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GGP - Golden Gate Petroleum

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Ahh, excellent. Good find, thanks for that. I picked up in the mid 3's which i thought was a good buy and have added a few today as well as some options. Still liking them. I'll put them away for a little while and see where we are in the new year.
 
Bloody GGP doing a capital raising by diluting us privat holders to purchase 9% of Bullseye....

Selling shares at 3.5c, but has a free 1 for 1 share attached to institutional investors only.... so effective sale price = 1.75 c

Dont expect upside for a few weeks after this while the institutions punish us for diluting our holding..............damn some managment are dumb........
 
Hi Condog, agreed not great to be diluting, but in the scheme of things with shares on offer, thats not too bad.

And the buy of Bullseye is actually very good. Last quarter it produced over 65,000 barrels of oil and close to 60,000 mcf of gas. GGP now have over 42% of that. Not a bad cash flow at all.

In other words, the revenue from that should pay for the aquisition in the first year. Thats not counting the potential from other wells to be drilled there.

Just my thoughts of course.
 

Yeh but smart managment can do a cap raising to all holders on an equal basis, it costs slightly more but it saves diluting all the private holders like this..... They are new to the game, but I ususally give em about two chances with this crap....I urge a few private investors to drop them an email so they dont pull this crap again....its lazy managment....
 
Hey all, been watching this one closely, two significant gas shows in the last week, up 8% today and moving along nicely. Should have reached target depth of 9000ft by Friday, drilling for Oil and Gas 20% working Interest in fausse Point. Worht a look, but DYOR
 

New announcment out today with signiificant gas pressure stopping and slowing drilling...tow mentions of significnat gas eluded to in two reports....on mentioning the secondary target and one th eprimary target.....

They cased to 7000ft due to pressure in the secondary target and have tyaken over 24 hours to drill 1000ft due to significant gas pressure stopping drilling....drilling piece modified to de=pressurise gas filled sands....and now drilling is continueing...drill speed has slowed and is now due to be completed in 6-8days from today.

Still lots of grey areas but hugely positive news for now....

SEE VIL thread for more details or ASX announcment dated 4th and 6th of Jan 2010....

Note VIL has a 50% interest in this project....
 
New announcement just out...more gas!

The Board of Golden Gate Petroleum Ltd (ASX:GGP) is pleased to advise the T.G.R. Land Company, Inc #1
well at Fausse Point is presently at a depth of 8,450 ft and drilling ahead.
The well has recorded its third significant gas interval starting at 8,175 ft and continuing through 8,400 ft.
This appears to be our largest gas interval and is believed to be our primary objective.
Mudlogging has reported good quality sandstone with hydrocarbon fluorescence in many of the sampled
cuttings and in the drilling mud. The sampled and tested drilling mud contained up to 2% oil. There have
been occurrences of up to 5,000 unit gas shows in this interval, although most of the gas indicators are likely
suppressed due to the heavy drilling mud.
The well spudded on Saturday 5 December 2009. The well is expected to take up to another 1 to 2 days to
reach its targeted depth and run electric logs over the recently drilled open hole.
The first gas show recorded and logged at 7,000 ft is now safely behind 7 inch casing set at 7,671 feet. The
second gas show was recorded and logged at 8,010 ft.
Comments
While this third gas show is again very encouraging, the significance cannot be determined until a full electric
logging operation is completed over the interval once the well reaches targeted depth, and if warranted, a
production testing operation is conducted.
Partners in the Fausse Point Project are:
Golden Gate Petroleum Ltd (ASX code: GGP) 20.00% WI
Verus Investments Limited (ASX code: VIL) 50.00% WI
Pass Petroleum L.L.C. 30.00% WI
 
I have recieved no response re request for promised electronic data on secondary target....

The subsequent results seem to say it all, and superceed the first announcment....

Many mentions of significant gas....but no exact quantities or confirmations of commercial viability. I expect monday will be full announcment of primary target, with full data a couple of days later....

Seems in my opinion only, that find is more then likely to be commercially viable....the multiple references to "significant" would certainly be misleading at least ......

Obviously electronic data is needed before directors can go making decisions or announcements on commercial nature ....likely that a meeting will be necesary as well.....for decision of that nature to be made....

All looks very promising for next week....crossed fingers and toes...
 
Two day trading halt on GGP and VIL for announcment of third significnat gas show size and data, plus drilling has reached terminal depth.....

