PPP = Cash and they blew it!

[boysy]

if it was overpriced would you not expect them to sell logical enought dont you think ?

[soletrader]

3/8 50c - 20/8 60c = 20%. If we get some good news from any of Tui, Vietnam or the wildcat I may have to go for a lie down.

[boysy]

yep it still looking the goods i would expect to hear about vietnam first they should of completed the survey and have some interum results soon enough. Hopefully the annual report will provide some further light on ppp other permits and how they are progressing .

[boysy]

holding up well currently up 0.5 on a down day for the market. An announcement must not be far away either reguarding the survey ; and or vietnamese government approval and or petro vietnams decison

[digger]

holding up well currently up 0.5 on a down day for the market. An announcement must not be far away either reguarding the survey ; and or vietnamese government approval and or petro vietnams decison

We live in hope don't we boysy.So if one is super optimist it could be said that PPPV has two big rises to come. I have heard from a member of my famile that did not get in that it has gone up toooo much already. Very more greed keeps me there.
You are quite right that we need an update from the final about all ppp activities. looking forward to it.Other than that i do not have much to add except do hold on, i do not want to be just the last one standing when it goes over a couple of bucks after the next vetnam drill plus Tui.

[boysy]

Im along for the ride as well there digger i know i would kick myself if i got off now only to see ppp a few dollars in the making. I dont think we can underestimate the importance of vietnam it has the potential to make ppp alot of money. Though as in all things nothing is certain but i live on in the hope that the smart money has been buying at these prices recently. The way i look at it the potential upside is many multiples greater than the downside though every body has different risk profiles. The PPP we are seeing today looks like a very different creature from that just a year or two ago. Im holding on the promise of more riches i too hope others can stay along for the ride as plenty to look foward to over the next few months.

[boysy]

good finish on a down day closing at 60.5 up 0.5

[the machine]

holding up well currently up 0.5 on a down day for the market. An announcement must not be far away either reguarding the survey ; and or vietnamese government approval and or petro vietnams decison

as a suggestion have a look at premier oil timelines from previouas discovery to when vietmese government exercised backin to oil discoveries

M

[boysy]

would you care to name a few examples or point me in the right direction ?

[digger]

would you care to name a few examples or point me in the right direction ?

Me to. But then just because it once took X months does not say that is what the PPPV decision will be,nevertheless worth knowing anyways.

[boysy]

Plenty of info yet to come out perhaps this coming week hopefully about vietnam and near TUI expansion plans.

[the machine]

would you care to name a few examples or point me in the right direction ?

this is the field next door and backin rights exercised after discovery [whenever that was]
but will give an example of timelines

PetroVietnam snaps up Block 12W stake

By Upstream staff


PetroVietnam has exercised a back-in right to 15% of Premier Oil’s Block 12W off south-east Vietnam containing the under-development Chim Sao and Dua oil project.

Premier said that PetroVietnam Exploration & Production (PVEP) had issued a participation notice to take up the 15% equity in return for payment of past costs.

As a result Premier's interest in Block 12W will be reduced to 31.875% from 37.5%.

The other partners in Block 12W are Santos (37.5%) and Delek Energy (25%), but their equity is likely to be less following the back-in.

Premier said the development plan for Chim Sao was re-engineered from a double to a single platform development and had resulted “in significant cost reductions”.

Construction work on the wellhead platform is continuing at Petroleum Technical Services Corporation in Vung Tau.

The issue of who will supply a leased floating production, storage and offloading vessel is still unresolved.


--------------------------------------------------------------------------------
Wednesday, 20 May, 2009, 02:02 GMT | last updated: Wednesday, 20 May, 2009, 03:04 GMT



M

[boysy]

this is all very unclear ppp mgmt have said it is all or nothing in reguards to the 15 % interest pppv is wanting to have but in the article after petroveietnams decidion to back in premiers stake was reduced from 37.5% to 31.87% ( ie 85% of their original). In the above case all of the partners im guessing stakes were reduced by 15% due to petrovietnams action. If this is the case for our block the worst case scenareo if the the farm in is approved is pppv getting 12.75 % ( 85% of original 15% ) .

so this begs the questions there are 3 possibilities

#1 we dont get farm in approval

#2 we get farm in approval and petrovietnam decides to back in so our stake is reduced by 15% to 12.75%

#3 we get farm in approval and petrovietnam decides not to use there right to back in we get 15% therefore.

I see no reason why we would be denided farm in approval though others having talked with the ceo have made it aparent that it is 15% or 0%. Hopefully this can be clarified to the market before a decision is made .

[the machine]

this is all very unclear ppp mgmt have said it is all or nothing in reguards to the 15 % interest pppv is wanting to have but in the article after petroveietnams decidion to back in premiers stake was reduced from 37.5% to 31.87% ( ie 85% of their original). In the above case all of the partners im guessing stakes were reduced by 15% due to petrovietnams action. If this is the case for our block the worst case scenareo if the the farm in is approved is pppv getting 12.75 % ( 85% of original 15% ) .

so this begs the questions there are 3 possibilities

#1 we dont get farm in approval

#2 we get farm in approval and petrovietnam decides to back in so our stake is reduced by 15% to 12.75%

#3 we get farm in approval and petrovietnam decides not to use there right to back in we get 15% therefore.

I see no reason why we would be denided farm in approval though others having talked with the ceo have made it aparent that it is 15% or 0%. Hopefully this can be clarified to the market before a decision is made .


ppp should clarify what time line is for when the vietnam decision is.

I since read on web that one of the discoveries was made in nov 2006, so 18 months later the backin took place.
quote
OIL & GAS FIELD
Field Name Chim Sao (Blackbird) Discovery Date Nov 2006

Block Block 12E, 12W Reserve Type Oil/Gas

Current
Status Under Development Production Start
Water Depth 115 m / 380 ft
Description
Discovered in 2006, Chim Sao, formerly Blackbird, is located on Block 12W and 12E in 377 feet (115 meters) of water, around 248 miles (400 kilometers) southeast of Ho Chi Minh City, offshore Vietnam. Premier serves as the operator of the oil and gas field with a 53.125% interest and partners on the field with Santos (31.875%), and PVEP (15%).
unquote


very debatable if this particular timeline would or could be applied to pppv farm in, which brings us back to ppp should clarify time line.

one would hope nzo have made enquiries about this, but of course their average purchase cost was just under 30c au, so would still be in front if ppp miss out on viertnam and sp drops [and would present a buying opportunity for nzo if sp did drop]

I certainly do not like having to consider this, but one has to face reality.

my own direct investment in ppp [only 20,000 now] is riding on another party making a favouable decision and I do not like that situation

M

[boysy]

new all time high currently sitting at 62.5 the chart is still looking good though hoping the report will help clarify the situation.

[boysy]

up on a down day currently sitting at all time high of 63.5

[boysy]

ppp running hard up 3 at 66 with higher than average volume

[da puntzda]

Boysy do you like the look of the sell side of PPP.NZX at the moment!

what a run!!!

disc hold

[Nitaa]

Boysy do you like the look of the sell side of PPP.NZX at the moment!

what a run!!!

disc holdFocus on what is happening on the ASX as there is more liquidty (if that is the right term) with PPP compared to the NZX

[boysy]

haha i saw that one no one wanted to see until the 81 came on the sell side.

We need a chart if you are out there Phaedrus a chart and some TA would be great

[friedegg]

something not really cleared up yet is there?

[stevo1]

something not really cleared up yet is there?

Sheeet what a plunge!!!!!

[newbietrader]

The reason it went up so drastically because of expectation of news related to PPPV and traders are taking some gamble? so since no news about PPV the price drop..it really gives the heart thumping

[macduffy]

A 20% drop!!

Let's hope that it's just the release of the profit numbers and not something more sinister.

[tricha]

A 20% drop!!

Let's hope that it's just the release of the profit numbers and not something more sinister.



PPP on my basic fundamental calculation is worth 36 cents a share, with their cash value fallen to 18 cents.
They made huge foreign exchange losses on the US$ and based that on balony.

