# BCC - Buccaneer Energy



## prawn_86 (24 May 2008)

Hi all,

Found this litte jem yesterday so allow me to share my info with you 

Basically, they have just listed 6 months ago and they are already *producing both oil and gas* offshore in the Gulf of Mexico.

Excellent sector with all the hype at the moment...

http://www.buccaneerresources.com/


Structure​
150million shares @ 37c = *$55.5million Market Cap*

55% held by top 20 holders


Projects​
*Pompano*
This is their cornerstone project and they still have 4 more holes to drill, they have a 65% interest in the project. It is producing at 16mcf per day and 60 barrels of condensate per day.
Reserves are:
Gas = BCF
Oil = Barrels
 1P - Proven             
   Gas   Oil       
 12.60 34,732    

2P - Probable
Gas   Oil  
17.1    48,207      

3P - Possible
Gas   Oil             
23.8    74,617           


*Lee County*
50% working interest

From their website:


> High impact exploration project, on shore south-eastern Texas.
> Independent Geologist states that “this prospect area has the potential size to be a company making project”.
> A previous well *flowed at 10.8 mmcfgd gas on a 24 hour test *and was shut-in due to lack of gas market at the time. Significant volumes of oil were recovered in the drill string while performing Drill Stem Tests (DST’s) when drilling. First well in the program will “twin” this well.




Also have another offshore interest called Cove Deep and onshore called Bright Star.

Financial Summary​
In the first 20 days they earned $530k, production has now increased, but lets use $500k per 20 days to be conservative.

Therefore, 360/20 = 18 lots of 20days per year.

Multiply that by 500k and you get *$9million per year*

*CURRENT EPS* = 6cps

So on a conservative PE basis these guys should *be at about 60c* using a PE of 10, but on an industry average of 20 the target becomes $1.20.

And this is only taking the current production well into account and not putting any value on any of their exploration projects.

I have taken a small interest, as it all stacks up for me, i think they have been unrecognised because they have become a producer so soon after listing and didnt spend years exploring and talking up their potential, they just got on with the job.

Would be intersted to hear others thoughts, as i must confess to not being an expert on O&G plays


----------



## farout (24 May 2008)

*Re: BCC - Bucanneer Energy*

Somewhat interesting, but companies such as GLX are retreating from the Gulf of Mexico to get into the Aussie UCG market. A better prospect in my opinion.


----------



## prawn_86 (24 May 2008)

*Re: BCC - Bucanneer Energy*



farout said:


> Somewhat interesting, but companies such as GLX are retreating from the Gulf of Mexico to get into the Aussie UCG market. A better prospect in my opinion.




But are co's like that looking aking a profit in their first year. Its the fact that they already have a healthy sized revenue stream which is attractive to me.

Also technically, Yesterday they closed at a all time high, which is nice


----------



## Sean K (24 May 2008)

*Re: BCC - Bucanneer Energy*

Yep, pretty impressive chart, a break up from here could give it a target of somewhere between 45 and 50 depending on your perception.


----------



## unit (24 May 2008)

*Re: BCC - Bucanneer Energy*

Still a month or so before hurricane season too. 
Hurricane season starts July 1 in the Gulf of Mexico. 90% chance of near normal or above normal season in the Atlantic.
http://www.noaanews.noaa.gov/stories2008/20080522_hurricaneoutlook.html
'An average season has 11 named storms, including six hurricanes for which two reach major status.'

“The outlook is a general guide to the overall seasonal hurricane activity,” Lautenbacher said. “It does not predict whether, where or when any of these storms may hit land. That is the job of the National Hurricane Center after a storm forms.”


----------



## njc.corp (24 May 2008)

*Re: BCC - Bucanneer Energy*

PRAWN86  -thanks for bringing this to my attention-

let me u ask u something-are bcc looking at making a profit in the first year-

i do like this stock-for 1 reason  that u mention-they are already in production-thats a huge leap forward and a step above the pack who have not started production- production to me brings in money-

i also had a chance to listen to the board room media stuff-from what the guy was saying they got some  serious people behind the scenes giving them a hand to drill-

i mean good news is better then bad-so far so good-

to the people in the know-how much does these storms affect production-are we talking about a couple of days or weeks?

prawn86 do u have or know the cost of production? to me thats a huge factor-

i dont have any bcc-but as always interested in anything with good idea's and view's and this seems not bad in a time of huge demand for  oil 

Thanks 

Nick--


----------



## prawn_86 (24 May 2008)

*Re: BCC - Bucanneer Energy*



kennas said:


> Yep, pretty impressive chart, a break up from here could give it a target of somewhere between 45 and 50 depending on your perception.




Yeh nice technicals and undervalued fundamentally makes me quite bullish on these guys for the short term. Hop[efully those hurricanes arnt too bad this year either 



njc.corp said:


> let me u ask u something-are bcc looking at making a profit in the first year-




Well it appears to be that way. Im not sure if thats what they envisaged when they listed but if they can keep the production as it is for the rest of the year it looks like they will make a profit first year in, which is a bloody amazing feat considering how long some co's explore for.



njc.corp said:


> i also had a chance to listen to the board room media stuff-from what the guy was saying they got some  serious people behind the scenes giving them a hand to drill-
> 
> to the people in the know-how much does these storms affect production-are we talking about a couple of days or weeks?




I have to admit im very green to the O&G sector, and although i have read the management profiles it doesnt mean much to me. Although it lare co's like Exxon and Shell.

Also as an aside, the Chairman is also the Chairman of Jupiter mines.

No idea how much the storms affect production sorry. Hopefully someone else can answer... 



njc.corp said:


> prawn86 do u have or know the cost of production? to me thats a huge factor-




The next quaterly should detail production costs etc, as they started producing after the last one was written.

Here is a quote showing the money they recieved so far is after costs:


> Buccaneer has received a net revenue payment of US$488,870 (AUD$518,202) for its share of 20 days production in March 2008. This revenue is for gas sales net of royalties, transportation and severance taxes.  The average gas price received during March 2008 was US$8.07 per thousand cubic foot, after transportation costs.
> The*operator*has*also*reported*that*Buccaneer*is*due*US$15,800*(AUD$16,745)*for*March*2008 condensate sales when the operator receives payment.  Condensate was sold at US$99.47 per barrel for March production.




So the only other costs to come out is things like admin, which they said are running at about $300k per quarter.

Looking very healthy imo


----------



## prawn_86 (24 May 2008)

*Re: BCC - Bucanneer Energy*

Surprised there isn't more interest in this.

I would love to hear from those members with more O&G investment experience than me, such as DoctorJ or AgentM.

AgentM might be interested to note that Buccaneer say that Lee County has a very similar structure to the Austin Chalks. Not that I personally know what that mean...


----------



## jtb (24 May 2008)

*Re: BCC - Bucanneer Energy*



prawn_86 said:


> Surprised there isn't more interest in this.




G'day Prawn,

Assume you have had a look at EXR re: Pompano?

Personally, they're more my style and probably a good comparison (oil upside vs gas)

I'm sure the Hatchetman will have something for you also

Good luck


----------



## prawn_86 (25 May 2008)

*Re: BCC - Bucanneer Energy*



jtb said:


> Assume you have had a look at EXR re: Pompano?
> 
> Personally, they're more my style and probably a good comparison (oil upside vs gas)




G'day JTB, nice to have someone to talk to 

As i have said before, I am very new to the whole O&G plays, hence why i wanted others thoughts and opinions.

Can i ask why you personally prefer EXR? Is it cause they are a bit more diversified?


I spent yesterday scouring BCCs announcements, and actually found out that my estimate for EPS was too lowbut now they have 2 up and running at Pompano.

So below is an EPS comparison:
*note that this is just based soley on the Pompano project and not taking either of the entities other projects into account.

So, most recent ann says that for the last week the 2 wells have been producing at 16 mcfpd and 60 barrels of condensate. So that means that they are selling 16000 thousand cubic feet per day (i hope that makes sense )

*BCC Interest*​65% of 16000 is 10400. And of 60 is 39.

Assuming $8 per thousand cubic feet and $90 pb of condensate. (Deliberatly conservative)

Gas = $83000 per day
Condensate = $3500 per day
Total = $85k per day

Total * 365 = $30million

Minus say 20% for hurricanse and unexpected closures, slower flows etc etc still gives *$24 million*.

Divide by 150mill shares = *16 cps*

This puts *current PE at a minute 2.3*



*EXR Interest*​25% of 16000 is 4000. And of 60 is 15.

Assuming $8 per thousand cubic feet and $90 pb of condensate. (Deliberatly conservative)

Gas = $32000 per day
Condensate = $1350 per day
Total = $33k per day

Total * 365 = $12million

Minus say 20% for hurricanse and unexpected closures, slower flows etc etc still gives *$9.6 million*.

Divide by 161mill shares = *6 cps*

This puts *current PE at 5.3* 


*Conclusions*​
BCC is more undervalued on a simple PE basis, based soley on Pompano. Although EXR still has an upside well over double current prices.

Obviously more research would need to be done with regards to each co's other projects and stuff, but i can see a nice opportunity to do as Nioka does and switch between the 2 in order to keep a portfolio interest in Pompano, but switch to the most undervalued one, if their prices do not move in tandem


----------



## pan (25 May 2008)

*Re: BCC - Bucanneer Energy*



prawn_86 said:


> *Pompano*
> This is their cornerstone project and they still have 4 more holes to drill, they have a 65% interest in the project.
> [




G'day Prawn nice research, very interesting company

Did you come across when the well is to be spudded?

cheers pan


----------



## prawn_86 (25 May 2008)

*Re: BCC - Bucanneer Energy*



pan said:


> G'day Prawn nice research, very interesting company
> 
> Did you come across when the well is to be spudded?
> 
> cheers pan




Hey Pan,

Not sure if i understand the question...

They have drilled 2 wells and both of them were commercial and are now producing at Pompano.

The third hole is scheduled to start drilling in about 2 months time and is targeting the 'E' sands from memory, not that i actually know what that is 

Hence why i am asking for others opinions...


----------



## prawn_86 (25 May 2008)

*Re: BCC - Bucanneer Energy*

Wow, i fired off an email this afternoon and got a response within 6 hours on a sunday.

Read below, i have added highlights of what i think are the important parts:



> Thank you for your enquiry.
> 
> The back-in agreement with AnaTexas is documentated in our prospectus lodged September 2007.  *AnaTexas retains the right to back-in to Buccaneer's interest in the Pompano project once each well's capital costs are returned plus 20% from net cash flow*.  This was part of the agreement when Buccaneer acquired the project from AnaTexas in mid 2007.
> 
> ...




So now pretty much the one question i had, about the back-in, has been answered and i am even more confident


----------



## prawn_86 (26 May 2008)

*Re: BCC - Bucanneer Energy*

Presentation out today, that they will be showing at the Oil and Gas conference tomorrow.

The two things i like the most is:

They stated they are *cashflow positive and profitable*

They are looking to *double production *by the end of the year.



It looks as though these guys are turning out to be a nice little cashcow. Pity the Aussie market seems to overlook O&G plays, and even small producers for that matter. People would rather punt on an explorer...


----------



## pan (26 May 2008)

*Re: BCC - Bucanneer Energy*



prawn_86 said:


> The third hole is scheduled to start drilling in about 2 months time and is targeting the 'E' sands from memory




Sorry Prawn, wasn't a well worded question. 

I was referring to the other wells and when their were going to be spudded?

Also if you don't mind me asking with price did you enter at?

Haven't brought any yet, still deciding between BCC and GGP.


----------



## prawn_86 (26 May 2008)

*Re: BCC - Bucanneer Energy*



pan said:


> Sorry Prawn, wasn't a well worded question.
> 
> I was referring to the other wells and when their were going to be spudded?
> 
> ...





Check the presentation out today, very informative.

Lee County is due for Spudding Q1 09.

2 more Pompano drills this yr 1 in Q3 and one in Q4. Still a few months away due to the fact that it is hurricane season and by then they should have more than enough cash in bank to fund the next drilling at Pompan without the need for a debt or equity raising.


I got in at the break of all time highs at 37c. My first target is 50c based on Kennas' flag and pennant chart, and my own fundamental (PE) analysis.


----------



## prawn_86 (27 May 2008)

*Re: BCC - Bucanneer Energy*

Broke through 40c nicely today.

Still at all time EOD highs, after closing at 41c with an intraday high of 43c.

They presented at the O&G conference after market close today, so it will be interesting to see if the buying interest continues tomorrow.


----------



## iimamit (27 May 2008)

*Re: BCC - Bucanneer Energy*

HI Prawn,

Thanks for bringing this stock into the attention of the forum regulars. I had thought of introducing a forum on this stock but was disappointed after my first introduction a small VOIP company MNF (Mynetfone). If there are any experts on the telecom/ VOIP sector, do contribute on that discussion as well.

I have been following BCC since December and accumulated till February. The quality of management and their experience in the field is a big plus. Also there is intangible value to the industry contacts of gray haired leaders (No offence against the cowboys) especially in sectors like oil and gas.

I believe the real value would be unlocked once the company is able to have sufficient cashflows to target large oil and gas reserves. the present foray into pompano is low risk /low return (when compared to returns in the oil and gas world). The big projects I believe would come in after one more year if all goes well (majority of the drilling delivers favourable results).

Disclosure: I have a small interest in this stock.


----------



## prawn_86 (29 May 2008)

*Re: BCC - Bucanneer Energy*

Bit of a drop back yesterday, but it still a higher low from a techie perspective. Depends what it does today i guess.

Fundamentally nothing has changed and the cash will be building up in their coffers, ready for the next drill at Popano 3 in Q3


----------



## prawn_86 (29 May 2008)

*Re: BCC - Bucanneer Energy*

http://www-waa-akam.thomson-webcast...b6&portal_id=eaf4f4c6720a8a8ada0f34d1b53e03b6

The link above is the O&G conference presentation from Curtis Burton, the CEO.

Was very informative, and although it is essentially a marketing tool, there was a lot of nice little tid bits to come out of it.

1. He virtually guaranteed that there will be an upgrade to Pompanos reserves within a month, with another 3rd party report, which will this time include the PUD values (proven undeveloped resource). Good to know there is positive news on the way.

2. The eventually want to get their reserves up around the 200bcf number.

3. They are evaluating up to 10 projects per month to find ones that suit the business model.

4. He constantly emphasised the fact that the management team has vast industry contacts meaning their equipment is always up to scratch, andd more importantly, *they hear of opportunities before others do.*

Pompano

Nett cashflow is now $2 - $2.5 million net per month.

Drilling 2 more wells this year with conservative 50 - 100bcf potential. Already have 2p reserves of 32bcf

Costs to BCC to drill and get a well into production is $5.2mill


Lee County

P90 20bcf, P50 50bcf

BCC drill costs only 620k (47.5% interest)

Drilling to happen Q4 this year.


Cove Deep

BCC cost of $2.4mill to drill and get to production.



*Summary*​
I previously hadnt taken into account the fact that the drilling costs were to the 100%, not actually BCCs amount.

So therefore, assuming after Pompano 2 well they had $1mill left in the bank. 8 months at $2 mill nett per month = *$16mill profit plus the $1 mill gives 17 mill.*

Planning 2 more Pompano wells, lets assume they are dusters and get absolutely nothing out of them (99% unlikely as we already know whats there) cost would be 10.5mill. It would actually be less cause these figures assume getting it into production

Drill Lee County cost 600k

Drill Cove Deep cost 2.4mill

Total outgoing on drilling = $13.5 mill

This leaves a profit at the end of Dec of $3.5 mill. 
Again this is assuming everything from here on is a duster. 


I think i have been very conservative with my numbers but i would love the input from those experienced in investing in the O&G area.


----------



## prawn_86 (30 May 2008)

Just released:



> The Company requests a trading halt pending the finalisation of a finance facility with a major Australian bank.





Thats what i like to hear. Now i wont be left wondering over the weekend.

Obviously some form of debt facility/overdraft type thingo. Much better than a equity based capital raising imo.

good to see management are continuing to keep promises.


----------



## jtb (30 May 2008)

prawn_86 said:


> Just released:
> 
> 
> 
> ...




Good on you Prawn, going nicely

Bet your glad I pointed the bone @ EXR
Equity raising  (cough) rights issue (cough).


----------



## prawn_86 (30 May 2008)

jtb said:


> Good on you Prawn, going nicely
> 
> Bet your glad I pointed the bone @ EXR
> Equity raising  (cough) rights issue (cough).




LOL.

But seriously, i am glad that BCC took the debt option rather than a rights issue which would cause a stagnating price and dilution


----------



## watchingall (31 May 2008)

Did any of you see some of the coverage on YouTube about these guys..

http://www.youtube.com/watch?v=uYvmg7kyH0Y

And further I found an article from the CEO
http://www.worldenergysource.com/articles/text/burton_we_v10n3.cfm


----------



## prawn_86 (3 June 2008)

Ann out:



> BCC Secures $5million Finance facility with Macquarie.
> 
> They will use the money to drill the 3rd Pompano well.
> 
> Are looking to expand the facility and will announce within the next month or 2.




Good announcement IMHO. Mac Bank are Aus's biggest investment bank, like them or not. Also, the thing i like is the fact that only 2 months of production and it can be paid off.

Using it for the next Pompano well will increase cashflow quickly once again.

Then if they are awarded Jaguar they can use their profits to pay for that.

All falling into place 

Only thing i didnt like was the low issue price of the unlisted options. Mac bank are already getting the interest off the loan and they also get some options that are pretty much in the money also. I would have liked to have seen them 10c higher at 50c.


----------



## prawn_86 (9 June 2008)

Well all the talk seems to be about oil going up, but so are natural gas prices, hence the popularity of CSM plays of late.

However, why bother with speculative plays when you can get profitable micro-caps?

Just looked on Bloomberg and the gas price is now $13 per mcf so this means that they will be pushing the upper limits of the $2.5 mill profit per month that was given in the BRR recently.

If prices stay where they are we can safely assume they will make $2.5 mill per month so this would means $18 mill profit by years end if they did nothing else.

However they also have the $5mill finance facility with Macquarie to get the next Pompano up and flowing ASAP.


My opinion as to the rest of the year (not based on co reports):

2 more pompano wells. Both should flow, hence increasing revenue.

Purchase of Jaguar

Drill Lee County in Dec, anything could happen here.

Im tipping a profit at years end of about $2 - 3mill. Not bad for a co that will only have been liset for 14 months in Dec and has a current MC of $50 mill


----------



## james99 (9 June 2008)

Thanks for this Prawn. V interesting company. I agree re the benefit of small cap producers; I watched the webcast and they seems very motivated and capable (insofar as you can tell).


----------



## prawn_86 (9 June 2008)

Yes management have achieved everything they set out for and more. I have nothing to fault them on yet.

The O&G conference presentation was extremely positive, yet reserved, which to me, shows they are happy just going about their business and dont feel the need to ramp themselves as their actions will speak for them.

Below is some sums based on market prices, not conservative like my last ones.

_BCC Interest in Pompano_
65% of 16000 is 10400. And of 60 is 39.

Assuming $12 per thousand cubic feet and $110 pb of condensate. 

Gas = $124800 per day
Condensate = $4300 per day
Total = $129k per day

Total * 365 = $47million

Minus say 20% for hurricanse and unexpected closures, slower flows etc etc still gives $37.5 million.

Divide by 150mill shares = 25 cps

*This puts current PE at a minute 1.44*


Obviously this is at the ultimate level, and their earnings will be lower as they will drill more and acquire new projects etc, but it has massive potential, even more so in current macro climate.


----------



## hookon (10 June 2008)

G'day Prawn 86

Nice job. 

Looks like your going mad talking to yourself!!! LOL!!!

I got a tip in the last two weeks for this coy & have jumped in @ 36.5 cents. 

Was told they should be worth or head towards $0.80 - $1.00. 

Unfortunatelty for you i can provide very little interesting conversation as i know Sweat FA about O&G just taking a punt on a source who has some themselves & was right last time.

Look forward to reading your conversations with yourself. LOL

If feel like bagging someone or just to know someones out there just call & ill provide useless information on request.


----------



## prawn_86 (17 June 2008)

> Natural Gas Advances to 29-Month High as U.S. Dollar Slides
> 
> By Mario Parker and Aaron Clark
> 
> ...




http://www.bloomberg.com/apps/news?pid=20602099&sid=a9YNWdk3Usu0&refer=energy




Each day the coffers are filling up, yet the SP stays the same. Must be due for a re-rating soon.

Also waiting for ann with regards to finding a rig for Pompano 3, which might then create interest as we will have another well up and running very shortly. (im tipping by end of Aug at latest)


----------



## prawn_86 (19 June 2008)

Ok lets do another peer comparison, this time between MAE and BCC.

Assuming $12 per thousand cubic feet and $110 pb of condensate

*BCC Interest in Pompano*
65% of 16000 is 10400. And of 60 is 39.

Gas = $124800 per day
Condensate = $4300 per day
Total = $129k per day

Total * 365 = $47million

Minus say 20% for hurricanse and unexpected closures, slower flows etc etc still gives $37.5 million.

Divide by 150mill shares = 25 cps

Current MC of $53 mill


*MAE Production*

MAE have stated in the short term they hope to be producing 20Mcf per day which would be:

Gas = 240000
Condensate = 10000 (assumption here as i dont know exact figure)
Total = 250k

= 91 mill per year

Minus 20% risks = $72 mill

Divide by 300mill shares = 24cps

Current MC of $300 mill

Need to note that MAE have about 5x the reserves of BCC at this stage



So we can see from this that both shares are on the same EPS, however BCCs MC is about 6x lower than MAEs. Admitedly its reserves are a lot smaller, however on an earnings analysis one would suggest that BCC is undervalued.

One should also note that BCC is expected to upgrade Pompano reserves and also drill Pompano 3 soon which would increase their EPS yet again.

Lack of recognition here unfortunately


----------



## Wysiwyg (19 June 2008)

Prawn, I think you will find that 65% is working interest and not net interest.So this makes your cash flow estimates incorrect.Still, all in all, they have a very healthy margin at present gas prices and for the moment their share price is dormant for reasons unknown.


----------



## prawn_86 (19 June 2008)

Sorry wysiwg im fairly new to O&G stocks.

Can you please tell me the difference between working and net interest?

I know that once all the Pompano wells are complete and the back in agreement is executed by AnaTexas BCCs interest will drop to about 52% (the exact figure is back a page or 2)


----------



## Wysiwyg (19 June 2008)

prawn_86 said:


> Sorry wysiwg im fairly new to O&G stocks.
> 
> Can you please tell me the difference between working and net interest?
> 
> I know that once all the Pompano wells are complete and the back in agreement is executed by AnaTexas BCCs interest will drop to about 52% (the exact figure is back a page or 2)





Sure .... working interest is the cost attributed to the company for participation/operation.W.I. = 65%.

