113 trades for just over $111,000. Thats over 100 trades at less than $1000. Talk about manipulating the market!.
Printable View
113 trades for just over $111,000. Thats over 100 trades at less than $1000. Talk about manipulating the market!.
Might be time to revisit PPP now that its trading below its cash backing again.
Main Assets:
Net Cash = A$100 approx (from 30 June quarterly activities rpt)
2.2m barrels of oil to extract from Tui over the next 9 or so years (PPP's share)
Ignoring anything else
Number of shares = 588.6m
Share Price = A$0.165
Market cap = A$97m
Valuation:
Net cash = A$100m / 588.6 = 17cps
2.2m oil reserves = ((2.2m x US$75/bl / 0.85 AUD/USD x-rate * 45% rev:cash factor) / (1.12)^4.5 (assuming all cash flows will occur in year 4.5 (half-way) and discounting back to today at 12% pa))/ 588.6m shares = 9cps
Total = 17c + 9c = A$0.26
A low risk entry point I would have thought, but with no drills immediately imminent I can't see a catalyst either to substantially rerate it over the near term. Unless it can find a better place to put all its cash.
The net cash figure should be lower look at what they have and have not included as expeneces for the current quater the next quarterly should give a more representative view of actual net cash. I believe the figure is closer to 14-15 cents. No upside built in because they have proven they cannot capture an opportunity in the midst of the GFC sitting on a huge cash pile. Tui up until now had been the breadwinner but with it declining and no other revenue stream the market will take scant view of the cash they have as they will have to spend more to make more.
Boysy - until it reports its FY10 result this week I can't see the expenses. I'm only going on what the company have declared as its cash reserves at 30 June + its receivables that should have been received by now. Unless the company have big tax or royalty bills to pay, I think A$100m is a close approximatation for its net cash position at at today.
Net Profit - Down 122%!!!
Yep a good read nothing new to report here . Nothing much in the short term to get excited about in mid term vietnam and other prospects may be worth a look but at least they admit tui is declining and they need to find a replacement fast.
Tom Prudence as paid over $820k this financial year!!!!!!!
You really do have to wonder what they are getting paid for they dont seem to have any ideas or following any leads. Seems a bit excessive for doing nothing