]

You do have to laugh at the tone of bidder statements. They talk the company and directors down so much that you start to wonder why they would even want to takeover the company. They talk like they are really just doing you a favour taking your shares off your hands. We should all be thanking them - NOT!

One thing it does do is put directors on notice that their company's performance is being monitored. Yes it is great that Target is conserving cash and that it's net asset backing is greater than their current share price. However, they went to shareholders ten months ago asking for cash to drill a couple of exciting prospects, which were then canned in January. It has been a few months since then so perhaps Mr Roe could have discussed future prospects for the company. Even just releasing generic statements such as those provided to Bermuda would be great. Instead there has been a void of information since those prospects fell through.

I hope that the takeover battles doesn't drag out. I hope that the extent of Target's involvement is to send a brief document stating their reasons why shareholders should/shouldn't accept the offer and leave it at that. The company cannot afford to spend excessive time and money on the takeover.

Disc: hold head shares and options

[Sehnsucht888]

How can they make a bid to acquire all the shares in TEX, yet they wont accept shares from NZ holders????!!!!!! :mad:

What alot of crap. I would never sell to these geezers. I may even buy more shares to push up the sp so to make it hard for them in the T/O.

They can go F@#K themselves.

Doc - NZ holders are covered by my reading of the document.
Eg 10.1 includes NZ holders.

Their offer puts a 50% to their "then" market value. I guess good on them for giving it a try, (being an off market direct offer their should be little real cost to TEX I would think). But realistically it wouldn't take much for the offer to be out of the money.

TEX is quite illequid which I guess resulted in the off market offer. I didn't think they had that much cash for it to be worth going through this process, and there aren't conditions for a minimal acquisition. Seems like just a way to increase their holdings in TEX without pushing the price up opn market buys - so they must see some real potential there..

[Sehnsucht888]

Nice response from TEX....

Advance are deep in debt, and need TEX's money.... (paraphrase - kinda), still - what do you expect from such a takeover approach.

http://www.asx.com.au/asxpdf/20090424/pdf/31h72c9b0s1wm2.pdf

[Financially dependant]

Quarter out! Cannot see anything new, looks like the bidder statement might be good.....

http://stocknessmonster.com/news-item?E=ASX&S=TEX&N=445487

[bermuda]

Quarter out! Cannot see anything new, looks like the bidder statement might be good.....

http://stocknessmonster.com/news-item?E=ASX&S=TEX&N=445487

FD,
The Bidders are a pack of opportunists. I see in the latest O&G weekly that Bajada is trying to sue them.( i.e. O&G ) What a joke.

Stick with TEX if you want peace of mind.

[Financially dependant]

FD,
The Bidders are a pack of opportunists. I see in the latest O&G weekly that Bajada is trying to sue them. What a joke.

Stick with TEX if you want peace of mind.

Agreed bidders are not worth worrying about (not enough money to be anything but opportunists). I am more interested in Snapper A3 drill, low risk targeting 6 pay zones!! This could put TEX in a good cash flow position.

As you so eloquently put it "the drill bit does the talking"

[bermuda]

Agreed bidders are not worth worrying about (not enough money to be anything but opportunists). I am more interested in Snapper A3 drill, low risk targeting 6 pay zones!! This could put TEX in a good cash flow position.

As you so eloquently put it "the drill bit does the talking"

FD,
I started to read the bidders statement this evening. Just home from tennis. The statement actually made me sick ( got to page 8 ) so I thought the best thing was to post and tell you.

Avoid this offer even more than swine flu. This bidder statement is akin to preying on old womans' trust accounts. This is going nowhere.

[Financially dependant]

FD,
I started to read the bidders statement this evening. Just home from tennis. The statement actually made me sick ( got to page 8 ) so I thought the best thing was to post and tell you.

Avoid this offer even more than swine flu. This bidder statement is akin to preying on old womans' trust accounts. This is going nowhere.

