# OIP - Orion Petroleum



## sfx (14 November 2007)

Orion Petroleum Limited 

Eastern Star Gas Limited (ESG) has spun off Orion as one of its subsidiary, and are seeking to raise $20 million by the issue of 100 million shares at $0.20 per share with provision to accept oversubscriptions of up to 15 million shares to raise an additional $3 million. 

For each share allotted under the offer, Orion will grant, for no additional consideration, one option exercisable at $0.30 per share on or before 30 September 2010.

The offer underwritten by Comsec has now closed, with their allocation fully subscribed by their clientel.

Expected despatch of Holding Statements 11 December 2007. Expected date of quotation of Shares and Listed Options on ASX 18 December 2007.

Orion’s licences and application area covers approximately 44,000 square kilometres in New South Wales. 

Four petroleum prospects, Willaroo (PEL 6), Nyngynderry (PEL 8), Burnamwood (PEL 422) and Netallie (PEL 424), have been identified and are ready to be drilled. Orion proposes to carry out the drilling program using the funds raised pursuant to the offer and to seek farm-in participants to contribute to the costs of its exploration program. 

<Good luck to those who are in this float>


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## Dukey (31 December 2007)

*Re: OIP - Orion Petroleum Limited*

Just to update - SPP was 20cps.
- chart indicates OIP floated on Dec 12 opening at about 16c  - fell as low as 12.5 c on Dec 21 but is clawing back - now around 14.5c.

I luckily decided to take the 'wait and see' approach - and didn't take up the offer from ESG - given current market volatility etc.  But believe me - I'll be watching keenly... will have to try and dig up an drilling program - have they released a detailed one yet?

The tenements they have seem to have some potential so good luck to all holders.   I may well join you soon...ish.
Current prices could look like an absolute bargain if they get some success with early holes.


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## doctorj (29 April 2008)

*Re: OIP - Orion Petroleum Limited*

This research was completed last week - so you'll have to modify the market cap to allow for the nice little upswing...

Company: Orion Petroleum Limited
Ticker: OIP (only like the coolest ticker for an oil company ever)
Market cap: $15m
Shares on issue: 155m + 115m options (exercisable at 30c before 30/09/10)
Cash on hand: $21.8m (as at December)
Cash burn: $758k (in 6 months to December, $711k of it is exploration)
Ownership: Top20 hold about 64% of the shares on issue.

In about 2 weeks they will spend about $2.3m to spud Willaroo 1 (OIP 97.5%) in the Bowen/Surat basins in North onshore NSW. The well is on trend with existing discoveries. The target has been defined with 2d seismic and is targeting what they call 'most likely' (I interpret that to mean p50, but I could be wrong) oil in place (OIP ) of 40MMBO or 155bcf. The drill itself is quite shallow at about 6000ft and should take about 2 weeks to drill.

They also have a second drill straight after targeting 100MMBO or 160bcf in the Darling Basin.

Quick maths time - 40mmbo @ 30% recovery @ 97.5% equity @ $60/bbl after costs = $702m. Discount for wildcat risk @ 7% chance of success and risked value is $49.1m. Throw in about $16m cash left after drilling these two wells and you've got a good argument for a market cap (undiluted) of $65m right now with a second drill for free...


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## prawn_86 (29 April 2008)

*Re: OIP - Orion Petroleum Limited*

Very nice Doc.

Just a note that at current prices (11c) the MC is about $17mill.

This means that it is in fact being assigned a negative EV with its MC being lower than cash at bank.

These guys also got a half page write up in the latest edition (fast movers) of BRW.

So currently the market thinks that Willaroo and their other projects will be so bad that the will lose millions!  LOL

I dont think i have ever seen a co with a MC lower than cash....


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## doctorj (30 April 2008)

*Re: OIP - Orion Petroleum Limited*



prawn_86 said:


> This means that it is in fact being assigned a negative EV with its MC being lower than cash at bank.



That situation certainly isn't unique to OIP, but not many of the others have near term, high impact exploration.

The market continues to be enamoured with iron ore and phosphate and the like based on 'pie in the sky' notional target sizes drilling campaigns that may or may not occur at some distant future point. It's more than happy to ignore o&g explorers that can turn a discovery to cashflow in 6 months.

That said, the oil/gas coys in Australia have been ignored for years and traditionally get picked off by foreign companies as local markets refuse to assign them fair value. Local oil & gas explorers haven't seen anything like the bull market enjoyed in other commodities despite record high prices.

Maybe o&g is yet to have its turn in the sun or maybe it'll never come. If it is to happen, I suspect it'll need some sort of trigger - I'm quietly hoping its the Canning that does it, but onshore east coast could be it also.


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## jtb (2 May 2008)

*Re: OIP - Orion Petroleum Limited*



doctorj said:


> This research was completed last week - so you'll have to modify the market cap to allow for the nice little upswing...
> 
> Company: Orion Petroleum Limited
> Ticker: OIP (only like the coolest ticker for an oil company ever)
> ...




Hey Doc,

I like the look of this and have thus  joined the ranks (assuming your holding).
Pennant makes me wonder is we won't retest 12.5 shortly?

Can't help myself with oilers

Best of luck


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## jtb (2 May 2008)

*Re: OIP - Orion Petroleum Limited*



jtb said:


> Hey Doc,
> Pennant makes me wonder is we won't retest 12.5 shortly?




OK today will do then

Nice bit of volume this arv'y too...

Have a good weekend all, its beer o'clock somewhere


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## jtb (8 May 2008)

Morning all,

Looks like we hit all time high yesterday @15.5c

Market Cap now about equal to cash in the bank Prawn.

Anybody been watching ICN go ballistic lately?
Interesting to see the that over $50 million dollars of value is being attributed to ICN's prospectivity atm (280million shares and only 600K in the bank)

Seeing as we have a lease that adjoins ICN's and covers the same fault/basin (on the NSW side) I wonder how it long it will take for the punters to apply some value for our prospectivity?

"The Company believes oil and gas resource potential of the Exploration Licences is exceptionally large.  Within the northern sector of PEL 6, (Surat/Bowen Basin), total potential Oil In-place is estimated to be *173 million barrels and total potential Gas In-place is 386 BCF*.  The Company believes hydrocarbon potential in the Darling Basin, PELs 8, 422 and 424, is even more impressive. Over *one billion barrels of potential Oil In-place or over 2.5 TCF of potential Gas In-place*, could exist, collectively, in *just three* prospects in these licences. The Company believes this magnitude of resource potential is not unlike the potential of the onshore Cooper-Eromanga and Surat/Bowen Basins".

Have pinched some images that I posted on the ICN thread (yellow area is ICN lease) also nice to see a proposed gas pipeline running straight through.


