Good time to start getting back into the spin of things shasta
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Good time to start getting back into the spin of things shasta
Sc 55 clearance by the doe getting very close
http://manilastandardtoday.com/2013/...rmit-extended/
OEL is at a 17 month high and there could be more gains to be had in the coming weeks/ months. Mkt Cap is only $125m
Galoc Phase II - first oil November so a matter of 4-6 weeks. Production slated to increase from 5000bopd to 12000bopd. OEL's share is 33% so will go from around 1650bopd to 4000bopd. My only question is why Galoc North was not drilled straight after current campaign. Management talked about the fact that rig that were using was not suitable. Hope is is only that and not the lack of prospectivity. Could have been easily tied back to current production. News on Galoc North would be good.
SC55 - getting some press at the moment. Looks likely that BHPB will get an extension/ reinstatement of the block. I think that Pines govt would love to tell BHPP to go away but no-one is ready to drill or even close to ready apart from the BHPB consortium which includes OEL. Farm-in by BHPP is fairly detailed but have obligation for one well and then election to drill another. If don't drill 2nd well then part of block returns to OEL. OEL has a 33% WI. If a substantial discovery would lead to a re-rating of OEL.
OEl has other blocks in the Phillipines that are highly prospective and also a JV with SWALA in Tanzania onshore.
Recent moves up IMO are related to drilling at Galoc Phase II and also relating to the positive media news re SC55. Granting of SC55 to BHPB should see SP rise further.
Gaz
Gaz think you are bang on market might still be waiting to see flow rates ect before a rerate on phase 2 alone. Sc 55 will be the major driver in the short term hopefully this news will help the sp along. From what I have herd phase 2 drilling and 3 d should help give them a better understanding of the galoc north prospect.
Hey Boysy,
Re Galoc North, that sounds plausible and it would great to have some positive developments concerning that.
It is an exciting time to be a shareholder of OEL. I hope that BHPB are able to secure a rig for SC55 in the next 6 months as opposed to the next 12 months.
I know you have been shareholder for sometime so I hope that the news of Galoc is positive re the flows this week or next week!!!!
Gaz
Things do seem positive the 11 cent line taken out this morning both OEL and NDO up 5% think some flow rates might be leaking out. Would be good to see some momentum of SC 55 being put through ASX releases that would really put a rocket under the SP.
....and finally the buy depth has surpassed the sell depth. The sellers have been out numbering buyers at more than two to one but this morning the buy side has finally caught up.
Is today's trading being affected by Labour Day in ACR,NSW and SA?
Good day for oel lets hope those buying up to 12 cents know something we don't
Well looks as though galoc will flow at or above per drill expectations this will start to generate some serious cash flow
http://www.ottoenergy.com/irm/Compan...UpdateNumber20