with reindeer gas now going ahead then corvus could find a home as a feed gas supply into the new devils creek lng development [think thats what it is called]
M
Printable View
PPP lost 7 cents
i think it also has alot to do with the fact the shares on the nzx are much less liquid than the counterparts on the asx. The sp right now would offer an arbitrage opportunity the sp differnece on the asx and nzx is currently about 2 cents but this can clearly be put down to the liquidity differences as usually they run lock in step of each other.
Yes, the risk is that a Buy on the NZX to complete an arbitrage would see the SP bid up again. In any volume worth doing, that is.
Perhaps someone else might try it?
;)
ppp cracked 80 cents
boysy,you getting the speed wobbles yet? I do wonder how i would feel if i wake up some morning to read that Vetinam said not to us holding this Farmin.Something is sure driving it to rocket so much on what is really a small volumn.That of coa-rse means that if the volumn really picks up it will go up or down in a big hurry. Interesting and kind of scarry.
So do we place bets on when it hits a dollar.Or is it a 50-50 that it hits the dollar before it falls to 30 cents? I will certainly be watching this space but do not really know what to make of what is happening this last two weeks.
It certainly has taken off like a rocket . The only factors i can put this down to are the rise in the oil price which potentially means the vietnam discovery is worth more if we get the farm in. Then there is renewned interest in gas off wa with the gorgon project and the fact that maitland is right next door literally to the development. Im hoping the smart money is hopping in though who knows. I think now $1 easy if the farm in is approved but on the same token back to $0.40 if it isnt. Im still holding but like you i think the cards need to be laid on the table before i make my move.
PPP is in a good uptrend that is showing no signs of weakening as yet. But you already knew that - right? It's not often that a chart adds no extra insight into a stocks movement.
http://h1.ripway.com/78963/PPPnz825.gif
Im all for the PPP gamble avg .26 buy in....at least it keeps me smiling, unlike the PRC roller coaster. I know Vietnam loves our tourism dollars, so lets hope they feel the same to our investment dollars.
im along for the ride as well if vietnam turns out to be as big or bigger than currently stated i wouldnt be supprised if another oiler with ties in vietnam would go after ppp. Time will tell hopefully we get some indication this week of an updated picture of things.
May be wrong, but I suspect you got some kind of 'answer' on PPPV by todays activity.
Alternatively, it's just decent bout of profit-taking
PPP has risen very fast of late. It had a sharp drop the other day then rebounded with interest in no time. Therefore any correction at the moment will be accentuated. The other matter is investors who are running say a 10 or 15 % trailing stop loss would have got kicked out today.
Where will the sp go from here? No one knows but the Veitnam gamble is certainly playing on investors minds of late. Big wins or big loses coming up in the next month or two i suspect.
it hit a low of 50c au today before recovering some.
before the fall I checked with my stockbroker [ppp 64c at time] when I did actually purchase my last 20,000 and it was october 9 2008 - thus I have to wait another 6 weeks before can sell and have 50% discount on capital gains.
@ this stage will sell them after 12 months up, but of course tui drills will be 6 weeks closer by then
M
ive never really understood the chart/tech side but if they came out tomorrow and said vietnam was a mistake,wat chart do you apply the big drop to?or are charts mainly used for no major announcements?
...just thinking....if PPP now announce summit bad....and I had I today sold a significant amount of PPP ...should I be worried.....would it be a bad look for PPP.....look bad for "the MKT".....or just confirm is some folks minds that "thats the sharemarket...who would go there...
The drop towards the end of the day was on very light volume.
Biggest time to worry is when the directors start dumping. Strong volatility at the moment huh?
PPP dropped in two days what it went up the previous two weeks. I put this down to nothing other than speculators or traders assuming that with the Annual the company would clear up the PPPV situation. As this did not even get a mention the traders dumped.The rise and then fall tells us nothing about PPPV but say a lot about how the sharemarket works.
I should have also said that it is somewhat strange that traders would assume this as the Vietnam govt hardly comes under the PPP reporting time line.The only way we would get a report to coincide with the annual would be if the company withheld the new to make this happen,which is suppost to be against continous disclosure so not likely.
PPP effectively went into a bubble this year rising from the 20's cps to hitting 80 cps (nz). Simply stunning in the whole scheme of things given the economic turmoil. It has defintiately been driven by a lot of hype with the Veitnam potential.
Still, i am playing with free money on this one and prepared to ride out the good or bad with regards to the Veitnam propositin
I'm VERY surprised and disappointed that the Vietnam situation got no mention and there's been no update since. Reminds me of the days when getting any news/updates from NZO was like extracting teeth. Maybe it's some kind of a 'disease' that PPP's caught. Grrrrrrrr......
we all have to remember they are working within another countrys regulations and dont want to call it before it is. The survey isnt expected to be finished before the end of august why is everybody expecting a result to be announced before they have finished doing the survey ?
