VPE - Victoria Petroleum
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Nice start for November for VPE. Obviously the news that QGC ( BG Group ) have committed to their new LNG plant in Gladstone has had something to do with the solid gain this morning. BG Group will spend something in the order of $15 Billion in the Central and South Western Qld areas.
VPE have share their CSG Leases with QGC so any CSG they discover and pull out of the ground will head towards Gladstone.
VPE summarise their CSG fields well in their quarterlies they released last Friday. It is good reading with the Management / Board to look at "refreshing/rebranding" VPE to align them very closely with their forward program.
Looking very good VPE and look forward to the rest of the year and hopefully some certified drill results from their CSG Fields.
Regards
Bazollie
VPE have share their CSG Leases with QGC so any CSG they discover and pull out of the ground will head towards Gladstone.
VPE summarise their CSG fields well in their quarterlies they released last Friday. It is good reading with the Management / Board to look at "refreshing/rebranding" VPE to align them very closely with their forward program.
Looking very good VPE and look forward to the rest of the year and hopefully some certified drill results from their CSG Fields.
Regards
Bazollie
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from their website
31 October 2010
BG Group sanctions Queensland Curtis LNG project
BG Group today announced that it has taken the Final Investment Decision approving implementation of the first phase of the Queensland Curtis Liquefied Natural Gas project (“QCLNG”) following receipt of Australian Federal and State Government environmental approvals. The first phase of QCLNG encompasses the development of a two-train liquefaction plant on Curtis Island near Gladstone in Queensland together with the associated upstream and pipeline facilities. BG Group will progress development and construction of QCLNG with immediate effect.
QCLNG will be operated by BG Group’s Australian subsidiary, QGC Pty Limited (“QGC”). The first phase of the liquefaction plant will consist of two LNG trains with a combined capacity of 8.5 million tonnes per annum (mtpa). Over the next four years (2011-2014), BG Group plans to invest approximately US$15 billion in developing the liquefaction plant and related wells, field facilities and pipelines. There is also significant potential to expand QCLNG, with the construction of a third LNG train already covered by existing State and Federal approvals.
First LNG exports are planned to commence from 2014, underpinned by agreements in Chile, China, Japan and Singapore for the purchase of up to 9.5 mtpa of LNG. Total gross discovered coal seam gas reserves and resources presently amount to an estimated 17.3 trillion cubic feet (tcf) – equivalent to more than 2.9 billion barrels of oil equivalent – with 2P (proved plus probable) reserves now estimated at 7 tcf.
BG Group Chief Executive Frank Chapman said: “In early 2008, we announced our first investment in Australia. Today, less than three years later, we are announcing our decision to develop the world’s first LNG plant to be supplied by coal seam gas and the foundation project at the centre of a major new Australian export industry.”
“I believe the speed of our transition from country entry through major resource maturation to project sanction reinforces BG Group’s reputation for advancing innovative and complex gas chain projects within challenging timeframes, as previously demonstrated in Trinidad and Tobago and in Egypt. This rapid progress is also testament to our strategic global marketing capabilities: QCLNG is anchored in customer agreements across the world’s largest LNG markets for the sale of up to 9.5 million tonnes of LNG per annum.”
“Today’s decision represents the realisation of a pivotal strategic objective for BG Group – to further the globalisation of our LNG business by establishing a new and material source of equity LNG in the Asia-Pacific arena. Today’s sanction is also a significant milestone on the road to delivery of the Group’s growth agenda over the decade ahead.”
QGC Managing Director Catherine Tanna said: “Our decision to proceed follows nearly three years of rigorous regulatory and public review and discussions with more than 4 000 individuals, landholders, indigenous groups, conservationists, industry associations, regional councils and government agencies. Their contributions have played a key role in shaping regulations intended to ensure that this project is good for the environment, good for people, and good for Australia.”
BG Group’s decision to sanction the development of the first phase of QCLNG completes the final condition required for implementation of the Group’s agreements with the China National Offshore Oil Corporation (“CNOOC”), signed in March 2010*. Under those agreements, CNOOC will:
* purchase 3.6 mtpa of LNG for a period of 20 years from the start-up of QCLNG;
* purchase 5% of BG Group’s interests in certain tenements in the Walloons Fairway of the Surat Basin;
* jointly participate with BG Group in a consortium to construct two LNG ships in China that would be owned by the consortium; and
* become a 10% equity investor in the first LNG train in the initial phase of the liquefaction plant.
