SYN - Synergia Energy

[BESBS Player]

Re: OEX - Oilex

STOCK EXCHANGE ANNOUNCEMENT


29 September, 2009
Pan Pacific Petroleum signs Farmin deal on Timor Sea Block
A wholly owned subsidiary of the Company, Pan Pacific Petroleum (JPDA 06-103) Pty Ltd (“PPPJ”) has agreed to acquire a 15% Participating Interest in the JPDA 06-103 Production Sharing Contract (JPDA 06-103) by executing simultaneous 5% farmout agreements with each of;
•
Global Energy Inc., an overseas wholly owned subsidiary of Videocon Industries Limited; and
•
Bharat PetroResources JPDA Ltd (a wholly owned Indian subsidiary of Bharat PetroResources Limited which is a wholly owned subsidiary of Bharat Petroleum Corporation Limited) ; and
•
GSPC (JPDA Ltd) (a wholly owned Indian subsidiary of Gujarat State Petroleum Corporation Limited)
The terms of the agreements include a partial refund of the farmout parties’ past costs and a contribution on their behalf to the costs of the first two exploration wells planned to be drilled in JPDA 06-103.
Other participants in JPDA06-103 are Japan Energy E&P JPDA Pty Ltd, a subsidiary of Japan Energy Corporation and Oilex (JPDA 06-103) Ltd (Operator).
Upon completion of PPPJ’s farmin obligations, the participating interests will be;
Pan Pacific Petroleum (JPDA 06-103) Pty Ltd 15%
Oilex (JPDA 06-103) Ltd (Operator) 10%
Global Energy Inc 20%
GSPC (JPDA) Ltd 20%
Bharat PetroResources JPDA Limited 20%
Japan Energy E&P JPDA Pty Ltd 15%
PPPJ’s farmin is subject to certain conditions including the waiver of pre-emptive rights by the Joint Venture partners, and the approval of the assignment by the Autoridade Nacional do Petróleo of Timor Leste, the Designated Authority.
JPDA 06-103 is located within the northern Bonaparte Basin, offshore northwest Australia, within the joint petroleum development area (the “JPDA”) issued pursuant to the Timor Sea Treaty between Timor-Leste and Australia. The contract area, which extends over 3700km² in area is adjacent to several existing oil fields such as Laminaria and Corallina and the recent Kitan discovery (see location map below), and prospects similar to this successful oil play are believed to exist in JPDA 06-103. The Operator reports that a portfolio of prospects comprising over 20 structural closures has been identified in the block. Drilling locations have been selected for the first two wells on prospects which the Operator recently reported as having recoverable mean prospective resources (on 100% basis) of 195 million barrels of oil (Loré) and 90 million barrels of oil (Lolotoe). JPDA 06-103KitanBayu-UndanSunriseCorallinaLaminariaTroubadourOilGas50 km
Location Map JPDA 06-103
The semi-submersible drilling rig “Songa Mercur” has been contracted for a two well drilling campaign in the JPDA 06-103 contract area, with the option of one additional well, and is scheduled to mobilise for the Joint Venture, subject to meeting certain contractual requirements, immediately after release from its current contract with Woodside Energy Ltd, anticipated to be in November 2009.
PPP* is delighted to join the JPDA 06-103 Joint Venture, and to participate in the drilling of two attractive prospects in the short term. This is a very attractive area and the large number of prospects in the block indicates the potential for material upside...

While it probably has little direct impact on OEX, PPP do not usually throw money around so this commitment suggests that they like what they see.
Drilling likely in November...large potential targets...PPP vote of confidence...

Happy to hold OEX at 28.5c ave


PS. Looks like the market appreciates the announcement.

 

[swm79]

Re: OEX - Oilex

"What is essential in war is victory, not prolonged operations"

And as such, today i opt out of MOST of my OEX - time to gain more capital while we wait for this one.... as an American Govenor once said "i'll be back"

 

[bugmenot]

Re: OEX - Oilex

9 April 2009

Operations Update Cambay - Cambay-75 Drilling to Commence

Oilex is pleased to advise that drilling operations for the Cambay-75 appraisal
/development well are anticipated to commence within the next 7 days when rig
mobilisation is completed.

Cambay-75 Appraisal/Development Well
The primary objective of Cambay-75 is the Miocene Basal (MBS) oil sand which is
producing oil in the nearby Cambay-64 and -74 wells. Production and test data
indicate that these current producers are accessing separate reservoir
compartments in the faulted crest of the MBS oil field.

