Australian (ASX) Stock Market Forum

INP - Innamincka Petroleum

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Firstly, appologies for a poor quality post, but I don't have much to go on but the SP.

A sudden 10% move today. It looks to me as if someone has been accumilating INP. 603 or 604 coming soon?
 
Well, I own some of these at a very high price, some at a very low price, and they seem not to have moved past 20 to 30 cents over the past few months, apart from the jump when AGL brought in. So, is this share offer (July 13th) any good? What does anyone think? Is this company going to come back, or should I cut my loses and get out? What do others think? I am at a lose as there doesnt seem to be lots of news coming out of INP, and when there is I dont know if its good or just netural type news?

Any thoughts, anyone?
 
Make use of it. It looks like the SP will stabilise. If it keeps it head above 20c, then sell $15k at as high a price you can and buy in again at 20c or less.

There are a lot of numbers to crunch now. If we see supoprt from the market here, things could be looking good. There is always the alternative scenario though.
 
To be honest, I'm cutting my losses. There are far more transparant spec stocks to invest my money in.

I'll be keeing an eye on this one, and I think i still have the right to buy back in at <20c.
 
After a few days for thought, what is everyone's thoughts on the share offer?

they rang me the other night wanting to know if i was going to take it up.
Still undecided at this stage
 
I obviously dont have enough left to justify the phone call. I have sincere doubts about them being able to raise the amount they are after and would sell out if it was not a small amount involved . It is possible that the gas drilling in august will be benefical but I am left feeling that we need an update on the flax field answering such questions as 1. Is it viable at these oil prices 2. has the problem with water in the well been solved 3. what are the future intentions re flax . As far as the intended expansion in bass strait is concerned they have partnered with successfull and professional companies but every well an exploration company drills is a gamble as such I will continue to hold my shares not increasing them through the offer but waiting until these questions are answered before i make a decision.
In short as an investment i regard as equal to a lotto ticket
 
I realise that many of the posters here appear to be longer term holders and are looking at INP from that perspective. Given its drop in SP in recent times, I can understand the lack of warmth toward it!

That said, I have been slowly accumulating INP over the last week (ave. 22c) as a quick BESBS play.
From this view point, INP are currently raising some cash. This should help keep a floor under the SP around the 20c mark. While there is a risk that a badly supported capital raising would see a sell-off, I believe that the upcoming drilling in the Bass Basin is the key to short term profit here and the factor to help reduce the risk of this sell off.

Trefoil is a significant potential gas target (550 bcf+) and I believe that AWE gives it extra credence. Drilling is expected soon (hopefully this quarter) and should get the attention of the punters as drilling approaches.

Holding INP at 22c and hoping for a BESBS rise of around 30%.
 
Well, I have made the jump and brought some shares from the offer. Lucky for some to get phone calls? Where's mine? Maybe I should take my money back, ha!!!

After my last post I guess I view INP as just another investment. I have made some bad ones before on good stocks and taken a bath for the effort, so maybe it might work the other way for once, put some more money into a stock that cant make its mind as to whether it is good or not and maybe I might just make a $1 or 2.

However, I would offer this advice for anyone looking to make that future fortune from INP - HOLD THEM. I dont think this will be a stock that will move much in the short term. Maybe in the medium, yet should do in the long run. The biggest problem these guys have is a complete lack of communication to its holders. I have never seen such poor communication like these guys, and when they do they just pass over the detail and add some gloss.

So, maybe if they can pull a finger out, be a little more open and honest and offer some DETAIL and forward looking words then the stock might move, yet until they provide some REAL information, or the oil and gas holdings they have speak for themselves dont expect any great move soon.

Just my 2 cents worth.:banghead:
 
stocksontheblock said:
However, I would offer this advice for anyone looking to make that future fortune from INP - HOLD THEM. I dont think this will be a stock that will move much in the short term. Maybe in the medium, yet should do in the long run. The biggest problem these guys have is a complete lack of communication to its holders. I have never seen such poor communication like these guys, and when they do they just pass over the detail and add some gloss.
Click to expand...

I agree with your assessment of their communications, but disagree that it won't move in the near term. Positive drilling results from the CSG wells could move them up substantially, although people don't seem to get as overexcited about CSG drilling results as they once did.

Disclosure: not holding INP, but have an open order waiting for a slightly lower SP.
 
Mad Mel said:
but disagree that it won't move in the near term.
Click to expand...

Sorry Mad Mel, maybe I didnt make my thoughts clear. I agree with what your saying, however the share price will move up (I hope) through better communication, or the oil and gas projects prove successful and hence the price will move - this could very well be in the short term.

I guess what I am driving at is, if they continue to give little to no information and we just rely on them drilling then it might be sometime before we know of anything.

My fingers are crossed the drilling works, and not to forget they give us a little more useful information.
 
Hi Pacestick,

True, usually when a new batch of shares hit the market the SP drops a little.
However, while this might occur in a short-term sense, remember that INP having drilling action coming up very soon which is why Buy Early Sell Before Spudding players like myself are happy to jump on board.

Holding INP
 
Announcement out today, approvals received and drilling to commence within 3 weeks. Better late than never.

It also says that a full series of lab analyses will be undertaken, which is good to see as a step toward reserve certification.

I guess you're getting ready for exit, BESBSP?
 
Getting closer. Rig now waiting for a break in the weather to get to Bass Trefoil site.
Waited this long, a little bit longer won't hurt...

Holding INP.
 
BESBS Player said:
Getting closer. Rig now waiting for a break in the weather to get to Bass Trefoil site.
Waited this long, a little bit longer won't hurt...

Holding INP.
Click to expand...

Now I'm curious... which spud do you want to sell before? The offshore well, or the CSG wells? Perhaps both, I suppose? Looks like both will spud soon, though I'm not knowledgeable in offshore drilling, and I don't know if there is a lengthy delay to get the rig set up.

Holding INP as well.
 
Mad Mel: No major difference in getting the rig setup, its just getting out there that takes time. If anything offshore wells are quicker once on location as you can get ready whilst en route :)
 
Thanks RP. I'm glad to hear it... should be an interesting time over the next few months for INP shareholders.
 
Good question about the BESBS plan and exits, Mel.

I'll watch for the likely dates of the 2 spuds. If they are close, one can usually hold until the 2nd is underway. I'll certainly hold some way down the first drilling (in case we get early good news).
I'll know more once we know the actual spud dates. Not long now. Reckon we might see a few punters load up shortly.


Holding INP
 
Have been watching INP for a while and actually have a small bundle.

looking at topping up some more since they have had so much sideways action in the past month or so but always get worried when a "change is substantial holding" document comes out and make me wonder if something is going on behind the scenes or is about to happen which will affect the share price.

am i just worrying about nothing?
 
This share has had a pretty solid floor at around 20 cents for the better part of six months now, I also noticed the cease of substantial holding announcement, unfortunately a lot of companies do leak information like a sieve full of water and it affects our views when information like this comes up, people sell shares for any number of reasons, or may cease to be a substantial holder because they dont participate in a cap raising etc, the Market cap is 54 million vs Share holder equity of around 49 million, so the difference between market and actual value arent far apart, with the upcoming drilling it has some upside to add some real value with a good result, communication with shareholders seems to let these guys down but good drilling results speak for themselves, with every man and his dog drilling holes and making announcements some of the previous excitement has gone from the market and a lot of people seem to be prepared to wait for a result now before throwing their lot in, Im only sitting on 75000 at 20.1c but may top up if some of my other plays happen before the price moves up :)
 
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