Octanex

[Selena]

This Albers Oil Company has hit the ASX under code OXX running with shares climbing to 40 cents very quickly. X NZ legal man James Willis, very clever oil lawyer now on the Board with equally wily Geoff Albers. New licence application in Taranaki NZ due to be awarded shortly. Where to from here?

[Anna Naum]

AGM Presentation is good, but no surprises so sp down

[whatsup]

AGM Presentation is good, but no surprises so sp down

Now up again!

[Anna Naum]

Now up again!

Very low volume. Its a good presentation and highlighted that this stock is come announcements over the next couple of months. Note they will be +ve or -ve, no suggestion as to what but there will be news.

[whatsup]

OXX up and running again after Fri's drill ann , tightly help with very good contacts and prime acerage . See HC comment for informed discussion

[whatsup]

Cornea 3 spudded, could have sesult by Xmass.

[percy]

good article www.theaustralian.com.au/business
click onto opinion
8th article down
Octanex sits pretty by Criterian;tim boreham
with an interest in numerous oil & gas exploration plays but with scany financial obligation,octanex is sitting pretty.
etc

[Crypto Crude]

A dude on hotcopper asked me about OXX... thought Id post it here too...

jakspara,

I have looked at OXX before and If I thought it had more to offer me than my current investments for the given level of risks, then id sell them quickly...in considering OXX I should probably sell NGE as OXX have as much happening but in a much much shorter amount of time...THE most important criteria in oil IS TIME... Perhaps if Artemis fails and OXX falls enough I might switch for abit...

heres for the wrap though,
OXX is a very good speculative investment...
A minnow with true leadership like this is not easy to find... The company has strong foundations, through to its portfolio of permits to make a good go of this elephant hunting...

Only you can weigh up your risk tolerance... I cant tell you that OXX is going to strike a big WA gas find...
Its got the right mixture for it to eventually happen...

what makes a company like OXX stack up is the low market cap intensifies leverage on any big find..... This is more evident than ANY OTHER ASX oiler pursuing offshore WA...

If next years elephant comes in a baby Giraffe, then the market could lose interest while the company rebuilds for its next drilling campaign...
Of course Artemis is in there for OXX's CUE holdings (6-7% I think)... but holding the underlying asset is perferrable...(I wont go into this)...

Of course some of this downside on failure could be offset upon new market information that could provide downside support, like a new farmin deal coming anytime......


To be honest though,
The phases of building an oiler like this, from farmin, to timetable to spud etc high risk drilling which imply the usual traits of rebuilding an oil company after failure make this a good trading stock...On the ASX this company is BESBS at its finest... perhaps maybe not a good investing stock in the medium term, but long term set to find something...
who knows what OXX hit in the shorter term...

As I said...high risk, high impact drilling in the oil scene, along with the volatility really makes this a traders stock dude...<> If yourve got the stomach to ride out a few wells that could fail, then you will do well at the end... The biggest killer is giving up if it all goes wrong on the first outing...
the economics of this company as an investment ONLY stack up through holding the stock with the intention as a long term investment.. OXX will very likely attract further farmin deals which will roll out more Elephants...
and that means more chances at tangling with the oil gods...

A friend of mine summed up OXX well...
He said,
"My mate likes OXX. So do I, but CSG is more certain."

SO another answer to your question is...
what are you giving up to hold OXX, what is your opportunity cost?
What my mate has been saying (bermuda hehehe)... what I am saying is that CSG will return like OXX will IF it strikes an elephant... and guess what?
CSG is certain to happen, and in a big way...
But I comparatively like CUE as much as I like CSG...
The decision to switch from CSG, had a few stints with VPE, RPM and the switch to CUE has been successful as many issues have slown CSG... but CSG is building steam again...
and so is CUE...
so its all good... whatever way you get there...
find your path and stick to it...

CUE have better, more mature prospects/drill ready than OXX in WA, and in NZ... the company is in a better position to deliver you quicker and still very high returns that will be more supported upon failure, and with the appraisal and reserves etc..... but of course the leverage, and risks are different between the two making each investment equally compelling in their own right...

The key difference for OXX, is the fact that if the company fails on its first outing, it will take LONGER to get the company drill ready again...This is inpart because of the size, and cash backing of OXX making it more vulnerable with corporate activity...

Without going into detail of OXX's actual prospects (which is what you may have wanted)... I hope my ideas have helped...

You are reading my mind though dude... When CUE hits $1 I will look to find the next oiler as the big leverage in CUE will thin... I will still hold CUE, just look to grow myself another branch... OXX is a lead candidate..
...
..
.

On another note,
How sad is this Pike river coal explosion... very sad week for the New Zealand Coal mining industry...

:cool:
.^sc

[bermuda]

Shrewdie,
My mate's name is Selena.......and Percy knows him too.
Let us pray we can get those Pike boys out safely.

[whatsup]

A dude on hotcopper asked me about OXX... thought Id post it here too...

jakspara,

I have looked at OXX before and If I thought it had more to offer me than my current investments for the given level of risks, then id sell them quickly...in considering OXX I should probably sell NGE as OXX have as much happening but in a much much shorter amount of time...THE most important criteria in oil IS TIME... Perhaps if Artemis fails and OXX falls enough I might switch for abit...

heres for the wrap though,
OXX is a very good speculative investment...
A minnow with true leadership like this is not easy to find... The company has strong foundations, through to its portfolio of permits to make a good go of this elephant hunting...

Only you can weigh up your risk tolerance... I cant tell you that OXX is going to strike a big WA gas find...
Its got the right mixture for it to eventually happen...

what makes a company like OXX stack up is the low market cap intensifies leverage on any big find..... This is more evident than ANY OTHER ASX oiler pursuing offshore WA...

If next years elephant comes in a baby Giraffe, then the market could lose interest while the company rebuilds for its next drilling campaign...
Of course Artemis is in there for OXX's CUE holdings (6-7% I think)... but holding the underlying asset is perferrable...(I wont go into this)...

Of course some of this downside on failure could be offset upon new market information that could provide downside support, like a new farmin deal coming anytime......


To be honest though,
The phases of building an oiler like this, from farmin, to timetable to spud etc high risk drilling which imply the usual traits of rebuilding an oil company after failure make this a good trading stock...On the ASX this company is BESBS at its finest... perhaps maybe not a good investing stock in the medium term, but long term set to find something...
who knows what OXX hit in the shorter term...

As I said...high risk, high impact drilling in the oil scene, along with the volatility really makes this a traders stock dude...<> If yourve got the stomach to ride out a few wells that could fail, then you will do well at the end... The biggest killer is giving up if it all goes wrong on the first outing...
the economics of this company as an investment ONLY stack up through holding the stock with the intention as a long term investment.. OXX will very likely attract further farmin deals which will roll out more Elephants...
and that means more chances at tangling with the oil gods...

A friend of mine summed up OXX well...
He said,
"My mate likes OXX. So do I, but CSG is more certain."

SO another answer to your question is...
what are you giving up to hold OXX, what is your opportunity cost?
What my mate has been saying (bermuda hehehe)... what I am saying is that CSG will return like OXX will IF it strikes an elephant... and guess what?
CSG is certain to happen, and in a big way...
But I comparatively like CUE as much as I like CSG...
The decision to switch from CSG, had a few stints with VPE, RPM and the switch to CUE has been successful as many issues have slown CSG... but CSG is building steam again...
and so is CUE...
so its all good... whatever way you get there...
find your path and stick to it...

CUE have better, more mature prospects/drill ready than OXX in WA, and in NZ... the company is in a better position to deliver you quicker and still very high returns that will be more supported upon failure, and with the appraisal and reserves etc..... but of course the leverage, and risks are different between the two making each investment equally compelling in their own right...

The key difference for OXX, is the fact that if the company fails on its first outing, it will take LONGER to get the company drill ready again...This is inpart because of the size, and cash backing of OXX making it more vulnerable with corporate activity...

Without going into detail of OXX's actual prospects (which is what you may have wanted)... I hope my ideas have helped...

You are reading my mind though dude... When CUE hits $1 I will look to find the next oiler as the big leverage in CUE will thin... I will still hold CUE, just look to grow myself another branch... OXX is a lead candidate..
...
..
.

On another note,
How sad is this Pike river coal explosion... very sad week for the New Zealand Coal mining industry...

:cool:
.^sc

Shrew..., cant find a listing for CSG any leeds?

[bermuda]

Whatsup,
CSG = Coal Seam Gas. ( eg BOW, VPE, )
Cheers

[whatsup]

Whatsup,
CSG = Coal Seam Gas. ( eg BOW, VPE, )
Cheers Should have realised = PRC !

[Corporate]

Another great announcement for OXX. Santos farms into WA 323 and WA 320 - OXX free carried through new 3D seismic, one well and will reimburse back costs.

I really like OXX and there are absolutely none for sale. Luckily I picked up some at 38c.

2011 is going to be a huge year for OXX.

[Corporate]

Another great announcement for OXX. Santos farms into WA 323 and WA 320 - OXX free carried through new 3D seismic, one well and will reimburse back costs.

I really like OXX and there are absolutely none for sale. Luckily I picked up some at 38c.

2011 is going to be a huge year for OXX.

OXX stll going strong 57c today!

[upside_umop]

That was some great timing Corp - Wish I took you up on your tip at 35 cents. Have been watching and waiting for a dip ever since but...it's just not happening!

[Corporate]

That was some great timing Corp - Wish I took you up on your tip at 35 cents. Have been watching and waiting for a dip ever since but...it's just not happening!

Can't win em all UU. Now up 70% on my initial buy. I'm starting to make up a little of the amount i'm out on the Pike. What a tradgy, my loss is nothing compared to those men and their families.


EDIT: Just sold them. Raising quickly and there was enough on the buy side at 62c for me to unload.

[upside_umop]

Nice work! I'll definitely keep an eye on them and watch with interest.

[Corporate]

Nice work! I'll definitely keep an eye on them and watch with interest.

I might have bailed early but I'm not betting on Artimis success and there will be a OXX buying opportunity if it comes up dry.

[drillfix]

Hi Corp,

Way ta go there mate, looks like you batting some good runs on the board there, well done~!

[Selena]

When I started this post I knew there were great things ahead. Met Geoff Albers and James Willis for dinner just after they had done the Shell deal and before the merger with Strata Petroleum. Thier courtesy was outstanding seeing they did not know me. I remember Carmel Fisher saying many years ago she would not invest in a company until she had met the CEO. Well I have and both James and Geoff have my trust and confidence that they are looking after their shareholders, a rare commodity these days! My original interest started with receiving about 30,000 shares as a dividend in specie from Cue energy around 1987 and then getting free carries into other companies. Thus I have accumulated Octanex over a period of time and have not been disappointed. The deals OXX have with 2 free 20% carries for wells to be drilled by OMV in January and the Shell licence sales which will result in a payment when they drill in the New Year, plus their indirect interest in Artemis are nothing short of exceedingly clever. Even though 66 cents today enjoy the ride as the fun is only starting

[gazprom1]

Hey Selena,

Is it the same James Willis that was a partner for Bell Gully Buddle Weir in Wellington?? If so, he is a fairly astute guy and hard working. He would be in his early 60's now though.

Cheers
Gazprom

[Selena]

Hi Gazprom, Yep James is x Senior Partner of Bell Gully who specialised in Oil and did all the floats for Geoff Albers in the 80's such as Southern Petroleum and Cue Energy. Very clever guy now CEO of Albers Group. Cheers, Selena

[gazprom1]

Thanks Selena,

Interesting, I worked at BGBW straight out of Uni for a couple of years and worked with Peter Castle (partner) in Commercial with James Willis. Great to see he is doing what he enjoys. Smart guy. Will try and look up his email and drop him a note.

Cheers
Gazprom

[whatsup]

OXX ann out
Gawain pros WA-362-P POS ( possibility of success ) 27%
Galahad pros WA-363-P POS (poss of success ) 30%
Looking for success in the Mungaroo formation
Drilliing offshore to shart in late Jan 2011 time frame should be 3-4 weeks.

[Corporate]

Christmas present to myself....back into OXX in a small way. Half of my 20,000 order was filed this morning at 45c.

Big drilling with OMV/ENI very shortly, 20% interest in two wells (minimum) FREE CARRIED :-)

[Corporate]

Sold 80% of my holding today at 54c :-)

[whatsup]

Corp..., WHY ?

[Corporate]

originally bought at 38c, out at 62c

latest purchase 45c, out at 54c

I'm not prepared to hold through the coming drills

[bermuda]

originally bought at 38c, out at 62c

latest purchase 45c, out at 54c

I'm not prepared to hold through the coming drills

Corporate,
I don't hold but my best mate Selena is a very good judge..and he is holding. Not just for this drill..but for the programme. I can see your logic as a trader . OXX will outperform. Albers is very shrewd.

[Corporate]

Bermuda,

Thanks for your reply. OXX is a great story, but we all know what happens to companies that drill dry holes offshore WA. OXX is insulated to a certain extent through a free carry by OMV/ENI, however, I'm not waiting round to find out.

Cheers,

C

[Crypto Crude]

Yes,
OXX is A company with huge leveraged exploration hopes to grow organically...
This is my favourite risky company...
:cool:
.^sc

[whatsup]

Yes,
OXX is A company with huge leveraged exploration hopes to grow organically...
This is my favourite risky company...
:cool:
.^sc

OXX to start drilling WA-362 P in approx 10 days time, OXX has a 20% free carry.

[Corporate]

Yup got a stack of oxxca yesterday :-)

[bermuda]

Yup got a stack of oxxca yesterday :-)

Got 100k at 30 cents earlier in the week. Chasing another 100k but it keeps getting out of reach!!
The rig is on the way. If this drill is successful the shareprice will go berserk.

[ronthepom]

Got 100k at 30 cents earlier in the week. Chasing another 100k but it keeps getting out of reach!!
The rig is on the way. If this drill is successful the shareprice will go berserk.

Bought in myself on monday, they are free carried and have the big boys on board , looks good.

Albers the ceo thinks so, hes got millions, as you say --hard to get . ie tightly held shares!!

[Corporate]

Nice have you fellas on board :-)

[ronthepom]

Nice have you fellas on board :-)

Ticking along nicely Corp, 62c at the moment looking good eh?