Thanks B, These really are a bunch of jokers.....I seem to remember ODN doing a similar thing to VPE and I note from HC that Blaze are starting to cold call TEX share holders which was another ODN trick?? ODN made a little money from VPE shares so now I am thinking 'bottom feeding' is there new business model!

[STRAT]

:eek::D Anyone else still holding Nov Options?

[bermuda]

:eek::D Anyone else still holding Nov Options?

Hi Strat,
Have 1m which I have effectively written off but you never know. Laurence is working on a couple of projects but time is running out. Got a little note from him today. It is not all over just yet but let's wait for Snapper 3.

[Lion]

:eek::D Anyone else still holding Nov Options?

Yep, me too, about 400k. I got them as a high risk, high reward play when Catapult was more likely.
Looking more like high risk, low reward now, but you never know, eh, Bermuda?

[stephens.pc]

Anyone else been phoned by Blaze with regards to their bid?

I was phoned last night about 8:30, making sure I had received their info pack, and asking if I had any questions. I tried to put on my rudest voice and told her I wasn't interested!

[OutToLunch]

Yes, I have been called twice so far. I let Tony Dawe at Target know and he tells me that he is aware of other shareholders being contacted, and that Target will have their response completed and released to market asap.

It will be an interesting read; as I said to Tony, it's a shame it can't contain useful things like hand gestures, I can think of one that would be very appropriate to show to Blaze Pty and it wouldn't require too many fingers.

[Dr_Who]

How do they get your phone numbers?

They havnt called me yet. Maybe I havnt been answering my mobile.

[STRAT]

Anyone else been phoned by Blaze with regards to their bid?

I was phoned last night about 8:30, making sure I had received their info pack, and asking if I had any questions. I tried to put on my rudest voice and told her I wasn't interested!No body called me. I would have asked why I should buy into a company that has lost its shareholders 80% of their investment and are they strapped for cash. You cant use one finger jestures over the phone OTL but I know a few excellent 4 letter words that would do the job.

[OutToLunch]

No body called me. I would have asked why I should buy into a company that has lost its shareholders 80% of their investment and are they strapped for cash. You cant use one finger jestures over the phone OTL but I know a few excellent 4 letter words that would do the job.

Funny you say that -- Tony replied to me that he agrees -- "in fact one digit should suffice". :D

[Felix]

I haven't received the Blaze info pack or a call from Blaze so I'm not feeling the love. I guess I'm just a small fry shareholder and the pack is still on its way. Doesn't matter anyway because I don't think I'll be accepting the offer.

I'm looking forward to reading Target's response, which is due out before Friday. From their comments to date it appears that they are going to try and blast the offer out of the water - paint Target as worth much more than Blaze is offering and make out that Advance is in financial strife.

[vr]

The past few weeks reflect a positive outlook for the company’s future. Any suggestions as to share prices circa late May with the Snapper A3 delivering expected quantities.

[Financially dependant]

Fair value 10c to 13.8c......I would take that!

http://stocknessmonster.com/news-item?E=ASX&S=TEX&N=446929

[Felix]

Just read the report from the Target directors. Very detailed and seems a fair assessment of the company. Given the time and cost involved in preparing the report I really hope that is the end of the offer and the directors can get back to locating more oil and gas. Somehow I don't think that will happen but my fear is that they will have to keep fighting Blaze. They really can't afford to let this take up more of their time.

10c - 13.8c seems a fair and reasonable price so I won't be selling.

[Dr_Who]

I am also not selling.

[bermuda]

Strat,
Yes I still hold. Was impressed by Lawrence Roe when I met him last year. The oilers in the USA are beset with all sorts of problems, mostly financial. Fortunately TEX has a reasonable amount of cash and some improving projects. I dont hold that much but I will sit on them because they could double overnight. Probably need oil to hit $60 to get a change in sentiment. Will find out more at the oil and gas conference in Sydney on April 6/7 . I will let you know if there is any new news.