Net interest is the percentage at which the company receives payment for sales.This is less than the working interest percentage and for BCC I don`t know what that is.


----------



## prawn_86 (19 June 2008)

Wysiwyg said:


> Sure .... working interest is the cost attributed to the company for participation.W.I. = 65%.
> 
> Net interest is the percentage at which the company receives payment for sales.This is less than the working interest percentage and for BCC I don`t know what that is.




Ok thanks for this.

The MD was quoted at the O&G conference as stating that they are receiving between $2mill and $2.5mill per month so now with gas prices even higher one would assume that its up between 2.5 - 3mill per month. 

As you said, still very healthy for a company capped just over $50 mill


----------



## prawn_86 (24 June 2008)

Ann out. Pompano 3 to commence.

Rig has been secured with spud to occur late July. This means that by the end of Aug it should be up and flowing and more cash coming into the coffers. 

Also good to see that they have the option to keep the rig for a fourth well, providing the execute the agreement within 5 days. So if all goes to plan, by mid october we should have 2 more wells up and running, which should take the production up to about 15 - 20Mcf per day. About the same amount as MAE and look at what their price has done 

Its all falling into place....


----------



## Agentm (24 June 2008)

yet to invest in this one, and somedays i wonder if i will miss the boat, the 3rd off shore (shallow) well is about to spud into the sands in a short time..  i am waiting for the austin chalks play, i seem to like that type of gas play, and in sept 08 they commence in a region i have studied and cant find any data to back up what they recently announced, but that doesnt mean i wont find those wells they got their data from! 

these guys really impress me, from top to bottom this has been an absolute dream run and smooth operation.. they know their plays, each director is a specialist in one of the plays they have in their portfolio..


----------



## prawn_86 (24 June 2008)

Hi Agent,

nice to see you are interested. Finally someone with O&G sector knowledge.

I would love to hear your rundown of the projects they have. In particular, Lee County (as its your Austin chalk play) and Pompano.

What is your opinon of further upgrades to the Pompano reserves and and info about the sands would be appreciated as i have very little idea! I just like the management and the cashflow


----------



## prawn_86 (24 June 2008)

Recieved an email from Dean Gallegos today. He is a director and the Aus contact person for the co. As follows:



> Prawn
> 
> I have been flat-out all day so sorry for the time to come back to you.
> 
> ...





I have corresponded with him previously and he seems fairly switched on, and is always prompt to reply. Management have delivered on everything so far, so i cant see why they wont deliver on this.


----------



## Wysiwyg (24 June 2008)

prawn_86 said:


> Recieved an email from Dean Gallegos today. He is a director and the Aus contact person for the co.
> I have corresponded with him previously and he seems fairly switched on, and is always prompt to reply. Management have delivered on everything so far, so i cant see why they wont deliver on this.




Hi Prawn, are not these e-mails a private matter that holds trust from the company not to be displayed in public?I`ve seen others do it and I think it is the height of disrespect.

Anyway the information is very promising and confirms they are determined to grow the company.
$4 mill. shheeesh.


----------



## doctorj (24 June 2008)

Wysiwyg said:


> Hi Prawn, are not these e-mails a private matter that holds trust from the company not to be displayed in public?I`ve seen others do it and I think it is the height of disrespect.



I would think a Director shouldn't/wouldn't be saying anything to one shareholder they wouldn't be prepared to say to another.

Plus if it saves the poor guy from having to repeat himself, I'm sure he'd be in favour of it.


----------



## prawn_86 (24 June 2008)

Wysiwyg said:


> Hi Prawn, are not these e-mails a private matter that holds trust from the company not to be displayed in public?I`ve seen others do it and I think it is the height of disrespect.
> 
> Anyway the information is very promising and confirms they are determined to grow the company.
> $4 mill. shheeesh.




On the first point i would say my view is the total opposite.  The management recognise the co as undervalued, therefore the more promotion the better. Also, it is a publicly listed company so why should one shareholder be privvy to info over another (although i admit it happens). If it were a private company then it would be different. There is nothing market sensitive in this email, just a bit of an update which any shareholder can obtain.

The 2nd point about the cash i agree 100%, perhaps even a divvy? Who knows, surely they cant spend all that money...


----------



## prawn_86 (24 June 2008)

doctorj said:


> I would think a Director shouldn't/wouldn't be saying anything to one shareholder they wouldn't be prepared to say to another.
> 
> Plus if it saves the poor guy from having to repeat himself, I'm sure he'd be in favour of it.




LOL beat me to it doc.

While your here care to have a look at their projects? As i know you have a lot more O&G knowledge than myself


----------



## prawn_86 (25 June 2008)

What exactly does the market want these days? (apart from ridiculous spec stocks for taxi drivers to gamble on)

This is drifting lower daily, yet is bringing in profits of over $2 mill per month. PE is getting lower by the day, and by years end they will have almost double their current profits per month.

Seems that if your not in a 'hot' sector the market doesnt care who you are or how much you are making...


----------



## Agentm (25 June 2008)

agree with all your saying prawn,, this one is on my radar..

i will look closer at the austin chalks play, i think the email was fine to release, i have plenty of emails form directors, but rarely  have i released any.. this guy is nt saying anything that he wouldnt say to to anyone else, the entire managment is standout material..

i cant comment on the sand play offshore other than to say these guys are brilliant on it, no doubt they have this thing covered..  my database is rstricted to onshore wells right now, so i wont have any play data to examine.. but the chalks is definately my game right now and thats my interest in this bcc share.. i think they went lower risk first, then they go up the scale....


----------



## prawn_86 (26 June 2008)

prawn_86 said:


> He virtually guaranteed that there will be an upgrade to Pompanos reserves within a month, with another 3rd party report, which will this time include the PUD values (proven undeveloped resource). Good to know there is positive news on the way.
> 
> 
> Pompano
> ...






prawn_86 said:


> Recieved an email from Dean Gallegos today. He is a director and the Aus contact person for the co. As follows:
> 
> 
> 
> > As we have previously stated the next 6 months are going to be very active. *We only drilled 2 wells in the last 6 months but in the next 6 months that figure should be a minimum of 4 and possibly more so there is going to be a lot of news flow*. We are focusing on the development / appraisal drilling opportunities and so we expect to substantially increase our production base and comfortably achieve our net US$4 million per month by December 08.




Ok so i have been looking further into what Dean gallegos said in his latest email. He said 4 more wells at a minimum for this year. 

Pompano 3 is due to spud late July, and as they have the option, one would assume they will keep the rig and use it for Pompano 4. Thats 2 wells.

At the O&G conference Curtis Burton said that Lee County would be drilled this year, so thats a 3rd well. P90 reserves of 20BCF, lets assume they can get 25BCF. This is the one that has caught AgentMs interest (any additional info appreciated Agent  )

The 4th well is what im not sure about. Could be Cove Deep, which also has a p90 of 20BCF. Or it could be Bright Star, of which the co says:


> Prospect generator estimates unrisked potential for five of the identified exploration prospects at approximately 480 BCF gross gas.




So lets assume that it is the 2 Pompano wells, 1 Lee County, and 1 Cove Deep well to be drilled.

PUD upgrade for current reserves should put them at about 40BCF.

Assume another 20BCF from the 2 Pompano (very conservative, more likely to be >50BCF)

Assume 8BCF from Lee County

Assume 10BCF from Cove Deep

That will take them up to *80BCF reserves and is only based on their P90 figures. *

Throw in their $4mill per month profit by years end (currently at about $2.5 per month), and it makes sense to me


So much potential, so little recognition at the moment....


----------



## prawn_86 (27 June 2008)

Some big volumes going through today, and up over 10% on a day the index is getting smashed.

Personally i think it is an insto taking a position, as there was some weird small bot trading happening yesterday, which is strange considering there are no instos in the top 20.

I guess we will just have to wait and look out for an ann.

Also could be insider buying on news of Jaguar permit been granted, as the permits are awarded every Friday, so perhaps someone knows something they shouldnt...


----------



## prawn_86 (27 June 2008)

Highest volume for nearly a month went through today. There are a number of things in the pipeline, but this Buccanneers ship isnt normally leaky.

Heres a bit more about Lee County, which will be drilled soon:



> A previous well flowed at 10.8 mmcfgd gas on a 24 hour test and was shut-in due to lack of gas market at the time. Significant volumes of oil were recovered in the drill string while performing Drill Stem Tests (DST’s) when drilling. First well in the program will “twin” this well.


----------



## prawn_86 (27 June 2008)

I have being doing more digging and have come up with this:



> Pompano Drilling Program
> Well                    Anticipated Spud Date*             2P Reserves
> 
> 
> ...




Also note that their B/E figures on current projects is $20 pb oil and $3 mcf for gas. Currently earning about 5x that on both 

So i think we might actually here something about Lee County sooner than i anticipated. A simple vertical twin well could add 50% again onto what BCC are already producing.

If they can get Lee County flowing at that historical rate, and Pompano 3 up and running within the next 2 months then their *PROFIT will easily be over the $4mill per month *[/B]Dean Gallegos was talking about.


----------



## prawn_86 (30 June 2008)

Ann out: Jaguar Lease awarded.

jaguar is a 500acre block in the GOM, very similar to Pompano. PUD reserves are there and an independent report will be released by the end of July with some figures.

Good to see management acting quickly upon projects rather than sitting on their hands. in 8 months since listing they have become a profitable comapny, with only 2 wells and many more to come, plus continue to acquire low risk projects which will in turn bring on more cash, without the need for wildcat drilling.

Management are building a gas powerhouse IMO. Hopefully Jaguar will take their reserves up to about 120 - 150 BCF, which would be half of MAEs reserves, yet they are 1 6th of the market cap and are earning more. Figure that one out...


----------



## prawn_86 (30 June 2008)

Ok after having another read the best part of the ann is this imo:



> As the block is in shallow waters with existing infrastructure in place it can be drilled and placed on *production in 2008*




This means we have a definite 4 wells coming up for the 2nd half of this year. Maybe even more depending on how quickly the work with this new project.

I just wish i had more cash, it has to be re-rated eventually (or taken over)


----------



## prawn_86 (30 June 2008)

Market didnt react at all to todays ann. What do these guys have to do? 

1. They are in profit when cash is king
2. That profit per month will be almost doubled by years end
3. They have just acquired another project which can come online this year
4. No further dilution, unlike spec miners etc
5. Excellent management
6. Current reserves of about 40BCF which should be at least doubled by years end
7. Gas prices strong and rising


Im going to stop now but you get the picture. Im just surprised at lack of interest here and in the market. 

I guess it shows that interst in a forum is a good approximation/extrapolation/sample of interst within the market place...


----------



## prawn_86 (30 June 2008)

Ok, further researh and i have dug up some maps and stuff of Pompano, Redfish, and the new Jaguar project.

Jaguar is actually a fair way from the other 2, with it being in Lousina jurisdiction as far as i can tell.

Also note the maps are 7 years old, hence why i had to add on the Pompano and Redfish bits as they must have opened more up since then...


----------



## J.B.Nimble (30 June 2008)

prawn_86 said:


> Market didnt react at all to todays ann. What do these guys have to do?
> 
> 1. They are in profit when cash is king
> 2. That profit per month will be almost doubled by years end
> ...




Hey Prawn, don't worry about the lack of interest. That will come right soon enough. Meanwhile market sentiment is giving us an opportunity to accumulate ahead of an inevitable rerating. This company is a remarkable success story on a rapid profit growth trajectory. These guys execute so well. Fantastic management, good prospects, gas flow, cash flow... Its a winner for me...  No profit to show for my investment yet but it will come. I'm glad you shared your findings - I would never have found this gem otherwise.


----------



## iimamit (2 July 2008)

HI All,

An interesting article on Bloomberg on the expected rise in the Natural Gas prices in the future due to it being a cleaner fuel and the basis of equivalence in energy content with Oil basis.

Natural Gas to Converge With Record Oil, Qatar and Algeria Say 

By Ayesha Daya

July 2 (Bloomberg) -- Natural gas, trading at a 39 percent discount to crude, may rise to reach the record price of oil as demand for cleaner-burning fuels increases, according to energy ministers from Qatar and Algeria. 

U.K. natural gas sells for 72.15 pence a therm, or the equivalent of $86 a barrel based on its energy content, compared with $141 for Brent crude. British natural gas rose 38 percent this year, lagging behind the 51 percent advance in oil. 

Natural-gas use worldwide rose 3.1 percent last year, almost three times faster than the 1.1 percent increase in oil, according to figures compiled by BP Plc. Gas is cleaner-burning than oil and creates half as much carbon dioxide as coal when used to generate power, helping ease the buildup of greenhouse gases blamed for climate change. 

``Gas is clean and it is an alternative to oil,'' Qatar Oil Minister Abdullah al-Attiyah said in an interview in Madrid this week. ``The price should be at least competitive to oil.'' Qatar holds 895 trillion cubic feet of gas reserves, the world's third-largest, after Russia and Iran. 

Rising global energy demand, environmental restrictions and slower progress in expanding nuclear power and wind farms are increasing demand for gas. 

Liquefied natural gas may become more expensive than crude oil as demand from Asia and Europe rises faster than supply, Sanford C. Bernstein & Co. said in a report last month. 

Winter Prices 

In Japan, utilities paid as much as $20 a million British thermal units for liquefied natural gas imports last winter, which equates to an oil price of $120 a barrel, after an earthquake closed the country's largest nuclear power reactor. U.K. prices for the 2008-2009 winter trade at a similar level. 

``Gas prices will follow oil prices; they will converge,'' said Algerian Energy Minister Chakib Khelil. The country is scaling back oil production growth to concentrate on gas. 

``Our efforts are really focused on gas,'' he said. Exports will rise 37 percent by 2012 to 8.5 billion cubic feet a day, said Khelil, who is also the president of the Organization of Petroleum Exporting Countries. Al-Attiyah and Khelil are in Madrid this week for World Petroleum Congress. 

Global trade in LNG expanded 7.3 percent last year to 226 billion cubic meters, led by increased shipments from Qatar and Nigeria, according to the annual review of world energy by London-based BP. About twice as much gas is imported across national borders by pipelines, where Russia is the biggest supplier, exporting 148 billion cubic meters last year. 

Iran No. 2 

Iran halted a gas supply deal to the United Arab Emirates since 2006 to negotiate a higher price than agreed in 2001. Iran hasn't built new liquefaction plants, in part because western companies including Royal Dutch Shell Plc and Total SA are wary of U.S. sanctions. 

Qatar, the biggest shipper of LNG, is diverting some cargoes destined for European to Asia, where prices are higher. 

Nigerian President Umaru Yar'Adua said in May that gas export agreements will have to be renegotiated to ensure Africa's most-populous nation has enough for its domestic needs. 

Algeria took Spain to an international tribunal to raise the contracted prices for gas supplies. 

``The gas was sold in 1995, when oil was at $15 a barrel,'' Khelil said. ``When oil rose to $50 a barrel a few years ago, we decided to renegotiate.'' 


Reference: bloomberg.


----------



## prawn_86 (2 July 2008)

Yeh i think that gas is a real sleeper. Oil gets all the attention and yet gas rises steadily and recieves virually no interest from the public.

Im happy though holding, as i actually think that gas will have its day in the spotlight soon enough. As the article says, it is a energy source that can easily substitute for oil, requiring very little or no outlay to change technologies. Plus it is relatively easy to get out the ground.

As oil prices rise, so do gas prices, meaning more cash in the bank for BCC. The market has to realise this eventualy, be it by capital gains or a takeover


----------



## jman2007 (2 July 2008)

Hi Prawn,

So after promising to get back to you on BCC I promptly went ahead and forgot about it! 

I have to say, a nice piece of independent research you've done here. Unfortunately my own paltry and meagre knowledge of the O & G sector probably wont add too much to the thread, and I have next to no knowledge of the geology in this part of the world, so just a few general comments to add really.

Management looks quality, a factor way to often overlooked in bringing any project to development. Great to have a small cap company producing so early in the piece and generating cashflow. Re the production costs at Pompano, the company seem to make a big deal out of the 60 foot of water operational depth. Perhaps this may be run-of-the-mill depths for this part of the world?..  but my feeling is with numerous companies having "been there and done that" in this part of the world , there should be enough expertise and know-how to keep costs in check. 

I find it interesting that BCC are lsited on the ASX, certainly a big coup having Mac Bank on Board as supporters, definitely gives them some real momentum going forward. My only slight reservation with these types of companies would be the focus on domestic markets and perhaps the limited price upside for natural gas in the US. I tend to view Asia as perhaps a bigger sleeping giant in terms of untapped markets. Could well be a moot point however, when one considers the size of the US domestic market, and the expected surge in demand for natural gas products over petroleum for obvious reasons.

Cheers
jman


----------



## prawn_86 (3 July 2008)

Thanks Jman,

I personally thought they make a big deal about the depth, because it is quite shallow, and therefore less problems. Other co's in the GOM, such as Texeco, Shell, BP etc are drilling in hundreds of feet of water.

I am fairly certain BCC is selling at the Henry Hub spot price, so yes they are targeting the US (obviously). Personally i think gas prices will continue to move in line with oil, but it is good to know that these operations are profitable at $4mcf of gas, when current prices are above $13. So there is a lot of room for movement there.

i agree that Asia has a lot of gas potential, and who knows, one day BCC may work there, but for now its focusing on the US, and its interesting to note in Dean gallegos' last email that they are starting to recieve some US insto interest. At the moment there are no instos in the top 20 for some strange reason... And there has not been 1 peice of Australian journalism or broker reports on them

Some areas of the investment society can be slow to catch on...


----------



## prawn_86 (3 July 2008)

From Bloomberg this morning:

                                  PRICE* 
Nymex Henry Hub Future 13.49 
Henry Hub Spot             13.31 
New York City Gate Spot 14.27


----------



## prawn_86 (3 July 2008)

Ann Out: Mac Bank upgrades Credit Facility from $5mill to $50 mill!

Good to see things progressing at a rapid rate. $12mill available now, with the next 38 being available as more wells and cashflow comes online.

Will be used to fund further drilling and acquistions.

A note on there regarding how this option is the best to avoid dilution to holders, and that when more projects come online (other than just Pompano) they will seek better credit terms, so its good to see they are constantly looking ahead into the future.


----------



## Caliente (3 July 2008)

lol prawn. The way Buccaneer is trading I dont think its going to do anything for the share price at all. On a day like this, thats not necessarily a bad thing


----------



## prawn_86 (3 July 2008)

Caliente said:


> lol prawn. The way Buccaneer is trading I dont think its going to do anything for the share price at all. On a day like this, thats not necessarily a bad thing




Yeh, the market doesnt even seem to know about these guys at all. As evidenced by not having one insto in the top 20.

As oil and gas prices rise eventually this will get re-rated. Otherwise it will keep piling up the cashflow and pay a decent dividend one day.

Also worth noting that current MC is about $60 mill, yet Mac Bank are happy to give them $50 mill line of credit. That shows a lot of confidence to me...


----------



## prawn_86 (3 July 2008)

As for dilution, while in theory the options will cause it, the nett affect will be very little. Here is my reasoning:

Assume 9 mill options for ease of calcs.

9mill is 5.6% of the current shares on issue.
macbank will have to pay $3.6mill to exercise those options. (9mill * 40c)
3.6 mill is actually 6% of the current market cap.
So therefore they are diluting 6% to gain 6% of their MC back in cash.

Does this make sense to others? It does to me, but im not 100% sure if its right


----------



## Agentm (3 July 2008)

still on my radar prawn..

the credit facility interesting..

"The Company will not be able to access traditional project finance until it has
multiple wells in production from more than one field, when the Company has this production profile it will move to source this type of competitive finance."

why only allow macbank in on it? and not allow your shareholders a chance to be part of the capital raising?  didnt macbank play a large part in the ipo?

any reasons to be suspicious on this or are all shareholders interests being looked after?


----------



## prawn_86 (3 July 2008)

Not sure about the IPO, but macbank did give them the last $5mill promissory note (which is now void because of this deal). So they have been dealing with them for the financing the whole time.

Personally i would rather they use debt, than to do a capital raising. Cap raisings take time, cap the share price and dilute the number of shares on issue as well as not being certain of how much will be raised.

Debt provides leverage and rewards the existing holders.

Once agian, they are in a profit so it is just a way of speeding up the process, and providing they use it sparingly/well then i see no problem. Management have delivered so far, so i can only trust them to continue. I will re-evalute if an ann that i dont like comes out though


----------



## iimamit (9 July 2008)

Today's announcement on the cashflows is encouraging. Also I read more articles on more uses for Natural gas and the use expanding as a substitute product of Oil which is encouraging. Both Oil and Gas prices are well supported presently which is good for BCC. Anyway all this is a bonus and even at the price of $9.00 for Gas, the company would do well. Once the rig becomes operational, it will be on BCC projects for atleast an year or so since the redfish prospect is adjacent to Pompano and transportation costs and times would be minimal.

BCC price is much lower than the intrinsic value but given the fact that it has not fallen in this market suggests strong support and no sellers at lower prices. As Ray suggested, contrarian opportunists are accumulating patiently without moving the price high.

So less Capital (borrowed from Ray) else I would have gladly put more ...


----------



## prawn_86 (12 July 2008)

Good to see that these guys are holding slightly below my entry price. I thinks its only a matter of time before market recognition, they keep on ticking all the boxes.

Even if the market decides not to price any 'blue sky' in, then theoretically the price should still move up as the profits roll in and the cash at bank increases. Assuming a conservative $1mill per month profit that they keep in the bank, then that is 12mill per year, meaning the price should move up by 20% at least from where it is now, if it is to maintain the same market cap to cash ratio.


----------



## SBH (17 July 2008)

Does anyone on this thread have an idea of what the the Jaguar field is most likely to produce? BCC call it a proven undeveloped reserve but how much are we talking about, thats the million dollar question obviously. Also who is the owner of these eshewed shares?

My disclaimer - Ive recently had a punt on these guys. Id like to say it was based on an in depth analysis of PEs and what not but no... its because the world is going bonkers for oil and BCC may have a wellload


----------



## watchingall (24 July 2008)

http://www.worldenergysource.com/focus/interviews/buccanneer_qa_WE_v11n1.pdf

Interesting interview with Curtis Burton and Dean Gallagos


----------



## prawn_86 (28 July 2008)

well these guys have copped a hammering on the back of falling gas prices.

Even at these prices they are still making a profit of about $1.5 mill per month, putting PE under 1.5 with Pompano 3 coming up to drilling and extra production.

Just a matter of sitting and waiting for recognition IMO. At these levels only 2.5 yrs production and their cash will be greater than their MC.


----------



## J.B.Nimble (29 July 2008)

Crikey - took my eye off the ball on this one... 


