Dear Phaedrus...would you buy,hold/sell PPP......
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Dear Phaedrus...would you buy,hold/sell PPP......
Technically aware traders that sold PPP on the recent Bearish divergence at 79 cents would have bought back in at 64 cents on the basis of RSI and RVI buy signals as marked by green arrows.
For more conservative investors in this stock, PPP remains a "Hold" for the following reasons :-
(1) Longterm confirmed trendline is unbroken.
(2) Slow Stochastic Oscillator has not signalled a Sell.
(3) OBV trendline is unbroken.
(4) Trailing Stop has not been hit.
PPP is therefore a Buy or a Hold but not a Sell at this time.
http://h1.ripway.com/78963/PPPnz108.gif
Thanks as always...
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
Interesting and i guess the longer it went on it was no suprise.
Good character building is what i call it. I also think that AT would feel somewhat cheated by quite a few million bucks.
Moving on....
The reaction to Vietnam is far more negative in NZ than Australia - in fact it's now coming back in Australia - all on light volume. Has anyone got a take on whether the uptake of preemptive rights eliminates PPPV completely or just a 12.5% share.
its been far more negative for nzo
Re reading the announcement I believe it is saying the preemptive rights are for 15% from the assigning party ie Premier which comes down to 15% of PPPV's 15% which brings the holding down to 12.75% of the field. Still looks OK to me?