NDO - Nido Petroleum

nick2fish said:

I don't really think sp will do anything until Tindaloo, so hopefully NDO's forecast for oil production in the first quarter of 2010 comes through.

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whats the tindaloo thing you mentioned. sounds familiar. sorry i havent researched very deeply. I plan to hold this till i make a decent return for the time ive held. Ive learnt that patience always pays off. but just like you ive got buy orders from 12 down to 10c. ready to cancel the higher ones at 12 if it tanks too hard lol

Tindalo is a oil discovery from last years drilling campaign, Yakal being the other and the smaller of the two. NDO currently plan to have Tindalo producing late in the first quarter 2010, pending a Final Investment Decision of which you should here about very soon. At the moment NDO's Sp price seems to be tied to general market sentiment and economic recovery, rather than the company strengths and prospects. So expect some undervaluation until the company can string together a few market positives. Try their web site: http://www.nido.com.au/ cheers

thanks for that. nice info. holding it for longer then.

also finally broke through 13.5c but not moving lol

Nido is testing that 15c resistance again. See chart below.

They've been stuck in the 13-15c range since the damage to the well linkage back in July took them a month to fix.

I've been holding at 12.7c since their last bad news when the FPO was full and they couldn't offload cargo to had to halt production - the market reacted badly, and I read "we're full of black gold and want to make more" so averaged down from 13c.

It hit 15c briefly yesterday and pre-open shows estimated 15c start to the day.. would be good if it soared finally - production was solid for Q1 and Q2 in early 09, and next year they'll hopefully have the new project up and running to mitigate production risk in the monsoon season.

Of course, I'm a newbie (see my post count), so don't take my word for anything - do your own research and if necessary seek financial advice from someone with a clue.

Finally appears to have broken through the 15c resistance, on a third consecutive day of high volume, its nudging 17c.

They got removed from the S&P All Australian 200 this morning too - so I'd have expected a bit of selling from funds no longer required to hold them?

Anyone heard any rumours?

Heading in the right direction on good volume, at last. Worth checking out NDO's response to question 3 in the ASX price query. If you have to reply to that rubbish you may as well take the opportunity to give the company a bit of a ramp... or two ...or three.......

Exxon bares Sulu oil find

by Alena Mae S. Flores Note (NIDO and TAP are Next door)

The Energy Department yesterday said a unit ExxonMobil Corp. has encountered encouraging oil shows in its Sulu Sea drilling and plans to drill a second well in the area next month.

“We just got word from Exxon that they found hydrocarbons in their area although a lot of testing has yet to be done,” Energy Secretary Angelo Reyes told reporters.

ExxonMobil Exploration and Production Philippines B.V., the world’s biggest oil exploration company, has drilled Dabakan-1 well to a depth of 4,800 meters, where it detected the presence of hydrocarbons in Service Contract 56. The well is located about 65 kilometers from Mapun Island, a municipality of Tawi-Tawi province.

Reyes said the positive results of the ExxonMobil’s drilling “opens up potential for investors in the exploration sector to look at the Philippines.”

“We look forward to further working with ExxonMobil under SC 56. We also would like to thank them for their strong support to our energy investment program,” Reyes said. Reyes and Energy Undersecretary Ramon Oca visited the West Aquarius drill ship on Nov. 29.

Ian Fischer, managing director, ExxonMobil Exploration, said the company was prepared to invest another $100 million for the additional well.

“Logs taken at the Dabakan-1 well indicate that we encountered reservoir sands and hydrocarbons. The well will be drilled further to a total depth of approximately 5,000 meters [16,400 feet], setting the record for the deepest well drilled in the Philippines,” Fischer said.

“Hopefully, there is encouragement to drill more wells,” he said, adding that “data analysis and additional studies are being conducted to evaluate the potential of the find.”

Oca, meanwhile, cautioned that it was too early to tell if the discovery was of commercial quantity.

“While there is technically a discovery, there is so much to be done. We have to analyze the data, it will take some time. We study all the data and go toward production,” he said.

ExxonMobil as operator owns a 50- percent interest in the concession area, with Mitra Energy (Philippines) Ltd. and BHP Billiton International Exploration Pty Ltd. controlling 25 percent each.

The drilling at the Dabakan-1 well commenced on Oct. 11.

ExxonMobil officials declined to give an estimate on the potential reserves of SC 56. The Energy Department earlier said it could contain about 750 million barrels of oil, or enough to supply the domestic market for seven years.

Top

Ah....... Up nearly 30%, 20mill volume and I don't have a clue whats behind this sudden change of sentiment. Anyone ??????

nick2fish said:

Ah....... Up nearly 30%, 20mill volume and I don't have a clue whats behind this sudden change of sentiment. Anyone ??????

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Read speeding ticket response on Fri. The Gindara field triggered the upside. KIK have 40% interest in Gindara, they also finshed nicely up.

