Whats happening ? big interest in BUY today and up to 11.5 at one stage.
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Whats happening ? big interest in BUY today and up to 11.5 at one stage.
<center></center>Sunday Star Times
Oil giants eye small fry's field
25 September 2005
By GARRY SHEERAN
The government wants to evict a small Australian oil explorer from the Great South Basin off Stewart Island to allow multinationals first crack at what could be one of the world's biggest oil fields.
That is one view from within the industry as Perth oil newbie Bounty Oil awaits a decision from the Ombudsman in its fight to keep its drilling permit.
Crown Minerals is trying to revoke Bounty's permit because it had not started drilling in the agreed three-year time frame.
Bounty Oil managing director Laurence Roe said bad weather and availability of a suitable rig to drill in very deep water had delayed its plans.
"We put what we thought was a compelling case (for more time), but they didn't see it our way," he said.
Bounty believed it was being treated unfairly, and took its complaint to the Ombudsman. A decision is expected early next month.
Crown Minerals group manager Adam Feeley, speaking to the Sunday Star-Times from hurricane-threatened Houston in Texas, would not comment on the case.
"But there's only one thing that would keep me here right now, and that's the Great South Basin," he said.
"Oilmen talk about elephant country when there are huge prospects, and there are some big elephants in the southern basin."
Crown Minerals has indicated it will next month offer permits to oil firms to drill in the Great South Basin, where recoverable reserves of gas have been estimated to equal the Maui field when it was first discovered off the Taranaki coast more than 30 years ago.
Feeley said new permit blocks could cover up to 70,000sq km around the 6790sq km permit area granted to Bounty Oil in 2001.
He said there were big US-based multinationals enthusiastic about the prospects in the Southern Ocean, as well as in offshore Taranaki and the East Coast.
These companies have market values measured in billions of US dollars, while Bounty Oil has a market value of $A15m ($16.5m).
Bounty's problems in trying to drill its permit area have been compounded by the withdrawal of two partners.
Bounty has been left holding 90% of the permit interest, and Roe said it would have to seek new partners if it succeeded in holding on to the permit area.
Bounty Oil's plight has won sympathy from Kiwi oil industry sources, who believe the government wants Bounty out of the area to offer new players a freer hand.
"That's something I couldn't possibly comment on," said Roe.
trading suspended pending an announcement
any clues ?????
:)
Hi folks,
BUY ... maybe a poisoned pill for DLS,
as it tries to wrest control of the
BUY boardroom ..... ???
happy days
yogi
P.S. ..... BUY news of trading halt comes
in on time, as per post above 19092005 ... :)
:)
Ah ha I now see what is happening, bit of wresting for control going on.
Any one have a better idea than me to suggest who is right and who is wrong in this battle ??
:)
Hi folks,
BUY ..... will be alert for some positive news
over the next couple of days, as 2 time cycles
slot into place ..... may be finance-related???
Another minor cycle due around 19122005, as well ... :)
happy days
yogi
:)
:)
Hi folks,
BUY ..... as per post above, placement announced
for woking capital, today .....
happy days
yogi
:)
:)
Hi folks,
BUY ..... as per post above, on 19092005:
13122005 ..... "may be finance-related???" = placement
19122005 ..... minor cycle = brings news of continued blood-letting
in the hierarchy, with the resignation of the company secretary, today.
-----
Looking ahead into 2006, time cycles for BUY
show us possible key dates, on:
03012006 ..... minor news
06-09012006 ..... minor and positive ... finance-related???
18012006 ..... minor and positive
20-23012006 ..... minor and positive news
07022006 ..... significant and negative news???
10-13022006 ..... significant and negative move???
16022006 ..... significant and negative spotlight on BUY
02032006 ..... 2 cycles here ..... significant and positive
news ... finance-related???
happy days
yogi
:)
:)
Hi folks,
BUY ..... off its confirmed lows now,
with some positive news expected,
about 01052006 ..... :)
For a longer-term view, see link for
BUY chart, below:
http://www.incrediblecharts.com/foru...006-796593.pdf
Technically, shooting for an exit target,
around 13.5 on 13042007.
happy days
yogi
:)
Reported in NZ papers today
Bounty Oil hangs on to valuable permit
18 May 2006
By MARTA STEEMAN
The stakes are rising for small Australian explorer Bounty Oil as it clings to a valuable exploration permit after another Australian explorer surrendered its permit.
The surrender by Magellan Petroleum Australia of its permit in the Great South Basin, south of Bluff, means Bounty is the only company standing in the way of a Crown Minerals international tender of 40 blocks in the basin.
The more than 100,000 square kilometres is considered by Crown Minerals to be potentially one of New Zealand's largest sources of gas and oil.
Bounty is fighting in the High Court Crown Minerals' revocation of its permit for not meeting the conditions – processing seismic data and drilling a well.
Bounty blames circumstances outside its control and says it made all reasonable efforts to comply.
Bounty estimates gross oil and gas reserves are worth $US800 billion ($NZ1285 billion) in the basin.
Justice MacKenzie has reserved his decision after a 2½-day hearing in Wellington this week.
AdvertisementAdvertisementOil giant ExxonMobil is trying to get its hands on Bounty's permit and a lot of other acreage in the basin.
Magellan said in its recent quarterly report that it had been searching for partners to fund the drilling of a well, but appeared not to have found any.
Big players are likely to be waiting for the tender.
Crown Minerals general manager Adam Feeley said the surrender meant the tender process would be cleaner because Magellan's permit covered five of the blocks. The tender could still take place, excluding any areas under permit from the bidding.
Magellan has submitted its permit for surrender, taking effect from today. It had an obligation to make by tomorrow a firm commitment to drill.
Mr Feeley said general practice in such circumstance was to give up the permit. That meant Magellan retained its good standing with the Crown.