# PPP - Pan Pacific Petroleum



## TheAbyss (21 March 2007)

Couldnt find a thread for this so here it is. Best volumes in 12 months today. As they get closer to first oil in June the sp will steadily increase.

Dont know much about them if anyone can shed any light. They are sharing with AWE and Mitsui in NZ and close to completing drilling.


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## jtb (21 March 2007)

TheAbyss said:
			
		

> Couldnt find a thread for this so here it is. Best volumes in 12 months today. As they get closer to first oil in June the sp will steadily increase.
> 
> Dont know much about them if anyone can shed any light. They are sharing with AWE and Mitsui in NZ and close to completing drilling.




Abyss, John Campbell (Oil and Gas weekly) put out an alert on them last night- he holds and has been spruiking them lately.
A few shares are out there at the moment and there will be a sh*tload of them once the options are converted (15c) in June (6-700 million from memory).
Were trading at 20c a while ago so could be worth a punt.
Have been watching the options for a few months but haven't been tempted yet.
Long running rumours of T/O as they have some cash and possibly some exploration upside.


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## TheAbyss (21 March 2007)

Thanks JTB. Shall watch for a while and see what eventuates. I did pick up a few of these in January based on some advice from a friend hence why i have been watching them.

Not looking forward to dilution but it happens to most stocks sooner or later while in growth phases as they have to pay their costs somehow.


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## exberliner1 (26 March 2007)

*PPP*

Interesting report in Oil & Gas Weekly.....oppies only 4.2c heads 18.5c....strike price for the oppies is 15c...

PPP Has started to breakout into a higher trading zone over the last week or so....certainlz one for the watchlist....I like what I see and have taken a position in the oppies....

Report Reads:

"I refer subscribers to the recent announcements from the Tui Oil field JV partners saying that Tui 2H drilling had to be lenghtened after the oil reserve was found to extend further than orignally mapped on the seismic study. A NZOG spokesperson said that the discovery of a "bigger oil column" was a" positive indicator." 

The development budget was increased by 9% to cover the additional cost of drilling a longer than anticipated horizontal. As we suggested in last week's OGW we expect this will lead to a "reserve estimate upgrade" at the end of the currrent drilling program. Currently the 2P reserves are 27.9 million barrels.

We have accordingly been buying Pan Pacific Petroleum for what we see as the best leveraged exposure to this oil field. The operator , Australian Worldwide Exploration, expects to build production up to a peak of 50,000 barrels of oil a day, some 5,000 bopd net to Pan Pacific. The investment pay back looks like being just a few months. We have conservatively estimated a net value to PPP of 14 cents a share based on a net of A$30 barrel (see OGW of 11 March). PPP has a 10% stake in the field. First oil is scheduled for end June.

But in addition to the prospect of significant cash flow from a producing field in just three months time, PPP has 10-14% exposure to two wildcat wells in the same area, one Hector #1 with the potential for more than 100 mmbls recoverable (yes we know it pays to be wary of such estimates!). The other Taranui #1, is a smaller target but closer to the discovery wells. Both will be drilled before production starts at Tui. So any disappoinment from these two wells will be quickly offset by the start up of Tui. 

Success at Hector would more than double the size of the Tui field and could be tied back into the production infrastructure. And success will have a significant impact on PPP as it will on the other partners. AWE and NZO.

In addition Pan Pacific has been talked about for some time as a takeover target. Any raider out there would be wise to make their run sooner rather than later. 

In short with PPP we have:


(a) Reserve upgrade likely

(b) Two wildcats close to the current discoveries 

(c) A T/O target 

(a) and (b) before end June

The Company has 433 million shares on issue valueing it at $70 million. It has $10 million in cash and the prospect of another $10 million at the end of June when 157 million options with a 15 cent exercise price are due. The options are already in the money and should be more so as the expiry date nears.

Now we are not making a buy recommendation. We don't have the requisite licence to enable us to do that. We simply want to draw subscribers attention to a stock which we personally are buying as one of the best prospects for short term upside in an otherwise very ordinary oiler market.

For the really adventurous the options are currently trading at around 2.5 cents. This means an investment of $5,000 gives one control over 200,000 PPP shares for a total exposure of 17.5 cents a share. These are some of the best odds we have seen for a long while given the revenues soon to be flowing Pan Pacific's way. So we have been buyng the oppies as well."

Any comments???

EB


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## jtb (26 March 2007)

EB,

Apples for apples have a look @ CVN.
Half the market cap,60% of the price, similiar # of shares, twice the *proven* reserves with another significant upgrade due in April (across three different structures) & lots of other stuff going on in the near term.
Lot more near term upside imo as the TO rumours rePP are the only attraction and I think 25-30c would be succesful.
Me thinks POE would be having a good hard look at CVN also and I think 40 to 50c would be in the ball park.
However Ted (Jacobson, MD) has thrown out a 0.66c figure recently which I found interesting..................................... 

A couple of hundred K @ 11-12c is a far safer bet over 3 months (with mullti-bagger potential) than PPPO imo (as thats all I'd be buying) for a quick a punt.
Call me jaded but since buying in recently JC has been pushing this as hard as smelly old Comet Ridge: 

Either way good luck mate


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## TheAbyss (21 May 2007)

PPP starting to move northwards again. Volumes have been improving recently as they get closer to producing some oil next month.


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## constable (21 May 2007)

TheAbyss said:


> PPP starting to move northwards again. Volumes have been improving recently as they get closer to producing some oil next month.




Yes its been refreshing to see their options moving again after dropping under the 4c mark, albeit briefly.


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## AJ_ (23 May 2007)

nice moves of late... hopefully will continue onwards and upwards..

options at a good 1.5 cent discount !!


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## TheAbyss (23 May 2007)

In addition to oil production imminent, the potential reserve upgrade, two wildcats close to the current discoveries, AWE has just been granted 3 additional explorations of which PPP has 10% of one of the 3.

All looking ok which is reflected in their SP. Great volumes recently and the SP is in blue sky and going higher IMO.


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## nizar (23 May 2007)

Got in today at .24.
Chart is textbook.
A break of 28c will mean a ver significant all time high into blue skies and im talking 18 years since 1989 the ASX listing.

Oil&gas sector is on fire.


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## nizar (4 June 2007)

Nice volume today.
Mr.500k at around lunchtime cleaned up all the .24 sellers and got the party started.
Looks to me like the start of the next upleg


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## nizar (5 June 2007)

Off to a flyer this morning!
But with that much of a gap up, 6-ticks, it'll be hard to close on a white candle.
But there were some decent sized orders in the pre-open this morning, with one buyer for 700k.


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## BUY&SELL (5 June 2007)

So why the big jump today? Just it's turn or still going up before oil on line this month? please explain!


