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Thanks for that, so if recovery rates for Selmo increase by 9%, we are looking at recovery of 9% of 500 mmboe = 45 mmboe?
Employment... the only guaranteed way to trully placate the masses
IPM - Incremental Petroleum
- Thread starter noirua
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some positive news on IPM:
they have just gone into trading halt one hour ago, pending an announcement of capital raising to purchase an oil & gas field in California USA. I was just told its presumed to be worth about 104 million. cant confirm as yet.
this stock's net assets alone are worth much more than its current price, but its been a sucker for market sentiment, like everyone else.
Also, an interim dividend of 3c is to be paid in may, so lets hope this is all positively interpreted by the market.
BTW, i still hold about 20,000 of this stock.
good luck & cheers,
DOC
they have just gone into trading halt one hour ago, pending an announcement of capital raising to purchase an oil & gas field in California USA. I was just told its presumed to be worth about 104 million. cant confirm as yet.
this stock's net assets alone are worth much more than its current price, but its been a sucker for market sentiment, like everyone else.
Also, an interim dividend of 3c is to be paid in may, so lets hope this is all positively interpreted by the market.
BTW, i still hold about 20,000 of this stock.
good luck & cheers,
DOC
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Still nothing in the way of announcement, trading halt Friday stated there would be further news WRT cap raising prior to market open today.
Interested to know the details
Interested to know the details
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As though speaketh out cometh thee announcement, raising $8 million for U.S.A. projects. I sold IPM back last March 2007 and they appear to have dropped back about 35 cents since then. They could become interesting again once the dust settles, or is it, fog clears.
http://www.asx.com.au/asxpdf/20080414/pdf/318kd7nxzw4501.pdf
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Cheers Noirua, I'm holding a small amount so the placement offer appears to be ideal for someone in my situation to obtain a little more at a market discount and be eligible for the 3c divvie on the allocation as well.
I'm glad they are reducing overall geographical risk as well given the Selmo field is basically smack bang in the middle of the traditional borders of Kurdistan and other sources of revenue are realistically 12-18 months away
yes thanks noirua, looks like i was way off the mark with the 8 million, sorry!
Anyway some good positive news and definately diversification is the way to go for future growth. i'll be watching this one closely over the next 3-4 months or so.
cheers,
doc
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Fortunately IPM dipped below the $1 level of the $3m placement for existing shareholders, preferred to pick them up slightly cheaper & in a different multiple to the 1, 3 or 5k offered.
Nice little ann to finish the week off on, just wondering whether the Edirne gas fields are now a higher priority than developing further efficiencies at Selmo? The blurb at the bottom of their announcements still notes that the Oil is trucked 40km to a refinery from the field gate, surely this in itself (despite the pretty photos of pipes in an announcment a few months back) is a fairly inefficient practice?
Still happy to hold & accumulate earning 6% divs on a growth play
Nice little ann to finish the week off on, just wondering whether the Edirne gas fields are now a higher priority than developing further efficiencies at Selmo? The blurb at the bottom of their announcements still notes that the Oil is trucked 40km to a refinery from the field gate, surely this in itself (despite the pretty photos of pipes in an announcment a few months back) is a fairly inefficient practice?
Still happy to hold & accumulate earning 6% divs on a growth play
The new piping that you've read about is 'infield' piping ie. takes oil from the individual wells to a central collection point. This was a good move IMO, much less total pipe now & no frozen lines like the previous year.
In terms of the export pipeline, just think how far most oil travels from well to refinery....
Annual Report said:
The fundamentals have gone one way & the share price the complete opposite.
Over the last 6 months
-very significant oil price increases
-USR drilling success which will add to production over the next month or two
-excellent results @ Edirne with more than double the expected net pay. High gas prices, close to market, shallow drills, low capex
-geographical derisking with acquisitions in the States with a good balance of low/higher risk plays
-dividend issued
-trading on a PE of just 6 (based on a historical PE from last year when oil prices averaged $66/b)
Cheers
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INCREMENTAL PETROLEUM OFFER
Hey Guys can anyone offer some opinion.