I sold out to early, but at least I bought all the way down to 18.5 cents, buying on a down trend when you get the fundamentals right, reaps huge rewards.:p

[macduffy]

"PPP on my basic fundamental calculation is worth 36 cents a share, with their cash value fallen to 18 cents."

No argument with the 18cps cash, tricha, but what are the components of the other 18c, in particular what value do you put on PPP's Vietnam interests?

:)

[boysy]

many very smal trades going through today only 520000 volume yet over 550 trades so far many in tiny parcels of around 100 shares . Has helped along the sp though up 3.5 currently

[the machine]

many very smal trades going through today only 520000 volume yet over 550 trades so far many in tiny parcels of around 100 shares . Has helped along the sp though up 3.5 currently


interesting.

does that mean someone is trying to push sp higher? [so they can dump stock]

M

[boysy]

time will tell some rather large trades coming through at the end of the trading day. We must be due for some information reguarding vietnam anytime now

[Nitaa]

If you had a company and invested into a prject of somesort (similar to PPP and the Veitnam JV) but had no idea of timelines for approval would that concern you? The reason i asked is, that was the repsonse i got from PPP today. Approx 3 months ago Tom Prudence indicated about 3 months for decision, could be sooner could be later (i guess later could mean 6 months or more even). Now the response i got was "No idea". Since you had a director buy 170,000 shares the other day and AT buying a big chunk of NZO last year my sentiments towards PPP have dimmed.

disc. hold

[boysy]

ppp acting like a yoyo is the past week or so. Up strong so far today up 3.5 to 59.5 with the biddings moving up the buy side on some rather decent volume so far as well. I guess we are just going sideways untill we get some info out of vietnam.

[the machine]

many very smal trades going through today only 520000 volume yet over 550 trades so far many in tiny parcels of around 100 shares . Has helped along the sp though up 3.5 currently

spoke to my stockbroker about this and advised is is an automated average buying program - stockbrokers don't like them because the automated buying snaps up shares first, however asx like them because earn a per line fee

thus nothing much to worry about

M

[Nitaa]

Interesting couple of trades on the ASX on Friday. It will be worth watching if there are any bigger investors buying or selling. So who sold and bought or were part of the 1.6m shares traded in a short time period. On its own it will mean nothing but i will be watching the trades closely over the coming weeks.

[FrankEd]

So we're into another halt... does anyone care to guess what for? The obvious answer is that the Vietnam JV is a go ahead - but the release doesn't actually mention Vietnam. Is it another left fielder?
Release says: "New exploration venture"...

[boysy]

im pritty sure this trading holt has nothing to do with pppv as it states this is a entirely new venture. My guess is it could very well be within vietnam within another block perhaps ppp is cosying up to premier as they did with nzog.

[digger]

Since i posted this morning and given the delay of announcement am now strongly favoring a new venture. If it were the PPPV thing just go on and say so,no need for a delay. Before PPP announced the PPPV venture there also was a trading halt that went on for a few days. This one seems to be taking the same path ,so i am thinking along the new venture line. Probably not say a thing until min day wednesday aus time.

[h2so4]

Since i posted this morning and given the delay of announcement am now strongly favoring a new venture. If it were the PPPV thing just go on and say so,no need for a delay. Before PPP announced the PPPV venture there also was a trading halt that went on for a few days. This one seems to be taking the same path ,so i am thinking along the new venture line. Probably not say a thing until min day wednesday aus time.

I think your right. They mentioned new South East Asian ventures under review in the annual report.

[boysy]

Extract from ppp presentation a while back i think you guys are onto it though we will not know until the info is released hopefully today.

PPP continues to pursue our growth strategy in the Australia-New Zealand and the South East Asia region:
•Acquisition of pre or early development oil reserves to provide short term production and replacement of the declining Tui Area Fields; net 5 MMbbls+ opportunities.
•Development of a balanced exploration portfolio in proven basins, with a priority on low-medium, rather than high risk prospects, with the Vietnam farmin an exciting first step.

[FrankEd]

Well... there ya go - farm in north west of Australia.

[boysy]

Pan Pacific Petroleum signs Farmin deal on Timor Sea Block

STOCK EXCHANGE ANNOUNCEMENT
29 September, 2009

Pan Pacific Petroleum signs Farmin deal on Timor Sea Block

A wholly owned subsidiary of the Company, Pan Pacific Petroleum (JPDA 06-103) Pty Ltd (“PPPJ”) has agreed to acquire a 15% Participating Interest in the JPDA 06-103 Production Sharing Contract (JPDA 06-103) by executing simultaneous 5% farmout agreements with each of;

- Global Energy Inc., an overseas wholly owned subsidiary of Videocon Industries Limited; and
- Bharat PetroResources JPDA Ltd (a wholly owned Indian subsidiary of Bharat PetroResources Limited which is a wholly owned subsidiary of Bharat Petroleum Corporation Limited) ; and
- GSPC (JPDA Ltd) (a wholly owned Indian subsidiary of Gujarat State Petroleum Corporation Limited)

The terms of the agreements include a partial refund of the farmout parties’ past costs and a contribution on their behalf to the costs of the first two exploration wells planned to be drilled in JPDA 06-103.

Other participants in JPDA06-103 are Japan Energy E&P JPDA Pty Ltd, a subsidiary of Japan Energy Corporation and Oilex (JPDA 06-103) Ltd (Operator).

Upon completion of PPPJ’s farmin obligations, the participating interests will be;

Pan Pacific Petroleum (JPDA 06-103) Pty Ltd 15%
Oilex (JPDA 06-103) Ltd (Operator) 10%
Global Energy Inc 20%
GSPC (JPDA) Ltd 20%
Bharat PetroResources JPDA Limited 20%
Japan Energy E&P JPDA Pty Ltd 15%

PPPJ’s farmin is subject to certain conditions including the waiver of pre-emptive rights by the Joint Venture partners, and the approval of the assignment by the Autoridade Nacional do Petroleo of Timor Leste, the Designated Authority.

JPDA 06-103 is located within the northern Bonaparte Basin, offshore northwest Australia, within the joint petroleum development area (the “JPDA”) issued pursuant to the Timor Sea Treaty between Timor-Leste and Australia. The contract area, which extends over 3700km2 in area is adjacent to several existing oil fields such as Laminaria and Corallina and the recent Kitan discovery (see location map below), and prospects similar to this successful oil play are believed to exist in JPDA 06-103. The Operator reports that a portfolio of prospects comprising over 20 structural closures has been identified in the block. Drilling locations have been selected for the first two wells on prospects which the Operator recently reported as having recoverable mean prospective resources (on 100% basis) of 195 million barrels of oil (Lore) and 90 million barrels of oil (Lolotoe).


Location Map JPDA 06-103

The semi-submersible drilling rig “Songa Mercur” has been contracted for a two well drilling campaign in the JPDA 06-103 contract area, with the option of one additional well, and is scheduled to mobilise for the Joint Venture, subject to meeting certain contractual requirements, immediately after release from its current contract with Woodside Energy Ltd, anticipated to be in November 2009.

PPP* is delighted to join the JPDA 06-103 Joint Venture, and to participate in the drilling of two attractive prospects in the short term. This is a very attractive area and the large number of prospects in the block indicates the potential for material upside in the event of success.

This farmin is a futher step in the execution of PPP’s stated growth strategy which includes participation in selected exploration in proven basins, in the Southeast Asia region.

For further information please contact:
Tom Prudence
Chief Executive Officer
Pan Pacific Petroleum NL
Telephone: + 61 2 9957 2177
www.panpacpetroleum.com.au

[FrankEd]

Some great movement with that news - not! Why is it going down?

[newbietrader]

Some great movement with that news - not! Why is it going down?

I think the deal is in such a similar scenario from Vietname project with East Timor one ==>[PPPJ’s farmin is subject to certain conditions including the waiver of pre-emptive rights by the Joint Venture partners, and the approval of the assignment by the Autoridade Nacional do Petroleo of Timor Leste, the Designated Authority.]

