Probably just last minute pressure from people having to fund their NZ 17c options this week.
I flicked all my PPP holding, and bought the same number of PPPOA, benefitting from the 1.5c/share differnce over the last week.
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Probably just last minute pressure from people having to fund their NZ 17c options this week.
I flicked all my PPP holding, and bought the same number of PPPOA, benefitting from the 1.5c/share differnce over the last week.
Wonder who sold their 8 million options this morning, was it NOG?
Wonder who bought 8 million options today? was it Tattersfield??Quote:
quote:Originally posted by Mr Tommy
Wonder who sold their 8 million options this morning, was it NOG?
Nice spike end of the day for PPP on the ASX
Tuesday is report day right?
Hope everything is ok (bad weather lately)
9,000,000 sold off market in Aus at A$.205
what's up?
PPP has just hit 32 so i had better go off here and get my half million options converted before they become worthless. Bye.
Thats pretty awesome digger, well done - I was having a bit of a cry in my milk this morning that I didn't have the funds to pick up some ppp at 27c yesterday...oh well, such is lifeQuote:
quote:Originally posted by digger
PPP has just hit 32 so i had better go off here and get my half million options converted before they become worthless. Bye.
Yup, She's starting to blow....and this is just the start! And have just sent in my last cheque for my options also. $$$$$$ for jam. This is going to be an awesome investment short to medium term at least! IMO of course.
Sharp
Glad I brought more at 25.5 ASX
My largest holding-185,450 PPP
looking forward to the next yr my targets 50c+
Oil's trending higher-massive cash flows
So with options out of the way, recent gains, and rumours of corporate activity, just what is the fair value of PPP?
The only thing reasonably sure is Tui. Assuming a minor resource upgrade to 30mmbbl and a profit of A$30 per barrel (quite a conservative assumption, as Tui was supposed to be economical already at a price of US$45) that gives 90mil, thus 15cps (assuming most options were exercized).
It appears that Maitland may be developed, which TAP quotes as having 260PJ, plus 21bbl of condensate per mmscf, thus 5.5 mmbbl. PPP has 10%. According to Santos' latest presentation the wholesale value for gas in Western Australia is A$5/GJ. Assuming that development costs would not be too outrageous (due to the largely existing infrastructure close by) it may be reasonable to estimate a one dollar profit per GJ? In which case the value for PPP would be A$26mill, plus their share of the light oil at 0.55mmbbl * 30=A$16mill, all up for Maitland 7cps.
Then there is the cash from the option conversion, 24mill, or 4cps and lets throw in a couple of cents for any funds from the Volant takeover (or has that already been accounted for?) and remaining stranded resources (e.g. Corvus, Sage, Tusk, etc) which may have future potential if either prices continue to rise or discoveries are made nearby.
Adds up to 28cents. But that doesn't include any potential discovery in Hector, Taranui, Toke etc.
Adding some risk adjusted cents to this valuation the fair value of PPP seems to be in the early 30s.
So I think any successful takeover would have to be well over 40 cents based on this pre Hector calculation. (though it may be already too late for a takeover prior to Hector result)