As i understand it, PPP have put met all the necessary requirements to get approved by the Veitnam Government. In saying that, it does not guarentee final approval from them. When i contacted PPP aproximately 2 months ago i asked the question on how long could it be expcted to find out if approval was granted or not. As a guessimate it was expected to take about 3 months. However it does not mean that if we har nothing in the next month or two it is good or bad news. PPP can only release news as it comes to hand and cannot speculate on what the government may or may not do. As frsutrating as it may be it is a wait and see.
ps. After visiting Veitnam on business last year I saw it as a country well worth investing in on a general basis. The government seems stable and the country seems to be in a good position going forward
PPP running hard up 5 today to 71 i guess market thinks it was oversold last week based on the fundamentals.
..usually yes....absolutely.....however...one must remember...when everyone is thinking the Same thing......is everyone thinking..........
Well,
YES
If a director bought shares from open market prior to the release of positive news, does this considered as insider trading?
perhaps from an inside knowledge perspective, a double negative is in play.
no news is good news.
ie knowing that nothing has happened, legislative or otherwise from V, is not grounds for prior knowledge. There would be no change in public knowledge, no event that had to be disclosed.
all conjecture.
phaedrus, if i may be so bold, what does TA make of this run. presumably no sell signals, but does RSI predict an overbuy?
why would the director buy if Vietnam is not going to be approved by Vietnamese Govt - make no sense otherwise as he would be just tossing away 20 cents a share
PPP remains in a long-term uptrend. It is quite a volatile stock, though - the recent 20% drop was of much the same magnitude as previous retracements made during the course of this uptrend. If you are not interested in active trading and want to be a longer-term holder of PPP, you must be prepared to ride out corrections such as this.
The RSI is an oscillator designed to show if a stock is technically OverBought or OverSold. It is not able to predict when this may occur. The RSI oscillator triggers Sell signals when it moves below the OverBought threshold level of 70. Looking at the RSI (14) plot, you can see that this has triggered a string of "Sell" signals over the course of 2009. This is what happens in an uptrend and that is why you should not act on any unconfirmed oscillator Sell signal when a stock is in an uptrend. The RSI(14) did give 2 good Buy signals late last year.
None for long-term holders. Conservative indicators such as the Trendline, OBV, Trailing stop, EMA84, RSI(40) and Slow Stochastic oscillator are all well away from triggering Sell signals.
More active traders would have observed the RSI(14) Bearish Divergence and sold out. Class A Bearish divergences are formed when the shareprice continues to make higher highs, but the oscillator makes lower highs. TA sceptics that question the significance or import of such signals might like to look back at what happened last time PPP showed a Bearish divergence.
http://h1.ripway.com/78963/PPPnz92.gif
someone seemed to be on a mission with ppp right at end of day, pushing sp up with decent volume - finished at .605
M
looks as though its pointing to a higher open on the asx some buyers already lining up to pick up shares at or above the close on fridays price.
Lets hope you are correct. I however am very weary of these opening bids especially on the ASX. They can be used as a bid that is quickly pulled so is not neccesarly one that you have to put and keep your money on. In a few hours we will know if something is brewing or just more unfounded hope.
It is time this PPPV situation got sorted. I do not know what to make off it draging on--that is it more likely or less. You would think that the longer the better but then we are not the Vet govt and have no say in there thinking. I hope NZO does not turn out the same way with Romana.
i wouldnt be supprised if that was the case manxman though only time will tell. Its well out of ppp hands to be honest but its a exciting few months ahead with the drill bit hopefully we can get some concrete information out of vietnam.
Meanwhile, Tui area drilling getting closer.
http://asx.com.au/asxpdf/20090921/pd...r0r91zgm1w.pdf
;)
and the vietnam drills even closer
that sadly is true its totally out of ppp hands though one would think forign investment into vietnam would be welcome but time will tell. Every one who is holding is holding their breath for the announcement though i wouldnt be supprised if they wait until the results of the second drill before releaseing there decision. Some information out of ppp on the state of pppv would be awfully helpful to the market as to the actual state of affairs and clarifying the entire situation.
The annual report out and its a big one some 68 pages
http://www.stocknessmonster.com/news...E=ASX&N=566200
Trading halt this morning....wonder what this is about?
very interesting i guess we are all waiting with baited breath
Well boysy what is with this trading halt. It will stay in force at least until after the Aus market opens. Is it the PPPV thing or something else. If the PPPV expect the SP to go to 40 cents either way. Am holding my breath as you suggested in last post.
