Director buying $300 k worth of shares at market is a very healthy sign indeed. The share price is rebounding nicely after Matthews capital sell of recently.
Primeau was already the largest shareholder before he jumped in for another 240,000 units.
Something in the wind sooner or later i suspect. Just hope they get very busy proving up resources in the interim.
Queensland Permit ATP852P
Cameron Field CSG Certification Campaign
Highlights
• Cameron-26 pilot well completed and extended production testing now underway.
• The well is being production tested at a flow rate of 750 mcf/day with no associated water production. The controlled rate represents a surface drawdown of only 12% and corresponds to a wellhead AOF of over 3 MMSCF/day at current conditions.
• Drilling of the Cameron-27 pilot well has commenced.
• Completed coring and logging operations on the Cameron-2 well.
An accelerated Phase 2 of the Cameron Reserves Certification Campaign is now targeting 2P reserves certification by early 2009, and is well underway, with two rigs currently drilling in the Cameron Field, and two wells completed. The Phase 2 drilling campaign includes four production wells to establish commercial flow rates, and six coreholes to further delineate gas content together with coal quality and distribution over this large permit (1140 km²).
What a shameless little huckster you are Grace !!
Don't tell me we are reduced to selling ourselves to the highest bidder and just hoping someone will have a few coins left in the piggy bank..... (But then QGC was the only light in the tunnel that wasn't a train in the last few months)
More good news from the last drill. Contingent resources of 975PJ on ATP852. Prove that up, and just on that small area alone, we have a market cap of $1billion expected.
83mill shares
x $1.45 = $120 million
Interesting future ahead.
http://imagesignal.comsec.com.au/asxdata/20080528/pdf/00846082.pdf
Looking back at this old calculation, $1million per PJ.
Reserves certification
ATP852P = 1241PJ of 3P (initial estimate of 975PJ of 2C)
ATP758P = 800PJ of 2C
This is 2041PJ on only 2 titles (about 5% of holdings).
Expect they might have more gas than QLD Gas one day which sold for what, $5.5 billion (7000 odd PJ from memory).
Now, 2000 odd PJ of 2P should be worth upwards of $1.5billion (and only on 5% of their ground). 3P is quite easy to convert to 2P in relation to coal seam gas.
Market cap 125mill shares (fully diluted) x $1.70
$212 million
Cheap as chips for the hawks circling!
Coversion of o/s options should give some more to kitty. We have enough for 2009 drilling.
I need a gun to shoot the hawks!
In August 2007, the Company was named preferred bidder for application permits ATP’s 889P(A) and 965P(A). Permit ATP889P(A) greatly enhances the Company’s position in the Walloon CSG Play Fairway, proven to be productive for CSG. The Stella block of this permit lies within 3km of both the Coxon Creek and Lacerta CSG fields.
The Group estimates the 2C* Contingent Resource in the above three CSG permits (including application permit ATP889P(A)), all of which constitute approximately 5% of Pure Energy’s total Queensland acreage, to be in excess of 2000PJ.
The Company is currently working on converting this large 3P reserve base into 2P reserves, and an announcement to the market detailing what proportion of this volume has been converted is expected early in the New Year.
Concurrently, we are embarking on a 3P reserve certification campaign on ATP806P and are compiling the relevant information required for certification purposes. This process is expected to occur before years’ end, and possible certification of initial reserves is also expected in early 2009.
Mr Terry Primeau and 2 of his 'associates' hold roughly 20% of the issued share capital (I find this interesting because when asked whether PES was going to be taken over Mr Primeau answered by stating the percentage held by him and his associates and then went on to say that he would make sure that PES shareholders got a good deal (or something to that effect). I would of thought he would of answered the question with the old "At this stage the company is not aware of any parties that would be interested in launching a takeover for the company"
One final observation, one shareholder did the maths and made the comment that the company was worth at least $6 a share with 1200 odd PJ of 3P, to which Mr Primeau agreed
oil going down 9% will cause PES to retreat on low volumes. usually holds up ok and bounces back pretty quick. Buy the dips as they say and today will present another opportunity
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