> Prices at the Henry Hub have fallen $3.42 per MMBtu, or 26 percent, since July 2, but remain more than 65 percent above the level reported last year at this time.




This is somewhat more abrupt than the oil retrace. I figured I better learn a little more about the volatility. This site provides some analysis...
http://tonto.eia.doe.gov/oog/info/ngw/ngupdate.asp

And this one provides some charts
http://www.oilnergy.com/1gnymex.htm#since30

Fortunately there is a lot more to the BCC story than just high spot prices for gas. With the rig due to arrive mid August for drilling the 3rd Pompano well, it shouldn't be too long before we can see some volume related revenue growth...  As for price, it doesn't change my view of this stock - the current blip aside (or maybe the previous spike aside) the underlying trend is very much one way traffic. US gas supplies are tight and getting tighter by the year...


----------



## prawn_86 (29 July 2008)

Exactly JB.

Gas seems to be more volatile than oil, but it barely ever gets a mention anywhere but Bloomberg. Its a commodity which flys under the radar.

I can remember Curtis Burton saying that they are profitable with gas prices anywhere above $3 so im not worried at all. This would be a good time to accumulate if you want to have a wager against the overall arket sentiment. Im thinking of picking up some more but am undecided as yet, as sentiment may push it even lower...

Assets and cash and profits mean nothing in this market climate


----------



## J.B.Nimble (29 July 2008)

prawn_86 said:


> Assets and cash and profits mean nothing in this market climate




Ain't that the truth... my favoured cash generators have been beaten down every bit as much as my wishful thinking speccies... Where is the safe haven in this market?

But cheer up Prawn, I thought I would share this with you as it is particularly relevant to the US gas scene. If ever you needed something to make you feel good (or better than good) about BCCs prospects, the answers are in here.
http://www.aspo-usa.com/fall2006/presentations/pdf/Hughes_D_NatGas_Boston_2006.pdf

The good stuff starts with the reserves to production chart on top of p5.
Move on to the production chart top of p7 - US production peak 2001, Canada 2002.
Or the Canada treadmill chart bottom of p8 - number of wells quadrupled over 10 years just to hold the output steady...
Similar chart for the US at top of p16
Top of p18 - US drilling rig numbers doubled in 6 years but total output declined (BCC have been doing well to secure their rigs in this sort of environment)
Bottom of p20 - LNG can't save them...
Top of p23 - Energy return for energy expended - unconventional gas is going to be a larger share of the market and the numbers say it will come at higher cost than conventional gas. Got to be good for prices..
And so on.

Selling gas to energy junkies should be a criminal offence... but I'm in to it!


----------



## Wysiwyg (29 July 2008)

Natural gas will be retreating to below US$8/mcf in the near future which cuts into my gas stock (well and truly buried in the bottom drawer) returns as well.BCC are targeting 30+ mmcf/d by year end so that will compensate for lower prices.Natural gas price down the elevator on the chart with a probable bounce soon.


----------



## prawn_86 (30 July 2008)

Wysiwyg said:


> Natural gas will be retreating to below US$8/mcf in the near future which cuts into my gas stock (well and truly buried in the bottom drawer) returns as well.BCC are targeting 30+ mmcf/d by year end so that will compensate for lower prices.Natural gas price down the elevator on the chart with a probable bounce soon.




I personally think the drop in gas prices has been overdone. Usually, recently it trades at about 10% that of the oil price, so now a gap has opened up, where it is significantly different to that 10% figure.

As i said above, BCC is profitable anywhere above $3 or 4 for gas so im not worried, it just means a bit less cash in the bank.

Will be interesting to see the quaterly  Depending on if they have already paid for Pompano 3 or not, they should have a cool 4 or 5 mill in the bank. With MC drifting down towards $40mill and virtually assured production increases this looks better by the day... (damn market sentiment)


----------



## prawn_86 (31 July 2008)

mmmm thats some good quarterly reading...

My personal highlights:

Cash reserves of $4.7 mill. That is over 10% of their market cap.

*Pompano*
All on track as suspected. Pulling in the cash 

*Lee County*
The lease position has now been increased *from 690 acres to approximately 5,000 acres*. Leasing rates have also increased from $75 - $100 per acre to $200 - $300 per acre mainly after the success of a recent well in the Austin Chalk located approximately *6 miles from Lee County *and which the Company understands is *producing at 700 barrels of oil per day*.

And of course, this calender, complete with the teaser of another unannounced projects. 5 wells this year... bring it on


----------



## prawn_86 (1 August 2008)

Another acquisition just announced.

Cougar project.
PUD Reserves of 600 000 barrels of Oil, based on only 30% recovery factor. Expected flow rates of 500 - 1000 bopd.

Needs a bit of infrastructure (IE 4 mile pipeline), but nothing too major. 

First well planned this year.

Exploration upside of 16 - 20 million barrels!


So now have:
Pompano - flowing with 2 more wells this year
Lee County - Drill this year. Historical flow rate of 10mmcfpd.
Jaguar - Drill this year. 
Redfish - Right next to Pompano.
Cove Deep - Trying to organise something with major holer
Brightstar/Smackover - Still holding.
Cougar - As per todays ann.

So for a MC of 40 mill you get:
7 highly prospective projects, with one already producing and others coming online this yr. 
$1.5 mill profit per month at current rates.
5 more wells to come this year.
Should be producing about 2 - 3X current levels if all wells go to plan.
Great Management


IMO still one of the cheapest producers on the ASX.


----------



## prawn_86 (2 August 2008)

http://www.youtube.com/watch?v=OjDW8lIK_20

Good link for interview with BCC.

Jaguar is pretty much identical to Pompano he said, with infrastructure already in place.

Lee County fit the "quick, fast turnaround, aggressive" style of BCC and will produce this year.

All good


----------



## prawn_86 (4 August 2008)

Starting to get some broker notice. This is from Intersuisse..

Either i am way off the mark, or way ahead of the market... Lets find out in a years time...



> Buccaneer Energy Ltd BCC Monday, 4 August 2008
> 
> At least five more wells before the end of the year
> 
> ...


----------



## prawn_86 (7 August 2008)

Wow, BCC has been smashed lately.

I see no fundamental reason for this. It has fallen 50% from its highs, whereas gas has only fallen 35%. They will have increased cashflow by years end.

I know the market is always 'right', but i just dont get it sometimes. Keeps getting cheaper IMO....


----------



## YOUNG_TRADER (7 August 2008)

prawn_86 said:


> Wow, BCC has been smashed lately.
> 
> I see no fundamental reason for this. It has fallen 50% from its highs, whereas gas has only fallen 35%. They will have increased cashflow by years end.
> 
> I know the market is always 'right', but i just dont get it sometimes. Keeps getting cheaper IMO....




Prawn its the story of the entire mkt, everywhere you look bargains galore, joke mkt caps all over the place

I have been relaxing for the last 2 weeks, buying some things which I reckon are cheap, but am not focusing on mkts too much panic and fear


----------



## prawn_86 (19 August 2008)

Ann out: Reserves of the Jaguar Project

1P reserves of 18bcf and 880k barrels.

Also if they decide to drill a 5th well there is potential for another 12bcf.

Effectively this project has just doubled their reserves yet the market does nothing. Oh well im happy holding...


----------



## Wysiwyg (19 August 2008)

prawn_86 said:


> Ann out: Reserves of the Jaguar Project
> 
> 1P reserves of 18bcf and 880k barrels.
> 
> ...




So you were not shaken out of the heads prawn?50c a long way off now yet the company continues to build reserves and produce the oil/gas in GOM.Another one of those indeterminable time things.


----------



## prawn_86 (19 August 2008)

Wysiwyg said:


> So you were not shaken out of the heads prawn?




Certainly not Wysi.

I have assigned my own fundy valuation on them and i will sell when the price reaches that valuation. To me the more it falls the cheaper it gets, but i know the whole falling knife thing so i wouldnt buy any more until another uptrend was in place.

They are advancing projects, gaining new leases, have heaps of drilling coming up and are profitable, so i see no reason to sell.


----------



## Shrewd Crude (19 August 2008)

prawn,
I think BCC is a very very very good company but as I said elsewhere, this sort of stock can fall for little reason, and the fact that its highly correlated to market risk is a MAJOR...
IE: markets fall, BCC falls... markets rise.... BCC stays the same... then when markets fall again, BCC falls... its a downtrending spec in a sideways market...
 its a double whammy for many spec stocks (like this one) that suffer when market trend sideways (downtrending)..... another one of those stocks that gets savaged is PRE... ie, falls on down days... sideways on up day...
Prawn,
Looks to me like you will go down with the BCC ship...
very very good stock as I said... 
Its Time to get real interested when this stock hits 20cents...
later...

.^sc


----------



## prawn_86 (19 August 2008)

Shrewd Crude said:


> Its Time to get real interested when this stock hits 20cents...
> later...
> 
> .^sc





Sure is. I already have my order in at that price 

The funny thing is that it shouldnt really be a spec. It has a solid and growing revenue stream and is on a PE of less than 1. It will be recognised by the market one day, its just a matter of when.


----------



## Shrewd Crude (21 August 2008)

prawn,
do you have an opinion of EXR which shares the Pompano project with BCC.....?
I do really like BCC, im just abit iffy about all stocks at the moment... Ive loaded up on one stock that will perform over the next year in any market and Im just going to sit tight until it comes through....
You are right about BCC...

.^sc


----------



## prawn_86 (26 August 2008)

BCC has just announced they were the highest bidder for the Tuna and Tang projects.

These projects are said to fit the same profile as their other projects and will be drilled in 2009, if awarded. Now just wait 1 - 3 months for details of if the leases are awarded to BCC.

Good to see managment getting on with the job, just need some market recognition now. Still 5 wells to come this year....


----------



## prawn_86 (1 September 2008)

Good to see hurricane season is having no effect on operations so far:



> Prawn,
> 
> Currently operations are proceeding normally, the hurricane’s current track is to pass well north of the Pompano operations and it is unlikely that production will be shut-in until the storm passes.
> 
> ...




I doubt ann will say too much, so no doubt there will be very little reaction from the market. Lee County drilling should be coming up soon also.


----------



## Ben10 (3 September 2008)

ASX RELEASE – 3 SEPTEMBER 2008
PROJECT ACQUISITION – RUBY PROSPECT
STATE WATERS – OFFSHORE LOUISIANA
Buccaneer Energy Limited (“Buccaneer” or “the Company”) is pleased to announce
that it has acquired a 25% Working Interest (18.5% Net Revenue Interest) in the
Ruby Prospect from Jurasin Oil & Gas, Inc., a well established Gulf Coast prospect
generating company.
The Ruby Prospect is located in a prolific, multi‐interval producing field in the
shallow state waters offshore Louisiana and targets both proved undeveloped
reserves (“PUD”) and major exploration targets with high reserve potential.
Plans are to drill a 17,000 ft well for PUD natural gas and condensate reserves
offsetting existing field productive sands at 12,500 feet, and then test large reserve
potential, exploratory objectives below in the deeper portion of the well.
The deep section is expected to have thick, high quality reservoir sands on the
same fault closure that traps gas in the shallower PUD sands, and as such, reduces
the geological risk of accumulation in the deeper targets. The exploratory
objectives could hold natural gas and condensate reserves in the range of 100’s of
BCFG and millions of barrels.
The Company engaged Ralph E. Davis Associates, Inc., during the due diligence
phase of this acquisition. They have estimated PUD reserves of 6.1 BCF of gas and
165,000 barrels of condensate to the 100% working interest. There are additional
drilling locations that contain additional proved undeveloped reserves.
The PUD reserves in the first drilling location will make the project an economic
success for the Company, and a discovery in the deep exploratory section could
lead to multiple drilling locations in those sands. The project is therefore an
excellent fit to the Company’s strategy for low risk prospects that also have high
growth value potential if the exploratory upside is successful.
The Ruby Prospect well will be drilled by a third party operator that owns the
remaining 75% working interest in the prospect. Drilling is scheduled to
commence in the first quarter of 2009 and is expected to take about 60 days to
drill and test. Production should commence in the second quarter of 2009.
Additional details on the project will be released as plans are finalised later in
2008.
The Company’s 25% Working Interest (“WI”) is subject to a 25% back‐in to Jurasin
Oil & Gas, Inc. after project payout. After back‐in, the Company’s Working Interest
will reduce to 18.75% (14.25% Net Revenue Interest).
The Ruby project is the project referred to as “TBA” in the drilling schedule in the Company’s
fourth quarter report.
For further information please contact Dean Gallegos on 0416 220 007 or 02 9233 2520,
alternatively visit the Company’s website at www.buccenergy.com.
Yours faithfully
BUCCANEER ENERGY LIMITED
Mr Dean Gallegos
Director


----------



## prawn_86 (3 September 2008)

Well this was unexpected. Adds another 1.2Bcf to their reserves plus another heap of potential upside

Here is a list of their projects jsut off the top of my head:

Pompano - 2 more wells drilled this yr
Lee County - At least one well this year
Cougar - Huge oil upside
Jaguar - At least one well this year
Redfish - virtually identical to Pompano
Ruby - drilling q1 2009
Bright Star
Smackover
Tuna
Tang

So we all know how active they are, that they are profitable, that the management are competent and seem to know what they are doing. The question is will the market ever recognise these facts?


----------



## Ben10 (3 September 2008)

prawn_86 said:


> Well this was unexpected. Adds another 1.2Bcf to their reserves plus another heap of potential upside
> 
> Here is a list of their projects jsut off the top of my head:
> 
> ...




Hopefully the market does not realise for another month or two so i can buy into this comapny at a bargain price lol


----------



## iimamit (7 September 2008)

An article from the Age on Natural Gas .. though more on the Australian Market ..

Why gas is really cooking
•	James Kirby 
•	September 6, 2008 

Green and growing, this is one stock that will make everyone happy.
IT MUST be towards the end of the Oscar winner Terms of Endearment when Shirley MacLaine turns to Jack Nicholson and says: "Who'd have thought you'd turn out to be a good guy." Switch to the stockmarket and you'll find a similar reassessment is happening to energy stocks, especially in anything to do with gas.

Now you might find the idea of gas unexciting, and until very recently gas stocks were about as attractive as, say, Carlton's Brendan Fevola … in drag.
But over the past year or so a few amazing things happened in the gas industry. In the middle of a decidedly gloomy stockmarket, natural gas, liquefied petroleum gas (LPG), coal seam gas - any kind of gas that can be extracted and sold in volume - suddenly emerged as the answer to urgent energy and air-quality problems, especially across Asia.

Gas is clean. If Chinese power stations ran on it rather than coal you might have been able to see more of the Olympic city rather than the soupy blur that passed for greater Beijing. Gas is cheap. It is priced roughly at a 17% discount to oil (and that's changing, but more on that later). Environmentalists love it - or at least praise it as an alternative to coal and nuclear power.

Gas outperformed all other environmentally friendly stocks over the past year and environmental stocks outperformed the market. Here are the numbers. While most companies struggled to increase profits, gas companies were among the dramatic outperformers - profits doubled at Envestra and Arrow Gas. Boosted substantially by gas companies, 20 of the 24 environmental stocks on the ASX increased profits.

Admittedly, in the past few days oil and gas stocks such as Woodside have dropped in price as part of a wider sell-off in commodities. But while the outlook for some commodities - base metals, for example - might be worsening, the long-term outlook for gas-related stocks is strong, with stockbrokers recommending everything from the market leader - Woodside (market capitalisation $40 billion) - to exploration and service stocks.
Oil and gas leader Woodside, is already a top 10 stock and will probably double in size again in the next few years as some huge projects come on stream, especially Pluto on the North West Shelf. It can be hard to appreciate just how big some of these resource projects are but you can think of the Pluto project as a $12 billion construction job - and the biggest project on the books at any company in Australia this year.
Santos, the nearest thing to a Woodside rival, is only a quarter of the size. But with a new chief executive, David Knox, and a very big gas project pipeline on the order books, the company is emerging as a big player, especially after a recent deal with the Petronas Group (the guys behind those skyscraper towers in Kuala Lumpur), which established the value of its oil and gas assets.

Behind these two leaders is a string of pure play gas companies including takeover target Origin Energy and AGL, and smaller players such as Queensland Gas and Karoon.

And behind all the improved prospects for all these companies - along with their valuable, if intangible, classification as green stocks - is a fundamental realignment in the price of gas.

As I said, gas has traditionally traded at a discount of about 17% to the "heat" equivalent price of oil. As gas starts to become more attractive due to its cleaner and cheaper status, there are signs the discount is narrowing. Powerful players in world energy markets such as Algeria are arguing gas should be priced equivalently to oil, which implies a 17% rise in the core commodity price.

Meanwhile, stockbrokers - always ready to go one step further - are suggesting gas could eventually trade at a premium to oil … and that is by no means inconceivable as the emissions trading world of Ross Garnaut edges closer. Who'd have thought gas - so long outshined by oil - would turn out to be a "nice" investment suitable for the hard nosed and environmentalists alike.
On fire

Despite the stockmarket sell-off "environmental" stocks are thriving.
*Gas stocks are the environmental sector's most successful stocks.
Gas is cleaner than rival resources such as oil and coal.
Australia has a collection of very successful gas stocks.
A traditional price discount of gas to oil could soon disappear.*


----------



## SBH (17 September 2008)

A shocking few months for bcc!

1. Plummeting natural gas price to approx $7 btu
2. General commodities crash
3. A big release of quarantined shares
4. Hurricane season in US
5. Significant build up of natural gas reserves

For what its worth I think many of these negatives are on the way out. 

1. Gas prices are certain to rise over the oncoming US winter
2. (Dont know about this one!)
3. No longer an issue
4. BCC dodged a bullet with Ike, production to be back on line in a couple of days with no damage. Pipelines and the hub are back in action. New drilling at pompano within the week!
5. Due to big outage from gulf of mexico over past month, US gas reserves are no longer looking like a glut, more like average levels - which guarantees the winter spice in price (provided we dont have economic doomsday)

So in a sane world this company should be on the rise very soon. With 5 more wells in the next few months will spike up. Thats my 2c!


----------



## prawn_86 (18 September 2008)

Yep, making new all time lows unfortunately 

Yet another example of fear and greed ruling the stock market, no rationality whatsoever. Whoever said the market was efficient obviously never participated in it, or was stoned/high/drunk at the time of saying it.


----------



## jman2007 (18 September 2008)

prawn_86 said:


> Yep, making new all time lows unfortunately
> 
> Yet another example of fear and greed ruling the stock market, no rationality whatsoever. Whoever said the market was efficient obviously never participated in it, or was stoned/high/drunk at the time of saying it.




I guess I'm mildly surprised this has copped such a hammering, but in other ways not really. I think you can pretty much chuck fundamental analysis out the window for the time being, as you could easily throw a blanket over 200 companies on the ASX and they would all look undervalued and oversold. Essentially until some sanity is restored, I'm staying the hell out. Don't know about greed being the prime driver over the past two days prawn.... but yes, everone is obviously s$$t scared right now...


----------



## SBH (23 September 2008)

This bit of news could be big for BCC, its an admission by the big gun of shale natural gas drilling in the US that they are scaling back production as they are below break even point at current gas prices. Its common knowledge that shale gas extraction is more expensive than traditional gas drilling, maybe this announcement puts a floor under natural gas prices?? Anyway, its great for BCC

http://www.tradingmarkets.com/.site/news/Stock News/1896399/


----------



## prawn_86 (15 October 2008)

Would appreciate if any geos or O&G guns could interpret todays ann.

My take is as follows:

Current well has gas but not as much as expected so they deciding wether it is even worth brining online.

The very first well has been shut in due to water contamination and will be fixed when they can get someone to do it (ASAP). However the amount of gas is still the same as their models had predicted as they tested it during the last hurricane


----------



## prawn_86 (16 October 2008)

Well it sure did get smashed on the back of that ann yesterday.

Would still appreciate someone elses take on it...


----------



## jman2007 (17 October 2008)

prawn_86 said:


> Would appreciate if any geos or O&G guns could interpret todays ann.
> 
> My take is as follows:
> 
> ...




Sounds more or less right to me Prawn,

Sheesh, these guys have copped an absolute hammering. So the seismic interpretation for Well#3 was not up to scratch, is it worth spending another $2-3M sidetracking this thing?...maybe...maybe not. We'll find out over the next 2-3 weeks I'm sure. And Well#1 is leaking and they need another rig to fix it. My take is that they were attempting to prevent mixing of gas from one sedimentary unit with the water from an underlying sedimentary unit from mixing. Doesn't sound like much of a science, just pour an absolute s$$tload of concrete down the middle of the drill string(?), or some other device, and hope like hell it does the job and keeps them separated. I don't know much about O&G technology, but it sounds like it could be a rather expensive remedial job don't you think?

At least Well#2 is ok.

jman


----------



## prawn_86 (17 October 2008)

jman2007 said:


> but it sounds like it could be a rather expensive remedial job don't you think?





I have even less idea about O&G than you, hence why i asked for opinions. You just about need to be an expert in the feild to be able to invest in some 'public' companies.

I guess thats what brokers are paid for...


----------



## Agentm (17 October 2008)

i have yet to see a broker that knows enough about the O&G game to be credible..

that well thats getting water  will probabaly do a remedial squeeze job, which means pumping cement into to the outer side of the casing and stopping and connectivity between zones.. if you pour it in the casing then you kill the hole completely.. its no big del really, all wells get remedial works done on them all the time, the well is be fixed, its hard to believe the well is in any danger of being a P&A..

not sure on the current drilling, the decisions to sidetrack need to made quickly whilst your paying a fortune per day for a rig.. i am not expert enough on the geology to understand what they are trying to target in the proposed  sidetrack.. 

still waiting on these guys to go after that chalks play, that one interests me a  lot, particularily its location...


----------



## prawn_86 (18 October 2008)

Any rough ideas of the costs involved in a remedial squeeze job AgentM?

I guess if its going to cost a fortune its not worth doing, but then again it might be relatively cheap.


----------



## prawn_86 (31 October 2008)

Quarterly Out today, makes for nice reading 

Current MC is only about 17mill with 9mill cash and cashflow positive based on Pompano 2 alone.. Mr Market not attributing much value to future prospects

*Pompano 1*
Will cost BCC about $300k to do a quick 'wire line' clearout, which should bring flows back up to 1mcfpd. Will be done this quarter.

Will cost them 2.5mill to do a full fix remedial workover which will bring flows up to 6mcfpd, with a 75% chance of success.

*Pompano 2*
Producing at 7mcfpd. BCC are cashflow positive on this well alone.

*Pompano 3*
Didnt go as planned and are assesing wire logs to decide if it is worht putting another well in to target those sands.

