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BPH - BPH Energy

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Re: BPH - BPH Corporate

ann out today, re location confirmed for first well to be drilled at PEP11

to be called the New Seaclem 1 well (TD @ 826m)

and targeting the already discussed Great White and Marlin prospects

late Oct still intended spud date

wise-owl have a spec buy on bph dated 22/08 based on the upcoming drilling program at PEP11
 
Re: BPH - BPH Corporate

i saw that earlier today myself

"The New Seaclem-1 well will be targeting natural gas in the Great White and Marlin stratigraphic prospects contained within the Cainozoic age sedimentary sequence."

its a long way off from here still, with an late oct start

back into hibernation for this one i think...
 
Re: BPH - BPH Corporate

agreed ... and by memory they still have to put away an entitlements issue - will be interesting to see if its fully subscribed for
 
Re: BPH - BPH Corporate

happytown said:
agreed ... and by memory they still have to put away an entitlements issue - will be interesting to see if its fully subscribed for
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i think its underwritten

Disclosure of underwriting and sub-underwriting on voting power
As set out above, the Offer is underwritten by Grandbridge Securities.
MEC has agreed to partially sub-underwrite Grandbridge Securities‟ Underwriting Commitment (of 103,477,123 Shares), up to a maximum of 40 million Shares.
As at the date of this Prospectus:
(a) Grandbridge Securities holds a relevant interest (through its associate, Grandbridge Limited) in 6,778,200 Shares and its voting power in the Company is 3.28%; and
(b) MEC holds a relevant interest in 23,318,379 Shares and its voting power in the Company is 11.26%. MEC has indicated that intends to take up its full Entitlement (being equal to 11,659,190 Shares).
The potential maximum increase in Grandbridge Securities‟ voting power in the Company as a result of its Underwriting Commitment is 19.35%, assuming:
(c) Grandbridge Limited does not take up its Entitlement;
(d) a Shortfall of more than 40 million Shares; and
(e) no existing Options are exercised.
Grandbridge Securities‟ voting power following completion of the Offer and assuming the matters in (c) to (e) above, will therefore be approximately 22.63%.
22
If the Placement Condition to the Sub-Underwriting Agreement between MEC and Grandbridge Securities is not satisfied and MEC‟s sub-underwriting commitment therefore terminates, the potential maximum increase in Grandbridge Securities‟ voting power in the Company as a result of its Underwriting Commitment, assuming it elects to waive the Sub-Underwriting Condition and further assuming the matters in paragraph (c)(i) and (c)(iii) above, will therefore be approximately 32.24%. Grandbridge Securities‟ voting power following completion of the Offer in those circumstances would therefore be approximately 35.52%.
The potential maximum increase in MEC‟s voting power in the Company as a result of its sub-underwriting commitment is 12.89%, assuming:
(f) MEC takes up its full Entitlement;
(g) a Shortfall of at least 40 million Shares; and
(h) no existing Options are exercised.
MEC‟s voting power following completion of the Offer and assuming the matters in (f) to (h) above, will therefore be approximately 24.15%.
If Grandbridge Securities or MEC do not take up their full Entitlement or the Shortfall is less than MEC‟s sub-underwriting commitment of 40 million Shares, Grandbridge Securities‟ and MEC‟s underwriting and sub-underwriting commitments, and therefore their voting power, will reduce by a corresponding amount.
 
Re: BPH - BPH Corporate

appreciate that agent

should have worded it more along lines of ...

will be interesting to see how many investors (aside from mmr and gba) take up their full initial entitlement - a gauge of investor sentiment (at first instance)
 
Re: BPH - BPH Corporate

happytown said:
appreciate that agent

should have worded it more along lines of ...

will be interesting to see how many investors (aside from mmr and gba) take up their full initial entitlement - a gauge of investor sentiment (at first instance)
Click to expand...

i believe the matter is settled in that regard


rigzone lists the ocean patriot as having advent as operator atm

wwhrmq.png




announcement today on pep 11

5 October 2010
Companies Announcement Office
Australian Securities Exchange Limited
10th Floor, 20 Bond Street
SYDNEY NSW 2000
Dear Sir,

ADVENT ENERGY LTD PEP11 REGULATORY APPROVALS UPDATE

MECs investee company Advent Energy Limited (Advent) has advised that a key approval has been granted by the National Offshore Petroleum Safety Authority (NOPSA) for Advents PEP11 exploration activities.


NOPSA has advised the owners of the Ocean Patriot drilling rig (Diamond Offshore General Company) of the Safety Case Acceptance for the Ocean Patriot Safety Case Revision for New Seaclem-1 under the Offshore Petroleum and Greenhouse Gas Storage (Safety) Regulations 2009.
The semi submersible rig Ocean Patriot has been contracted by Advent to drill the New Seaclem-1 exploration well in PEP11, and is anticipated to be available to commence drilling in the fourth quarter 2010.

Advent Energys wholly owned subsidiary Asset Energy Pty Ltd will increase its interest from 25% to 85% of
PEP11 by drilling the first well. Bounty Oil and Gas (ASX:BUY) will thereby reduce their interest from 75% to
15%.

The major shareholders of Advent Energy are MEC Resources Ltd (ASX:MMR), BPH Corporate Ltd (ASX:BPH), Talbot Group Investments and Grandbridge Limited (ASX:GBA).

