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TheAbyss said:
I've got no idea why the doc won't post properly. It's plagiarised from Tomahawk on the previous page anyway.
Cheers
GGP - Golden Gate Petroleum
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I've got no idea why the doc won't post properly. It's plagiarised from Tomahawk on the previous page anyway.
Cheers
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Not sure. Their SP was going up nicely in March then retreated again without any announcements. It went back to .20 from .29. I hope that retreat is not related to this trading halt. With some luck it will be relating to the increase in the SP in March which wasnt based around any market release.
In short no idea and best of luck to all holders as this could go either way.
In short no idea and best of luck to all holders as this could go either way.
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Yes, my hopes were rising in March. A glimpse at the past 6 months indicates we're due for some good news! But who knows - we will know by Monday.
BTW they are only 2 wells into an eight-well drilling program, with neighbours in the immediate area like experienced industry players Shell, Exxon/Mobil, El Paso, Woodside, Houston Oil & Gas, Santos and Spinnaker Oil.
What are the chances of a takeover?
BTW they are only 2 wells into an eight-well drilling program, with neighbours in the immediate area like experienced industry players Shell, Exxon/Mobil, El Paso, Woodside, Houston Oil & Gas, Santos and Spinnaker Oil.
What are the chances of a takeover?
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So it's some fund-raising - $3mill convertible notes at face value of 26.5c.
Although this represents a dilution (introduction of 11.3 mil ordinary shares), I guess we can see this as a positive progression.
Although this represents a dilution (introduction of 11.3 mil ordinary shares), I guess we can see this as a positive progression.
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Does anyone have a comment on GGP's resistance around the 18.5c or 19c mark?
Volumes seem have been ok over the last week, will this be a good base when some positive news comes through?
Volumes seem have been ok over the last week, will this be a good base when some positive news comes through?
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Any conjecture on the trading halt? Information re the fundraising? They dont usually call a halt for well updates do they?
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It should be interesting to see what happens. Shares were up about 27% on decent volume when trading was halted around midday. Wonder if there was a leak they had to plug!
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Gas flowed into the well shutting down drilling. Is this a normal reason to halt trading?
http://www.asx.com.au/asx/statistics/getAnnPdf('/asx/statistics/showAnnouncementPDF.do?idsID=', '00723109', 'Announcement');return false;
http://www.asx.com.au/asx/statistics/getAnnPdf('/asx/statistics/showAnnouncementPDF.do?idsID=', '00723109', 'Announcement');return false;
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Might see some action on the strength of todays announcement?
Kindee ST 949 #1 (Wilson Prospect), Padre Island Texas, Operator 58.23% WI
The Kindee ST 949 #1 well on the Wilson Structure was spudded on 7 February 2007 (Texas, USA).
The well has reached a depth of 11,975 feet (measured depth). After the gas kick taken at 11,850 feet,
the well was successfully controlled and the lost circulation cured. Upon reaching the depth of 11,975
feet it was determined that primary and secondary objectives had been completely intersected and
drilling could be stopped and electric logs run.
Electric logs were run and show indications of at least two potential gas zones which have a combined
gross interval of over 100 feet. The logs do not conclusively prove commercial gas accumulations
because of the adverse mechanical conditions in the well bore. A 4 ½ inch production liner has been run
and cemented in preparation for an extensive testing program.
The forward plan is to set up flow testing equipment over the next two days and then begin several
weeks of testing.
Kindee ST 949 #1 (Wilson Prospect), Padre Island Texas, Operator 58.23% WI
The Kindee ST 949 #1 well on the Wilson Structure was spudded on 7 February 2007 (Texas, USA).
The well has reached a depth of 11,975 feet (measured depth). After the gas kick taken at 11,850 feet,
the well was successfully controlled and the lost circulation cured. Upon reaching the depth of 11,975
feet it was determined that primary and secondary objectives had been completely intersected and
drilling could be stopped and electric logs run.
Electric logs were run and show indications of at least two potential gas zones which have a combined
gross interval of over 100 feet. The logs do not conclusively prove commercial gas accumulations
because of the adverse mechanical conditions in the well bore. A 4 ½ inch production liner has been run
and cemented in preparation for an extensive testing program.
The forward plan is to set up flow testing equipment over the next two days and then begin several
weeks of testing.
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Certainly a response to the gas flow at Wilson. Whether this breaks through the resistance at 0.30 is another matter.
well, it looks like 0.35 is the new barrier. depending on the prospects of further announcements, it looks to move even higher.
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Did anyone see this little beauty today?
Cheers
BT
ACQUIRES NET 48.75% WORKING INTEREST IN BULLSEYE PROSPECT IN SOUTH LOUSIANNA WITH POTENTIAL RESERVES OF 12.5 MILLION BARRELS OF OIL AND 33 BCF GAS
• Golden Gate expands activities in the U.S. Gulf Coast region
• Entering Louisiana through farm-in to an oil and natural gas venture over Bullseye Prospect
• Gross potential P50 is estimated at 12.5 million barrels of oil and 33 BCF of gas
• First well is expected to be drilled in the November 2007
• The Company as a result of the farm-in and pending farm-outs to third parties will earn a 48.75% working interest
• After all royalties Golden Gate’s net revenue interest will be approximately 35%
• This acquisition adds another low-risk, high impact project to the Golden Gate portfolio
• This new project is consistent with Golden Gate’s stated strategy to focus on hydrocarbon exploration onshore in the Gulf Coast region of the U.S.
