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  1. #861
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    Yes from here on out it looks as though we should get some more good news hopefully before christmas plenty of buying coming in there should be plenty more news over the coming few months.
    Time is a great teacher, but unfortunately it kills all its pupils

  2. #862
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    Plenty more shares trading hands at these levels all we need is a bit more information to really get otto moving.
    Time is a great teacher, but unfortunately it kills all its pupils

  3. #863
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    Brent price above US$90 otto should be getting some decent coin from galoc now that it is pumping once again. One can only think a higher oil price cannot be a bad thing for bhp running the ruler over targets in SC 55 certainly must make the economics of drilling look more attractive if POO stays around these levels. Top 20 holders creeping up the register DEC 2009 Top 20 held ~ 60% as of OCT 2010 they held ~70% watch this space plenty of exciting news over the coming months the high oil price certainly would help selling off non core assets as they eluded to in the latest quarterly also.
    Time is a great teacher, but unfortunately it kills all its pupils

  4. #864
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    Quote Originally Posted by boysy View Post
    Brent price above US$90 otto should be getting some decent coin from galoc now that it is pumping once again. One can only think a higher oil price cannot be a bad thing for bhp running the ruler over targets in SC 55 certainly must make the economics of drilling look more attractive if POO stays around these levels. Top 20 holders creeping up the register DEC 2009 Top 20 held ~ 60% as of OCT 2010 they held ~70% watch this space plenty of exciting news over the coming months the high oil price certainly would help selling off non core assets as they eluded to in the latest quarterly also.
    The rising PoO should help the economics of Galoc phase 2 as well, im fully supportive of OEL selling out of Edirne (esp while they still getting $US6+/mscf) & selling the technically difficult Calauit (SC50), to focus on SC51 (onshore), SC55 (Hawkeye target) & SC69 (Lampos target).

    OEL's focus in the Phillipines should help strenghten there ties with BHP, exiting all the non core assets should provide some extra cash too

  5. #865
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    higher POO must make everything look a bit more attractive the service contract im getting more excited about is SC 69 with 3d siesmic targeted to be shot early next year we should get better definition of the prospects in the Service Contract. The Lampos prospects are looking the goods should hear some news about SC 51 onshore in the coming few weeks.
    Time is a great teacher, but unfortunately it kills all its pupils

  6. #866
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    TA Oil to intensity oil search in Central Visayas

    Trans-Asia Oil and Energy Development Corp. (TA Oil) said Tuesday it would intensify drilling and oil exploration activities worth $11.2 million in its offshore stake in Central Visayas.

    In a disclosure to the Philippine Stock Exchange, TA Oil and its partner NorAsian Energy Ltd. (NorAsian) said plans are afoot to undertake a number of new seismic data gathering and geological studies offshore, as part of the exploration work under Service Contract (SC) 69.

    TA Oil said it is undertaking the intensive studies to identify additional drillable prospects in its SC area.

    The oil and power development arm of investment holding company Phinma Group won in May 2008 the seven-year stake over 7,040 square kilometers of offshore prospects found in the Visayan basin bounded by the islands of Cebu, Bohol, and Leyte.

    The company is primarily involved in petroleum exploration and production, mining, conventional fuel-based power generation and retail electricity trading.

    SC 69 lies between the two sub-blocks of SC51 where NorAsian already has an 80 percent working interest.

    At present, TA Oil controls a 30 percent participating interest in SC 69 while NorAsian, a wholly owned subsidiary of Australian firm Otto Energy Ltd., controls the remaining 70 percent stake.

    The new exploration activities in SC 69 will form part of the third sub-phase of work on the block, which will be carried out from February 2011 to August 2012.

    In mid-2010, the consortium tapped the seismic vessel m/v Discoverer 2, operated by BGP GeoExplorer Pte. Ltd., to gather two-dimensional seismic data in the area under SC 69.

    After the intensive data gathering, TA Oil said it expects to drill a well soon.

    Last June, TA Oil entered into an agreement with Australia’s Frontier Gasfields Pty. Ltd., granting the latter as much as 15 percent participating equity in the SC 69. — DM/VS, GMANews.TV

    http://www.gmanews.tv/story/208318/t...entral-visayas
    Time is a great teacher, but unfortunately it kills all its pupils

  7. #867
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    thanks for that, boysy. i'm haven't bought as many as i want going in to 2011. i hope to be set by the end of january. i hope major news holds off until then.

    -j
    Last edited by jdg; 15-12-2010 at 10:12 AM.

  8. #868
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    turkey has been sold (and just in time for christmas!).

    no big deal, i would suggest. what do we think of the price? seems perhaps on the lowish side, but i think it's positive that we focus more intently on philippines.

    a well flagged development, i can't see the market reacting significantly.

    -j

  9. #869
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    So they have sold turkey for $US3.1 million not a great price tag but i guess the company could see the writing on the wall from the production profile.

    http://www.asx.com.au/asxpdf/2010121...wtxb0hw8xd.pdf
    Time is a great teacher, but unfortunately it kills all its pupils

  10. #870
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    Yes jdg not a great price but i think mgmt was quite certain production would fall very quickly and not recover at least they got 2 quarters and a bit more of production plus US$3.1 million. They did at the end of the day put this on the table as being up for sale you have to wonder how far they are along trying to sell SC 50 and the like it needs to be drilled by march 2011 ?
    Time is a great teacher, but unfortunately it kills all its pupils

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