Actually i have sold 300000 shares recentally to my three adult kids. They can make up there own minds about what to do with them. If you sold last week and they now go down big time you can look good. On the other hand anybe they will go up. Perhaps one of the four of us will get it right.
yes i think we should expect a big pop or drop if it is pppv the question i am asking myself is what else would force a trading halt i know its a big call to say the trading halt wont likely be about pppv but there could be other possibilities. I think your 40 cent call could be quite close to the mark surely if this is possitive it will require a massive rerate as would the negative outcome.
entry into new exploration venture apparently
We can speculate but it really could be anything.
Received an approach from another company?
Looking to spend some of that big kitty on a new acquisition? either a small oily or a juicy asset?
Vietnam?
Exciting times!
:cool:
There's a page 2, as always.
With ASX, they actually give you all the info, on time and for free, unlike the pathetic NZX who want pay per view.......
http://asx.com.au/asx/statistics/todayAnns.do
28 September, 2009
Emma Badhni
Companies Advisor
Australian Securities Exchange
Exchange Centre
20 Bridge Street
Sydney NSW 2000
Dear Emma,
Re: Pan Pacific Petroleum NL (“PPP”) Request for Trading Halt
PPP requests that the ASX grant a Trading Halt under Listing Rule 17.1, to apply
from the commencement of trading on Monday 28 September, 2009 pending the
anticipated announcement of entry into a new exploration venture.
PPP requests that the Trading Halt end on the earlier of the commencement of
normal trading on September 30, 2009 or such time as the anticipated
announcement regarding the above transaction is released to the market.
PPP is not aware of any reason why the Trading Halt should not be granted.
Thanks for that.
That narrows the field a bit!
;)
another permit buyin is a possiblity
M
not with NOG though, no halt there
Trading Halt for an 'Exploration Play' ... how ridiculous.
M
Its starting to get a bit nervy isnt it? Its always the not knowing that is the hardest.
the announcements on the ASX pages for those holders waiting for the info
So we have a PPPJ fully owned subsidiary of PPP farming in to a large 15% development in the Timor Sea with Indian and Japanese partners. Drilling to start in late 2009 with high expectations. What will happen tomorrow?
Near-Term drilling of relative monsters usually excites the market .... however 3 big players reducing their holdings a slight negative? Still hardly required a T/H ,, look at MOG on the ASX today announcing a farm-in without a T/H! And farmin terms not disclosed , but good luck to PPP , seems like they are moving in the right circles (partner and deal wise). M
285 million worth of elephants to be exact
http://www.asx.com.au/asx/statistics...idsId=00970454
m
The probable reason for the trading halt was the number of parties involved and the likelihood that negotiations were at varying stages. Hard to keep things under wraps in those circumstances.
;)
"47 million shares traded this morning as opposed to a daily average of 243,000" so who brought these and who sold,or who needs firing
That news story has added a couple of zeros to the volume. It would have been 47,000 according to the nzx chart:eek:
Hmmm...am I missing something?? I looked at this as a positive move...yet there seems to be alot of downward movement. Either theres alot of nervous people or a lot of smart people out there...luckily nerves and smarts aint my scene! Hold or buy thats the question for me.
This weeks announcement was just an announcement about a farmin. These exploration rights don't seem to affect the SP - perhaps because they are also a liability given that exploration costs money.
There is speculation during a drill, but it's only when there is a discovery that the SP takes off. PPP took off on the back of the Vietnam discovery, but we are all nervously awaiting the Vietnam government approval of the farmin. The longer this goes on - the more nervous I'm getting. I have sold some of my shareholding.
Thanks temptation for your explanation. Im sort of new to this, I understand exploration requires money, but without exploration there's no pot of gold...so to speak. PPP hasn't really set a foot wrong since I've held...away from having to rely on outside powers (Vietnam goverment). But I guess you cant bank on everything falling into place...or everyone would be in.
Temptation i think you are not the only one who is selling down a bit and getting nervous.I will be holding my stock to await the out come of these two farmins,even though i said at the start i really am not happy with this sort of agreements. I would have sold beforehand except the directors making these deals have the most to gain by getting it right. The fact that we have heard nothing means nothing more than it did at the start of this arrangement. The market is and will continue to mark it down as this sort of dealing need to prove themselves as vaiable. Until it bears fruit we can expect the market to be a bit causes.
Have to say i am not the least suprise by the market reaction,having recently now fallen 25% from its high.But that is only the current market feeling and has nothing to do with the eventual outcome.
