I've been monitoring this one for a while now, and it seems to be heading for a retest of the 109 support level..
Any fundamental news on why, when the price of oil hits new highs, this stock is going backwards?
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I've been monitoring this one for a while now, and it seems to be heading for a retest of the 109 support level..
Any fundamental news on why, when the price of oil hits new highs, this stock is going backwards?
Seems to be symtamatic of the whole mid-size oiler space AMR. Amazing when you consider the POO.
From what I can tell, BPT seem to be doing everything right.
Not sure if their entry into CSG and Hot Rocks might have alienated some of the O&G purists.....
Let's hope so!
I think the market is a bit concerned that BPT have sold down two 10% chunks of BMG in the last 6 months or so. Latest results wouldn't look too flash without the profits from these sales. Presumably, the proceeds were needed for the above two investments.
Disc: Long term, perennially optimistic holder of BPT.
What percentage of BMG is BPT holding after sell down and why are they selling down?
Beach now hold 30% of BMG. From memory, when announcing the second 10% sale the company said something like " sale proceeds can be more profitably applied to our other projects " or words to that effect.
I think the profit booked on that sale was AUD60m odd.
Better look up the announcements for details.
:)
Interestingly, they're selling down their stake in BMG (Oil), yet retaining a non-core holding in Ramelius Resources (Gold).......
Refer March 2008 Half Yearly update to shareholders.
10% sold to Itochu on 9August, 2007 for AUD 123m
10% sold to Sojitz Energy Aust on 29 Feb 2008 for AUD123m. Effective date will be 31 Dec 2007 when sale goes unconditional.
:)
At what price should I put some of these away? It is on my watchlist as we speak.
This one looks like its heading towards previous support levels.
Any fundamentals reasons to get into this one? +why they have invested in a junior like GOG?
To me personally the whole mid tier ASX oil/gas plays don't look very attractive apart from maybe NXS (but they're not producing for a while)...I guess its a case of one lucky strike will change everything :).
Seems to be better leverage, value and opportunities going down a tier towards the emerging producers.