[Corporate]

Ticking along nicely Corp, 62c at the moment looking good eh?

Yeah it's great, but OXXCA is lagging behind. Surely it should be priced at 42c+ given the leverage.

[ronthepom]

Yeah it's great, but OXXCA is lagging behind. Surely it should be priced at 42c+ given the leverage.

Yeah you would think so eh, and the drillship is still a week away from drillsite !!!

[Selena]

In accord with my favourite epistle "The Zurich Axioms"...Pick winners, do put all your eggs in one basket, my 2011 winner is OXX! The latest quarterly report shows how clever these guys are: interests in 4 drills this year at no real cost to shareholders so no real risk but huge potential returns for a low cap company going elephant hunting with the big boys. Also watch out for farm in arrangements for Taranaki. What other oiler can do this for you? The first Axiom on Risk "Worry is not a sign of sickness but a sign of health. If you are not worried you are not risking enough." Minor axiom 1 "Always play for meaningful stakes" Minor axiom II Resist the allure of diversification" If you can get hold of this book you could well change your strategies. Enough of that on all the evidence available shareholders in OXX are well treated by its Directors. Keep a close watch as drill reports start and continue for the first two free carried wells.

[Selena]

The first well has spudded in! After suffering a minor drop the shares are back to 60cents. Whereas OXXCA only paid to 5cents should be trading at over 40cents as there is free credit for 10cents until December this year and free credit for the balance of 10cents due December 2012. So it doesn't make sense that the partly paids can be converted to fully paid and achieve a margin. So I would leave the Head shares alone and buy the partly paid. If this one is dry there is no cost to OXX so interest will continue right into the second one which some pundits are picking as a better prospect. In the meantime Albers and Willis are beavering away working on more farm ins. Watch out for progress on Taranaki which could be next after delays with the seismic gathering ship. Let the elephant hunt roll on!

[Corporate]

shame about the first duster. Fingers crossed for the next target

[ronthepom]

Got 100k at 30 cents earlier in the week. Chasing another 100k but it keeps getting out of reach!!
The rig is on the way. If this drill is successful the shareprice will go berserk.

Hi B,

hopeful this will be the one , starting second drill, still hold ?


Ron

[bermuda]

Hi B,

hopeful this will be the one , starting second drill, still hold ?


Ron

Hi Ron,
Had lunch with Selena today. I keep missing out on another 100k of OXXCA but will try a bid at 16 cents.
Galahad was a fine knight.

[denpal]

Gee you guys must have oversized cojones, what is the risk/reward ratio for the second hole? Come on, what is the company value if the good stuff is struck, and what is the % chance? You may even convince me to take a bit of a plunge! I thought I was a bit of a plunger, but you guys!! You haven't fallen in love with old Elbers have you? My first share was MOG..........still 80% less than it was 6 years ago.............

[bermuda]

Denpal,
It was good meeting you at the BBQ. I respect your views. I think this time we are ready to rock and roll. If it comes in we have another BBQ.

I haven't got any CUE shares but Albers might play the last card before he retires. It could be an ACE.
Ps He has 3 other aces up his sleeve.

[whatsup]

Gee you guys must have oversized cojones, what is the risk/reward ratio for the second hole? Come on, what is the company value if the good stuff is struck, and what is the % chance? You may even convince me to take a bit of a plunge! I thought I was a bit of a plunger, but you guys!! You haven't fallen in love with old Elbers have you? My first share was MOG..........still 80% less than it was 6 years ago.............

Den Top Mung @ 2526 Mts = 22 % POS.
Intra Munga @ 2696 - 3361 Mts = 30% POS,

[Corporate]

Gee you guys must have oversized cojones, what is the risk/reward ratio for the second hole? Come on, what is the company value if the good stuff is struck, and what is the % chance? You may even convince me to take a bit of a plunge! I thought I was a bit of a plunger, but you guys!! You haven't fallen in love with old Elbers have you? My first share was MOG..........still 80% less than it was 6 years ago.............

Denpal, OXX has quite a low EV (lots of cash and listed investments) so on failure the downside is limited. What I really like is that they pick up permits, do a little work, and then farmout to majors. They recover their costs, get free carried on 3d and then usually a well. This is a great model.

[whatsup]

Den Top Mung @ 2526 Mts = 22 % POS.
Intra Munga @ 2696 - 3361 Mts = 30% POS,

Galahad at 2380 m today, Top Mungaroo target at 2489 M a week away by my guess to run and cement casing , fit BOP and test, other targets at 2698 to 3344 mts POS 30% not bad odds for the reward, views please.

[ronthepom]

Galahad at 2380 m today, Top Mungaroo target at 2489 M a week away by my guess to run and cement casing , fit BOP and test, other targets at 2698 to 3344 mts POS 30% not bad odds for the reward, views please.

Hi Whatsup,

have a feeling we will be rewarded on this one,heres hoping anyway i think corporates post above says it all.

[bermuda]

Hi Whatsup,

have a feeling we will be rewarded on this one,heres hoping anyway i think corporates post above says it all.

hi Ron,
I think I managed to get some more OXXCA today. You always said the 2nd drill was the one to follow. Good luck all.

[whatsup]

OXX ann today that it has negotiated a farm in with OMV whereby they ( OMV ) undertake a survey of its Tanaraki permit and a drill hole within 2 years in exchange for a 65% farmin and 35% hold for OXX at no cost, another great deal for OXX shareholders at no rewal cost to them, a great example of a company working well for its share holders.

[Corporate]

Another dry hole by the looks of it...

http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01180892

[Crypto Crude]

looks like a good buying opportunity...
oxx wil keep rolling out these wells... eventually they will hit...
:cool:
.^sc

[Corporate]

anyone still following/holding oxx?

[ronthepom]

anyone still following/holding oxx?

yes im still holding corp, tend to agree with shrewd crude , a shrewd company excuse the pun!

just have to be patient.

[percy]

looks like a good buying opportunity...
oxx wil keep rolling out these wells... eventually they will hit...
:cool:
.^sc

yes I am sure you are right shrewd crude.

[Corporate]

I picked up some OXXCA this morning :-) fullly diluted with a negative EV. Very cheap!

[Corporate]

Fingers crossed they get some high quality seismic and identify some juicy prospects

http://www.asx.com.au/asxpdf/20110630/pdf/41zj72kpnlgfn5.pdf

OXX still very cheap and you now can't buy any OXXCA under 11c

[Corporate]

Nice little arrangement OXX seem to have with OMV. I'm very happy that OXX rides on these coattails..

http://www.asx.com.au/asxpdf/20110706/pdf/41zmhkrdq00l6y.pdf

[Corporate]

OXX announced a 4c dividend late last night. I took the opportunity to exit me OXXCA that I was underwater by 55%. No point as a New Zealand shareholder getting a dividend of 4c, not getting the benefit of franking credits, and then having to dish up 10c in December on partially paid shares. Crazy. Plus, this is an oil and gas company and they should be spending the funds on proving up resources.

Maybe Albers was getting short on cash and needed a dividend.

[Crypto Crude]

dividends...
are you kidding...

Those funds are......... ....well... oh...
yeah, whatever...
:cool:
.^sc

[Corporate]

dividends...
are you kidding...

Those funds are......... ....well... oh...
yeah, whatever...
:cool:
.^sc

I originally thought OXX had the goods. Now I'm very doubtful. Glad I got out of my OXXCA funds in tact (in at 8.4c, out at 8.5c).

[Crypto Crude]

I been buying a few OXX to take some exposure on Palta...
I've been thinking that OXX is a better investment because They have Winchester to back the company up upon any failed results... and I also read that Shell might not be releasing any results of Palta to market (the risk of), so WHN is more risky and they don't have any other firm exploration drilling for backup...

one of these days OXX is going to hit something big...
I would love to be involved...

:cool:.
^sc

[Corporate]

I been buying a few OXX to take some exposure on Palta...
I've been thinking that OXX is a better investment because They have Winchester to back the company up upon any failed results... and I also read that Shell might not be releasing any results of Palta to market (the risk of), so WHN is more risky and they don't have any other firm exploration drilling for backup...

one of these days OXX is going to hit something big...
I would love to be involved...

:cool:.
^sc

Wished I'd picked up some OXXCB at 6c recently. Stupid stupid especially with the extended call.

[JBmurc]

Been looking at these guys today thanks to shrewdy,,,, good interests in some big permits with majors along with royalties that would re-rate this micro-cap skyward without spending a dime.....very gappy on the depth though....mid teens look good for a small position

[Crypto Crude]

JBMURC,
OXX have 3 big wells happening within the next year... and will continue to roll more out...
the wells are,
Palta, discovery payment and royalty shell 13tcf target...
Winchester (offshore wa free carry)...
and OMV commiting to the drilling of matuku with oxx free carry... 65 million barrels
permit directly north of Maari...

the threat of exploration drilling will support the downside... so basically the 1st two wells are for free, with all the upside potential...
If palta and Winchester fail... leading into Matuku, the downside could open up upon that failure... that is if no other deals/drillings become scheduled...

This is a very strong gamble...

:cool:
.^sc

[JBmurc]

the more I look into OXX the more I like ....I've always been a fan of investing in micro-caps that have permit,royalty interests with majors ...in OXX case we have ...Shell,OMV,Origin,Santo's,ENI

Am I right thinking OXX has round a 20mill NAV ....if so thats very cheap when you look as the target sizes ,,royalty+overall permit holdings...

the only negative I've found is the fact it's hard to build up a decent holding of the shares disc- got first lot @17c would like another 150k ....asap

[Crypto Crude]

JB MURC
I was looking at more OXX today... but bought some KEY instead...
I'm thinking if Palta fails, then I want to average down in the build up to Winchester...
where the sp could top out above 20cents.....
So im keeping some possible funds on the side and taking a bet each way on OXX...
Either way, I will be a winner and decide after Winchester spud what I should do next...
trade it as a besbs play... or might consider the full gamble with strong risk return...

holding a couple of stocks now...
its basically shale gas and This...
This company is going to go big one way or the other, in the past the downside always remained intact as OXX keeps rolling more wells right out the front door...


:cool:
.^sc

[colinm_au]

the more I look into OXX the more I like ....I've always been a fan of investing in micro-caps that have permit,royalty interests with majors ...in OXX case we have ...Shell,OMV,Origin,Santo's,ENI

Am I right thinking OXX has round a 20mill NAV ....if so thats very cheap when you look as the target sizes ,,royalty+overall permit holdings...

the only negative I've found is the fact it's hard to build up a decent holding of the shares disc- got first lot @17c would like another 150k ....asap


M$16.8 in cash and equivalents LESS M$14.2 in Liabilities with exploration properties on the books for M$48.5 ... Exploration can be expensive !!! Good luck with the drilling ...
Very Illiquid stock ... so any success should see a big rise or any failure could burn you !

In 2008, Octanex concluded an agreement with Shell for the disposition of a 100% working interest in each of the three permits WA-384-P, WA-385-P and WA-394-P.
Octanex holds residual rights in each of the permits in the form of discovery payments and a 1% royalty over any production from the permits, as well as rights of re-conveyance ...

Hard to ascertain what a drilling success might actually be worth ... Anyone else have any idea ???

[JBmurc]

M$16.8 in cash and equivalents LESS M$14.2 in Liabilities with exploration properties on the books for M$48.5 ... Exploration can be expensive !!! Good luck with the drilling ...
Very Illiquid stock ... so any success should see a big rise or any failure could burn you !

In 2008, Octanex concluded an agreement with Shell for the disposition of a 100% working interest in each of the three permits WA-384-P, WA-385-P and WA-394-P.
Octanex holds residual rights in each of the permits in the form of discovery payments and a 1% royalty over any production from the permits, as well as rights of re-conveyance ...

Hard to ascertain what a drilling success might actually be worth ... Anyone else have any idea ???

Shell are spending 60mill+on drilling Palta....10-13.5tcf+ target value to OXX 1% + 5mill cash payment on commercial discovery...
value to OXX ...on HC a poster worked out a value of some 350mill to OXX if discovery valued .50c per mcf ...=$1.55 per share

-also very soon OMV will decide if it will drill the Matuku prospect est. 65 million barrels (provided a suitable rig can be obtained, Octanex is confident OMV will commit to the drilling of the Matuku prospect. That prospect is perceived as a substantial oil target.)
....if successive OXX 35% of 65mbo =22.7mbo x $10bbl ? =227mill = OXX has 225m share heads and partly paids so:=round $1 per share but thats at only $10 .....so you can see if even just this two come in OXX would look cheap $3

-then Winchester (offshore wa free carry santos) don't know of value but most likely much like the above...

-other W.A,NZ, Bonaparte Basin permits that could well be drilled in the future...

so much upside ...Very Illiquid stock the worse part but guess many holders don't want to sell and buyers don't want to pay to much more than last traded price to get on board ,,I'm still waiting to get my fill @17c

[JBmurc]

Geez got a chunk of funds to invest would love to buy 200,000 more OXX ...but no sellers ?

top 20-- 78% ?? not helping

[Crypto Crude]

Dude... the lowest seller is sitting at 25cents...are we looking at a gap up...OMV final decision date of Matuku I believe is next month, so There will be some definitive drilling...I dont think I can sell at 25cents... A junior holding positions in 3 firm major exploration wells before 2014 makes this junior like none other in its class...you know i've never had the big leveraged exploration strike... This is the best chance I have ever had to flip with odds of 3 coming in a good shot...I hope this share price falls, I too want some

[Crypto Crude]

it should readodd of 1 in 3...