*Lee County*
The big one and possible 'company maker'. Targeting the same Austin Chalks as ADI. 2 drilling permits filed, one already approved.
First well with 'tin' an existing shut in well which flowed at 10mcfpd but was shut due to lack of market.
This should bring in about $10mill pa for BCC if the 1st one is successful, and not including any success on 2nd well.

Drilling this Quarter

*Cougar*
Estimated flow of 500bopd with PUD reserves of 20m barrels at 30% recovery.

*Ruby*
PUD reserves of 6.1bcf.

Drilling mid 2009

*Tuna/Tang*
Estimates of PUD reserves being developed.

*Swordfish*
PUD _potential_ of 100BCF. I would say more likely 30 - 40 BCF.

Drilling mid 09

*Redfish*
PUD potential of 90BCF. 

Drilling mid 09 with a 2nd planned straight after if # 1 is a success.

*Cobia*
PUD potential 48BCF.

Drilling mid 09.

*Jaguar*
PUD reserves of 21.6BCF and 1m barrels. Seeking a JV Partner. Can re-enter 2 prior wells to get it online quickly.

*Cove Deep*
Trying to get major % holder to do something with it or put their % on market


Of course i think this is undervalued. I thought it was when it was capped at $60 mill. Just depends on the market i guess, as there are a lot of 'bargains' out there


----------



## Agentm (31 October 2008)

so lee county has permits in!  

will look into this one prawn, may do some research and post some stuff..

watch adi closely..


----------



## prawn_86 (31 October 2008)

Agentm said:


> so lee county has permits in!
> 
> will look into this one prawn, may do some research and post some stuff..
> 
> watch adi closely..




Ones already approved. Thats the first one twinning for gas.

They said the 2nd one (still pending approval) will be targeting an up dip in the Austin Chalk. Cant say i know what that means, would be very grateful if you could go into some detail. Its a vertical is about all i know, but i dont know the diff between the 2 types.


----------



## Agentm (31 October 2008)

you can test a play updip or down dip.. down is deeper and up is shallower..

the deeps is usually where you may find the heavier hydrocarbons, like water..

can you elaborate who the operator is there.. original well name?

everything is heavily disguised in their presentations, been through this nightmare before with adi in the early days.. the drill stem test on the early well interests me..the flow they got was very good.. i can see anardarko had a look there recently and  another operator has two horizontals on the go there right now.. so the chalks play is obviously been picked up by many competitors..


----------



## prawn_86 (31 October 2008)

The one granted is called Vick and Vick A is still under review.

Operator is Anatexas Offshore, who do all BCCs offshore work also.



> A previous well flowed at 10.8 million cubic feet per day gas on a 24 hour test and was shut-in as there was no gas market at the time. Significant volumes of oil were recovered in the drill string while performing Drill Stem Tests (DST’s) when drilling. The initial test well has been designed to retest this and is located 200 feet to the east northeast.




Thats from their website, but it doesnt say who the or when it was drilled the first time.

As i have said before my O&G knowledge is pretty low, im just in it for the cashflow and management...


----------



## prawn_86 (7 January 2009)

prawn_86 said:


> *Pompano 1*
> Will cost BCC about $300k to do a quick 'wire line' clearout, which should bring flows back up to 1mcfpd. Will be done this quarter.




BCC just announced today that the well started flowing at 1mcfpd without any workover done on it, the pressure must have moved the blockage or something. They do state however that the blockage could reform, but they are still assessing options for a new type of workover that will bring flows back up to 6mcfpd.

Proves that Pompano still has plenty of gas in it.

Sellers have also dried up with only 3 sellers between 7c and 15c


----------



## prawn_86 (4 February 2009)

Ann just out Letter of Intent to sell Pompano and Lee County.

The sale of Pompano was flagged in the quarterly, and im not against it, as the most value has probably been extracted from that. Im a bit disappointed they want to sell Lee County, but with the trouble co's like ADI are having in that area then perhaps its a good idea.

All depends on the price they get i guess.

My biggest worry is this puts them back to explorer status rather than producer status.


----------



## resourceboom (4 February 2009)

Hi Prawny, what prices do you think they'll get for the assets? Why do you favour this company over ADI?


----------



## prawn_86 (4 February 2009)

resourceboom said:


> Hi Prawny, what prices do you think they'll get for the assets? Why do you favour this company over ADI?




I honestly have no idea what they will get for Pompano. Off the top of my head its making 5 - 10 mill per year (thats with the problems at Pompano 1). So 5 - 10 times that maybe? Probably closer to 5 i guess due to tough conditions? But then again its a cash flow positive lease so it may still get a good price.

I like BCC over ADI as they have steady positive cashflow (which will change now if they sell Pompano). I also really like the management, they have a strong track record and are very forthcoming with investor contact. Their approach is a lot simpler than ADI's. Instead of chasing big wildcats they go for areas with PUD reserves, drill them a little, get some flow happening and then flog them off. So essentially its like renovating a house and then selling it for a higher price.

That being said my opinion of selling these assets will be determined by the price. I think mac bank might be squeezing them a bit...


----------



## resourceboom (4 February 2009)

I see what your getting at, thats a similar approach that I took investing in BUR, (supposedly) low cost and low risk wells, which have all been producing cash flows, but their drop off rates were too poor.

Now they have changed tack. It reminds me of BCC (although to be honest I don't know as much about BCC)

I would be extremely surprised if they sell the current assets for 5X5M (25Mill AUD or above, as then they would be extremely undervalued, with current mkt cap of $5M.)

I'm guessing with little knowledge, but think they will probably get $5-10M, just on the fact that still no one is buying the shares. Still it may be undervalued if they get this amt too!


----------



## prawn_86 (5 February 2009)

resourceboom said:


> I'm guessing with little knowledge, but think they will probably get $5-10M, just on the fact that still no one is buying the shares. Still it may be undervalued if they get this amt too!




Well they are already 'undervalued' as they have more cash in bank then their current market cap. Although they do have a small amount of debt, so hopefully they will get a good price, pay down the debt and still have about 20 - 30 mill left... (best case scenario i think)


----------



## resourceboom (16 February 2009)

Prawny, the hedging sounds good as per todays announcement. I'm starting to think the current price may be a quite attractive entry point.


----------



## prawn_86 (16 February 2009)

Hey RB,

I personally dont know what to make from todays ann. They have already said they are thinking about selling Pompano, so why put a new hedge in place, unless the sale looks unlikely i guess 

I still think Mac Bank is pulling strings behind the scenes.

At current prices market cap is lower than cash, but they have some debt, so DYOR


----------



## prawn_86 (17 April 2009)

A bit of increased volume over the last few days. Its not normally a leaky ship, but does somebody know something about the sale of Pompano? Or is it just people speculating how much BCC will recieve from it.

EDIT - Just realised i missed the last ann  BCC to get approx 10mill for Pompano and Lee County


----------



## prawn_86 (17 April 2009)

Current MC @ price of 5.4c = 9.1 mill 

Current cash = approx 5 mill plus 12mill coming in for the sale of Pompano.

$17 mill = 10 cents per share cash backing this is not including and potential positives factored in for other projects


----------



## Wysiwyg (17 April 2009)

prawn_86 said:


> Current MC @ price of 5.4c = 9.1 mill
> 
> Current cash = approx 5 mill plus 12mill coming in for the sale of Pompano.
> 
> $17 mill = 10 cents per share cash backing this is not including and potential positives factored in for other projects




Just wondering where they are going all cashed up? Not the Austin Chalk is it? Would after the next market correction (assuming it is a decent one) be worth a look?


----------



## prawn_86 (17 April 2009)

Wysiwyg said:


> Just wondering where they are going all cashed up? Not the Austin Chalk is it? Would after the next market correction (assuming it is a decent one) be worth a look?




Part of that cash will be used to retire debt, but that will be $5mill absolute max i would think.

No not Austin Chalk, Lee County was what they owned there and that has been sold also. 

Here's a list of projects they still have (note that drilling dates have probably been pushed back due to global economic conditions):

*Cougar*
Estimated flow of 500bopd with PUD reserves of 20m barrels at 30% recovery.

*Ruby*
PUD reserves of 6.1bcf.
Drilling mid 2009

*Tuna/Tang*
Estimates of PUD reserves being developed.

*Swordfish*
PUD _potential _of 100BCF. I would say more likely 30 - 40 BCF.
Drilling mid 09

*Cobia*
PUD _potential_ 48BCF.
Drilling mid 09.

*Jaguar*
PUD reserves of 21.6BCF and 1m barrels. Seeking a JV Partner. Can re-enter 2 prior wells to get it online quickly.

*Cove Deep* 
*I think they are looking to get rid of this or let the lease lapse
Trying to get major % holder to do something with it or put their % on market


----------



## prawn_86 (20 April 2009)

Big volume gone through this morning. 

To me it looks as though someone knows something positive, cause the last few days has been big volume, pushing the price up. The only negative is perhaps its manipulation to set-up for big holders to bail at a higher price. But i am a sceptical one...

I think/hope its a good thing, but am ready for the worst...


----------



## prawn_86 (21 April 2009)

Im now convinced that someone knows something positive that the rest of the market doesnt. 

Already this morning there has been more high volumes and the price is up, on a big down day for the market in general.

Im guessing one of 2 things:
1) T/O coming
2) Good drill results (although im not aware of any drilling going on...)


----------



## prawn_86 (22 April 2009)

Just received this:



> Prawn
> 
> When the sale goes through the Company will have no debt, ~US$6.5 million in available cash and the Macquarie Facility with which to pursue opportunities.
> 
> ...




So at the current exchange rate thats about $9.5 mill aus the will haev in the bank. Current market cap is 10.4 mill, so essentially this co is only being valued at 1 mill for all the rest of its projects...


----------



## prawn_86 (25 May 2009)

Ann out that the deal has failed to go through.

Personally i think thats good, as i like the fact they have an income producing asset. I know mac bank is putting the squeeze on them to pay of debt however, so i guess it means not many new explorations coming up till the debt is paid down.

Dunno what the market will think...


----------



## prawn_86 (15 June 2009)

Ann just out with an update.

BCC has decided not to try and sell Pompano and Lee County, which i think is a good thing. They will now go ahead with the wrk-over of Pompano #1 to get the flow rate up again and also go ahead with drilling at Lee County.

They state that the NPV of Pompanos Proven and Probably reserves is $25m AUD, and that they have $3mill cash at bank.

Current MC = $7m


----------



## AussiePaul72 (15 June 2009)

prawn_86 said:


> Ann just out with an update.
> 
> BCC has decided not to try and sell Pompano and Lee County, which i think is a good thing. They will now go ahead with the wrk-over of Pompano #1 to get the flow rate up again and also go ahead with drilling at Lee County.
> 
> ...




I agree Prawn, I think with BCC keeping the Pompano wells and completing the workover themselves is a good move. I'm a holder and this was a very good announcement in my opinion.

As stated in the released announcement:

"A Reserve Report has been completed on the two drilled and completed Pompano wells (SL‐102229# 1 and SL‐102230 #1) with an effective date of 1 June 2009 using a conservative price deck. These two Pompano wells have a Net Present Value of US$20.2 million1 (AUD$25.25 million or $0.165 per share) based on Proven and Probable reserves only."

That's a *conservative BCC valuation of 16.5c per share on the Pompano wells alone*. This doesn't take into account any of BCC's other projects. One of which, the Lee County project, they are proceeding ahead soon with drilling and another announcement out soon regarding details.

Looking forward to the next few months with BCC active and news to be reported regularly with plenty of upside potential


----------



## AussiePaul72 (17 July 2009)

Well just as i thought in my above post ...... BCC market depth has changed markedly over the last few days. Sellers are drying up quickly now that we are approaching drilling of Lee County. As stated in their release to the market the success rate of wells in this area is very high. I managed to pick some more BCC yesterday at 4.3c with very little available under 5c on the sell side now. Hopefully we'll see a correction in share price over the coming weeks to reflect the true value of BCC which as stated in one of their recent market releases is at least 16c and that doesn't include anything they may find in this current drilling program


----------



## prawn_86 (17 July 2009)

I was away on holidays for the last announcement, but its good to see they are going to drill Lee County soon.

They are planning to twin a well that previously flowed at 10mmcfpd, but was capped due to lack of gas market. Hopefully they get the same rates  Also good to know that Pompano drilling is covering the costs so no need for cap raising.

Only concern i have about Lee County is the difficulty some other companies have in the Austin Chalk area (such as ADI etc), so i hope they dont get caught up in a difficult drilling campaign


----------



## jancha (17 July 2009)

Well just as i thought in my above post ...... BCC market depth has changed markedly over the last few days. Sellers are drying up quickly now that we.. 

So are the buyers. Currently at 3.8c


----------



## AussiePaul72 (17 July 2009)

jancha said:


> Well just as i thought in my above post ...... BCC market depth has changed markedly over the last few days. Sellers are drying up quickly now that we..
> 
> So are the buyers. Currently at 3.8c




Hey Jancha ...... yes was really surprised at todays selling. The screen sell depth really didn't change so i'm guessing a few sellers were desperate to get out for some reason or somebody wants to push the sp down to pick some more up cheaply before we get into drilling. However, there seems to be support around the 3.7-3.8c mark and buying depth started to build a little by the end of the day. I don't understand why you would be selling at these prices but i still think there is lots of upside for BCC over the coming months....


----------



## jancha (18 July 2009)

Aussie Paul i hope your right on the upside. Market sentiment does seem to be more positive of late. A bit of good news at this point of time would give risk takers a bit of an incentive to get on board & raise the sp on it. Only trick is at what point do you exit when it does?


----------



## AussiePaul72 (20 July 2009)

jancha said:


> Aussie Paul i hope your right on the upside. Market sentiment does seem to be more positive of late. A bit of good news at this point of time would give risk takers a bit of an incentive to get on board & raise the sp on it. Only trick is at what point do you exit when it does?




Jancha ..... i really do think BCC has been heavily over sold and without a lot of news up until just lately investors have sold it down. Also sentiment of selling off Pompano etc didn't do share holder confidence much good at all. Now that that is all behind us i think sentiment should start to improve together with the drilling of the highly potential Lee County. 
I keep going back to it but as BCC stated in a recent release the current value without taking into account any resource at Lee County etc is *equivalent to a BCC share price of around 16c.*


----------



## jancha (20 July 2009)

Hi Aussie Paul,
At what point would you exit if they started to rise or would you just hang on to them. RAU for eg. I bought for 3c & sold at 8c only to watch them go up to 28c & then fall back down. Is there an easy exit strategy where you can maximise your profit? Cheers


----------



## AussiePaul72 (20 July 2009)

jancha said:


> Hi Aussie Paul,
> At what point would you exit if they started to rise or would you just hang on to them. RAU for eg. I bought for 3c & sold at 8c only to watch them go up to 28c & then fall back down. Is there an easy exit strategy where you can maximise your profit? Cheers




Hi Jancha,
There is no easy formula to use for exit strategies. It all depends on what your personal strategy and goals are. It varies considerably between long term investors to short term traders.
Your example of RAU is a good one. I too bought in at 3.5c and again at 8c and sold half at 20c and the remaining half at 8c on the way down. Just remember a profit is always a profit. You shouldn't be disappointed with buying at 3c and selling at 8c ..... thats a very good profit and even though they went to 28c, they are now down around 2c!!
In regard to BCC, i won't openly state what i think would be a good value to exit on. I think you need to regularly revise your exit strategy depending on news releases etc. I'm still learning myself and nobody gets it right all of the time. My approach to BCC is that they have openly stated a current valuation on their business of around 16c with other projects to be drilled and evaluated like Lee County. As with all investments there are risks, but in my opinion i believe BCC has a lot of upside


----------



## AussiePaul72 (6 August 2009)

Share price movements have been a bit puzzling in BCC of late. Sold down in recent days to 3.1c. Then with the release of the prospectus for the upcoming non-renounceable rights issue to shareholders today it bounced back up to near 4c. 

The market obviously sees the offer as very attractive pushing the share price up just over 8% on larger volume today. Shareholders can purchase 1 New share at an issue price of 3.5c per New share for every 1 share held at the record date of 14 August. Each 2 New shares subscribed for will have 1 attaching New option with an exercise price of 10c and an expiry date of 30 November 2012. The offer will raise approx $5 million for BCC.


----------



## jancha (13 August 2009)

Hi AussiePaul so with the options @ .10c & your share evaluation @ 16c you would be participating in the offer? Not much happening in regards with the company other than the sp dropping. No confidence in this one. I wonder what reponse they'll get with the offer?


----------



## AussiePaul72 (13 August 2009)

Hi Jancha ..... yes i am considering taking the offer up. I think its a good offer myself. However, i still don't understand why BCC is getting sold down. Any ideas from anybody???



jancha said:


> Hi AussiePaul so with the options @ .10c & your share evaluation @ 16c you would be participating in the offer? Not much happening in regards with the company other than the sp dropping. No confidence in this one. I wonder what reponse they'll get with the offer?


----------



## prawn_86 (14 August 2009)

AussiePaul72 said:


> Hi Jancha ..... yes i am considering taking the offer up. I think its a good offer myself. However, i still don't understand why BCC is getting sold down. Any ideas from anybody???




Im at a bit of a loss too, but i think they are getting squeezed by Mac Bank, who obviously want to get out (hence the raising to pay them out). I guess the market doesnt like their chances of Pompanos life span or Lee County success


----------



## iimamit (14 August 2009)

I think most selling is people selling and getting some cash to participate in the offer, thereby reducing their cost and getting some free options. I think, once this offer is over, the bottom maybe set at 3.5 cents. Also the market has rallied a fair bit and this stock has not participated. 

I think, once the supply is over, the SP should recover ...


----------



## prawn_86 (1 October 2009)

This is the only spec i still hold that has not moved up significantly since the downturn; hopefully a few factors coming up will see it move.

Annual report out today so thought i would give a summary of what they have said about their main projects:

*Pompano* - Well #1's workover has commenced, essentially to stop the sand blocking it. If all goes to plan it should be up and flowing at 5000mmcfpd again within a couple weeks. 

*Lee County* - BCC has increased lease acerage from <900 to approx 2500 acres. Still planning to 'twin' the original Vick #1 holve which flowed at >10mmcfpd back in the day. 
Still no date set as yet, aside from saying they are talking with the JV parites.  I would really like to see some faster action on this personally.

*Other projects* - No firm dates set for Tuna, Tang, Swordfish, Redfish, Ruby, Jaguar or Cove Deep. Essentially all that is happening is 3D modelling.


All in all a bit of a disappointing report. I can see why the stock had languished, no action to cause interest, not even wildcat ddrilling to attract a few punters. Lets just hope that the Pompano workover gets the flow rates up again and they get stuck into Lee County asap.


----------



## jancha (4 October 2009)

prawn_86 said:


> This is the only spec i still hold that has not moved up significantly since the downturn; hopefully a few factors coming up will see it move.
> 
> Annual report out today so thought i would give a summary of what they have said about their main projects:
> 
> ...




Dont know how you can say no action to cause interest? Whats the reason behind the sudden interest in volume then?


----------



## AussiePaul72 (4 October 2009)

I have been a long term holder aswell. I agree Prawn that it has been a long wait, however, investors need to put their financial position in perspective. They haven't been in a very good financial position to get projects moving even if they wanted and it got to the point where they were going to sell Pompano etc to pay off debt and get ahead again. 

After the cap raising they have paid the majority of their Macquarie Bank debt and re-negotiated what appears to be better terms. They also could then fund the work required to get Pompano workover done and also Lee County drilling in the near future. 

Success of the Pompano workover and funds to also drill the highly prospective Lee County project could set BCC up with a very good positive cashflow going forward through 2010 onwards. This would then provide good funds for further exploration on their other projects. I think this is what the market is liking lately and why BCC sp is starting to look up again and attracting a lot more attention by investors. 



prawn_86 said:


> This is the only spec i still hold that has not moved up significantly since the downturn; hopefully a few factors coming up will see it move.
> 
> Annual report out today so thought i would give a summary of what they have said about their main projects:
> 
> ...


----------



## jancha (5 October 2009)

AussiePaul72 said:


> I have been a long term holder aswell. I agree Prawn that it has been a long wait, however, investors need to put their financial position in perspective. They haven't been in a very good financial position to get projects moving even if they wanted and it got to the point where they were going to sell Pompano etc to pay off debt and get ahead again.
> 
> After the cap raising they have paid the majority of their Macquarie Bank debt and re-negotiated what appears to be better terms. They also could then fund the work required to get Pompano workover done and also Lee County drilling in the near future.
> 
> Success of the Pompano workover and funds to also drill the highly prospective Lee County project could set BCC up with a very good positive cashflow going forward through 2010 onwards. This would then provide good funds for further exploration on their other projects. I think this is what the market is liking lately and why BCC sp is starting to look up again and attracting a lot more attention by investors.




Hi AussiePaul 
                   What do you make of the sudden jump in the share price today. Other than whats been said do you think some good news to come?


----------



## AussiePaul72 (5 October 2009)

Hi Jancha,

The statement below was listed in BCC's news release on 21 Sept entitled 'Pompano Work-over Commenced':

"The work‐over is expected to take approximately 14 days to complete, the Company will release routine updates every Tuesday or at any such time that material matters require a separate release."

Today was 14 days since the above news statement was released and the company said they will release updates at least every Tuesday. So the market is anticipating good news being released tomorrow.

Today was a huge volume day with almost 145 million traded. Will be interesting to see tomorrow's announcement.



jancha said:


> Hi AussiePaul
> What do you make of the sudden jump in the share price today. Other than whats been said do you think some good news to come?


----------



## jancha (5 October 2009)

AussiePaul72 said:


> Hi Jancha,
> 
> The statement below was listed in BCC's news release on 21 Sept entitled 'Pompano Work-over Commenced':
> 
> ...




Thanks AussiePaul
                        Sold out at .062 May have sold a bit early but if it drops back down I may buy back in. See what happens tomorrow.


----------



## prawn_86 (6 October 2009)

A lot of the increased volumes of late would be due to the recent placement. I think about 80m shares were issued, so it means a heap of people could stag a profit. With that said however, the turnover yesterday was still huge.


----------



## jancha (6 October 2009)

jancha said:


> Thanks AussiePaul
> Sold out at .062 May have sold a bit early but if it drops back down I may buy back in. See what happens tomorrow.




Well did the right thing in selling but at what point would you come back in? Gone down as quick as it went up. Not quite as much volume tho. Would have thought however that with the updated news they put out today it would have had a positive effect not a negative one. Down to 052c


----------



## YELNATS (6 October 2009)

jancha said:


> Well did the right thing in selling but at what point would you come back in? Gone down as quick as it went up. Not quite as much volume tho. Would have thought however that with the updated news they put out today it would have had a positive effect not a negative one. Down to 052c




Volume is down today but only a little. Volume traded about 59 million in less than 3 hours trading as they only started at about 12.45pm. Yesterday was 144 million. Obviously plenty of buyers still think it's a good buy just over .05.