 

[quarky]

Re: OEX - Oilex

9 April 2009

Operations Update Cambay - Cambay-75 Drilling to Commence

why are you posting an article from 9 April 2009?
have you got anything to add to explain Oilex's downward slide?

i've been holding since 28.5 and should sold it at 0.33 highs....but that's my hindsight.

anyway...the SP better go upward, given the price of oil and AU$ strengths

 

[quarky]

Re: OEX - Oilex

Oilex in trading halt from Wed., 14/10/2009.


"...unless ASX decides otherwise, OEX to remain in pre-open until the earlier of the commencement of normal trading on Monday, 19 October 2009 or when the announcement is released to the market.."

OEX advised ASX it:

(a) is seeking the trading halt pending an announcement in relation to an equity financing;




wonder what this means for the share price.
it's been moving sideways around the 0.28 - 0.32 mark, for few weeks now....so, interesting times ahead.

 

[Dreadweave]

Re: OEX - Oilex

Oilex in trading halt from Wed., 14/10/2009.


"...unless ASX decides otherwise, OEX to remain in pre-open until the earlier of the commencement of normal trading on Monday, 19 October 2009 or when the announcement is released to the market.."

OEX advised ASX it:

(a) is seeking the trading halt pending an announcement in relation to an equity financing;




wonder what this means for the share price.
it's been moving sideways around the 0.28 - 0.32 mark, for few weeks now....so, interesting times ahead.

Very interesting. Yesterday OEX climbed 13% and got my hopes up for some nice profit taking by Friday, but now a trade halt. Oh well hopefully good things are in the works.

 

[BESBS Player]

Re: OEX - Oilex

Equity financing...

Positives:
* Hopefully quick - not like a SPP
* Raises funds to secure future activities

Negatives:
* Dilutes holdings slightly


I'll be satisfied if it is a quick placement with no lingering SPP attached.


Guess we will see soon.

 

[quarky]

Re: OEX - Oilex

OEX opened at 0.30 today with a company announcement...


JPDA [OEX:10%]: Farmout completed, 2 well program late 2009
2 wells to drill 2 of the largest oil prospects in Australasia in 2009 start late Nov ’09
Targeting mean prospective resources of 190 and 95 million barrels oil
(recoverable,100% basis)
OEX free carried for 2 wells
Large prospects for further drilling
WA 388P [OEX:14%]: Emerging exploration asset on North West Shelf
On Pluto / Wheatstone play fairway
Window of opportunity for gas supply to LNG projects
3D seismic processing complete with indications of gas (DHI’s)
Potential to accelerate drilling in 2010
West Kampar [OEX:67.5%]: Prospective block – potential near term production
Investment awaiting resolution of JV dispute
Potential Pendalian development project with exploration leads to be matured
12
India [OEX:45%]: Exploration/appraisal potential. Farmout opportunity

 

[DVEOUS]

Re: OEX - Oilex

the Company has resolved to raise up to $10.12 million through the issue of up to 44 million ordinary shares at an issue price of $0.23 per share.

WTF?
Where does 23 cents come from?
Isn't this a slap in the face for anyone who bought in recently at higher than that?

 

[TheAbyss]

Re: OEX - Oilex

23 Cents is a nice discount to institutional investors however impacts on retail investors where it hurts most.

Out at 30 cents and happy to get out at 30.

Plenty of opportunity to buy back at 23-25 cents in the near future i suspect. Still a good long term prospect with some good targets in site. They need money to drill and explore so nothing earth shattering. An opportunity to buy back in at a lesser price per unit for those who think the targets are good and opportunity to crystallize profits for others.

 

[Out Too Soon]

Re: OEX - Oilex

23 Cents is a nice discount to institutional investors however impacts on retail investors where it hurts most.

Out at 30 cents and happy to get out at 30.

Plenty of opportunity to buy back at 23-25 cents in the near future i suspect. Still a good long term prospect with some good targets in site. They need money to drill and explore so nothing earth shattering. An opportunity to buy back in at a lesser price per unit for those who think the targets are good and opportunity to crystallize profits for others.

Yes basically we're screwed again , when we should be making a profit in a Bull market, instead we're getting reamed by the big guys
Capitalism sux! I'm out at a loss too :swear:

 

[TheAbyss]

Re: OEX - Oilex

Yes basically we're screwed again , when we should be making a profit in a Bull market, instead we're getting reamed by the big guys
Capitalism sux! I'm out at a loss too :swear:

Not much point in griping is there! I was looking forward to watching this one for the next few weeks or so after the run up prior to the trading halt (was hopeful someone knew something about tests etc) Oil on the rise and OEX is going red on us is disappointing to say the least.

Don't know if i will bother coming back in or not but we shall see what transpires in the next few weeks re announcements etc.

 

[Alporfavor]

Re: OEX - Oilex

23c seems about the mark for this type of thing from what I've seen elsewhere. It'd be unlikely that there would be much institutional interest at a much higher price than this considering we've been trading at around 26c recently.

