GGP - Golden Gate Petroleum

[YOUNG_TRADER]

Yep, zone 1 was a complete dud


But there's still the deeper zone 2, probably a P&A too

 

[nizar]

Yep, zone 1 was a complete dud


But there's still the deeper zone 2, probably a P&A too

Sorry to hear YT.
Of course we all knew this was a high risk/return play.

Is it your first experience of losing money this year YT?
Or maybe not even a loss for you coz you bought at 0.05!

Keep up the good work champ.

 

[noobs]

I got out of this one at 3.55pm yesterday and am thanking my lucky stars they didn't put this announcement out to market yesterday! Do you think they may have done this to benefit the option holders? Anyway chalk this one to experience for a unexperienced trader

 

[Tomahawk]

Doubled my holding today at 34. The well is not done yet besides there is still Manzano and Murdoch, both which are worth several times more than the current sharerprice.

 

[Gurgler]

Doubled my holding today at 34. The well is not done yet besides there is still Manzano and Murdoch, both which are worth several times more than the current sharerprice.

Tomahawk

Any idea what timeframes we are looking at in terms of this well - and the other two in the future? Are we looking at Feb, March or beyond? Would appreciate your valued input.

Currently holding GGP - at a loss!

 

[Bush Trader]

G'Day

I'm only new to this caper my brother on just out me onto the site before Xma. You guys have a great site packed with info, which I think it is a great advantage when used wisely.

Anyway, I'm averaged at 39c do date, purchased GGP Aug-Sept, only a stomach ache at this stage, however see a lot of have exited by the volumes.

Sympathise with you Young Trader, I thought we were destined for the moon when the insiders and volumes stated to move, 58c wasn't it?

GGP is beginning to look and feel like smaller version of TAP. Everyone thinks its worth more, however this slightest tremor in Oil price or or poor news will cause the SP to go all shaky.

At what price do you guys see the job settling out at? I know that Tomahawk sees the val at 50-70 c, with that in mind then we should all probably average them. (I know that this goes against the 10 golden rules of investment) 290 volume and buyers diminishing, there are not even bottom feeders in at 0.001c. How will the next bought of news effect the stock if it is negative?

 

[Sean K]

At what price do you guys see the job settling out at? I know that Tomahawk sees the val at 50-70 c, with that in mind then we should all probably average them. (I know that this goes against the 10 golden rules of investment) 290 volume and buyers diminishing, there are not even bottom feeders in at 0.001c. How will the next bought of news effect the stock if it is negative?

Chart wise it's looking a tad shakey to me. Probably qualifies as a potential breakdown alert. There's a bit of support here at $0.30 ish, but then it's a hard run to $0.20. I'd only be buying or holding right this minute if I was a long term holder and there's some definite fundamental value in it. I think that has been discussed here, so if the value is still there, or the reason you bought it is still valid, good luck.

 

[Bush Trader]

Thanks Very much Kennas

I think I stay long and look forward need be at averaging my holding below 30c, I do not believe that these guys are cowboys, even if the exits are filling.

All the best for 2007

 

[Bush Trader]

Check out the spread on GGP today, gone up to 35c on opening trade, Single parcel 80,000. Buy position at 10:04am at 31c with no volume, obviously a sign of impatience. Bid now at 32c Could be insider activity?

 

[Tomahawk]

Tomahawk

Any idea what timeframes we are looking at in terms of this well - and the other two in the future? Are we looking at Feb, March or beyond? Would appreciate your valued input.

Currently holding GGP - at a loss!

Hi Gurgler,
From the company's last presentation. Figures in brackets are estimated reserves (non net) in bcf p50/p10 from annual report:
Plum Deep (293/952)- Evaluation of logging underway
Manzano (337/816) - December 2006
Wilson (5/21) - First Half 2007
2 LaPlaya Shallow Wells (6/12) - First Half 2007
Murdock South (232/463) - Second Half 2007
Lemonseed (67/239) - Second Half 2007

I think the Manzano site has been prepared and is awaiting the rig from Plum Deep so I guess it will spud right after the testing is done at Plum Deep.

 

[Tomahawk]

G'Day
At what price do you guys see the job settling out at? I know that Tomahawk sees the val at 50-70 c, with that in mind then we should all probably average them. (I know that this goes against the 10 golden rules of investment) 290 volume and buyers diminishing, there are not even bottom feeders in at 0.001c. How will the next bought of news effect the stock if it is negative?

Er.. actually I based my decision on the risked valuation. There are a couple around and the company has even kindly provided one as attached. All point to a risked valuation upwards of 1 dollar. Moreover, if we assume plum deep is not commercial, then the risk valuation decreases to around 94c which is still much higher than what the current sp is now.

 

[Gurgler]

TMHK

Thanks for this - I'll digest it. How accurate do you rate the company info - given that it is that, i.e info re their own company?

I guess I'm asking your view on the calibre and quality of GGP's management - particularly insofar as the authenticity of their estimates.

G

 

[Tomahawk]

TMHK

Thanks for this - I'll digest it. How accurate do you rate the company info - given that it is that, i.e info re their own company?

I guess I'm asking your view on the calibre and quality of GGP's management - particularly insofar as the authenticity of their estimates.

