Australian (ASX) Stock Market Forum

INP - Innamincka Petroleum

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I totally agree with you - SO what's causing this to sink like a stone? Lack of risk appetite in general market? Or something more specific to INP? This Singapore bunch who bought 5.2% last week must think something worthwhile is afoot... It bounced to .085 and then back down further within days - too odd...

I was of the same opinion at .089 and then .071 to prop up my original stakes at higher levels - seriously considering doubling the whole lot again, as there just seems no sound reason for it...

Anyone shed further light?
 
Pretty much on the same page as you Niqo.

In at 0.09 early 2010 and again this week Low 0.06, all the numbers add up for INP,

lets see where they go from here, many irons in the fire yes, BUT lets hope

the fire burns bright. :)
 
Geez, when it rains it poors, looks like the fire has when and truly sparked again, have to wait and see maybe ann soon?

Either way happy to see it run.
 
Any idea what the "transaction" is they have called a trading halt for?
Typical 15% surge in sp before halt - as usual, news got out yesterday... call me old fashioned, but is that entirely fair dinkum?

Re: previous post - yeah, what is going on with Rockhopper?
 
Although called a merger it is more of a takeover by DLS at 2.5 shares for each one INP at the time of offering it was an 80% premium however DLS has since fallen and INP risen which probably shows who the market thinks got the better deal I am not familar with drill search, hey you cant cover the whole market, not complaining about the rise in SP tho
 
http://au.finance.yahoo.com/news/Innamincka-shares-Drillsearch-aap-3737509807.html?x=0

Shares in Innamincka Petroleum Ltd soared after it agreed to a friendly merger with Drillsearch Energy Ltd to create a mid tier oil and gas company.

The planned merger of Innamincka, an oil and gas explorer, with Drillsearch, an oil and gas producer, is the latest proposal in a wave of efforts to consolidate permits in South Australia's Cooper Basin.

The merged entity would have a market capitalisation of more than $150 million and combined oil production of over 300 barrels per day.

This would rise to 600 barrels per day with the start of production at the Chiton oil field in the Cooper Basin's Western Flank Oil Fairway.

Innamincka chairman Adam Johnson said the planned merger via a scheme of arrangement made "compelling strategic sense, bringing together two highly complementary Cooper Basin asset portfolios".

"It gives Innamincka shareholders exposure to a much larger conventional oil & gas project pipeline, especially expanding shareholders' exposure to the prolific Western Flank Oil Fairway," Mr Johnson said.

Drillsearch chairman Jim McKerlie said the proposed tie-up would strengthen its wet gas business with the addition of Innamincka's gas and liquids discoveries.

Drillsearch on Tuesday increased its interest in four wet gas discoveries in the Cooper Basin.

Shares in Innamincka jumped more than 40 per cent to 13.5 cents in early trade but settled back to close at 11.5 cents, up 2.6 cents, or 29.21 per cent.

However, shares in Drillsearch eased half a cent, or 7.81 per cent, to 5.9 cents after emerging from a trading halt entered into on Tuesday.

The combined entity would be the "leading mid-tier oil and gas company" in the Cooper Basin, the companies said in a joint statement on Wednesday.

Lawyers Norton Rose Australia, the legal adviser to Innamincka, said the deal reflected the growing trend for the consolidation of junior to mid-cap oil and gas companies with complementary asset portfolios.

Drillsearch was last year the subject of an unsuccessful takeover proposal by Beach Petroleum Ltd, which wanted to consolidate the companies' permits in the Cooper Basin.

Ground in the Cooper Basin is tightly held, so companies seeking to increase their landholdings in the hydrocarbon-rich area need to do so through acquisition.

Under the deal announced on Wednesday, Innamincka shareholders have been offered 2.5 Drillsearch shares for each Innamincka share held.

This gives Innamincka an implied value of 16 cents per share, based on Drillsearch's closing price on Monday, before it entered the trading halt. It also gives Innamincka a price tag of $41.8 million, compared to its current market capitalisation of about $31.8 million.

The proposal requires Innamincka shareholder and court approval.
 
Yes as a holder to this, was happy to see another little boost to the price today. with this merger it does bring something to the table worth while.
 
frankie_boy said:
Yes as a holder to this, was happy to see another little boost to the price today. with this merger it does bring something to the table worth while.
Click to expand...

Of course it brings something to DLS - INP's $16M cash or whatever they had at the time of the t/o launch.

Another miss by my good self. I looked around the 9 cent mark...saw the downtrend and moved away. Even picking up at 9 would stick have been a good gain to now...ahh well.
 
The merger has failed to get the required number of votes some major holders voted against INP has fallen 3 cents could be they want the company themselves just a guess
 
I was looking to top up on this stock only a few days ago..

pity i didnt after a little jump its just had.. looking for any info thats cause todays jump..
 
frankie_boy said:
I was looking to top up on this stock only a few days ago..

pity i didnt after a little jump its just had.. looking for any info thats cause todays jump..
Click to expand...

The overall negative lead yesterday spooked everyone in the morning. They announced that they did a placement at 19c when the share price was 14c... by afternoon people finally realised that's a good deal and started to pile in.

I picked up a few at 14c but already sold out at 18c!
 
3 for 1 rights issue at 11.5c + Republic Investment are in for 20c - what do you reckon is fair value when it all pans out after ? 25-30?

With the oil price skyrocketing, if anything comes off this year for them, could it double/triple even?

Any wise thoughts?
 
Niqo said:
3 for 1 rights issue at 11.5c + Republic Investment are in for 20c - what do you reckon is fair value when it all pans out after ? 25-30?

With the oil price skyrocketing, if anything comes off this year for them, could it double/triple even?

Any wise thoughts?
Click to expand...

The TERP (theoretical ex-rights price) based on 14c when they announced the deal was 14.5c. Based on the price of 20c today that would be 17.5c

My wise thoughts would be ... no matter how bullish you are about oil (and it isn't exactly sky rocketing) or about the stock - keep your position size sensible.
 
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