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## prawn_86 (8 May 2008)

It certainly is looking promising both technically and fundamentally.

Nice work on the images JTB 

A recent BRW issue had a write up, and said that one of the advantages was the pipeline, as this could make even a smallish find economical due to low CAPEX as infrastructure is already there.

Theoretically it is still fundamentally undervalued, as it is assigning about $2mill to all the projects owned, the rest of the MC is made up of cash in bank, and remember that cash is sitting there earning interest, so actual expenditure (admin etc etc) is cut back due to interest recieved


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## jtb (8 May 2008)

prawn_86 said:


> It certainly is looking promising both technically and fundamentally.
> 
> Nice work on the images JTB
> 
> ...




Hey Prawn,

Nice to see 16.5c hit today

Have to agree with your statement re: fundamentals, as Doc stated above there is an argument for a risked value in the vicinity of 60 mil or > 40c ps just on the first well- comparisons with ICN would make that about spot on.

Cheers


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## grace (8 May 2008)

I've been watching this too.  I own some ESG, which still holds 23.06% after floating orion  off.  Didn't take my priority on listing as the market was sad at the time, and in hindsight, was a good decision.

However,  getting close to knowing about Willaroo-1......
This is very close to my home area, so I'll keep my ear to the ground for some gossip....you never know.


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## jtb (9 May 2008)

We're away this weekend

9 May 2008
WILLAROO-1 DRILLING TO COMMENCE THIS WEEKEND
SYDNEY: Orion Petroleum Limited (ASX:OIP) said that drilling of the Willaroo-1 exploration well
is scheduled to commence this weekend.
Located approximately 25 km southwest of Goondiwindi, Willaroo-1 is the first well in Orion’s
exploration program, which aims to assess the petroleum potential of northern NSW.
Drilling operations are planned to take 16 days and the well is expected to reach a total depth of
approximately 2000 metres KB. Oil and gas volume estimates for undrilled prospects are
uncertain. However, Orion's best estimates are that the Willaroo structure has the potential to
contain 40 million barrels of oil in-place in Jurassic sands plus 155 BCF of gas in-place in
Permian sands.
The sedimentary sequence to be intersected by the well is the equivalent of that that produces
hydrocarbons in the Surat-Bowen Basin immediately to the north in Queensland


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## doctorj (9 May 2008)

Nice little run, but with spud confirmed for tomorrow, I would be a little nervous leaving a very healthy open profit to the mercy of the drill bit.

Market cap (undiluted) is up circa 60% (~$10m) since my post.  It's probably not yet reached the risked value of the first drill + cash, but typically funny things happen after spud.

I don't like to brag, but the small end of the market has been tough for a while now


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## jtb (9 May 2008)

doctorj said:


> Nice little run, but with spud confirmed for tomorrow, I would be a little nervous leaving a very healthy open profit to the mercy of the drill bit.
> 
> Market cap (undiluted) is up circa 60% (~$10m) since my post.  It's probably not yet reached the risked value of the first drill + cash, but typically funny things happen after spud.
> 
> I don't like to brag, but the small end of the market has been tough for a while now




Ice cold and Steely Hatchetman

Have taken profit twice on the way up and happy to leave 50k in the ring presently.
Assuming a duster at Willaroo I would assume 10-11c to hold as support as it will still represent cash on hand.
Personally I'm impressed with the amount of geological/geophysical experience in the company and Willaroo is obviously no BS conceptual target coloured in by some dude who minored in geology in 1961.

The following image is from the NSW Dept Primary Industries and shows Willaroo as a valid target.
If we draw a line from the three red stars below back up to Moonie then I reckon we're in with a reasonable chance

Got more to say but gotta run, see you soon.

J


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## jtb (12 May 2008)

Evening all,

Still on my cash backing - ICN comparison rant,

Doc, I wonder how many other oil/gas explorers trade on cash backing (pre or post drill) as I can't say I'm aware of any (granted I have little time for research atm)?
I dread to think what the likes of EGO, FAR, PCL etc etc would be trading at at present if that were the case?
You would be able to buy the company for the price of a chiko roll and coke surely?

Anyhoo, in regard to the value being placed on ICN atm and in particular ATP 626 in the Surat basin, I find it reassuring that Orions land holding over the Surat basin and fault substantially dwarfs 626 and is also CSM prospective.
Nice addition to the conventional targets imo.

Bought more today and will be interested to see what becomes of the 2 mill order at 20c


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## woltage (22 May 2008)

Does anyone have any thoughts on the recent announcement?

Looks like no hydrocarbons in the Precipice Sands but an oil show in the reservoir sands, but of poor quality. Could this be regarded as a negative or positive announcement? Market seems to think negative

Maybe further analysis of the drilling data will shed more light


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## prawn_86 (22 May 2008)

I can see both pros and cons in the announcement.

Pros: shows that there is oil there somewhere, so now just need to refine the targeting a bit further and hopefully hit something economic.

Cons: not the big hit that short term traders were after hence the drop in price today.


note that MC is about equivilant to cash now so theoretically you are paying for the cash backing and getting all the projects and upcoming drilling for free


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## jtb (23 May 2008)

prawn_86 said:


> I can see both pros and cons in the announcement.
> 
> Pros: shows that there is oil there somewhere, so now just need to refine the targeting a bit further and hopefully hit something economic.
> 
> ...




G'day Prawn,

Yeah would have been nice for a gusher on the first hole, but I'm comforted by the result and it confirms my belief in the team and prospectivity of the leases.

Source and reservoir info shows promise imo and also very underexplored.

From the NSW DPI

"The Surat Basin, and the underlying Bowen Basin, host a large number of oil and gas fields in the adjacent state of Queensland. No commercial oil or gas discoveries have been made in the New South Wales part of the Surat Basin, although a potential gas field has been identified in the underlying Gunnedah Basin in the east. *The lack of exploration success in New South Wales does not reflect the true potential of the basin since the majority of drilling predates multiple fold seismic surveys and may not have been valid tests of structures*. Most exploration effort in the Surat Basin has focused on the northeastern, deeper areas of the basin where it overlays the Bowen Basin. *Only 6 wells* have been drilled in the western half of the basin in New South Wales."

Also wonder how much coal there may be (at depth / CSM) with the Bowen/Gunnedah/Surat interfaces


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## jtb (17 July 2008)

Evening OIPers,

Gee this 13c buyer is relentless, been waiting and waiting for weakness........
Figured 11.5 should hold but considering the vertical drops many others have taken someone seems to want a lot these bad- would expect a sub' shareholder notice shortly (one would think)

Any theories or sheer value?


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## seasprite (14 October 2008)

Director increased holdings today by 200,000 to 1,550,000 . Share price has been absolutely hammered lately @ 0.059 , did not help with a dry one at Nyngynderry 1.
Anyone have any info on when Netallie prospect(PEL 424) with target 800 MMBO or 2860BCF is due to spud or is Burnawood in PEL 422 next???