Yes it's dropped away very quickly but on fairly low volumes and is now at the 100 day trailing average. Even at 60c it is 300% up on 12 months ago and for this reason alot of the smaller holders I think are taking their profits and the larger holders are getting some insurance in place. With drilling about to commence in 3 different areas each with high prospectivity I'm holding on to mine for sure at the current price. If it gets to 80c again though I may begin progressively off loading a few however.
the way i look at is at these current prices the ppp is looking more and more attractive we have basically added another sort of blue sky drilling into the loop and the sp has fallen back a little. before vietnam and all this other business we had a sp of around 40 cents we are up 50% on that mark but we have a whole lot more exploration in the mix and much more further upside. If we get farm in approval in vietnam i would expect sp to be $1 or over add in the timor sea and we have a few exciting months ahead. Compared to other oil and gas companies out there with little more than permits i think ppp is still cheap especially at these dropping levels you just have to hope they know what they are doing when it comes to dealing with the added risk of having to get approval from other governments all in all im still happily holding.
the sp certainly has been up and down in the last few months with incresed volatility i guess people have put stop losses in place as a small volume can lead to a big drop as no body wants to try and catch falling knives. The fact is that ppp have no debt have a bit of a warchest and are actively seeking to replace reserves which they should be doing. I guess with the new ceo in place and his seemingly more aggresive expansion policy is putting some people off. But we have to put these farm ins into perspective they are wildcats but in a highly prospective basin with plenty of upside the downside is the fact that forign governments are involved. Vietnam was a hit stright off the bat all we are waiting for is outcome from the government. Let the drill bit do the talking ( and hopefully some good news out reguarding the farm in )
This article yesterday may not have helped the share price of PPP.
http://www.stuff.co.nz/business/mark...ould-rise-by-2
NZOG shares 'could rise by $2'
By JAMES WEIR - The Dominion Post
Last updated 05:00 05/10/2009
NZO 1.670 0.01 0.60%
New Zealand Oil & Gas shares could more than double, adding as much as $2 a share if its four new wells are all a success, according to a broker report.
But the Wellington-based company has snookered itself on its $30 million investment in Pan Pacific made late last year.
McDouall Stuart head of research John Kidd said there was "the genuine prospect of very significant exploration-led upside" for NZOG in its planned wells.
There was an 80 per cent chance that at least one of the four wells to be drilled this summer would be a success, he said.
NZOG was valued at $1.88 a share by McDouall Stuart and was rated a "buy" in Mr Kidd's latest report. NZOG shares traded at $1.62 on Friday.
Other brokers' valuations for NZOG range from $1.54 by Credit Suisse to $1.94 by Macquaries.
Mr Kidd said the drilling programme could result in NZOG shares falling 5 cents if it failed entirely due to exploration costs, or gaining as much as $2 a share.
NZOG made a $53.2 million after-tax profit in the June year – entirely the revenues from the offshore Taranaki Tui oil field. NZOG also has $175m cash in hand.
It holds stakes in the offshore Kupe gas field which is due to start producing by the end of the year, a near 30 per cent holding in Pike River Coal, and 15 per cent of Pan Pacific Petroleum.
NZOG and its partners in Tui, AWE and Pan Pacific, will drill two more wells in the Tui licence area early next year. The targets are extensions of the existing Tui field, so had a higher probability of success than new "wildcat" prospects, Mr Kidd said.
It was reasonable to assume that one of the two new wells at Tui would be a commercial discovery, he said.
In July, NZOG bought a 10 per cent stake in the Hoki prospect about 150kms northwest of New Plymouth. The licence area was drilled in the 1970s but the oil and gas was not commercial.
The new Hoki well is seen as a wildcat, with a relatively low 10 per cent probability of success, he said.
The Hoki well is 4000 metres deep and so would be expensive to drill.
In August, NZOG took a 40 per cent stake in the Albacore prospect, offshore north of New Plymouth.
The Albacore well would start drilling later this month, with an expected total cost of up to $25m, but it was also seen as a wildcat play.
Based on its existing reserves, NZOG is valued at about $22m for each million barrels of oil, which is 19 per cent above the average for Australia exploration and production companies.
By this measure, Pan Pacific is the highest-priced company of its peers, with a value equal to $107m for each 1m barrels of reserves.
Last year, NZOG spent $30m buying almost 15 per cent of Pan Pacific Petroleum, which in turn holds a 10 per cent stake in Tui.
Pan Pacific shares were "significantly overpriced" and for NZOG to buy out the other 85 per cent of PPP it did not already hold would be hard to support, Mr Kidd said.