[boysy]

it does seem odd that the market has overlooked this release as looked upon it as bad news.

[boysy]

some informative information on the block

Oilex 3D Seismic Survey Starts in Highly Rated JPDA 06-103 Block in the Timor Sea
Thursday, June 05, 2008

Highlights

• Oilex Joint Venture has started its major 3D seismic survey in block JPDA 06-103 in the Timor Sea Joint Petroleum Development Area (“JPDA”)
• The survey will cover prospective geological structures, the largest of which has the potential to contain resources of up to 300 million barrels of oil initially in place (100% basis) in a proven oil-producing basin.
• Recent discovery on the adjacent block JPDA 06-105 by ENI, Kitan-1, flowed oil at a reported rate of 6,100 barrels per day (“bopd”) from a drillstem test.

Oilex advises that the first phase of offshore operations has commenced in the Block JPDA 06–103, located in the Timor Sea JPDA between Timor-Leste and Australia. The Geowave Champion seismic vessel has completed its clearances and is on location preparing to acquire the extensive, high resolution Maura 3D marine seismic program over an area of 2,082 km2. Data from this survey will be combined with existing 3D seismic surveys to provide 3D seismic coverage over more than 90% of the area of the Block. Processing of the data is expected to be concluded about the end of 2008 and the interpretation of the data over the entire block is anticipated to be completed by about end of March 2009. Locations for exploration wells will then be selected for drilling starting about mid-year 2009.

To that end, Oilex is also in negotiation with suppliers of offshore drilling equipment to secure the services of a suitable semisubmersible drilling unit to drill 2 wells in the first phase mid-year 2009 to be followed up by further drilling activity later in the year.

The JPDA 06–103 block was considered by Oilex to be the most prospective of the blocks offered in the competitive bid round held in 2006 and a Production Sharing Contract for the block was signed in January 2007 by the joint venture operated by Oilex. The block lies directly to the east of the Laminaria-Corallina oilfields (130+ million barrels reported reserves, operated by Woodside) and to the north of the Bayu-Undan gas-condensate field (400+ million barrels condensate and 3.4 trillion cubic feet of gas reported reserves operated by Conoco Phillips).

There are also a number of other oil fields which have been discovered in the immediate vicinity (e.g. Buffalo, Kakatua, Elang). Fields in the area generally have very good recovery efficiencies (in excess of 50%), a function of the excellent reservoir quality and flow characteristics of the light oil present.
Oilex’s evaluation of the existing seismic grid within JPDA 06-103 identified a number of structural leads with similar geological characteristics to these adjacent oil fields. These leads (see map below) vary in size and include larger structures that have preliminary volumetric estimates of potential undiscovered oil-initially-in-place of 200 and 300 million barrels (on a gross or 100% basis). The volumetric estimates will be revised when the interpretation of the new 3D is completed.

New Discovery - In April of this year, a significant oil discovery at Kitan-1 and -2 was made by ENI, the operator of block JPDA 06-105 (adjacent to the east of JPDA 06-103). The Kitan-1 discovery well flowed oil at a rate of 6,100 BOPD from a drillstem test. The discovery was followed by an appraisal well at Kitan-2 that confirmed the commercial viability. These wells lie close to the JPDA 06-103 block boundary and confirm the oil potential of the basin.

ENI subsequently made a Declaration of Commercial Discovery and the TSDA based in Dili, Timor-Leste declared Kitan a Development Area in May. This is the first significant commercial discovery of oil in the Timor Sea for many years.

Participants in the JPDA 06-103 Production Sharing Contract are:

Oilex (JPDA 06-103) Ltd (Operator): 25%
Global Energy Inc (Videocon): 25%
Bharat Petroresources JPDA Ltd : 25%
GSPC (JPDA) Ltd: 25%

[digger]

I think the deal is in such a similar scenario from Vietname project with East Timor one ==>[PPPJ’s farmin is subject to certain conditions including the waiver of pre-emptive rights by the Joint Venture partners, and the approval of the assignment by the Autoridade Nacional do Petroleo of Timor Leste, the Designated Authority.]

Your on to it and i think the market will struggle to like it.One of this type is probable one too many now we have two.Being at the whim of someone else that you have no control over is the highest kind of risk. Maybe i am missing something and hope that is the case .The only big positive is that this deal has been struck by directors that have a lot of skin on the table,so maybe they have inside info or are working on a plan we are not privi to.

[macduffy]

I think we'll have to learn to live with some uncertainty if we want to keep an interest in PPP.
Their stated intention is to acquire interests in South East Asia. Vietnam and East Timor fall into that geographic area!

Personally, I'm comfortable with that. I think the risks of pre-emption or non-approval are probably less than we might imagine. It's just the waiting that's hard to take at times.

:cool:

[neopoleII]

risk wise i like this farm in lots more than the other 1.

1, NZ and AUS played a big roll in east timor peace keeping, and ppp has alot of nz/aus support.
2, the field lies in the aus/timor shared exploration zone.
3, east timor needs funds and international recognition.
4, the japs have also entered the play.
5, east timor authority has already said they are favourable to this venture.

this is alot more positve than the other farm in regarding to acceptance of farm in.
however...... this is still a wildcat, where as the other is proven oil shows.

i feel good about this one.

[boysy]

add to your list the fact that this block is surrounded by recent decent oil finds

[the machine]

oilex announcements onasx show a lot of releases regarding the permit, including cancelled drilling contracts, sell down to japan oil and then new drilling contract

expect all parties will be very happy with ppp joining and the approval from timor government should only be a formality as no timor companuies involved, compared to vietnam where government oil company involved

sp jumped first up on asx and then went backwards - amazing!

M

[boysy]

and down we go again today as oil goes up im quite supprised by all this negativity

[boysy]

stop losses being hit i guess its down but on small volume at 51 down 4.5 on asx

[boysy]

STOCK*EXCHANGE*ANNOUNCEMENT*
13th October, 2009
Pan Pacific Petroleum Farmin Updates
Timor Sea Block JPDA 06-103
As previously announced Pan Pacific Petroleum (JPDA 06-103) Pty Ltd (“PPPJ”) has agreed to acquire a 15% Participating Interest in the JPDA 06-103 Production Sharing Contract (JPDA 06-103).
PPP is pleased to advise that all JV parties have now waived their pre-emptive rights in relation to the respective Farmouts.
Under the terms of the Farmout agreements, application to the Designated Authority the Autoridade Nacional do Petróleo of Timor Leste for approval of the assignment will be made after completion of the earning obligations relating to the drilling of the first two exploration wells in the contract area.
These wells are currently planned to be drilled in November-December 2009 using the Songa Mercur semi-submersible drilling rig and will target the Loré and Lolotoe prospects which the Operator (Oilex) reports as having recoverable mean prospective resources (on 100% basis) of 195 million barrels of oil and 90 million barrels of oil respectively.
Upon completion of PPPJ’s farmin obligations, the participating interests will be;
Pan Pacific Petroleum (JPDA 06-103) Pty Ltd 15%
Oilex (JPDA 06-103) Ltd (Operator) 10%
Global Energy Inc 20%
GSPC (JPDA) Ltd 20%
Bharat PetroResources JPDA Limited 20%
Japan Energy E&P JPDA Pty Ltd 15%
Vietnam Block 07/03
In May 2009 Pan Pacific Petroleum (Vietnam) Pty Ltd (“PPPV”) entered into a farmin agreement with Premier Oil Vietnam South B.V. (“Premier”) to earn a 15% interest in the Block 07/03 Production Sharing Contract, offshore, Vietnam, subject to waiver of pre-emption rights by PetroVietnam and approval by the Vietnamese Government.
PPP has now been advised that PetroVietnam Exploration Production Corporation Ltd (PVEP), intends to exercise the pre-emptive right on behalf of PetroVietnam, and is considering the acquisition of part of the Participating Interest from the assigning Contractor Party, Premier. A further update will be provided when the details of the PVEP position are confirmed.
For further information please contact:
Tom Prudence
Chief Executive Officer
Pan Pacific Petroleum NL
Telephone: + 61 2 9957 2177
www.panpacpetroleum.com.au

[fabs]

Can anybody post the latest Article in The Headliner 29.10.09. VOLUME 31 NO 4 Re: NEGATIVE VIBES FROM VIETNAM?
Seems there was a pefect Window [ AUGUST -SEPT] to make QUITE A BIT OF MONEY

[FrankEd]

The ann today confirms 10% of vietnam, with 5% to still be approved. That should ease some worried minds!

