OEL - (Otto) Multi based, Gambling Stock.

[boysy]

I think you are being a bit harsh on the Turkish assets they look like they could be a major contributor to the bottom line if this batch of drilling is as successful as the last round. No doubt the serious money lies in the pines service contracts but turkey will no doubt add reasonable if not significantly to the bottom line. Oel needs to go beyond mearly hunting for elephants they need to develop what they already have within there grasp and hopefully they are committed to developing the finds they have already found. That reserve re assessment should be out any time now one would think. good end to the day closed at 11 cents looks like there is some decent support at or above 10 cents though hopefully this will not have to be tested in the next wee while.

[boysy]

Finger crossed galoc keeps pumping and online for the entire quarter as this could possibly mean an increase in the cash held even after all of the expected cash outflows.

Some looming deadlines for oels service contracts

-SC 69 2D seismic by November 2010
-SC 51 - 1 exploration well by dec 2010
-SC 50 - 2 wells in the calauit field by march 2011

it sure is shaping up to be an interesting year am hoping to hear some news in the next few weeks regarding galoc phase #2 / Galoc reserve reassessment or hopefully some farm out news. Would be interesting if oel went at SC 50 with a EWT sometime as was hinted at in the quarterly relating to SC50 "ongoing activities include monitoring the rig market and actively seeking partners to participate in this development"

[jdg]

stuck fast at 10c. we really need some news. pleanty on the horizon, let's hope it's good. the reserves numbers are key, in my view.

-j

[boysy]

yep needs to gain some traction hopefully we can hear some news about farmout of sc 51 this should be the main priority. Add to the mix galoc and turkey drills and plenty of upside ( including sc 55)and limited downside in the future. Poo back up too 80 odd though poo only seems to affect galoc when it goes down as does oel strange it doesnt work the other way.

[shasta]

yep needs to gain some traction hopefully we can hear some news about farmout of sc 51 this should be the main priority. Add to the mix galoc and turkey drills and plenty of upside ( including sc 55)and limited downside in the future. Poo back up too 80 odd though poo only seems to affect galoc when it goes down as does oel strange it doesnt work the other way.

At least OEL is finding support at 10c, a rather obvious support level (even though 10.5c was previous resistance).

Remember GPC gets the Brent oil price (sold at a slight discount, thought to be around 2-3%)

Lost the website to all the oil prices, if anyone has a good source, please post it!

[boysy]

well no news is good news usually in reguards to galoc i guess the ndo dp fall cannot be attributed to problems at galoc but will be interested as to who was bailing out late friday. Looks like turkey is a key focus for the operator of the thrace field in turkey it looks as though soon we shall have a second source of income though modest in size. It has to be a good sign that they are talking about increasing the facilities if Yolboyu‐1 comes though with the goods. It looks as though we are in safe hands in turkey wit a 100% hit rate so far and on the transatlantic website they are mentioning getting 2 siesmic teams working at one on different portions of the thrace field this has to be good thing as the field is not yet fuly mapped with 3d and it seems the larger plays have yet to have 3d siesmic done in the SE portion of the edirne licence.

[boysy]

A very interesting link it shows the current edirne flow rates and mentions gas has been produced since december and what they expect flow rates will be. aparently flow rates are 7000 mcfgpd as of the middle of feb.

http://seekingalpha.com/article/1898...ht?source=feed

[boysy]

new presenation out from oel very interesting read a bit of new information well worth a read
-galoc still pumping 10-11 k bopd
-Turkey phase 3 and 4 in the pipeline
-no mention of sc50
-SC51 being touted as the next big thing

[Rabbi]

new presenation out from oel very interesting read a bit of new information well worth a read
-galoc still pumping 10-11 k bopd
-Turkey phase 3 and 4 in the pipeline
-no mention of sc50
-SC51 being touted as the next big thing

Yes, I just had a quick read. OEL in a good position with no debt, cash flow from Galoc and $18m in cash.
When these Turkey gas wells come on stream hopefully they won't need to capital raise again for a while. I'm assuming BHPB will free carry OEL for a slice of the action in the Phillipines. There are some enormous prospects but no doubt BHPB will do due due diligence on the Seismic before commmiting to any exploration.

[boysy]

with galoc pumping at 10-11k bopd then they should of pumped out close to 120,000 net to oel so far this quarter. The cashflow should more than cover expences this quarter add to that the fact that oel are going to get reimbursed for the 3d shoot to the tune of 6 odd million from bhpb. This coming quarter should be a ripper for oel hopefully galoc keeps pumping and a bit of cashflow comes through from turkey and a farm in in sc51 could be the bonus.