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15-07-2009, 07:11 PM
#451
OEL - Operations Update
http://www.stocknessmonster.com/news...E=ASX&N=452887
Galoc still not producing due to bad weather - this project has had a really bad run of problems & delays.
OEL should have been getting $US7 - 9m a month in revenues (net of costs ex GPC) & has probably lost $US30 - 50m revenue due to the delays...
Still when it's up & running OEL will be turning out ~2500 bopd, not bad for a first up oil producer.
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15-07-2009, 08:15 PM
#452
 Originally Posted by shasta
No, haven't bought anymore of anything of late.
I'm probably around 40% NZO, 35% BPT & 25% OEL, so i'm fully diversified 
You should stop reading HC, seriously it's rubbish - theres half a dozen decent posters there & to be honest there are far better TA & FA posters on here than any other site i've ever been involved with!
Santa Rosa drills are a mere $US1m each, onshore & therefore NOT like the risky offshore deep water wildcats that would justify a 5% COS.
I'm not going to say OEL will strike a monster oil/gas discovery at Santa Rosa because i don't know, it sounds promising enough & that's why i like OEL again.
OEL will use there cashflows from Galoc to explore & develope there portfolio of prospective targets, & there's Calauit* to come online in 2010.
* P2 5.9mmbo, flow rates anticipated ~ 12000bopd, OEL owns 85- 99% of it.
The Santa Rosa drill depth is meant to be 1200 - 1300m so again it's not that deep (BPT & there Geothermal partners are drilling to 4000m onshore, but for hotrocks  )
Turkish gas revenue should be around $US8-10m per year, nice high gas prices over there & i suspect OEL & IPM will drill some more wells nearby to increase the production rates (Shrewd scoffed at the flow rates, so they aren't that flash), but its a profitable, cheap project albeit a smallish one.
Apologies for not replying earlier
Thanks for your reply Shasta. Always valued. I'm going to pick up some OEL tomorrow hopefully. Santa Rosa is to big and to soon to miss out. Downside looks fairly limited given cheap drill and current market cap...maybe i'm wrong?
What is the reason for the huge volume going through compared to the recent past? (See attached)
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15-07-2009, 08:21 PM
#453
Originally Posted by Corporate
Thanks for your reply Shasta. Always valued. I'm going to pick up some OEL tomorrow hopefully. Santa Rosa is to big and to soon to miss out. Downside looks fairly limited given cheap drill and current market cap...maybe i'm wrong?
What is the reason for the huge volume going through compared to the recent past? (See attached)
I believe this was the lead up to the rights issue.
OEL has two large cornerstone shareholders who are very supportive, i guess punters were taking up some cheap shares & waiting for things to turn?
Last edited by shasta; 15-07-2009 at 08:27 PM.
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15-07-2009, 08:25 PM
#454
Originally Posted by shasta
I believ the was the lead up to the rights issue.
OEL has two large cornerstone shareholders who are very supportive, i guess punters were taking up some cheap shares & waiting for things to turn?
Yeah but where there are buyers there's also sellers. Maybe people selling 5c shares for 7ish...
What's your view of the downside risk?
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15-07-2009, 08:40 PM
#455
Originally Posted by Corporate
Yeah but where there are buyers there's also sellers. Maybe people selling 5c shares for 7ish...
What's your view of the downside risk?
Well OEL's main source of cashflow is Galoc (ex GPC ) so the longer it takes to get up & running, the worse off OEL is.
They would have paid the Gazzata drill costs by now, & should have enough funds meantime.
I can't see OEL going below 6c, as 7c was the rights issue amount, & provides some support at that level.
Once Galoc is producing again (trouble free & with decent weather!), OEL should start is merry climb to 10c & beyond.
Having > 1b shares does mean for every 1c SP increase the Market Cap rises by ~$A10m, which has to be justified at some point!
The Turkish gas assets discovered to date are largely known by the market, so unless they are drilling more appraisal wells i dont expect any "big" news from there.
Santa Rosa is the next big project to spark some life into the OEL SP.
And of course OEL are still actively pursuing a farm down on some of there monster offshore Philipines permits in the Palawan Basin.
They were in discussions with BHP, so i have every reason to believe another major will be running the ruler over there terms of entry.
I really like the long term potential of there Phillipine permits, & i keep a close eye on the other players with permits close by (NDO & KIK).
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15-07-2009, 09:15 PM
#456
The right issue was re-adjusted to 5 cents, I think. Anyone?
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15-07-2009, 09:21 PM
#457
Originally Posted by soulman
The right issue was re-adjusted to 5 cents, I think. Anyone?
Just re-checked & yes you're right, it was adjusted to a 3 new shares for every 4 held @ 5c in a non renounceable right issue.
The original offer was priced at 7c.
My bad :o
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16-07-2009, 03:18 PM
#458
shasta-
No, haven't bought anymore of anything of late.
I'm probably around 40% NZO, 35% BPT & 25% OEL, so i'm fully diversified
You should stop reading HC, seriously it's rubbish - theres half a dozen decent posters there & to be honest there are far better TA & FA posters on here than any other site i've ever been involved with!
Santa Rosa drills are a mere $US1m each, onshore & therefore NOT like the risky offshore deep water wildcats that would justify a 5% COS.
I'm not going to say OEL will strike a monster oil/gas discovery at Santa Rosa because i don't know, it sounds promising enough & that's why i like OEL again.
OEL will use there cashflows from Galoc to explore & develope there portfolio of prospective targets, & there's Calauit* to come online in 2010.
* P2 5.9mmbo, flow rates anticipated ~ 12000bopd, OEL owns 85- 99% of it.
The Santa Rosa drill depth is meant to be 1200 - 1300m so again it's not that deep (BPT & there Geothermal partners are drilling to 4000m onshore, but for hotrocks )
Turkish gas revenue should be around $US8-10m per year, nice high gas prices over there & i suspect OEL & IPM will drill some more wells nearby to increase the production rates (Shrewd scoffed at the flow rates, so they aren't that flash), but its a profitable, cheap project albeit a smallish one.
Apologies for not replying earlier
well said shasta...
I like HC though....
anyway,
I did scoff at projected Turkish flow rates, but I did not know that they were getting $14-$15 per MCF as you said...
that is an astonishing price.... it must be getting subsidised....
.^sc
BITCOIN certified rat poop. NSA created, Expensive to send, slow, can only trade on cex, no autonomy, spaghetti code, has been hacked, accidental Backdoor brc20s whoops, no one building on it, alienated all cryptos against it, volume is fake, few whales control large supply... it will perform though
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17-07-2009, 11:36 PM
#459
Originally Posted by Shrewd Crude
well said shasta...
I like HC though....
anyway,
I did scoff at projected Turkish flow rates, but I did not know that they were getting $14-$15 per MCF as you said...
that is an astonishing price.... it must be getting subsidised....
.^sc
Shrewd it's going into the Turkish main grid & they get the best possible price, pretty "shrewd operators" huh?
Corporate - you grab some Otto?
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18-07-2009, 03:57 PM
#460
Originally Posted by shasta
Shrewd it's going into the Turkish main grid & they get the best possible price, pretty "shrewd operators" huh?
Corporate - you grab some Otto?
Hey Shasta- na not yet. To many options kept me from buying anything...WCL, BUL, ITC, ETC, OEL....maybe all 5
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