VPE - Victoria Petroleum

[marklar]

How realistic is the $1 per share and 1000 bpd Cooper target? Even if vaguely realistic, these numbers make the stock look drastically undervalued.

VPE has been going sideways for a while, I initially bought in about 8-9 months ago and have been waiting patiently for it to do something interesting. The regular, upbeat announcements and directors' presentations are enough to keep me in, I'm just waiting for something to actually move the share price!

m.

 

[The Mint Man]

This was released a little before close today;

29 May 2007
Announcements
Australian Stock Exchange Limited
Level 4, 20 Bridge Street
SYDNEY NSW 2000

DRILLING REPORT FOR WEST FLORENCE-1, COLORADO, USA​

Victoria Petroleum N.L. has been advised by the Operator, Mountain Petroleum Corporation that West Florence-1 is at a total depth of 1,957 metres. Wire line logs have been run.
The forward program is to analyse the wire line electric logs to evaluate the significance of the hydrocarbons shows seen in the well while drilling.
West Florence-1 is the first well to be drilled in the West Florence Oil and Gas Project and its associated leasehold of 12,000 acres located in the Florence sub basin of the Denver basin. The leasehold is approximately 100 kilometres south of Denver, Colorado, USA. The project area is to the west of the Florence Oil Field which produced approximately 15 million barrels of oil from fractured shales of the Pierre Formation in the 1940’s.
The West Florence Oil and Gas Project is a basin-centred play similar to that of the giant Wattenburg field located 160 kilometres due north producing from the same age lower Cretaceous reservoirs.
Petroleum potential for the West Florence play is estimated to be in the order of 100 – 200 billion cubic feet of recoverable gas in the Muddy J sandstone and additionally around 15 million barrels of recoverable oil cumulatively from the Pierre, Niobrara and Codell formations, if oil and gas are present.
The participants in the drilling of West Florence-1 and the West Florence Oil
and Gas Project and their respective interests through their wholly owned subsidiaries are as follows;
Mountain Petroleum Corporation. (Operator) 25%
Victoria Petroleum N.L. (ASX code: VPE) 25%
Fall River Resources Limited (ASX code: FRV ;TSX.V code FRR) 15%
Adelaide Energy Limited 15%
North American Oil Gas Energy Pty Ltd 5%
Private American Interest 15%

If this one comes up trumps then it would continue VPE's good run of late, I think this one is undervalued.
The Bulletins 'Speculator' dosnt have this one sitting in his portfolio for nothing you know

Cheers

 

[nioka]

This was released a little before close today;

If this one comes up trumps then it would continue VPE's good run of late, I think this one is undervalued.
The Bulletins 'Speculator' dosnt have this one sitting in his portfolio for nothing you know

Cheers

I didn't know VPE had a good run of late. Maybe there is some good news at last. If so it is the first good news for a long time. It is still one of my "dogs"

 

[The Mint Man]

Im not talking about share price... Im talking about news and it has been mostly positive lately, read the anns!

 

[nioka]

Im not talking about share price... Im talking about news and it has been mostly positive lately, read the anns!

Groundhog day? We are used to the announcements from VPE where the rainbow is always just over the hill, Maybe the will turn out OK this time but their past is littered with failure.

 

[The Mint Man]

For VPE share owners,
Here is a link to the interview of Peter Garrett on lateline last night talking up Geothermal http://www.abc.net.au/reslib/200705/r147417_519856.asx
As I mentioned in another thread this has been a hot topic over the last couple of days.
This Should be good news for Greenearth Energy.

Cheers

 

[The Mint Man]

This out Yesterday;

DONNA CARLOTA-1 START OF DRILLING, MARGARITA GAS EXPLORATION
PROJECT, ONSHORE GULF COAST, TEXAS​

Victoria Petroleum N.L. (Vicpet) is pleased to advise that the first of three wells in the phase 2 drilling program of the Margarita Gas Exploration Project, Donna Carlota-1 has commenced drilling. Current operation is setting surface casing at a depth of 116 metres.
The Donna Carlota Prospect is one of the three prospects that are analogues of historic prolific Frio and Vicksburg sands production in the project area at <2,000 meters depth.
The prospects mean potential recoverable reserves target and final well depths are summarised below.
As with the successful initial three well program, tie in of any commercial discovery made on these prospects will be rapid as the project area is crossed by a number of gaspipelines with access rights and available capacity to tie into.
The drilling program is expected to run until the end of July 2007.
The prospects have the following mean recoverable gas reserve potential and total depths;
Prospect Name Mean Recoverable Reserves Total Depth
Donna Carlota 0.8 bcf 1,525 metres
Agavero 0.7 bcf 1,340 metres
Climaco 1.6 bcf 1,980 metres

With the TD's being shallow these drills will be quite quick.