Separately, the decision to sanction the project satisfies one of the conditions precedent associated with the proposed agreements with Tokyo Gas Co. Ltd (“Tokyo Gas”), announced in March 2010**, under which Tokyo Gas will:
* purchase 1.2 mtpa of LNG for 20 years from 2015;
* purchase 1.25% of BG Group’s interests in certain tenements in the Walloons Fairway of the Surat Basin; and
* become a 2.5% equity investor in the second LNG train of the liquefaction plant.
Final notices to proceed will be issued to the main contractors appointed for the development of the first phase of QCLNG. Those contractors include:
* Bechtel Oil and Gas, Inc., for the engineering, procurement and construction of the liquefaction plant;
* WorleyParsons, for gas field facilities and infrastructure development; and
* MCJV (a joint venture between McConnell Dowell Constructors (Aust.) Pty Ltd and Consolidated Contractors Company), for the transmission pipeline network.
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Hi Hatchy, I certainly can't ignore the price movement after the BG announcement!
I do think that when VPE announces their 1/2 yearly accounts that it will cause a bit of a fall, but what price from and to is yet to be seen. Current indications are still positive Tony.
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I have do disagree with you another time Wintermute - I think that the lack of oil being pulled out of the cooper has already been factored into the price that we are now seeing - if that's what you mean by the half yearly accounts.
Lets just wait and see the full value of the CSG play come to light - I'm happy to sit and wait here at the moment and ride out the company name change and constitution change.
It's was so blindingly obvious that the previous top man over at VPE did very little for the company in the last years. I can't wait to see a fresh start. That should bring some attention.
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Hi Hatchy, you obviously put more faith in the markets ability to see the big picture than what I do
Yes you are right in your assumption as to what I meant. My personal feeling is that the thing that kicked off this price rise was the announcement of the maiden profit. With a stock that has had as much negative sentiment as what VPE has, a lot of the time it takes actual results to be published to get something to happen. The combination of maiden profit, changing of the guard, re-branding, constitutional changes and now the BG decision is a rather potent catayst to get the share price moving, it seems that finally everything has just clicked for VPE.
What I am concerned about is that when the 1/2 yearly comes out and there has been pretty much zero cashflow due to the shut-in for the last 6 months, that the market will react badly. Now you and I can see this (poor cashflow result) is going to happen and expect it, but in my experience, even stuff that blind freddie would have seen coming, a lot of the time the market as a whole seems to have no idea about until it actually is spelt out in an announcement... strange I know but it does seem to happen.
I'm tempted to take some profits a little before the 1/2 yearly comes out (provided I don't see any craziness with the sp before then), with the intention to buy some more if the retrace comes and is severe. It may not pan out that way, but I need to lighten up at some point (as I am overweight in VPE) so figure that is as good a time as any
Tony.
Yes you are right in your assumption as to what I meant. My personal feeling is that the thing that kicked off this price rise was the announcement of the maiden profit. With a stock that has had as much negative sentiment as what VPE has, a lot of the time it takes actual results to be published to get something to happen. The combination of maiden profit, changing of the guard, re-branding, constitutional changes and now the BG decision is a rather potent catayst to get the share price moving, it seems that finally everything has just clicked for VPE.
What I am concerned about is that when the 1/2 yearly comes out and there has been pretty much zero cashflow due to the shut-in for the last 6 months, that the market will react badly. Now you and I can see this (poor cashflow result) is going to happen and expect it, but in my experience, even stuff that blind freddie would have seen coming, a lot of the time the market as a whole seems to have no idea about until it actually is spelt out in an announcement... strange I know but it does seem to happen.
I'm tempted to take some profits a little before the 1/2 yearly comes out (provided I don't see any craziness with the sp before then), with the intention to buy some more if the retrace comes and is severe. It may not pan out that way, but I need to lighten up at some point (as I am overweight in VPE) so figure that is as good a time as any
Tony.
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Fair point, and looking at it from your point of view it may well be a good time to take the cream off the top - but also it might just bring about another buying opportunity for those on the flipside of the coin.
I'm happy to be overweight in VPE, as I have been for a number of years now, but I love a good story and this one is a great one. Have you heard the story of the phoenix?
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Have you heard the story of the phoenix?