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## legs (5 June 2007)

BUY&SELL said:


> So why the big jump today? Just it's turn or still going up before oil on line this month? please explain!




Look at this squeeze... maybe the techs got into it???? It was a very narrow band and volume was increasing.

It is overbought now I believe and will be hard to hold this level...only my opinion though as I do hold it in the June tipping comp, I hope I am wrong...


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## nizar (25 June 2007)

Nice close today.
Will need another white candle 2mrw, a close above .28 will take us into blue skies.


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## nizar (26 June 2007)

nizar said:


> Nice close today.
> Will need another white candle 2mrw, a close above .28 will take us into blue skies.




Starting to move now guys.
That 9m cross trade will make it look like big volume on the charts, so it was important we had a white candle today or else it would look like a sell off.

The 250k buyer of most of the .27 sells didnt really get her moving.
But looking good now, at 29/29.5


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## TheAbyss (26 June 2007)

Good call earlier this month Nizar. You asked for >.28 and here it is. 

Any thoughts on where this one could get to based on current potential production and a factor for the known exploration targets?


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## stefoid (29 June 2007)

you guys still holding?  50 cents, what value is as yet not factored in?


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## nizar (29 June 2007)

stefoid said:


> you guys still holding?  50 cents, what value is as yet not factored in?




Im not sure about value or 50c.

But im still holding.
Chart is still bullish in my opinion.

I will top up on the next breakout.


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## nizar (3 July 2007)

nizar said:


> I will top up on the next breakout.




Looks like it mite be today.
I'll wait to see where she closes, and if she closes at or above 30, ill be adding to my position on 2mrws open.


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## nizar (5 July 2007)

nizar said:


> Looks like it mite be today.
> I'll wait to see where she closes, and if she closes at or above 30, ill be adding to my position on 2mrws open.




Closed on 30 tuesday (bluesky close) so i did double my position at yesterdays open at 30.

Some good action today on volume, buyers stepping up.


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## nizar (5 July 2007)

Am i the only only holding this?

YT can you please ramp this for me, LOL.

Intersuisse initiated coverage today.
PPP currently trading at a pe of 4 on FY2008 earnings forecasts.

Report is here: http://www.intersuisse.com.au/files/Morning Notes.pdf


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## TheAbyss (5 July 2007)

Still holding this one Nizar. Thanks for posting the report as i was wondering how much the current sp had Tui factored into it. Based on the Intersuisse report there is a good deal left in this one. 

The report states that a market re rating will take place (See copy from the report below), have you any anticipated sp after the re rating? How certain can we be that a re rating will take place?

Impact
With the imminent start of oil production at the Tui project, to be followed by the
planned drilling of the high impact Hector well, we believe PPP is set to be rerated
by the share market as the company will begin to generate significant cash
flow and earnings in FY08. We recommend PPP as a Buy for investors with the
appropriate risk profile for its likely re-rating now that it is set to begin generating
strong earnings and cash flow from its share of the Tui oil production and for its
attractive high leverage to the upcoming Hector well and other exploration areas.


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## TheAbyss (5 July 2007)

After reviewing the Intersuisse report the re rating rationale is obvious however i do have 2 questions if anyone can assist.

Currently PPP are .32 based on 

1. A 10% interest in Tui with a forecast of 50000 BPD due to start at the end of this month
2. Potential for increased reserves at Tui
3. Exploration potential
4. Whilst there is always high risk associated with explorers, PPP are about to prove themselves as a producer which reduces the investors risk and brings about a re rating. 

The above combined with some promising exploration results provide the drivers for a re rating according to the Intersuisse report. 

Further to the exploration aspect i have two questions.

The PPP Hector exploration is a 14.1% holding of a forecast potential of 1,000,000 Barrels. 
How can we calculate the value of the potential 14% of 1,000,000 barrels versus the known 50000 bpd? Then what impact on the SP if Hector is upgraded to 2 or 3p?


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## stefoid (12 July 2007)

you might want to have a look at this like which is a bloomberg report on the area pan pacific is drilling

New Zealand's Tui Oil Field May Set Payback Record (Update2) 

By Gavin Evans

July 11 (Bloomberg) -- New Zealand's Tui oil project may set a world record for offshore fields by recouping $245 million of costs in three months, half the time for BHP Billiton Ltd.'s Shenzi venture in the U.S. Gulf, as higher prices boost returns. 

Australian Worldwide Exploration Ltd.'s Tui venture will pump its first crude this month, said Bruce Phillips, managing director of the Sydney-based explorer. The payback may be twice as fast as the next-best projects monitored by energy consultants John S. Herold Inc. 

BHP's $4.4 billion Shenzi venture will be among the fastest of the world's major new offshore projects to reach break even, Herold's data show. Tui's economics will be enhanced by rapid initial production of high-quality oil, rising prices and better technology. 

``You're going to see more projects like this,'' said Chris Ruppel, senior geopolitical analyst at Norwalk, Connecticut-based Herold. ``It's all being driven by the oil price.'' 

Shares of Australian Worldwide have risen more than fourfold in the past five years as revenue tripled. The stock ended up 3.1 percent, or 11 cents, at A$3.64 in Sydney today, matching its record close. 

Assuming an oil and gas price equivalent to $60 a barrel, a search of published project costs and output data shows the next most economic developments pay for themselves in about six months, Ruppel said. These include BHP's Shenzi, which is due to start pumping 100,000 barrels and 50 million cubic feet of gas a day in 2009, Statoil ASA's $4.5 billion Gjoa field off Norway's southwest coast and the $500 million Oooguruk venture being developed by Pioneer Natural Resources Co. and Eni SpA off Alaska. 

Northwest of Maui 

Tui, 42.5 percent owned by Australian Worldwide and 35 percent owned by Mitsui & Co., lies in 120 meters (400 feet) of water 50 kilometers (30 miles) off the west coast of New Zealand's North Island. It is northwest of the Maui gas field that Royal Dutch Shell Plc and its partners tapped for oil in 1996 and is the country's first offshore development for 11 years. 

Like the Maui oil project, Tui will use a production and storage vessel to lift crude from three closely placed fields, Pateke, Amokura and Tui. The oil is similar to Tapis, the world's premier oil variety produced in Malaysia, which cost $77.46 a barrel at yesterday's close in Singapore. 

The vessel, Umuroa, will initially pump 50,000 barrels a day. At the full Tapis price, Tui would pay for itself in 64 days. 

`Interesting Phenomena' 

Tui ``is an interesting phenomena,'' said Herold's Ruppel. ``Your typical offshore projects are more in the range of 10 to 15 years'' to break even because of their high cost and decline rates, he said. 

While oil prices have doubled the past four years, a global shortage of engineers and equipment is now forcing up the capital cost of projects, undermining the economics of new ventures. 