[JBmurc]

Dude... the lowest seller is sitting at 25cents...are we looking at a gap up...OMV final decision date of Matuku I believe is next month, so There will be some definitive drilling...I dont think I can sell at 25cents... A junior holding positions in 3 firm major exploration wells before 2014 makes this junior like none other in its class...you know i've never had the big leveraged exploration strike... This is the best chance I have ever had to flip with odds of 3 coming in a good shot...I hope this share price falls, I too want some

LOL I'll be fighting you for them...got 101,000 17.5c av so far .....would like least another 200k personal think sub 20c is a steal ....
esp once we have the confirmation of the Matuku drill....just doing the numbers like I have shown above ...mmm shrewdy we shouldn't really be telling to many LOL well till we get are fill

[Crypto Crude]

hey JBMurc,Its a hard business we are in with all these other stocks in play....I'm always looking for strong gambles... low down big up...The current OXX window has it, and its strong... but not if you can't handle volatility and the possibility of downside upon Palta...im not expecting too much downside if palta goes bad because its a long drill, and the Lead into Winchester is followed after...so its a little down (and a time to buy more).... or a lot of up...thats our payoff...a lot of other strong oilers are around with certain pay off's...OXX has it all without the certain pay off's...the upside is in the eyes of the holder... Im not selling and Matuku looks like its coming into play...for a company holding a much sizeable stake on a project similar to Maari... is a game changer...and thats with Palta and Winchester, and others to follow...the Albers connection...If OXX doesn't lauch on one of these 3 I will be truely shocked...it would be such a bad beat... we will get one... hopefully on the first outing...take care...update us on your stock holdings please

[Crypto Crude]

wow...that is a monster quarterly...I don't even know where to begin...I'm off to bed

[bermuda]

wow...that is a monster quarterly...I don't even know where to begin...I'm off to bed
Shrewdy,
Good things take time.
This company will surprise on the high side. Would love to get a good result on the latest drill byShell offshore WA. Far out!.

[JBmurc]

wow...that is a monster quarterly...I don't even know where to begin...I'm off to bed

Yes and ann report ....will read it more in depth soon ......I see top 20 held-- 80.08% of shares(and there's some 1400 shareholders than hold under 100k shares i.e 19k worth max ....a lot of small holders )

Disc-buying more got another 80k today after another 220k...

[JBmurc]

Well that de-risks OXX even more with OMV ann ,,,and they are already scoping out multiple step out wells.....upside here is just crazy huge which is what I'm after.....got my fill ....need some growth in the portfolio be lean last couple years outside the odd 20-30% return but thanks to getting smashed from the likes of SSN , VIL , GRM which got rid of 100k+ I'm looking to the likes of OXX to make it back and some

[Crypto Crude]

spoke to bermuda the other day... and hes got some oxx...
all my holdings are in stocks with potential 10 baggers... and these stocks have pretty good potential I'd like to think I havnt overlooked anything in the market for the given level of risks...
shorter term OXX is capable of anything, even a fall to 13 cents after palta... But I truely believe oxx have enough drilling to birth one giant... and that is all we need..
:cool:
.^sc

[JBmurc]

spoke to bermuda the other day... and hes got some oxx...
all my holdings are in stocks with potential 10 baggers... and these stocks have pretty good potential I'd like to think I havnt overlooked anything in the market for the given level of risks...
shorter term OXX is capable of anything, even a fall to 13 cents after palta... But I truely believe oxx have enough drilling to birth one giant... and that is all we need..
:cool:
.^sc

yes we surely will find out about palta well before Xmas ,,make a nice present if Shell ann a discovery and a move to drill another....

OXX still must have round 15mill in cash leaving 22mill value for all the permits +3 major J.V drills + smart Mgmt =Strong buy IMHO

[JBmurc]

wish that fool seller would come back would like a few more

[JBmurc]

OCTANEX SIGNS AGREEMENTS WITH NZOG relating to THREE OFFSHORE TARANAKI PERMITS
KEY POINTS:
 Octanex and NZOG have signed sale and farmout agreements in respect of PEP 51906, PEP 53473 and PEP 52593
 Octanex has agreed to sell to NZOG a 12.5% carried interest in PEP 51906 for an aggregate cash sum of US$12,500,000;
 The sale agreement includes a put and call option arrangement if a decision is made to drill Matuku-2 in the event of a discovery at Matuku-1;
 If the option is exercised, NZOG would acquire a further 5% interest in PEP 51906 by carrying all of Octanex’s then remaining 17.5% of the costs of drilling Matuku-2;
 NZOG also has an alternative call option to earn a further 5% interest in PEP 51906 if a second exploration well, rather than Matuku-2, is the next well drilled in the permit - this alternative option is not in addition to the option arrangement in respect of Matuku-2;
 Under the alternative option, NZOG would earn the additional 5% by funding all of Octanex’s then 17.5% share of costs through that well;
 In relation to PEP 53473, Octanex has agreed to assign a 50% interest in the permit in consideration of NZOG funding 75% of the costs of a planned 3D seismic programme within PEP 53473;
 In relation to PEP 52593, Octanex has agreed to assign a 50% interest in the permit in consideration of NZOG funding 60% of the costs of further exploration in that permit, including any seismic programmes that may be undertaken.

[Crypto Crude]

wow wow... I just got in and its all happening over at MEO...

and forgot all about little OXX,
im rushing out the door.,,..
what news... more commentary soon
:cool:
.^sc

[JBmurc]

Can't believe holders sold back down to 18.5c though it would have held 20c..

- OXX just sold 12.5% of their 35% holding PEP 51906 for 12.5mill leaving 22.5%oxx .....Now if Matuku-1 hits Oil later 2013 NZO will pay for OXX share of the costs to drill Matuku 2 !! getting another 5% (Now if Matuku-1 is a duster OXX just protected the downside with 12.5mill payment)
-In the other two permits NZO pays 60-75% of the 3D seismic programmes they will get 50% leaving OXX 50% (that I'm sure will be farmed down again to give OXX free carry ..)

---Geoff Albers is my kind of CEO drop the risk down but keep some major upside to market value....

-Market Values OXX--40mill ...has est...27mill cash -- leaving--12.5mill value with upside next 12months--ORR1% = 7% 11TCF+
-25% -12BCF
-22.5% 65mmbl
-18.75% cornea#3 20m column oil discovery
- payment entitlements upwards 30mill
-muti large prime permit holdings with 2D 3D

dirt cheap

Disc-Brought more today

[Crypto Crude]

JBMURC,
this announcement is quite a defensive and protecting the company...
If Matuku is a success OXX would need funds for an appraisal well, and development costs will be huge... It was a pity OXX gave up other other 2 permits like that, but we are strongly protected to pursue more growth strategies and not put too much on weighting on big downside risks if we fail on all 3 confirmed wells... big daddas...
1 just 1...

we got it this time, can't miss... well, it would be a bad bad beat... one totally worth taking...

:cool:
.^sc

[ronthepom]

OCTANEX SIGNS AGREEMENTS WITH NZOG relating to THREE OFFSHORE TARANAKI PERMITS
KEY POINTS:
 Octanex and NZOG have signed sale and farmout agreements in respect of PEP 51906, PEP 53473 and PEP 52593
 Octanex has agreed to sell to NZOG a 12.5% carried interest in PEP 51906 for an aggregate cash sum of US$12,500,000;
 The sale agreement includes a put and call option arrangement if a decision is made to drill Matuku-2 in the event of a discovery at Matuku-1;
 If the option is exercised, NZOG would acquire a further 5% interest in PEP 51906 by carrying all of Octanex’s then remaining 17.5% of the costs of drilling Matuku-2;
 NZOG also has an alternative call option to earn a further 5% interest in PEP 51906 if a second exploration well, rather than Matuku-2, is the next well drilled in the permit - this alternative option is not in addition to the option arrangement in respect of Matuku-2;
 Under the alternative option, NZOG would earn the additional 5% by funding all of Octanex’s then 17.5% share of costs through that well;
 In relation to PEP 53473, Octanex has agreed to assign a 50% interest in the permit in consideration of NZOG funding 75% of the costs of a planned 3D seismic programme within PEP 53473;
 In relation to PEP 52593, Octanex has agreed to assign a 50% interest in the permit in consideration of NZOG funding 60% of the costs of further exploration in that permit, including any seismic programmes that may be undertaken.

Managed to get another 75k this afternoon at 17.5 cents so i'm happy.!!

[JBmurc]

2013 going be a huge year for OXX (and the portfolio if the likes of OXX booms)I see the Winchester prospect was mentioned in a recent STO investor presentation the Well is a redrill of a previous off structure well from 1979 which still had 200ft of untested gas shows (due to drilling probs). OXX are free carried for 25% thru drilling. Success case has big implications due to proximity to LNG projects and likelyhood of high condensate levels........I like the odds ...plus the fact we have two other huge J.V plays for the year
----the FAT bank balance to Marketcap will help keep the downside protected on dusters etc
IMHO the great OXX team will confirm more J.V exploration action in early 2013

[JBmurc]

PALTA-1 WELL UPDATE
Australian energy company WHL Energy Limited (ASX: WHN) (“WHL Energy” or “the Company”) is pleased to announce the following update on the Palta-1 well.
WHL Energy notes the announcement by Cott Oil and Gas Limited (ASX:CMT) today regarding the progress on the drilling of the Palta-1 well adjacent to WA-460-P. The Company along with its joint venture partners Cott Oil and Gas Limited (ASX: CMT) (33%) and operator Strike Energy Ltd (ASX:STX) (33%), holds a 33% interest in WA-460-P.
The Palta prospect is interpreted by WHL Energy as potentially containing up to of 13.5 Tcf of gas, with approximately 20% of the prospect lying within WA-460-P.
WHL Energy continues to monitor closely the drilling of the Palta-1 well operated by Shell for the WA-384-P Joint Venture. The Palta-1 well was spudded on 14 October, 2012 and was scheduled to take between 60 to 90 days to drill, with drilling being undertaken by the Noble Clyde Boudreaux drilling vessel.
WHL Energy now understands that drilling operations are continuing on Palta-1 well however progress has been delayed by rig downtime and local weather conditions. WHL Energy will continue to monitor progress on the well as information becomes available.
The announcement by Cott Oil and Gas Limited provides further details on the Palta prospect including mapping and seal information.
Steve Noske Managing Director for WHL Energy commented, “With the drilling of the Palta prospect progressing our shareholders continue to be exposed to a potentially significant discovery.”
Ends

[JBmurc]

Great post off HC -34232....reason why I've brought 500k shares be very hard to buy that amount now with big gaps in the sells

OXX palta deal is an overriding royalty.
1% OOR is generally considered to be equivilent to between 7 and 10% share as there are no costs.
Optimistically if there was 10 TCF and using the 7% figure then the equivilent would be 700BCF at say $0.50 per thousand (ballpark inground figure), then we are talking about 350m. Fully diluted is 225m shares (off the top of my head) so talking about
350 :- 225 = $1.55 per share + discovery payments + hugely upgrading value of the permits.

....OXX is currently 21c .....

[Dej]

Great post off HC -34232....reason why I've brought 500k shares be very hard to buy that amount now with big gaps in the sells

OXX palta deal is an overriding royalty.
1% OOR is generally considered to be equivilent to between 7 and 10% share as there are no costs.
Optimistically if there was 10 TCF and using the 7% figure then the equivilent would be 700BCF at say $0.50 per thousand (ballpark inground figure), then we are talking about 350m. Fully diluted is 225m shares (off the top of my head) so talking about
350 :- 225 = $1.55 per share + discovery payments + hugely upgrading value of the permits.

....OXX is currently 21c .....

Seems to good to be true..

Disc: This is on my watchlist

[JBmurc]

Seems to good to be true..

Disc: This is on my watchlist

And thats only one of the three company making drill's this year add in the fact the SP is backed by mostly cash ...the market hasn't given much value to the drills ...In the portfolio is where OXX should be IMHO It's by far the best Growth stock I've come across

[JBmurc]

hard to buy many OXX these days small trades @ 22c .....a successive ann. from SHELL on palta will see some massive moves in SP IMHO we could see 5c-20% movements on the way up .....

[Dej]

hard to buy many OXX these days small trades @ 22c .....a successive ann. from SHELL on palta will see some massive moves in SP IMHO we could see 5c-20% movements on the way up .....

It has to wait! Im pulling some money from other sources to invest, then its allowed to go up.

[JBmurc]

It has to wait! Im pulling some money from other sources to invest, then its allowed to go up.

LOL yeah be quick I know a few guys keen on buying in too .....just not many holder want to sell so close to palta results

[JBmurc]

Oil Basins Limited has advised Octanex N.L. (ASX code OXX) that, with the National Native Title Tribunal determination on 1 February 2013, OBL has successfully completed the first requirement of the farmin for a 25% interest in the Derby Block (after grant) to OXX as previously announced on 24 January 2013.

Overall looks like OXX is about to secure yet another great prospect ....for a low price

Still no news on Palta#1 TD was before Xmas ...if it was a duster we would surely of heard by now from Shell getting excited we have a HC discovery here ....how big will be the driver of the SP ....watch for any big moves in OXX as insiders getting on board..

[JBmurc]

---From a WHN post on HC----
From what i was told, downtime days or hours are only recorded from external sources such as the cyclone and from equipment breakages and safety incidents. Problems such as hole collapsing, difficulty running casing, drill bit breaking etc is part and parcel of drilling and is not included in the reported downtimes.
From what i have been told they have had their fair share of issues that have slowed them down but the hole is drilled to depth and they have been testing and logging the hole for a few weeks now and are being very particular with the testing.
Have been talking again to a mate and i got it slightly wrong in FMC were supplying and installing the well equipment with another mob (can not remember the name) are doing the testing of the hole and they are scrutinising it very closely.
IMO they would not be so pedantic about this well if it was not showing excellent results.

------after the run I've had of late I'm hoping It's a massive discovery and OXX will be re-rated mutiables above current low value---

[JBmurc]

http://s07.static-shell.com/content/dam/shell/static/aus/downloads/upstream/shell-palta-1-factsheet.pdf

From a Rigzone article:

'Commenting on the Palta prospect, a spokesperson said: "The Palta prospect is considered as one of the largest undiscovered gas fields in Western Australia. It has the potential to supply enough gas for a whole new liquefied natural gas project in the region."

Shell operates Block WA-384-P with a 75 percent interest, with Mitsubishi Corporation holding the remaining stake in the permit.'

Shell have taken on a big commitment with 75% of this drill. The Noble Clyde Boudreaux Drilling Rig is costing them $417,000 per DAY and was originally planned for 75 days from about 16 October. They are now up to about 130 days, give or take a up to 10 days shut down due to cyclones.