----------



## AussiePaul72 (6 October 2009)

Its not a big surprise to me that the sp has retreated somewhat after the GOOD announcement today. I sold some on Monday afternoon and the remainder today soon after they began trading again. There are a lot of investors taking profits (like me!) after the cap raising at 3.5c. I'm still holding my free oppies as i think they have a lot of potential.
I still think that BCC has a lot of upside with drilling at Lee County due next month and a constant cashflow coming in with Pompano back online. Keep in mind that before Pompano came back online, one of the BCC announcements openly stated that the value of BCC equated to about 16c. At end of trade today BCC market cap is still conservative in my opinion at $13M.


----------



## prawn_86 (8 October 2009)

From todays ann:



> The Company is planning to spud the first well at Lee County in early to mid November 2009





> Plan to drill 100’ up‐dip to the earlier Humble Vick # 1 well that flowed gas at 10.8 mmcfd over 24 hours through a pipe test following significant oil in 3 DSTs from 6,063 ‐ 6,076 feet (Buda Formation) that reported oil/mud, no water and 750 feet of clean oil in the drill string




Another month or so wait and BCC should once again be cashflow positive. I havn't done the sums yet, but with the successful workover and increased flow rates on Pompano they must be nearly cashflow neutral once again.


----------



## prawn_86 (13 October 2009)

Ok so here is some sums based on the latest ann that Pompano 1 is now flowing at 3.5million cubic feet per day (mmcfpd).

Spot gas price is 3.95 per mmbtu

1000mmcf = 1 mmbtu, therefore BCC are producing 3500 per day. 

*3500 * 3.95 = 13825 per day = $5mill per year net.* *not taking into account the other flowing well*

This flow rate will probably increase to about 7mmcfpd once the line is fully cleaned.

Good to see they have the cashflow up and running again and that it will pay for all their upcoming drilling costs, at a minimum, and maybe even bank a profit just from Pompano, depending on gas prices.


----------



## jancha (14 October 2009)

prawn_86 said:


> Ok so here is some sums based on the latest ann that Pompano 1 is now flowing at 3.5million cubic feet per day (mmcfpd).
> 
> Spot gas price is 3.95 per mmbtu
> 
> ...




20% jump in price. Lot of activity with some large volume buying today. Updated news this morning. Reason for the late move?


----------



## Albi (14 October 2009)

Hi All
Is there any thing that is promoting the price so late after coming the news? After 2 there was all of a sudden jump in the price and it is close at 22% high. Is it  wise to enter in this stock at this time. Please suggest, as I am new.


----------



## jancha (14 October 2009)

Albi said:


> Hi All
> Is there any thing that is promoting the price so late after coming the news? After 2 there was all of a sudden jump in the price and it is close at 22% high. Is it  wise to enter in this stock at this time. Please suggest, as I am new.




Hi Albi
        I'm pretty much new to this myself but personally I'd watch how the market performs. At the moment & over the last week or so there has been some large buyers. I personally wouldn't enter into it at this point but rather watch and see how it moves. It went as high as .07sh last week & dropped down to .05. Even tho I like what i see with the larger volume buyers I would prefer to buy at a lower cost to which i have. ( Sold earlier @ .062 & bought back in @ .051) Everyone would have their own thoughts on this so really it comes down to your homework & thoughts on the company involved.


----------



## Wilson! (14 October 2009)

Hi guys, was a great day for BCC holders and more to come
I posted this elsewhere, hope it sheds some light. 

Also to the below, drilling starts next month in a oil/gas field which has seen 11 successful drills from 12

revenues started coming in monthly again from existing sales, of about $250k per month I think

Market cap is very low even under 10c, apparently. 
Cheers,
Wilson

----

BCC should just power on, especially now it seems that mac bank only have 3-4m oppies left to convert, which they can't even do until november. (that's what was likely behind all the selling the last week. 

Did everyone know about that, that is quite important in the reason behind it being held back until now. 

Now it's gone, what do you think is going to (and IS already) happening...


----------



## Tukker (19 October 2009)

I'm not too knowledgeable about options and how they reflect on a company's value when they are issued. I see they intend to pass a motion to offer millions of options over the next year.

If they have a market cap of 16 million today, what happens when they get 200mil in capital to finance their work? Is this considered an increase in company value? Should the share price be positively or negatively affected (in a perfect world)?

I got a buy signal for BCC last week and have been hesitant to jump in thinking a market correction was imminent. 

I was curious a bit about the company and saw the general meeting coming up addressing management compensation and the options proposed to be sold.

Is this a regular move for a company of this type in this stage of its development?


----------



## prawn_86 (27 October 2009)

After being as low as 3c a few months ago, BCC is now up above 7c. Having said that, it still has not moved as much as many other more speculative oilers/explorers in this rally.

Lee County is due to spud within the next 2 - 3 weeks and all is on track, so if they can twin the historic well at 10mmcfgpd that should cause a significant re-rating alone, not considering their other projects.

To me this remains very undervalued when compared to many other explorers without cashflow. BCC has cashflow from production to pay for future drilling.


----------



## prawn_86 (27 October 2009)

Ann just out of another director purchase. Thats 2 in the last 2 weeks. Seems a bit suss to me considering Lee County is supposed to be a 'company maker' in its own right. So do the directors know something we dont, or are they just also hoping.

If the twin well at Lee County works as planned, at the same historical rates, it will more than double their current production, with just one well


----------



## Wilson! (28 October 2009)

prawn, another one out today, director purchasing that is
They probably have a small window left still, to top up before entering the "can't buy" zone


----------



## Trader Paul (8 November 2009)

Hi folks,

BCC ... expecting some positive news this week. as a positive time cycle
moves in, about Wednesday or Thursday ..... 

Will also be watching BCC for further moves, around 16112009 and 26-27112009,
as 2 more positive time cycles come into play.

have a great week

paul



=====


----------



## prawn_86 (9 November 2009)

BCC up 20% today and closed at the daily high (and 52 week highs) of 8.2c.

Lee County is due to spud 'mid november' so we should be hearing news of that very shortly. If the first well twins the historic hole and flows at the same rates that will just about double the free cash flow to Buccaneer.

Current MC of circa $25m and free cash flow of about $300k per month from Pompano alone.

DYOR


----------



## Trader Paul (10 November 2009)

Trader Paul said:


> Hi folks,
> 
> BCC ... expecting some positive news this week. as a positive time cycle
> moves in, about Wednesday or Thursday .....
> ...







Hi folks,

BCC ... on the move already. with a 20% rally
today, on heavy volume ... and no news as yet !~!

..... may be a leaky bucket here ... yes ???

have a great day

paul



=====


----------



## Trader Paul (11 November 2009)

Trader Paul said:


> Hi folks,
> 
> BCC ... expecting some positive news this week. as a positive time cycle
> moves in, about Wednesday or Thursday .....
> ...






Hi folks,

BCC ... positive move comes in, right on time ..... no news as yet, but more 
upside expected over the next couple of weeks  (see post above) ... 

have a great day

  paul


----------



## prawn_86 (12 November 2009)

Two ann's this morning. One response to price query saying that the rise in price is probably due to the upcoming Lee County campaign.

Second ann states that 25th of Nov will be the first spud for the 52% owned Lee County. Good news, i just hope they are successful and dont get held up in the difficult Austin Chalk conditions like ADI and numerous other small Aus co's have...


----------



## Agentm (12 November 2009)

prawn_86 said:


> Two ann's this morning. One response to price query saying that the rise in price is probably due to the upcoming Lee County campaign.
> 
> Second ann states that 25th of Nov will be the first spud for the 52% owned Lee County. Good news, i just hope they are successful and dont get held up in the difficult Austin Chalk conditions like ADI and numerous other small Aus co's have...




just curious what the difficult austin chalks conditions that ADI have?

also can you name the numerous other small AUS co's as well. would like to look them up


TIA


----------



## prawn_86 (12 November 2009)

Agentm said:


> just curious what the difficult austin chalks conditions that ADI have?
> 
> also can you name the numerous other small AUS co's as well. would like to look them up
> 
> ...




As far as im aware ADI havn't produced a cash flow positive well in the Austin Chalk, despite having being there for years. I could be wrong though, so feel free to correct me.


----------



## Agentm (12 November 2009)

prawn_86 said:


> As far as im aware ADI havn't produced a cash flow positive well in the Austin Chalk, despite having being there for years. I could be wrong though, so feel free to correct me.




adi has a jvp interest in 2 chalks wells, one flowed open hole, and the other was cased and cemented.  also there is another well in the eagleford cased and cemented.. flowing on a mini test frac in the toe of the well

the three wells are being fracture stimulated commencing this week according to two jvp partners.


adi are not the operator, the operator is TCEI, and currently its a two way operator situation with TCEI/Hilcorp as operators.


----------



## white_goodman (13 November 2009)

dont you hate picking a stock for the ASF stock competition, see it up 50% for the month and the realise you dont own it


----------



## Trader Paul (14 November 2009)

Trader Paul said:


> Posted 08 11 2009:
> 
> Hi folks,
> 
> ...






Hi folks, 

BCC ... trading to the script so far, with more positive moves expected,
over the next couple of weeks ..... 

have a great weekend

     paul



=====


----------



## quarky (17 November 2009)

sold out today, at 0.135 after getting in at 0.075
wished i had bought more...which is the usual "wish" we all have. 

anyhow, i don't know if this will keep rising and hoping for a drop in the price (hoping that,...so i can get into it again!), before the next rally next week...which is when this will get the attention of the masses, as it should already do, considering the equity capital raising BCC is wishing to raise, with 100,000,000 New Options at an issue price of 0.0035/option each with an exercise price of 0.10 (expire: 30/11/2012)


----------



## swm79 (19 November 2009)

quarky said:


> sold out today, at 0.135 after getting in at 0.075
> wished i had bought more...which is the usual "wish" we all have.
> 
> anyhow, i don't know if this will keep rising and hoping for a drop in the price (hoping that,...so i can get into it again!), before the next rally next week...which is when this will get the attention of the masses, as it should already do, considering the equity capital raising BCC is wishing to raise, with 100,000,000 New Options at an issue price of 0.0035/option each with an exercise price of 0.10 (expire: 30/11/2012)




quarky, how'd you go with trying to get back in?

spud at 52% Lee County only days away

buyers outweighing sellers 5 to 1

and as we speak just broke through 15c... if it takes the 3 mil sitting at the next two increments we'll see it rocket.... not much in the way of it then


----------



## prawn_86 (19 November 2009)

It always has been a fairly tightly held stock, although the recent cap raising gave it a bit more liquidity for the traders to play with.

I bought more down at lower levels (6.1c and 7.4c), bringing my average down to 13c so im now in the money again which is always good 

If Lee County is successful then it should continue upwards, but I still have my doubts about the Austin Chalk, but then again im not a geo, so i'll just watch and see what happens...


----------



## Trader Paul (19 November 2009)

Trader Paul said:


> Hi folks,
> 
> BCC ... expecting some positive news this week. as a positive time cycle
> moves in, about Wednesday or Thursday .....
> ...







Hi folks,

BCC ... still ticking up, nicely ... up another 20%, today ... !~!

have a great day

paul



=====


----------



## swm79 (19 November 2009)

prawn_86 said:


> It always has been a fairly tightly held stock, although the recent cap raising gave it a bit more liquidity for the traders to play with.
> 
> I bought more down at lower levels (6.1c and 7.4c), bringing my average down to 13c so im now in the money again which is always good
> 
> If Lee County is successful then it should continue upwards, but I still have my doubts about the Austin Chalk, but then again im not a geo, so i'll just watch and see what happens...




hey prawn 

sellers have come back on now keeping it at 16c - 2 mil more on there now but 5 of the 8 mil at 16 - 17.5c... with people taking 2mil at a time that could get eaten up in a matter of minutes!


----------



## quarky (19 November 2009)

swm79 said:


> quarky, how'd you go with trying to get back in?
> 
> spud at 52% Lee County only days away
> 
> ...




hey *swm79*.
yeah, i sold out at 0.135 (bought it at 0.075 - so a gain of ~80%)
i've been meaning to get back in but i've been distracted by others on my watchlist, e.g. TEX, VIL, OEX, BKP, TSV & MAK

so, in doing so....i've missed the rally for BCC today.

i've kind of had this rule of not buying into the same stock, at a price that i sold it out at...but with such positive news and the potential to double the SP, with a spud of a well in a week's time, i really think i should jump in.

it's just one of those stocks that even if the market went south, this one will hold up (as there were a few, that didn't...even with good fundamentals and drilling programs in place)


having a look at BCC now... hmmm, at what price will it floor today...hmmm


----------



## swm79 (19 November 2009)

quarky said:


> hey *swm79*.
> yeah, i sold out at 0.135 (bought it at 0.075 - so a gain of ~80%)
> i've been meaning to get back in but i've been distracted by others on my watchlist, e.g. TEX, VIL, OEX, BKP, TSV & MAK
> 
> ...




you'd probably even see a bigger green shoot in BCC's SP if the market went down - people chasing green

settling at 15.5 for the time being.... either a few big dumpers or a few big buyers in at 4pm tonight i'd say!


----------



## swm79 (20 November 2009)

still trading outside the bol bands with some good volume

RSI pushed through 0 earlier in the month, dipped down again... but has pulled back level

interesting trading today 26mil gone through with SP remaining at 15.5c... buyers still almost double sellers


----------



## quarky (20 November 2009)

that's true about buyers wanting this stock badly.

i actually jumped in at 0.155 yesterday afternoon, as it's only days away from the well spudding. and if it's a good spud, then the SP will fly...

otherwise, it may creep up just before the news of a less than expected flow rates or worse still, leaking gas or an empty hole.

(reminds me of my Elk Petroleum [ASX:ELK] play from a month back)


still hopeful that BCC brings in the goods, by the end of next week.


----------



## swm79 (20 November 2009)

quarky said:


> that's true about buyers wanting this stock badly.
> 
> i actually jumped in at 0.155 yesterday afternoon, as it's only days away from the well spudding. and if it's a good spud, then the SP will fly...
> 
> ...




if one is a duster there are plenty more to come after that 

with a HUGE (quoted) 90% sucess rate(!!!), you'd have to think they'd be on to something!

interesting times ahead

got manipulated all over the place today and closed JUST up right at the bell

spud only days away


----------



## jimaculus (21 November 2009)

Made some good profit from this one but the recent socalled prospectus (not) has offended me to the bone and  made me question things at BCC. Time to bail out. 
Tried getting the actual details of my entitlement through computershare only to be advised they had no details of it. Further investigation revealed it was in fact not open to joe-blow shareholders and were set aside for those who bought the shortfall of the last prospective. Great for them dilute the shares  by 30% and make a 25 bagger immediately but its gotta be illegal surely.
Buyer beware


----------



## resourceboom (22 November 2009)

It's not about the success rate, but the commerciability of the wells.
Look at how many dollars BUR threw away with 100% success rate on their giddings austin chalk wells!



swm79 said:


> with a HUGE (quoted) 90% sucess rate(!!!), you'd have to think they'd be on to something!


----------



## quarky (23 November 2009)

opened at 0.16 & stock shot up ~10% to 0.17
and now it's ~12% down at 0.14

the buyers are just outweighing the sellers and dragging the SP down, with the outcome only days away...maybe all those Austin Chalk doubters will get their way or perhaps proven wrong, in which case SP will get up to fresh highs

time will tell...


----------



## jancha (23 November 2009)

quarky said:


> opened at 0.16 & stock shot up ~10% to 0.17
> and now it's ~12% down at 0.14
> 
> the buyers are just outweighing the sellers and dragging the SP down, with the outcome only days away...maybe all those Austin Chalk doubters will get their way or perhaps proven wrong, in which case SP will get up to fresh highs
> ...




If the buyers are outweighing the sellers why should that drag down the price? Is'nt a few rather large sellers more like it?


----------



## skyQuake (23 November 2009)

jancha said:


> If the buyers are outweighing the sellers why should that drag down the price? Is'nt a few rather large sellers more like it?




Problem is those buyers are down the screen at 6c or 8c etc.
Market depth doesn't matter as much as WHO is hitting the prices - ie buyers hitting the ask or sellers hitting the bid; and which side refreshes/defends their bids/asks, and which side lets it get taken out.


----------



## swm79 (23 November 2009)

resourceboom said:


> It's not about the success rate, but the commerciability of the wells.
> Look at how many dollars BUR threw away with 100% success rate on their giddings austin chalk wells!




well, given that we dont have any results back yet and we dont know a flow rate etc etc etc etc so we cant talk about commerciability of the well yet

but of 12 recent wells by adjacent operators there has been only 1 unsuccessful well.


----------



## Agentm (23 November 2009)

swm79 said:


> if one is a duster there are plenty more to come after that
> 
> with a HUGE (quoted) 90% sucess rate(!!!), you'd have to think they'd be on to something!
> 
> ...




"An independent expert estimated that the play potential ranged between a p90 (90% chance) of having 20 bcfe and a p10 (10% chance) of having 185 bcfe."

i think they were talking potential..  not success rate??


i would like to see what wells these guys are pulling data off in the region..


these wells they quote, the 12 wells with success rates.. where the heck are they?

can anyone supply api numbers?

are they north or south of the jurassic shelf margin that defines the giddings field? i can see the bcc acreages are north of the shelf, but are they comparing these 12 wells to their side or the other side of the shelf? 

theres some ip flow rates quoted in the past month or so.. in presentations .. but no well mentioned.. does anyone know if this was the biggest flow seen? does anyone know what the well they mentioned actually flow at when it was put on production? declines etc??

tia


----------



## quarky (23 November 2009)

*jancha*, *skyQuake* is right by saying that i was looking only at the Market Depth and forming my opinion based on that.

the 'low' asking price and those offloading it at that price, was dragging the SP down...that's what i thought, with my n00b knowledge. 

still, announcement is to be made in a few days' time and that'll be rather interesting to say the least.

only announcement made today to the ASX, was the company was launching a new website -- http://www.buccenergy.com/ -- and that was all
(which re-directs to what looks like the 'old' URL. did they just register a new domain name or are still working on a new website? hmmmm)


holding at 0.155


----------



## quarky (24 November 2009)

BCC posted an announcement today, that the AGM webcast is available.

would this be enough for the SP to drop further to 0.13?

or is this some sort of 'correction', for it to have climbed up so fast and with the options available (dilution?), that the SP needs to be lower... i'm just a little confused.

still, i'm a n00b at this.. 



holding @ 0.155


----------



## skyQuake (24 November 2009)

quarky said:


> BCC posted an announcement today, that the AGM webcast is available.
> 
> would this be enough for the SP to drop further to 0.13?
> 
> ...




Pre-spud nerves as people square off their positions. Its made lower lows yesterday after cracking new highs. 
15 days of hard running and its taking a break. Maybe back to the 11/12c congestion area?


----------



## swm79 (24 November 2009)

quarky said:


> BCC posted an announcement today, that the AGM webcast is available.
> 
> would this be enough for the SP to drop further to 0.13?
> 
> ...




quarky i dont believe it has anything to do with the AGM webcast posted today

SP has strong support at this point... also, lots of tree shaking IMO - people trying to rattle cheap shares off others by hitting stop losses and creating fear by dropping the SP 

with the spud coming up in the next day or so i dont think you can pay a lot of attention to the manipulatiopn of the SP at the moment.

its moving in a similar way MEO has done in the past


----------



## swm79 (24 November 2009)

skyQuake said:


> Pre-spud nerves as people square off their positions. Its made lower lows yesterday after cracking new highs.
> 15 days of hard running and its taking a break. Maybe back to the 11/12c congestion area?




also in a 38/50 point of confluence on the fib - market has memories

interesting to see what it does at the end of the day and leading into tomorrow.

lots of buys at 15.5 would have had stops hit - dont you have one on this SQ?


----------



## skyQuake (24 November 2009)

swm79 said:


> also in a 38/50 point of confluence on the fib - market has memories
> 
> interesting to see what it does at the end of the day and leading into tomorrow.
> 
> lots of buys at 15.5 would have had stops hit - dont you have one on this SQ?




In and out a fair bit (too much one might say). After it made lower lows on the 23rd, Couldn't play it on the long side safely anymore so and stayed out.
Also there used to be a size buyer late morning/noon. He's gone now so the price could very well head south (may be him dumping)


----------



## swm79 (24 November 2009)

skyQuake said:


> In and out a fair bit (too much one might say). After it made lower lows on the 23rd, Couldn't play it on the long side safely anymore so and stayed out.
> Also there used to be a size buyer late morning/noon. He's gone now so the price could very well head south (may be him dumping)




yeah i'd say that would be his trading play tho BESBS... wouldnt hang around post spud

i'm still long on it because i'm still positive... but i'm bottow drawing them for a while... with GGP

nice trades over at BKP - money to be made there


----------



## Miner (25 November 2009)

swm79 said:


> quarky i dont believe it has anything to do with the AGM webcast posted today
> 
> SP has strong support at this point... also, lots of tree shaking IMO - people trying to rattle cheap shares off others by hitting stop losses and creating fear by dropping the SP
> 
> ...




Strong support at what level SWM 79 ?
It is just sliding downwards from some high on 16 cents and then dived down at 12.5 cents at some stage today. I think it is all marketing hype of BCC with no real strenght.

I am struggling to have put some money on it at 15 cents too low price to drop it


----------



## swm79 (25 November 2009)

Miner said:


> Strong support at what level SWM 79 ?
> It is just sliding downwards from some high on 16 cents and then dived down at 12.5 cents at some stage today. I think it is all marketing hype of BCC with no real strenght.
> 
> I am struggling to have put some money on it at 15 cents too low price to drop it




oops, i meant resistance at 12.5.... there is strong short term resistance at the 12.5c level... we'll have to see if this forms the new support level today or will it dive back down... if we see it get to 13.5 (which are relevant fib levels) and hold there it will most probably form the next level of support.... if this doesnt occur we could see it push back down and fill the 10-10.5 gap

alternatively there is also a lot of resistance at the 15c level and it will struggle to break through that too.

you'll also notice on the chart below that the short term 5 day moving average has been a good line of support and the price has been bouncing up off it consistently


----------



## gaps (26 November 2009)

doji has formed today on BCC, a gap up tmr will be a buy signal. right along with the spud anns soon. i m longing on this too, company direction of drilling low risk wells. does look like meo in the making. good luck all.


----------



## watchingall (26 November 2009)

For those who have not seen this yet, this is a very good explaination of the Lee county well.

http://www.youtube.com/watch?v=qJ5snEY3IXA


----------



## Airfireman (26 November 2009)

Lots of talk and good reviews about BCC....all looking favourable..