[boysy]

nothing is yet in the bag still requirements to get the remaining 5%. Still 5% is still alot of oil espeially if the second well comes up good. The question has to be on reimbused costs what will we get back as there is no mention of this ?

[Sehnsucht888]

The ann today confirms 10% of vietnam, with 5% to still be approved. That should ease some worried minds!

10% for Petro Vietnam. 5% Max for PPP

[Sehnsucht888]

Does no feedback on the AGM mean that no posters could attend?
Surely someone must be in Sydney...

[boysy]

Oilex kicks off drilling on first well in Timor Sea

http://www.smallcapnews.co.uk/article/Oilex_kicks_off_drilling_on_first_well_in_Timor_Se a/7845.aspx

[FrankEd]

10% for Petro Vietnam. 5% Max for PPP

:confused: Today's ann. explicitly says PPP has 15%?? Am i missing something?

[upside_umop]

:confused: Today's ann. explicitly says PPP has 15%?? Am i missing something?

The announcement today was wrt Timor Sea drilling rather than the Vietnam permit.

[neopoleII]

ppp has 15% of this one,....timor sea
but the veitnam well is a different well.

[FrankEd]

ahhhh... thanks! should read things more thoroughly!

[neopoleII]

one drill a duster, no comments,
share price nose diving...... no comments.

maybe the traders have all left the scene?

[tricha]

"PPP on my basic fundamental calculation is worth 36 cents a share, with their cash value fallen to 18 cents."

No argument with the 18cps cash, tricha, but what are the components of the other 18c, in particular what value do you put on PPP's Vietnam interests?

:)


WELL PPP coming home to roost, I'd hate to do a valuation on them now, what a bunch of tossers, Vietnam value = o, PPP blew on US $ and a wantabe, never mind most of mine were bought at 18 cents and sold for a 1 bagger ;)

[boysy]

i would have to disagree there tricha 5% of vietnam is alot of oil especially if the second well comes in though i dont believe much premieum has been built into the sp but i would expect a rerate if the farm in is finaly approved. Conversely though if the farm in doesnt happen then the sp sill also rerate. 5% of 80mmbl is 4mmbls and if the second well comes in i wouldnt be supprised if the field is developed as soon as feasably possible. Then there is the upcoming TUI drills. PPP management has acted bad there tricha but if you had held you would of made more than a 3 bagger and even now you would have made a better return than when you did.

[h2so4]

i would have to disagree there tricha 5% of vietnam is alot of oil especially if the second well comes in though i dont believe much premieum has been built into the sp but i would expect a rerate if the farm in is finaly approved. Conversely though if the farm in doesnt happen then the sp sill also rerate. 5% of 80mmbl is 4mmbls and if the second well comes in i wouldnt be supprised if the field is developed as soon as feasably possible. Then there is the upcoming TUI drills. PPP management has acted bad there tricha but if you had held you would of made more than a 3 bagger and even now you would have made a better return than when you did.

Alot of "what ifs" there boysy. I would be interested in your valuation? Does your valuation provide you with a margin of safety?

[macduffy]

Personally, I don't set much store on any arithmetic 'valuation' of an oiler. The market values these stocks largely on their prospects and prevailing market sentiment which can swing quickly from over-optimistic to unduly pessimistic.

For me, therefore, TA is more appropriate than any fundamental analysis for these stocks. I'll only be buying PPP when the SP starts to trend firmly upwards.

;)

[boysy]

I guess it depends what the valuation is taking into account we have to remember that ppp was trading at well below cash backing before nzo bought there share in ppp.ppp is well cashed up but production at tui is declining and new production needs to be found and bought onto line . TUI was ppps past and could help it continue into the future the question has to be the exploration prospects that ppp has. Vietnam is looking very interesting we have yet to get farm in approval and while it looks like we will get only 5% instead of the 15% this is still much more oil than ppp currently have in reserves. We have the money to bring online any discoveries i guess the question has to be how will ppp grow from here on out. Are ppp going to increase production through mergers or explorations im not sure you can discount either. PPP have alot to prove to SHs how they can make the best out of a bad situation the next few quarters will be make or break for ppp can they use the cash they have effectively to develop and expand there operations.

[macduffy]

All true, boysy!

Any valuation of that little lot is going to be more than a bit subjective!

:)

[soletrader]

dated 23.12.09

*****Premier Oil plc News alert*****



Vietnam

The Cá Rong Vang well on Block 07/03, offshore Vietnam has been drilled to a total depth of 3980m BRT. The well encountered the Thong Mang Cau, Dua and Cau reservoirs as prognosed. However, wireline logging has been completed and indicates the well has not encountered any significant hydrocarbons. The well is now being plugged and abandoned as planned.

[the machine]

dated 23.12.09

*****Premier Oil plc News alert*****



Vietnam

The Cá Rong Vang well on Block 07/03, offshore Vietnam has been drilled to a total depth of 3980m BRT. The well encountered the Thong Mang Cau, Dua and Cau reservoirs as prognosed. However, wireline logging has been completed and indicates the well has not encountered any significant hydrocarbons. The well is now being plugged and abandoned as planned.



soletrader, your post beat the asx announcement.

one would expect sp to suffer a bit now, but could be salvaged if timor drill is successful


M


I no longer own any ppp directly since mid oct

[boysy]

Im a bit bewildered by the sp action the only reason as to the sp going up is if the well had been a success then i would think the vietnamese govt would take a bigger slice than the indicated 10%. With this second well coming up dry hopefully we will get approval from the powers that be in vietnam. Plenty of action in the new year but with the kitty and production dwindling i wouldnt mind ppp buying assets than simply drilling so far as the results have yet to produce zip though going foward the drills around tui should have a higher success rate than vietnam and timor. They mentioned that they are going after projects that are close to being bought online as clearly they have to bump up production someway i wonder if going down this avenue will yield better results thans the drilling campaign so far.

[COLIN]

soletrader, your post beat the asx announcement.


??? I don't think so - ASX announcement was yesterday.

[winner69]

When I saw this headline in The Herald Aussie PPP failures offer a lesson I thought jeez something is up ... and then a trading halt this morning

[boysy]

ppp in the herald meaning public private partnerships

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10622046

You have to wonder what the trading halt could be about one would think it couldnt be relating to the current phase of drilling as they have not before called a trading halt before releasing results ?

vietnam farm in ?
timor sea farm in ?
Another farm in ?

[Sehnsucht888]

Thanks for the clarification boysy, winner69's post gave me a sinking feeling, but it is not our PPP in the article...
The Trading Halt is interesting though... I wonder when we will be enlightened.

[digger]

ppp in the herald meaning public private partnerships

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10622046

You have to wonder what the trading halt could be about one would think it couldnt be relating to the current phase of drilling as they have not before called a trading halt before releasing results ?

vietnam farm in ?
timor sea farm in ?
Another farm in ?


Unteresting comments you have made here Boysy.
Here are my thoughts to add to the pool.
First note that it might well be the well. The total dept was suddenly deepened last week.They would surely not do so unless they thought they were on to something. So my best guess is that oil has been found.Your comment that they have not done this before does not hold up as they have not discovered oil before.Also do not get fooled by the falling SP as most investers have no clue what is happening and the falling SP does not mean that oil has not been discovered.
Second is that PPPV has got its holding of 5% OK from the Vietnam govt approved.
Third is that NZO is launching a T/O
Any more best guesses welcome to fill in the gap until we are informed.