So instead of costing about $32 million they could be up for in excess of $60 million, over double that cost. (There is also a maximum 17% performance bonus attached, but I don't know when this is applied) Fortunately OXX don't have to contribute.

Shell have the rig booked for a number of other jobs in WA after Palta (Prelude is next).

This is a nail-biting exercise for both Shell and OXX. If this well is not successful then, with what has been risked on this well, Shell may not continue any further with any of these three exploration blocks. But if there is success then we have to hope for more Government approvals. I mentioned a few weeks ago about another block neighbouring the Ningaloo Heritage Area that had their application to explore rejected by the Federal Government for environmental reasons.

[JBmurc]

She's One mighty RIG ...Shell have for Palta#1

4386

Palta 1 is the largest exploration prospect currently being drilled in Australia



Surely can't be more that days away from .. "MAJOR NEW AUSTRALIA DISCOVERY"

[JBmurc]

Sounds like the blowout preventer (BOP) is broke down so shell will be Replacing at a large cost...Now you wouldn't be doing that if you didn't have some very good sign of HC.....think this is a positive we have something now if it's 13tcf etc only time will tell

[JBmurc]

Dear Sirs
DMP INTENT TO ISSUE 5/07-8 EP DERBY BLOCK
The Directors of Oil Basins Limited (OBL, ASX codes OBL and OBLOB, or the Company) are pleased to make the following ASX announcement.
OBL was advised by the WA Department of Mines and Petroleum (DMP) in writing late on Friday 15 March 2013 that the DMP will proceed to issue a notice of intention to grant, i.e. an offer, in respect to Petroleum Exploration Permit 5/07-8 on Wednesday 27 March 2013.
Petroleum Exploration Permit 5/07-8 EP is what the Company calls the Derby Block, and the Company intends to immediately accept such offer of grant and proceed with the planning and execution of the first year’s work program after grant.
Yours faithfully
--------------------------------------

(got from the CMT thread on HC)
I had a coffee and a long chat with my brother in law yesterday, he has worked on rigs on the NWS for several of the majors for many years.
With Shell keeping a tight lid on newsflow regarding Palta i hoped that he may have heard something that could shed some light on the situation...I wasnt dissapointed.
He has friends at Shell who are involved with the Palta drill and had spoken to one of them very recently.
Discussion on other threads has centred around a possible BoP event. This is correct. Apparently, whilst drilling ahead one of the lower pipe rams malfunctioned and closed off mid drill. This is a major event resulting in the drill pipe being completely severed.
TD for Palta is rougly 5500m and it seems that the BoP malfunction occured somewhere around 2-3000m, so they are still someway from TD. Its unclear from my conversation whether or not they will replace the entire BoP or just the faulty section of the stack.
Once they repair the BoP and fish out all the pipe they will need to cement and kick off/deviate to continue drilling.
So it looks like they are some way off from a result.
I notice that some posters on whn and oxx are watching marine traffic, i guess a return to normal activity at the rig will signal that hey are drilling ahead.

[ronthepom]

OXX going cheap today, can't believe it!!

[JBmurc]

Can't believe the SP move down of late 17c/25mill OXX have three company making drills this year all paid for.....a strong cash balance ,,the tightest share register round ....one of the best if not the best Mgmts(I know of) in the micro-jne Oil&Gas exploration sector just checkout the history.....already have a truckload but think for sure I'll be buying more at these silly levels all on the delays at Palta#1 ...I don't think Shell is just going walk away after spending 100m+ on this monster target on some BOP , string problems.....
Also OXX move into the Canning basin is next to brilliant yet market ho-hum OBL S/H weren't happy with how good a deal OXX got ....yet going from TS forum it seems most investor(many that come across very knowledgeable) just love to invest in-- poor mgmt history,,big talking ,,diluting loose share registers....dreamers

[Toulouse - Luzern]

...
I notice that some posters on whn and oxx are watching marine traffic, i guess a return to normal activity at the rig will signal that hey are drilling ahead.[/QUOTE]

It seems WHN are in trading halt

[Dej]

Whats going on here? Start of the year was thinking of investing but instead put my money into PEB in NZ. Have accumulated some other money that needs to be reinvested and Im back looking at OXX, so whats the deal? I notice the post about the BoP, how far are we looking to be setback? I can imagaine the SP to drift south a bit more with no news?

Compared to the start of the year this looks like a great entry price though, would just like others opinions. For example, Im sure it may have been answered, but OXX have residuals and royalties with Palta#1, what sort of numbers/percentages are we looking at?

[JBmurc]

Whats going on here? Start of the year was thinking of investing but instead put my money into PEB in NZ. Have accumulated some other money that needs to be reinvested and Im back looking at OXX, so whats the deal? I notice the post about the BoP, how far are we looking to be setback? I can imagaine the SP to drift south a bit more with no news?

Compared to the start of the year this looks like a great entry price though, would just like others opinions.

Don't know if you have but go back and read my 102# post ....we will be looking at a good size delay if they can't recover the drill string i.e will have to drill sidetrack....Overall it's a pure delay for OXX ...Shell is the one thats having to pay for the delays etc I'm hopefully we'll see some results in April ...If it's a discovery OXX will have over 20c in Cash backing + upside on 7% interests in maybe a Massive Discovery @ 17c pricing Zero value for Palta IMHO....so great buying on two more company making drills this year even if Palta is a duster

[JBmurc]

from STX thread -HC

"I have heard on the grapevine is FMC Technologies are doing the logging and testing at Palta. Well is at TD. They had to plug the well a couple of weeks ago when the last cyclone went through the area and had a little bit of trouble removing the plug to continue testing. They are currently testing the hell out of the well. (exact wording I received)"

[bermuda]

JBmurc,
That is good news to hear they have reached TD and are now testing. Shell, as you know, don't release much so we will have to rely on word of mouth for any tid bits. Thanks.

A Palta/Winchester Double would be a real treat but probably a bit too much to ask for.

[JBmurc]

Yeah sounds promising ongoing testing.....double... I'm hoping for the triple with the Matuku Prospect also to come in ...make some real Capital growth

[JBmurc]

Octanex reported that the operator of the JV exploring WA-323-P and WA-330-P, Santos Offshore, has advised the company that the Winchester-1 well is due to spud within the next three days, but most likely on Sunday, 7 April 2013. The permits are located in the Dampier Sub-basin, offshore from WA. The company holds a 25% participating interest in the permits, with Santos holding the remaining 75% participating interest following their farm-in to both permits. As part of the farm-in arrangements, Santos agreed that the company would be free carried through all phases of a 3D seismic survey and the first well drilled in the permits. That free carried well will be Winchester-1. The well will be drilled to a total depth of 4803m MDRT (measured depth below rotary table). It is scheduled to take approximately 80 days to reach total depth.

[whatsup]

Octanex reported that the operator of the JV exploring WA-323-P and WA-330-P, Santos Offshore, has advised the company that the Winchester-1 well is due to spud within the next three days, but most likely on Sunday, 7 April 2013. The permits are located in the Dampier Sub-basin, offshore from WA. The company holds a 25% participating interest in the permits, with Santos holding the remaining 75% participating interest following their farm-in to both permits. As part of the farm-in arrangements, Santos agreed that the company would be free carried through all phases of a 3D seismic survey and the first well drilled in the permits. That free carried well will be Winchester-1. The well will be drilled to a total depth of 4803m MDRT (measured depth below rotary table). It is scheduled to take approximately 80 days to reach total depth.
Interesting times ahead.

[Crypto Crude]

Interesting times ahead.

octanex should be around the 40cent mark now given 3 massive offshore wells this year, two in progress...
the market have written off these prospects... I see big upside with no downside for a medium term play...
such a wonderful stock///
:cool:
.^sc

[JBmurc]

OXX - Octanex Announces Winchester-1 Spudded


Octanex has been advised by Santos Offshore, the Operator of the Winchester-1 well located in the Dampier Sub-basin permit WA-323-P, that the well was spudded at 23:00 hours on 7 April 2013. Winchester-1 is proposed as a deviated exploration well, being drilled by the Ensco-109 jack-up rig within the WA-323-P permit. The well is being drilled in approximately 75m of water and to a total depth (TD) of 4803m MDRT (measured depth below rotary table). It is scheduled to take approx. 80 days to reach TD.

[Dej]

Why trade $500 worth :confused:

Disc: Holding! (Finally)

And no, thats not my $500 lol

[Dej]

http://www.asx.com.au/asxpdf/20130416/pdf/42f8wqbq6l8xrr.pdf

[Dej]

OXX dried right up on the selling side! Clear to 24cps then nothing. I feel and interesting week coming!

[JBmurc]

OXX dried right up on the selling side! Clear to 24cps then nothing. I feel and interesting week coming!

yes I certainly need at least one of my Growth shares to kick into gear OXX is looking great some massive movement will happen on the right news

[JBmurc]

Can't say I've every seen a company trade at 18.5c one day then with no news have bids at 22c and no one keen to sell ...that nearly 20% higher than last trade ...but still the one sellers holds at 24c with two more one at 30c-31

[Dej]

Can't say I've every seen a company trade at 18.5c one day then with no news have bids at 22c and no one keen to sell ...that nearly 20% higher than last trade ...but still the one sellers holds at 24c with two more one at 30c-31

I saw that, never seen a stock with over a 10% gap between buyers and previous closing on no news and no action... something is up I feel. Noone would high ball it like this if they were not optomistic about something. Palta results maybe?

Winchester is still awhile away from TD, so couldnt say it was that. We maybe in the money (finally) JB and SC

EDIT: we got a biter at 22. What does an XT trade mean??

[Crypto Crude]

I feel and interesting week coming!

dej,
thats a pretty sick call considering nothing happens at oxx... such a thinly traded stock with no real sellers and no real buyers...
anybody after alittle cookie is gona have to pay a premium (or fair trade) up near 30c...

still think its justified for oxx to double off the current info... which could change at anytime...

feel like ive waited 10 years for a risk stock like this to come around... its coming up to 4 years since listing... things have never looked better... could honestly say, think we will be waiting another 10 years for this sort of investment profile to come around for suchly a lowly market price...

:cool:
.^sc

[Dej]

dej,
thats a pretty sick call considering nothing happens at oxx... such a thinly traded stock with no real sellers and no real buyers...
anybody after alittle cookie is gona have to pay a premium (or fair trade) up near 30c...

still think its justified for oxx to double off the current info... which could change at anytime...

feel like ive waited 10 years for a risk stock like this to come around... its coming up to 4 years since listing... things have never looked better... could honestly say, think we will be waiting another 10 years for this sort of investment profile to come around for suchly a lowly market price...

:cool:
.^sc

Some more liquidity would be nice, but guess it wont be happening this week. Sorry for false alarm SC ;):p

[JBmurc]

Well the way it's playing out we could get the two drill results announced very close together ....confident it will be two discoveries
will light one big fire under the SP

[Dej]

Well the way it's playing out we could get the two drill results announced very close together ....confident it will be two discoveries
will light one big fire under the SP

First time we have seen 18 in awhile, reasons? Everything seems to be on its way down currently...

[JBmurc]

Winchester in the pay Zone this week .....not long now ...as for the monster "Palta" drill started 8 months ago come on Shell time to let slip if it's a discovery or not

[bermuda]

Winchester in the pay Zone this week .....not long now ...as for the monster "Palta" drill started 8 months ago come on Shell time to let slip if it's a discovery or not
JB,
The market is stuffed for the moment. Wouldn't it be a nice bit of relief if we could get Palta and Winchester in??? It has been a long wait. Good luck.

[JBmurc]

JB,
The market is stuffed for the moment. Wouldn't it be a nice bit of relief if we could get Palta and Winchester in??? It has been a long wait. Good luck.

It sure would, the value metric's are huge to OXX market-cap ...talk of 10 bagger isn't that crazy on those two drill being a successive commercial size also adding to the permits value and extra drill location value....

[Dej]

It sure would, the value metric's are huge to OXX market-cap ...talk of 10 bagger isn't that crazy on those two drill being a successive commercial size also adding to the permits value and extra drill location value....

We can all but hope! If it comes through as both being failures, wont we see a big drop in price in the other direction as well, quite risky situation.

[JBmurc]

Yes for sure both dusters then we only have Manuku

[Dej]

The rig being used on Palta is the Noble Clyde Boudreaux:

http://www.rigzone.com/data/offshore_drilling_rigs/497/Semisub/Noble_Drilling/Noble_Clyde_Boudreaux

The rig is waiting on location. This means that the rig is in standby mode. This status can result from many factors like delays in operator plans; problems at the site; bad weather or preparation to mobilize or drill.

[JBmurc]

Off HC forum ....poster-"leroy" was right on BOP problems

-Palta drilling nearing finish at 5.5k. Still drilling at present. Had major problems with shear rams?! Word on the street looking like a huge discovery, all going well. All the shell chiefs have been following this wildcat very closely.

[Dej]

Off HC forum ....poster-"leroy" was right on BOP problems

-Palta drilling nearing finish at 5.5k. Still drilling at present. Had major problems with shear rams?! Word on the street looking like a huge discovery, all going well. All the shell chiefs have been following this wildcat very closely.

Good to finally here something! Winchester is finishing this week If my memory serves me correctly

[JBmurc]

Good to finally here something! Winchester is finishing this week If my memory serves me correctly

I understand Winchester is not a wildcat. It was a discovery that was not logged due to an anchor chain breaking some years back....
really this drill is more about is it of a commercial size STO is certainly very upbeat on the drill ...(Santos vice president WA and NT, John Anderson, said Winchester presented a significant growth opportunity for Santos in WA)
Value to OXX 25% of 1.5TCF x 50c per mcf =200mill ==est= 90c

talk is Palta could well be a major Oil discovery(oil discoveries nearby) more so than a Mega 11TCF+ Gas discovery with Shell taking it's time and money (200mill+) ...............2billion barrels anyone LOL

both come in $2.50 fair value to OXX and here we have some fool sell down to 17.5c

[Dej]

I understand Winchester is not a wildcat. It was a discovery that was not logged due to an anchor chain breaking some years back....
really this drill is more about is it of a commercial size STO is certainly very upbeat on the drill ...(Santos vice president WA and NT, John Anderson, said Winchester presented a significant growth opportunity for Santos in WA)
Value to OXX 25% of 1.5TCF x 50c per mcf =200mill ==est= 90c

talk is Palta could well be a major Oil discovery(oil discoveries nearby) more so than a Mega 11TCF+ Gas discovery with Shell taking it's time and money (200mill+) ...............2billion barrels anyone LOL

both come in $2.50 fair value to OXX and here we have some fool sell down to 17.5c

Yeah been some weird selling going on recently, but it means we can get some more if we are interested in exposing ourselves a bit more, so doesn't necessarily bother me!