Sure have, I worked for a company before that had the phoenix as their emblem
It is actually one of the reasons I bought VPE, I just did so a bit early.... about 5 years too early (actually the original reason I bought them was to swing trade them, but I got a bit caught up with the potential and have held (with a few partial sales and re-buys) ever since.Tony.
So what does everyone think of the capital raising that just happened. At least it was quick. The willingness of investors to buy in is encouraging. Will the shares shoot up when trading resumes? It will be interesting to see. How big does VPE have to get to become a mid cap? :nuts:
IMO the share price is likely to stay around the 37-40 cent mark. The good things about the CR are as follows:
it was quick - new subscibers can see the potential here
the price was not heavilly discounted - so it is unlikely that new subscribers will be selling immediately for a quick profit
the purpose of the CR is to accelerate exploration and development of both CSG in the Surat Basin and oil and gas in the Cooper Basin - any positive news will lift the share price.
and there is a hint in today's announcement that there may be a SPP for loyal share holders.
IMHO this is all good news.
I am a happy holder
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I like the new logo shown in the AGM powerpoint - Senex could really be the next big thing in O&G
Who else has seen the logo and likes it?
Who else has seen the logo and likes it?
tech/a
No Ordinary Duck
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From a techies view I find threads like this one interesting.
In 2006 (first page) Y/T was talking up an 18 bagger at 18c.
Now 4 yrs later its ranged to 50c and back down again.
If your holding this is and your waiting on speculation and opinion seems (from a techies view) a waste of good money and time.
Where is Y/T?
Barbados or Salvo's
In 2006 (first page) Y/T was talking up an 18 bagger at 18c.
Now 4 yrs later its ranged to 50c and back down again.
If your holding this is and your waiting on speculation and opinion seems (from a techies view) a waste of good money and time.
Where is Y/T?
Barbados or Salvo's
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Hi TA.
Youre not wrong about the time line. Watching VPE is akin to watching paint dry/grass grow.
Ironic as it is, they may finally be getting their ducks in a row.
YT has moved back to HotCopper.
What does everyone think of the attempt to block Beach's attempt to take over Impress? Is the VPE Board/Management being smart here? If Beach are successful then at least VPE may sell its Impress shares for more than the shares were bought for. Could the move encourage Beach to have a go at taking over VPE so that they gain both the Impress and VPE parts of the oilfields they are after? They could take the oil interests and one of the big gas players could take the CSG interests if there was some sort of combined move.
All of this is totally speculation on my part. No-one should take any notice of my opinion, especially since I own VPE shares.
All of this is totally speculation on my part. No-one should take any notice of my opinion, especially since I own VPE shares.
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I'm not sure of Beach's intentions, but I doubt they'll try and take on VPE. Remember that QGC still own 10% of VPE and will need their CSG.
At 30 June BPT had 170mil cash
I don't know what the takeover of ITC is going to cost them, but I doubt they'll have near enough left to make a play for VPE.
At 30 June BPT had 170mil cash
I don't know what the takeover of ITC is going to cost them, but I doubt they'll have near enough left to make a play for VPE.
BPT have achieved a majority control of Impress after its directors recommended the takeover bid. With over 50% of the shares now held by BPT, VPE has IMHO no option but to sell its 20% share in Impress. At least we know that it will put the cash to good use with the forthcoming drilling programme. I am a holder.
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Hi Philly.I have done a rough calculation and if VPE sells its 20% interest in Impress it will generate about $9.97m or about 6.5 cents per VPE share. Hopefully, this will give the SP a little push along before Christmas. I am a holder.
Now why would it give the sp a push? Total value of the asset is the same whether it is in shares or cash. At least if its in shares they cant spend it on the Christmas party
Hi Philly.
Now why would it give the sp a push? Total value of the asset is the same whether it is in shares or cash. At least if its in shares they cant spend it on the Christmas party
Hi Strat, you make a fair point
I guess that if it sells the shares then it crystallises the profit and depending on how it uses the funds then that may impact on the SP.purely technical >> nice impulsive move up from the lows on VPE after the last few months, but looks to be running out of steam unfortunately, got some divergence coming out now, so could see some selling kick in. Longer term it looks reasonably positive tho.
(Reason for my interest is this is the very first share I bought, back in 1997 - and STILL holding the donkey!!! ha ha)
(Reason for my interest is this is the very first share I bought, back in 1997 - and STILL holding the donkey!!! ha ha)