[digger]

Adding to the above is that i feel PPP are a bit too quick on the trigger with these trading halts. The farm in to Timor did it really justify a trading halt? I also wondered if it was given to cover up the failure of PPPV. So is it now given to hide a drill failure.
Really think PPP should make sure a trading halt is only used when it really is going to have an effect on the SP. The last trading halt was really neutral and really was not necessary.
Hope this time it is warranted.

[macduffy]

So the well is a duster.

But really, PPP didn't have any option but to call a trading halt. News leaks out from these rigs, the NZ market's open, Aussie closed, waiting for the operating company (not PPP) to make an announcement.

[digger]

Two trading halts with PPP.s involvment with Timor Sea. Both unnecessary.Trigger happy this crowd.

[COLIN]

Forget about the trading halts. Just when is this crowd going to strike oil somewhere? Do they really know what they are doing? "One in ten" is supposed to be the average in this industry, isn't it? How many dry wells have they accumulated now?

(Am feeling in an aggressive mood!)

[tricha]

Forget about the trading halts. Just when is this crowd going to strike oil somewhere? Do they really know what they are doing? "One in ten" is supposed to be the average in this industry, isn't it? How many dry wells have they accumulated now?

(Am feeling in an aggressive mood!)

One reason, directors employed a turkey.

I am glad I got out of this company, they had it all with heaps of cash and are now hellbent on giving it away, I am not even interested in doing a new valuation, it will be WELL down, maybe Tui will come to the rescue, maybe :rolleyes:

[macduffy]

I sold a few weeks ago but I wouldn't rule out buying back in.

Oil exploration is inherently risky - some posters seem to think that every prospect turns up the goods but we need to remember it's not at all like that!
PPP still have the steady income from Tui, the directors are hanging on to their big stakes and they're not afraid to spend to find the next "good thing".

I don't write them off by any means.

[the machine]

see director sold 2m yesterday

http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01031879

M

[macduffy]

Hard to see the sale of 2m shares from a holding of 74.5m as being very significant.

We all need to raise a bit of cash occasionally!

;)

Disc: Not holding, but watching.

[stanace]

Why does this not show up on the sales figures? eg on Sharechat, in the newspapers. After all we don't all go looking everyday to that website. I for one look at the newspapers to see what happened in the market yesterday.

[macduffy]

It's probably an off-market transaction. The volume is higher than any of the last several days in Aussie and the price - 40c - hasn't been seen during the same period.

[Bobcat.]

My prediction: The DJIA-driven correction will take this pup down to find support around NZ35c/AU27c. Check out the charts.

Discl: I have a PPP bid sitting on the NZ market, waiting for the DJIA to drag this pup down to meet it (bouncing off a sub-10000 bottom early next week).

The trend is definetely your friend. Any of you dogs want to sell these off market?

[skid]

Id be very interested in knowing just how far down the shareprice would have to go before we get into another situation where assets are greater than the actual shareprice:ohmy:

[boysy]

well skid the sp is heading in that direction now people are certainly clambering for the door

[h2so4]

I would estimate the net assets to be aprox. twice the current share price. $68m cash + 2.44 mmbls of reserves. As everyone here knows they once traded for as little as their cash value. :D That would put the sp at aprox 11c today.

[boysy]

they in fact traded well below cash backing for a period in time though it looks as though it could fall further though plenty of interest in the next wee while with TUI drilling and hopefully final approval of Vietnam and back costs reimbursed which should be worth a bit of cash. they have to get another asset going for them though they had a good chance and failed to find any farm ins or buy assets at reduced prices. They need to go after an already producing field with upside or near enough. I am looking to re enter though it looks as though this one will fall further simply based on sentiment of the company and managements treatment of the ordinary shareholder.

[macduffy]

I'm keeping an eye on them too, boysy, with a view to a re-entry.

No hurry for this though, PPP was one of the few oilys that I've made money out of so I'm not keen to give it back!
But while directors hold their big stakes one shouldn't let it get too far out of mind.

[boysy]

thats the thing though isnt it the directors have very significant holdings one would think they would be doing all in there power to turn the sp drag round. Down to 24 on the asx nothing stopping it going down further in the short term one would think people are very clearly buying the fact on this one they need to nail vietnam in writing and get another asset online as that cash pile is dwinding with the dusters they have hit of late.

[macduffy]

I get the feeling that they're not particularly concerned with the SP at this time. They don't need to raise any new cash and if the SP gets too low they (directors) might buy more.

Perhaps directors are looking to an eventual exit via a takeover but of course to get there, there's got to be value in PPP.

Happy to observe meanwhile.

[the machine]

last year I swapped ppp for kas and in a couple of weeks if ppp still around these levels I might swap a few back.

@ 24c au ppp must be about cash equivilent and with tui drills around the corner then represents good value

M

[tricha]

I would estimate the net assets to be aprox. twice the current share price. $68m cash + 2.44 mmbls of reserves. As everyone here knows they once traded for as little as their cash value. :D That would put the sp at aprox 11c today.

I have just done a new valuation on them and they come in at 28 cents, cash and P2 oil, no allowance for exploration upside.

The big issue is the CEOuch and DIRECTORSless, they have lost half their cash with nothing to show.

If they had kept their cash in OZ dollars, they would have 40 cents of hard assets.

Rule #3 - Management and PPP unfortunately just does not have it. The directors have to much money and treat PPP as their own play toy, the rest of us .............. :(

[shasta]

Tricha

NZO did the same thing, they have lost almost the last 2 quarters worth of revenue in FX losses over the same period, & anyone who goes back 6 - 9 months ago will see clearly on the thread, that i not only forecast it, but also warned about future losses!

[h2so4]

PPP cash flow for the 1HY is something like -$30m.

[h2so4]

Id be very interested in knowing just how far down the shareprice would have to go before we get into another situation where assets are greater than the actual shareprice:ohmy:

HEY SKID

WELCOME mate:t_up:

[skid]

thanx h2so4 Do they have a name for a 3 bagger in reverse??? Man, this one is one wild ride...Ive noticed in the Auckland Herald that in the last week or so its been in the top 5 greatest falls...then the top 5 greatest rise..then back in the top 5 greatest falls!!

[boysy]

if they hit oil at tui this one could go north rather quickly though i belive if it doesnt things could go down south further. Do we know how much drilling the 2 wells would cost ?

[macduffy]

Do they have a name for a 3 bagger in reverse???

Thankfully, it's only possible to lose 1 bag (100%) on any individual investment!

Which incidentally is a good enough reason for me not chase a stock by averaging down on a falling trend.

I don't think for a second that PPP is in any danger of becoming a negative 1 bagger for anyone. Doesn't make it a Buy at present though, IMO.

[h2so4]

if they hit oil at tui this one could go north rather quickly though i belive if it doesnt things could go down south further. Do we know how much drilling the 2 wells would cost ?

Don't know, but they spent $30m on capital expenses 1HY. :ohmy: That would take their cash flow to
-$60m 1HY :ohmy:

[boysy]

though one would think if/when vietnam is approved they shoudl get back paid there share of expenses one would think to the tune of 10% of drilling costs in vietnam if vietnam approve the 5% share.

[tricha]

Tricha

NZO did the same thing, they have lost almost the last 2 quarters worth of revenue in FX losses over the same period, & anyone who goes back 6 - 9 months ago will see clearly on the thread, that i not only forecast it, but also warned about future losses!

Hi Shasta

I suppose thats because PPP and NZO are related. I sent PPP a few emails regarding their $US and the replys I got were very poor and basically said we need $US for future purchases and we know what they were.

So it's sad to say, PPP management are not up to it, it's just a toy to the directors who have heaps of money and no regard to the ordainary shareholder.

But I must say PPP saved me from disaster.

Pan Pacific and its American Dollars

Saturday, 17 January, 2009 9:23 PM


From:




To:
enquiries@panpacpetroleum.com.au



Hi PPP staff

Can you please pass to our new Chairman Mr Tomkinson.