The Tui partners beat the worst of those cost increases by combining their design and tendering processes. Diamond Offshore Drilling Inc.'s Ocean Patriot rig was booked in mid-2005, five months before project approval was given, and standard undersea pipes and cabling equipment was picked to ensure quick supply. 

Tui's other shareholders are New Zealand Oil & Gas with 12.5 percent and Pan Pacific Petroleum Ltd. with 10 percent. 

First-year production from the 27.9 million-barrel Tui field will almost double New Zealand's oil output. By late-2008, when the OMV AG-led Maari project 65 kilometers south of Tui is due to start producing, oil and condensate production will exceed 66,000 barrels a day, beating the previous record set in 1997. 

Shallow Fields 

Still, Tui is small and its oil fields shallow. Within two years its flow rates are forecast to plunge to less than 10,000 barrels a day as the so-called water cut, or percentage of water in the oil increases. Over the life of the project Umuroa will handle 10 times as much water as crude. 

Australian Worldwide will drill the nearby Taranui field in coming months to extend the life of the project and add as much as 15 million barrels to its reserves at lower cost, Phillips said in a June 27 interview. Cash flow from Tui will help the company drill for a potential 250 million barrels of oil in the Hector, Kopuwai and West Cape prospects in surrounding blocks in the third quarter. 

``We are going to make very good profits out of the Tui,'' Phillips said. ``But we do want to reinvest some of those into finding more reserves


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## AussiePaul72 (13 July 2007)

G'day All,
I have only recently registered on ASF. I have very much enjoyed reading fellow investors thoughts in ASF and think it is a wonderful website.
I am relatively new to investing in developing stocks. Have got into a couple of very promising stocks with SDL & SXP (when they were in the early 20cps) which are growing very nicely now. I have been watching PPP but not sure whether i have missed the boat or not on this one. Anyone have any thoughts on this stock and where it is at now?


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## nizar (17 July 2007)

Should find support at the previous peaks which means 34c-ish.
Always nice to see decreased volume on the pullback which has happened here.

Needs to have a white candle 2mrw.
If not -- i wont hesitate to chop her.


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## pk_wasp (31 July 2007)

The oil is finally flowing at Tui, though not sure at what rate.

Drilling at Hector started, expected target depth in mid august.


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## moneymajix (27 August 2007)

Ann.

Oil Reserves 
An interim post-drilling reserves review indicates that the proved+probable (“2P”) developed reserves for the project are 32.0 million barrels of recoverable oil. This compares to the 27.9 million barrels of undeveloped reserves reported prior to drilling the development wells and reflects an increase of approximately 15%. The above developed reserves are assessed to be recovered from the four completed wells within the ten year term of the charter of the Floating Production Storage and Offloading (FPSO) vessel “Umuroa”. 

In addition, potential for further “undeveloped” reserves has been identified in the Tui Area.


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## doctorj (27 August 2007)

moneymajix, it seems you and I have similar tastes in stock.

Using 50kbopd, COGS of $30/bbl and the AUD @ 0.85 and Oil at USD65/bbl, I make out the NPV of PPP's share of the project to be around $140mill.  Add back their Cash on Hand from 30 June 2007 and I make out a NPV/share of *$0.29* (for interest's sake, using an exchange of 80c and Oil at $70, gives *$0.346*).

Then you add in drilling, particularly Maitland which TAP is very bullish on (they describe it as their largest unbooked resource) and is due for drilling soon, plus a potential 15mmboe on their current drilling adjacent to Tui and I think there's some value here.

I was expecting a little more in a resource upgrade, considering how their intersects on the production wells compared to their modelling, but perhaps there's scope for more to come.

Also, I think this company is being discounted a fair bit as it's essentially a holding company.  I contacted Kim Ware, their company secretary, last Friday regarding the company's direction and was told he'd get back to me today.  I'll share if he says anything interesting.


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## moneymajix (31 August 2007)

doctorj


You are not following me around, are you?




Never did hold EGO, my loss, I guess.



Other oilers I like atm are CTP and PYM. 


They maybe of interest to you (or not).


LOL.




Cheers
Money


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## doctorj (6 September 2007)

Announcement out after market tonight - Maitland was spudded by Apache this morning.

http://asx.com.au/asxpdf/20070906/pdf/314f6cchclnbnv.pdf


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## wipz (12 October 2007)

Results from Maitland just out:



> Tap is very pleased that the flow of gas to surface has confirmed the extent of the Maitland
> field.  Initial flow performance is within expectations at this stage.  The production test
> results will be used to establish development production rates for the field.




Interested to see how market will take this. Will be watching the next 20 mins or so.

Cheers


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## Rocket man (10 December 2007)

wipz said:


> Results from Maitland just out:
> 
> 
> 
> ...




I held this stock for a few months, watched closely and was getting bored with some unsuccessful drilling and its fluctuation with no increase in sp ... sold last week. Since I sold share price has started going north ....tis my life!

I wont go back in now but large volume and sudden price rise on no immediate recent announcment tells me something significant is looming

good luck to holders


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## slapper (27 February 2008)

*Pan Pacific Petroleums cash flows*

Hi everyone.I have only just discovered and signed up for this forum and so this is my first posting.As a small longtime shareholder in pan pacific petroleum,(ppp), i have a vested interest in them and so am biased to that company.I am always amazed at the volatility in the share price and have used it to take some nice profits.However I cant understand why the market has not rewarded them with a more enduring rise in their value.Especially in view of the tremendous cash flows they are receiving from their 10 percent holding of the Taranaki oil fields off New Zealand, which is producing close to 50 thousand barrels per day.Also the oil price is hovering close to $100.If you dont believe me,check out ppps interim results.There is no knock on effect from the so called prime credit crunch on this stock.They will be rolling in cash in another 6 months,and with no debt.I reckon they would be worth buying if the price falls back to 23 cents again.Call your broker and get some advise and I am sure you will all be confident in investing in this stock for the long term.Cheers


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## barney (9 April 2008)

*Re: Pan Pacific Petroleums cash flows*



slapper said:


> Hi everyone.I have only just discovered and signed up for this forum and so this is my first posting.As a small longtime shareholder in pan pacific petroleum,(ppp), i have a vested interest in them and so am biased to that company.I am always amazed at the volatility in the share price and have used it to take some nice profits.However I cant understand why the market has not rewarded them with a more enduring rise in their value.Especially in view of the tremendous cash flows they are receiving from their 10 percent holding of the Taranaki oil fields off New Zealand, which is producing close to 50 thousand barrels per day.Also the oil price is hovering close to $100.If you dont believe me,check out ppps interim results.There is no knock on effect from the so called prime credit crunch on this stock.They will be rolling in cash in another 6 months,and with no debt.I reckon they would be worth buying if the price falls back to 23 cents again.Call your broker and get some advise and I am sure you will all be confident in investing in this stock for the long term.Cheers





This ones been sleeping for a while on steady accumulation ........... Good support at 23 and 21 levels ................. Some interested buying again today .......... 
Currently up 8% to 25 ............... Turning over lots of cash, so the fundamentals are also sound.


