CND - Condor Energy

[donteatme]

Re: BKP - Baraka Petroleum

i might be on my own (don't think i am though), but i was actually disappointed by the details of the capital raising.

i think, at this stage, and taking into account the small share price and volatility, 1.7c was too much of a ask for a CR. It should have been cheaper to entice more interest, and it should not have been exclusively to shareholders of the company- i think sophisticated investors should be able to take part too.

in the best interest of the company at this stage, which is to make sure they get the money through this CR to really get the ball rolling, these approaches would have a more guaranteed result. oversubscribed at a bit lower cost is better than undersubscribed.

im happy to be wrong, and if there is enough interest, then this approach will be much better for shareholders due to a higher amount raised and more shares left for existing investors. BUT, there is no point at having what we may call a fair price (not too cheap) for all of us invested, and then we all sit back and not buy into the CR, to see what happens. it completely defeats the purpose.

I was disappointed as well. It appeared that the only time BKP had a significant boost to the SP was prior to the cap raising announcement. I regret not having a stop in place at 2c, expensive lesson learned for next time.

 

[BESBS Player]

Re: BKP - Baraka Petroleum

Interesting that the SPP has been extended. My understanding is that drilling will commence in the Canadian's prospects by the end of March at the latest. However, they won't get onto BKP's site until after this. While BKP management have not announced this, it explains why BKP can offer an extended date and still allow subscribers to get their allocations into their trading accounts before spudding.

I'll sit and wait as I'm set and waiting for the final 'leg-up' near drilling.

Holding .003c (main parcel)
Holding .018c (small trading parcel)

 

[donteatme]

Re: BKP - Baraka Petroleum

I sold out at 1.9c for a nice profit. Got my order locked in for 1.5c, should hopefully see that tomorrow

 

[Magic Man]

Re: BKP - Baraka Petroleum

Why will we see 1.5 Cents tomorrow?

 

[donteatme]

Re: BKP - Baraka Petroleum

I'm just being hopeful. Extention of the SPP shows that there isn't enough interest at the moment. There is speculation that the rains in the NT have delay drilling etc, also the problems in the Middle East aren't helping our market at the moment. Dropped 11% today.

 

[donteatme]

Re: BKP - Baraka Petroleum

Neither is the lack of updates from BKP.

 

[BESBS Player]

Re: BKP - Baraka Petroleum

SPP is now finished and next job for CV is to now get the surplus stock placed. Should not be difficult as there will be plenty of local (and I suspect Canadian) firms having a close look. Now the quick scramble as investors try to clamber in to BKP before the company confirm a placement.

What does 2011 hold in the very near future (Q2 all going well):

* elephant target with 4.2billion barrels on the line
* Canadian operator already cashed up. Raised $50m with an extra $42 above needs.
* operator with the technical background and resources to operate a horizontal drilling (the appropriate technique for this target)
* Energy 'virgin' country. If BKP hit black-gold here, the potential in the rest of the prospect for BKP is mind-blowing.
* BKP have partly raised funds and one assumes, given a couple of weeks, will have another $9m in cash.

Even if rain delays drilling a little, the basic features of this project remain exactly the same.

The risks are high but the pre-spud run should be really fun.

Holding main parcel at .003c
Holding trading parcel at .018c :

 

[againsthegrain]

Re: BKP - Baraka Petroleum

With the close of the spp it looks like it might be game on in the coming week or two, was a nice preview of growing interest in the last hour of friday.

I Have managed to jump back on at a fair entry after a very lucky exit... but only at a small % of the original investment. It will be definately be a fun and interesting run right upto spud.

 

[kitehigh]

Re: BKP - Baraka Petroleum

Another strong close today up 15% on Friday's close. Looks like you could be right with this up coming week.

 

[boff]

Re: BKP - Baraka Petroleum

Wowzer! Volume is off the chart, 100 million in the first half hour or so.
SP up 27%.
That SPP doesn't look like such a dog now!
Happy to be holding, not so happy to have sold half my holding when it first doubled for me.....

 

[donteatme]

Re: BKP - Baraka Petroleum

Glad in I decided to get in with the SPP.

 

[Magic Man]

Re: BKP - Baraka Petroleum

I am really jacked off at the moment. this thing goes up a little and we get a ASX price Query. I saw FMJ go up about 800 Percent, SSC go up 200 percent and EGO fly through the roof before anything was done at all. Then BKP come out and dont even mention any drilling announcements in there response.. watch this thing drop now!

 

[donteatme]

Re: BKP - Baraka Petroleum

Have faith

 

[BESBS Player]

Re: BKP - Baraka Petroleum

I am really jacked off at the moment. this thing goes up a little and we get a ASX price Query. I saw FMJ go up about 800 Percent, SSC go up 200 percent and EGO fly through the roof before anything was done at all. Then BKP come out and dont even mention any drilling announcements in there response.. watch this thing drop now!

Hang in there, MM.
I'm ery happy with the general SP trend at this point (0.025c today at close after the ASX speeding ticket).

A significant delay to drilling is the only major consideration at this point. Otherwise, this one will really run when drilling is announced. Don't worry about the speeding ticket...just wait until it is 'DRILLS ON!' Then 0.025c will be a distant memory.


