OEL - (Otto) Multi based, Gambling Stock.

[tricha]

Yes shasta I agree, they might be releasing some bad news monday. A break below the previous support of 16.5c is a sell signal in itself.

Hmm, might be bargain time.

ABN 65 086 630 373 Perth Office Registered Office | Aquila Centre Level 3, 1 Preston Street Como WA 6152 | P: +61 8 9474 0000 F: +61 8 9474 0099 | www.nido.com.au Manila Office Unit 38B, 38th Floor, Philamlife Tower, 8767 Paseo de Roxas Street, Makati City 1226, Philippines | P: +63 2 856 5910 F: + 63 2 856 5494 ASX Code: NDO 11 December 2008 Australian Securities Exchange Limited Company Announcements Office Level 4, Exchange Centre 20 Bridge Street SYDNEY NSW 2000
First Galoc Revenue Received
Nido Petroleum Limited (Nido) is pleased to advise that since the first offtake was announced on 10 November 2008, first revenue has now been received by Nido from the Galoc field. Ms Joanne Williams, Nido’s Deputy Managing Director, said "As we advised in November, the inaugural Galoc cargo was sold to the Petron refinery in the Philippines and our 22.279% participating interest share of the cargo payment was received directly from the buyer yesterday. Further, despite the poor crude oil market conditions worldwide, the joint venture has now sold a total of four cargoes with a combined volume of around 1.3 million barrels." The field operator, the Galoc Production Company WLL (GPC), has advised that three additional crude oil cargoes have been sold on behalf of the joint venture partners in the past month following the first cargo oftake. The second cargo of 306,010 bbl (68,176 bbl net to Nido) was lifted from the facility on 1 December with the offtake of the third cargo due before the end of the year. Ms Williams went on to say, "We have been pleased with the online performance of the Rubicon Intrepid to date with facility uptime of over 95%. The field production rate has averaged around 13,000 barrels of oil per day over the past month whilst we have continued the well testing programme and the ongoing assessment of the performance of the reservoir. Notwithstanding the prevailing market conditions, at current production rates, the cost of production to Nido is approximately US$15/bbl, which leaves a substantial operating margin for us." Yours sincerely Joanne Williams Deputy Managing Director For more information please contact: Ms. Joanne Williams, Deputy Managing Director
Ph: +61 8 9474 0000 F: +61 8 9474 0099 www.nido.com.au

[mark100]

Don't want to spoil the OEL party but I reckon it pays to remember what happened to AZA and AED as they approached production and then what happened after production started. Both share prices run hard in the lead up and then both companies weren't able to produce at the rate they expected. I know of very few O&G projects that come on-line as planned.

Not saying that OEL's run won't continue, just remember that oil production is a tricky game

Hmm, from well tests Mark, looked like they exceeded expectations, my money is on a another Tui, but u r quite right, there are no gaurantees in this game.
We will all know shortly, unfortunately, if u wait to long, the train might has left the station and u r left kicking the wall

Haven't followed the OEL story for a while but is Galoc turning out to be another underperforming field?

[AMR]

OEL is "not ruling out" capital raising to pay off a short term debt facility.

Hope you have more PPP than OEL tricha!

[tricha]

OEL is "not ruling out" capital raising to pay off a short term debt facility.

Hope you have more PPP than OEL tricha!

Oh yeah, a few hundred thousand more than OEL, it's very unfortunate that Galoc was over 6 monthes late.

But hey, I sold half in their forties, so the rest are stilll cheap and when the Arabs shut of 2 million barrels of oil soon, watch this space ............

[shasta]

Oh yeah, a few hundred thousand more than OEL, it's very unfortunate that Galoc was over 6 monthes late.

But hey, I sold half in their forties, so the rest are stilll cheap and when the Arabs shut of 2 million barrels of oil soon, watch this space ............

OEL - Trading Halt

http://www.stocknessmonster.com/news...E=ASX&N=433222

[Corporate]

OEL - Trading Halt

http://www.stocknessmonster.com/news...E=ASX&N=433222

Shasta - I've been watching OEL lately. This is quite concerning...material annoucement? Especially given yesterdays annoucement.

What do you think it could be? Something material in relation to the Galoc field. Plummeting production?

[shasta]

Shasta - I've been watching OEL lately. This is quite concerning...material annoucement? Especially given yesterdays annoucement.

What do you think it could be? Something material in relation to the Galoc field. Plummeting production?

Either it's more production problems, or the fact the dividends from GPC are being deffered to settle debt, has caused cashflow issues for OEL.

Placement coming up me thinks

[Corporate]

Either it's more production problems, or the fact the dividends from GPC are being deffered to settle debt, has caused cashflow issues for OEL.

Placement coming up me thinks

Yeah probably the first. I wouldn't have thought the second rreally related to the field as the annoucement states.

[Misc]

Sorry Chaps , this one is a goner. Prepare for complete loss as this will not re-enter trading in my opinion. A Trading Halt so close on the heels of a shock 'banks are in control of our main asset' announcement spells doom in 95% of such cases.

Misc

[tricha]

Either it's more production problems, or the fact the dividends from GPC are being deffered to settle debt, has caused cashflow issues for OEL.

Placement coming up me thinks

Yes its unfortunate, delays, followed by production problems, compounded by the low oil price.

U called this one right Shasta, they have missed the boat.

But like PPP, where I have now sold half and hedged my bets. I did the same here and have reduced my losses.

So while the Oil price is so low, Otto is now in the endangered list.

Hence I am out and will remain so, until there is change for the better.