Australian (ASX) Stock Market Forum

GOP - Gippsland Offshore Petroleum

Does anyone understand the recent reports from Jamaica JV?
Are they expect to be able to tell us good news or bad news from Oct/Nov?
 
Haven't posted on GOP for a bit, but I sold my stock @ 19c (bought at 8-9c) and I sold my opies @ 3c (bought @ 0.7c) so I made a killing on this spec, will look to re-enter

They should release results fot Jamiacan Exploration between now and Dec,

Also of interest is their European Gas Permit Applications, keep an eye out for these, expected early 07
 
I have a feeling that theJamaica survey interpretation is due out soon,

Given current mkt sentiment if they ann something along the lines of

"Jamaica potential to host up to 1 Billion Barrels of Oil" (You get the idea)

The stock will rocket

Day traders keep this on your watchlist,

Investors stay away or you may get burnt!
 
YOUNG_TRADER said:
I have a feeling that theJamaica survey interpretation is due out soon,

Given current mkt sentiment if they ann something along the lines of

"Jamaica potential to host up to 1 Billion Barrels of Oil" (You get the idea)

The stock will rocket

Day traders keep this on your watchlist,

Investors stay away or you may get burnt!


Stock has moved back up to 12month high resistance of 20c on no news which suggests Jamacian survey interpretation is finished and they have a large target identified,

The 20c opies are interesting, they expire in 3-4weeks, however if the stock moves up 5% to 21c then they are in the money as opies are currently trading under 1c, if stock moves up 10% to 22c they are well in the money and if stock shoots up to say 25c well then opies are worth 4-5c so I've re-entered opies as a leveraged play on Jamaican results

Day traders and spec punters keep an eye on this
 
So here's why the stock moved up to 20c on no news
Article in the Age today!



Market eyes GOP as next big thing

October 30, 2006
THE friendly takeover of Hardman Resources by London's Tullow Oil has many of Hardman's supporters casting around for a replacement stock.

Hardman made its name by heading off to parts of the world where it could gain access to large parts of hydrocarbon basins that had been spurned by the mainstream industry.

That was the recipe for the Mauritanian oil play that turned tiddler explorer Hardman into the $1.47 billion oil producer that Tullow is now swallowing.

Finding a local replacement stock is not easy. Most of the juniors chase small oil pools in the Cooper/Eromanga basins or play second fiddle to bigger partners in the offshore Perth Basin and Carnarvon Basin.

There isn't the leverage in those sort of plays for the juniors to have a crack at the big time, as Hardman did when it secured the oil fairway offshore Mauritania and brought Woodside in to make it happen.

That's why the search for a Hardman replacement has led many to run their eye over the Melbourne-based junior, Gippsland Offshore Petroleum.

GOP last traded at 17.5 ¢ a share for a market capitalisation of $20 million and, at last count, was holding $8.6 million cash. It came to market in January 2005 after raising $12 million and was involved in drilling three wells on the margin of the Gippsland Basin that tested for oil migrating from the prolific central deep area to the so-called Northern platform area.

Its entry to the industry was courtesy of its access to BHP Billiton's whizz-bang Falcon airborne gravity surveying system, which allows rapid remote measurement of sub-surface rock density.

Falcon threw up structural ideas that were worth chasing, and while there was some technical success with the drilling program, GOP realised there would be little sharemarket joy if it rested on its laurels.

Since then an agreement has been struck with BHP Billiton that allows GOP to seek Falcon-driven opportunities for oil and gas exploration globally.

Any new application of Falcon for oil exploration developed under the agreement will be available for the independent use of either party. BHP Billiton gets the option to buy in to projects GOP generates or it can match any farm-in proposal that GOP receives.

It has been working a treat, with GOP using Falcon's capabilities to secure exploration acreage positions in Jamaica, Kenya and southern France.

Of the three, Woodside and its joint-venture partner, Repsol, are close to putting Kenya's offshore oil potential to the test in a $70-million exploration well. Oil explorers don't spend that sort of money unless there's the potential for discoveries of several hundred million barrels.