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## Miner (1 February 2009)

Hi ALl

any one is following this script ? Noticed no update for 3 months and one director made a modest investment probably just to keep the scrip tradeable
see attached


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## malachii (1 February 2009)

This is a stock I follow pretty closely.  Liked it when it was first floated at 20cents (thankfully didn't subscribe to the float) but very keen on it now.  It holds some very high potential areas - basically all of ESGs oil areas but this also included some CSG tracts which ESG is now drilling for them.  Probably the best part though is the fact that ESG floated them with a large chunk of cash to pay for exploration.  Unlike every other explorer that is trying to find cash in this environment - they have loads.  

At the current price range (about 6-7cents)you are getting over 10 cents per share cash in the bank as well as all the real estate!!!  In this market - (IMHO) a bargain.

PLEASE NOTE!!: I OWN A DECENT SIZE CHUNK OF THESE SHARES - SO MY OPINION IS BIASED!!!!!

malachii


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## Miner (2 February 2009)

malachii said:


> This is a stock I follow pretty closely.  Liked it when it was first floated at 20cents (thankfully didn't subscribe to the float) but very keen on it now.  It holds some very high potential areas - basically all of ESGs oil areas but this also included some CSG tracts which ESG is now drilling for them.  Probably the best part though is the fact that ESG floated them with a large chunk of cash to pay for exploration.  Unlike every other explorer that is trying to find cash in this environment - they have loads.
> 
> At the current price range (about 6-7cents)you are getting over 10 cents per share cash in the bank as well as all the real estate!!!  In this market - (IMHO) a bargain.
> 
> ...




Thanks Malachi  for your opinion and candidness of a perceived biasness. We get many rampers in this column but they hardly disclose their interest

I also do not hold so nothing to disclose from me

However how could  I invest 6 to 7 cents and get 10 cents in the bank ? Is it because of their cash in hand  as per latest account ? But that is often misleading because I will never get it in hand ? Or you are suggesting they will give some rights where probably I will be able to encash the 10 cents

My  question for you


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## seasprite (2 February 2009)

hi miner/malachii , 

  I hold these as well and is my ASF competition pick for FEB (so I hope it does well) , I have been waiting for the netallie prospect to be drilled , however drilling by ESG for CSG will do me for the interim , which should start anytime now . 

 Malachii I take it is saying , market capital at previous close of 6c with 115,500,000 shares on issue is $6.93 million , OIP has $13.27 million cash as of most recent quarterly which equates to about 11.4 cash backing per share quoted and if you add permits to the equation OIP is way undervalued by the market.

Octanex and Cue Energy director EG Albers bought a good chunk mid last year , and I think ESG still have 23% shareholding.

ESG's Blue Hills 1 is watched with close interest by myself and is south of OIP's permit border and Edgeroi 1 has intersected 23m of coal including 10m in the Bohena seam.

ESG internal estimate of OIP's permits could contain up to 3500 BCF


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## Miner (2 February 2009)

Thanks Melachi and Seasprite for thought provoking input on OIP.
Yes I have already seen Seaspirite's tip for Feb


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## seasprite (3 February 2009)

OIP management - interesting to see (from OIP website) Alternate Director to DJ Morton

David Casey graduated with Honours in Geology from the University of Sydney in 1991 and in the same year joined specialist coal seam gas company In Situ (Australia) Pty Ltd.  In 1996, he formed his own coal seam gas consultancy business, and subsequently was a founder of Multiphase Technologies Pty Ltd, a provider of coal seam testing services.  David has over 15 years experience in the management and evaluation of all aspects of _*coal seam gas exploration*_ and appraisal, from initial reservoir characterisation and fairway identification through to drilling, testing and production operations. Between April 2001 and October 2005 he was a director of Molopo Australia Limited. He was previously Executive Director - Operations and is presently the *Managing Director of Eastern Star Gas Limited.*


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## malachii (4 February 2009)

Sorry guys for the delay - work conference on and cant get near a computer.

Seasprite is exactly right - he cleared my comments up nicely.  I thought is was over 11cents but wasn't game to say that as I hadn't checked the numbers properly recently.

I'm also waiting for their oil drilling to start again but the CSG exploration that ESG is doing looks very good.  From memory (please do own research - I'm not anywhere near my notes due to being away at this blasted conference) the drilling is very near the area that QGC was developing - had some great results there (Surat Basin comes to mind??).  So I'm very hopeful.  Think the results come out towards the end of March.  

Even if the results aren't great - as I said in the previous post - they have plenty of cash to do the exploration and now there are plenty of specialists and equipment available at decent prices.  I think this one will be a good one....but as I said before....

PLEASE NOTE!!: I OWN A DECENT SIZE CHUNK OF THESE SHARES - SO MY OPINION IS BIASED!!!!!

malachii


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## Miner (5 February 2009)

malachii said:


> Sorry guys for the delay - work conference on and cant get near a computer.
> 
> Seasprite is exactly right - he cleared my comments up nicely.  I thought is was over 11cents but wasn't game to say that as I hadn't checked the numbers properly recently.
> 
> ...




No wonder you were at conference Malachii

That explains why there was no trading for OIP for yesterday and today. 

Keep the ball rolling and put your money tomorrow again to make the parcel looking more decent


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## seasprite (6 February 2009)

*Fulfilling Farm-in Obligations*

Sydney, Australia – 6 February, 2009 – Eastern Star Gas Limited (ASX:ESG OTCQX:ESGLY) today
announced that it has commenced the Moree North Seismic Survey within Petroleum Exploration
Licence 6 (PEL 6), near the township of Moree, in the state of New South Wales, Australia.
Mr David Casey, Managing Director of ESG, commented that, “the 100 line kilometre 2D seismic
survey is being carried out as part of ESG’s farm-in to three Orion Petroleum licences in northern
NSW. Data acquired from the survey will assist in finalising the location of a coal seam gas corehole,
to be drilled later this year that will satisfy ESG’s Stage 1 farm-in commitments in PEL 6”.

refer http://www.orionpetroleum.com.au/


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## Miner (6 February 2009)

seasprite said:


> *Fulfilling Farm-in Obligations*
> 
> Sydney, Australia – 6 February, 2009 – Eastern Star Gas Limited (ASX:ESG OTCQX:ESGLY) today
> announced that it has commenced the Moree North Seismic Survey within Petroleum Exploration
> ...




thanks Seaspirite

I noticed that too. However since OIP is a spin off from ESG how this announcement will help OIP share to boost ?

