OEL - (Otto) Multi based, Gambling Stock.

[shasta]

im not sure how the next quarterly will be ( only one small offtake i belive) but the one after that should show a good cashflow add into the works galoc phase 2 and hopefully no downtime and it should be flying.

Anniversary of First Oil (Galoc) & Reserve Statement

http://www.stocknessmonster.com/news...E=ASX&N=463747

OEL now receiving cheques from GPC, nice

[boysy]

yes good to see the first cheque from gpc coming through and should be expecting them like clockwork now one would hope.

2000 bopd
13 mill cash
Turkey gas to come online soon
potentail phase 2 galoc
Perhaps even Caluit

all for a $70 odd million company looking better and better on paper by the day just hope they get through the next few months without a disconnection and it should get a rerate as its coffers fill up.

[boysy]

finished the week at 7.2 looking good with galoc producing 10,800 bopd and the payments coming in from gpc. Wonder if a farm out of some of calauit is on the cards as this must surely be starting to look more viable at these prices.

[boysy]

Galoc oil field operator mulls 2 new wells (http://www.philstar.com/Article.aspx...bCategoryId=66)
By Donnabelle L. Gatdula

MANILA, Philippines - The Department of Energy said yesterday the operator of the Galoc oil field in Palawan may drill two new wells “either for additional production or to keep production at current levels.”

Energy Undersecretary Ramon Oca told reporters that Galoc Production Co. (GPC) and other consortium members of Service Contract 14 in Northwest Palawan is presently assessing seismic data to determine whether to proceed with the additional drilling.

“Galoc might drill two new wells — it could be two appraisal wells. They are still assessing the data. They’re reviewing existing data and the decision to drill two more wells will depend on the results of the review of the data,” Oca said.

The energy official said the Galoc field is presently producing 10,700 barrels of oil per day.

“Even as they are producing now, it generates more new data,” he said.

Australian firm Nido Petroleum Ltd., one of the consortium members, has already raised the possibility of entering the second phase of its oil drilling activities under SC 14.

“The Galoc joint venture continues to assess further facility and subsurface development options for Phase 2 of the Galoc oil field development,” Nido said.

Nido said it is presently updating its reserves assessment of the Galoc oil field to incorporate performance data through the end of September.

“We will advise the market once this work is concluded in early 2010,” it added.

The Galoc consortium, meanwhile, has made its ninth shipment to Korea and the 10th shipment to Thailand, an industry source said.

Its eighth shipment was sold to oil giant Petron Corp. This is the second time the local refiner bought its crude requirement from the Galoc field.

“There is a second cargo bought by Petron,” the source said.

Galoc lies within SC 14 in 300 meters of water, some 60 kilometers offshore of Palawan Island. The Galoc reservoir lies 2,200 meters below the sea floor, with its first production on Oct. 9, 2008.

GPC, which owns 58.29 percent in the consortium, is composed of the Vitol Group (68.6 percent), an international oil company, and Otto Energy Ltd. of Australia (31.4 percent).

Other members of the consortium are Nido with 22.8 percent; Oriental Petroleum and Minerals Corp., 7.57 percent; The Philodrill Corp., 7.03 percent; UK firm Forum Energy Philippines Corp., 2.27 percent; Alcorn Gold Resources Corp., 1.53 percent and PetroEnergy Resources Corp., 1.03 percent.

[jdg]

anybody holding or looking at OEL? is it time for the tide to turn? a bit less bad luck with Galoc this year, and gas to flow in the first quarter in Turkey could see the fortunes of this stock turn around quickly. i have had a skim through this thread and notice there have been a few burnt fingers. anybody still got an iron in the fire? i took a very modest position today at .069.

-j

[jdg]

i forgot to mention that two directors have been made purchases recently, too. always a good sign. moreover, i've just seen it jump to .073 - hopefully the start of things to come...

-j

[shasta]

anybody holding or looking at OEL? is it time for the tide to turn? a bit less bad luck with Galoc this year, and gas to flow in the first quarter in Turkey could see the fortunes of this stock turn around quickly. i have had a skim through this thread and notice there have been a few burnt fingers. anybody still got an iron in the fire? i took a very modest position today at .069.

-j

Im still watching OEL & picked it in the 2010 comp.

I had to sell mine due to an ongoing issue with ASB Sec :mad:

2009 was a total disaster for OEL, but hopefully with a new man in charge things will improve (Nb, the main issues were with GPC not Otto directly)

The Turkish gas had a brillant strike rate, so the chances of finding more gas nearby must be worth an extended drilling campaign.

Galoc phase 2 looks interesting, & and further oil finds can be hooked into the existing setup, although thats for 2011 & beyond.

Any farm in agreement on the deep water Phillipine permits will set OEL on fire, but we have already had a BHP agreement lapse, again this is 2011+

IMHO OEL should build up there cash & fast track Calauit into production.

It flow tested at 7,000 bopd (with OEL 85%, or net 6000 bopd), which would give OEL production @ 8,000 bopd (Galoc 2k, Calauit 6k) + the Gas in Turkey.

The failures to find Gas in Italy, & Oil/Gas in Argentina should remind OEL to stick to the Phillipines (Oil) & Turkey (Gas).

[boysy]

Calauit does look the goods but i think they will have to farm out to fast track the calauit development. OEL certainly are looking undervalued based on the assets they have producing add to this turkey and upside of any exploration/farm out success. Sure OEL had a terrable year last year but hopefully results will speak for themselves this year still cheap buying at these prices we saw what happened to ndo when a farm out was announced it should be a great year if galoc stays online.

[jdg]

cheers, boysy and shasta, i'm happy a couple of people are also keeping an eye on things. that was a great little summary, shasta, and i noticed that you sold out at 48c. if it can get back up to even half those levels i'll be smiling.

if it heads north again today it may accelerate a little by attracting traders seeing the upswing. more than anything, however, i'm hoping the gas comes on line on time (the new CEO's first public test) and that the jinx that appears to have beset Galoc is a thing of the past. this stock has so recently burned so many holders that it needs a run of good news to instil confidence back in the market.

this is a little gamble for me, but i think there is great potential. however, as always, time will tell.

-j

[jdg]

ps i trust you manage to sort your ASB issue out. nothing too serious i hope.