Hey Guys,
Please do all you can to reject this offer. I have read the 162 page document and am very impressed with the response . Well done Laurence. This whole thing is a nonsense. I just can't believe the lack of integrity from Advance.

Please REJECT this offer. REJECT REJECT REJECT see page 3

[Damo79]

It seems pretty obvious to me that this was only ever a sneaky way to get some very cheap shares in TEX. No doubt some investors will be taken in by the bidders statement. AVD and ODN will probably consider it a success if they end up with 15% of TEX for just about zilch...

[vr]

Target Eergy Presentation May 200
The link from direct broking appears to be down.
Here is one from ASX http://www.asx.com.au/asx/research/companyInfo.do?by=asxCode&asxCode=TEX#headlines

[bermuda]

It seems pretty obvious to me that this was only ever a sneaky way to get some very cheap shares in TEX. No doubt some investors will be taken in by the bidders statement. AVD and ODN will probably consider it a success if they end up with 15% of TEX for just about zilch...

I reckon they will probably get enough to give them a slight profit to pay for their expenses on this dimwitted proposal. And then they will sell and slink off somewhere else.

And good riddance to them.

[Dr_Who]

Did you guys see thickness of the TEX Reject booklet? :eek:

I hope they didnt spend too much money on consultation fees and printing. I would assume most TEX shareholders would reject this silly offer and a few pages would be sufficient.

[Sehnsucht888]

I vaguely recall something aboout a company recieving a takeover offer, and needing to make expense on a response being able to recoup the cost from the offerer... Not sure if that applies in this case, but surely you can't have company X constanlty making rediculous offers to company Y, forcing it to undergo expenses making it less competitive in the end... What is the story with this stuff?

[vr]

Out of curiosity does anyone know what caused the spike in the SP circa November 2007?

[shasta]

Out of curiosity does anyone know what caused the spike in the SP circa November 2007?

Wasn't that the Snapper discovery?

[Crypto Crude]

vr-Out of curiosity does anyone know what caused the spike in the SP circa November 2007?


hey vr...
in late 2007 there were a few brokerage firms that came out with buys on TEX... one of them was Intersuisse...
The other one (I cant remember the name, but could probably dig it up), came out with a valuation of 35c plus, when the stock was 20c, and within a few days the stock went ballastic as clients of the firm bought in...
:cool:
.^sc

[stephens.pc]

Ann. out - Snapper A-2 to flow at 150 BOPD

[bermuda]

Ann. out - Snapper A-2 to flow at 150 BOPD

A nice bonus at this time. Also I just loved the reference to progressing towards mid tier status over the next 4-5 years. Laurence has led this company down a very careful path and his success rate just went one step higher. He knows what he is doing...having learnt some previous hard lessons.

Well done..let's kick this blaze thing into touch and get on with building TEX.

[Financially dependant]

A nice bonus at this time. Also I just loved the reference to progressing towards mid tier status over the next 4-5 years. Laurence has led this company down a very careful path and his success rate just went one step higher. He knows what he is doing...having learnt some previous hard lessons.

Well done..let's kick this blaze thing into touch and get on with building TEX.

This is great news...Snapper A2 flowing again after work over...A3 drilling rig booked with targeting multiple known pay zones.....Beyt# 1A potential 1500bpd

Blaze might be a non-event but Targets announcements are a lot more interesting now...;)

http://www.stocknessmonster.com/news-item?E=ASX&S=TEX&N=447830

[srowe]

No action since around 10am

[soulman]

Announcement out this morning and afternoon. AVD becoming sub holder due to the T/O acceptance. Increased offer of 1 AVD shares and 1 cents for each TEX shares.

AVD shares went for a trot today, up 21%, valuing the offer now at 9.5 cents.

[Dr_Who]

WTF?

Why would anyone sell to AVD?

Looks like the new offer puts TEX value at 9.4 cents with AVD at 8.5 cents. Still a dog of an offer. I am not selling!

I assume once the offer is over AVD sp will collapse.