"We cannot justify the extent of the premium that the [PPP] stock is currently demanding," Mr Kidd said.
The investment in PPP remained a chink in NZOG's armour. It remained unclear what the end game was, even though the value of Pan Pacific had doubled since NZOG increased its stake late last year.
"It appears NZOG has snookered itself in the process," he said.
the person writing this article clearly has no idea about ppp and the situation they are in. No mention of vietnam exploration success and the fact this could add significant reserves to ppp. A very pro nzo article considering if nzo is successful around tui ppp has greater leverage off this success.
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?
You are right.. sort of. I am still trying to get my head around the wording and what it actually means.
from above.
"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."
Does that mean their 15% is diluted or taken away entirely based on PVEP exercising their preemptive rights? Im unsure and would be good to get some clarification from PPP as to what this means.
Also, there has been no mention of approval form the Vietnam Government. Anyone else decipher it.
In short the 3 options are;
1/ PPP have lost their 15% farm in agreement
2/ PPP holding is diluted (still seeking approval from Vietnam)
3/ PPP still have 15% share subject to approval from the Veitnam government.
Its either 1 or 2 for me. Number 3 looks impossible as it was subject to a waiver...
I would say some of you people are cluching at straws.We have lost it ---gone---finished.At least the top holders also experience money passing by. . Would say this has been know for some time and the last trading halt was a cover to get one of these micky mouse farmins under way successfully.Didn't really think it would work,it was always a long shot. Nationalisation is currently the name of the game around the world. But lets say well done to Petro-vetnam. They got some other suckers to find oil then take it over at costs,with nil cost to them if the well turns out to be dry. Let us hope the upcoming AGM has enough angry shareholders to put a stop to drilling for someone elses success.
The silver lining here is that PPP might fall enought to come under the eye of NZO again.
Can we sucker some asians into farming into our TUI drills with a nice back in arrangements if successful.
I tend to agree. Got sucked in and spat out in bubbles.
I am also in the view that this information was likely available as it was too coincidental to come out exactly the same time as the Farm In Agreement for the Timor Sea.
Should Tom Prudence carry the can for this? Or was this a calculated gamble that they simply lost. If it can off he would have been a hero. However PPP and its shareholders (including yours truly) lost.
Just sloppy naive business imo. Its virtually unheard-of farming-in 'post spud' ........ and now you know why!! What a shocker.
M
Precisely Yankiwi - the word 'part' is crucial. To me it infers the other interested parties are also having parts of their holdings diluted.
What we don't know is the deal between PPPV and Premier. Possibly Premier have asked for any dilution of their original 45% (prior to selling PPPV 15%) share to come from PPPV's share ie PPPV only now only hold 15% - 45% x 0.15 = 8.25%? Still not insignificant in a field that a Vietnamese company also want to buy (presumably) into.
If PPPV was being completely eliminated by this surely the notification should have said this in plain english.
Tomkinson and Pitt have a huge stake in this coy, and are known as shrewd operators. I just refuse to believe that these people (and Tomkinson is a lawyer!) go into an agreement where the two possible outcomes are that A) the JV either finds something, in which case PPP will lose its stake due to the preemptive rights of the Vietnames GV company, or B), the well is a duster, and PPP shares the costs of the drill!
If so, this would have to be the stupidest business deal I have ever heard of.
Moreover, Pitt and Tomkinson bought more shares just 6 days ago!
Having said this, the Vietnamese GV screwed ASN too, and the way that PPP announced this Vietnamese outcome today ('hidden' at the end of another announcement) doesn't look promising.
I reckon PPPV have been completely 'PineAppled' here ... however PVEP will reimburse costs no doubt ... how generous! M
It would be intersesting to know how the Premier, Vamex and Pearl Oil shares did today or will do tonight or if there are any notifications also appearing on their websites re PVEP's involvement. I've looked on google but nothing of interest so far.
http://energy.ihs.com/News/oil-gas-e...ng-Vietnam.htm
The above link is intersesting - it says PVEP has an option to back into the licence with a 15% interest in the event of a commercial discovery.
All parties in the JV must surely therefore be contributing.
problems with sharetrader, look like resolved with new day in nz
well ppp have missed out on a lot of oil in vietnam and should get back all their money.
feel for posters who brought on basis vietnam discovery, but atleast there is now timor and nz drills over summer.
my remaining 20,000 which had slated to sell after held for 12 months to halve capital gains tax - well missed out by 6 lousy days -
ppp would have had to drop 16c before worse off selling yesterday/100% tax or sell next week/50% tax - anyway thats life and will still make a lot of profit on them.
was going to buy some more nzo with them, so provided nzo drop is reletive then no real loss.
M