Holding main parcel at .003c
Holding trading parcel at .018c

This is a fun ride

 

[thestevo888]

Re: BKP - Baraka Petroleum

Hang in there, MM.
I'm ery happy with the general SP trend at this point (0.025c today at close after the ASX speeding ticket).

A significant delay to drilling is the only major consideration at this point. Otherwise, this one will really run when drilling is announced. Don't worry about the speeding ticket...just wait until it is 'DRILLS ON!' Then 0.025c will be a distant memory.


Holding main parcel at .003c
Holding trading parcel at .018c

Wow, that was somewhat prophetic... significant delay to drilling indeed! Significant and indefinite, as it turns out. Wound back to .018 by day's end, and potentially further to fall as the news spreads in the after-market hours...still, the fundamentals remains, and I'm looking at it as a great buy-in opportunity. It will be interesting to see how quickly the Canadians can get things moving once everything dries up.

 

[BESBS Player]

Re: BKP - Baraka Petroleum

Wow, that was somewhat prophetic... significant delay to drilling indeed! Significant and indefinite, as it turns out. Wound back to .018 by day's end, and potentially further to fall as the news spreads in the after-market hours...still, the fundamentals remains, and I'm looking at it as a great buy-in opportunity. It will be interesting to see how quickly the Canadians can get things moving once everything dries up.

Hi Stevo,
Yes, a rain delay but no surprise given recent weather events up north. You are exactly right - time to buy a few cheapies. Fundamentals remain (note the SP bouncing back today, well clear of the recent SPP share price) and we have already seen a quick glimpse of what might happen when the punters see that drilling is imminent.

Happy to hold and wait for the cash-cow

 

[Liar's Poker]

Re: BKP - Baraka Petroleum

Hi Stevo,
Happy to hold and wait for the cash-cow

Agreed.

 

[BESBS Player]

Re: BKP - Baraka Petroleum

Market seemed to like the 'Independent Research Report on JV Partner PFC.'

BKP has rebounded very quickly. .023c as I write.



Disc. Holding main parcel at .003c and trading parcel at .018c

 

[yarrabah]

Re: BKP - Baraka Petroleum

I saw that report and calculated at 2B shares the unrisked value for BKP at .0425

Couple of quick questions (if you could help or point me in right direction)

They have done a 2D seismic, yes. Any results out?
And secondly, the fact that they have done a 2D and not a 3D does it indicate which side of success they think this could go?

regards

Market seemed to like the 'Independent Research Report on JV Partner PFC.'

BKP has rebounded very quickly. .023c as I write.



Disc. Holding main parcel at .003c and trading parcel at .018c

 

[albaby]

this report gives some positive news,plenty of cash on hand,but raises Qs ie is the rig finished?3000k to get it onsite?how long to setup,drill,results?Baraka Energy and Resources' (ASX:BKP) joint venture partner in the Southern Georgina Basin in the Northern Territory, PetroFrontier Corp. (TSX-VFC) has unveiled its plans for drilling, including Exploration Permit 127 and Exploration Permit 128.

Baraka has a carried undivided 25% working interest up to completion of a minimum of 500 meters of horizontal drilling into the Basel Arthur Creek Shale on either EP 127 or EP 128.

Rainfall and flooding (with accompanying road closures) has affected the construction of the drill rig and its transport to the Northern Territory.

Spud date for PetroFrontier's exploratory drilling program will be advised when the rig acceptance process is completed and the road transit permits have been issued. Then the rig will be moved approximately 3,000 kilometers to the Southern Georgina Basin to commence drilling.

Tellingly for Baraka, PetroFrontier's board of directors has approved a significant 2011 capital expenditure budget of $32 million consisting of drilling up to six exploratory wells and the acquisition of up to approximately 1,000 km of additional 2D seismic in the Georgina Basin.

The six planned exploratory wells consist of up to three unconventional horizontal wells and up to three conventional vertical wells.

Location for the first well to be drilled by PetroFrontier will be an "unconventional" horizontal well Baldwin-2 on EP 103. Baldwin-2 will be located close to the existing Baldwin-1 well. Baldwin-1 will be the pilot hole for the horizontal leg of Baldwin-2 into the Basal Arthur Creek shale zone, significantly for Baraka.

Baldwin-2 will also include conventional targets above the Basal Arthur Creek shale zone.

The second well to be drilled by PetroFrontier will be a horizontal well "MacIntyre-2 in EP 127, Northern Territory, Australia where PetroFrontier holds a 75% working interest and is also the operator and Baraka holds a 25% interest. MacIntyre-2 is planned to be drilled in a similar manner to Baldwin-2 using the existing well as a guide for the new horizontal well.

MacIntyre-2 also includes conventional targets above the Basal Arthur Creek shale zone.

The planned 2D seismic program will be a further delineation to the approximately 550 kilometres of 2D seismic PetroFrontier acquired during Q4 2010.

In a statement, the board of Baraka said it "is very pleased and fortunate to have a joint venture partner such as PetroFrontier who are as committed and positive towards the potential of the Georgina Basin."

Further, that PetroFrontier was "backing it with expeditious activity, to the extent that they intend to commence drilling as soon as it is practicable."