at least they got no debt.
still a positive cash flow.
so..umm.. I'm positive.
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at least they got no debt.
still a positive cash flow.
so..umm.. I'm positive.
tick tock, tick tock...
How long will we have to wait for an answer.. Will PPP be trying to put pressure on to know before the AGM next week? I'd expect the atmosphere to be quite negative if there is no update by then.
looks as though drilling will start soon in the timor sea the agm should be interesting
Oilex Ltd advises that on 11 November 2009, Woodside Energy Ltd released the “Songa Mercur” drilling
rig to Oilex and the vessel is now under tow from Dampier to the first well location in Oilex’s Timor Sea
contract area JPDA 06-103. The rig is contracted to drill two wells in JPDA 06-103 (with an option of one
additional well). Drilling is expected to start in late November 2009.
The “Songa Mercur” will be drilling the Loré and Lolotoe prospects in JPDA 06-103, targeting mean
prospective oil resources of 195 million barrels and 90 million barrels respectively (100% basis).
The AGM is coming up this Thursday afternoon with a small lift in the SP as it approaches. I wonder if the proposed APEC eight nation trade deal which includes Vietnam, Australia and NZ may help pursuade the Vietnamese Government to moderate their preemptive rights with their new mates?
Premier Oil were up 5.5% today, and a broker upgrade says there is 20% to go. Of course Premier have diverse O & G interests, but I am consious of people over here picking up on Vietnam.
If we can keep hold of some of our interest there, put together with Tui and speculative Timor Sea, I think we could be within sight of the serious price action we have been looking for.
A lot of if's in there I know.
REL: 1256 HRS Pan Pacific Petroleum NL
GENERAL: PPP: Vietnam Block 07/03 Update
STOCK EXCHANGE ANNOUNCEMENT
19 November, 2009
Pan Pacific Petroleum NL
Vietnam Block 07/03 Update
PetroVietnam has authorized PetroVietnam Exploration Production Corporation
Ltd to exercise its pre-emptive right and to acquire a 10% participating
interest out of the 15% assignment proposed in the Premier Oil Vietnam South
B.V farmout of Block 07/03 to Pan Pacific Petroleum (Vietnam) Pty Ltd (PPPV),
a subsidiary of the Company.
Assignment of the remaining 5% to PPPV will be progressed, but remains
subject to formal PetroVietnam and Vietnamese Government approval.
I guess that is good? Given that the earlier reaction seemed to be based on no involvement..
nothings in the bag quite yet they still have to jump a few hurdles before they get the 5%. Also no mention of reimbusment of costs this could be a big point that is brushed over will we get rightfully reimbursed ?