Play the odds, dump another 50% of US$

Why please read this crRoom20090116061226[1].pdf (324KB) (http://nz.mc961.mail.yahoo.com/mc/showMessage?fid=Inbox&sort=date&order=down&startMid=0&.rand=335280727&midIndex=0&f=1&nextMid=1_50063_AGZgbHwAATSRSXEtlQ8TuBolLBw&m=1_50430_ALhgbHwAAI0CSXE58ggGpW6IT5E,1_50063_AGZg bHwAATSRSXEtlQ8TuBolLBw,1_49701_AG5gbHwAAOgGSXEtZA 6uhDJzbZs,1_48880_AG1gbHwAAPdkSXCGSgK21Xos2i4,1_48 054_AG5gbHwAAP3hSXAlBQrc7AWPMCc,1_45152_AGlgbHwAAA fsSW%2FkkAsxJCFtjHo,&mid=1_50430_ALhgbHwAAI0CSXE58ggGpW6IT5E&fn=crRoom20090116061226%5B1%5D.pdf&pid=2&vs=1&ypa=1)

Personally if you lock in the US$ now, its a great result. If what our friend Mr Casey is wrong so what.

Personally myself, I would get rid of all US$.

Cheers - Happy PPP investor.http://mail.yimg.com/a/i/mesg/tsmileys2/01.gif

[Huang Chung]

Wow...17c.

What went so wrong?

[boysy]

sitting on money and doing nothing with it thats about it. Its a long way down from the highs post vietnam isnt it .

[Corporate]

sitting on money and doing nothing with it thats about it. Its a long way down from the highs post vietnam isnt it .

They aren't far from cash backing again. Market cap $100m. Cash in the bank $83m.

Could be a buy soon.

[boysy]

depends on what plans the brains trust has in store for shareholders last time it was to jump into a farm in aggreement because another one went sour. They need to boost production otherwise it could go alot lower lets just hope for sh sake kahu comes in for them.

[the machine]

They aren't far from cash backing again. Market cap $100m. Cash in the bank $83m.

Could be a buy soon.

in due course they should get a refund of sorts re vietnam - funded 15% and should get a credit for how much they end up with - although credit could be against future spend, so could be a few years

M

[tricha]

Wow...17c.

What went so wrong?

WELL the title tells the story and unfortunately they have the same management.

The same management that are so rich, treat PPP like a game, where the average shareholder does not matter. :mad ;:

Sad really!

[the machine]

WELL the title tells the story and unfortunately they have the same management.

The same management that are so rich, treat PPP like a game, where the average shareholder does not matter. :mad ;:

Sad really!

to me it is not so much what management have or have not done - the sp is way undervalued and presents an excelent buying opportunity - i bought back in on thursday @ av 16.75 - 100,000 of the little suckers.

july 1st the sp will be higher, after tax loss time has passed

M

[tricha]

to me it is not so much what management have or have not done - the sp is way undervalued and presents an excelent buying opportunity - i bought back in on thursday @ av 16.75 - 100,000 of the little suckers.

july 1st the sp will be higher, after tax loss time has passed

M

WELL the Machine r u still riding this slide, lost my marbles today and bought a few at 16.5 cents, cash = 18 cents, but unfortunately management have not changed, that's a huge downslide. I will take the gamble that they will do better this round


PPPPan Pacific Petroleum NL FPOhttp://www.stocknessmonster.com/images/australia.gif
PPPPan Pacific Petroleum NL FPOhttp://www.stocknessmonster.com/images/australia.gif http://www.stocknessmonster.com/chart/stockness/hist2/ASX/PPP/1y/line/30/0/

[the machine]

WELL the Machine r u still riding this slide, lost my marbles today and bought a few at 16.5 cents, cash = 18 cents, but unfortunately management have not changed, that's a huge downslide. I will take the gamble that they will do better this round


PPPPan Pacific Petroleum NL FPOhttp://www.stocknessmonster.com/images/australia.gif
PPPPan Pacific Petroleum NL FPOhttp://www.stocknessmonster.com/images/australia.gif http://www.stocknessmonster.com/chart/stockness/hist2/ASX/PPP/1y/line/30/0/

hey tricia, still hold 50,000 and see what happens over next 12 months.

as regards the other 50,000 I sold them at end july for about a $800 profit and bought 100,000 kasbah with $1,000 leftover.
that 100,000 kasbah cost me $7,910 - on todays closing price thats worth $14,000 - not bad for 7 weeks

M

[boysy]

Vietnam block 07/03 drilling update

http://www.asx.com.au/asxpdf/20110106/pdf/41w22qllmzcw9l.pdf

Appraisal well to reduce uncertainty around CRD-1X discovery

Well will spud in the next few weeks

[boysy]

Well off priemier website expected spud around end of jan

Vietnam
The CRD appraisal well will now be spudded ahead of the Tuna drilling programme in Indonesia, using the same rig, the Ocean General, which is already located in Vietnam following its previous engagement. This well is expected to spud around the end of January.
http://www.premier-oil.com/render.aspx?siteID=1&navIDs=19,312,327,776,778

Interesting to note volumes targeting low side 10 mmbl mean 60 million and hig 80 million should see quite the reserve upgrade if they can actually book it some stage in the future.

[tricha]

Well off priemier website expected spud around end of jan

Vietnam
The CRD appraisal well will now be spudded ahead of the Tuna drilling programme in Indonesia, using the same rig, the Ocean General, which is already located in Vietnam following its previous engagement. This well is expected to spud around the end of January.
http://www.premier-oil.com/render.aspx?siteID=1&navIDs=19,312,327,776,778

Interesting to note volumes targeting low side 10 mmbl mean 60 million and hig 80 million should see quite the reserve upgrade if they can actually book it some stage in the future.

Do you still hold this one Boysy, the problem is still the same, management treat this as a toy, they do not care about the average investor, they had all this cash and they blew it.

Shame on them.

[boysy]

No glad i sold when i did after Vietnam can now buy in for under half the price i sold at tricha. May be an interesting play if the find at Vietnam is proven but 5% aint going to be a company maker. Management are complete tools one would think with so much at stake in the company they would do better but have yet to prove they are actually up to the task. People all too often look at cash backing but these guys know how to blow it quicker than they can earn it.

[drillfix]

For some Directors, Boss, CEO, they dont care about investors nor the money they waste because they know a certain % of that cash goes towards the BS they spin, YET they are legally allowed to virtually say anything they want and get away with it with no penalty or punishment.

I am a big fan of Corporate Be-headings, meaning if they fail because of spin or inaccuracy or deception then off with their head.

Or if they cant walk the talk, the they should pizz Off and the co should get the person who wants the reward but who can deliver.

I dont hold, but I hate management who only give spin with no results what so ever.

[macduffy]

It seems to be foregotten sometimes that oil exploration is a high risk business - big risks have to be taken which often don't pay off.

It's a mistake, IMO, ever to focus too much on cash backing per share in comparison to an oily's SP. It's nice to see this looking strong but really it only means that the company can continue to take those risky bets a bit longer before it comes back to its shareholders for more money. The cash is almost never going to be returned to shareholders unless one or more of those big bets pays off.

Sorry to be negative on PPP - which I was lucky enough once to have a small win on - but the realities of investing in oil exploration companies should be faced. One more thing. Directors of PPP certainly have a lot of skin in the game and one would think that they're trying their hardest to make their investment pay off. But it shouldn't be overlooked that they're all wealthy individuals in their own rights and PPP, while important to them, isn't everything.

[tricha]

For some Directors, Boss, CEO, they dont care about investors nor the money they waste because they know a certain % of that cash goes towards the BS they spin, YET they are legally allowed to virtually say anything they want and get away with it with no penalty or punishment.

I am a big fan of Corporate Be-headings, meaning if they fail because of spin or inaccuracy or deception then off with their head.

