Sean K
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- Joined
- 21 April 2006
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Inverse H&S looks good for a probable $1.90 ish target to me. Good wind up between $1.45 spt and $1.50 resist....hmmmm
I just love BPT, followed this since $1.20.
Fancy a small cap oil exploration company that is cash flow positive, pays dividends, is about #4 in Aus in oil reserves, has such an agressive exploration calendar, has such great partners and is sub $1.50.
Sounds like a no brainer to me
Well I will put an alternate view here.
Everybody is bullish BPT it seems, but with the ASX very strong, and oil surging up, BPT had a very weak day.There has not been any demand for this share for a few days now.Maybe a pause before the next leg higher, but the count I have has a possible good short proposition.
As usual there are various counts, but I like to be contrary nowadays, so I will stick with this one.
It's hard to imagine such a negative outcome but we could go all the way back to just over a dollar if this count is correct.You would think for that to happen oil needs to do an about turn pretty sharpish.
Hi, I suppose that you read the STO announcement regarding Cooper, this would have rattled a lot of BPT holders since a reasonable amount of revenue originates from the STO/Cooper/BPT partnerships. BPT was quick to release some clarification of the minimal impact, but I think the impact is a little larger than they are willing to announce. BPT were quick to point out that their future explorations and technology involved would fill the void.
I think BPT will be flat for a while, maybe retract a little until some good news & PR. I am still confident of their capabilities and actually look forward to a pull back in SP so I can acquire a larger holding.
Mr Nelson said, “Beach has enjoyed a very strong success rate in the Cooper Basin,
particularly through the use of 3D seismic technology to optimise drilling locations and to
further identify opportunities within and surrounding several known producing oilfields.
“This is particularly illustrated in Beach’s strong success rates in the eastern Bodalla
Block fields, bought from OCA (an Origin Energy subsidiary) and Santos five years ago.
Indeed, we regard Beach’s success in these fields as a model in some aspects for the
Cooper Oil Project.
“Success has also continued on the other, western area of the Cooper Basin where Beach
is operator with up to 75% equity.”
Beach has pioneered fresh exploration in this neglected and under explored region and
has already discovered the Christies, Sellicks and more recently the Callawonga oil fields
(Beach 75% and Cooper Energy 25%), all of which are now producing oil with production
expected to grow strongly.
The Callawonga-1 discovery well has been producing for just over a year, while Beach
completed new 3D seismic that has resulted in three more significant producers.
Clean-up flows from Callawonga-2 and -3 were very strong (4992 and 5660 barrels of oil
per day, respectively) with the recently drilled Callawonga-4 yet to be flow-tested.
Within the next few weeks these wells will make a strong new contribution to production
while a new pipeline will enable oil to be sent directly to Moomba without the need for
trucking.
The drilling rig is currently moving from Callawonga to drill the first of four new
exploration targets in the area (PELs 91 and 92, Beach 40% and 75% respectively).
New 2D seismic and more importantly 3D seismic in the areas, are revealing subtle
structuring not identified on the older vintage seismic and is sharply improving the oil
discovery strike rate.
Mr Nelson said, “Far from scaling back our efforts in the Cooper Basin, we will be looking
to increase our efforts wherever possible.”
Love to see the Tradeguider chart...agree with Porper here, no demand, its just waiting to fall off the cliff....i've been waiting to short it too, but it just won't move.
Cheers,
It is holding above the 50% level on the last move...
strong accumulation since march ( from approx 13th )
The last Bar to Me
Displays a clear lack of supply..
With offerings showing signs of drying UP
Porps,
I think the STO Cooper Basin thing rubbed off on Beach yesty.
Still holding above some support.
Having said that, anything searching for O&G should be flying right now. I would display caution towards anything that is not.
(holding BPT)
Forgot to mention, that there is a good chance that the gap will get filled before the wave C down, that's if BPT can buck the trend and reverse downwards.
It is looking good for oil stocks though so caution before shorting.
Not all of the manipulators' moves can be detected. Not all of the
moves are made by manipulators. In fact it does not matter to the
tape reader or the chart reader whether the moves are real or
artificial; that is, the result of actual buying and selling by the
public and bona fide investors or artificial buying and selling by
large operators. (However) Most of the important moves in the market are
prepared, executed and concluded,
If a stock is below value, and these interests see a large profit
ahead, they will take all they can buy at certain levels, then
gradually raise their bid prices until they get all they want. They
buy preferably on reactions until such time as they are ready to
markup the price. Or if a stock is above value, and they see
trouble ahead, they will sell all they can at certain levels,
supporting the price on reactions and unloading on rallies until
they are ready to let it drop. This is why these supporting points
and the points of resistance (a phrase originated by me many years
ago), are so important for you to watch.
There are exceptions to the above indications, however. Thus a
small volume and narrowing into small price movement after a rise
may mean that the stock is resting and digesting its previous gains,
instead of reacting, prior to a further advance. Therefore, in
judging volume indications, we must always be careful to take into
account the action preceding a particular volume indication
( The range of basically accumulation BPT has been in for considerable period.
What effects stocks greatly are new issues They need to be digested at leisure by smarter money.. Hence they are a big reason for this formation on the 4% chart. Large issues distort and make one sided the technical position )
Then they will withdraw their orders and let
the stock sag and turn dull in order to deceive the public into
thinking there is no further interest in it.
of supplyJump the creek
BPT is a "stodgy" stock.
It will continue to be a very profitable company.
It will not be a market darling because it lacks the flair of an AED, the clout of WPL, or the enigma of an OSH.
I will buy more BPT at around $1.25 on next selling flurry (should there be one).
Energy-based equities are in my sights.
My suspicion is that this time next year many who have been active traders will wonder why they did not also have an accumulation strategy on what I regard as a "blind freddy" factor.
Realise value for Coal Seam Gas assets with
~800 PJ Possible Reserves
– (pure CSG companies are reflecting on
average $0.54 per GJ … applied to BPT would
imply additional ~$400 million potential value)
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