Never been one to chase hot stocks myself
Ask macdunk what happens to those who chase hot stocks;)
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Taranaki oil field expected to yield another 5m barrels of oil
Quote:
The Tui oil field joint venture said today it expects to extract an additional 5 million barrels from the offshore Taranaki field.
It has negotiated an extension of the term of the charter for the production storage and offloading vessel, Umuroa, to the end of 2022.
Since the start of production on July 30, 2007, the Tui project has produced about 12.6 million barrels of oil.
The Tui owners are: NZ Oil & Gas (12.5 per cent), AWE New Zealand Pty (42.5 per cent), Mitsui E & P New Zealand (35 per cent), and Pan Pacific Petroleum (10 per cent).
New Zealand Oil & Gas earlier this month reported March quarter revenue of $58.2 million, lifting revenue for the nine months to $153.7 million, including revenue of $141.8 million from the Tui oil field.
In February the company paid its first dividend in a decade. Exports from the Tui field are also having a bit impact on New Zealand's terms of trade, helping turn trade deficits into a surplus.
Field operator AWE say the extension of the ship charter "will allow the Tui joint venture to produce substantial additional oil from the Tui field and will also maximise the value of any further oil discoveries in the area."
That would bring the proven and probable reserve to at least 47 million barrels. At today's price of US$129/barrel, the field would be worth nearly US$19 billion ($25 billion).
Under the contract with Prosafe Production, the owner and operator of the Umuroa, the fixed term of the charter has been extended by 3.4 years to December 31, 2015.
After that date, the Tui joint venture now has seven, one-year options to extend, giving a maximum term of 15.4 years from the date of first production.
Previously the charter fixed term was for five years, with five one-year options to extend.
The four existing Tui field production wells continue to perform strongly, the company said.
Oil production has remained at close to 45,000 barrels a day despite rising water production.
Studies into modifications to the Umuroa to increase water handling capacity to 150,000 barrels a day and to accommodate the 11 planned Tui 4H production well are under way.
http://www.nzherald.co.nz/section/3/...ectid=10511612
Seems like there is a seller with a lot of options happy to keep it at 13 cents. Each time the market chews through the 13 cents mark the sell order is topped back up. Would think that if these were nervous sellers that they would be more willing to drop to 12.9
I look forward to hearing more about Momoho tomorrow in the weekly drilling report. "Late May"... That's now folks, enjoy.
Mick, its more like....
Flaming red, wave the flag at the bull, rampant chargrilled hot stock...:)...
RPM...
great buying "future bankvault cash"... I meant, Nocash...
sell that EVO of yours and top up...?
Its one EVO now, half a dozen of them later this year... and 30 EVO's in a few years...!
Pity about this market risk...
:cool:
.^sc
Sold 1/2 my options the other day at 13.5 intending to convert balance; looking to sell some other shares (not NOG) to fund.
Over 4.5% of options traded today.. thats huge
I've been readying this topic for a while....couple of questions for the expects.
Why is it that NZO's market cap is seemly so low at $420 million. Their share in PRC is worth $140 million.,they are getting near $1 Million a day from Tui....potentially $300 million for the year.
Plus Kupe etc...?
Can someone provide a summary of the Kupe details, potential and risks?