THe movement was little though upwards for OIP today after some lack lustre days

Regards
pS I do not hold neither ESG nor OIP


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## seasprite (9 February 2009)

Miner said:


> I noticed that too. However since OIP is a spin off from ESG how this announcement will help OIP share to boost ?
> 
> THe movement was little though upwards for OIP today after some lack lustre days
> 
> ...




seismic survey is by no means cheap , and for OIP to receive this with no cash cost to them , is without a doubt of tremendous benefit.


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## seasprite (16 February 2009)

encouraging results from ESG's Blue Hills 1 prior to reaching the targeted Bohena seam with an intersection so far of 10.9m thick coal (Hoskissons seam) with very high permeability . This well is bordering OIP permit which is due to be drilled next. 

refer http://www.asx.com.au/asxpdf/20090216/pdf/31g237v495r4nl.pdf


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## Miner (16 February 2009)

seasprite said:


> encouraging results from ESG's Blue Hills 1 prior to reaching the targeted Bohena seam with an intersection so far of 10.9m thick coal (Hoskissons seam) with very high permeability . This well is bordering OIP permit which is due to be drilled next.
> 
> refer http://www.asx.com.au/asxpdf/20090216/pdf/31g237v495r4nl.pdf




Hi Seasprite

Thanks for the update
The market however has not received the result with green sign for OIP
Could you please postulate what could be the reasons - general sentiment or more to it ?
There are few others who turned very green even market has descended down


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## malachii (16 February 2009)

G'day Miner,

Just a quick guess but the announcement is not directly tied to OIP - has not been announced by OIP so I'd say the market hasn't realised they are next to each other.  I have to say I own both shares and I hadn't clicked that it was next door.  

It only gives a possible good sign - it's not anything to be excited about - but certainly shows that OIP tenement has some merit.

malachii

PS PLEASE NOTE!!: I OWN A DECENT SIZE CHUNK OF THESE SHARES (OIP and ESG) - SO MY OPINION IS VERY BIASED!!!!!


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## seasprite (16 February 2009)

if you look at http://www.orionpetroleum.com.au/docs/figure8_locationmap.jpg
Blue Hills 1 is just North West of Edgeroi 1. Close to the southern border of PEL 427


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## seasprite (18 February 2009)

ESG confirm huge csg potential in adjacent PEL 238 to OIP's PEL 427 and 428 refer http://www.asx.com.au/asxpdf/20090218/pdf/31g3my2t7s3lsp.pdf , Moree 4 corehole will be drilled in OIP's permit on completion of Blue Hills 1.


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## seasprite (26 February 2009)

without the farmin by ESG back into OIP . ESG's permits are about half the size of that show in the  New York Conference presentation refer http://www.asx.com.au/asxpdf/20090226/pdf/31g8pny4ypljjg.pdf page 3


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## seasprite (26 February 2009)

half yearly report refer http://www.asx.com.au/asxpdf/20090226/pdf/31g96g89glp89h.pdf , deferred exploration cost of Nyngynderry accounted for.


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## seasprite (1 March 2009)

Are you still with us malachii

I posted this in another thread and forgot to post it here.

ESG/OIP stand to gain from the proposed hunter pipeline route , runs pretty much smack bang in the middle of their permits http://www.qhgp.com.au/data/qhgp-map.pdf


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## seasprite (2 March 2009)

Blue Hills 1 completed and following minor repairs and maintenance the rig will move north to OIPs permit PEL427 refer ESG bimonthly drilling report http://www.asx.com.au/asxpdf/20090302/pdf/31gcnz54xhcbtc.pdf


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## malachii (4 March 2009)

Sorry Seasprite - Yes I'm still here.  Still have faith in OIP but am still waiting for some good announcements.  Not much is going to happen until then.  Picked up some more shares today, only 15000 but at 6.6 cents I couldn't go past them.  

Good to see ESG run a bit today - with no announcement??!!  Think it is probably linked to MPO announce but not completely sure.  Can only help OIP in the long term.

malachii

PS PLEASE NOTE!!: I OWN A DECENT SIZE CHUNK OF THESE SHARES (OIP and ESG) - SO MY OPINION IS VERY BIASED!!!!!


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## seasprite (5 March 2009)

malachii said:


> Sorry Seasprite - Yes I'm still here.  Still have faith in OIP but am still waiting for some good announcements.  Not much is going to happen until then.  Picked up some more shares today, only 15000 but at 6.6 cents I couldn't go past them.
> 
> Good to see ESG run a bit today - with no announcement??!!  Think it is probably linked to MPO announce but not completely sure.  Can only help OIP in the long term.
> 
> ...




Always a good idea to average down in my books. I posted in ESG that I was expecting a breakout in the sp , and I was looking at one with OIP on small volumes after hitting the 8c resistance level a number of times. Then whammo , the DOW drops 299 , which took OIP's sp below the line . 

 With CSG the flavour of the season and OIP's cash backing , it would be hard not to expect the sp to break upwards around the 10c mark.

 Anyhow , moving on ,Moree looks like a decent sized mapped prospect , I hope it does achieve the same results as Edgeroi and better.


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## Dangerous (5 March 2009)

malachii said:


> Sorry Seasprite - Yes I'm still here.  Still have faith in OIP but am still waiting for some good announcements.  Not much is going to happen until then.  Picked up some more shares today, only 15000 but at 6.6 cents I couldn't go past them.




we must have bought at exactly the same time... i had been watching them and noticed the 6.6c seller and i whacked in an order for 20,000 and then all of a sudden it showed 35,000 had been sold for the day....

(quality input from Dangerous - what a story!  Thanks Dangerous)


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## seasprite (5 March 2009)

Notice of initial substantial holder Ingalls & Snyder see http://www.asx.com.au/asxpdf/20090305/pdf/31gfml1g97fqvr.pdf


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## malachii (5 March 2009)

Dangerous said:


> we must have bought at exactly the same time... i had been watching them and noticed the 6.6c seller and i whacked in an order for 20,000 and then all of a sudden it showed 35,000 had been sold for the day....
> 
> (quality input from Dangerous - what a story!  Thanks Dangerous)




So it was you who stole my 20 000 shares (LOL)  I actually put in an order for 35000 to take out the whole lot but when my purchase screen came back up it showed that I'd only bought 15000 - I was spewing.  Was really spewing today when the price hit 9 cents!!

That's life!!!

Congrats for buying - don't think you'll be disappointed but we'll see in the near future.  I think this company has real prospects for the reasons seasprite and I have been talking about.  But as usual..... 