Or if they cant walk the talk, the they should pizz Off and the co should get the person who wants the reward but who can deliver.

I dont hold, but I hate management who only give spin with no results what so ever.

Oh they need to be beheaded all right Drillfix, trouble is the directors own a major holding, they are most likely very WELL of and use PPP as a play thing.

As far as I am aware they still hold lots of $US junk money and are going to be punished again on currency losses, what a bunch of losers. Shame on them.:mad ;:

Say "Goodbye" to the Dollar
http://www.financialsense.com/contributors/jr-nyquist/say-goodbye-to-the-dollar

[tricha]

Oh they need to be beheaded all right Drillfix, trouble is the directors own a major holding, they are most likely very WELL of and use PPP as a play thing.

As far as I am aware they still hold lots of $US junk money and are going to be punished again on currency losses, what a bunch of losers. Shame on them.:mad ;:

Say "Goodbye" to the Dollar
http://www.financialsense.com/contributors/jr-nyquist/say-goodbye-to-the-dollar

P.S I think NZO are in the same boat.

[the machine]

it is however a very good time to buy ppp - incase you missed it a phillipines company owns 21% of pitkin who own 40% of the vietnam drill - thus indirectly own 8% of the vietnam drill.

last week they announced the permit will be providing future revenue stream for them.

this is a very big step up from what premier and ppp saying about the permit

M

[boysy]

Looks at the most recent presentaion from premier they are very bullish on the CRD (Oligocene) play mutiple mentions in the below attached link

http://www.premier-oil.com/Asp/uploadedFiles/File/Exploration_Analysts_Afternoon_Part_2-WEB.pdf

Particular mention near the end of the presentation seems as though what the machine says may be materialising if things pan out as per operators bullish view.

[soulman]

Been tracking PPP for a bit lately. Still they got more net cash ($94 mil) than their current mrt cap at 15.5 cents ($91 mil).

The last 2 trading days (today included) show signs of strength. I am in at 15.5.

[boysy]

16.5 close looks like now the company is trading at cash backing plenty more upside

[soulman]

Indeed boysy. Trading at cash backing, nothing is attributable to PPP oil asset whatsoever. With oil prices soaring and PPP producing, I might actually put this in a bottom drawer for a bit. All you other holdings seems to be firing boysy. Any new addition? I missed out on COE when they were 38 cents a months back.

[boysy]

Interesting to note PPP cash backing 16 cents and premier looks to be putting block 07/03 in the "future development project"

http://www.premier-oil.com/premieroil/operations/asia/vietnam

And the appraisal well is no longer listed perhaps another sign development is sooner rather than later

http://www.premier-oil.com/premieroil/operations/exploration-and-appraisal

[soulman]

Up to 100 mil cash now. PPP still waiting for the 5 cents capital return to be approved by the ATO. Cap at 83 mil at 14 cents, PPP has been having a nap for 18 months ranging from 11 to 17 cents.

[boysy]

Still great buying at these levels i mean how many oilers out there do have this much cash produce oil and have a few drills in the pipe line. Sure PPP have been sitting on the cash but when they start drilling the focus will come on the positives how this has a negative EV is beyond me

[soulman]

Free asset to boot boysy. I am looking at this when the market turns bad.

[troyvdh]

...the decision from OZ IRD....why the delay....I understand that the financial year blah blah...is June....how bone fide do folk believe PPP are in there determination to return capital....if they do will the pay out will there respond to a equal fall in SP....Ive held about 45000 for yonks....cheers...troy...

[ELYOB]

I think PPP have a drilling strategy ; but there are no rigs available in NZ waters . So how can you do anything . They will have to wait till OMV probably bring a rig in, and PPP will have plenty of time to get a slot. They will have to contribute to rig mobilization costs . Most likely share with CUE HZN AWE NZO OMV and many others ....a very expensive operation.

[neopoleII]

read an article the other day that said that the US is so busy drilling holes in the ground that they have more drills working than ALL the other countries in the world COMBINED!.
so there seems to be a problem acquiring a rig to come all the way down here.

which brings me to another point.... there was discussion on this thread and the nzo thread years ago about buying or building an off shore rig and then leasing it out to anyone that want to pay for it.
if this had of happened ... ppp and nzo would be stinking rich now.

the world needs oil, and to get it you need a rig, and the rigs are scarce, and charge top dollar.

ppp and nzo has cash and income..... why leave it in a bank account collecting 5% ???
buy or build a drilling rig and cash in.......

example..... in the hey days of gold panning in the 1800s and 1900s...... a few miners got rich but all the "general stores" and suppliers became filthy rich.
if ppp and nzo owned a rig...... things would be very fruitful

[boysy]

Looks to be a case of those not willing to stay are giving away their shares for far less than Cash backing let alone asset backing. Sad that the its taking so long to get what would seem a simple an obvious answer however it gives time to keep topping up on these bad boys.

[digger]

read an article the other day that said that the US is so busy drilling holes in the ground that they have more drills working than ALL the other countries in the world COMBINED!.
so there seems to be a problem acquiring a rig to come all the way down here.

which brings me to another point.... there was discussion on this thread and the nzo thread years ago about buying or building an off shore rig and then leasing it out to anyone that want to pay for it.
if this had of happened ... ppp and nzo would be stinking rich now.

the world needs oil, and to get it you need a rig, and the rigs are scarce, and charge top dollar.

ppp and nzo has cash and income..... why leave it in a bank account collecting 5% ???
buy or build a drilling rig and cash in.......

example..... in the hey days of gold panning in the 1800s and 1900s...... a few miners got rich but all the "general stores" and suppliers became filthy rich.
if ppp and nzo owned a rig...... things would be very fruitful

Yes neopoleII this did come up years ago but at that time things were different in some significant ways to what they are now. Today we have more cash in the bank [Both NOG and PPP] and more definate income going forward with KUPE in full gereration now. Note actually producing is always better than the promise---think PIKE if you are having trouble with the difference. That is the positive.On the negative side NZO has invested overseas so is removing itself from a total commitment to NZ. I do not think they are right in this coarse but it has been done so it does spread the future commitment to NZ waters.

A thing against an NZ drilling rig I am told is that their does not seem to be a general overall rig that can do many different types of dept drills.The shallow waters need a different rig to deeper waters and another one again for deep water. In costs i think this rigs need about 2 billion to get a look in so the total 200 million between NZO and PPP pays only about 10%. Now many a farm, house and factory have been very successful with only a 10% deposit so i would suspect a NZ drilling rig would also. The future would probable warrant one as the world is going into a mad drilling frinzy and i do not think many rigs will be idle for some time as NZO is having trouble finding a rig to do its little drills for the last two years now and getting no closer.Also the govt is opening up more permits but with no drilliers here to do the work we already have one wonders about the peice meal approach to finding oil in or around NZ.


Still I am in favor of some company floating a IPO for a NZ owned RIG. And as you say neopoleII probably more profitable than an oil company,
Cheers

[macduffy]

As far as I can tell PPP isn't the operator in any of its JV's - very much the junior partner with 5-15% in most of them. Does it in fact have the expertise to act as operator? As a minor player I wouldn't expect them to have a lot of say in how and when drilling proceeds.

:mellow:

[the machine]

...the decision from OZ IRD....why the delay....I understand that the financial year blah blah...is June....how bone fide do folk believe PPP are in there determination to return capital....if they do will the pay out will there respond to a equal fall in SP....Ive held about 45000 for yonks....cheers...troy...

complcation could be how to treat the free shares handed out by nzo all those years ago - how can you have a capital return for something handed out for free?

M

[micket]

complcation could be how to treat the free shares handed out by nzo all those years ago - how can you have a capital return for something handed out for free?

M

hi machine, just wondering if that is what you summise or have you had a nudge from the company.Possibly nz and aussie directors may be at loggerheads over the capital return as tax implications should not matter to nz holders over capital return; anyone correct me on this? Soon ppp will have a years production plus interest on 100 mil to counterbalance any capital repayment, so any drop in shareprice should only be shortlived

[troyvdh]

...so its a yes...in september.....ye ha

[soulman]

It is a yes but PPP could have titled the annoucement Class Ruling Favourable. I have to re-read the anouncement twice to get the full picture.

