kerryo where did you get those figures from ?
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kerryo where did you get those figures from ?
wow thats gota be good just read it on ASB securities
SEPTEMBER 2008 QUARTERLY ACTIVITIES REPORT
Tui Area Oil Project (PMP 38158) Taranaki Basin (PPP interest 10%)
Production from the Tui oil fields totaled 3.2 million barrels (PPP 0.32 million barrels)
for the September quarter, averaging 34,300 barrels a day. Production was down 16%
compared with the previous quarter as a consequence of a combination of increasing water
production, delayed offloading due to poor weather conditions and facilities operational
issues. Production operations had returned to normal at the end September with
production of approximately 35,000 barrels a day. Cumulative field production to the end
of September 2008 was 17.4 million barrels (PPP share 1.74 million barrels). Field
performance was generally as forecast and consequently there were no reserves revisions
during the quarter.
Planning for the Tui 4H additional development well continues, while the Tui joint
venture partners are also still considering additional exploration drilling. Timing of
any activities will be subject rig availability, but could be as early as early 2009.
Toke permit (PEP38499) Taranaki Basin (PPP interest 10%)
The interpretation of the 2007 Toke seismic data failed to identify targets which would
justify undertaking the work program required by May 2009 if continuing in the permit;
150 Km2 of 3D seismic, or drill one exploration well. Consequently the joint venture
partners have agreed to surrender the permit.
Hector permit (PEP 38483) (PPP interest 14.091%)
The first 5 year term of PEP 38483 ends in December 2008. Following a review by the
operator the joint venture partners have agreed to apply for the extension of PEP 38483
into a second term, and the area to be retained following the 50% compulsory
relinquishment. It is proposed to acquire further seismic and undertake additional
interpretation and studies to evaluate the remaining exploration potential.
Maitland WA-33R (PPP interest 10%)
The joint venture Operator, Apache, continues to investigate options to progress
commercialization of the challenging Maitland gas/condensate field. Further appraisal
drilling and flow testing remains a possibility, but there is no firm proposal for these
activities at this time.
New Ventures
The Company has initiated a strategy review to determine goals and focus areas for
growth. The strong cash flows from the Tui project place PPP in an excellent position to
compete for new exploration and production opportunities, and to build a sustainable
revenue position. Given these ambitions, PPP has elected to retain the cash in hand
rather than disburse through dividend payments or share buyback, and to target increased
total shareholder return through reinvestment, and subsequent share price growth.
It is anticipated that the global market volatility and credit restrictions will yield
attractive opportunities for companies that have short term funds and can act relatively
quickly, and PPP is well placed in this respect.
Financial Highlights as at 30 September 2008 (unaudited)
Current Assets include: Cash held (see notes 1 & 2 below) A$128.0m
Receivables for oil sales (gross) A$ 9.5m
Tui oil inventory (WMP share) 32,060 barrels
Current Liabilities include:
Hedging – call options (marked to market)
A$ 1.3m
Accrued royalty taxes A$ 8.0m
Accrued Income taxes (estimate) A$ 11.9m
Note 1:
US$10 million (A$12.6m) is deposited with Commonwealth Bank of Australia as cash
collateral to support the Tui FPSO letter of credit. This deposit forms part of the
abovementioned cash held of A$128.0m.
Note 2:
As at 30 September 2008 the PPP group held the following cash balances:
$million Equivalent AUD
NZD 6.9 5.7
AUD 28.3 28.3
USD 74.7 94.0
128.0
Subsequent to the end of the quarter the Company purchased NZD to ready itself for
upcoming NZD denominated payments and AUD to repay intercompany loans denominated in AUD.
The group’s funds are held in Commonwealth Bank of Australia, ASB Bank Limited, Westpac
banking Corporation and BT Investment Management in New Zealand and Australia, including
the USD accounts, these institutions currently have a minimum Standard and Poor's rating
of AA.
B Flatters-Wright
Company Secretary
28 October 2008
Notes:
1. References to PPP, and the company, are to be read as inclusive of the subsidiary
companies within the consolidated PPP group.
2. Where appropriate activities and events occurring after 30 June 2008 have been
recorded in this report.
3. Except where otherwise stated, dollar amounts are in AUD currency
It looks like TR just rehashed his NZOG agm speech for PPP and changed a few dollar values.
"PPP's attractive position is clearly known to the industry and we are regularly approached regarding new business opportunities. However, we are maintaining a disciplined approach to project quality and acceptable risk, and our strategic goals, and to date we have not found a project which meets our investment criteria "
This is the same line we got at the NOG agm - both companies in the same position with wads of cash, looking for the same special opportunity - maybe they should look at each other a bit closer.
Cash balances now around A25.5cps and Tui still laying golden eggs!
;)
Disc: Happy to hold.
The falling oil price presnts many interesting opportunities for cashed up oilers even as the price falls PPP still making $150k a day profit and with little outgoings just sit back and watch knowing that PPP wont be bought for the cheap if the dirrectors have anything to say about it.
This is by far my favourite defensive stock...
There really is no possible way to lose money from here...
even if Oil falls apart...
a million a week in revenues...
smart management...
buy some...
:cool:
.^sc
hehehehe...
hey shephejame,
I have to changed...
I used to think management were dumb for there low level of proactivity...
and non acquisition path....
now I think they are smart...
Look at all the opportunities that face them...
Id be happy if they did plain nothing over the next year...
this would pose them with the greatest opportunities going forward...
It seems right to now Back Tricha and the gang...
PPP is now a steal, and yesterdays presentation opens up abit more behind the thought patterns of management and why they are doing nothing...it all makes sense...the new cash backing figures of 25.5cents per share was abit of a surprise...
hum... NZO looking pretty tidy also...
:cool:
.^sc