Palta, even with the set backs, is still coming to completion very soon it seems as it is almost at its required depth. Seems we may have, like mentioned before, two discoveries quite close together (hopefully)

[bermuda]

Good to finally here something! Winchester is finishing this week If my memory serves me correctly
Guys,
Good luck all. We have waited a long time. A couple of good hits here at Palta and Winchester would cheer me up no end. Be careful out there. There are talks of China imploding but I have heard that before.

A strike here would be good for Strike as well.

[JBmurc]

Guys,
Good luck all. We have waited a long time. A couple of good hits here at Palta and Winchester would cheer me up no end. Be careful out there. There are talks of China imploding but I have heard that before.

A strike here would be good for Strike as well.

Yes STX has been in one nasty downtrend for awhile now ...really be great for the whole Aussie Oil&Gas sector if the two said wells come in ...I understand Palta#1 is the biggest target getting drilled in Aussie this year

[JBmurc]

at 06:00 hours (WST) on Tuesday, 25 June 2013, the well was at a depth of 3803m MDRT
(measured depth below rotary table), with the well static and the rig waiting on weather.
Over the last week, the well penetrated the target Triassic interval higher than predicted and a number
of sandstone reservoirs were encountered with gas shows, the significance of which is being
assessed. In a separate sandstone interval, below the intervals where the gas shows were recorded,
an over-pressured zone was encountered with gas and water influx into the well. This necessitated
the well being shut-in per standard oilfield practice.
Due to the current status of the well, the planned operations over the coming week are yet to be
determined.

[Dej]

"An over-pressured zone was encountered" That sounds like a good sign none-the-less

[JBmurc]

"An over-pressured zone was encountered" That sounds like a good sign none-the-less

yes I'm no Geo but it does sound promising having some good Gas pressure below the muti zones of Gas shows .. it does have an amount of water in the bottom zone ....but the above zones are dry ...really it's all going to come down to how much is down there .... many Gas shows end up just that ...and not of commercial size..hoping thats not the case here ...

[kastin]

Hi Merc,

may i ask where you heard it may be an oil strike? it seems rather deep for an oil discovery, but with less thermal maturity you may be right...

[JBmurc]

Hi Merc,

may i ask where you heard it may be an oil strike? it seems rather deep for an oil discovery, but with less thermal maturity you may be right...

Talk was on HC/WHN thread pure speculation on my part here ....with Shell taking it's time.... and the fact there is many oil discoveries surrounding the southern Palta#1 drill site with more Gas to the north ...maybe even just a very wet gas high condensation level ..

.don't know if you have checked out the WHN thread but leroy has been right in the past ....and currently believes the talk round is of a massive discovery(Which is what the target formation was 11TCF+ etc)
Also sounds like your pretty clued on the O&G ... you posted on HC ...On the high Gas/water pressure should mean a decent cap...now as we still have some 1000m to reach total depth or now they have hit water shows it's likely to be water below this reservoir with a Gas cap ???

Also on the Accumulation of petroleum the oil window I understand (from the book in front of me) can reach down as far as 5500-6000m the deeper 5500m+ the lighter it gets then more likely to Wet gas onwards to Dry Gas ....

have been burnt so many times even when companies discovery Oil(VIX.asx)to then come back and it's gone ...

At this stage I'm betting on "Palta" a major discovery .... Winchester a gas discovery but sub-economic >>>just hope least one is a success I certain need a change in fortune

[kastin]

Ok thanks for the reply, yes you can get oil down that deep, it all depends on how much heat it's been exposed. ill check out the CMT prospectus again as someone mentioned that had some good geological information.

on winchester i'm not sure what it means, they only just broke into the reservoir sections, and i hope they keep drilling, they could have multiple stacked reservoirs not in contact with each other it is a faulted horste block. but just IMO
i'm no geologist just research a lot.

[JBmurc]

Going back into the over-pressure zone .....to take wireline logging.....must be confident this is the best target zone for testing and not to continue deeper as planned ?


WINCHESTER-1 – WA-323-P – DAMPIER SUB-BASIN WEEKLY PROGRESS REPORT No. 12
Octanex N.L. (ASX Code: OXX) (Company) has been advised by Santos Offshore Pty Ltd, the Operator of the Winchester-1 exploration well being drilled in the Dampier Sub-basin permit WA-323-P, that at 06:00 hours (WST) on Tuesday, 2 July 2013, the well was at a depth of 3803m MDRT (measured depth below rotary table), with preparations underway to sidetrack the well.
As reported in the Weekly Report No. 11, following an influx into the well from an over-pressured zone, the well was shut-in and the rig was waiting on weather. During this period of shut-in, the drill string became stuck in the hole. Once operations re-commenced, efforts to free the stuck pipe were unsuccessful and a decision was made to sever the string and prepare to drill a sidetrack.
Planned operations over the coming week are to plug back the well, drill an 81⁄2" sidetrack to initially penetrate the Triassic interval sandstone reservoirs where gas shows were encountered in Winchester-1 and then run wireline logs over the open hole section. The significance of these gas shows will be assessed on completion of the wireline logging.
Winchester-1 is a deviated well that is being drilled by the Ensco-109 jack-up rig (Figure 1), in approximately 75m of water and to a planned total depth (TD) of 4803m MD

[whatsup]

Talk was on HC/WHN thread pure speculation on my part here ....with Shell taking it's time.... and the fact there is many oil discoveries surrounding the southern Palta#1 drill site with more Gas to the north ...maybe even just a very wet gas high condensation level ..

.don't know if you have checked out the WHN thread but leroy has been right in the past ....and currently believes the talk round is of a massive discovery(Which is what the target formation was 11TCF+ etc)
Also sounds like your pretty clued on the O&G ... you posted on HC ...On the high Gas/water pressure should mean a decent cap...now as we still have some 1000m to reach total depth or now they have hit water shows it's likely to be water below this reservoir with a Gas cap ???

Also on the Accumulation of petroleum the oil window I understand (from the book in front of me) can reach down as far as 5500-6000m the deeper 5500m+ the lighter it gets then more likely to Wet gas onwards to Dry Gas ....

have been burnt so many times even when companies discovery Oil(VIX.asx)to then come back and it's gone ...

At this stage I'm betting on "Palta" a major discovery .... Winchester a gas discovery but sub-economic >>>just hope least one is a success I certain need a change in fortune

So why hasnt this been reflected in the S P ?

[JBmurc]

So why hasnt this been reflected in the S P ?

well thats the 60 million dollar Question ..Guess there's a couple factors why we aren't seeing much interest...
-Something like 80% of the outstanding shares are held by the top 20 ...now I'd say the vast bulk of the other 20% is also in pretty tight hands that know the upside and have been waiting awhile for results......palta ;;;
-OXX last drill was a duster.......and the market is very fearful of the micro-cap sectors esp the higher risk explorers

-Nil traders in OXX just look at the spread & Volume biggest day for the last year was 500k ....(me and my mate hold more) most the time there's no to very low volume ....If we do see some success we will see the SP fly ..the likes of Palta is the best target being drilled in Aus this year absolute monster 11TCF+

[JBmurc]

And the interest continues 25c 108k volume so far ....not much money wise but from OXX trading history is good to see investors wanting on board without any results of yet...

[gazprom1]

Congratulations JBM et al. Will be interesting to see where the SP settles.

[JBmurc]

Yeah biggest increase in portfolio value in one day in my doz years of trading ... Best of all oxx moved 61% on only 270k of value ...wait to some bigger buyers want on board

[JBmurc]

Any idea what this puppy could go to? Very interesting to watch and is making me interested in oil explorers! Anyone else watching PPP?

If all three drills this year are successful I,d be disappointed if it didn,t break
$2 then by no means is the growth over as oxx has some very good assets add these
In with commercial discoveries in their other permits the upside is huge
Have a look at buru-bru 2009-2012 chart IMHO OXX should will replicate

[JBmurc]

Just got home fact is aftermarket trades pushed OXX to 90% for the day LOL

[ronthepom]

Guys,
Good luck all. We have waited a long time. A couple of good hits here at Palta and Winchester would cheer me up no end. Be careful out there. There are talks of China imploding but I have heard that before.

A strike here would be good for Strike as well.

Well we have waited a long time, glad i topped up with 75000 @17.5c a few months back.

[percy]

I am really pleased for you guys.
It has been a long time and you have stuck with it.
Enjoy it.!!!

[JBmurc]

I am really pleased for you guys.
It has been a long time and you have stuck with it.
Enjoy it.!!!

Yeah thanks mate.....been along time coming for this investor .....Finally ...wonder where Shrewdy is he'll be stoked ...I owe him many many beers

In welcoming the positive results achieved to date from drilling the initial section of the Winchester-1/ST- 1 sidetrack, Octanex Chairman Geoffrey Albers commented: “We congratulate Santos in overcoming the numerous technical challenges this well has posed and their perseverance has already paid dividends for the Joint Venture.”
“Drilling on may lead to a more substantial discovery and the results thus far have enabled the Joint Venture to agree to deepen the sidetrack to chase additional prospective reservoirs,” he said. “This will provide the opportunity to capture potential upside. We have therefore agreed to make a [capped] financial contribution with the aim of achieving that outcome,” Mr Albers said.
In its announcement of the discovery at Winchester, the Santos Head of Exploration, Bill Ovenden, commented: “..wireline logging has confirmed a gas discovery with excellent reservoir quality at Winchester.”
The Santos Vice President Western Australia and Northern Territory, John Anderson, also said: “..a gas discovery at Winchester is a significant outcome, and potential commercialisation options could include the expansion of Santos’ existing production through jointly owned infrastructure, or alternatively via proximal existing third party LNG infrastructure, which surrounds WA-323-P.”
The participants in the WA-323-P and WA-330-P permits and their Joint Venture are: Santos Offshore Pty Ltd 75%
(Subsidiary of SANTOS Limited (ASX Code: STO) Winchester Resources NL 25%
(Subsidiary of Octanex N.L. (ASX Code: OXX)

[JBmurc]

Independent consultants RPS Energy Pty Ltd some years ago
in a report assessed Winchester as:

Undiscovered gas Initially in place:

Low estimate 590BCF
Best 1596
Mean 2131
High 4243

Prospective Gas Resource and Condensate:

Low 354BCF 14mmbbls
Best 1117 49
Mean 1492 67
High 3394 156

[Crypto Crude]

jbmurc,
im just quietly lurking...

im real happy for you aswell,
it is quite pleasing to have green flashing lights its been too long...
oxx since we got in has been reliable and steady and this is because the ridiculous cheap shares...
good to finally get some luck and strike...

you are right this could easily replicate a buru, and just watch octanex push out more and more explorers over the coming years...


:cool:
.^sc

[JBmurc]

jbmurc,
im just quietly lurking...

im real happy for you aswell,
it is quite pleasing to have green flashing lights its been too long...
oxx since we got in has been reliable and steady and this is because the ridiculous cheap shares...
good to finally get some luck and strike...

you are right this could easily replicate a buru, and just watch octanex push out more and more explorers over the coming years...


:cool:
.^sc

Yes I still can't get my head around how big OXX could get as I don't see Albers selling cheap but I'd say his phone will be red hot from major investors wanting on board...like woodside ? think we'll see the SP move strongly again today just no sellers round and a heap of buyers be it new and existing (I'm thinking bout throwing another 10k AUD min don't mind fighting for more 40-50c etc)

from AFR
Santos gas discovery raises hopes for Pluto-2
18 JULY 2013 | ANGELA MACDONALD-SMITH
Santos has struck gas at its Winchester exploration well off the Western Australian coast, providing a potential source of gas for an expansion of Woodside Petroleum’s $15 billion Pluto liquefied natural gas project.


Now in honesty I never really though Winchester to be that big of play compared to the likes of the MONSTER --Palta drill but I guess when your talking 11TCF (1.8billion bbls oil equif) most about any exploration well looks small ...yet doing the numbers on Winchester
changes my value of OXX of being a 10 bagger being just a start ....

Winchester-Mean 1492bcf 67mmbbl =327mill BOE --OXX 25% =81.75mill Boe x $20bbl =$1,625,000,000 ..!!!!!!!

[Dej]

I also owe you JBmurc, although I DMOR you were the one who put me onto this, and I did over 6 months ago and have bought more on weakness. Happy happy holder, and holding till Palta is out. And to think Palta was the main drill we were watching!!! 2 Discoveries is what I am aiming for!

Moosie: I also hold PPP. Makes me a bit over exposed to the oil exploration market, but hey, pick the best ;)

[JBmurc]

I also owe you JBmurc, although I DMOR you were the one who put me onto this, and I did over 6 months ago and have bought more on weakness. Happy happy holder, and holding till Palta is out. And to think Palta was the main drill we were watching!!! 2 Discoveries is what I am aiming for!

Moosie: I also hold PPP. Makes me a bit over exposed to the oil exploration market, but hey, pick the best ;)


Yeah no worries ....Now wouldn't Palta coming in just add gasoline to the fire under the SP could happen anytime been waiting since the start of the year Shell/mitz have been keeping very quite while happy to spend mega money ..IMHO the SP is really being supported by Winchester ....the other two drill not get much value

[Selena]

When I started this post on 16/11/2009 I commented on how clever Geoff Albers and James Willis were. At long last the elephant hunt has had success in the wilderness and on a free carry. How good is that? About time we heard how Shell are getting on with their well for which OXX have a royalty fee on success. This was started some 8 months ago, hate to think what it has cost Shell. What's more there is the free carry to come in the Taranaki basin after taking a large wad of cash. Let the elephant hunt continue with the wisdom of Geoff (Solomon) Albers

[NZSilver]

Ive been watching these guys, but made a rule not to do anymore speculating/invest in a company not making traditional profit. Should have just broken my rule one more time a week ago. But I must say - with a discovery made - (risk reduced hence price increased - fair enough). So I picked up a few for interest sake today at 41c - see how she goes. Possibly a great takeover target (depending on how much of the company is tied up by directors ect to prevent this) - will look into it later. Well glad to be on this now semi-spec stock for a bit of fun! Well done to holders who got in early - im sure there is a few of you but most notably JB.