PLEASE NOTE!!: I OWN A DECENT SIZE CHUNK OF THESE SHARES (OIP and ESG) - SO MY OPINION IS VERY BIASED!!!!! 

malachii


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## malachii (5 March 2009)

seasprite said:


> Notice of initial substantial holder Ingalls & Snyder see http://www.asx.com.au/asxpdf/20090305/pdf/31gfml1g97fqvr.pdf




Not sure about this one Seasprite.  If you look closely it's a correction from back in Dec 07 and the average share price is about 19.6 cents for the first purchase and 21 cents for the second.  Not sure if this means anything or not????

Just out of curiosity - with a name like Seasprite - you weren't part of the navy Seasprite program were you?  My boss was a part of that and he has some interesting things to say.

malachii


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## seasprite (5 March 2009)

malachii said:


> Not sure about this one Seasprite.  If you look closely it's a correction from back in Dec 07 and the average share price is about 19.6 cents for the first purchase and 21 cents for the second.  Not sure if this means anything or not????
> 
> Just out of curiosity - with a name like Seasprite - you weren't part of the navy Seasprite program were you?  My boss was a part of that and he has some interesting things to say.
> 
> malachii




unsure why they posted that today , that was way back in the IPO days when the sp issue was 20c . 

part 2 - low houred commercial helicopter pilot having only flown a hughes 300 , Robinson 22 & 44 , 0.4 hrs in AS355 twin squirrel and 0.8hrs UH-1H . Once I hopefully make enough from the sharemarket I will be back in the air.  Had my SH2G Seasprite hat on when I was trying to think of a Username for ASF forum .


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## Mad Mel (6 March 2009)

The Moree-4 CSG well spudded today...  I'm really interested in seeing how that turns out, we should find out on around the 15th.

Moree-1 (I think it's called) is the one I'm really interested in, but it's not scheduled yet, and I don't think it's part of the farm-in agreement.  It's supposedly near the ESG Edgeroi 1 and Blue Hills 1 wells.   I have my doubts that the Bohena coal that ESG is doing so well with intersects PEL427, based on the result from the Blue Hills well.  I think it might just miss the SE corner, but I'd love to be wrong (and I'm certainly no geologist).   But a thick seam of highly permeable Hoskisson coal would do.

FWIW, holding and evangelizing OIP.


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## Miner (6 March 2009)

I am missing Seasprite and Malachi today in the ASF  when both OIP and ESG shot up like any thing against the market's  fall.

Brave people you are and tell us more good stories like OIP and ESG.

Yes, I was brave to put a small money on this and this is the only green in my current portfolio. Thanks a lot folks for your excellent postings. 

(Rest assured I will not blame you even if my full portfolio returns to red  in a few days to be consistent with the rest of the holding)


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## Mad Mel (6 March 2009)

Yes, thank you very much Seasprite and malachii, your excellent postings caused me to put some money on these guys as well (don't worry, I DMOR - if it goes red, it's just another one of my dumb decisions).  But if it all works out, it's because your insight caused me to look closer at something I would have overlooked.


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## malachii (6 March 2009)

Always glad to share a find - it makes all of us look closer at our investments and why we make them.  Quite often I discuss my purchases with my wife - if I cant make her understand why I'm investing in something within about 2 minutes then usually there is something wrong with my reasoning.

Good to see yesterday's rise remain today.  Still think this is cheap with cash backing more than share price.  Hopefully we'll see some good news coming out in the next month or so in regards to the drilling that will be going on.

Seasprite:  Glad to see a fellow wing nut (even if it's a rotary wing nut!!).  I'm fixed wing myself although have to admit I do like the UH-1H.  Come across quite a few Vietnam Vet Pilots in my job and they all swear by the Huey.  I've got about 2 hours rotary time - in a mate's Bell 47 - I can see the attraction but I think I'll stick with fixed wing.


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## Dangerous (7 March 2009)

malachii said:


> Good to see yesterday's rise remain today.  Still think this is cheap with cash backing more than share price.  Hopefully we'll see some good news coming out in the next month or so in regards to the drilling that will be going on.




that's why i bought it.... seemed way too good to be true so only bought a very small holding, plus there weren't many sellers way back on Wed.

See the option OIPO is trading for over a cent and exercise ain't til 30c.

The mkt had VPE option priced in at 20c exercise, so i assumed so but a closer look at the annual report showed exercise of 25c....


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## seasprite (9 March 2009)

Miner said:


> I am missing Seasprite and Malachi today in the ASF  when both OIP and ESG shot up like any thing against the market's  fall.




Hi miner , I have family visiting , so I have put the share market on the back burner for the last few days and the rest of this week . You might see the odd post .

Good to hear you are in the green. As far as I'm concerned , I think OIP is on prime land and by the sounds of it PEL 6 has significant upside.


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## malachii (9 March 2009)

Nice jump this morning - market is seeing something in OIP - probably both the drill prospects of ESG and the upcoming drilling program that started on the weekend.  

Dangerous - Are you sure you wont let me have those other 20 000 shares I wanted at 6.6 cents (LOL)!!!!

malachii


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## Miner (9 March 2009)

seasprite said:


> Hi miner , I have family visiting , so I have put the share market on the back burner for the last few days and the rest of this week . You might see the odd post .
> 
> Good to hear you are in the green. As far as I'm concerned , I think OIP is on prime land and by the sounds of it PEL 6 has significant upside.




Mamma Mia Seasprite

Better look after family as the OIP  has shot by 40% today so far on OIP itself . We should have a thin corrogated roof for OIP now so that when it hits the roof no one gets injured.

I wished to have captured good sample to make the other red even . But I am not greedy and happy whatever is happening with OIP.

Thanks folks


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## Dangerous (9 March 2009)

malachii said:


> Nice jump this morning - market is seeing something in OIP - probably both the drill prospects of ESG and the upcoming drilling program that started on the weekend.
> 
> Dangerous - Are you sure you wont let me have those other 20 000 shares I wanted at 6.6 cents (LOL)!!!!
> 
> malachii





i do believe Mr Malachii it is you who owes me 15000!.... 

Another i found over the weekend and purchased today is HGO.  Their holdings in ESG alone are worth twice their mkt cap....


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## seasprite (16 March 2009)

From ESG bimonthly drilling report - moree 4 at 387m and coring ahead see http://www.asx.com.au/asxpdf/20090316/pdf/31glycbd9bn4nx.pdf


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## malachii (23 March 2009)

Good to see OIP has been able to stay above 12.5 cents the last couple of weeks and today broke through and closed above 15 cents.  Will be interesting to see if it can maintain this - I suspect it will because from reading today's announcement I think they will report on the latest drilling next week.  This should give us a good indication of if this field has potential or not.  If the result is negative I can see it falling back through 10 cents and maybe back down into the 6-7 cent range.  If the news is positive and breaks through 16-16.5 cents (which I think it would - but do your own research) then we hit blue sky territory.  There may also be some resistance at 20 cents which was the float price so a few may take the opportunity to get out at cost.   