A positive announcment is possibly imminent...

Announcment was for both to re-open wed morning or on announcment whichever is earlier....

One wonders why when drilling finished sat AEST approx why they needed all day sunday plus mon and tue..... there could possibly be a commercial gas announcment being tested or better still possible some oil flows as well....

Its all speculation at this stage but all will be revealed .....

Disc - I have signifcant holdings of VIL and small holdings of GGP
 



BOTH GGP and VIL in pre open now, all set with good news about significant gas and oil prospects as well as now begining to case the well... this is very positive and will begin to see the SP set to a better standard... DYOR
 
It opened at good but then fall down, hope to rise again. Now at .044cent. Still holding ggp at .052. Waiting waiting and waiting for sp rise.
 
rabbit59 said:
BOTH GGP and VIL in pre open now, all set with good news about significant gas and oil prospects as well as now begining to case the well... this is very positive and will begin to see the SP set to a better standard... DYOR
Click to expand...

See the VIL thread for far more detail on this issue...

I read it extremely positively as you will see in the VIL thread..
 
IMO the announcment from GGP and VIL yesterday where extremely contradictory of each other and ambiguous and need clarrification to the market...

For further info see page 6 of the VIL thread...

I feel and this is only opinion that the sever ambiguity and contradiction of each others reports indicates may possibley unintenionally indicate they have more information then the market knows about....

I suggest GGP share holders contact GGP and demand they release exactly what they know and what there likely intentions and estimated find is....

SEE VIL thread for how different the two announcments where...

Heres GGP contact info

Key Contacts
Head Office:
Level 21, Allendale Square
77 St Geroges Terrace
Perth WA 6000

Mailing Address:
PO Box Z5184
Perth WA 6831
Australia

Telephone:
+61 8 9324 1177

Fax:
+61 8 9324 2171

Email:
info@ggpl.com.au

I want to assure you i am not accusing either managment of intentionally mislleading or holding back information.... but in light of the way the two announcments seem so very contradictory of each other , it would appear there is significant information possibly not released till its data validated and if thats the case im suggesting they should make a statement to clear up this confusion...

In the Verus report there where many many statements that indicated this was a hugely positive find, including a sentence which stated "this is the best possible outcome Versu investors could have wished for"....most VIL investors realisticly wished for the best outcome indicated in the VErus presentation dated 16th oct which indicated best case scenario was a 40c per share find..... Now thats opinion, but thats the way i took it....

And yet the GGP announcment was completely flat, dull and gave away nothing....

We demand to know why a 2 day halt to know nothing more then what we knew and for release of any indicative estimate or likely outcomes.......
 
Hey Condog, did you see todays action? up closed up 10% even went to 5.1c today, speeding ticket, things are happening here. Just awaiting flow testing results and the next step to production hopefully
 
Pretty sure that was mainly because the Speculator bought 100k shares. I've got my fingers crossed though especially after all the OBJ lemmings just jumped off the cliff.
 
Yeh lots of anticipation and rightly so....

Those OBJ lemmings where / are a classic...... all the mega short term traders.... they did the same thing when VIL changed its timeframe....

On persons loss is another persons gain.... but i guess the lead lemmings get to grin and rebuy, its just the late lemmings that get hurt the most....

That rig has to be on site tonight IMO, but have no evidence..... 1st day of testing should be occurring tonight while we sleep... but dont forget its a terrible winter over there and weather could be affecting timelines...

Sleep tight dont let the pesimists bite...
 
Interesting to see the speculator get back on board this one, no doubt todays action was largely influenced by that, but he must have good reason, just gotta sit tight
 
You would think there might be more legs with this compared to VIL who has a 50% interest over GGP's 20%.

Any ideas on how long testing should take?

Cheers,

Kenny

Disc. I don't hold.
 
Testing could take up to 7 days or so, however they have made it very clear that if they make a decent find down low where the testing starts they will flow straight to sales and hault testing...

VIL has 2.5 times the exposure to Fausse Point, however GGP has income from other projects..
 
Is it a black letter day for GGP holder ?

It therefore does not surprise me that there was no posting on GGP today to avoid any salt on the wound.

I am however confused to see why GGP slumped by only 2.7 % so far whereas the options slumped by more than 11 %.

I forgot that there was a buy order of GGPO at 1.5 cents and shocked to see the price fall and my order to be executed.

I thought the decline for Option will follow the same trend of the share
 
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