Holding at .12

Tim


----------



## nomore4s (26 November 2009)

Airfireman said:


> Lots of talk and good reviews about BCC....all looking favourable..
> 
> Holding at .12
> 
> Tim




Hi Tim,

Can you please add some detail to this post. What is the "talk & good reviews"? Why is it looking favourable?

I have had to delete a couple of posts in this thread due to ramping and some other posts are borderline. Please try to add some content to your posts.

This is a reminder to all posters that ASF expects a high standard of posting in the stock threads to keep the quality content up for the benefit of all users of the site. Posts like the above would normally be removed so to save wasting both your time and the mods time please try to add some useful content.

Thank you.


----------



## Miner (27 November 2009)

nomore4s said:


> Hi Tim,
> 
> Can you please add some detail to this post. What is the "talk & good reviews"? Why is it looking favourable?
> 
> ...




Thanks Nomore4s for your intervention as a moderator.

BCC I believe has been a sunshine scrip for the day traders. All talk by the directors and some traders catapulated the share price unnecessarily. There is no technical strength and all market hypes.

I think such glib talks should be challenged to be provided with facts and figures.


----------



## gaps (29 November 2009)

looks like no one has brought up the issue of capital raising for this company. 2nd one being done now. the terms and conditions arent out yet and am interested to see them on or before tues. 

"the trading halt is required as the company is finalizing a capital raising that will give the company the option and ability to fund a significantly expanded drilling program at the Lee county on receipt of results from the first two planned wells."

this will benefit long term investment in Bcc as in this ann suggests, it is going to have a significantly expanded drilling program. however, not so sure what it means by "on receipt of results from the first two planned wells" i guess i will have to know the details from their next ann.


----------



## swm79 (1 December 2009)

funny - no posts on this and so much stuff has been going on 

bad news - spud was put off because of "thanks giving hunting season" by land owner

good news - the $4mil placement went to ONE high net worth existing shareholder..... HUH??? ... *ONE family* has kicked in a further $4.6mil????

i have never seen anything like this before in my life 

the funds will be used to expand the drillin gprogram at Lee County


----------



## Miner (1 December 2009)

swm79 said:


> funny - no posts on this and so much stuff has been going on
> 
> bad news - spud was put off because of "thanks giving hunting season" by land owner
> 
> ...




You were right . I have only seen another company like this one - full con people. JRV for example. The BCC and JRV directors worse than ABC Directors.


----------



## Miner (1 December 2009)

Trader Paul said:


> Hi folks,
> 
> BCC ... positive move comes in, right on time ..... no news as yet, but more
> upside expected over the next couple of weeks  (see post above) ...
> ...




Hi Trader Paul

How are the stars telling for you about BCC.

Lots of news now. Equity raising at 10.5 cents. Yaak. The company is managed by conmen. THey hired some rampers who have infiltrating investor forums too. 

I am sure you would come with another fortune telling story. Keep it up mate


----------



## swm79 (2 December 2009)

sorry to see you so disgrunted Miner.

BCC may be full of con-men, but look what all talk and no facts did for MEO - from 6c to 80c 

i'm sure if they hit something in the spud management will come out and ramp again... they have done it so well in the past, have they not???... and if or when they do, then you can sell... they might even get you to free carry, but i'm not so sure you would be that way inclined 

in the short term good salesmen beat good assets most days of the week


----------



## prawn_86 (2 December 2009)

While its slightly annoying to have more dilution, remember that the last lot was at 3.5c. So this raising is triple that price, all in the space of a few months.

Providing Lee County is a success then it should be put to good use.

I would not call this management team rampers, as they have a history of commercially successful wells, both in past co's and with Buccaneer, so its not like they are drilling wildcats saying they will hit a big target. They seem fairly conservative if you ask me.


----------



## swm79 (2 December 2009)

prawn_86 said:


> While its slightly annoying to have more dilution, remember that the last lot was at 3.5c. So this raising is triple that price, all in the space of a few months.
> 
> Providing Lee County is a success then it should be put to good use.
> 
> I would not call this management team rampers, as they have a history of commercially successful wells, both in past co's and with Buccaneer, so its not like they are drilling wildcats saying they will hit a big target. They seem fairly conservative if you ask me.




prawn are you refering to the options released at $0.0035? as in 0.35 of a cent... 

granted they are fairly conservative in the sense that they are drilling pre-confirmed wells... but honestly some of the actions of late have been questionable e.g. placement pre-spud when shareholders are sitting on the edge of their seat and cant sell... i cant stand dilution at any time but it gets on my nerves 1000 times more when shareholders arent given the chance to participate AND its done at a time like this


----------



## prawn_86 (2 December 2009)

swm79 said:


> prawn are you refering to the options released at $0.0035? as in 0.35 of a cent...




No, im talking about the entitlement issue done back in August which was at 3.5c on a 1 for 1 basis. It was used to clear the debt.

And i agree that pre spud is not the best look but im willing to give them the benefit of the doubt, as they have not put a foot wrong up until now imo.


----------



## swm79 (2 December 2009)

what about the fact that they scheduled the spud during thanks giving hunting season???? surely they would have cleared it with the land owner first??? and they didnt think to mention at the time it was thanksgiving hunting season???

i dont know... something isnt quite right with the timing of all of this... 

i dont like to be given the mushroon treatment, but i'm happy to hold until i'm free carried


----------



## watchingall (2 December 2009)

I think we are seeing a very conservative company take advantage of a hot market.  If they drill this well and they are not successful the likelyhood that they could raise more money at .10 1/2 would be nil.  If they are successful the market should reward them with a higher SP that benefits all share holders.  If the Vic 1 is not as good as it looks on paper they still have the funds to move on to other prospects.

This was a good move by a team that isn't greedy and doesn't like to gamble.


----------



## Wilson! (2 December 2009)

watchingall that's the best post so far (been quietly reading)
Now it's done, funds r in the bank, and they can now focus on drilling LC
If it's successful, then it's away. If not, they as you aid, still have the cash to keep drilling. Of 90% success rate in the area, some of these at least will be successful so hopefully they picked the best one to kick off with


----------



## watchingall (12 December 2009)

rig is moving into place, weather is improving in Texas so we should have some news relatively quickly.


----------



## Miner (12 December 2009)

watchingall said:


> rig is moving into place, weather is improving in Texas so we should have some news relatively quickly.




Hi Watchingall

Thanks. I am a bit curious to see how you could post less than 100 characters.

Besides that how do you know rig is moving into place. 

Could you please mentio if you are a holder or not ?

Yes, I am indirectly a holder of BCC


----------



## daki (15 December 2009)

24h to finish cementing and then off she goes, from my understanding of last announcement.
hopefully everything will go well


----------



## wanlad1 (3 January 2010)

Thursdays trading was very strong, I would say this monday may have some follow through.  Short term target .16 and could well form a cup and handle pattern from there or just go straight through if the anns come out better than expected


----------



## quarky (13 January 2010)

wanlad1 said:


> Thursdays trading was very strong, I would say this monday may have some follow through.  Short term target .16 and could well form a cup and handle pattern from there or just go straight through if the anns come out better than expected



ASX RELEASE – 12 JANUARY 2010
LEE COUNTY PROJECT – DRILLING UPDATE

Buccaneer Energy Limited (“Buccaneer” or “the Company”) is pleased to provide the following operational update.

All equipment and personnel have been mobilised to the Lee County Vick # 1 location to commence Phase 2 of the drilling operations. Deepening operations into the anticipated pay zones are expected to commence in the next 12 hours.

Phase 2 of the Lee County Vick # 1 drilling operations is the utilisation of a coiled tubing unit to deepen the well through the Austin Chalk, Buda and Eagleford Formations. These are the anticipated oil and gas pay zones for this well. The final target depth will be approximately 6200 feet.


The participants in the Lee County project are as follows:

Participant..........Working Interest
---------------------------------------------
Buccaneer Resources*.......... 52.50%
Sandstone Energy.......... 38.75%
Megashine International Ltd.......... 8.75%

* A wholly owned subsidiary of Buccaneer Energy Limited






looks good!

i bought some at 0.15 a while back...so, it does look like a cup and handle is forming, but given today's poor start, it'll just take a few days longer to get there


----------



## prawn_86 (27 January 2010)

Lee County update out today. Porosity was better than expected, but they want to do a horizontal drill also. This was what i was worried about, BCC being caught up in the austin Chalk, due to its complex nature. Interesting to note that this ann is the first to state how complex the area is, when all the previous anns have hade the tone that it will be easy to get the wells online.

Seems my predictions are becoming true unfortunately


----------



## derty (27 January 2010)

So they drilled a hole to *6230 feet* and the only prospective areas they seem to have are at *118 feet* and *140 feet*. They said they had successfully logged the hole so these are likely the only areas of interest in the hole. At the moment it does not appear that they really got the results they were hoping for here. 

Please correct me if I have read the announcement wrong.


----------



## Bigukraine (27 January 2010)

prawn_86 said:


> Lee County update out today. Porosity was better than expected, but they want to do a horizontal drill also. This was what i was worried about, BCC being caught up in the austin Chalk, due to its complex nature. Interesting to note that this ann is the first to state how complex the area is, when all the previous anns have hade the tone that it will be easy to get the wells online.
> 
> Seems my predictions are becoming true unfortunately




Hey prawn,

I think imo that flow rates will be the only driver of this stock going forward and the sell/buy ratio nearly 4-1 not a good look but with allgoing on in the markets this stock is not alone. With the horizontal  drill this will add extra waiting time for results so looks a wait and see atm. To finish, you would think they would look at the prob's the other explorer's were having in the austin chalk and realised the diff. they would be facing, bit remiss of mgt imo


----------



## Agentm (27 January 2010)

"The wireline logs indicate porosities in the 8 – 12% range, which is considered good for the Austin Chalk and is above pre drill expectations."


"Completion Strategy The results of the logs and the Company’s interpretation have led to a determination to plan  and execute the drilling of a horizontal leg in a Lower Austin Chalk zone which has encountered fractures and oil shows."



sounds like they are not sure on the formation, and have opted for a real small lateral. they see the project as high risk and have taken a very very conservative approach.  if the lateral gains them enough data they could work out some viability on the chalks zone and report their next strategy.

the report is not glowing with enthusiasm  and is very matter of fact. imho its not too positive and obviously, as they have not got the will to take on a huge 6000 foot lateral with the formation..

for short termers its not too good, for long termers there is plenty to look forward to in 3 -6 months as results from the short lateral take effect and decisions are made on the viability of the play. no sign of that massive pressure they were talking about in the earlier well??? perhaps that earlier well hit a nice fracture and all hell broke lose??

my view is they are being very cautious, and if you follow hc its for good reason.. too many would get hurt otherwise.. a wise move by management..


----------



## Miner (27 January 2010)

Folks
Whatever the previous three posts said, probably reflected on the prices today.

May be just begining of factoring the risk into today's price and short time traders will act tomorrow.

I was only curious to see they tried to make a tangent reference on eagleford and wondered why


----------



## Agentm (28 January 2010)

miner

the posts here would have little impact on the sp.  the report from bcc is solely the reason for the reaction.

imho bcc are being cautious, doing a small lateral into the chalks and exploring the play.. the majority of punters on hc and possibly here seem to think that by drilling a vertical exploration well into a play will bring you the millions..

the reality is, the vertical has given up hydrocarbons, given them enough interest to look a  little more, and to keep on the backburner the eagleford aspect also..

i have not researched the eagleford in that region so i cant comment, but its obvious that its a consideration.

imho the upside for this play for bcc is still there, but the risk ratio is equally still as high as ever atm given that so little is known about the rock there and what the ability of the various formations are in terms of production with todays technology ..   its about exploration economics ....

all imho and dyor..


----------



## Miner (28 January 2010)

Agentm said:


> miner
> 
> the posts here would have little impact on the sp.  the report from bcc is solely the reason for the reaction.
> 
> ...




Thanks Agentm

I did not mean to say the three posts were contributors for the price increase in BCC. My Good ness if that would be the case then ASF posting can create upside down

What I tried to say was , the market reflection was already conveyed by those three posts and I basically was complimenting the quality of those three postings.  

Thanks again


----------



## Trader Paul (14 February 2010)

Hi folks,

BCC ... as requested, here's an update of our astroanalysis for the 
next few months, with mid-March 2010 looking interesting for news:

25-26022010 ... minor news cycle

02032010 ... positive cycle ... finances ???

12-15032010 ... 2 significant and positive
time cycles ... news expected

26-29032010 ... 2 minor time cycles

14042010 ... minor cycle

19-20042010 ... minor and positive cycle

28-30042010 ... significant and positive
cycle may trigger a big move.


13-14052010 ... minor and positive light
on BCC, but tempered by
negative cycle, soon after.

24-26052010 ... negative aspect here

04-08062010 ... 2 minor cycles to bring
some positive news ... ???

14-15062010 ... negative light on BCC

22-23062010 ... negative news expected here.

More later .... 

have a great weekend all

paul



=====


----------



## watchingall (25 March 2010)

I hope everyone got a look at the recent activity and I noticed this tonight.

http://www.youtube.com/watch?v=02iY44mxLNs

And this looks really good to.
http://www.youtube.com/watch?v=_iuytgAzeME

And this is just funny
http://www.youtube.com/watch?v=aXw0NotoBes

They obviously have been looking at Alaska for a while.


----------



## banska bystrica (29 March 2010)

Price slip sliding away...... Emotional holders get slaughtered. Never fall in love with a stock. It's toxic to your bank balance.
I called it a strong sell at 10c and got flamed because of that. Seems like it's playing out as I thought.


----------



## prawn_86 (29 March 2010)

banska bystrica said:


> I called it a strong sell at 10c and got flamed because of that. Seems like it's playing out as I thought.




Can you link to the post? I cant find it, so did you actually post or is it a hindsight trade?


----------



## banska bystrica (29 March 2010)

prawn86,
The relevant post was across the road at that other site. I sometimes get confused about what's been posted where.


----------



## banska bystrica (29 March 2010)

What a ridiculous announcement today by BCC. Hedging is common practice in the majority of oil/gas producers. Next they will be announcing the change of colour on the company's letterhead or that they saved 15% on a new drill bit.


----------



## banska bystrica (29 March 2010)

Curtis should be working for QBE. He's the new "Mr Insurance". His conservative ways are putting a real big handbrake on the share price.
Get Lee County up and running and don't worry about Springtree or hedging the gas production at Pompano. Back yourself Curtis. Don't keep hedging your bets.


----------



## prawn_86 (29 March 2010)

banska bystrica said:


> Curtis should be working for QBE. He's the new "Mr Insurance". His conservative ways are putting a real big handbrake on the share price.
> Get Lee County up and running and don't worry about Springtree or hedging the gas production at Pompano. Back yourself Curtis. Don't keep hedging your bets.




Agree with this. And with their new Alaskan project it seems they are spreading themselves thin, despite the new managers coming on board (read: more costs).

Focus on drilling and getting cash-flow rather than expansion, i would have thought they have enough prospective projects at this stage.

Just hope he/they have a long term plan


----------



## banska bystrica (29 March 2010)

They also have two very bright prospects in Ruby and Jaguar along with supposedly 12 wells in Lee County. They have enough on their plate for probably 5 years with those projects alone yet they want to go drilling wildcats in Alaska (both onshore and OFFSHORE). No wonder the share price is weakening by the day. Even some long term diehard supporters must be getting nervous. The game changes monthly it seems on the pirate ship Buccaneer.


----------



## banska bystrica (29 March 2010)

prawn_86 said:


> Just hope he/they have a long term plan




My fear for shareholders is that the long term plan is to ensure they have enough cash (aka Springtree) to survive  but there will under-performance (because of dilution and rising costs). In other words, minimal upside for shareholders but continuing salaries for executives.


----------



## prawn_86 (29 March 2010)

Agree BB. I originally bought in near when they first listed as thought the management team had the goods to deliver, but now im wondering if they have made enough dollars previously and are just doing this to keep themselves in a wage and stop the boredom of retirement


----------



## banska bystrica (21 April 2010)

Let's head North to Alaska!

All of a sudden the focus is on Alaska and still no news on Lee County. Wasn't Lee County the supposed company maker? Oh that's right, they have just worked out there is no money in gas so let's quietly forget about Lee County and head North to Alaska. What a rabble!
That incentive is a TAX CREDIT so is only useful if they are successful in finding commercial oil and it can be offset against income. They still have to come up with circa $15M to drill ONE well. Oh that's right. Springtree will provide the money in exchange for shares which they dump on market every month for 12 months. Watch Springtree dump this if it gets over 7c.


----------



## banska bystrica (21 April 2010)

banska bystrica said:


> Watch Springtree dump this if it gets over 7c.




Just as I predicted. The Mums and Dads pushed it to 7.3c and the big boys whacked it straight back down to 7c. Very predictable.


----------



## watchingall (22 April 2010)

*Buccaneer Energy Excellence in Oil Presentation video*

For those who have heard about the presentation but haven't seen it.

http://www.brr.com.au/event/65371/b...ference-curtis-burton-managing-director?log=1

In the presentation Curtis speaks to the offshore Gulf of Mexico portfolio "We are not abonding this" He explains that Ruby may be next because it has oil. Curtis explains his Lee County push, lower cost wells with an oil focus. He does not explain the delays but says the Vic one is being put on production and the site has been prepared for Vic two. Rig is expected by end of April, in Buccaneer time that could be end of May. Ships move slower on land. 

He then goes into an explanation of the acquisition of Steller and that they intend to be drilling this year on the on-shore stuff in the Kenai Pennensula.


Worth watching before BRR takes it down.


----------



## robert99 (27 April 2010)

*Buccaner Energy... Lee county drilling to commence!*

Lee county drilling to commence! 
The drilling contractor has not performed! The drilling contractor is the reason for the delays!  Oil in the ground and soon to be...in the bank!

Read the attached document!


----------



## watchingall (30 April 2010)

*Buccaneer Energy, Curtis Burton, is on World Energy TV*

Buccaneer Energy, BCC:AU reveals secrets to World Energy TV

--------------------------------------------------------------------------------

 Curtis Burton recently appeared on World Energy Television in a kind of "tell all" interview. He details the inner workings of Buccaneer, their recent acquisition in Alaska, and tells us what the future may hold. In the interview he provides a snapshot into just how big Buccaneer is going to be in the very near term. The videos are short but worth watching.

http://www.youtube.com/watch?v=0IWlXHm1cmA
http://www.youtube.com/watch?v=DvBatcrQwAg
http://www.youtube.com/watch?v=nJaMMi0Mj7Q

"149 million barrels of oil and 1.2 TCF of gas, that’s a company making opportunity, but Alaska? You don't know the whole about Alaska, a number of things have recently changed about Alaska.

"You get a commodity floor of $7 to $9 dollars for Gas. Here you have an on-going danger of commodity price collapse, in Alaska not so."

"If you look at the portfolio we started out with it has over 300b's of upside associated with it, that’s hardly conservative. When you look at we are focused on in Alaska 1.2 TCF of gas and 149 million barrels of oil as an opportunity, is hardly conservative. What is conservative about that is that we have replicated what we have done in the lower 48. We've gone after something that has manageable risk, we've captured a commodity price situation that is in our favor, we are going to areas that have had prior production that's in our favor, we are going to areas that have seismic or other event that lowers the risk and that is in our favor. While we are being conservative we are being 'aggressively conservative'." Curtis Burton, CEO of Buccaneer in a recent interview.

"We have some world class opportunities surrounding Pompano, if gas was at $10, $12, $8 we would be making active plans to drill. But right now is not the time to be drilling those kinds of opportunities. So what we have been busy doing for the last six months is scouring the planet for what is a good opportunistic fit that has a dominance of oil associated with it or some set of circumstances with it that make it work even in a poor gas market. That's Alaska."

Here we have an independent that can be very flexible. If the natural gas market opens up in the lower 48 they have great prospects in the shallow water gulf. At a time when oil is $80 they have a 30 well drilling program in Lee County Texas. As the majors pull back in Alaska, they are all ready there buying inexpensive big impact plays.

It doesn't get much better than that.


----------



## zzaaxxss3401 (30 April 2010)

Are these numbers right!!!???
149 million barrels * $80 per barrel = $11.92B!
*Plus*
1.2 TCF * 1000Btu/cf = 1200T Btu
1200T = 1200M * 1M
1200T Btu = 1200M MMBtu
1200M MMBtu * $4/MMBtu = $4.8B

Reserves waiting to be tapped: *$US16.72 billion!*

And Curtis is conservative???


----------



## banska bystrica (4 May 2010)

3P prospective resources, not 2P "reserves" by any stretch. Drilling Alaska will be a defining moment either way but it's a long way off.


----------



## quarky (12 May 2010)

*Buccaneer Energy Provides Lee County Project Update *
Tuesday May 11, 2010, 11:23 am 


Original Announcement: Lee County - Operational Update 

Buccaneer Energy provided a Lee County project operational update, reporting the Vick #2 well spudded at approx. 8.30am on 29 April 2010 EST. The well was drilled to 5,239 feet where 5 1/2" casing was set, wireline logs were run and are being reviewed. The Nicklos #1 rig has been released and the Nabors Rig has been moved from the Vick #1 location and is onsite, rigging up to prepare to drill ahead. It is expected to recommence drilling operations in the next 24-36 hours to deepen the well to target depth. The Company also reported that at Vick #1 wellhead plumbing and surface flowback equipment is being installed and production tubing has been delivered to the site in preparation for completion of the well. A completion rig has been located and is expected to be onsite to commence operations in the next 48 hours.


----------



## quarky (13 May 2010)

*Buccaneer Energy Announces Bill Signed for Significant New Incentives in Alaska *
Wednesday May 12, 2010, 11:36 am 


_Original Announcement: Governor Parnell signs Bill for Significant New Incentive 
_
Buccaneer Energy announced that Governor Parnell has signed the Bill to make law a significant amendment to Alaska's Clear and Equitable Share (ACES) program. As advised on 21 April 2010, the statutory amendments enacted with this legislation will establish a tax credit of up to US$25m for exploration wells drilled into the pre-tertiary strata of the Cook Inlet with a jack-up drilling rig. The new incentive provides for the following: if Buccaneer drills the first well in the Cook Inlet using a jack-up rig, it will be eligible to claim up to US$25m of all drilling costs, including rig mobilisation costs. If its drills the second well, the claim will be US$22.5m, and if its drills the third well, it is entitled to claim US$20m.