It's always a slap in the face to us holders in the short term when his happens but I don't mind too much here, with quick cash injected straight into the coffers. At least it gives us the opportunity to take up some cheap positions as the price drifts down toward 23c and then we can strap ourselves in for the ride that the drilling will bring

 

[Out Too Soon]

Re: OEX - Oilex

Not much point in griping is there! I was looking forward to watching this one for the next few weeks or so after the run up prior to the trading halt (was hopeful someone knew something about tests etc) Oil on the rise and OEX is going red on us is disappointing to say the least.

Don't know if i will bother coming back in or not but we shall see what transpires in the next few weeks re announcements etc.

No there certainly isn't much point in griping here but better to let the steam out anyway. We've all copped this sort of treatment before & bent over & taken it.
What if every one of us sent them a "Not happy Bruce" email explaining how their decision hurt us & how burnt small investors will inadvertently hurt the sp?

Send oilex@oilex.com.au a "Not Happy Bruce" email, I did & will in future when this type of thing happens.:rocketwho

 

[swm79]

Re: OEX - Oilex

well now, this changes everything... sort of glad i got out when i did... feel a bit lucky.

i'd still like to get back in (maybe) but i need to re-evaluate now

why is it that we're in a bull market and MY shares are all going DOWN!!!!!

 

[BESBS Player]

Re: OEX - Oilex

While I can understand some of the frustration from an immediate perspective, I'm reasonable content with the outcome as a BESBS Play.

1. Drilling costs money. This deal allows OEX to almost double available cash along the line.
2. We don't have to endure a prolonged SPP that caps the price for weeks.
3. Often the SPP comes out once the SP run starts. This kills the run. This placement does not impact as much as we haven't started the pre-drill hype as yet.
4. Hartleys benefit...true. However they don't have recommendations on OEX for small numbers. With big institutions on board, they can help to build SP momentum.
5. We still have potential targets of 190mmbl and 90mmbl on offer - that hasn't changed. With the recent oil prices, this looks even more appealing.

Holding OEX and looking to accumulate on weakness

 

[swm79]

Re: OEX - Oilex

While I can understand some of the frustration from an immediate perspective, I'm reasonable content with the outcome as a BESBS Play.

1. Drilling costs money. This deal allows OEX to almost double available cash along the line.
2. We don't have to endure a prolonged SPP that caps the price for weeks.
3. Often the SPP comes out once the SP run starts. This kills the run. This placement does not impact as much as we haven't started the pre-drill hype as yet.
4. Hartleys benefit...true. However they don't have recommendations on OEX for small numbers. With big institutions on board, they can help to build SP momentum.
5. We still have potential targets of 190mmbl and 90mmbl on offer - that hasn't changed. With the recent oil prices, this looks even more appealing.

Holding OEX and looking to accumulate on weakness

agree with that... but dilution is the problem

when (if) the run up does come, it will now be less valuable.... well, possibly, as you say - the big instos may push it even higher now

i'm still looking at getting back in, and imo they should do well... maybe mid november

 

[BESBS Player]

Re: OEX - Oilex

Hi SWM,

I realise that dilution is a fundamental that should be taken into account. My experience has been that once a drilling is touted and it is a big potential target, emotion takes over many investors/traders and fundamentals such as dilution become less important.

Evidence: the SP is now as high or slightly up after the dilution news! The difficult question - weighing up fundamentals and emotion...

 

[swm79]

Re: OEX - Oilex

yeah, agreed. i guess if you look at it from the other prespective - it means people are now more confident that the company will stick around as, with the extra cash, they will now be able to pay down debts etc etc and it will give people more of a reason to believe that the company will be there for the long run.

i've tied up my old OEX capital though - in MEO - who ABSOLUTELY KILLING me at the moment!!!!!!! hopefully, in a perfect world (read as: in my dreams), MEO will resolve itself, for a hefty gain.... and at that time i'll be able to enter OEX who has given no news for a while and the SP is suppressed... once i get in, OEX will issue advice that they have struck an oil annomaly that would make the saudis blush.... and i'll live happily ever after

ahhhh dreams

 

[stretchie]

Re: OEX - Oilex

BESBS player - what do you think is a likely target on pre drill news ?

I think it's important for the SP chart for OEX to close above 30c near the days high. I'm kind of disappointed the large oil price move in the last week has pretty much been ignored by OEX. It's my primary oil holding and bought into this small cap avg $0.293 thinking I'd get decent leverage. Happy to hold until there's some drilling news. I don't think they're in any danger of going broke - 20 mil cash after the raising with a market cap of only 49 million values them pretty cheaply I think.