Cheers for that, I didn't think to check out KIK. Really nice response to that speed ticket, so much so that they didn't dare issue another today.

nick2fish

One reason is that a broker Patterson’s has recommended NDO as a buy and placed a value of 26c /share based on Tindalo and at the same time Exxon has encountered hydrocarbons in a neighboring block. You will see that KIK and NDO are closely related but as I understand it NDO have a massive deep acreage with possible similar structures to where EXXon are drilling and spending $100m.

I am very excited and now see NIDO as a long term investment. A re-rate in it's share price is only a matter of time. If Exxon prove up 750mil BBL in one well then attention will definely turn to NIDO.


I have been holding for 4years now and expect NIDO to reach at least the last high of 60c in a year or two.

Good luck to all

TOPSHELF

Well ndo had a good run made about 30% in a week. Seems to have support at 17c and moving sideways.

anyone like to discuss where they believe this stock is heading

akkopower said:

Well ndo had a good run made about 30% in a week. Seems to have support at 17c and moving sideways.

anyone like to discuss where they believe this stock is heading

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They've broken down through the 17c resistance, so next line of resistance is 15c. Would be nice to have more capital to put into it, but I'm already holding a chunk of NDO at an average 16.4c (bought back in recently after selling out for 19c in December).

Expecting quarterly results in just over a week's time which should prove interesting - they've been very quiet on the news front, neither positive or negative, so should mean it'll be a quarter with solid production and order fulfillment on the existing Galoc field - same quarter end of 2008 was just under 180k barrels net to Nido, so expecting similar volumes for the period Oct-Dec 09, with a better oil price to support it.

I've been accumulating as the SP drops - picking up more Monday at 15.5 if I can. This will definitely move as Tindalo startup approaches IMO.

Solitus said:

Expecting quarterly results in just over a week's time which should prove interesting - they've been very quiet on the news front, neither positive or negative, so should mean it'll be a quarter with solid production and order fulfillment on the existing Galoc field - same quarter end of 2008 was just under 180k barrels net to Nido, so expecting similar volumes for the period Oct-Dec 09, with a better oil price to support it.

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Yes the production issues from Galoc have not surfaced of late and the report on their near term re-entry into Tindalo with 50% interest is very exciting as a lead up to even larger prospects like Gindara down the track. The new jack up rig in shallower water should provide less if any problems. I like it.

Wysiwyg said:

Nothing much at Tindalo 1.

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This from a year ago will soon hopefully be proven wrong.

From announcement last night, Nido have awarded the contracts to get Tindalo up and running. Expected first-oil is in April from the well.

She went on to say, “We have been working closely with Knutsen and Weatherford over the
last couple of months to maintain project schedule and it pleases me to say that the
awarding of these contracts keeps us on track to deliver the project in line with our
expectations at Final Investment Decision. The critical path item on the schedule to first oil is
the date when the Aquamarine Driller comes on contract. This depends upon the release of
the rig from its previous contract and is expected in April 2010.”

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Solitus said:

From announcement last night, Nido have awarded the contracts to get Tindalo up and running. Expected first-oil is in April from the well.

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I wouldn't be expecting first oil in April - this just says that the rig will be released from its current contract then. Still have to get it in place, hook it up, etc etc. I would be happy if they have it on line by end of May.

Just to throw some numbers around - if they get midpoint of projected flow rate which would be 10000bopd - 50% to Nido gives 5000.

Suggested costs I think were $250k per day or $25pb. So at $75pb Nido will be making $50x5000 = $250k per day.

Assume some downtime for weather, say 20 days, then 345x$250k = $86m pa

Yes the field size (P50 - 5.1Mb) is only enough for 18 months production at this rate but this still gives them a nice bundle of cash to proceed with the bigger prospects

Should also provide some upside to the SP given they are valued at $150m (here's hoping anyway)

Just to pop this one back up the list - SP has started to slowly move back up again as Tindalo startup approaches (Apr/May). Got as low as 12.5c but has closed today at 14.5c and more buyers starting to line up.

Still think it could (should?) move significantly when Tindalo is flowing, as that would give NDO the cash to be able to have a crack at at least a couple of its bigger prospects, wherein lies the potential to drive NDO well up the ladder.

Holding a reasonable chunk of my portfolio in this one, so obviously have vested interests

Note that Exxon are planning a 3rd well @ $100m a pop in SC56, adjacent to NDOs SC58 and reports are that the first well may hold up to 750m barrels.

Probably talking to myself here but a couple of big trades this arvo have pushed the SP up a tick - maybe time to be getting in before Tindalo comes online in next couple of months. By my calcs, a SP of around 20-25c would reflect the additional value from Tindalo.

OK news out - Jackup rig due mid April and to be production testing by late April. Again IMO this will have to move when market sees another 10000bopd flowing (assuming it flows ).

DYOR but it looks good to me - holding lots