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BPT - Beach Energy

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Seen two more reports its the Delhi Petroleum thing. I'm not over it enough to know if it's good or bad?

1137 [Dow Jones] Beach Petroleum (BPT.AU) is on a trading halt with analysts tipping the announcement of a counter bid for Delhi Petroleum. Beach has run the ruler over Delhi and its 21% stake in the Cooper Basin oil and gas fields but says it has yet to make an offer. Analysts say the market is anticipating a Delhi bid. "The market has been expecting something like this for a while," says one analyst. "It wouldn't surprise, put it that way, and it would make a lot of sense." Beach mum ahead of announcement. (APW)
 
The match price for BPT is 1.61. It has continually increased over the day. Can anyone explain this to me? Is this just buy orders coming in on speculation about the pending announcement and the resumption of trading?
 
Maybe this is the reason for the trading halt.

Oil finds boost state investment
September 01, 2006
RECENT oil discoveries in South Australia's Cooper Basin are adding excitement to the state's emerging mining boom, Mineral Resources Minister Paul Holloway has said.

Mr Holloway said the discoveries reported by Stuart Petroleum and Beach Petroleum were among eight new oilfields and four new gasfields discovered in the area so far this year.

"South Australia continues to attract high levels of national and international petroleum industry interest with tenements now covering almost the entire Cooper Basin," the minister said.

"Drilling activity in the basin is at record levels, which is leading to new field discoveries for explorers and increased royalties for the South Australian economy."

In July, Stuart Petroleum discovered an oilfield in an area of the Cooper Basin which flowed 1100 barrels a day. Production was now expected to start in September.

Beach Petroleum's Callawonga One well, also drilled in July, flowed oil at a rate of 2,400 barrels a day.

It was also expected to go into production later this year.

Mr Holloway said South Australia's petroleum industry continued to grow in strength and the latest discoveries were an important step forward.



It can only help the SPP :)
 
I can see a couple of announcement related to BPT but 0 in the trading volume. I assume this obviously means they are still in trading halt.
 
If you have access to a market depth screen, that will tell you straight away that the stock is in pre-open.

Cheers,
GP
 
Sorry of my ignorance but what does pre - open means ?
I can understand trading halt but pre-open looks very much the same to me as no trading is happening :cautious:
 
Suspension from official quotation now . What is the difference between Suspension from official quotation and Trading Halt ??
 
Fab said:
Suspension from official quotation now . What is the difference between Suspension from official quotation and Trading Halt ??
Click to expand...

Suspension is at the request of the company in this case. It is pending an announcement and I would expect a good one, BPT was added to the ASX200 last week. BPT is in partnership with other oilers in most of it's wells so one of them will probably be the one to look at for a good deal.
 
Once it is included in the ASX indice, the institutional investors must weight thier portfolios accordingly with BPT stock, correct?
 
CanOz said:
Once it is included in the ASX indice, the institutional investors must weight thier portfolios accordingly with BPT stock, correct?
Click to expand...

MUST might not be right. There are funds that can't invest unless they are in that league so it does have a lot of influence but that alone would not have caused a trading halt.
 
nioka said:
but that alone would not have caused a trading halt.
Click to expand...

No, I wasn't inferring that..just looking for clarification. I think the trading halt/suspension and the timing of the indice incluesion are coincidental.
 
CanOz said:
No, I wasn't inferring that..just looking for clarification. I think the trading halt/suspension and the timing of the indice incluesion are coincidental.
Click to expand...

Agree
 
Fab said:
How long does a suspension of trading normally goes for ?
Click to expand...

is it for soemthing good/bad/neither?

thx

MS

Earnings and Dividends Forecast (cents per share)
2005 2006 2007 2008
EPS 5.8 10.3 30.6 25.5
DPS 1.5 1.5 1.5 1.5
 
Trading halts for Beach, Delhi investor
Nigel Wilson
September 01, 2006
SHARES in Beach Petroleum and Australian Onshore Energy Fund, an investor in Delhi Petroleum, were put in a trading halt yesterday.
Both companies requested the halt pending an announcement.

The halt is in force until the start of trading on Monday or when the announcement is made.

The Australian reported yesterday there was mounting speculation Beach would make a bid for Delhi, countering a $474 million offer from Santos.

Under the Santos offer, supported by Westpac Funds Management (WFML) which manages the Australian Offshore Energy Funds, holders of Floating Interest Energy LinkeD Securities which were used to partially fund the original purchase of Delhi from ExxonMobil, will be offered a cash payment of $83.25 for each note which has a $100 face value.

The notes were trading around $60 each before the Santos bid was announced.

WFML has not issued a scheme booklet for the Santos bid, nor released an independent report prepared by KPMG.

But it has told the market that it has received an incomplete offer for Delhi which was higher than the Santos offer.

Beach has previously confirmed to the market that it was the company referred to by WFML but has denied that this approach represented a bid.
Click to expand...
Looks like good news is possible, otherwise business as usual.
 

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