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## barney (16 April 2008)

*Re: Pan Pacific Petroleums cash flows*



barney said:


> This ones been sleeping for a while on steady accumulation ........... Good support at 23 and 21 levels ................. Some interested buying again today ..........
> Currently up 8% to 25 ............... Turning over lots of cash, so the fundamentals are also sound.





Up another 7% on three times average volume today ...... turning over  about $50,000.00 per day in gross oil sales with the current POO .........  generating some solid buying ....

Interesting to see if it can break 28 cents this run .... looks a possibility


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## eddyeagle (2 July 2008)

Pan Pacific Petroleum (PPP) was mentioned in today's Money Morning email. 

Anyone following this and got any thoughts?


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## Datsun Disguise (2 July 2008)

eddyeagle said:


> Pan Pacific Petroleum (PPP) was mentioned in today's Money Morning email.
> 
> Anyone following this and got any thoughts?




I've been keeping an eye on it and think it has some potential to surprise (in a good way) the market with their 07/08 full year accounts. What was the gist of the mention in MM?


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## eddyeagle (2 July 2008)

An Oil Junior with More Momentum Than Crude…
By Gabriel Andre

The energy sector in the Aussie market continues to outstrip other industries. Crude hit an all time-high of US$143 in New York last night. We see a few oil juniors moving with it. Pan Pacific Petroleum (ASXPP) is one stock that can keep this up.

The stock has dug itself a nice little channel, trending upwards. Sellers have tried to push PPP outside this channel a couple of times. They’ve done nothing more than create false break-outs. They couldn’t establish momentum.




That’s really the story of the energy sector at the moment: momentum. Selling in hope of a correction is like stepping in front of a freight train, hoping to find a dollar on the tracks. These false break-outs on PPP’s chart are typical traps for short-term traders. Don’t fall into one of them.

No…instead…look at the company’s upside potential. Between points H and E on the chart, the stock added 49%. That’s a feel-good gain for less than two months work.

Since then it has corrected. We don’t think it’ll go all the way back to the trend’s resistance line though. Take a look at how Fibonacci traders have treated it.



That 61.8% Fibonacci level is now a strong intermediary support. PPP has consolidated from there. With that support underneath it, a few indicators argue for the next leg of profits. 

The MACD just crossed its signal line. Take note of that. The MACD has given off good signals like clockwork for PPP. We don’t expect that to change now.

The Stochastic Momentum Index is also bullish. It’s a similar story. The trend is up, and it just crossed the signal line. There’s a good chance selling in this stock has finished. 

Keep tabs on where PPP closes today. If it’s up, that’s as good a confirmation as you’re going to get. In that case, it’d probably move on to test resistance at 34 cents. 

Good investing,

Gabriel Andre


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## Datsun Disguise (2 July 2008)

Thanks for that Eddie - Interesting view - and indeed it did close up 0.5c. Volume was only 1.3m on 52 trades, perhaps it was MM that pushed the price up today. I know that when wiseowl recommend the sp's usually jump a little on the Monday.

As I said I reckon the financials will be an interesting story, they are pulling out a lot of oil out of Tui, the half year didn't look spectacular on the books ($9m profit) but they had some decent write downs that shouldn't re-occur. The qtrly have all pointed to conservaive cash outflows so the bank balance should be looking pretty healthy.

Not holding yet...


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## Datsun Disguise (6 July 2008)

Hi All,
I've had my eye on PPP for a little while now but only recently did the numbers on it. From what I can tell this is a real sleeper. Not sure why it hasn't been picked up yet, so far as I can tell big things are happening now. Here's what I've found on the Tui area JV alone. There are other projects that are in the very early stages, so far it is a one trick pony - but it is quite a trick!

*Market Cap*
$162m

588m shares X $0.275

Note that there are no options and given the cash flow below I think any dilution due to cap raising is very unlikely.

*Tui Area JV*
PPP 10% share of: (lowest share of the JV)
Reserves 50.1 mbbl (When the Tui project was sanctioned 2P reserves stood at 26.8 million barrels.)
Daily Production ~45,000bbls per day

*Balance Sheet *(March qrtly activities report)
Cash		$69.6m
Inventory	40,900 barrels
Debt		$36m (loans & accrued tax obligations)

For the next lot of calcs I'm going to use $120 which should account for production costs (last oil price $145).

So cash backing for share price taking into account inventory and debt is $0.065 as at end of March (no not impressive but wait for it). Since March they've been pumping oil at say 4,000 barrels a day. That adds about $50m to the accounts, this brings cash backing up to about 15c (haven't considered tax but take off 30% and its 12c)

PPP are actually adding about 4,500 barrels a day to inventory. That's $540,000 a day or $197m pa. Put another way, *per annum PPP are generating 33c per share* - current share price 27.5 - 28c. So a current PE of about 0.85 - what's the magic number again? 13?

I've tried to figure out what I have missed becasue this seems too good to be true - I haven't found anything, so I hope that the peer review can confirm my research!

My best theory as to why this has slipped under the radar is;
1. Most junior JV partner
2. One trick pony (for now)
3. The December accounts showed a profit of just $9m - this due to a number of write downs and tax treatments.

I think that the next annual report due August-ish is going to have some big numbers at which point punters will notice and we should see some substantial appreciation in SP. So, let's hear some opinions - have I missed something or is this a potential big one?


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## oldblue (7 July 2008)

Hi D D.
Have you looked into PPP's hedging position? I remember reading some time ago that they had bought and sold options over a portion of their expected production for the first few years of Tui oil. I think it was required as a condition of their financing. I don't know what overall effect it would have on their income to 30 June 08 but you may get some clues from past reports.
The other big unknown is the rate at which Tui production drops beyond 2008. AWE, the operator , were forecasting a sizeable decrease post 2008 but this has probably been moderated a bit by the latest increase in reserves.

Disc: Holding AWE but not PPP.


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## Datsun Disguise (7 July 2008)

oldblue said:


> Hi D D.
> Have you looked into PPP's hedging position? I remember reading some time ago that they had bought and sold options over a portion of their expected production for the first few years of Tui oil.




Ah yes, you've jogged my memory on the hedging - I do recall reading that they had something less than 10% of production hedged at about $90 a barrel. But don't recall the details of how long that would apply for. I'll have to have a dig through the announcements and see what I can find.