----------



## quarky (14 May 2010)

*Buccaneer Energy Provides Lee County Project Update *
Friday May 14, 2010, 12:02 pm 


_Original Announcement: Lee County - Strong Oil and Gas Shows _

Buccaneer Energy provided an operational update for the Lee County Project, reporting that the Vick #2 well is currently at 5,800ft, with anticipated total depth approximately 6,100ft. The well entered the Lower Austin Chalk (LAC) at approximately 5,690ft as anticipated and is still drilling in the LAC. The well started having strong gas shows, with heavy gases, from 5,400ft. The maximum gas readings recorded have been 2900 units. The well also had oil shows (36 degree API) and approximately 1/4" of oil accumulated on top of the mud pits. Oil and gas shows of this type have continued to the current depth. The well is anticipated to reach total depth shortly at which time wire-line logs will be run.


----------



## quarky (18 May 2010)

*Buccaneer Energy Announces Vick #2 Producing at 500 BOPD *
Tuesday May 18, 2010, 11:09 am 


_Original Announcement: Vick 2 in Production _

Buccaneer Energy provided an operational update, reporting the Vick #2 well reached Total Depth of 6030 ft at approx. 7pm 14 May 2010 EST. Electric-line logs were then run and on completion of the logging run, wellbore fluids began flowing from the well unexpectedly. The well was shut-in for approx. 12 hours and a wellbore pressure build-up was observed and analysed. The flow testing has resulted in a producing rate of approx. 500 BOPD. A buyer is currently being arranged to purchase this oil.


----------



## prawn_86 (18 May 2010)

Good unexpected news here.

Any O&G geos care to comment as to if it is sustainable? Company is assessing options at the moment as it is flowing from the vertical well, without the horizontal being drilled. Is it possible they just hit a small pocket? Or is it likely it will continue to flow?

500 bopd equates to about $18k USD per day to Buccaneer before costs.


----------



## banska bystrica (18 May 2010)

It's a very good result so far but two things to note:

1.They own 52.5% of it.
2. The flow rates in the area do drop off quickly and horizontal drills and fracs are expensive. Approx $2M for a horizontal.

Good news however and long term holders would be encouraged.


----------



## watchingall (20 May 2010)

*Re: BCC - Buccaneer Energy Vic #2*

While it is true that horizontal legs and fracks are expensive, this well started flowing without needing to drill the expensive part of the well.  This is very good for the Lee County play.  The Vic #1 is waiting to be put on production as well and that well has a horizontal all ready in place.  If Vic. 2 continues flowing for several days that production will more than offset the cost of drilling both wells.  If LC continues to move quickly, this well took less than 30 days and the production holds even for a little while this a home run.  Couple this production with the natural gas from Pompano and remember the upside that will be coming from Alaska, drilling on-shore, and this stock is woefully under priced.


----------



## watchingall (25 May 2010)

*Buccaneer Energy, Lee County Update*

While the current announcement is less than exciting, a new video popped up on World Energy that shows us the site and the activity.  It shows that this drill site is in backyard of the residents of Texas and any production should be attached to a pipeline and sold quickly.

I did not realise how close to Houston and Austin this project is.

http://www.youtube.com/watch?v=PjlG627DY0U


Worth watching.


----------



## banska bystrica (25 May 2010)

The jury is still out on Vick 2. It appears to be a very low pressure well hence only needing water to keep the wellbore fluids at bay. Some of these chalk reservoirs open up solidly on initial flows and then deplete very quickly. I think the market will wait to see one month test data before it gets too excited. By end of financial year, we will have a very good idea of the long term productive capabilities of Vick 2. It's just too early to tell one way of the other.


----------



## prawn_86 (25 May 2010)

banska bystrica said:


> The jury is still out on Vick 2. It appears to be a very low pressure well hence only needing water to keep the wellbore fluids at bay. Some of these chalk reservoirs open up solidly on initial flows and then deplete very quickly. I think the market will wait to see one month test data before it gets too excited. By end of financial year, we will have a very good idea of the long term productive capabilities of Vick 2. It's just too early to tell one way of the other.




I had very similar thoughts. Im not geo, but thought that when it started flowing they may just have hit a small pocket without the needing to frac.

Agree that time will be needed to properly assess.

One thing im glad is that things are happening quickly, i just hope the horizontals happen at a fast pace too. I was worried they would get caught up in the compliacted nature of the area and take a long time to drill.


----------



## watchingall (28 May 2010)

President Obama today announced that the drilling ban on deepwater drilling was going to stay intact for the next 6 months.  He also cancelled the lease sales for Virginia.  He also postponed the drilling permits in federal waters of Alaska for Shell and Marathon Oil.

The question would be what does this do for a small producer like Buccaneer Energy (BCC) if the ban remains. Actually one of the advantages that BCC has is that it opted to work in State controlled waters and low risk on-shore positions.

So the net effect the ban has on BCC is relatively positive. First, the commodity prices should actually rise. The deepwater is the big producer in the Gulf of Mexico and it has a 25 to 30% annual decline rate. So taking that into consideration, the shallow plays and on-shore opportunities will be sold into a better commodity market.

Additionally, the people who would have been working off shore are now going to be available to work for BCC so the service industry should see some price declines. Again, not good for the service companies but potentially good for BCC.

Since the majors cannot drill in the deepwater, they may find partnering with BCC on the Cook Inlet highly attractive, and since in Alaska that may be the only work going on, it may drive more interest from Apache and others.

Lastly, on-shore opportunies like Lee County and West Eagle become very important to the country, so again, BCC is well placed to take advantage of this situation to the benefit of shareholders.


----------



## banska bystrica (1 June 2010)

Three months to tell us Vick 1 MIGHT get to 200+ bopd. What a crock of garbage. They knew all along and now trying to camouflage it with an average Vick 2 report.
These are typical complex Austin Chalks. High initial flow, then limp like a weak garden hose and they only own 52.5%.
This Lee County project will not even cover wages. That's why they went to Alaska.

Now BCC announce an increase in lease acreage in Lee County. Funny that. I thought Curtis said they were going to Alaska because Lee County was not a company maker. So what do they do? Spend more money in Lee County whilst still having issues with the Vick 1 and Vick 2 wells.
This outfit really want fingers in every pie but they are spreading themselves very thin across the board. Meanwhile they keep dishing out cheap shares to Springtree to cover the payroll. Have a look at the latest cash flow report.
I think they are more about ensuring long term jobs than creating shareholder wealth. Just my opinion.
First target 4c, then 3c after dilution from Springtree is complete.


----------



## prawn_86 (1 June 2010)

Yeh this was my worry when they went into the Austin Chalk. Will be interesting to see how things play out for them. I still like management, but have lost a bit of faith in them, and do agree with BB that they should stop purchasing and starting producing...


----------



## banska bystrica (1 June 2010)

prawn,
The Austin Chalk can produce but I don't believe BCC's acreage is in the "sweet spot" for condensates in abundance. Austin Chalks are very, very tricky and if you need horizontal completions with every well, it becomes very expensive.
Perhaps the owners of the adjoining acreage that BCC just acquired were more than happy to sell it? I wonder why?
I think it all hinges on Alaska for BCC. That's a tall order.


----------



## banska bystrica (4 June 2010)

The management and staff gravy train continues. What a scandalous after market announcement. 47M extra bits of paper. More than 10% of total shares just gifted to management and staff. No other hurdles to jump. A free ride to 2013. Big kick in the guts to current shareholders and BCCO holders especially.
Did they think it will be forgotten Monday morning if they announce after close on Friday?
I suspected this mob were in it for themselves. This doesn't make me think any differently. Highway robbery in my opinion.


----------



## banska bystrica (5 June 2010)

This snouts in the trough is very very poor timing. Shareholders are bleeding so what do management do? Issue out 47M freebies to convert at 10c in 3 years time and all they have to do to is drill two wells in Lee County in three years. What happened to the 30 well program? This mob is full of crap. They are in it for themselves like I said months ago when they signed up Springtree.
4c here we come. Then down to 2c after full dilution. Mark my words.
They have even issued 2M free options to Kenneth Hooper who no longer works for them. Nice one Ken.
Dean and Curtis, you are both a disgrace. Aren't your huge salaries enough incentive? ASA will be contacted on Monday.


----------



## Miner (5 June 2010)

banska bystrica said:


> This snouts in the trough is very very poor timing. Shareholders are bleeding so what do management do? Issue out 47M freebies to convert at 10c in 3 years time and all they have to do to is drill two wells in Lee County in three years. What happened to the 30 well program? This mob is full of crap. They are in it for themselves like I said months ago when they signed up Springtree.
> 4c here we come. Then down to 2c after full dilution. Mark my words.
> They have even issued 2M free options to Kenneth Hooper who no longer works for them. Nice one Ken.
> Dean and Curtis, you are both a disgrace. Aren't your huge salaries enough incentive? ASA will be contacted on Monday.




Dear Banska

Understand your sentiment as I am in the same page with you. More regrettably as I got the warning from some of the learned friends  of ASF advised me NOT  to buy BCC but damage was already done.

I only suggest that some of the frustration be vented directly to Dean and Curtis in company's website so that at least some curses reach them.

They are no doubt cheat but ASX  and ASIC are  equally a cheat with no regulatory power or exercise of the deemed power. 

Please remember in corporate world without the alliance with the regulator no cheat could survive. You can make your judgement

Good luck and hope BCC proves it wrong by result.


----------



## watchingall (14 June 2010)

*Buccaneer Alaska, Jim Watts President speaks*

http://www.youtube.com/watch?v=fbwoDs5lmfg

http://www.youtube.com/watch?v=B2ViDIxXxhY

This definately changes the outlook on how they intend to operate in the Cook Inlet.

He discusses where they are going first, how they intend operate and what it might mean to Buccaneer.  In light of Apache's recent announcement this could be very important.


----------



## Miner (14 June 2010)

*Re: Buccaneer Alaska, Jim Watts President speaks*



watchingall said:


> http://www.youtube.com/watch?v=fbwoDs5lmfg
> 
> http://www.youtube.com/watch?v=B2ViDIxXxhY
> 
> ...




Hey Watchingall 

Do you have a link to Apache announcement?
Sorry I am not allowed to watch youtube while at work in case you have linked the announcement there


----------



## watchingall (14 June 2010)

http://www.alaskajournal.com/stories/061110/oil_acn.shtml

This seems to outline the situatiion.  Apache seems to have said they are coming to the Cook Inlet.  Advantage Buccaneer for getting there first.


----------



## Miner (14 June 2010)

watchingall said:


> http://www.alaskajournal.com/stories/061110/oil_acn.shtml
> 
> This seems to outline the situatiion.  Apache seems to have said they are coming to the Cook Inlet.  Advantage Buccaneer for getting there first.




Thanks
Now the stupid question from me:

How Escopeta Corp and BCC are related notwithstanding BCC is going to have a large stake in Alaska. If company like Apache does not come to the party then BCC will be only a by stander. Nonetheless the 120 day drilling at Escopeta will have lot to prove for BCC. To save cash  (as BCC has already provided huge shares to its own directors for one only drill in 3 years ) BCC probably will wait to see the outcome of drilling with Escopeta Corp and do nothing.


What do you think before I draw the correlation between the two cases?


----------



## watchingall (15 June 2010)

*Re: BCC and Escopeta*

Miner,

I would not relate these two, there only connection is that they are both from Houston and both working in Alaska.  If you watch the Jim Watt video and then go back and watch Curtis Burton in three parts I think you will get a better idea of the strategy.  Escopeta will be in real trouble if Apache or another big independent doesn't come to the Inlet.  They have been burning time and capital holding leases and trying to get a rig in place.  If they don't get another extension they will lose the work they have done so far.

BCC on the other hand is a new player in the Inlet.  They have bought off shore leases and on shore leases.  Just as they did in the Gulf of Mexico and Texas when they started.  BCC will start on-shore in Alaska and get some things moving before they jump into the water.

The longer Apache waits the better for BCC, they will get a stronger foot hold at lower costs.  Once the herd heads North the leases will get very expensive and the demands on the work force and limited equipment will rise.

BCC has production in Gulf of Mexico, soon they will have oil in LC, they have other prospects not related to Alaska.  I believe all Escopeta has are leases in the Cook Inlet.


----------



## againsthegrain (13 October 2010)

The oil is starting to flow in LC, the last few announcements have been positive. Since the last 17c peak the company has advanced so much forward. The current price of mid 4 cents is starting to look very very delicious


----------



## banska bystrica (13 October 2010)

The company has advanced nowhere. 52.5% of a well producing 400 BOPD is peanuts. Wait until wee see the decline rates. This whole Le County program is so mundane and non-company making. I bet they wish they had sold it a while back when it was on the market.
They don't even have enough money to get a jack-up rig to the Cook Inlet. Going nowhere while the general market is roaring.


----------



## banska bystrica (14 October 2010)

I've never seen a supposed team of experts change their mind so many times on what to do. They were adamant that Alex 1 required a horizontal as history has proven vertical fractures do not produce for very long at all. So what do they do? They produce from the vertical which means they will incur more costs to get the horizontal rig back on site when the inevitable decline kicks in.
This supposed team of experts are a very ordinary team indeed. I hope for all shareholders' sakes the ex-Stellar boys know what they are doing in Alaska. By the way, I might just attend the AGM and give these poor managers a good verbal flogging. I've got a list of 11 "issues" already. Curtis better be on his A Grade game and I'll also be asking if he made good use of his club membership in the USA that we shareholders paid for. Oh, and how is the car allowance going? Is it covering all the expenses?
Then I'll give Dean a serve on Springtree. How he came up with that toxic agreement is anyone's guess. What a complete joke.


----------



## againsthegrain (18 October 2010)

400bpd is good for the well cost, if it even declines to 200 I wont be complaining about the cash flow. I believe in the last ann the operator said alex1 had one of the best flows compared to wells in the area.

St will be exiting in Feb and without the funding no progress or move to Alaska would be possible. Cant win without setbacks, very negative mljet


----------



## banska bystrica (21 October 2010)

I have been bagged about my negativity on Lee County. You are all starting to see what I have been saying is coming to fruition. This project is a DUD. At best, they can install pumps and piddle out 200-260 BOPD. At BEST! Then they only own 52.5%. What a joke and bullish people can justify anything when in denial. You wonder why the market is ignoring BCC. Lee County doesn't offer any blue sky whatsoever and they are burning about $8M per annum in running costs. Just do the math. 

Perhaps BCC should go into the business of selling water? There's no shortage of that under Lee County! So much for their supposed expertise. They need to get a decent operator who understands the Austin Chalk or sell it for what they can get. These guys have been stuffing around for 12 months.

1. Sell Lee County
2. Recapitalise the company to raise $20M
3. Get cranking on Alaska.

That's it for 2010 in Lee County I reckon. They have enough problems to sort out for the next two months at least.
So, the much hyped 10 quick Lee County wells has turned out to be 3 wells which includes 2 duds (Vick 1 and Vick 2) and one probable water producing dud (Alex 1). No wonder the K Group sold out at a loss earlier this year and moved on.


----------



## banska bystrica (27 October 2010)

Oh dear! Estimated untapped oil reserves in Alaska slashed by 90%.

http://news.blogs.cnn.com/2010/10/2...-reserves-estimate-lowered-90-percent/?hpt=T2

This news on top of the continuing farce called Lee County. They either get an operator who knows what they are doing or sell the acreage for what they can get IMO.
Have a read of the latest farce on Vick 2 and Alex 1 flowing at a piddling 200 BOPD (ON PUMP) and BCC owns 52.5%. No wonder the market is caning them.


----------



## againsthegrain (27 October 2010)

at 50% they will be making 100 bopd by current estimates, at least the well will pay itself off and some cash flow. I agree its definately nothing too hot but I am quiet happy with the current price for a long term entry which I have made 

Things have not gone to plan so far but at least something is happening and not a total fail, moderate risk, some good potential and possibly big rewards for those keen to wait.

I don't count on it but maybye finally these guys will get some more luck when/if they do go with those horizontals. 

Either way there will be more future speculation upon closer spud in Alaska which will make great exits for mid term. 

p.s looks like bcc is very close to get a slice of those rebates from the Alaskan govt for being the first 3 to drill


----------



## banska bystrica (27 October 2010)

BCC gave a hint as to why they were not proceeding to horizontals straight away. Capital preservation. In other words, things are a bit tight IMO.

The biggest risk to the current share price is a big cap raising for Alaska. No need to buy at 4c IMO. The chance of a much lower entry is still great IMO.

Personally, at 3c I would take a nibble and at 2c I would go in hard and look to free carry after a spike on Alaskan news.


----------



## againsthegrain (27 October 2010)

Agreed, if it goes to 2 I will definately pick up more, at 3 ill have to sit back and watch but still happy to go in at 4 and wait, im in no hurry


----------



## banska bystrica (28 October 2010)

You're obviously not worried about a thing called "opportunity cost". Money in this dog is stagnating at best whilst the market has boomed.


----------



## againsthegrain (31 October 2010)

All depends on your strategy, my strategy was to pick up some at 4 and im sticking with it, if it goes to 2 well ill be happy to watch and know you can never always pick the absolute bottom. If 4 is the bottom ill be happy to be free carried along either way in the future.


----------



## prawn_86 (2 November 2010)

I have to say i agree on pretty much all counts with BB. Lots of hype and very little action from these guys, unfortunately for me...


----------



## againsthegrain (11 November 2010)

A nice result today, Netherland Sewell Report got some investors jumping in. 17% increase from my last post. I still see the price drifting a little lower with springtree antics but from the looks of it not sure about that 2c entry. 

Nice profit for me but I am giving Dean a chance and will definately stick around longer to see it out, about time bcc got some positive news


----------



## againsthegrain (16 November 2010)

Touching 6c in the first hour of trade, meula looks like that 2c entry has faded.


----------



## keitsuke (16 November 2010)

againsthegrain said:


> Touching 6c in the first hour of trade, meula looks like that 2c entry has faded.




They probably just got a please explain from ASX, trading has been halted at 6.2c.


----------



## breakevencrazy (23 November 2010)

There won't be any 2c after this latest TH is lifted. This one is on the move and I think I've missed the boat.


----------



## prawn_86 (23 November 2010)

breakevencrazy said:


> There won't be any 2c after this latest TH is lifted. This one is on the move and I think I've missed the boat.




Why do you think that? What makes you think the announcement will be positive?


----------



## breakevencrazy (23 November 2010)

I'm not allowed to post the link because I'm not prolific.This is lifted from Petroleum news. Anyone getting in sub 4c is sitting pretty I think.

*Buccaneer gets further approval from AIDEA
*
Buccaneer moved two steps closer to bringing a jack-up into Cook Inlet today.

The Alaska Industrial Development and Export Authority agreed to consider owning a piece of the rig and determined that the project was eligible for tax-exempt financing.

Buccaneer Alaska, a local subsidiary of the Australian independent, is looking to buy a jack-up rig by interlocking a series of public and private funding mechanisms.

To buy the rig, Buccaneer wants to use up to $60 million of Recovery Zone Facility Bonds and wants AIDEA to invest between $20 million and $30 million. Then, to offset those costs, Buccaneer would take advantage of a new tax credit that pays 100 percent of the drilling expenses, up to $25 million, for the first offshore well drilled with a jack-up.

The AIDEA board approved two resolutions that advance that cause today.

The first allows AIDEA to conduct a feasibility study to decide whether owning a portion of the rig is a good business decision. The second allows Buccaneer to get reimbursed for certain expenses if it is ultimately allowed to use the Recovery Zone Facility Bonds.

AIDEA could make a final decision as early as Dec. 3.


----------



## Miner (24 November 2010)

breakevencrazy said:


> I'm not allowed to post the link because I'm not prolific.This is lifted from Petroleum news. Anyone getting in sub 4c is sitting pretty I think.
> 
> *Buccaneer gets further approval from AIDEA
> *
> ...




Breakevencrazy

I think what you expected to happen on Dec 3 is happening tonight and hence the trading halt call by BCC. See attached

But I am confused because on 17 Nov BCC reported that AIDEA has approved a funding on 16 Nov 2010 - see attached.

We will know itomorrow some time f there was any additional funding or cancellation of funding


----------



## prawn_86 (29 November 2010)

Interesting presentation released today showing a good aco**** of where the co is at.

Slides 30 and 31 give a decent peer comparison:

                  EV /2P BOE(AUD$/BOE)
Tap Oil TAP  21.97
Horizon Oil HZN  31.22
Nido Petroleum NDO  43.70
Cooper Energy COE  14.93
Drillsearch DLS  28.40
Pan Pacific PPP  4.18
Average 122.5 (EV) 23.90

BCC - EV /2P BOE (AUD$/BOE) = 0.52c, so 8x undervalued on that basis compared to PPP.

Obviously market is factoring in failure in their projects, and personally i cant blame it as management have been slow to deliver imo


----------



## againsthegrain (2 December 2010)

Sold all my holdings today to pursue another much more aggressive opportunity on which I could not pass. 

Don't see bcc moving too fast in the short term future, hope to still get back on board without missing out on much just before springtree get off (feb) unless some major new developments take place. 

Good luck to all still holding and hope to still get on this old ship before it sails off to alaska


----------



## indeck (30 December 2010)

Good yet somewhat cryptic news out of bcc today with a "substantially higher" reserve expected.  Numbers to follow mid jan.  I was fortunate enough to jump in before the market really reacted so i'm sitting pretty on a ~10% gain today.


----------



## againsthegrain (5 January 2011)

What do you guys think about the current situation, bonds, waiting for funding approval? I am considering a re-entry but not quiet sure how to risk assess the funding approval.

From my research I see it as a bit of a 50/50 situation, bystrica you have always been very good with honest and critical analysis of this stock which upset many however proved to be very correct.


If the bonds do not go through this will most likely crash back to 2c.


----------



## againsthegrain (24 January 2011)

Well im just going to reply to myself then, bcc is looking good again and I have managed a good entry, no annoucements yet but everything is pointing to a favourable decision. In for short-mid term again.


----------



## mr. jeff (25 January 2011)

BCC mentioned in the FIn Review today, 

"Buccaneer to roll out 70M barrels"

mentions that BCC may be preparing to announce jew 12.7m barrel 2P reserve base in Alaska, goes on to say that this reserve could be worth about 550m in future revenue or 300M npv.

Any holders, this sounds like when it comes out officially, could be good news.


----------



## mr. jeff (25 January 2011)

Well to follow up on that; great news for holders:



> ASX RELEASE – 25 JANUARY 2011
> SOUTHERN CROSS UNIT, ALASKA – NETHERLAND SEWELL REPORT
> Buccaneer Energy Limited (“Buccaneer” or “the Company”) is pleased to provide the
> following Reserve and Resource calculations for the Southern Cross Unit located in the
> ...





If anyone has been investigating already, it might be worth a look at the total effects on BCC mc? Will assess shortly.