[JBmurc]

When I started this post on 16/11/2009 I commented on how clever Geoff Albers and James Willis were. At long last the elephant hunt has had success in the wilderness and on a free carry. How good is that? About time we heard how Shell are getting on with their well for which OXX have a royalty fee on success. This was started some 8 months ago, hate to think what it has cost Shell. What's more there is the free carry to come in the Taranaki basin after taking a large wad of cash. Let the elephant hunt continue with the wisdom of Geoff (Solomon) Albers

Yes three big elephants drills this year ....I see the day traders have arrived many small trades today....personal think anyone selling has rocks in their head when you see the movement from Winchester ann.. and the fact we could have a Palta ann anytime...I'm trying to buy more @ 38c

On Palta OXX has a 1% ORR over the whole permit (with added bonus off up to 3 discovery payments worth 5mill each)

An Over Riding Royalty means that you clip the ticket if they ever sell anything that is get into production. You pay nothing, no development costs nothing, that is why a 1% ORR is often equated to between a 7 and 10% working interest.

Now target size is 10-11tcf in OXX permit interest(13tcf+ over whole formation) talk is this could run two pluto size LNG trains if a commercial discovery ....royalty profit numbers to OXX long term are staggering (pure est ORR earning 80-160mill AUD per year)

Woodsides Pluto/Xena is est. 5 tcf (classed as a huge Gas field) current production 85mboe+ per ann

[JBmurc]

Ive been watching these guys, but made a rule not to do anymore speculating/invest in a company not making traditional profit. Should have just broken my rule one more time a week ago. But I must say - with a discovery made - (risk reduced hence price increased - fair enough). So I picked up a few for interest sake today at 41c - see how she goes. Possibly a great takeover target (depending on how much of the company is tied up by directors ect to prevent this) - will look into it later. Well glad to be on this now semi-spec stock for a bit of fun! Well done to holders who got in early - im sure there is a few of you but most notably JB.

Yes now put OXX in the bottom draw till least end of next year ...don't be temped to sell @ 100%-200% gains unless palta /NZ are dusters....as Winchester is worth good money and will back a higher SP
as to takeover very very unlikely unless stupid high price as Albers and other mgmt hold most of the shares ...more likely we could see a major investor/hedge fund etc rock up with 50-100mill to invest and we see.... Albers giving up some of his shares for top dollar and use the funds to push project ahead aka
Canning super basin (yes OXX has yet another good permit in the mix)


Santos has struck gas at its Winchester exploration well off the Western Australian coast, providing a potential source of gas for an expansion of Woodside Petroleum’s $15 billion Pluto liquefied natural gas project.

The well, in the WA-323-P permit, found 40 metres of net gas “pay”, Santos said on Thursday. It lies directly north of the pipeline taking gas from Woodside’s Pluto field to its LNG plant in Karratha.

Santos shares rose 2.3 per cent to $14.26, while those of junior partner Octanex, which holds 25 per cent of the permit, almost doubled, adding 19¢ to close at 40¢.

Senior executives at Santos didn’t comment specifically on the potential for gas from the field to help supply a second train at Pluto, but vice-president, WA and Northern Territory, John Anderson was enthusiastic, describing the find as a “significant outcome”. He said potential commercialisation options include processing gas from Winchester through jointly owned production facilities nearby, or through LNG production systems owned by a third party.

Santos’s head of exploration Bill Ovendon referred in a statement to “excellent reservoir quality” at the discovery and said the well would be drilled deeper to evaluate other targets.

Octanex said the location of the find “bodes well for commercialisation of the discovery, particularly so if the further drilling adds to the size of the resource and should it prove to be rich in gas liquids”.

While Santos covered Octanex’s costs for the drilling so far, the junior partner has agreed to contribute to the deepening of the well, according to Octanex chairman Geoffrey Albers.

[JBmurc]

mmmm day traders ? small orders push down SP to 36c great buying for investors with a longer than couple week time frame when we should have all data on deeper targets...

Overall I'm very surprised OXX isn't trading solidly above 40c ....

Santos Head of Exploration, Bill Ovenden, commented: “..wireline logging has confirmed a gas discovery with excellent reservoir quality at Winchester.”........

Couldn't really ask for better now if the next ann shows we have yet more zones of excellent reservoir
quality ...the size will surprise the market

Best of all is Winchester location to Woodside's Pluto export train isn't far pipline wise ,,Woodside's cheapest growth would be through expansion of Pluto rather than a new muti billion dollar project....winchester 1-2tcf + liquids would work in very nice for all ..

and fact is it could well be as big as woodsides Pluto discovery 4tcf etc ....three more targets to drill

[JBmurc]

go baby go ;)

Yes upwards ...close 38c

[Crypto Crude]

Yes upwards ...close 38c
the stock doubled to 40cents to fair value...
now with a strike, its gotta double again... since 2008, energy stocks as a whole have remained undervalued to say the least...

check out FAR... its really starting to make progress...
FAR have a 25% stake in a 25% chance of success of a 3.5 billion barrel of oil target drilling in first quarter 2014 in Senegal... FAR is cashed up and claim to be drilling 5 exploration wells in the next 18 months with 7 billion barrels of oil resource...
Looks like some easy pickings here for a trade...
and not with standing the risks of drilling, there will be free exploration wells thrown in to protect downside before a strike is needed to maintain a solid 70million market cap...
I like FAR as a trading stock at least, and as a solid gamble there abouts...
:cool:
.^sc

[Selena]

With only approx 226.5million shares on issue and some $20million in cash and due for payment plus another $7.43 million available from a call on partly paids OXX is in an outstanding position to handle commitments until the cash comes in. When the dust settles and costs/returns are known share price has the potential to exceed $2. At optimum levels don't discount Geoff Albers selling down. He has been at this a long time and everyone needs an exit strategy sooner or later. I will continue to accumulate as I have done since I first got my shares by dividend in specie ex Cue circa 1986/87. Ride the w

[JBmurc]

With only approx 226.5million shares on issue and some $20million in cash and due for payment plus another $7.43 million available from a call on partly paids OXX is in an outstanding position to handle commitments until the cash comes in. When the dust settles and costs/returns are known share price has the potential to exceed $2. At optimum levels don't discount Geoff Albers selling down. He has been at this a long time and everyone needs an exit strategy sooner or later. I will continue to accumulate as I have done since I first got my shares by dividend in specie ex Cue circa 1986/87. Ride the w


Yes if OXX needs to raise cash very easy as they also have trustee stock ...Albers also could sell down his large controlling stake both can be done at much higher prices $1+...........very very rare to have such a tight register in a Oil&Gas micro-cap that also holds some very large & prospective leases ...add in J.V's ....royalties with Shell,Santos,OMV etc all seems to good to be true at these prices esp now with a discovery of Gas at Winchester...

[JBmurc]

This could well be the biggest week ann wise in the short history of OXX....

-Winchester---

-OBL Canning basin approval

-Palta

-Qtr report will all the above ...priceless if positive

[Dej]

This could well be the biggest week ann wise in the short history of OXX....

-Winchester---

-OBL Canning basin approval

-Palta

-Qtr report will all the above ...priceless if positive

Its also good to see OXX trading consistently above 35 cents. Also safe to say should be the last time we see these levels for ever hopefully.

[JBmurc]

Its also good to see OXX trading consistently above 35 cents. Also safe to say should be the last time we see these levels for ever hopefully.

yes we get the right results could be the last time we trade under $1

[JBmurc]

From WHN qtr report
-The Company continues to closely monitor the drilling of the Palta-1 well which is being undertaken by a Shell led Joint Venture in the adjacent WA-384-P permit.
Industry intelligence suggest that Palta-1 is close to completion and there have been unconfirmed reports that the WA-384-P joint venture has applied for an extension to the permit terms to allow it further time to fully evaluate the results achieved to date.
WHL Energy will continue to monitor for further information on the results of Palta-1, which is targeting the very large Palta prospect – estimated to contain upwards of 13.5 trillion cubic feet (tcf) of gas if hydrocarbons are in place

[bermuda]

From WHN qtr report
-The Company continues to closely monitor the drilling of the Palta-1 well which is being undertaken by a Shell led Joint Venture in the adjacent WA-384-P permit.
Industry intelligence suggest that Palta-1 is close to completion and there have been unconfirmed reports that the WA-384-P joint venture has applied for an extension to the permit terms to allow it further time to fully evaluate the results achieved to date.
WHL Energy will continue to monitor for further information on the results of Palta-1, which is targeting the very large Palta prospect – estimated to contain upwards of 13.5 trillion cubic feet (tcf) of gas if hydrocarbons are in place

Thanks JB,
OXX looking good today.

[Dej]

Reports out

[JBmurc]

Reports out

Yep not much new outside the fact Winchester won't be drilled as deep as the target's are higher than expected ....sounds like least couple weeks before any solid results on Palta /Winchester......Canning basin be the next ann

[Dej]

Palta is dead

[Selena]

Cost of Palta must have been huge for Shell. Real clever play by OXX and more to come! The next 12 months is still going to be exciting. Because there has been no news on Palta until now, I think most investors had written it off anyway.

[NZSilver]

bugger.....

[Dej]

Once I heard Palta was dead I sold up for just over 100% gains, looks like that was the right decision... jesus though :(

[Dej]

ouch, falling very hard now! looks like you made a good decision dej. just proves how risky this business is, even when you think you have it in the bag!

Looks like its back to square one for most people... yeah this industry can change very suddenly, expecially the bad sentiment that is covering resources in Australia atm any bad news for a stock like this and it comes plummeting down.

I took action as it was a risky stock and all of the news I was waiting for had come out, that ended my investment as thats what my plan was.

Still, had been holding OXX for awhile and still feel bad, had such promise, expecially Palta!

[JBmurc]

Once I heard Palta was dead I sold up for just over 100% gains, looks like that was the right decision... jesus though :(

Yeah would have sold a few had I been at home ...just got back ...Palta dud ....bugger ...was the biggest wildcat of the three for this year

On Winchester -- not a dud just yet IMHO
Analysis of the log data obtained over the interval to TD, together with the log data obtained over the section 3455m to 3771m MDRT, is on-going.
they were experiencing mud losses, there would possibly be no returns to surface so not able to give any indication they are still in gas pay until logs are run....so why we didn't get any talk of HC etc

[JBmurc]

From Streettalk at
http://www.afr.com/

"Citigroup has flagged the possibility for a larger resource at Santos’s Winchester-1 exploration target in the Carnarvon Basin offshore Western Australia

Drilling to date gross thickness of more than 405 metres. pre-drill estimates of the resource showed a gross thickness of 237 metres

Santos pre-drill target estimate of 680 billion cubic feet of gas could actually be as high as 1.4 trillion cubic feet.

[JBmurc]

4685Hah sellers not so keen to sell now ...be many a seller wishing they held onto their OXX if Winchester does turn out to be a major TCF find worth mega $$$

offers currently ...
300 @30c
10k @32c
4k @34c
7k @35c
10k @35.5c
4.7k@ 36.5c

Now if you wanted to buy 300-400k ?

[bermuda]

JB,
I always thought the selldown was not warranted. We could be on to a real winner. A lot of people did not understand that last ASX release. Good rise yesterday. Hopefully more today.

[Selena]

The volume chart says everything, the upside is still huge. Let the elephant hunt continue

[JBmurc]

JB,
I always thought the selldown was not warranted. We could be on to a real winner. A lot of people did not understand that last ASX release. Good rise yesterday. Hopefully more today.

Yes think some holders went bit silly and lost their heads ...also no doubt stop-losses hit (I'd never put a SL in such a tigthly held /low volume traded stock)

Got this from Ophir energy-puts into perspective what we have with confirmed discovery of 40m net already at Winchester....and now talk of maybe much more once the wire-logs have been reviewed

Fortuna East -1 (R5) encountered a 55m gas bearing column containing a total 40m of net pay in the primary target Late Miocene sands of the eastern lobe of the Fortuna Complex.
Gross mean recoverable resources for the Eastern lobe of the Fortuna Complex as defined by this well are 426 bcf (71 MMBOE)!!!!

[Selena]

JB is right on the button. We need to wait until the information from the well has been assessed to understand how good the discovery is and what will be done with it. Early days yet with more action coming next quarter.

[Dej]

If we get another dip over time I may re-enter but for now Im happy with my takings!

[JBmurc]

If we get another dip over time I may re-enter but for now Im happy with my takings!

As we know how tightly held oxx ,might be hard to get any decent size
Holding unless Winchester ends up uncommercial (unlikely from reports)
Or your fast and buy the 100k at 30c ... As I,m confident the next headline
From oxx will be "Discovery size trebles 120m net gas zone est 1.2tcf"
Then the rally we,ve just had would pale to the movement oxx would make
Least 100% from here

[Selena]

Some years ago I heard Carmel Fisher speak and she said "I wont invest in any company unless I have met the CEO and I have confidence in the CEO". I have met the OXX Chairman and CEO some time ago. For those with any doubt about the last announcement I suggest you get on the phone or ask by email: where to from here? As I said before JB is on the money

[JBmurc]

OXX FIRST DISCOVERY !!


