obviously some one has no brains,
as the ppp sp is going down!
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obviously some one has no brains,
as the ppp sp is going down!
Does that make the Aussies brainier - because the sp is rising on ASXQuote:
quote:Originally posted by neopole
obviously some one has no brains,
as the ppp sp is going down!
or is it a curency alignment thing?
It is quite typical for the sp to go down somewhat once the drill meets the middle stages. However, it is strengthening somewhat in Oz, up a cent. Just a matter of waiting now....
Bricklanding report... just over half way, all's well.
Could be an exciting finish... Blicklanding, Tieke.
At "heads or tails" odds I will be happy.
Cheers
JK
Yes PPP could really stomp higher in comming months....Or should I say will stomp higher.
H.
Bricklanding 1 well dry.
http://www.asx.com.au/asxpdf/2006120...wccmks2k0f.pdf
Tieke 1 at 3225m and drilling ahead.
Kev
Tieke 1 minor shows only. Possible well suspension for a sidetrack well to a deeper Kapnuni sandstone target.
http://www.asx.com.au/asxpdf/2006121...kt0qlzxsn0.pdf
No need for panic...in fact now is a buying opportunity before the Tui development. I think possibly a good buying opportunity IMHO.
Kev
From Sept 06 Quaterly Activities: PPP's drilling programme
Well Name PPP share Potential
Reserves Timing
Bricklanding-1 4.157% 100 m bbls Q4, 2006
Tieke-1 10% 15 m bbls Q4,2006
Tui development 1-4 10% Q4, 2006 to Q2, 2007
Hector-1 14.1% >50-60 m bbls Q2,2007
Taranui-1 10.0% 5-15 m bbls Q1, 2007
Reaction to Tieke seems a bit knee-jerk and spec considering what is to come in the near future
PPP
19/12/2006
MINE
REL: 1211 HRS Pan Pacific Petroleum NL
MINE: PPP: PATEKE-3H STARTS DRILLING
STOCK EXCHANGE ANNOUNCEMENT
19 December 2006
Pateke-3H starts drilling
Pan Pacific Petroleum N.L. ("PPP") reports that the development drilling
programme for the Tui Area Development has commenced. The first well in the
programme, Pateke-3H, spudded at approximately 07:00 hours on December 16,
2006. At 06:00 hours today, the well was drilling ahead at a measured depth
of 1,500 metres.
The Tui Area Development drilling campaign is being undertaken on a
"batch-drilling" basis, to optimise the sequencing of drilling operations and
the tie-ins of flowlines to the subsea development wells. The "batch
drilling" will involve the drilling of the upper sections and installing
subsea wellheads and trees on at least three of the planned four wells, prior
to drilling the deeper sections of the wells, including the horizontal
sections within the oil reservoirs.
Following the cementing of the surface casing and the installation of the
sub-sea tree, the Pateke-3H well will be temporarily suspended and the
drilling rig will be relocated to allow similar activities to be completed on
the Tui-2H and Tui-3H wells. Tui-2H is planned to be the first well drilled
to total depth and completed for hook-up to the production facilities.
The Tui Area Development is located within PMP 38158, in the Taranaki basin,
approximately 50 kilometres offshore of the west coast of the North Island of
New Zealand. First oil is expected from the development by June 30, 2007,
and when fully commissioned, a production rate peaking at 50,000 barrels of
oil per day is anticipated.
The project remains on-time and on-budget with the remaining key risks being
abnormal drilling and/or weather conditions.
Participants in Pateke-3H and PMP 38158 are:
Pan Pacific Petroleum NL (through its subsidiary WM Petroleum Ltd) 10.0%
Stewart Petroleum Company Ltd (through New Zealand Oil & Gas Ltd)
12.5%
AWE New Zealand Pty Limited ("AWE")
20.0%
New Zealand Overseas Petroleum Pty Ltd ("AWE") 22.5%
Mitsui E & P New Zealand Limited
35.0%
K M Ware
Company Secretary[|)]