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## Datsun Disguise (7 July 2008)

oldblue said:


> Hi D D.
> Have you looked into PPP's hedging position? I remember reading some time ago that they had bought and sold options over a portion of their expected production for the first few years of Tui oil. I think it was required as a condition of their financing. I don't know what overall effect it would have on their income to 30 June 08 but you may get some clues from past reports.




Found the answer, seems the obligation is not so bad after all, this from the company website (which is quite out of date, may be another reason why the market hasn't cottoned on to this.)



> The Company partly offset the cost of these put options by selling call options which may require the Company to deliver no more than 187,600 barrels of oil (approximately 8% of expected production in 2007/2008) at USD$92.00 if the price of oil rises above that price.




The put options referred to guarantee a minimum price of $50 a barrel which would be exercised only if oil fell below that (pigs flying too?). So this will cause a minor change in my calcs for the previous 3 months if the options have been exercised, at any rate it's only a small percentage of this years production. 

I've emailed the company for some more info, I'll let you know what I get back.


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## stefoid (8 July 2008)

PE doesnt really come into it if the oil dries up in 2 years, which it will.  they need to get some more irons in the fire and show the market a plan for turning cash into longer term resources.  the new appointment is a good start.


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## Datsun Disguise (8 July 2008)

stefoid said:


> PE doesnt really come into it if the oil dries up in 2 years, which it will.  they need to get some more irons in the fire and show the market a plan for turning cash into longer term resources.  the new appointment is a good start.




Yes, dead right if the current 2P reserves remain, but the recent extension to the lease of the production vessel might point to some theories within the JV that more oil is out there? They have a locked in lease until 2015, why on earth would you do that if you didn't know you'd have work for it to do? Following 2015 there are seven 1 year renewable options on the lease, so they've got it if they want it until 2022. I am reading between the lines, but sometimes you need to look at the actions rather than words.

I recall that AWE (JV partner & operator) was burnt badly after overstating some reserves, the feeling was that they were not going to repeat the same mistake, hence the low 27mbbl initial reserve statement that has slowly but surely increased to 50mbbl as production has continued and more is known about the field characteristics. 

The reserve is producing at rates not initially expected and maintaining them for longer than was expected. In my view this is an excellent opportunity.

But lets say the oil does dry up after 50mbbl and thats it - lets assume the $120 I've previously used - that means $600m generated before tax, so about $420m to get into some quality prospects. Hardly a bad news story is it?

The other irons they have (but don't seem to be in the fire I must say) are;

Maitland 10% share (JV with Santos/Apache/Tap)
Gas, choked flow (due to sand influx) of 6mcf day. @$12/kcf = $72,000/day 
Last report was October 2007 following the flow test, no news flow since

Carnavon Basin
5 Permits with identified targets

Taranaki
3 Permits

I would say that with the cash flow they now have PPP will be looking to get drilling programs moving on their best targets and looking to acquire new permits for which they wll not need JV's other than for expertise in operating. Can't see this being anything other than a good news story.

Haven't had a response back from my email to PPP yesterday.


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## Datsun Disguise (11 July 2008)

Got my response back yesterday, bit slack getting back to post it.

I was told that all my questions would be answered by the end of July when they issue their quarterly report. Unfortunately not even a hint of what's to come.

I also suggested that they should be providing the market with information on their strategy for growing the company into a significant O&G player. I would be looking for info on the existing permits and a schedule for the next 12 months. I'm told these suggestions have been forwarded to the exec for their info (and I hope action!).

So, as far as my email goes a complete duster!

At least there's only another couple of weeks until we get some info. Happy to hear from any other holders.....


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## Datsun Disguise (24 July 2008)

Just a heads up - I expect PPP to put our their qtrly activities statement out on the 31st of July. Over the past year they've always lodged it on the last day of the month following the qtr end.

The half year report disclosed a profit after tax of 1.7c per share ($10m after tax profit). As per previous posts the profit should be significantly higher this half. Sales for the half should be about $80m based on $100 a barrel & 4,500 bls a day. Take tax off and we should see about $40m profit (my estimate) giving a profit after tax per share of  6.7c.....

Current price is 24.5c.


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## oldblue (24 July 2008)

I've been following PPP for some time too and took a small position today at 24c.
Although Tui is their only earner at this stage, it should be a money spinner for some years to come. Back in June, before the latest upgrade of 2P reserves, AWE estimated that  2009 -2012 production, although reducing, would still be at 40-50% of 2008 peak and that the field would still be producing through 2017, admittedly at much lower levels. At about the same time a decision was made to drill a further production well in 2009 and the lease on the FPSO was extended out to 2015.
So we have every reason to expect a solid result for the next 2-3 years at least, irrespective of exploration results from Maitland etc. As cash accumulates, we can expect to see a combination of dividends, share buybacks and/or acquisitions. Should be an exciting time!


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## Datsun Disguise (30 July 2008)

Looks like it's me and you Old Blue. The activities statement will be out tomorrow, hopefully everything is spelled out nice and clearly and I won't have to do all my own calcs. The annual report was published in September last year so not too long to wait for the full story. Based on the December report we should get a cents per share profit statement tomorrow.  Interested to hear if the new exploration and production manager has developed a strategy yet - it's only been 3 weeks so perhaps a bit much to ask.


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## Datsun Disguise (29 August 2008)

Profit statement out now first line sounds good;



> Pan Pacific Petroleum NL advises a net profit after tax for the year ended 30 June 2008 of A$52.4 million.




Lets see - divide by 588m shares means about 8.9c per share after tax profit.

lets see if anyone cares.


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## prawn_86 (29 August 2008)

Hey DD,

These guys have been on my watchlist for a while, but they have very few future prospects, and pathetic management. It sure is a nice profit, but they are not returning a div, or looking to the future. Its basically a shell holding co for a bank aco****.

they have >$80 mill in the bank, why not just return the interest received as a divvy just to get some interest happening? I dont see how the management team is worht $350k pa, when they dont do anything. Gimme $100k pa and i'll take all 4 of their jobs


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## JTLP (29 August 2008)

That is a nice result.

588m on issue though...mmm.

They should really look to buy back some of their stock. I hate all these oilers who produce but with such a large number of shares on issue. gah kills me!

Prawn if you could make a lazy 350k pa and just deposit oil money into a bank account would you want to do more work :


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## Wysiwyg (29 August 2008)

Cynically speaking, they could always tip the profit into some future plug and abandon exercises or maybe takeover a dud company or even go elephant hunting in Bhutan.Oilers


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## prawn_86 (29 August 2008)

JTLP said:


> Prawn if you could make a lazy 350k pa and just deposit oil money into a bank account would you want to do more work :




Its 350k between 4 peaople, but no of course i wouldnt want to do more. But they are not really enticing people to buy in by doing nothing are they.