 Analysis of all wireline logs, pressure data and samples obtained to date has increased the condensate-bearing net gas pay of the discovery at Winchester- 1/ST-1 from 40m to 58m

so my pure est. we may have 400-500BCF +condensation(major bonus wet gas worth much more than dry)

Not as big as I hoped but still work a tie in to local inverstructure being a major positive for Winchester's value to interests

[JBmurc]

Independent consultants RPS Energy Pty Ltd some years ago
in a report assessed Winchester as:

Undiscovered gas Initially in place:

Low estimate 590BCF
Best 1596
Mean 2131
High 4243

Prospective Gas Resource and Condensate:

Low 354BCF 14mmbbls
Best 1117 49
Mean 1492 67
High 3394 156

Right so going from RPS report I think we will be looking at a discovery over the low target which is 354bcf + 14mmbbls

--- (400bcf + 15mmbbls)

Now converting Gas to bbls(to value and adding in condenste) =69MMboe + 15mmbbls = 84MMboe OXX share 25% =21MMboe

----Now what value is 21,000,0000bbls oil equif worth ???? $10 =210 mill AUD $20 =420 mill currently AUD oil price $119

makes me want to buy more I really don't think OXX holders understand guess till Mgmt put it in black n White

[uazy4]

58m PLUS what is below but was unable to be drilled on this occasion. Not a bad result and a good start for this quarter. It will be interesting to see if Shell renews the Palta-1 permit otherwise am I right in saying it reverts back to OXX? It's sure good to be in business with the big boys - Shell, BHP up in the proven NW basins.

[JBmurc]

I'm not worried on Palta...Shell just smoked 200mill+ really if they don't what to have another look in the area it's zero to low value to OXX ...which is fine and part of the O&G

OXX short term growth will be coming from the outcome to the latest discovery "WINCHESTER" wet gas 58m nett ...Woodside has smaller sized discoveries next door ... LNG train just down the road ....also Santos has discoveries in the area ...think we will see the Big boys take over OXX stake will reduce but we will get a free carry to production & sales .....next the naki ....then longer term the Canning Super Basin

Also Sounds like Santos haven't told them much at all on Winchester ...as to why we haven't got much details......

[JBmurc]

Santos chief executive David Knox is an unashamed bull on the long-term energy market. He tells Smart Investor’s Zoë Fielding that Australia is extremely well placed to provide energy to some very strong markets

What are your future exploration plans?

We’ve increased our exploration budget this year and made a series of discoveries. The majority of these have been in the Browse Basin, although we made a significant discovery just recently in the Carnarvon Basin.


http://www.afrsmartinvestor.com.au/p/shares/foot_on_the_gas_eYnfDQw6vBN4vXhZA4hgrI

WHY INVEST IN OCTANEX

Octanex holds a portfolio of offshore petroleum exploration permits with the potential for high commercial impact on the Company in the event of exploration success – see Projects;
After farming out well obligations, the forward committed exploration expenditure is limited to acquisition of new seismic surveys and data reprocessing;
A 25% interest in the Winchester gas/condensate discovery made in the WA-323-P permit in Q3 2013;
Potentially further drilling of the Winchester feature in the adjacent WA-330-P permit where Octanex also holds a 25% interest;
A 22.5% interest being fully carried by OMV NZ Limited through the Matuku-1 well in PEP 51906 in offshore Taranaki, New Zealand being drilled in Q3/Q4 2013;
In a success case at Matuku-1, OMV has estimated the mean recoverable resource for the Matuku prospect as approximately 65 million barrels;
If a follow up exploration well to Matuku-1 is drilled in the Matuku North culmination, Octanex will be free carried through the well by reducing its interest in PEP 51906 to 17.5%;
Octanex holds 50% interests in two further offshore Taranaki permits (that are partially carried through all exploration expenditure up to a well) and a 35% interest in a fourth permit;
3D seismic surveys were acquired in April/May 2013 within the 50% held offshore Taranaki permits targeting potentially oil prone leads;
2D and 3D surveys were acquired in Q4 2011/Q1 2012 in the five Southern Bonaparte Basin permits where Octanex holds 100% interests. A 3D survey was also acquired at the same time in an adjacent 65% held permit;
Following interpretation and mapping of the six 2D and 3D surveys, the Southern Bonaparte Basin permits will have enhanced potential for farmout;
Drilling success in any one or more of the Octanex’s portfolio of permits will have transformational share price impact;
Ongoing valuable commercial rights are held in the Southern Exmouth permits via the overriding royalty and discovery payment agreements with Shell;
A Declaration of Location has been granted over The Greater Cornea Field (which includes the Cornea (Central and South), Focus and Sparkle Oil Fields and the Tear Gas Field), a necessary step in seeking a Retention Lease over the Cornea oil and gas accumulations;
Pending farmin to a 25% interest in the Derby Block in the onshore Western Australia Canning Basin via direct acquisition of an interest in the permit (once granted);
Octanex is committed to investing in transformational resource based opportunities

[JBmurc]

great post there JB, been looking for a good summary of the company for quite awhile. seriously considering investing in OXX this year. much appreciated :)

No worries brought more myself today @ 28 ....on STO comment "a significant discovery just recently in the Carnarvon Basin.(Winchester)

[kastin]

Hi JB he could mean bianchi-1
(but i hope it's winchester )

[JBmurc]

Hi JB he could mean bianchi-1
(but i hope it's winchester )

Yes true bianchi 112m net Gas discovery (STO 24.7% interest) >>>

>>>reason I thought it was Winchester (75% STO) was from>

Santos Head of Exploration Bill Ovenden said wireline logging has confirmed a gas discovery with excellent reservoir quality at Winchester..,

Also I understand Banchi is a dry gas where the 58 nett meter Winchester is Wet Gas (much higher value)

Another thing On Winchester- was it was never drilled to it's planned total depth likely because of the high pressured zones at depth increasing the risk of losing the Drill string etc so good case for drilling another well on a location nearby ....

[bermuda]

Yes true bianchi 112m net Gas discovery (STO 24.7% interest) >>>

>>>reason I thought it was Winchester (75% STO) was from>

Santos Head of Exploration Bill Ovenden said wireline logging has confirmed a gas discovery with excellent reservoir quality at Winchester..,

Also I understand Banchi is a dry gas where the 58 nett meter Winchester is Wet Gas (much higher value)

Another thing On Winchester- was it was never drilled to it's planned total depth likely because of the high pressured zones at depth increasing the risk of losing the Drill string etc so good case for drilling another well on a location nearby ....

Good stuff JB and Kastin. I thought about selling down some of my 500k OXXCB but as you say JB, there is too much upside coming up. That was a good summary by Knox from Santos.

Just been reading Heinburg's book on Snake Oil ( fracking in the USA ). It's a bubble that has all the hallmarks of bursting due to the artificially low USA gas price. It is not a pretty story. If you are into Shale make sure you are drilling in the wilderness, have plenty of low cost water, and a good gas price.

Good luck OXX . This has been a long term play that is coming to fruition through a number of plays that JB has outlined.

[Dej]

If we see any sort of a price decay over time I may buy back in! I think I was a bit quick to sell before (although I am not complaining on 100%+ gains) - a see more potential.

[JBmurc]

If we see any sort of a price decay over time I may buy back in! I think I was a bit quick to sell before (although I am not complaining on 100%+ gains) - a see more potential.

Yeah I still think even at this stage OXX as being one of the best O&G plays on the ASX a currently traded price ....I think if you could get your fill mid 20's your'd be very happy before Xmas.....

Currently OXX has 7Mboe nett in the Greater Cornea Field Discovery (value ??)
58m nett gas/condensate discovery at Wichester (my est) 20Mboe nett OXX

=27Mboe this resource alone backs my view OXX as a Strong Buy

-extra bonuses -Matuku-1 free carry 17.5% OXX for the end of year

-then just go through their Permits held and future move into the Canning basin Gives Huge Growth of J.V drilling opts for 2014/15/16

[pietrade]

Good stuff JB and Kastin. I thought about selling down some of my 500k OXXCB ...........

Do you know when the due date for full payment is?
Thankx

[Dej]

Yeah I still think even at this stage OXX as being one of the best O&G plays on the ASX a currently traded price ....I think if you could get your fill mid 20's your'd be very happy before Xmas.....

Currently OXX has 7Mboe nett in the Greater Cornea Field Discovery (value ??)
58m nett gas/condensate discovery at Wichester (my est) 20Mboe nett OXX

=27Mboe this resource alone backs my view OXX as a Strong Buy

-extra bonuses -Matuku-1 free carry 17.5% OXX for the end of year

-then just go through their Permits held and future move into the Canning basin Gives Huge Growth of J.V drilling opts for 2014/15/16

I already miss being apart of this train, but yes thats my target, around 23-25 would be fine by me.

When I sold OXX I was in Monte Carlo, so you can understand rational decisions were not being made ;)

What are we currently looking at price wise with Winchester Factored in? its in one of your previous posts I believe

[whatsup]

Do you know when the due date for full payment is?
Thankx

Not before 31/3/14

[pietrade]

Mucho Gracias amigo' whatsup'.

[JBmurc]

I already miss being apart of this train, but yes thats my target, around 23-25 would be fine by me.

When I sold OXX I was in Monte Carlo, so you can understand rational decisions were not being made ;)

What are we currently looking at price wise with Winchester Factored in? its in one of your previous posts I believe

well if we just value the two discoveries my est. 27Mboe....... if we take just 10% IGV at current live AUD brent price $123bbl
===27,000,000 x $12.30 =332mill In ground value - round 230mill shares (include part paid worth another 7mill to OXX)
so we can see $1 value pretty easy without including cash or asset value ....but of course till we have the exact details on Winchester's size it's hard to value......still big upside here IMHO

[JBmurc]

latest news out
Offshore taranaki basin Farmout ann>>> looking for a major to come over two targets ready to go---can drill as soon as 2014 with Rig in NZ waters

now bring on the announcement of new partner before Xmas please

Well such a low volume traded stock ,,really forgotten by market ....overall happy with where OXX is outside the fact STO is not letting us in on how big Winchester is or any forward plan with pipelines so close by ... my est. put OXX resource position round 27Mboe ...with NZ drill to spud before the years out maybe adding another 11Mboe+ ---(will see more wells drilled if commercial discovery)

market values OXX 52mill -----20mill in cash (this includes NZO payments)
that leaving NAV of only 32mill ??

OXX is so very under the radar if I'm right and the market wakes up and actually values OXX est resource at say $20 per boe (AUD brent $120) the OXX could near 10 bagger just on the two discoveries + Aussie assets .... then add in NZ assets with a discovery ?

It really is only a matter of time ....

IMHO Santos is keeping the size & economic value of Winchester and permit to themselves for good reason....I think they will keep quite till Matuku#1 is drilled if commerical I really think STO will move on OXX for it's assets and will offer a good scrip deal to OXX holders (oxx 10:1 sto) OXX is pretty much entirely held by so few hands it will be a easy takeover for STO take full control of Winchestor & permit Cornea discovery,Canning basin,get many other WA permits STO would be keen on ....add 30-40mboe to the resource base get a foot in the door in NZ etc etc ...only way it won't happen is if we get re-rated much much higher

Buying at 23c is near a criminal offense

[Corporate]

I think NZOG will benefit hugely from working with OXX who are absolute quality.

[JBmurc]

Thanks Corporate. I like to hear that management is absolutely top notch, gives some major hope that these guys know what they are doing. Too many times do we see terrible management on the NZX with some treating it like the Wild West...

Yeah I agree with corp also as there both keen on farming out the permits hoping to get a free carried on a couple of drills ....OXX have been the masters of this in recent times working with Shell , STO , OMV ......I'm hoping one of these guys or a Apache ,Eni ,Origin etc will be keen to throw ten of millions at a couple big drills ...no doubt leaving OXX/NZO with 10-20% free carry

[Corporate]

JB - what are your thoughts on OXXCB. They don't really trade at much of a premium at all? Very illiquid though.

[JBmurc]

JB - what are your thoughts on OXXCB. They don't really trade at much of a premium at all? Very illiquid though.

yeah i think they'd give you that bit more leverage .10c ex price..,i never bothered as like you say really illiquid ...the head shares are bad enough if your after a larger size position ...massive gaps ..low volumes traded thanks to 90%+ of shares being tightly held...

[whatsup]

Thanks Corporate. I like to hear that management is absolutely top notch, gives some major hope that these guys know what they are doing. Too many times do we see terrible management on the NZX with some treating it like the Wild West...

BUT UNLOVED at present

[JBmurc]

BUT UNLOVED at present

very much so ....a good post on HC which shows quite clearly 22c OXX is very oversold ....what of course we need is STO to give us contingent resources for Winchester the market can then value (also a time frame on production ,with pipeline right on the doorstep shouldn't take much aka 2014 production IMHO)

-------
I saw a couple of reports from Goldman Sacchs and Macquarie rating STO shares. It seems there's still a fair amount of work to do to determine reserves but GS where rating Winchester/Bianchi discoveries at 29 cps for Santos (risked) and Mac specifying 24 cps risked and 69 cps unrisked.

24 cps is worth ~$230m to Santos based on MC of $14.3bn and a share price of $14.70. Assume 1/3 is for Winchester which has half the net gas play depth of Bianchi, say $77m. Santos has 3 time the stake of OXX so approx. risked for OXX is $26m giving so I'd expect a risked share price in the low thirties assuming a pre-discovery evaluation of 20 cps. Unrisked value would be approx. $75m for OXX or 52 cps. market seems a bit low but not too far off. I think the values are based on 680 bcf so may change when reserves are determined. The net gas play is lower than anticipated pre-drill but quality/condensate is very good so who knows. And something was mentioned about additional gas from the lower levels that may be available on production drilling.

Feel free to check the maths.

--Now we can see easy 20cps backing min for Winchester --(upside 52cps)
--then you have 15mill in cash =8-10cps
--Cornea discovery 7Mboe nett to OXX---$1-2 per boe ? = 4.5cps-9cps
--Matuki#1 free carry drill start mid Oct -- = ?
--19 high class petroleum exploration permits = ?
--Smart Mgmt history of working with some of the biggest in the business = ?

I really think in a sane market OXX should be trading on a risked basis 35-40c

Moose current price is a gift >>>>it will not last

[JBmurc]

thanks again JB, I will take it under consideration and look to free up some cash very soon. I think there is even more upside to OXX if the shares are as tightly held as you say (see BFW and XRO to see what happens in that case!)

Well worth looking at this page

http://www.octanex.com.au/about-us.html

[JBmurc]

From SSN report out today...