[soulman]

I am not accepting either Dr, but if AVD shares keep going up, then TEX would follow suit.

[OutToLunch]

Amusing to see the AVD share price getting pumped up to make the revised offer look better. Are we really that stupid?

[Financially dependant]

Amusing to see the AVD share price getting pumped up to make the revised offer look better. Are we really that stupid?

Only 5% stupid so far.....:)

[Dr_Who]

TARGET ENERGY LIMITED Audio Webcast

http://www.brr.com.au/event/58287/partner/theaustralian

[soulman]

Amusing to see the AVD share price getting pumped up to make the revised offer look better. Are we really that stupid?

Stupid or not, the AVD offer now stands at over 10 cents and yet TEX just floating up around 6 to 7 cents. I guess holding is the sensible approach here.

[stephens.pc]

Can anyone confirm if NZ holders can take up the offer?

[Dr_Who]

Can anyone confirm if NZ holders can take up the offer?

Yes NZ holders can take up offer.

I wrote to AVD and they confirm we can. It will take one month for them to proceeds the offer and to issue the cash + AVD shares.

I am not selling.

[stephens.pc]

Yes NZ holders can take up offer.

I wrote to AVD and they confirm we can. It will take one month for them to proceeds the offer and to issue the cash + AVD shares.

I am not selling.

Thanks,

I'm not selling either, but my share club holds some TEX as well and thought I should clarify for the group.

[Financially dependant]

Ann out.....Blaze failed!!

“Now that the Blaze bid has expired, Target Energy has returned its full attention to growing the Company and realising its full potential. We are currently drilling at Snapper A3 and are in advanced discussions regarding the acquisition of a significant interest in a new oil and gas project in the U.S."

I liked that bit about 'significant new interest'

http://stocknessmonster.com/news-item?S=TEX&E=ASX&N=453337

[OutToLunch]

30 metres of gross oil and gas pay in Snapper A3. Brilliant. :D

[FrankEd]

I see this has gone into halt today - the second page mentions a "project acquisition".

Any ideas?

[OutToLunch]

This from their PR guy on another forum:

"Hi Texans,

Immediately after releasing the Snapper A3 results Laurence Roe jumped on a plane to the US, and will be busy reviewing the results at Snapper A3 and hopefully concluding a couple of new deals which have been in train for some time.

I'm hopeful that several more positive announcements will be released in the next few weeks and will provide further momentum to the SP. Please don't ask me to elaborate of the new deals, you know I can't :)

For those of you in WA,Target will be presenting at the Good Oil Conference in Fremantle in early September,and we'd love to meet our shareholders."


While it's good to see suggestions of more good news to come, I'm still mindful of the online ramping of a certain Mr Thomas of Admiralty fame back in 2007... please Tony don't go down that path too... just let the ASX announcements do the talking :eek::eek:

[Dr_Who]

Why would they need to put a trading halt for an acquisition, unless it is very positive for the share price.

Here is hoping, cos we all held out on the T/O offer and long term suffering shareholders.

[Felix]

I wonder if the acquisition is going to involve raising more cash from shareholders, given that they only had $2.6m left as at their last quarterly report. It wouldn't be viewed that kindly by the market given they raised money for a supposed great opportunity (Catapult) and never went ahead with it. They have had a good success rate with drills undertaken to date but none have been significant enough to sustain the company in terms of having sufficient cash flow to sustain future drills.

[Dr_Who]

I hope they are not looking for more cash.

Not a good look for management to raise more cash when they have not performed. But looking in the long term, this is the ideal climate to acquire cheap undervalued assets. I dont know, we will have to wait and see what they are buying to see if I will participate or not.

[srowe]

Does anyone know what the trading halt was all about?

[vr]

Target acquires 25% of Highway 71 project; targeting 67 BCF gas + 1.1 Million barrels of condensate

Read On http://www.asx.com.au/asxpdf/20090831/pdf/31kfcxvrh7h4dv.pdf

[Dr_Who]

They didnt say how much it will cost and no mention of cap raising.