Anyway - we shall see very soon I guess.

malachii

PS PLEASE NOTE!!: I OWN A DECENT SIZE CHUNK OF THESE SHARES (OIP) - SO MY OPINION IS VERY BIASED!!!!!


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## Miner (23 March 2009)

malachii said:


> Good to see OIP has been able to stay above 12.5 cents the last couple of weeks and today broke through and closed above 15 cents.  Will be interesting to see if it can maintain this - I suspect it will because from reading today's announcement I think they will report on the latest drilling next week.  This should give us a good indication of if this field has potential or not.  If the result is negative I can see it falling back through 10 cents and maybe back down into the 6-7 cent range.  *If the news is positive and breaks through 16-16.5 cents (which I think it would - but do your own research) then we hit blue sky territory.*  There may also be some resistance at 20 cents which was the float price so a few may take the opportunity to get out at cost.
> 
> Anyway - we shall see very soon I guess.
> 
> ...





Malachi

Last time Seaspirite went to look after family for a week, OIP shot 40%.
Should we request him to take two weeks time so that the OIP shoots by 80% . May be that is the resistance level not to go up further 

I do hold a smaller parcel of OIP


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## Mad Mel (24 March 2009)

malachii said:


> Will be interesting to see if it can maintain this - I suspect it will because from reading today's announcement I think they will report on the latest drilling next week.




ESG is doing the drilling and they report on it bimonthly, so we should definitely see a report next week, since they included it a week ago.   From their past announcements, it looks like they report as close to the 1st and 15th as business days allow.


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## seasprite (24 March 2009)

Miner said:


> Malachi
> 
> Last time Seaspirite went to look after family for a week, OIP shot 40%.
> Should we request him to take two weeks time so that the OIP shoots by 80% . May be that is the resistance level not to go up further
> ...




I'm still here miner , just been reading posts though , no one replied to my post on the 16th of march , so I thought everyone jumped ship. OIP's sp has definitely surprised me , let's hope results are there to match.


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## malachii (25 March 2009)

Well - OIP broke into blue sky territory today.  It's never closed at 17cents before (although the float price was 20cents).  Good turnover as well so all positive signs.  Looking forward to the announcement next week.

malachii


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## Miner (25 March 2009)

malachii said:


> Well - OIP broke into blue sky territory today.  It's never closed at 17cents before (although the float price was 20cents).  Good turnover as well so all positive signs.  *Looking forward to the announcement next week.*
> malachii




Hmm ! 

Announcement of what ? 

Change of shareholding pattern due to Malachii becoming  one of the significant shareholders for OIP or sold his sizeable chunk  

Of course with ESG announcement OIP also followed the trend closely. 

Enjoy the sunshine until it rains

Disclaimer : I do hold a small parcel of OIP


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## seasprite (25 March 2009)

Malachii

I took a quick profit at these prices , at 2.5 times entry price it was too hard to turn down for myself. Getting back in the air is my priority . All the best , and will still watch and report on this one if no one else does.


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## Dangerous (25 March 2009)

Ever since Malachii and i bought in OIP has been smoking.

I'm in CSG NSW pretty heavy (by my standards) now.  

How bad to STO need to make an acquisition right now?  Perhaps they'll run the numbers over ESG?  Could offer scrip... i'd take some more STO if they were offering

Drilling results could go either way.  Am i right to recall an announcement of technical issues?  Not a great sign, but we will see.  They are likely to intersect a decent coal seam but permeability will be the question


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## Mad Mel (26 March 2009)

Hmmm...  this morning has record prices for the highest daily volume since last summer.  ESG jumped over 10% yesterday.  Makes me wonder if drilling results are in... for some people.


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## malachii (26 March 2009)

Good to see the price hold and increase today.  19 cents is not too shabby at all - whether it's a cheap or expensive price will be revealed next week I guess.

Seasprite - don't blame you at all for taking the profits - 250% in a matter of weeks or months it nothing to sneeze at.  Think I'll hang in there as I still think the company has great potential - even if this announcement is a bad one I think in the longer term it has some great real estate and this is only a very small amount of it.  Obviously if the announcement is bad - the price will take a big hit!! Maybe even back to the 6-7 cent range - but the fact that price and volumes have held is a good sign.   

malachii

PS PLEASE NOTE!!: I OWN A DECENT SIZE CHUNK OF THESE SHARES (OIP) - SO MY OPINION IS VERY BIASED!!!!!


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## malachii (31 March 2009)

Well that sucked - the announcement for the Moree - 4 drill wasn't real flash although it hinted at some gas by the look of it.  

The price took a hit (as expected) but probably not as hard as I thought it could have.  Holding at 13.5 cents is a good sign that at least the basis of the company is sound although really - this is pretty much just the cash value of the company.  It's not taking into account any real estate held.  It's still 100% up on just a couple of weeks ago though!!!

It will be interesting to see where this stabilizes over the next week or so.  Then we wait for the next drilling - Kurrabooma - 1.

malachii

PS PLEASE NOTE!!: I OWN A DECENT SIZE CHUNK OF THESE SHARES (OIP) - SO MY OPINION IS VERY BIASED!!!!!


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## UPKA (31 March 2009)

This is gas exploration we are talking about, u won't expect to hit somehting big with only 1 drill. surprised they are moving on to Kurrabooma so early on without few more drills at Moree. Anyways, at the currently market cap - $16m, $13m in cash, it's assets are only valued at $3m... a bit undervalued considering it's relation with ESG. I will be accumulating overtime...


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## YOUNG_TRADER (1 April 2009)

I have liked and been in on OIP for some time (but only in a small small way) courtesy of my broker mates however I think that its time is at least another 6-12months away, I could be wrong but from what I understand this will be a slow dance and considering how much ESG owns of OIP directly and indirectly via the farmins of its projects ESG will imo eventually swallow it up, just a question of time and price


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## prawn_86 (1 April 2009)

YOUNG_TRADER said:


> ESG will imo eventually swallow it up, just a question of time and price




Didnt they spin out of ESG originally?? Or was it another co? My old man holds these also, from about 9c


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## Mad Mel (1 April 2009)

prawn_86 said:


> Didnt they spin out of ESG originally?? Or was it another co? My old man holds these also, from about 9c




You are correct, sir.  As well, ESG currently owns 23% of the shares, if my memory serves me well.

In addition to  Kurrabooma - 1, ESG will be drilling a well in PEL6 after seismic interpretation is finished.


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## Mad Mel (1 April 2009)

UPKA said:


> This is gas exploration we are talking about, u won't expect to hit somehting big with only 1 drill. surprised they are moving on to Kurrabooma so early on without few more drills at Moree.




ESG's farm-in agreement obligates them to 1 hole per tenement, which is the drilling that is currently occurring and is why they are moving around.  I expect they will drill some more at Moree in the future.