1.8 MMBOE with a Net Present Value at a 10% discount rate (NPV10) is $39.6 million using NYMEX pricing

--my present OXX est of reserves -25-30MMboe value given by the market 10-20mill

[JBmurc]

From today's ann report after the market closed (thanks guys)

Recent preliminary post-well analysis by Santos suggests that the estimated size of the Winchester discovery, by itself, to be insufficient to be developed economically. Further contributions from possible deeper or adjacent hydrocarbon zones to the Winchester location would be required to augment the resource.

So much for the big talk from STO load of B.S

Many thanks to Eifilio on HC that heard through STO contact's winchester was sub economic >>even though going from the chart it looks like many insiders already knew long ago....

Did get a call back yesterday from OXX company sec caught me off guard as was days after I left a message... plus I was looking after my 16 month daughter so not ideal ...funny thing was I brought up the negative SP movement (35c-low 20's) and talk round that Winchester was looking to be sub-economic ,he stated quite clearly there was no-way anyone would know about the result then really wanted to know where I would here such lies etc ,,,got to say I've lost a good amount of respect for OXX with today's above ann...he knew all along ,,the bastard (I know he couldn't say ...disclosure laws etc but still going out of his way to paint a picture the results cwould likely be months away...!! )

[JBmurc]

gutted. thanks for the update JB. looks like this will be sitting away from the buy button for awhile now. and to think, I was only half a day away many moons ago to buying up large after the price fell back from 40c. guess I'll stick to what I know...

Yeah I sold round half my holding av 25c(would have sold the more if it wasn't for the callback from mgmt)--also with delay's on the NZ drill could well see mid teens next couple weeks

[Dej]

Yeah I sold round half my holding av 25c(would have sold the more if it wasn't for the callback from mgmt)--also with delay's on the NZ drill could well see mid teens next couple weeks

Man this has gone from a possible 10 bagger to nothing quite fast - I'm lucky I got jumpy and got out when I did it seems even though at the time I was guttered I did. Trust the gut I suppose. Thanks for all the information over the months JB though, you been a real champ. Sad to see it turn out like this, still got potential, but not for awhile now.

[JBmurc]

Man this has gone from a possible 10 bagger to nothing quite fast - I'm lucky I got jumpy and got out when I did it seems even though at the time I was guttered I did. Trust the gut I suppose. Thanks for all the information over the months JB though, you been a real champ. Sad to see it turn out like this, still got potential, but not for awhile now.

Yeah wish I did as well....... still sitting on a profit but nowhere as good as it could be plus still got 105000 which I'd like to sell the bulk if the SP doesn't get to silly low on monday >>yes this year is over for OXX upside outside J.V drilling plan 2014 etc

(from my old post)
--Now we can see easy 20cps backing min for Winchester --(thats now zero)
--then you have 15mill in cash =8-10cps (8cps)
--Cornea discovery 7Mboe nett to OXX---$1-2 per boe ? = 4.5cps-9cps (lets just say 5cps)
--Matuki#1 free carry drill start mid Oct -- = ? (3c)
--19 high class petroleum exploration permits = ? (1c)
--Smart Mgmt history of working with some of the biggest in the business = ? (after talking with OXX secretary 0c)

So fair value IMHO OXX should be trading on a risked basis =17-18c but wouldn't be surprised to see a lower SP over the next few months as it all sinks in ..delay with NZ cherry on top of a disappointing 2013

-Still if we can get least 2-3 good wells on the books to be drilled next year (low interest J.V ..santos sound likely to drill another in permit,NZ farm-out)....success with Matuku 1 ...etc no reason why OXX couldn't have a cracker 2014

Conclusion---what little faith I had in trusting Analysts,mgmt,J.V of jnr oilers is gone Fk them all ....trade for profit ... trust no-one

[Dej]

Conclusion---what little faith I had in trusting Analysts,mgmt,J.V of jnr oilers is gone Fk them all ....trade for profit ... trust no-one

Dont be bitter, profits profit mate. :)

[JBmurc]

Dont be bitter, profits profit mate. :)

Yeah need a few more of them ...hard not to be bitter when time n time again mgmt of resource jnrs seem to be shafting me along with other shareholders (SSN,CVR,NAV,ARV,VIL,ELM,STX,PSA off the top of my head
some doing Capital raising then bringing out poor results




"

[Dej]

Yeah need a few more of them ...hard not to be bitter when time n time again mgmt of resource jnrs seem to be shafting me along with other shareholders (SSN,CVR,NAV,ARV,VIL,ELM,STX,PSA of the top of my head
some doing Capital raising then bringing out poor results




"


Now on your side mate, pretty unfair what they did.

[stevo1]

Unfortunately seems all too common on ASX many companies set up solely for benefit of the directors .
Its a jungle out there

[Dej]

Unfortunately seems all too common on ASX many companies set up solely for benefit of the directors .
Its a jungle out there

"Its a like a jungle sometimes it make we wonder how I keep from going under" - Grandmaster Flash

To relevant to not post :eek2:

[JBmurc]

lol, just had to bring that song up eh Dej?

I think it is rather concerning that the company made a loss as well compared to their profits in years past...

so, where to from here? keep hoping, praying and accumulating? or look at others such as PPP?


swing trade...day trade. treat them like they treat us ..look after #1 ...see a profit take it ...they get low on cash need Capital dump them ...cut losses ride gains etc

[JBmurc]

One bonus with a low traded/tightly held stock ....pretty much all out 22c ..outside a small token holding

[Dej]

One bonus with a low traded/tightly held stock ....pretty much all out 22c ..outside a small token holding

At least you locked in some profits, I mean your buy in should be below 20 - I would have thought. Small "just incase" holding right? Free carried I'm presuming.

[JBmurc]

At least you locked in some profits, I mean your buy in should be below 20 - I would have thought. Small "just incase" holding right? Free carried I'm presuming.

now zero holding still got more to sell from a mates account I'm looking after ....both are averages round 18c ..I did trade 30k,50k lots for a couple cents profits as well as selling 50k at higher levels over the last few months ...overall really happy to be out was worried there might have been a few more selling and forced me to hold esp when you remember OXX traded well below these levels before the results were known on Palta & Winchester + the extra 3.8mill spent ,,,will look again early next year

[Dej]

...will look again early next year

Will see you then ;)

[whatsup]

now zero holding still got more to sell from a mates account I'm looking after ....both are averages round 18c ..I did trade 30k,50k lots for a couple cents profits as well as selling 50k at higher levels over the last few months ...overall really happy to be out was worried there might have been a few more selling and forced me to hold esp when you remember OXX traded well below these levels before the results were known on Palta & Winchester + the extra 3.8mill spent ,,,will look again early next year

Surely the directors would have been pretty careful before they committed that extra $3.8m or was that a massive PUNT- certainly looks like it in hindsight, and now depleted cash reserves and little chance of oppies holders fronting some time AFTER March end, will IMHO drive the S P much lower, wheres Alpers geneous now !

[JBmurc]

Surely the directors would have been pretty careful before they committed that extra $3.8m or was that a massive PUNT- certainly looks like it in hindsight, and now depleted cash reserves and little chance of oppies holders fronting some time AFTER March end, will IMHO drive the S P much lower, wheres Alpers geneous now !

They did commit 5mill but guess as they never got to total depth it cost less...interesting to not see much selling I've made up 360k of the 468k selling volume so far today...rest of the smaller holders happy to wait till 2014 ?? with NZO upcoming payments I'd think they'll still have least 15mill in the bank ..going forward
est with talk of STO drilling again be interesting to see the funds OXX will have to commit...some keen buyers above 20c I now value OXX @17c max with only one well planned more J.V's farm-in will increase my value

[whatsup]

Looks like OXX does it again , OXXCB's now not needed to be paid up until Dec 2015, mind you who in their right mind would pay the call in this market as as Ive seen it before the heads have fallen post the call.

[JBmurc]

Looks like OXX does it again , OXXCB's now not needed to be paid up until Dec 2015, mind you who in their right mind would pay the call in this market as as Ive seen it before the heads have fallen post the call.

Yes tried to buy the OXXCB but E*trade wouldn't let me for some reason so brought SOC instead ....basically I see the CB as a much like a option 10c ex with with whats coming up NZ drill is a great leverage BUY even if just for ST trade on market interests once drilling starts

[uazy4]

Yes tried to buy the OXXCB but E*trade wouldn't let me for some reason so brought SOC instead ....basically I see the CB as a much like a option 10c ex with with whats coming up NZ drill is a great leverage BUY even if just for ST trade on market interests once drilling starts

Same thing happened to me. E*TRADE advised they require you to sign a form in regards to dealing with partly paid shares. Go to their home page My Accounts/Forms and Applications/Partly Paid Security Client Agreement. Complete form and send to E*TRADE. They must have introduced a new process as I have purchased partly paid previously without the need for signed form.

[spirit]

OMV have applied for 7 year extension to PEP51906. This must mean that they are very confident about that west Maui kitchen. Probably about 3 months to know the outcome of the application which maybe is in need of quite an extensive drilling programme if the application is to carry the day. In short, OMV has to be attaching some serious confidence to the Matuku play.

[Corporate]

OMV have applied for 7 year extension to PEP51906. This must mean that they are very confident about that west Maui kitchen. Probably about 3 months to know the outcome of the application which maybe is in need of quite an extensive drilling programme if the application is to carry the day. In short, OMV has to be attaching some serious confidence to the Matuku play.

spirit, thanks. Where did you get this info from?

[spirit]

Recent applications received and granted - petroleum:

http://www.nzpam.govt.nz/cms

[spirit]

It's interesting that OMV have gone for this licence extension some 9 months [as I read it] ahead of the cutoff for such application. This possibly makes sense on two counts. Firstly this leads to the earliest possible input for decisions affecting the design of their ongoing exploration programme. Secondly, again as I read it, extension of permit duration can also incur relinquishment provisions of land area which are established at the discretion of the Minister - and the current Minister does appear to be especially naive and therefore presumably more likely to forgo any relinquishment requirement.

[spirit]

Great result on PEP51906 [1613km2] application:

7 year extension granted through to 18 Nov 2021,

For an additional 710 km2 of 3D seismic,

And staged relinquishment [25% X 3] of licence area: 2014/2016/2019.

[JBmurc]

Yes also the merger with PKO looks very interesting OXX keen on doing the deal no less that 1c for PKO shareholders current SP .08c so looks to be easy 20%

[whatsup]

Matuku spuds, OXX starts its 45 day drill, Drill baby Drill !!

[spirit]

It's looking like @ primary target sometime next week.

[Dej]

Just had another peak at this bad boy. Buyers at 6 cents and sellers at 20+c?@!!?!:scared:

Illiquid as they get!

[JBmurc]

MATUKU-1 WEEKLY PROGRESS REPORT No. 6 PEP 51906 – OFFSHORE TARANAKI BASIN, NEW ZEALAND
Octanex N.L. (ASX Code: OXX) (Company) has been advised by OMV New Zealand Limited, the Operator of the Matuku-1 exploration well being drilled in the offshore Taranaki Basin permit PEP 51906, that at 06:00 hours (NZST) on Tuesday, 14 January 2014, the well was at a depth of 4,000m MDRT (measured depth below rotary table).
Since the last progress report on 7 January 2014, the 81⁄2ʺ section penetrated the Kaimiro Formation D Sand (T20 sands) which were found to be porous with oil shows but water bearing, before drilling through the E Shale into the Kapuni Group Farewell Formation F Sand (T10 sands) at 3,935 MDRT. The F sands were found to be porous, but there was no significant gas or shows.
Planned operations over the coming week are to drill ahead to the next target, the Pakawau Group North Cape Formation (K90) sandstones.
Matuku-1 is programmed as a vertical well that is being drilled by the Kan Tan IV semi- submersible rig in water depths of approximately 130m. The Operator currently intends drilling the well to a total depth of 4750m MDRT.
The Company’s wholly-owned subsidiary, Octanex NZ Limited, holds a 22.5% participating interest in the PEP 51906 permit and this interest is being free carried by OMV through the drilling of the Matuku-1 well – see the attached Figure 1 Location Map for the Permit and Matuku-1.

[JBmurc]

One positive least OXX got some of the NZO funds ...keep OXX going for least another drill or two before coming to S/H's

[JBmurc]

Ouch 14.5c only days ago buyers at 26c ...`didn't look good at the last ann ...

[KiwiGreen]

Hey JB interested on your current thoughts.

Unlucky (calendar) year for OXX, BUT they still come out looking very good financially.

They've got a few ideas going forward, but no big plays like we saw over the past 12 months. Thing is though, they have a lot of prospects and inevitably will have drills in the ground again soon enough. We know the management are solid so is now the time to buy while the share price remains this depressed?

Don't think this is the 5 year low, but it must be close.

[JBmurc]

Hey JB interested on your current thoughts.

Unlucky (calendar) year for OXX, BUT they still come out looking very good financially.

They've got a few ideas going forward, but no big plays like we saw over the past 12 months. Thing is though, they have a lot of prospects and inevitably will have drills in the ground again soon enough. We know the management are solid so is now the time to buy while the share price remains this depressed?

Don't think this is the 5 year low, but it must be close.

Well IMHO 2013 was a shocker of a year 100's mill spent in exploration in there permits with pretty much nil good results (bonus was mostly paid by others J.V deals etc)
Yes OXX has market value round the same as cash but with nothing planned to be drilled any time soon ...unlikely much to excite the market into buying till 2015+ still if your've got a longer term outlook OXX should well reward handsomely with the "derby block" deal likely-hood they'll get a bigger piece of the pie...and in turn J.V with major for free carry

[uazy4]

OXX has just been awarded a SFRSC - the Ophir Cluster. OXX has 50% in the JV.
It's all about enhanced oil recovery in SE Asia through Petronas.

http://www.petronas.com.my/media-relations/media-releases/Pages/article/ETRONAS-AWARDS-SMALL-FIELD-RSC-TO-OPHIR-PRODUCTION.aspx

THIS IS A COMPANY MAKER.

Well done Uncle Geoff and all the long term holders.

I look forward to the market reaction.

[JBmurc]

Just about time to think about buying into OXX but looking at the depth one will have to pay 13.5c or buy PKO which is getting taken over by OXX .....If PKO can get a CADCO settlement (should know next couple days) buying PKO @ .008 will get you into OXX for 9.6c....think OXX will get some market attention again before the years out