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## Datsun Disguise (29 August 2008)

I am expecting to hear about future plans shortly, given they have recently employed an exploration manager, but no hint of those plans yet.

Interestingly, the sp is 24c, equal to the asset backing of the company...

As the cash account increases so too will the asset backing and, I would assume in my innocence, would the sp.

900,000 barrels by $100 a barrel = $90m for 08/09 lets say half goes in royalties and tax so $45m profit for next year.

Assuming that the sp is chained to the asset backing until some future plans come to light, that would be asset backing of 31.6cps - and I would assume an SP not far from that, not outstanding is it. 

Disappointed.


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## oldblue (29 August 2008)

I think we need to give new executive(s) time to get to grips with the situation/options. The result is irrelevant in that respect and the last thing we want is someone racing off into the wild blue yonder, just because shareholders want to see some action. It's very easy to spend hard earned cash!


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## Datsun Disguise (29 August 2008)

oldblue said:


> I think we need to give new executive(s) time to get to grips with the situation/options. The result is irrelevant in that respect and the last thing we want is someone racing off into the wild blue yonder, just because shareholders want to see some action. It's very easy to spend hard earned cash!




Yes, you are right, my inner bear has been talking to me a lot recently. PPP's ace in the whole is all that cash, in a time where raising capital is pretty difficult that is a big advantage. Hopefully the mgmt have enough sense to get themselves into some quality prospects, with an experienced operator at respectable ownership levels - say 30% or more. The current portfolio sounds pretty poor. A well thought out exploration plan with an experienced operating partner might be the thing to get this moving. 

With the future looking a little more bright (ie new plans) for PPP maybe we could start to see the PE lift from the current 2.7 to something more like 13.



> Cynically speaking, they could always tip the profit into some future plug and abandon exercises or maybe takeover a dud company or even go elephant hunting in Bhutan.Oilers




Hey! Great idea! - they could buy DMM, twice!! Not that DMM is a dud - just cheap.


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## Datsun Disguise (8 October 2008)

Noticed a couple of directors buying - nice to see. One for a 100k ish parcel, the other NZD1.8m worth - gulp. 

Obviously some confidence there....

Looking forward to the qtrly activities statement to see how the oil has ben flowing.


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## oldblue (14 October 2008)

Another substantial holder notice of buying by director A W Tattersfield.
Now has in excess of 12% of PPP.


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## seasprite (14 October 2008)

PPP cant be too far away with drilling Maitland 4 in WA33R target gas with Apache as operator.
I had them down to spud around 10 Oct but I guess drilling times have been pushed out. TAP also have an interest in this prospect.


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## Shrewd Crude (7 November 2008)

latest information has PPP with 25.5 cents cash in bank...trading at 21cents...
new information coming from presentation that PPP are going to wait on acquisitions and get assets for 5cents in the dollar next year...
...
If you want to see more detailed numbers have alook at this...
https://www.aussiestockforums.com/forums/showthread.php?p=359120#post359120


.^sc


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## oldblue (27 November 2008)

AWE have announced a special div of 10cps, fully franked, largely on the strength of their profits from the Tui field.
As a junior ( 10% ) partner in Tui, I wonder what the chances are of PPP doing something similar?


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## Datsun Disguise (28 November 2008)

oldblue said:


> AWE have announced a special div of 10cps, fully franked, largely on the strength of their profits from the Tui field.
> As a junior ( 10% ) partner in Tui, I wonder what the chances are of PPP doing something similar?




Slim I think - I think I read that they were not providing a dividend in order to ensure enough cash was at hand should oppotunities come up - assets at 5c in the dollar would be very nice. 

PPP are definitely positioned nicely for coming out of the CEC quite nicely.  

Seems cheap at 20c....


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## oldblue (28 November 2008)

Yes, I agree with that.
Besides, AWE were able to pay a franked div, using credits arising from the ARQ takeover. They make the point that the Tui profits don't accrue franking credits.


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## Datsun Disguise (15 December 2008)

Massive volume and price spike on PPP today - looks like they have found an acquisition of some sort? Anyone have any 'insights' or 'predictions'?


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## cuttlefish (15 December 2008)

Now there's a nice surprise - I'm holding a fairly good parcel of these - when a stock is trading well below cash backing while generating very good profitable cashflow its pretty hard not to buy a few.

I think OPEC meets on wednesday this week and cuts are expected - might cause some short term strength in oil prices. Its possible people are seeing an oil price turnaround on the cards and a fund or larger private investor has taken a position.


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## TheAbyss (19 March 2009)

Quite a few positives for PPP of late. Surprised it hasn't rated a mention so thought i would post a few of the highlights.

1. Entry into ASX 300 imminent
2. No debt and has $150 million in the bank (Value = Approx $0.26 cents per share)
3. Pre tax profit of $63 million reported
4. Proven production with reserves and other exploration targets
5. NZOG purchase of 19.99% has received FIRB approval (at 30 cents per share)
6. PPP board are anticipating a fulltake over offer by NZOG

Share price went up by $50 on the NZOG purchase announcement in January

Worth a look for me anyway.


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## TheAbyss (27 April 2009)

PPP are a generous group. 3 cents special dividend is around a 8% return for holders as at 6 May.

Add to that the other highlights and you could own worse stocks.

1. Entry into ASX 300 imminent
2. No debt and has $150 million in the bank (Value = Approx $0.26 cents per share) About to be less $18 million for the special dividend
3. Pre tax profit of $63 million reported
4. Proven production with reserves and other exploration targets
5. NZOG purchase of 19.99% has received FIRB approval (at 30 cents per share)
6. PPP board are anticipating a fulltake over offer by NZOG


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## prawn_86 (27 April 2009)

Its about time they actually did something with that cash. Sure they say they are assessing other opportunities, but a return to holders like this doesnt really affect their cash position and gives a reward to all those who have been more than patient with the management (who in my books are not doing enough)


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## oldblue (27 April 2009)

Yes, it'll cost them less than $18m of the more than $150m cash at last report.
Personally, I'm not concerned that they're in no hurry to spend. I don't see O&G assets suddenly getting more expensive.


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## wonderrman (27 April 2009)

prawn_86 said:


> Its about time they actually did something with that cash. Sure they say they are assessing other opportunities, but a return to holders like this doesnt really affect their cash position and gives a reward to all those who have been more than patient with the management (who in my books are not doing enough)




I would rather be patient and wait. Equity markets have been **** over the past 12 months and people who have held on have done well. Looked at this stock last June, didn't buy it, should have. Feel bloody stupid now.


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## TheAbyss (12 May 2009)

Anyone have any thoughts on what PPP will be buying into for exploration etc? Announcement due today.

