Doesn't seem like a very good anouncment? I would think the share price will fall back now? Am i Reading it right?
..........with all of the interest in green energy everyone overlooks the fact Beach own 21% of Petratherm Energy and has the option to buy another 15% into the company.
BASKER MANTA COMPLETES INSPECTION OF STATUS OF SINGLE POINT MOORING (SPM)
The BMG JV provides the following summary of activities and plans following the incident last Thursday when the BMG shuttle tanker, the Basker Spirit, drifted from its SPM in Bass Strait.
Inspection of the SPM component on the surface and subsurface using a Remotely Operated Vehicle (ROV) has confirmed the site of the mooring failure. A pin in one of the chain shackles has become dislodged, allowing the upper mooring elements to detach from the three point mooring at the nodal point. The mooring system itself is in good condition, with no reason to question its integrity. The hose that transfers oil from the Crystal Ocean FPSO to the Basker Spirit has been damaged as it took the load of the Basker Spirit when the shackle decoupled from the nodal point. The BMG JV has spare hoses in stock.
To restore the full mooring system and allow full production to recommence will require a specialized construction vessel to be mobilized. The need for lifting capacity and saturation diving capability requires such a vessel. The BMG JV is sourcing such a vessel now and expects to have one (of three possible vessels) in the field in the latter part of August, subject to negotiations with the vessel owners.
In the meantime, the BMG JV plans to continue production, with the Basker Spirit moored in Westernport Bay or other acceptable ports, with the Crystal Ocean transferring crude oil to the Basker Spirit in a shuttle operation. It is expected that production of about 3,000 bopd [so thats about one third of normal production] can be maintained with this operation. Production will increase to the field capacity when the SPM integrity is re-established and the Basker Spirit resumes its mooring location in the field.
Seems to be good up side with this stock and short term target is $1.60.
Was travelling nicely until this recent market correction.
This article in SMH may have helped...
Beach is starting to look underpriced
Reg Nelson gets to preside over the release of what should be a bumper result for Beach Petroleum on Wednesday. Thanks to a full year from the Delhi acquisition, the market will be looking for something near the $90 million mark ahead of a charge to $200 million in following years.
That's why analyst Stuart Baker at Morgan Stanley slapped a $2-a-share price target on the stock early last month when Beach was looking nice and strong at $1.43 a share. That Beach has drifted back to $1.145 on Friday - it hit 99c on Black Thursday - reflects the lack of rebound for the stock since the subprime sell-off, plus some disappointment that the BMG oil project in Bass Strait needs remedial work to get to original forecast production levels.
Wednesday's profit report could be the catalyst for the rerating that Baker and others think is now due to Beach, now ranked number four in our listed oil and gas stocks behind Woodside, Santos and Oil Search. Now that Beach has arrived as a sizeable and profitable producer for the long term (20 years-plus), Nelson has cranked up its exploration portfolio.
Four high-impact wells are now slotted to be drilled in the next 15 months. The big Fermat 1 gas target offshore from Portland in Victoria (1200 petajoules in the second quarter of 2008) has been locked in for a while. The new additions (1 in New Zealand's Taranaki Basin and two in the Bass Basin) each have the potential to yield net oil reserves to Beach of more than 20 million barrels of oil.
Very nice jump in price today. I can't understand how a stock like BPT is still in the low $1. Does anyone know why it went up over 10% today?
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