Tonite (as a IPM shareholder) I rrecd offer from IPM to purchase shares in ASX at $1-00 which is about current ASX price.
I know theyve struck paydirt on several wells and I gather they need funds to develop and looking for funds from shareholders than the expensive credit squeezed market. Wesfarmers paid 11% before putting its offer to shareholders...If I take up the offer do you think Im "on the money"??
Hey Guys can anyone offer some opinion.
Tonite (as a IPM shareholder) I rrecd offer from IPM to purchase shares in ASX at $1-00 which is about current ASX price.
I know theyve struck paydirt on several wells and I gather they need funds to develop and looking for funds from shareholders than the expensive credit squeezed market. Wesfarmers paid 11% before putting its offer to shareholders...If I take up the offer do you think Im "on the money"??
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Placement date now over, would expect the millstone to be lifted from the short-term shareprice. Gas drilling near Istanbul seems to be running successfully.
Personally I topped up a little on market as there have been a few dips below $1 in the past fortnight.
BTW did anyone else receive a call from the company? I guess having relatively few shares on issue does allow staff to phone shareholders individually, but I still found it a nice touch
Personally I topped up a little on market as there have been a few dips below $1 in the past fortnight.
BTW did anyone else receive a call from the company? I guess having relatively few shares on issue does allow staff to phone shareholders individually, but I still found it a nice touch
Placement date now over, would expect the millstone to be lifted from the short-term shareprice. Gas drilling near Istanbul seems to be running successfully.
Personally I topped up a little on market as there have been a few dips below $1 in the past fortnight.
BTW did anyone else receive a call from the company? I guess having relatively few shares on issue does allow staff to phone shareholders individually, but I still found it a nice touch
I also received a phone call. but I didn't top up my holdings. Yeh hopefully the shareprice will start to lift now
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The good news keeps coming for this one, up almost 10% from purchase plan price & 8 new exploration licences granted in central Turkey.
No price was mentioned in the announcement - does anyone know if this is a purchase arrangement as per California or merely a decision by the Turkish government to stimulate the local economy?
No price was mentioned in the announcement - does anyone know if this is a purchase arrangement as per California or merely a decision by the Turkish government to stimulate the local economy?
Here is an analyst report on IPM - worth a read:
http://www.incrementalpetroleum.com/reports/IPM_15Apr08.pdf
http://www.incrementalpetroleum.com/reports/IPM_15Apr08.pdf
Imagine if they used a realistic oil price
They're forecasting $90/bbl for 2008. We are almost half way through the year, so to achieve that oil will have to pullback to $70ish dollars
$62US a barrel in 2010
They can't be serious
new dividend 0.03cents per share This should help as well. This appears to be a well managed company with godd prospects in USA and TURKEY
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COE offer for IPM, 3.1 shares per IPM share or 1.9 COE shares + 50c each.
Can't say I'm wrapt in the takeover to be honest, seems opportunistic; COE's schedule of production appears to be declining at a steady rate, with a fair portion of the price appearing to be based on the speculative nature of their exploration.
IPM have new exploration, a P/E based far below market ave, paying > 6% div yield. Will be interesting to guage the IPM board's reaction to the offer.
Can't say I'm wrapt in the takeover to be honest, seems opportunistic; COE's schedule of production appears to be declining at a steady rate, with a fair portion of the price appearing to be based on the speculative nature of their exploration.
IPM have new exploration, a P/E based far below market ave, paying > 6% div yield. Will be interesting to guage the IPM board's reaction to the offer.
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I am happy to hold for the moment just for the divvy. They managed to get this in before the buyback. I would have to say, good try COE!
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COE aren't paying a dividend due to the speculative nature of their exploration requiring cash to fund (and possibly develop), and IPM have 1.2% of listed capital to be bought back in the next 12 months. Undervalued IPM by a reasonable margin IMOI am happy to hold for the moment just for the divvy. They managed to get this in before the buyback. I would have to say, good try COE!