BCC - Buccaneer Energy

[gaps]

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]

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]

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

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]

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

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]

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]

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]

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]

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]

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]

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!]

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]

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

 

[Miner]

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]

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

 

[wanlad1]

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]

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]

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]

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]

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]

"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..