And this out in The Australian Financial Review today.

Date: 8/6/2007
Author: Stephen Wisenthal
Source: The Australian Financial Review --- Page: 62
John Kopcheff is the MD of Australian-listed Victoria Petroleum, which at long last has entered the production stage. It survived more than two decades by raising some $A80m in capital from patient investors and without any cash flow worth mentioning. It was floated on the sharemarket in 1984, following the boom in exploration in 1982 at the Jackson oil field in Queensland, but failed to encounter any commercial flows. In 2007, it is enjoying the output from oil and gas assets in Western Australia and the US. However, prospecting will continue in the Cooper Basin region of Australia. Kopcheff eventually would like the company's stock to trade at $A1, but on 7 June 2007 it closed $A0.005 higher at just $A0.20.

It sounds cautiously optimistic, however it shows that people are starting to look at VPE seriously.

With the recent success of the Margarita Initial Wells program (El Viejito, DosDedos and Milagro Prospects), 100% exploration success rate in PEL 104 and the early drilling of the Redback gas exploration project in South Texas USA (now due to start later this year) I think that years 07-08 will be a turn around for VPE

Cheers

 

[Woody]

I really don't think very many people take VPE seriously anymore. It is a heartbreak company. Talked the talk, but never walked the walk. For years had brokers in WA pumping them at great cost to their own reputations (Hogan's was one) and the MD always over promising and under delivering. I have held some (that I gave up on) for years. With the consolidation, they are worth very little. Given the choice of great oilers around, one would be crazy to get involved with this crowd IMO.

If after dozens and dozens of dry holes, they fluke the big time, well done to them. But they won't be getting anymore of my money.

 

[Knucle]

I'd like to know what the heck has happened at West Florence. Why is it taking so long for us to hear what the drilling result was.

The announcement that shares are on offer for 20c each on a day when they closed at 19c each suggests that the directors think that 20c will be an attractive buy. Does this mean that they expect good news about West Florence. If it was useless, would we have had results by now?

 

[motion]

Hi Guys,

Looks Like VPE are doing a showcase on the Gold Coast with some excellent investor information in the preso...

Here is the link...
http://www.asx.com.au/asx/statistic...rchByCode&releasedDuringCode=W&issuerCode=VPE

They are looking at a share price from 20-31 cents over the next 12 months with some nice projects under there belt..

Having cash & Investments of $6 million as of end of march is making VPE looking better and there target is $200 million market cap...

And lots of nice projects on board.. I'm going to really look at there info and see what numbers we can put togeather..

This preso is really good for people wanting to know more about VPE from start to finish whats going on in the projects and where they will be.. I think this preso will answer alot of questions people have about VPE & also attract new buyers to the company....

DYOR

 

[Knucle]

At last some good news with Growler 2 looking very promising. VPE has got to be undervalued given the latest drilling results and with West Florence looking pretty good as well. There is some resistance to renewed betting on VPE but this dam of previous disappointment will burst. I've been negative in the past but I'm betting on 25c per share within two weeks. (I am a shareholder.)

 

[The Mint Man]

Yes VPE has been doing well lately. There seems to be a bit of negativity around about VPE but since I’ve been on this one it’s had a fair bit of success both here and in the US, in one case 100% success so far.
I think it’s under valued too ATM, however the current share price has everything to do with the placement at $0.20 and nothing to do with their recent performance. So as soon as that’s all settled then I think we can reasonably expect VPE to head north.


Cheers

 

[thooh]

Anyone know what happen to VPE? The share Price still dropping even the performance is good!

 

[nioka]

Anyone know what happen to VPE? The share Price still dropping even the performance is good!

The results of the last well, even though it did get oil, were not as good as hoped for. Vpe is one of those prospectors that never seems to find that "lassiter's reef". I traded my shares for long term options some time ago. A better spec than the shares in my estimation. If the do make the find they hope for the options will double any profit.

 

[thooh]

Did anyone know when the $0.20 placement due Thank God the price did not drop very much. However, this not going to do any better.

 

[nioka]

Did anyone know when the $0.20 placement due Thank God the price did not drop very much. However, this not going to do any better.

30th Nov 2008. ( If you are referring to the options. VPEO).Gives them a little time to find something worthwhile.

 

[The Mint Man]

well weve taken a hammering lately but if you bought in recently then you would be happy with a 11% jump today mostly due to this.