I cant work out who they will be taking a piece of or perhaps they are buying a larger slice of an existing target?


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## oldblue (12 May 2009)

STOCK EXCHANGE ANNOUNCEMENT
12 May, 2009
Pan Pacific Petroleum joins Premier in oil exploration
drilling in Vietnam
Pan Pacific Petroleum (“PPP”) and Premier Oil are pleased to announce that Pan
Pacific Petroleum (Vietnam) Pty Ltd (“PPPV”) has entered into a farmin agreement with
Premier Oil Vietnam South B.V. (“Premier”) to earn a 15% interest in the Block 07/03
Production Sharing Contract, offshore, Vietnam (see map below). This agreement
includes funding part of Premier’s costs of the planned drilling program.
Other partners in the block are Vietnam American Exploration Company, LLC.
(“Vamex”), and PearlOil (Ophiolite) Ltd (“Pearl”). Upon completion of PPPV’s farmin
obligations, the participating interests will be;
PPPV 15%
Premier 30% (operator)
Vamex 40%
Pearl 15%
PPP* will participate in the current well at the 15% level subject to Vietnamese
Government approval, and waiver of pre-emptive rights by PetroVietnam.
Block 07/03 covers 4,915 km² in the prospective Nam Con Son Basin, and is adjacent
to block12W which contains the Chim Sao and Dua Oil Fields, also operated by
Premier, which have found oil in Dua sand fault traps. An extension of this successful
play concept is interpreted to exist in block 07/03, and is currently being evaluated by
drilling of the CÃ¡ Rồng Đỏ (Red Emperor) prospect. The well spudded on 6th May 2009
and is being drilled using the semi-submersible drilling unit “Hakuryu-5".
This well is projected to reach the main objective within a few weeks. The operator,
Premier, has designated this a “tight” (i.e. confidential) well, and hence weekly progress
reports will be limited to drilled depth, until the completion of the well. This is the first of
a 2 well program, with the second well planned for the end of the year.
PPP* are delighted to join the Block 07/03 joint venture, and to have immediate
participation in the drilling of an attractive prospect estimated by the operator to have
significant potential. The block has multiple additional prospects and material upside in
the event of success.
This farmin is the first step in the execution of PPP’s stated growth strategy which
includes participation in selected exploration in proven basins in the Southeast Asia
region.
For further information please contact:
Tom Prudence
Chief Executive Officer
Pan Pacific Petroleum NL
Telephone: + 61 2 9957 2177
__________________________________________________


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## seasprite (12 May 2009)

Ahead of a two-well drilling program on Block 07/03 PSC that will get underway later in 2009, Premier Oil is looking to farm out part of its equity.  The company acquired 1,537 km of 2D seismic data over the block in September 2008 and identified two high impact prospects, which are expected to be drilled in 2009.  The first well will target the *60 MMbo Alpha prospect* and is expected to spud in May 2009.  The second well will target the similarly sized Beta prospect.  Premier has contracted the Japan Drilling "Hakuryu V" S/S for both and it will return for the second well around year-end 2009.


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## seasprite (13 May 2009)

it would be marvellous to see this break through the 36 mark . PPP needed to expand while other oilers were contracting to get an edge as far as I'm concerned. Wish I went with my gut feeling when I thought they were undervalued at 20c end of 2008 prior to NZO buying in.


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## seasprite (27 May 2009)

Latest drilling update Vietnam Block 07/03 see http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=00956306


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## seasprite (30 May 2009)

Vietnam presentation 29 may 09 http://www.asx.com.au/asxpdf/20090529/pdf/31hv6380tvphkf.pdf , approx 1 megabite . It is expected this well will be completed this coming week. Fingers crossed , she will be a hummer.


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## sjp2 (30 May 2009)

yes but is the share price telling us something that we dont know,the well is nearly at its depth and the share price going down as well(down the well )


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## seasprite (1 June 2009)

sjp2 said:


> yes but is the share price telling us something that we dont know,the well is nearly at its depth and the share price going down as well(down the well )




PPP is heading for a potential breakout , depending on the result at block07/03 will determine which way it breaks.


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## seasprite (3 June 2009)

We may have a drilling result in the next few days or even today , Pitkin Petroleum who own 100% of VAMEX , have a snippet of information on block 07/03 which can be found here http://www.pitkinpetroleum.com/interest/explorationareas/vietnam/vietnam.asp which says it could contain "unrisked mean prospective resources of 1.9 billion barrels plus 3.3 trillion cubic feet of gas"


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## seasprite (3 June 2009)

drilling result out , refer to http://www.asx.com.au/asxpdf/20090603/pdf/31hx8vcwgz8dxx.pdf oil and gas encountered , now wireline logging


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## Miner (4 June 2009)

seasprite said:


> drilling result out , refer to http://www.asx.com.au/asxpdf/20090603/pdf/31hx8vcwgz8dxx.pdf oil and gas encountered , now wireline logging




Yes Seaspirite
Your guess turning out to be correct
I noticed there could be many readers of this posting but comparatively less number of contributors in PPP.

Does not matter I am putting my money on PPP

Disclaimer : Do hold a small parcel (and looking for  a bigger one)


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## TheAbyss (13 August 2009)

Thought i would bump this one along as they have had a great run lately.

All holders must be happy as i know i am.

No real news of late so there must be a lot of expectation out there. 

Very wary of the buy the rumour sell the fact methodology here so have taken some profits and kept the free ones for a while. 

Chart is great viewing though


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## oldblue (26 August 2009)

PPP's SP took a big hit today.

Any reason apart from the release of the 2009 profit figures?


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## sjp2 (15 October 2009)

it looks like this co should just sit on its bank account and stagnate,each time is does any farmin activity its sp goes downwards 30 % since july ,somebody must have a better idea of whats going on


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## jayinoz (16 October 2009)

PE is only 6.5... Farmin activities looks secure. It's balance sheets is growing incredibly year on year. 

Petrol prices have been booming yet this stock moves backward 15% this week?

Directors activity shows that they have been buying in the last 2 months at prices between 30-50% ABOVE current. I am sure the Directors are scratching their heads also. Anyway it is a volitile stock, yet the trend is your friend and it is up 128% this year.

I cannot find another petroleum explorer & good producer stock with a PE below 10 on the asx.

The negatives are the raising dollar yet they are hedged with Petrol production. If dollar up and Petrol down then a different story but that will never happen in Oz.

It is true that every time they release farmin activity the stock price takes a dive. If the company concentrated on current production and getting as much out of the ground to sell the price would be far higher. Yet the stock piles of Petroleum would run out. They farm for the future yet short term investors know that this costs a lot of money right now.

The Directors are wanting a large pay rise and this was not well received by shareholders. 