Bermuda, your comments on TEX to date?

[Felix]

I think they should be informing shareholders how much the acquisition cost if possible. Perhaps it is sensitive/confidential information that they are unable to release therefore we will never know.

The good news is that there is no capital raising mentioned. It is also good that the drilling is taking place relatively soon (October).

Onward and upward...

[Dr_Who]

TEX podcast.

http://www.brr.com.au/event/60020/partner/theaustralian

[Financially dependant]

TEX podcast.

http://www.brr.com.au/event/60020/partner/theaustralian

Thanks Doc. Interesting to hear direct from the horses mouth.

I like the reference to the highway 71 well as "high impact target", it is obviously a replacement for Catapult and timed nicely before the options run out?:rolleyes:?

I still have a few options and now they may be worth something!

[Financially dependant]

Tex has just gone into trading halt........capital raising......:(

http://stocknessmonster.com/news-item?E=ASX&S=TEX&N=460369

John Campbell called it......:cool:

[Felix]

I wonder if the acquisition is going to involve raising more cash from shareholders, given that they only had $2.6m left as at their last quarterly report. It wouldn't be viewed that kindly by the market given they raised money for a supposed great opportunity (Catapult) and never went ahead with it. They have had a good success rate with drills undertaken to date but none have been significant enough to sustain the company in terms of having sufficient cash flow to sustain future drills.

Oh well I guess I saw the capital raising coming a few weeks ago. It is disappointing and I don't think the market will react kindly. It kills off the options that expire in November too (sorry Financially Dependant). Details below in case you haven't see it:

Target Energy Limited (“Target”) (ASX CODE: TEX) is pleased to announce a capital raising to raise approximately $2.9 million (before issue costs) via a placement and a fully underwritten renounceable rights issue. The placement will raise approximately $400,000 via the issue of 7.4 million shares and 7.4 million free attaching options at a price of 5.5 cents per share. The rights issue will raise approximately $2.5 million and will be offered on the basis of two new shares and two free attaching options for every five shares held, also at an application price of 5.5 cents per share.

The free attaching options have an exercise price of 10 cents each and will expire on 31 October 2012.

The funds raised will be used principally to continue the Company’s exploration and development programs, as well as to pursue potential acquisitions and for working capital.

[Financially dependant]

Oh well I guess I saw the capital raising coming a few weeks ago. It is disappointing and I don't think the market will react kindly. It kills off the options that expire in November too (sorry Financially Dependant). Details below in case you haven't see it:

Target Energy Limited (“Target”) (ASX CODE: TEX) is pleased to announce a capital raising to raise approximately $2.9 million (before issue costs) via a placement and a fully underwritten renounceable rights issue. The placement will raise approximately $400,000 via the issue of 7.4 million shares and 7.4 million free attaching options at a price of 5.5 cents per share. The rights issue will raise approximately $2.5 million and will be offered on the basis of two new shares and two free attaching options for every five shares held, also at an application price of 5.5 cents per share.

The free attaching options have an exercise price of 10 cents each and will expire on 31 October 2012.

The funds raised will be used principally to continue the Company’s exploration and development programs, as well as to pursue potential acquisitions and for working capital.

Hey felix, I should have paid a little more attention... I had a sell order in all week but no hits.....I don't have a problem with the options, i knew the risk when I bought them but have been disappointed in the head share price....Still waiting for the flow rates for Snapper!

[Dr_Who]

hmmm...

Not happy with management.

Can anyone give me a good reason why I should take up my rights and not dump the shares?

[bermuda]

They didnt say how much it will cost and no mention of cap raising.

Bermuda, your comments on TEX to date?

Hi Doctor,
Been travelling around a bit and very hard to get a decent break to reply. In Florence at the moment and my little granddaughter is having a sleep.