[the machine]

hi machine, just wondering if that is what you summise or have you had a nudge from the company.Possibly nz and aussie directors may be at loggerheads over the capital return as tax implications should not matter to nz holders over capital return; anyone correct me on this? Soon ppp will have a years production plus interest on 100 mil to counterbalance any capital repayment, so any drop in shareprice should only be shortlived



if i said had info from company no one would believe me but of course i do not.
its just my gut feeling that the shares which were issued for free by both ppp 1/10 so long ago and by nzo well before tui was drilled, may have different tax implications to those bought on market - after all how can a capital return apply for something issued for free/
nothing is ever free

will know early sept and then ppp better get cracking with calling the meeting

M

[boysy]

Will be interesting to see how the market reacts to news once it is released

[ELYOB]

OMV have made an announcement see CUE ASX re rig ???? lots of if's.... Looks like PPP could have a rig slot sometime 2014.

[tsb]

PPP 5 cent divi should be paid mid October in the latest anouncemnt.

[troyvdh]

cheers tsb....i could do with 3k.....what will the SP do tomorrow...surely this has been expected...cheers again....

[micket]

a dozen of piss on big aussie shareholders and nzo and TR voting it down. hope i am wrong

[boysy]

Nothing has been released but if we are reading between the lines things are looking good for the 5 cent capital return could be even better buying if it drops 5 cents when you think of it EV wise with drills coming up ect

[pietrade]

You're on Micket !!! (Speight's Dark for me) -:)

[pietrade]

and the missing timetable from today's announcement...... Roll on Nov....................:-)

1. Notice of Meeting and Proxy Form sent to shareholders 13 September 2012
2. Extraordinary General Meeting to approve return of capital 16 October 2012 (11:00 am AEST)
3. Trading in shares on an “ex return of capital” basis starts 18 October 2012
4. Record date to identify shareholders entitled to the return of capital 24 October 2012 (5:00 pm AEST)
5. Anticipated date of return of capital 9 November 2012

[the machine]

since the ato ruling is not that attractive to us AU holders then it may not be passed.
Directors probably can't vote for it, which removes a heck of a lot on the plus side.
since meeting would probably be held in sydney then doubt if many kiwi's would attend - proxy's yes, but they have to do it which can be the hard part

for my situation yes i would like the cash, but awk at having to pay tax on 48% of it

M

[boysy]

Things seem to be heating up with the SP starting to tick up to the AU$0.165 and NZ$.20/.21

[pietrade]

a dozen of piss on big aussie shareholders and nzo and TR voting it down. hope i am wrong
OK - you were 98% wrong so can hit me with da Speights now :-)

[the machine]

1 day of trading left in NZ before goes XC -will be intersting to see how compares to ASX which has gone XC today

M

[boysy]

Interesting to note down 4 cents in aussie trading should mean a droup of circa 5 cents on the nzx

[the machine]

Interesting to note down 4 cents in aussie trading should mean a droup of circa 5 cents on the nzx

if ASX price holds at 12c then in effect its a 1 c gain for the day 12c + 5 c CC = 17c, compared to wednesday close

M

[micket]

OK - you were 98% wrong so can hit me with da Speights now :-)

yeah, more than happy to buy you a slab, where to

[pietrade]

yeah, more than happy to buy you a slab, where to

Hi Micket, check your email/messages.
Cheers
P

[boysy]

20% below cash backing after the capital return just seems like a no brainer especially if management are put to task at the AGM

[boysy]

so the 6 odd cents heading nz shareholders way this coming friday will this open up the door for an interested party to walk into the frey ?

[Corporate]

so the 6 odd cents heading nz shareholders way this coming friday will this open up the door for an interested party to walk into the frey ?

Nothings going to happen. The directors have very large shareholding!

[boysy]

I think even the directors will want a way out at the end of the day it will all come down to price top 20 own 53 odd %

[fish]

I think even the directors will want a way out at the end of the day it will all come down to price top 20 own 53 odd %

A lot of co-ownership with nzo holders and a large direct shareholding described as strategic-ie nzo and its shareholders can block any takeover .

i have the impression its a game of patience-nzo will be the most likely to take over ppp at a time of its choosing .


i missed nzo agm -were questions asked about ppp?

ps i havnt received my 6c a share yet-has anyone-has tax been deducted or is it all a capital return?

[boysy]

CR money hitting shareholders accounts tonight

[boysy]

Looks like the drilling may be sooner than expected with updated status from rig zone lets watch the money move into ppp.

http://www.rigzone.com/data/offshore_drilling_rigs/577/Semisub/Diamond_Offshore/Ocean_General

[soulman]

What in the world is going on with PPP? Mr Prudence has become the opposite of his surname and become Mr Risky?

Anyone buying/watching this plummet with interest?

[Corporate]

When I saw that PPP were taking a 50% punt on Oi it reminded me of MEO and the Indonesian well, Gurame. I got burnt that time!

A company PPP size should never take on that sort of commitment - especially offshore.

[boysy]

I expected this to nose dive more considering they have spent the best part of $50m and have minor additional reserves to show for it. My bet the shock will come when they state in the quarterly the cash balance but knowing them it might not even receive a mention. Makes funding 5% of possible vietnam development costs look a bit dicey CR anyone ?

[soulman]

I expected this to nose dive more considering they have spent the best part of $50m and have minor additional reserves to show for it. My bet the shock will come when they state in the quarterly the cash balance but knowing them it might not even receive a mention. Makes funding 5% of possible vietnam development costs look a bit dicey CR anyone ?

Are you still in PPP boysy?

Selling now might not be wise. I guess they were looking for a coy making move instead of the old boring strat and boring share price movement. The gamble did not pay off.

Looking forward to their next quarterly update in a few weeks time.

[boysy]

Sold my residual holding they have next to no cash soulman they really are in trouble. The problem being tui cash will now pay salaries and not much more lets see the cash balance in the quarterly following the hugely overcast drilling campaign. Vietnam won't be factored in until disputes with china go away which isn't likely to happen

[tricha]

Sold my residual holding they have next to no cash soulman they really are in trouble. The problem being tui cash will now pay salaries and not much more lets see the cash balance in the quarterly following the hugely overcast drilling campaign. Vietnam won't be factored in until disputes with china go away which isn't likely to happen

Its a very long time since I posted here, worked out very long ago, PPP was owned by a few big boys who used this as a gambling stock and did not regard the rest of us.

as for Mr Risky, see u later.

[macduffy]

I think its been said before but smallish oilies see their business as spending on the drill in the hope of striking a bonanza - not conserving cash to pay dividends to shareholders!

I sold this one years ago.

[Sharp737]

Yes, I sold years ago too. But sad to see it in this state now. Mind you, the cost of drilling has gone up astronomically!

[Taijon]

Anyone out there remotely interested in this company? AGM was today but no Chairman or CEO speeches have appeared on the ASX. Mind you now there are only 3 Directors and one of the company secretaries has departed I guess they haven't got time to keep shareholders informed about whether they will be solvent for a few more months.

If anyone went to the AGM it would be great to get a bit of news if you have time.
Thanks

[digger]

Yes, I sold years ago too. But sad to see it in this state now. Mind you, the cost of drilling has gone up astronomically!

Wrong--- the cost of drilling in the US has gone down. That is my entire point,we have let the drilling companies decide how much to charge.If the Tin Can junk can make as many mistakes as they did and pass on the cost for those mistakes [as they did ] you can hardly expect the cost of drilling to fall. I guess in the US there is competition

[soulman]

I sold PPP in the high 5's. Bought them for their cash holding and steady revenue. Now, they have all but blown that strategy.

Seems only the financials survived in this market. The mining sector (every single commodity - oil, gas, nickel, iron ore etc...) and mining services sector all getting the good old spalanking.