To me, it is good value at current levels. I have bought in at 35c, 45c and 60c.


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## daveo_01 (16 October 2009)

There seems to be some confusion over the vietnam farm in. Look like PetroVietnam Exploration Production Corporation Ltd (PVEP) want to back in on the discovery and this is affecting the perception(IMO) of shareholders and traders thus some MAY be locking in profits. The amount of farm in PPP will now recieve seems to be tied to the amont PVEP will want. makes it a bit more interesting following for myself now. Also looking forward to the upcoming drilling program end 2009 early 2010 over multiple areas.

cheers!


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## oldblue (16 October 2009)

I don't think that the P/E's of oilers mean very much given the unpredictability of their earnings. For what it's worth, BPT is trading on a P/E of about 3, but it's caused largely by their propensity to sell good assets.

I regard PPP as a better investment.


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## jayinoz (3 November 2009)

With this company we await for how they perform in negiotations and drilling results in the Vietnam project. The current value of oil makes little difference if they spend too much on drilling not to cover the cost of sales production. By the time they extract the petrol and sale on market then we hope the petrol price has skyrocketted. Then this would be reflected in their financial reports and the price would go up.

They do sell on market at this time, as they do have steady production revenue yet are keen explorers at the same time. Explorers suck up a lot of money very quickly and their results depend on the drilling outcome. Plus their negoitations with Vietnam over a big potential commercial find. I wish they had secured their 15% like every other company involved. 

My opinion that the 15% that PPP was offered is not only subject to the Vietnam Government approval for them to farmin but also, as it has been stated, subject to the waiving of the pre-emptive right of PetroVietnam to exercise its right to backin (on the basis of that 15%).

The 15% that is to be decided. They may get the ar#@ end of the deal. After putting in all the work. They have had good and bad projects in the past- so anything may happen.

I await the result of the deal and the drilling results in Nov\Dec this year. If positive on both counts then the stock will be revised upwards towards a PE of 10+. If not positive then a possible 10-20% fall in the stock for now.

The other partners in the project have got their share set. I doubt that their shares will be altered or tampered with in this case. Only PPP share is not secure.

PPP have suggested that PetroVietnam are to take PART of the 15%. How much is unsure...

It is undervalued due to the prospect that PPP may be stitched up by Vietnam. 
wWe have no idea how much "part" is. 

Shareholder are left pondering the unknown for now- in a month or so it will be more clear.

Management should disclose the details of the contract with PetroVietnam, as it is our money the negoitate with.


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## bazollie (4 November 2009)

The Vietnam Issue is testing the SP of PPP however PPP's current cash holdings plus the upcoming Timor Sea Oil exploration wells cannot be forgotten. 

One reasonable Oil discovery in the Timor , could well be a Catalyst for a fair rerating of this company. If you check out PPP's announcements you will see that The contract area, which extends over 3700km² in area is adjacent to several existing oil fields such as Laminaria and Corallina and the recent Kitan discovery and prospects similar to this successful oil play are believed to exist in JPDA 06-103.

I believe PPP to have more a lot more potential for upside than downside. 

All IMHO.

Disclaimer: I hold PPP.


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## nunthewiser (2 August 2010)

Anyone still following this pup?

Hit my radar on the volume spike, nice base formation and personally think ON A TECH BASIS ONLY maybe due a trot shortly.

i have not entered as yet as only just noticed but has gone straight to top of watchy to either enter on a clear and confirmed break of 19 (on vols) or an entry  at a lower point in the channel.

Will see how this plays out from here and maybe take an entry shortly.

i would attach a chart but history has shown i,m bloody hopeless at posting them here.


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## noie (2 August 2010)

nunthewiser said:


> Anyone still following this pup?
> 
> Hit my radar on the volume spike, nice base formation and personally think ON A TECH BASIS ONLY maybe due a trot shortly.
> 
> ...




*PPP* triggerd for me but i didnt look further

G-chart

From QUARTERLY ACTIVITIES REPORT JUNE 2010

PPP
In addition to participation in these attractive ventures, PPP’s cash flow remains strong, firmly
underpinned by Tui production, with remaining reserves of 2.23 MMbbls net to PPP at end June. In
addition, the Company has no debt and significant cash reserves of A$87.5 million, which together with
cash deposited in support of the Tui FPSO lease contract, and a further US$10.3 million scheduled to be
returned to PPP during the next few weeks as a result of completion of the Block 07/03 farmin, is
*equivalent to approximately A$105 million or approximately 18 c/share.*

also, i missed an announcement on the Change of Director’s Interest Notice
he now has 11.7 Million in the company (added another 455000ish)


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## noie (2 August 2010)

Sorry the above increase is in AUD

Keep an eye on it tomorrow, might be interesting over the course of the week..


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## nunthewiser (2 August 2010)

Cheers for the reply Noie

i decided to post a chart after all ....... 19 is the first make or break area im intrested in.

Will be watching like a hawk from here ....... i do NOT hold


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## noie (3 August 2010)

Nice chart, 
The 6.5 mill vol i think was the day of the previous announcement, 
I looked more into their books, if they were to sink now their assets are still higher than the SP

I placed a conditional just now ...we will see what the week brings


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## oldblue (3 August 2010)

noie said:


> Nice chart,
> The 6.5 mill vol i think was the day of the previous announcement,
> I looked more into their books, if they were to sink now their assets are still higher than the SP
> 
> I placed a conditional just now ...we will see what the week brings




I think you'll find that pretty well all small oil companies are trading at under asset backing.

A bit like a newly listed company trading below issue price - we know that they don't have any trouble spending the cash!



I don't hold PPP at present.


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## nunthewiser (3 August 2010)

FWIW

I have taken a small entry on this today at .19.

I will add to it IF it breaks north from here. 

Normal stoploss rules apply


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## notting (10 August 2011)

Was trading below the value of the money it has in the bank yesterday!!!!
Having a little better day today.
I hope it drops again.  I want more!


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## notting (9 November 2011)

Just announced a 5c per share capital return.
Not bad for a share that's been tradiing at 12c! Which is below it's cash in bank value.
It also makes money!!
Up 2.5c per share so far!


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## McLovin (9 November 2011)

notting said:


> Just announced a 5c per share capital return.
> Not bad for a share that's been tradiing at 12c! Which is below it's cash in bank value.
> *It also makes money!!*
> Up 2.5c per share so far!




The latest annual report says it made a loss of $4.6m.


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## System (22 November 2017)

On November 21st, 2017, Pan Pacific Petroleum NL (PPP) was removed from the ASX's official list in accordance with Listing Rule 17.11, following implementation of the scheme of arrangement pursuant to which Zeta Resources Limited acquired all of the ordinary shares in the Company.


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