I hold 2m TEX and do support Laurence Roe who I think will bring this baby home but it will take a while...probably 2 years or more. That is the name of the game. Am very happy to see Gerry on Board and lets hope the next few months we can get a few runs on board. Was a bit peeved to see another cap raising but will take up all I can get because one day this company is going to surprise the market. They have been going pretty well so far but the Blaze thing knocked them back as did the Catapult withdrawl. However with a little bit of luck and with oil staying above $US70 then things could change quite markedly over the next few months. Will probably( most likely ) have to write my 1m oppies off but am very happy to invest further.

TEX will have it s day in the sun.Cheers.

[oldowl]

I thought the Rights should trade to day.
Anything not right???

[Dr_Who]

Whats the code for the rights?

I total forgot about it.

[oldowl]

Whats the code for the rights?

I total forgot about it.

code is TEXR

[FrankEd]

What are the rights that have begun? I thought this issue was simply for ppl that already owned.

Excuse my ignorance, but dilutions i've been involved with in the past was a matter of senidng offers to all current shareholders on the date specified - so what is the function of TEXR?

Cheers,

Franked.

[tobo]

ppl that own get rights.
Instead of exercising their rights and taking up shares, they can SELL those rights.

Not all SSPs do this

[FrankEd]

So, how is it that i don't have any TEXR showing in my holdings?:confused:

[Aotea]

So, how is it that i don't have any TEXR showing in my holdings?:confused:

How long have you held TEX?

[snowball]

So, how is it that i don't have any TEXR showing in my holdings?:confused:

Very good question - neither do I and bought on Monday 21/9 before going ex rights, and before TEX announced the timetable assuming the shares must be cum rights since the ASX wasn't quoting as ex rights.

Something wrong here...weird.

[FrankEd]

How long have you held TEX?

I've held for at least 3 months - so well and truly pre the rights period.

[FrankEd]

Anyone still not got their TEXR showing in their portfolio?

Mine still aren't there, probably wont sell them anyway... but why aren't they there!?
:confused:

[Dr_Who]

Just rang my broker and my holding in TEXR is not showing also. All my Aussie shares are with the broker in their nominee account of something like that.

[stephens.pc]

If you buy TEXR on the market, how do you then take up those rights? Presumably the forms Target are sending out next week will specify your eligibility based on your head share holding?

[oldowl]

I received a letter from Target, dated 23 September. (Received 30 September in New Zealand)
In it I read: Record date to determine entitlements under Rights issue: 30 September 2009
So I expect the TEXR to appear today or tomorrow in your holding.
OO

[oldowl]

Rights issue.

I took the time to read (on Target's web site) the prospectus, which will be sent on 2 October to shareholders.
In it I read that trade of rights will commence on 24 September, while the determination of rights will be on 30 September.
Pretty confusing if you ask me.
OO

[Dr_Who]

I still have not receive my rights entitlement.

Anyone got theirs?

[FrankEd]

Got mine now...

[snowball]

Had not received rights issue documents in two accounts - one bght 21/9 and other bght 22/9 with two separate online brokers. TEX went ex rights on 24/9.

Rang registry and was told mailed Fri 2/10 and probably delayed in post. Got home, checked mail, no docs.

Rang registry again and prodded. Told both holdings advised to registry by CHESS on 2/10 - what!!! A colleague has same problem - no rights entitlement and bght 22/9.

Suggest anyone not having rec'd docs and bght between 17/9 and 23/9 checks direct with registry to make sure you get the correct rights entitlement. I phoned the co sec and was unaware of any problem.

Think there is a problem with CHESS over TEX. I have e-mailed both brokers (after hours) today asking for explanation.

Buying before 24/9 should be protected for rights. trouble is, when these problems occur, guess who loses... Not easy fighting the system.

Anyone else got problems??? If so, make noises with company.

[Dr_Who]

I am assuming the low USD against AUD is a positive for TEX? Most of TEX assets and drills is in the USA.

[stephens.pc]

I am assuming the low USD against AUD is a positive for TEX? Most of TEX assets and drills is in the USA.

It should be while they are a net spender.