Woodside confirmed last week the well would be spudded before the end of the year by Chikyu, a Japanese drill ship that can drill in water depths of more than 2000 metres.

Like the Woodside/Hardman joint venture before it, success for the Woodside/Repsol joint venture will mean it will be game on for all of the permit holders in the region.

GOP's entry was through a farm-in deal on Block L-6 in the Lamu Basin with Pancontinental Oil & Gas. Block L-6 straddles the northern coast of Kenya and traditional seismic work has identified four offshore leads. More seismic work is planned, as is the flying of Falcon to enable the offshore understanding to be extrapolated to the onshore area.

But it will be what comes from the Woodside/Repsol drilling that will drive local market interest in GOP's footprint.

GOP's Jamaican play is also expected to interest the local market. GOP doesn't just have the odd permit ”” it's picked up a big chunk of the Walton Basin offshore Jamaica.

In the first exploration licensing round in the country for more than 20 years, GOP teamed with Perth-based Finder Exploration in a successful bid for four exploration blocks covering 11,500 square kilometres in a joint venture with Petroleum Corporation of Jamaica.

Ten of the 11 wells previously drilled in the Walton Basin encountered hydrocarbons but the target selection was hampered by poor seismic data quality because of obstruction by sea-floor carbonates. A Falcon survey has been flown and drill targets will be generated by the end of the year.

It's not just the GOP/Finder joint venture that wants to give Jamaica's offshore oil potential a work over. Brazilian giant Petrobras said recently it was interested in taking up some acreage. Under its Falcon agreement with GOP, our own giant, BHP Billiton, is already there.

Garimpeiro holds Hardman and BHP Billiton shares.
 
Chart is starting to look good. Ascending triangle with resistance at 20c. Keep an eye out for the break.
 

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juddy said:
20c resistance being nibbled away at now. You holding this YT?


Just the opies, have traded in and out of them 4 times now, did my last buying about a week back at 0.006,

I know this companies management, they are far to savvy to let all those 20c opies go un-exercised, instead they'll wait till just before expiry, ie now to release their well targets in Jamaica boosting the share price above 20c so people will exercise their opies
 
YOUNG_TRADER said:
Just the opies, have traded in and out of them 4 times now, did my last buying about a week back at 0.006,

I know this companies management, they are far to savvy to let all those 20c opies go un-exercised, instead they'll wait till just before expiry, ie now to release their well targets in Jamaica boosting the share price above 20c so people will exercise their opies


top stuff. :cool:
 
YOUNG_TRADER said:
I know this companies management, they are far to savvy to let all those 20c opies go un-exercised, instead they'll wait till just before expiry, ie now to release their well targets in Jamaica boosting the share price above 20c so people will exercise their opies


Any chance we can get them to take over the running of JMS.
 
a bit of historical resistance around these low 20c levels. would expect it to retest 20c to determine support.
 

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Opies finish very soon, Thursday this week in fact,

With last chance to exercise Thursday next week,

If GOP are the operators I think they are I reckon they'll release an ann either Tues or Wed re Well Targets in Jamaica to boost SP to get as many of their opies exercised as possible,

If they don't I'll be surprised and disappointed n the company, but I've made so much in the stock + opies I can't complain
 
Well its now or never for GOPO

Options finish tomorrow,

Stock at 21c = options worth 1c right now

But to get maximum exercise of options they really need to get the stock price up to 25c or so and the Jamaican Ann should do it,

C'mon GOP less than 36hrs to go lets see that Ann
 
Very surprised at GOP management,


They have 50m 20c opies = $10m (finished today) expiring in 1 week and they made little to no attempt to update market re Jamaica and Kenya,


All they had to do was create a wee bit of interest over this last week and get the SP up to 25c or so and alot of the opies would have got exercised

Oh well I made a few G trading the opies so I should be content
 
GOP continuing to climb slowly and steadily. Does anyone have any knowledge on updated info for this company?
 
GOP continuing to climb slowly and steadily. Does anyone have any knowledge on updated info for this company?
bumped. ok my guess it is just people accumulating before a possble positive statement with a little bit of chasing going on mostly small trades.
 
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