G

Hi Gurgler,

Most of the information in the table provided by the company is public domain knowledge. The variables that we probably have to scrutinise the most are the price of gas used and the probability of success in the calcs. Typical figures used for in ground gas in the Gulf of Mexico range from US3.40 to US3.50. The probability used is higher than for normal exploration wells but that reflects the fact that the entire area is known to be gas charged and that they already have producing wells in the same area.

On a side note, the company has also done the right thing and used both p50 and p90 figures in their presentations. I have seen some unscrupulous companies use only p90 in their presentations in the past to generate more hype.

 

[Alien]

Bad news on Padre Island as expected

Perhaps an opportunity to buy back in on selling today?

 

[Bush Trader]

Bad news on Padre Island as expected

Perhaps an opportunity to buy back in on selling today?

Buy positions and volume are very shallow

Buyers Sellers
Number Quantity Price
2 27200 0.260
2 25000 0.250
1 18000 0.235
1 20000 0.230
1 13000 0.220
1 70000 0.200
1 13000 0.175
#

Number Quantity Price
1 12000 0.285
2 55009 0.290
1 20000 0.310
1 29000 0.315
2 61000 0.330
2 44672 0.350
1 7462 0.355
1 9332 0.360
1 20000 0.370
2 32000 0.375

Last 10 Trades
Time Price Quantity
12:23:02 PM 0.290 25000
12:23:02 PM 0.290 20000
12:21:30 PM 0.300 3491
12:20:40 PM 0.300 8000
12:20:16 PM 0.300 18509
12:20:16 PM 0.300 50000
12:20:16 PM 0.300 10000
12:20:16 PM 0.300 4500
12:20:16 PM 0.300 10000
12:20:16 PM 0.300 6991


I thing we could see supports for this puppy erode quickly especially if 25c is breached. Take note of the reduced number of buyers on each position, if they begin to withdraw bid, it may be hard for volume sellers to get set (I know I’m stating the obvious). Remember not all of the punters have had an opportunity to read the news and digest it today. The average man on the street is also reading a lot of press about energy prices falling and the warmer than average US winter. (All very bearish.)

Stop losses will certainly kick into gear for those that are holding on a cost basis of greater that 40c. Patience may be the key here if you are looking to re-enter or average a long position. That’s certainly only my gut feeling anyway. Take note of Tomahawk’s valuation post it is the only thing keeping me interested.

 

[Bush Trader]

Getting worse by the look of. Bottom feeders will be here shortly


Last Action: 10 January, 2007 1:09:48 PM OPEN
Last Trade Price Change Percent Change Volume Trades Open High Previous Close Low Bid Ask Trading Basis Data Mode
0.2600 -0.0550 -17.4603 466121 38 0.3200 0.3200 0.3150 0.2300 0.2450 0.2500 NR Real-time

Buyers Sellers
Number Quantity Price
1 20000 0.245
2 30000 0.240
1 50000 0.235
2 54300 0.230
1 13000 0.220
1 4000 0.210
1 70000 0.200
1 13000 0.175
1 100000 0.100

Number Quantity Price
1 40000 0.250
1 29070 0.260
1 30000 0.270
1 12000 0.280
2 55009 0.290
1 15000 0.295
1 20000 0.310
1 29000 0.315
2 61000 0.330
2 44672 0.350


Last 10 Trades
Time Price Quantity
1:07:14 PM 0.260 930
1:05:50 PM 0.260 24070
1:05:02 PM 0.260 930
1:02:35 PM 0.260 24070
1:02:18 PM 0.260 5930
1:01:54 PM 0.260 2800
12:59:43 PM 0.240 25000
12:59:43 PM 0.250 5000
12:59:23 PM 0.250 5000
12:59:22 PM 0.250 10000


I'm sorry for the untidy cut and paste work.

 

[Tomahawk]

...
Stop losses will certainly kick into gear for those that are holding on a cost basis of greater that 40c. Patience may be the key here if you are looking to re-enter or average a long position. That’s certainly only my gut feeling anyway. Take note of Tomahawk’s valuation post it is the only thing keeping me interested.

Bummer with plum deep.
Hope you guys are not basing all decisions entirely on my posts...
GGP remains a high reward speculative play and you shouldn't put in what you aren't comfortable to lose.

On the other hand, I more than doubled my holdings again today. Had 3 orders filled all the way down (one partially) and managed to pick 15700 @ 23c. Hoping that is the bottom.

Now it will just be a case of patience. I expect to hold for 12-18 months.

 

[Alien]

I managed to buy 18000 @ 23.5c today.

They have about $10m cash on hand after the placement @41c recently.

Market cap @ .24c = $38m - $10m cash = $28m with current production of Gas and Oil and a whole lot of upside.

I am holding on too Tomahawk...

Good luck!

 

[Bush Trader]

I like your confidence Boys

Anyway that why I joined the site, making hard decisions like this can be difficult on your own, so it looks like I'll be a sheep this time and join the flock.

Cheers

I wished I had more up my sleeve for tommorrow.

 

[Gurgler]

I like your confidence Boys

Anyway that why I joined the site, making hard decisions like this can be difficult on your own, so it looks like I'll be a sheep this time and join the flock.

Cheers

I wished I had more up my sleeve for tommorrow.

baaaaaaaaaaaaaa!

Just doubled holding at 23.5 also.