BEACH PETROLEUM - BPT

[soulman]

Again with the free 64 cents. Tricha, are you forgetting PEM? Unless BPT have $640 million in cash and no debt, then I would see a 64 cents free value.

I guess we all have vested interest at hearts here so holder of BPT shares would want it to go up. The only way BPT would double from here is a T/O offer. CVN, ROC and TAP doubled in different circumstances. About 4 months. Talk about a serial underperformer, along with AWE.

[shasta]

Again with the free 64 cents. Tricha, are you forgetting PEM? Unless BPT have $640 million in cash and no debt, then I would see a 64 cents free value.

I guess we all have vested interest at hearts here so holder of BPT shares would want it to go up. The only way BPT would double from here is a T/O offer. CVN, ROC and TAP doubled in different circumstances. About 4 months. Talk about a serial underperformer, along with AWE.

Are those stocks being shorted to the extent BPT is though, CVN, ROC & TAP are, but up to ~23% of BPT trades are shorts!

http://www.asx.com.au/data/shortsell.txt

Of course all media outlets will report the oil price went down over the weekend & the ignorant will follow like sheeps in agreement.

http://www.theaustralian.news.com.au...-36418,00.html

Meantime in reality Tapis bucked the trend & went up $1.32 to $73.54

http://www.upstreamonline.com/market...id=markets_oil

BPT has $70m of AOE shares & around $70m to come from AOE on certain milestones being meet, & no debt!

I'll have BPT over CVN (poor fiscal returns), ROC (good company but still has debt, prior to raising capital), or TAP (good company, but small compared to BPT) any day.

When the June quarterly comes out i'm sure the big picture will show large cashflows being generated & a busy drilling program for the rest of the year.

[macduffy]

Yes, I would think that shorting is one of BPT's problems but it's really a symptom of the market's perception of BPT. Worth watching to see if a trend develops in this regard but we should note that even Woodside's trades that day were 26.7% shorts.

It's ironic that the sale of the Tipton West interest was touted as a way to restore value to the BPT SP which the market wasn't recognising!
When we look a little closer at that sale we see that although BPT made a hefty profit on their original investment, the price achieved wasn't that great.
A report puts it at 67c per GJ based on 2P reserves and 28c per GJ based on 3P reserves. These figures increase to 81c and 34c respectively if all the contingent payments which the sale agreement includes, eventuate. These compare with the following figures for other recent CSM deals:

Conoco/Origin $3-00 2P $1-41 3P

Petronas/Santos $3-87 $1-30

BG/QGas $2-15 83c

Shell/AOE $1-83 52c

The market verdict seems to be that BPT didn't get enough for its Tipton interest and that the 60% odd of 2P reserves that it represents will be difficult and costly to replace.

[Phaedrus]

Phaedrus u still haven't got a clue in the world.

I'm just drawing attention to a couple of interesting facts, Tricha :-

(1) Oil is in an uptrend.
(2) BPT......... isn't.
Wouldn't you expect BPT to rise (rather than fall!) while the price of oil has doubled in the last 6 months?

I am not the first to notice this unfortunate divergence, of course, and hitherto staunch holders are plaintively asking "Why is BPT so weak compared to other oilers?". Good question!

Way back in June last year, more perceptive holders had noticed "Oil prices going up, share price going down"..... and were getting out at double the current shareprice!

Tricha, the market currently values BPT at 78 cents. Oil has risen 93% since you calculated BPT's "worth" as $4.33 per share.

What is your latest valuation?

[Stranger_Danger]

$6.11, 14 turnips and a goat.

And since your charts don't work with turnips I *know* I'm right.

[shasta]

$6.11, 14 turnips and a goat.

And since your charts don't work with turnips I *know* I'm right.

I wish BPT would sell off all these rats & mice permits

http://www.stocknessmonster.com/news...E=ASX&N=451090

http://www.stocknessmonster.com/news...E=ASX&N=451089

Ok they found oil at Butlers, but why hold 75% of 1- 2mmbo fields?

For a company the size of BPT, & with there resources, surely they should be concentrating on bigger things!

May be cheaper to buy the likes of TAP/NXS/COE while oil is sub $70 than look for prospective permits?

[macduffy]

Well they're in the Cooper Basin where BPT have their concentration of producing wells - mostly small but they get a good hit rate with their drilling and the costs are comparatively low.

There are a lot of other aspects of BPT which I'm less happy about - but I won't go into that again!

[shasta]

Well they're in the Cooper Basin where BPT have their concentration of producing wells - mostly small but they get a good hit rate with their drilling and the costs are comparatively low.

There are a lot of other aspects of BPT which I'm less happy about - but I won't go into that again!

It would take around 75 Butlers to make up for Tipton West!

Lets hope the Egypt, Albania, Spain etc drills hit it big

[macduffy]

It would take around 75 Butlers to make up for Tipton West!

Lets hope the Egypt, Albania, Spain etc drills hit it big

In the context of BPT's oil production, 1-2mmb is actually quite a lot.

BPT produced 2mmb oil from Cooper Eromanga in the last financial year, 70% of its total oil production. Most of its 9.3mmboe was of course gas and lpg.

By the way, shasta, I note that BPT shorts for the day following was down to 1.73% so perhaps the big day was an aberration.

Heck, I'm starting to sound like a fan of BPT!

[shasta]

In the context of BPT's oil production, 1-2mmb is actually quite a lot.

BPT produced 2mmb oil from Cooper Eromanga in the last financial year, 70% of its total oil production. Most of its 9.3mmboe was of course gas and lpg.

By the way, shasta, I note that BPT shorts for the day following was down to 1.73% so perhaps the big day was an aberration.

Heck, I'm starting to sound like a fan of BPT!

Remember those quoted figures are P10 Reserves & 75% BPT (COE 25%)

I'd imagine the flowrates would be low & in the 100's of barrels per day.

BPT - Media Release - All debt repaid + Cash in bank

http://www.stocknessmonster.com/news...E=ASX&N=172741

The geothermal drilling has started (with PTR) - love the pictures!

http://www.stocknessmonster.com/news...E=ASX&N=172743

C'mon Macduffy, admit it you're tempted to get the cheque book out