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## Dangerous (1 April 2009)

YOUNG_TRADER said:


> I think that its time is at least another 6-12months away,





and its time will be even further now.... 

Wait and see for next lot of drilling results... 


<                            >


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## YOUNG_TRADER (1 April 2009)

prawn_86 said:


> Didnt they spin out of ESG originally?? Or was it another co? My old man holds these also, from about 9c




Yep was basically a way for ESG to do some sort of boot strap funding for its extra permits, funny thing is after they did it bout 12months later CSG became all the rage so ESG getting access to funds was not a problem

Join the dots between HGO ESG and OIP there are some common architects (brokers) behind the scenes


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## malachii (1 April 2009)

Interestingly enough - since the announcement ESG has gone up, COI has gone up but OIP has gone down!!! I can understand why ESG is moving as they have many other irons in the fire but I was surprised at how much they moved over the last 2 days.  Very surprised that COI moved so much but there again I dont know much about them.

Good to see OIP getting some good depth at the 13ish cent mark.  Looking like it may form a base here but it is early days yet.  Let's see what happens over the next couple of weeks.  I wouldn't be surprised to see it slowly climb back up above the 15 cent mark for the very reasons that UPKA mentioned.

malachii

PS PLEASE NOTE!!: I OWN A DECENT SIZE CHUNK OF THESE SHARES (OIP) - SO MY OPINION IS VERY BIASED!!!!!


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## Miner (2 April 2009)

malachii said:


> Interestingly enough - since the announcement ESG has gone up, COI has gone up but OIP has gone down!!! I can understand why ESG is moving as they have many other irons in the fire but I was surprised at how much they moved over the last 2 days.  Very surprised that COI moved so much but there again I dont know much about them.
> 
> Good to see OIP getting some good depth at the 13ish cent mark.  Looking like it may form a base here but it is early days yet.  Let's see what happens over the next couple of weeks.  I wouldn't be surprised to see it slowly climb back up above the 15 cent mark for the very reasons that UPKA mentioned.
> 
> ...




Come on Malachi - do something to revert back to 19 cents level. You are the only one as Sea Sprite has already departed OIP with handsome gains


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## malachii (2 April 2009)

G'day Miner,

Wish I could wave a magic wand.  Good to see the move back to 15 cents today with some solid depth to buy side.  I still think this is good value between 15 and 20 cents for the reasons previously discussed by myself and UPKA.  We'll see if the market agrees over the next couple of weeks or so.

You've got to be happy with a 100%+ return that you've had in the last few weeks though....even if it doesn't go much further for a while.

malachii

PS PLEASE NOTE!!: I OWN A DECENT SIZE CHUNK OF THESE SHARES (OIP) - SO MY OPINION IS VERY BIASED!!!!!


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## malachii (14 April 2009)

This seems to be holding the old 13 cent support line which is good - have to admit I expected it to be a bit stronger particularly with the next drill being done now (slight pause at the moment due weather).

Should see results I'm guessing by end of month.

malachii

PS PLEASE NOTE!!: I OWN A DECENT SIZE CHUNK OF THESE SHARES (OIP) - SO MY OPINION IS VERY BIASED!!!!!


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## malachii (2 July 2009)

Good to see some depth building again for this stock.  The announcement of the new licence and further drilling to take place in the second half of this year I think brought the market's attention back.  It still has over 11 cents cash per share in the bank to use for exploration as well as it's exploration licences.  In my opinion still not a bad buy for 8.7 cents (last trade) although I have to admit I've been buying mine at a bit less (and a bit more sometimes!).

*** AS USUAL - DO YOUR OWN RESEARCH AS I OWN A BIG CHUNK OF THESE SHARES ***

malachii

PS PLEASE NOTE!!: I OWN A DECENT SIZE CHUNK OF THESE SHARES (OIP) - SO MY OPINION IS VERY BIASED!!!!!


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## prawn_86 (3 July 2009)

Hello, whats going on here? Up >40% on huge volume and no news?

And drilling happening at the moment? Leaky ship?


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## grace (3 July 2009)

prawn_86 said:


> Hello, whats going on here? Up >40% on huge volume and no news?
> 
> And drilling happening at the moment? Leaky ship?




No leaks prawn.  Just speculation on the buyers side seeing as Santos started moving in on ESG last night (and the connection there with ESG and this one).


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## YOUNG_TRADER (3 July 2009)

What grace said Prawn

You have to wonder about ESG when you consider why they vended out some of their CSG assets to OIP, only to farm in to them and fund them, makes little to no sense

Kinda like this African Uranium company, forget its name that did a split into 2 different companies, then a few years later merged, I remember thinking wha tthe? 

Great exploration potential hence I hold a few, but MEL is more on the radar now post ESG transaction as it has reserves comparable to that of ESG!


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## grace (3 July 2009)

YOUNG_TRADER said:


> What grace said Prawn
> 
> You have to wonder about ESG when you consider why they vended out some of their CSG assets to OIP, only to farm in to them and fund them, makes little to no sense
> 
> ...




Similar thing happened with PES.  Arrow floated it off at $4mill (or something like that), only to try and buy it back at $1billion.  Go figure!  I personally think it is just a job for their mates (ie Directors).


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## YOUNG_TRADER (3 July 2009)

grace said:


> Similar thing happened with PES.  Arrow floated it off at $4mill (or something like that), only to try and buy it back at $1billion.  Go figure!  I personally think it is just a job for their mates (ie Directors).




I didn't realise that Grace, but yeah couldn't agree more its all about looking after your mates

Still AOE did come out with a profit after all that, did shareholders get an in-specie distribution?

actually maybe we better continue this conversation via PM as its probably not OIP specific chat  (sorry)


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## malachii (20 July 2009)

Well the volume (and price!) in this is certainly building.  Climbed to 17.5 cents during the first half hour of open or so (has now eased slightly to 17 cents).  I know they restart their drilling program soon but didn't think there were any announcements due so I'm unsure of the sudden increase.  Anyone else got any ideas???

malachii

PS PLEASE NOTE!!: I OWN A DECENT SIZE CHUNK OF THESE SHARES (OIP) - SO MY OPINION IS VERY BIASED!!!!!


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## Miner (20 July 2009)

malachii said:


> Well the volume (and price!) in this is certainly building.  Climbed to 17.5 cents during the first half hour of open or so (has now eased slightly to 17 cents).  I know they restart their drilling program soon but didn't think there were any announcements due so I'm unsure of the sudden increase.  Anyone else got any ideas???
> 
> malachii
> 
> PS PLEASE NOTE!!: I OWN A DECENT SIZE CHUNK OF THESE SHARES (OIP) - SO MY OPINION IS VERY BIASED!!!!!