The Board of Golden Gate (ASX Code: GGP) is pleased to advise the acquisition of the Bullseye Prospect, South Louisiana as operator (Figure 1). The first exploration well is planned to commence in November 2007. Total reserves are estimated (P50) to be 12.5 million barrels of oil and 33 BCF of gas.
This is the first in a series of new venture acquisitions that the Company is pursuing to bring diversity and growth to its asset portfolio in the onshore Gulf Coast region. The Company’s focus is on low-risk exploration ventures, with high production rate potential and a significant oil component in reserves. The development of informal strategic partnerships with local experts is an important component of this effort.
Cheers
BT
ACQUIRES NET 48.75% WORKING INTEREST IN BULLSEYE PROSPECT IN SOUTH LOUSIANNA WITH POTENTIAL RESERVES OF 12.5 MILLION BARRELS OF OIL AND 33 BCF GAS
• Golden Gate expands activities in the U.S. Gulf Coast region
• Entering Louisiana through farm-in to an oil and natural gas venture over Bullseye Prospect
• Gross potential P50 is estimated at 12.5 million barrels of oil and 33 BCF of gas
• First well is expected to be drilled in the November 2007
• The Company as a result of the farm-in and pending farm-outs to third parties will earn a 48.75% working interest
• After all royalties Golden Gate’s net revenue interest will be approximately 35%
• This acquisition adds another low-risk, high impact project to the Golden Gate portfolio
• This new project is consistent with Golden Gate’s stated strategy to focus on hydrocarbon exploration onshore in the Gulf Coast region of the U.S.
The Board of Golden Gate (ASX Code: GGP) is pleased to advise the acquisition of the Bullseye Prospect, South Louisiana as operator (Figure 1). The first exploration well is planned to commence in November 2007. Total reserves are estimated (P50) to be 12.5 million barrels of oil and 33 BCF of gas.
This is the first in a series of new venture acquisitions that the Company is pursuing to bring diversity and growth to its asset portfolio in the onshore Gulf Coast region. The Company’s focus is on low-risk exploration ventures, with high production rate potential and a significant oil component in reserves. The development of informal strategic partnerships with local experts is an important component of this effort.
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Yes, with glee, although it will take a little more interest (in terms of volume) to move this one back into favourable territory (sp-wise).
However, take whatever good news is available - there hasn't been a lot of late for GGP. Will watch with interest. Hope a wider market climbs onboard.
However, take whatever good news is available - there hasn't been a lot of late for GGP. Will watch with interest. Hope a wider market climbs onboard.
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Sure did BT, up 8% today on the strength of the announcement. The chart would have looked a lot better if it closed at .28.
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Another announcement that GGP acquires 18% working interest in South East Texas Project - this on top of the ann last week (Acquires a Working Interest in Bullseye Prospect) shows this company may be on the move.
They say they are a non-operating participant in a project that starts exploration in Sept 2007 with estimated reserves of 65 BCF of gas and 2.5 mill barrels of oil.
Can anyone with oil industry knowledge/experience give some insight into the potential value of these two acquisitions?
SP up 6% so far - not exactly leaping out of the gates.
Source: http://www.asx.com.au/asxpdf/20070712/pdf/313dsgf37y8pvt.pdf
They say they are a non-operating participant in a project that starts exploration in Sept 2007 with estimated reserves of 65 BCF of gas and 2.5 mill barrels of oil.
Can anyone with oil industry knowledge/experience give some insight into the potential value of these two acquisitions?
SP up 6% so far - not exactly leaping out of the gates.
Source: http://www.asx.com.au/asxpdf/20070712/pdf/313dsgf37y8pvt.pdf
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What did you all think about the announcement post the Trading Hault?
Further dilution with another placement of 35,000,000 shares. Just can't take a trick with this puppy, I wondered why the price did not ralley on the new prospect announcements.The prospects look good long term provided they don't find too many dry holes in the new ventures. Looks like long term will be the only satisfaction, with he exploration upside. It worked with TAP and OSH
Cheers
BT
Further dilution with another placement of 35,000,000 shares. Just can't take a trick with this puppy, I wondered why the price did not ralley on the new prospect announcements.The prospects look good long term provided they don't find too many dry holes in the new ventures. Looks like long term will be the only satisfaction, with he exploration upside. It worked with TAP and OSH
Cheers
BT
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BT
Well there is enough interest today for GGP to be the only green in my watchlist (currently trading at .27) on a day where the ASX is down 80 points.
As to the investor presentation, I've looked it over but don't have the industry knowledge to tell whether this is positive company fluff OR valuable information on which to make investment choices.
Anyone with such background knowledge is welcome to post.
Link: [B]http://www.asx.com.au/asxpdf/20070724/pdf/313kz287wvvkmt.pdf[/B]
Well there is enough interest today for GGP to be the only green in my watchlist (currently trading at .27) on a day where the ASX is down 80 points.
As to the investor presentation, I've looked it over but don't have the industry knowledge to tell whether this is positive company fluff OR valuable information on which to make investment choices.
Anyone with such background knowledge is welcome to post.
Link: [B]http://www.asx.com.au/asxpdf/20070724/pdf/313kz287wvvkmt.pdf[/B]
(GGP) tracing out an interseting pattern currently. Looks like a broad head and shoulders reversal pattern to my naked eye. Nicely supported by bullish divergence in the MACD and the volume since the beginnings of this years run up, looks strong. Key resistance now $0.34 being the June highs and from there the 50% level from 06 highs to April lows this year.
Looks like one from a good sector and may have the fortunes of it eventually turning around.
Looks like one from a good sector and may have the fortunes of it eventually turning around.