Yours sincerely,
David Breeze
 
Re: BPH - BPH Corporate

Anyone know anything about what today's trading halt is about? Did I start looking at this stock just in time to miss the boat?
 
Re: BPH - BPH Corporate

Kremmen said:
Anyone know anything about what today's trading halt is about? Did I start looking at this stock just in time to miss the boat?
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a further cap raising to get a bigger share in advent.

i actually sold out as the bph responses to my emails were not exactly clear.

i pointed then to the exxon september statement that 2 further wells were to be drilled post the current well that ocean patriot is drilling, and stating a 30 - 45 day lead time for those completions.

my question to them was clear, how can the anticipated 4th quarter 2010 drilling occur with the ocean patriot busy for the entire period with exxon.

the answers were not exactly as i had expected, so i decided to wait till 2011 before entering into the share again.. i know plenty of places to invest in 2010 that are moving ahead..
 
Re: BPH - BPH Corporate

G'day Agent.

I'm also staying out of MMR until I am sure that all government approvals (including any possible responses to protests from a few East Coast residents) and the rig are all 100% set to go.

I suspect, like you, drilling will be early 2011 at the earliest.


Cheers,
BESBS

Not holding BPH or MMR (or any other partners to this drill) at present.
 
Re: BPH - BPH Corporate

story in the economic times (indian newspaper) that ONGC is in formal discussions for a 25% stake in advent for $1B has been dismissed as incorrect
 
Re: BPH - BPH Corporate

back in a trading halt again, this time in relation to an article from dow jones

this from the business spectator, http://www.businessspectator.com.au...India-media-report-AU76K?opendocument&src=rss

the last 3 paragraphs:

...

Indian gas firm GAIL (India) is in talks with Advent to buy a stake in the company, its head said.

"The talks are at a premature stage," BC Tripathi told reporters.

He declined to comment on whether the company was looking to buy stake in Advent as part of the consortium of Indian energy firms.
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Re: BPH - BPH Corporate

the indian interest in advent appears to be playing out as follows:

the economic times of india reported that a consortium of indian co's led by Oil and Natural Gas Corp (ONGC) and incl Oil India and Gail India is in talks to buy a 25 percent stake in advent for about $1B - see for eg "ONGC consortium eyes 25 pct stake in Advent for $1 bln - paper", Reuters, 03/11/10; an unnamed executive in the consortium is reported as saying, "We are looking at acquiring a minority stake in E&P (expl and prod) company Advent Energy.", see for eg "Indian oil group adds Australia to target list", Reuters, 03/11/10

MMR, BPH and GBA put out asx anns stating that the indian media reports of formal discussions was incorrect - see for eg "Advent Energy co-owners deny India media report", Reuters, 03/11/10

further reports indicated that Gail (India), descibed as an Indian state gas firm is in early stage talks to acquire a stake in Advent, although whether as part of the afore-mentioned consortium is not known, see for eg "GAIL in talks to buy Advent - exec", Reuters, 03/11/10

ONGC has just been named Asia's top O&G expl and prod co, beating China's CNOOC to the no 1 position - see for eg "ONGC becomes Asia'a No 1 oil and gas exploration and production firm", Indian Express, 03/11/10

trading halts currently all round for MMR, BPH and GBA
 
Re: BPH - BPH Corporate

ann out at 7.26 pm last night, confirms that GAIL (India) are indeed in early discussions with advent to take an equity stake in advent

if the figures being discussed (25% for $1B) are legit, it values advent at $4B

current holdings in advent are MMR (51.14%), BPH (19.06%), GBA (8.75%)

based on the figures being mentioned in the media, the value of the current holdings would be MMR ($2.045B), BPH ($762M), GBA ($350M)

current fully diluted mc's of MMR (approx $138M), BPH (approx $36M)
 
Re: BPH - BPH Corporate

bph, gba and mmr all moving up

talk of indian interest in equity stakes at values of 25% of advent at $1B

ann out on 09/11 indicating that rig should have completed its duties down south by nov 29

still awaiting stautory approvals

note: as of 19 nov bph will go into suspension (due to asx listing rules re change of business activity) and not re-list until early/mid dec
 
Re: BPH - BPH Corporate

and regulatory approval from nsw dept industry and investment for drilling at pep11 granted for the seaclem1 well
 
Re: BPH - BPH Corporate

This stock has a good chance of hitting the big time come late Dec/Jan...

Would expect to see +20c within 2 mths time.
 
Re: BPH - BPH Corporate

nice run from .09 to .145 recently

bph will go into suspension on friday (according to the indicative timetable from ann dated 08/11/10 [or thereabouts]), to enable the co to restructure its activities, consolidate its shares, then issue more shares and options

indicative date for re-listing on 08/12/10
 
Re: BPH - BPH Corporate

just read on another forum halt to begin on 2nd december and run for 11 working days. originaly i thought it was the 19th of nov. can anyone confirm?
 
Re: BPH - BPH Corporate

steelinoz said:
just read on another forum halt to begin on 2nd december and run for 11 working days. originaly i thought it was the 19th of nov. can anyone confirm?
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so far i have forfeited a 100% gain in selling out of bph and waiting until the drilling of the first well in jan 2011

brilliant timing!! lol

i never expected the sp to double when there is a 2 or 1 consolidation happening..

my view that in the long wait for a well that nil would happen was pretty much wrong in this case.. what i cant see is how the share can double in value and what the valuations are based upon? anyone care to enlighten?
 
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