----------



## prawn_86 (25 January 2011)

They seem to be building a big reserve base, but struggling to get it into proper productions and cashflow/profit. Im still holding a few for long term as i like the management team. We'll see


----------



## Miner (25 January 2011)

mr. jeff said:


> Well to follow up on that; great news for holders:
> 
> 
> 
> ...




Gone up more than 30% so far this morning.
 I was impatient and unloaded most of the holding only last week.


----------



## mr. jeff (25 January 2011)

if this reserve is worth 300m to them now and mc is currently approx, 40m, then this find could potentially add some impetus to their sp. perhaps approx. 20m to their mc, but this is complete speculation.

After looking back through the thread it appears that BCC hasn't exactly set the world on fire with  previous works to date. Maybe they are better off selling these leases?


----------



## prawn_86 (25 January 2011)

mr. jeff said:


> Maybe they are better off selling these leases?




They only just bought them. Will be interesting to see how they proceed, but as it is all new infrastructure required its interesting that they think they can raise enough debt to pay for it all


----------



## zzaaxxss3401 (25 January 2011)

Miner said:


> Gone up more than 30% so far this morning.
> I was impatient and unloaded most of the holding only last week.



That's frustrating! I now get into the habit of checking out the price trend. It was heading towards a breakout... and it looks like there were a few "early" trades before today's announcement.


----------



## laurie (25 January 2011)

Guys they are trying to get a JUR via AIEDA funding to be the first in Cook Inlet to drill the first hole they are trying to beat Danny Davis to the inlet once a rig is there then the real show starts yes I agree its been slow but someone told me once the share market is a place where wealth is transferred from the impatient to the patent got to say thou it has tested my patience a few times

laurie


----------



## laurie (13 February 2011)

AIDEA decision must be getting very close sp .11c looks like its anticipation of a result could be near if not then sp next week back to .098c or there abouts if decision comes it could go as high as .15c to form a base for the next leg up to .20c 

laurie


----------



## againsthegrain (13 February 2011)

It will take the jur around 40 days to get to alaska after its finished being winter proofed and upgraded so still alot of time to play around with.

Yes a bit of speculating around the results from bonds application however this has became a more mid term play now, lots of day traders and hurt investors from over a year ago. I seriously doubt 20c is on the books given all green lights on short term.

15c might be a temp target if everything goes according to plan..... bcc going according to plan?

The money will be in the jur arriving, spud dates set then actual flow rates from first drill. Im out of bcc once again for some quick gains and will be looking over the next few months on how these guys are progressing. From past experience it will probably be a while still.


----------



## prawn_86 (17 February 2011)

Looks like they are going ahead with the AIDEA funding for the jack-up rig. Looks like a pretty complex arangement to me with Buc 100% owning Buc Alaska, which 100% owns Opco, who will be the rig operator. Buc Alaska also 50% owns Kenai which will be buying the Jack up rig, and a JV partner owns the other 50% of Kenai 

No actual $ figures forecast, so i'm watching very closely.


----------



## laurie (17 February 2011)

Market not impressed with announcement you wonder sometimes why companies uses trading halts to announce news that was widely known and already factored in the share price.Trading halts are usually either good news or bad news this was neither 

laurie


----------



## zzaaxxss3401 (8 March 2011)

Another trading halt pending an announcement in respect to finalisation of details of a Share Purchase Plan. Be interesting to see what the announcement details are tomorrow morning.

I'll take a guess at 10c (Average for past 5 days was 11c) so it would be a 10% discount at least.


----------



## againsthegrain (8 March 2011)

yea 10c sure looks like a realistic figure, bcc been a great trading stock lately


----------



## zzaaxxss3401 (10 March 2011)

Looks like it's first in, best dressed.  At least they have BPay.

_Shareholders to participate in a Share Purchase Plan (SPP)

The SPP will raise a maximum of $16,596,485 at the issue price of *$0.095* per share.

Shareholders can, at their election, take up:
• 21,053 shares for $2,000
• 52,632 shares for $5,000
• 105,264 shares for $10,000; or
• 157,895 shares for $15,000,
of new shares under the SPP, at an issue price of $0.095 per share. The Company has
executed a Placement Agreement with Helmsec Global Capital Pty Limited (Helmsec)
under which Helmsec agrees to use its best endeavours to place a number of shares equal to the shortfall under the SPP up to a maximum of 174,699,846 Shares, at the issue price of $0.095 per share (Placement). The Placement is subject to shareholder approval at a general meeting of Buccaneer Energy to be held in April 2011.

Buccaneer Energy plans to use the funds raised from the SPP (after issue costs) to:
• fund capital expenditure associated with the drilling of the first well at Kenai Loop,
onshore Cook Inlet, Alaska;
• provide funds to support the acquisition of a Jack-Up rig to drill the Company’s offshore
properties located in the Cook Inlet, Alaska; and
• provide working capital.

The Company intends to close the Issue at the earlier of:
• the Closing Date; or
• when Applications have been received for 174,699,846 new Shares.

...

Record Date of the SPP (7.00pm Sydney time) - 7 March 2011
Opening Date of the SPP - 16 March 2011
Closing Date of the SPP - 13 April 2011
General meeting to approve Placement Shares and New Options - 18 April 2011
Placement Applications and funds received (in the event of a shortfall under the SPP) - 27 April 2011
Issue and Allotment of new shares under the SPP - 18 April 2011
Quotation of new shares under the SPP - 19 April 2011_


----------



## zzaaxxss3401 (10 March 2011)

*Kenai Loop Project*

Kenai Loop Project works have started. Based on the facts:
• BCC has acquired a 100% working interest (80% to 86.5% net revenue interest)
• Resource potential per well is 5 BCF gas with initial rates per well estimated to be in the 5 to 10 million cubic feet per day range;
• Three drilling locations are in the process of being permitted;
• The first well will be a step-out well from the Kenai Cannery Loop field and is targeted to spud in early to mid April, subject to confirmation of rig availability;
• 1 mile to the nearest gas sales pipeline;
• Strong local market for gas in the area, recent gas contracts have a US$7.00 / MCF floor and US$10.00 / MCF ceiling.

I just did some quick sums, and got between $30-90million revenue (with 3 wells operating) depending on the rate and gas price. Is this right? It's nice if it is.


----------



## prawn_86 (10 March 2011)

*Re: Kenai Loop Project*



zzaaxxss3401 said:


> I just did some quick sums, and got between $30-90million revenue (with 3 wells operating) depending on the rate and gas price. Is this right? It's nice if it is.




IF, and its a big if with these guys track record, they can get 3 wells on board at 5mmcfpd and $7 then its $38m pa before costs


----------



## againsthegrain (29 March 2011)

Looks like around a week to go and could be some very good news from the upcomming meeting regarding AIDEA.

 9am 1 April Anchorage time

With bcc's track record im not getting excited or expecting much as per usual behaviour on positive news, but if this gigant finally wakes up it will be worth the punt!


----------



## laurie (29 March 2011)

Yep a game of russian roulette I think the SPP has been chosen to coincide with the AIEDA decision so gamble .095c now and think a positive decision will take it to .17c+ then wait for the pullback to .15c [sell on the fact]


----------



## againsthegrain (30 March 2011)

Not sure abot .17c thats what everybody on HC keeps saying so the usual strategy is to deduct a few pips from the HC talk, I will be quiet happy to sell back at .13c for around a healthy 30% profit, then do it again and again as so far bcc has proved to be the best at trading the dips.

But you just never know maybye the hype can take it even to .20? Well im trading/gambling this one ... no more bets


----------



## jonojpsg (4 April 2011)

Trading halt re AIDEA decision - can't see why when all you need to do is go to the AIDEA website and see that the board APPROVED the decision to invest up to $30m in the rig!!

Interesting to see whether the halt gets lifted today given that there is little point to it??  Also be interesting to see what impact on SP


----------



## againsthegrain (4 April 2011)

There might be more to it, AIDEA decision could be just a small part to the announcement, possible rig contract spud date. Now if those were announced the sp could fly a bit


----------



## againsthegrain (4 April 2011)

It has just come to my attention that Ezion have also gone into a trading halt this morning, very good coincidence or perhaps more?

I dare to speculate that both the companies will release news of a plan to purchase a JUR jointly.

For those who do not know who Ezion is here is a article to read up a bit:

http://www.petroleumnews.com/pntruncate/102716485.shtml


----------



## blues (4 April 2011)

Ezion Holdings are also in a Trading Halt so there might be a little more to it than just announcing the AIDEA decision.


----------



## prawn_86 (6 April 2011)

AIDEA decision approved. BCC to pay it off over 6 years plus interest to get 100% ownership of jack-up rig. Quite a complex ownership structure also.

Are they now a O&G co or service company?


----------



## laurie (8 April 2011)

Market still don't trust BCC I think they need to see results from Kenai Loop drill and now it appears SPP must not be fully subscribe to otherwise they would have closed the issue


----------



## againsthegrain (9 April 2011)

He he and now to spice things up escopata is being sued to stay out, such a bucaner thing to happen!


----------



## prawn_86 (9 April 2011)

laurie said:


> Market still don't trust BCC I think they need to see results from Kenai Loop drill and now it appears SPP must not be fully subscribe to otherwise they would have closed the issue




Yeh i actually had a call asking if i would be taking up the offer. I said thanks but no thanks, i have put enough into them


----------



## againsthegrain (10 April 2011)

I gave the spp a miss too


----------



## banska bystrica (25 April 2011)

BCC state this Kenai Loop #1 well has a 70% chance of being commercial. Perhaps that will prove correct? However, when will commerciality be definitive? One month? 3 months? 6 months?
If holders think they are going to get a sustainable 3MMCFD within even one month after total depth is reached, they are in dream land.
The geology is complex. Just like Lee County is complex.
http://www.dggs.alaska.gov/webpubs/usgs/of...81-0615pt08.PDF


http://www.dggs.alaska.gov/webpubs/usgs/of...81-0615pt11.PDF

Beluga Formation: The Beluga Formation reservoirs vary in depth from approximately 3,070' TVD to 5,800' TVD. Porosity ranges from 10-18%. The reservoir pressure varies from a 0.44 to a 0.46 psi/ft gradient. Obtaining measurable gas flow from the Beluga Formation has required multiple intervals to be open simultaneously. Nodal analysis has been used to estimate reservoir quality in the 0.05-0.5 millidarcy (md) range for the Beluga Formation. Intervals exist that have a lower permeability but intervals have not been encountered where a higher permeability has been calculated.
It is generally accepted that the *Beluga Formation reservoirs have high clay content. Based on the reservoir quality of this rock, liquid flow is inefficient at best*. Water production has not been observed and it is expected that a wet interval will produce as an unconsolidated sand-providing fill into the tubing.

Tyonek Formation: The Tyonek Formation reservoirs vary in depth from approximately 5,800' TVD to 10,108' TVD. The reservoir pressure has an approximate 0.44 psi/ft gradient. Porosity ranges from 10-18%.
The lowest relative permeability to gas measured with gas flow has been 0.025 md while the highest relative permeability to gas measured has been 1.8 md. The majority of the Tyonek Formation reservoirs encountered have permeabilities less than 1.0 md.
It is generally accepted that the Tyonek Formation reservoirs have a high clay content including mobile clays. Consequently, intervals deemed wet have been done so based on a fluid level rise over an extended period of time. Based on the reservoir quality of this rock liquid flow is inefficient at best.

"The middle and lower Beluga sands in the Kenai Gas Field are a normally-pressured 1,700' (520M) section characterized by stacked pay with highly variable pay quality. These fluvial sandstones are 5 to 30 foot (1.5M - 9M) thick. Permeability ranges from 0.01 to 3 millidarcies. Mineralogy is complex, including a high percentage of clays, volcanics, coals, and fines as described in Table 1. The framework grains for the Beluga sandstones are metamorphic rock fragments. The sandstones are bounded by discontinuous shale, siltstone, and coal beds."

Note the permeability readings. 0.01 to 3 millidarcies is terrible. This is complex geology and I doubt we will have any answer as to sustainable flow rates for months. 

http://www.akrdc.org/membership/events/spe...s/prareport.PDF

"*Challenges facing Cook Inlet gas business*
- Formation damage due to sensitive clay cements
- Drilling and seismic costs are very high
- Fines migration and unconsolidated sands cause production problems in
some reservoirs
- Gas is difficult to identify on wire line logs (difficult petrophysical
analysis) Rwa & Sw varies throughout the stratigraphic section.
- Low resistivity pay can be overlooked or by-passed. Careful
petrophysical analysis and re-examination of mud logs and wire line logs
can identify such missed pay.
- Tight gas sands can be overlooked on the initial drilling.
- Sands are discontinuous and disconnected (especially Beluga & some
Tyonek). Pay can be mis-characterized without additional infill drilling,
especially in Beluga reservoirs.
- Correlations are difficult.
- Structures are difficult to image seismically due to steep dips.
- Coal beds in the Sterling, Beluga and upper Tyonek form prominent
reflectors on seismic data, absorbing seismic energy, and causing poor
imaging of the deeper formations with the only prominent deep reflector
often being the unconformity at the Tertiary/Mesozoic boundary.
- 3D seismic improves interpretation of structural complexity significantly
over 2-D data.
- Dominance of coals and poorly consolidated sands cause drilling
problems." 

Now you know why Chevron have decided it's not worth it and are exiting the Cook Inlet. Sure, the smaller spoils may be there for smaller companies like BCC but I am predicting another Lee County. Highly promising gas shows, even initial flow rates but then?.......... problems.
I'll sell and then re-enter after the debacle unfolds over the next six months and then await the one offshore well I am bullish on. The Pan Am step out. Who knows how cheap I'll get BCC stock? Time will tell.


----------



## prawn_86 (10 May 2011)

News out today that well has reached depth and then some. Running wire logs as we speak with results due soon.

Would appreciate comments from those experience with reading oil shows etc. 

Market liked the news however, stock has jumped 25% since announcement release.


----------



## laurie (24 May 2011)

Trading Halt hope its for announcing commercial flow rates


----------



## skyQuake (24 May 2011)

laurie said:


> Trading Halt hope its for announcing commercial flow rates




"Flow testing results at the Company's 100% owned Kenai Loop # 1 well."

Lets see whats flowing


----------



## prawn_86 (1 June 2011)

Finalised flow testing. Expected to flow at 7m cubic feet per day which will give them $1m net revenue per annum for at least the next 2 yrs. 

Looks to be one of their more succesful drills but the market doesnt like it, i guess cause of the short term nature of the well. Will be interesting to see the decline rates also,


----------



## laurie (1 June 2011)

prawn_86 said:


> Finalised flow testing. Expected to flow at 7m cubic feet per day which will give them $1m net revenue per annum for at least the next 2 yrs.
> 
> Looks to be one of their more succesful drills but the market doesnt like it, i guess cause of the short term nature of the well. Will be interesting to see the decline rates also,




I thought that was per month $1m!


----------



## prawn_86 (1 June 2011)

laurie said:


> I thought that was per month $1m!




Correct sorry, was supposed to say 12m pa


----------



## Kremmen (12 October 2011)

Shaw Stockbroking has started following BCC and suggests a target price of 36c/share.


----------



## bravo (12 October 2011)

http://www.buccenergy.com/uploads/res/Shaw_Stockbroking_Research_Coverage.pdf


----------



## chakvetadze (11 March 2012)

The market doesn't like the stock because the offshore targets in the Cook Inlet are actually not that big.
There's 900M bits of paper and heaps of outstanding options.


----------



## explod (30 March 2012)

A firm break on volume today, 

is this one to watch for next week? 

http://bigcharts.marketwatch.com/ad...rsToggle=false&chartStyleToggle=false&state=9 

These oilies do seem to be in favour ATM

But;   I may have gone *MAD* of course.


----------



## chakvetadze (1 April 2012)

Technically it is now a strong buy having withstood the overhang of stock from the recent capital raisings. 5.7c was a nice support level.
Fundamentally there are still funding risks. I'm not sure why they didn't push for a $100M revolving line of credit against ACES rebates instead of $50M.
If they can placate the market's concerns over funding and dilution, the stock can fly to 20c on the next two wells at Kenai Loop.
From there it all depends on the success or failure offshore. A successful Southern Cross well could well see BCC trading at around 30c, possibly higher in the short term.


----------



## Chasero (21 April 2012)

chakvetadze said:


> Technically it is now a strong buy having withstood the overhang of stock from the recent capital raisings. 5.7c was a nice support level.
> Fundamentally there are still funding risks. I'm not sure why they didn't push for a $100M revolving line of credit against ACES rebates instead of $50M.
> If they can placate the market's concerns over funding and dilution, the stock can fly to 20c on the next two wells at Kenai Loop.
> From there it all depends on the success or failure offshore. A successful Southern Cross well could well see BCC trading at around 30c, possibly higher in the short term.




Not sure about flying past 20c.

Didnt they take a 20m loan to buy a 7.5m rig?

Anyway, BCC stuck for the past 5 months trading sideways.

Stocks that trade sideways from 3-6 months generally break out and start trending one way or another.

I too think BCC will be the one to watch. If it starts to trend I will be on it. 5.7c resistance very strong (maybe some big accumulator in play?)

Just got to be careful with this one, as it has been called a 'flea' and other names, has not been a strong stock in the past due to all that dilution.

"Shaw Stockbroking has started following BCC and suggests a target price of 36c/share."

GL to them


----------



## Chasero (23 April 2012)

Down 10% today.

Management are clearly not communicating to shareholders, and causing jitters possibly due to the article about late payment of contractors.

INteresting to see whether it will bounce off 0.05 tomorrow and continue sideways trading.


----------



## prawn_86 (16 July 2012)

Trading halt with regards to a capital raising.

Nothing happening here, going to need a huge change of direction, or a massive find to put a fire under the price imo. Currently just slowly bleeding cash


----------



## Bonk (16 July 2012)

Analysts classified BCC as a suicide stock long ago !  Apparently , some risk takers haven't awaken to the careless activities by this mob. Some traders have tried hard to convince themselves and others this suicide behaviour is the norm. Not many oilers go on to be a good trade l/t.   Dont expect too much here !


----------



## Chasero (18 July 2012)

This management is seriously.. no words.

Capital raising after capital raising.. 41 c this time around.


----------



## Chasero (18 July 2012)

Chasero said:


> This management is seriously.. no words.
> 
> Capital raising after capital raising.. 41 c this time around.




Edit: 4.1c.. got a bit confused with the shaw stockbroking target...


----------



## jancha (19 September 2012)

Announcement out:

ASX RELEASE – 19 SEPTEMBER 2012
KENAI LOOP # 4 WELL – DRILLING REPORT # 1
Buccaneer  Energy  Limited  (“Buccaneer”  or  “the  Company”)  is  pleased  to  provide  the  following 
update on the progress of the Kenai Loop # 4 (“KL # 4”) well:
Time: 11.00am (Sydney) 19 September / 5.00pm (Anchorage) 18 September 2011.
Depth: 3,050 feet Total Vertical Depth (“TVD”).
Activity: Surface casing  run  and  cemented.  Installed  10,000psi  blow-out  protector 
(“BOP”). Preparing to drill ahead.
Comment: The  primary  target  in  the  KL #  4  well  are 7  stacked  potential  pay  sands  in  the  Tyonek 
formation,  the  well will  have  a  bottom-hole  location  approximately  2,000’  north-west  of 
the successful Kenai Loop # 1.  All of the 7 stacked potential pay sands have been identified 
and mapped using data from the recent 3D seismic interpretation and all have hydrocarbon 
indicators. 
The  targeted  pay  sands  within  the  Tyonek  include  the  9700’  and  10000’  sands  that  are 
currently being produced in Kenai Loop # 1 well.
The Kenai Loop # 4 well is planned to drill deeper than the Kenai Loop # 1 (10,660’) , and is 
anticipated to take 35-40 days to drill with an additional 10 days for testing.
. 
Yours faithfully 
BUCCANEER ENERGY LIMITED  
Mr Dean Gallegos

Who whould have thought the time difference between Angorage and Sydney is 1yr and 1 day. lol
What planet are they drilling on?


----------



## Ruckus (19 September 2012)

A lot coming up with this mob, solidified my position at the start of the week. Since then has shown bullish behaviour.. expecting this to trend positively. Odds of positive ongoing news for the next few months, looking good. Even with the high dilution i expect at least 20c by christmas.. if no major hiccups.
Bell Potter have this one at 22c


----------



## prawn_86 (19 September 2012)

Ruckus said:


> Even with the high dilution i expect at least 20c by christmas.. if no major hiccups.
> Bell Potter have this one at 22c




Hi Ruckus,

If you are posting a price target please explain why and how you have come to this target. Please read the posting guidelines.

Is it fundamental or technical? What makes you think it will move nearly 400%?


----------



## Sdajii (20 September 2012)

prawn_86 said:


> Hi Ruckus,
> 
> If you are posting a price target please explain why and how you have come to this target. Please read the posting guidelines.
> 
> Is it fundamental or technical? What makes you think it will move nearly 400%?




He didn't come to that target, Bell Potter did, he is just saying what they said. I'm just guessing that they're saying it based on fundamentals.

I think Ruckus' post was a bit vague and empty for a first post though 

Disclosure: I hold.


----------



## prawn_86 (27 December 2012)

Another 12m dollar placement to sophisticated investors and another loan facility. It seems these guys are really taking on a lot of debt, will all that leverage eventually pay off?

They are also try to renegotiate their existing debt facilities which expire next year


----------



## prawn_86 (16 January 2013)

BCC came out this week and said that opne of their Kenai Loop wells has been flow tested and will be commercial.

It still seems to me as though all this co does is raise capital and debt and then just barely drill enough wells to cover their costs and interest payments without delivering any actual growth or results for shareholders


----------



## prawn_86 (17 January 2013)

KL4 flowing at 3 - 4 mmcfd once this and KL1 are online they will have about 10mmcfd. They are selling 5mmcfd at a price of 6.24/mcf and the rest on the spot market which being winter over there is 15 - 20 / mcf. KL4 will be online in 3 - 4 weeks

Still seems as though they are only just doing enough to pay off their debt and not actually build value for shareholders


----------



## zzaaxxss3401 (17 March 2014)

Doesn't look good for any BCC holders - I'm a current holder. 

Last market update was supposed to be delivered by (no later than) 15th March 2014. Release on Friday (14th) states:
"_... The company’s Directors are not in a position to sign Buccaneer Energy’s 31 December 2013 Half Year Financial Statements, and therefore the company is unable to lodge them as per the ASX Listing Rules. The primary reasons for the delay in signing are the material uncertainty and confidential and incomplete negotiations that impact the ability of the Directors to sign the Directors’ Report and Directors’ Declaration...The company will make further announcements to the ASX as soon as it is able, but no later than *30 April 2014*..._".

Hopefully, they'll make an announcement well before June 30th, so I claim a (pretty certain) tax loss on this one. :bad:


----------