28 August 2007
Company Announcements
Australian Stock Exchange Limited
Level 4, 20 Bridge Street
SYDNEY NSW 2000

VICPET EXECUTES LETTER OF INTEREST FOR $18.5 MILLION MULTI-WELL
FARMIN PROGRAM WITH SANTOS/AVERY IN SW QUEENSLAND COOPER BASIN​

Victoria Petroleum N.L. (Vicpet) is pleased to announce that it has executed a Letter of Intent with Santos Ltd (Santos) and Avery Resources (Australia) Pty Ltd (Avery) to expand the current ATP 752P Barta and Wompi Blocks farmin earning program from 3 to 7 wells plus 300 square kilometres of 3D seismic data.
The Barta and Wompi Blocks are adjacent to lands held by Santos which are the subject of the Santos Cooper Oil Project. The Santos Cooper Oil Project is the largest and most comprehensive Australian exploration and development program ever undertaken onshore consisting of a capital expenditure program in excess of $1.3 billion and incorporating large 3D seismic surveys and a large scale drilling program (1000 wells).
The program to date has an overall success ratio including new oil pool discoveries, development wells and satellite oil pool discoveries of approximately 80%.

The highlights of the Avery/Santos ATP 752P farmin are as follows:
Wompi Block:
4 oil exploration wells
200 square kms 3D Seismic
Barta Block:
3 oil exploration wells
100 square kms 3D Seismic
Total estimated capital expenditure: $18.5 Million
Vicpet’s Post Farmin Program Interest: 15%

Santos will take over as operator of ATP 752P and plans to drill the initial two firm farmin wells (one in each block) starting in the first quarter of 2008 and has indicated it would prefer to drill two wells in each block (potential total of four initial wells in the first half of 2008) while the rigs are in the area.
Two of the four wells will be conditional on a Santos internal technical review of the current Joint Ventures recently acquired 2D and 3D seismic acquisition and reprocessed seismic data in the permit which Santos did not have in its database.
Vicpet will be fully carried on the proposed exploration drilling and seismic programs. The new expanded farmin program is to be completed prior to the end of February 2009.
The expanded ATP 752P farmin has necessitated a delay in drilling of Hudson-1 originally scheduled for mid-September while Santos completes its technical review. The well will now likely be included as one of the initial farmin wells planned for the first quarter of 2008.
The expanded farmin program also reduces Vicpet’s exploration risk and cost in its ATP 752P Cooper
Basin oil exploration program through the drilling of more exploration wells, access to large 3D programs along with Santos expertise in all disciplines and the Santos proven track record of finding and developing commercial discoveries in the Cooper Basin.
Commenting on the Santos/Avery farmin into ATP 752P, Victoria Petroleum managing director
John Kopcheff said:
“Vicpet is very pleased that ATP752P has attracted the interest of Santos resulting in an increased drilling program for the permit”
“With Santos as the operator, Vicpet can see significant advantages both technically and logistically with the permit and associated exploration drilling being part of the Cooper Oil Project. In the event of exploration success, Vicpet can see these advantages carrying through to the development and early production of oil from any discoveries made.”
“The significant 7 well drilling program set out in the Letter of Intent is part of Vicpet’s strategy of being a major explorer in the Cooper/Eromanga Basin in South Australia and Queensland. This drilling complements Vicpet’s exploration and drilling program in South Australia where drilling has just commenced at Lancer-1.”
“The experience gained in ATP 752P will be of value to Vicpet in its development as the operator of a similar style “Cooper Oil Project” for the “Jurassic Oil Fairway” being explored in September 2007 in Vicpet’s western Cooper Basin margin permits in South Austraia.”

Cheers

 

[noirua]

Victoria Petroleum should get driller of the decade award. Not for finding lots of oil, just for the shear number of holes drilled.
Looking over sold at 13 cents with all this activity, worth a look, imho.

 

[noirua]

VPE continue with their drilling of the Ascender-1 prospect that is 16Km NorthWest of the Santos Charo oil discovery and 25Km North of the oil find at neighbouring PEL164: http://www.asx.com.au/asxpdf/20070927/pdf/314sg4hbs5nqx3.pdf

 

[nioka]

Victoria Petroleum should get driller of the decade award. Not for finding lots of oil, just for the shear number of holes drilled.
Looking over sold at 13 cents with all this activity, worth a look, imho.

Yes the Swiss cheese award. Somehow or other they never seem to find much. I've been able to do OK with their shares by selling on the price rises before they reach bottom ( of the well that is). I,ve missed out lately because I thought it was time they found something and I sold shares and bought options. They have not done anything except go down. They are now bottom drawer stocks. Not one of my favourites. I hold on mainly because they have an interest in hot rocks and if they do as much drilling in that direction they may get lucky. I don't think they are oversold. They have a lot of disappointed shareholders.