Mate
Congratulations to you (and Seaspirite) for believing on OIP and seeing the value for it. I sold out but hopefully will return  to OIP in near future 
Cheers


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## ronaldo (10 October 2009)

major shake up going on for this very cashed up company.

must be time for the board to start spending money before a merger is put to the table. 

fair value would be hard to define with such little exploration. i am guessing we will see some serious drilling soon. good time too, CSG plays seem to generate plenty of attention when they have any announcements to utilize.

sitting idle on such potentially vast reserves is a wasted opportunity


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## philly (25 January 2010)

This one doesn't seem to get much coverage. An ASX release today advised that the proposed merger of OIP and GGX had hit a hurdle despite the merger being backed by both boards. A group of disgruntled OIP and GGX shareholders have challenged the independent expert reports that accompanied the explanantory materials sent to GGX shareholders regarding the proposed merger. As a result shareholder meeting planned for this week are to be deferred for one month.

The SP closed at 0.087 today on very low volumes. Recent drilling in PEL 6 in northern NSW with JVP ESG has produced some promising results and more drilling is planned for next month.  I'll be watching this one closely.
Does anyone have any views on this one?


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## philly (7 February 2010)

mmm, is no one interested in this one? Is CSG on the nose? IMHO the fact it has ESG as a farm-in partner and that more drilling is planned in the near future must be worth some interest. Anybody have a view either way?


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## malachii (11 February 2010)

philly

I've been getting back into this company.  At 8ish cents it holds great value as it's cash in hand is a little over 10cents per share.  This is on top of some great prospective leases that they hold.  They are very tight with their money and where possible seem to us farm ins rather than cash.  This is very wise managment at the early stages of exploration.  The only down side that I can see is that they dont have any announcements due for a couple of months to excite the market about.  So patients is required.

malachii

PS I own shares in this company (again!!).  My opinions are very biased.  Do your own research!!


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## philly (18 February 2010)

mmm...OXX announces on the ASX that it is making a script takeover bid for OIP. It is offering 1 OXX share for every 6 OIP shares. So at least someone out there has a view about OIP. It will be interesting to see how the SP reacts tomorrow and whether there is any other interest shown. 
I am a holder so as always DYOR


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## malachii (19 February 2010)

Philly,

This is a case of OXX protecting their investment.  I'm pretty disgusted at how management have dealt with this "merger" with Gas2Gas.  I think the latest  is almost unforgivable.  They sent out the amended documents because the "independant opinion" made a screw up and "forgot"  that the project they valued at $X require almost $1 mil spending on it to get it to that stage they were valuing it at.  On top of that shareholders received the documents yesterday (or today for me as I live in the country!) without amended voting forms and on page 2 they tell you to get the old forms to the registrar by this sunday at 11am.  Me thinks they are trying to pull a swifty and get their hands on all of OIPs cash at about 60-70cents in the dollar on their numbers!

I will vote NO purely on the way they are treating shareholders.  OXXs offer is not enough but at least they are open and honest about why they are making the offer.  

If anyone requires a copy of the proxy form emailed to them - send me a pm or email at pepptalk at yahoo dot com.

malachii


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## philly (20 February 2010)

Malachii,

I understand OXX's motive but it seem a big ask for it to be successful. It needs to acquire  51% of the shares and the top 20 shareholders hold 61% (that includes ESG who hold 23%) so unless the Directors recommend the offer it's going to be a fizzer IMHO. I agree that we have been poorly treated by the directors regarding the gas2gas deal and they deserve a resounding "NO" for that. I have never really understood why OIP in interested in gas2gas and I would have preferred it to farm in to some more CSG plays. Maybe ESG should step in and bring OIP back home.


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## malachii (20 February 2010)

philly,

Dont need OXX to succeed in the takeover - in fact I'd prefer they didn't as at the price they are offering is still below cash in the bank.  We just need the directors to get a kick up the ar$e, get this stupid merger off the books and concentrate on developing/farming in the leases they hold without losing all that wonderful cash they have in the bank.  They had done a pretty good job until now.

malachii


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## philly (2 April 2010)

Maybe this is just an April Fools joke
OXX made a bid for all the shares in OIP on the basis of 1 OXX share for every 6 OIP shares. This was quickly rejected by the board.

"The Board of Orion Petroleum Limited (ASX Code: OIP) (Orion) today unanimously rejects the unsolicited and highly conditional scrip bid by Octanex NL (ASX Code: OXX) (Octanex). The Octanex Bidder’s
Statement was served on Orion today.
The Octanex takeover bid offers one Octanex share for every six Orion shares significantly undervaluing Orion. The offer is currently 17% below the price at which Orion shares last traded. Orion last traded at 7.5
cents and Octanex at 37 cents or 6.2 cents of value per equivalent Orion share.
The Octanex bid is also highly conditional and contains conditions, that Octanex was advised when it first stated its intention to bid for Orion, were not able to be met. These conditions include that the Directors of
Orion personally warrant certain matters to Octanex and that Orion maintains available cash resources of at least $11 million until the end of the offer period. Neither of these conditions will be satisfied so in its present
form the Octanex bid is one that cannot succeed.
The Directors will not be accepting for their own shareholdings and recommend that Orion shareholders should not accept it.
Orion’s largest shareholder holding an interest of more than 22% in Orion’s issued capital, Eastern Star Gas Limited, has advised that it will not be accepting the Octanex bid under the current terms for its shares."
Source: ASX

Any thoughts?


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## malachii (4 April 2010)

I think the OXX bid was lobbed in just to try and derail the merger.  While it may not have initially succeeded I think it put the wind up the sails of the "independant" valuers and caused the bid to fail.  There is no way that the bid will succeed at this price and I'd be very surprised if they changed it.  I think they'll just let it fade into the sunset.  

However - now we need to look to the future.  I still think the directors need to know that as shareholders, we dont appreciate them looking after their own interests instead of the shareholders.  They have some good real estate and cash - either they play the game and use these assests properly or they stop drawing a wage and get lost.  I'm happy with either scenario but will look carefully at how I vote when the directors are up for re-election next time.

malachii


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## malachii (7 April 2010)

Good to see Toenda-1 well begins drilling next week.  Propective resource of over 30 million barrells with 7.7 mil recoverable.  Hopefully this shows managment have finished playing silly buggers and are starting to get back on the job.

I think (famous last words) we have seen the low and this will start to move upwards as we get more information about this well.  Volume seems to be building in anticipation and prices have STARTED to move upwards with OK support and not a huge amount of shares being "dumped".

malachii

PS PLEASE NOTE!!: I OWN A DECENT SIZE CHUNK OF THESE SHARES (OIP) - SO MY OPINION IS VERY BIASED!!!!!


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