INP - Innamincka Petroleum Coal seam gas ??????????

[tricha]

This is my dog stock of the year and I latched onto it because I hold AWE

AWE: AWE`s Rockhopper-1 confirmed as oil and gas discovery (http://www.stocknessmonster.com/news-item?S=AWE&E=ASX&N=578724)

It has been in a long downward spiral and it is not loved any more.

However fundamentally, it looks like it has the goods and is to be a producer with very good P2 reserves.

If I put my simple valuation to it, it comes up with a valuation of 86 cents a share and this does not include Rockhopper, which could be ..................


Also at such a low price would the majors take it out ?????

Any thoughts welcomed folks, I now own 60 K of these gambling shares.

Happy hunting. ;)

[STRAT]

I like these kinds of stories Tricha.

Will add it to my watch list. I know you dont think much of TA but it can prove very useful for timing an entry when dogs get a flea bath.

[KentBrockman]

This is my dog stock of the year and I latched onto it because I hold AWE
....

Tricha, I remember this one shooting up a few years ago from 20c to $1.30 or so following a 100mbbl oil find in the Cooper (or somewhere in that area) . DHJ of VPE fame immediately used that find to blow his own horn as to what one can still find there and told everyone of the enormous value of VPE due to that find (as he does ;) ).

I have not really followed INP since then, but I noticed it's now back below 20c. Whatever happened to those 100mbbl?

[tricha]

Thanks Strat and Kent, the big question is, is it fundamentally sound, if it is, TA will not count Stat, Rockhopper sidetrack drill will, but which way, I'll punt for a positive result.

Anyway borrowed this extract of Hotcopper, it looks like I need to do more research.
ANY CSG guys out there got a clue if their CSG is a go ??

5% of a major oil & gas field (pmunt) (http://www.hotcopper.com.au/user_profile.asp?uid=101884)

Only 5% skypiliot?

Are you joking; where are you coming from mate - only 5% of what?

Back in July in the ASX release "INNAMINCKA PETROLEUM FARMS IN TO BASS STRAIT GAS CONDENSATE DISCOVERY" it was announced "Independent assessment of mean original gas in place (OGIP) [for Trefoil-2 and Rockhopper-1] in excess of 1.2 Trillion cubic feet (Tcf)". 5% of 1.2 trillion of gas is a lot of $gas; especially with the price of gas escalating rapidly. Add to that 5% of the oil in the discoveries and your 'only 5%' starts to look even more ludicrous.

Now we have two wells drilled that confirm two new gas fields together with a significant oil presence; and it looks like a sidetrack drill coming up before the rig goes to NZ. 1.2 Trillion cubic feet of gas may prove to be quite conservative.

Origin state "the JV is encouraged by results to date, particularly by the recovery of crude oil from some sands"; that statement from a $15Bn company who own 39% of the well. Today, INP market cap is about $50M or one three hundredth of the market cap of Origin Energy; yet INP own about one eighth of the two successful wells. If Origin are 'encouraged', INP shareholders should be wildly enthusiastic.

Yet the sp languishes in the doldrums of the share market while a sniff of gas in some junior oilers (e.g. VIL - up 17.6% as I write) and the potential of a few boepd in market darlings (like BUY - up 13%) with a good spin doctor at the helm, behave like Alfa Romeo in the Sydney to Hobart (admittedly, INP was at the forefront of spin before the new conservative management took over - how things change).

Back to the beginning and skypiliots "only 5%" statement; I would like to own "only 5%" of INP right now. One 'Company Maker' on their doorstep to which you have to add another in their 7.5% YOLLA infrastructure which may now be utilized for the commercialization of the resources in T/18P utilizing the spare capacity of the pipeline across Bass Straight to Victoria and markets beyond.

Damn! nearly forgot their 37.5% CSG venture being drilled by AGL Energy Limited in which INP is fully carried for this activity and any subsequent pilot development program - must be worth a bit!

[tricha]

jj]



ASX Release

28 January 2010

Rockhopper 1 and Rockhopper 1/ST 1 Exploration Well
Update, Bass Basin, Tasmania

Progress and Status: Origin Energy, on behalf of the T/18P Joint Venture, advises that
as at 06:00 hours EDT on Thursday 28 January 2010 the current
operation at Rockhopper 1/ST 1 is running into the hole to core.
The operations for the past week have been drilling 8 ½” hole
from 2,106m to the current hole depth of 3,196 m, a total of
1,090m.
The side track is designed to appraise the oil and gas zones
discovered in the Rockhopper 1 well and is being drilled to intersect
the main reservoir sections approximately 1.3km south and down dip
from their penetration in Rockhopper 1. This will allow the volume
of oil and gas discovered in the Rockhopper structure to be more
fully evaluated.

Well type and location: Rockhopper 1 is an exploration well located in exploration permit
T/18P, operated by Origin some 38km west of the Yolla gas field
and approximately 10km north-north-east of Trefoil 1.
Rockhopper 1 and Rockhopper 1/ST1 are deviated wells drilled
from the same surface location at:
Latitude: 39° 47’ 34.1828” S
Longitude: 145° 26’ 21.4660” E

T/18P Participating Interests:

Origin Energy Resources Ltd * 39.0% (Operator)
AWE Ltd 47.5%
CalEnergy Gas (Australia) Ltd 8.5%
Innamincka Petroleum Ltd 5.0%
* a wholly owned subsidiary of Origin Energy Limited

For further information contact:
Investors

Angus Guthrie
Group Manager, Investor Relations, Origin Energy
Phone: +61 2 8345 5558
Email: angus.guthrie@originenergy.com.au

Media

Lina Melero
General Manager, Corporate Communication, Origin Energy
Ph: +61 2 8345 5217
Mobile: +61 427 017 798

[tricha]

Thanks Strat and Kent, the big question is, is it fundamentally sound, if it is, TA will not count Stat, Rockhopper sidetrack drill will, but which way, I'll punt for a positive result.

Anyway borrowed this extract of Hotcopper, it looks like I need to do more research.
ANY CSG guys out there got a clue if their CSG is a go ??

5% of a major oil & gas field (pmunt) (http://www.hotcopper.com.au/user_profile.asp?uid=101884)



Damn! nearly forgot their 37.5% CSG venture being drilled by AGL Energy Limited in which INP is fully carried for this activity and any subsequent pilot development program - must be worth a bit!


Come in someone, their CSG with AGL is it a go ?????????????