Rockpool Acquisitions Share Discussion Threads

[spursmatt99] 01/5/2009 08:43

20% of 12 trillion sounds good to me!

April 29 (Bloomberg) -- A BHP Billiton Ltd.-led exploration venture should start drilling by early next year in a permit off northwest Australia seeking gas that may supply a liquefied natural gas project, partner Tap Oil Ltd. said.

The A$40 million ($29 million) well will be drilled in an area adjacent to a license where Hess Corp. made three finds last year, Peter Stickland, chief executive officer of Perth- based Tap, said today. Exxon Mobil Corp., Chevron Corp. and Woodside Petroleum Ltd. also have undeveloped gas discoveries in the region, he said.

Tap has slashed its exploration budget for 2009 by about 65 percent to some A$20 million as it seeks to cut costs after a slump in crude-oil prices. The WA-351-P license, in the exploration "hotspot" of the North West Shelf region, is one of the company's two focus areas, alongside Brunei, Tap said earlier this month in a presentation.

"I'm very confident we'll put our foot on a resource in this particular block," Stickland said in an interview in Perth. "There's a lot of excitement in the corridors about the data we're seeing" from a seismic survey completed in the permit last year, he said.

Tap Oil today gained as much as 2.5 Australian cents, or 3 percent, to 86 cents and was at 84 cents at 1:20 p.m. in Sydney. The stock has climbed 62 percent in the past six months, outperforming a 13 percent advance in the exchange's benchmark energy index.

Woodside, Chevron

The permit may hold between 2 trillion and 12 trillion cubic feet of gas, Tap estimates. BHP, Australia's biggest oil and gas producer, owns 55 percent of the venture and is the operator, while Tap has 25 percent and Sydney-based Roc Oil Co. the rest.

[wrightey] 01/5/2009 07:38

Now closed at $A0.495 up 6c on the day.

[wrightey] 01/5/2009 07:07

Some movement in OZ today, this one up 5c just before close. Some vague talk of a take-over but unclear in what direction.

[drago] 29/4/2009 12:35

djd
frustrated?
join the club

[djdaface] 28/4/2009 10:05

is this ever going to rise above 22p!!

[fungus footballhead] 28/4/2009 07:24

Large-scale Cabinda farm-out to Pluspetrol Angola and quarterly report out for anyone interested...

[poo bear] 17/4/2009 07:31

And as I write it arrived!

[poo bear] 17/4/2009 07:29

Not yet reported here

"Basker-Manta-Gummy Oil & Gas Project

17 APR 09

Reference is made to the Stock Exchange Release made on 20 February 2009 by ROC on behalf of its subsidiary, Anzon Australia Pty Limited ("AZA") in relation to a notice of a claim served on the participants in the BMG Project by BW Offshore ("BW") in the Federal Court of Australia. The notice of claim sought recovery of costs by BW relating to the termination of third party vendor contracts entered into by BW. These third party contracts related to performance of initial activities under a Letter of Intent ("LOI") between AZA and BW for supply of a floating production, storage and offloading vessel ("FPSO") for the proposed BMG Phase 2 Project.


Today, the participants in the BMG Project have jointly filed a Defence to the Statement of Claim in the Federal Court of Australia. In addition, AZA, as Operator on behalf of the BMG Joint Venture, has filed and served a Cross Claim on BW due to the reliance by the BMG Joint Venture on the supply of the FPSO pursuant to the LOI, seeking recovery of drilling related costs in a range of between US$63.4 million and US$86 million with further losses to be particularised at a later date.


Participating interests in the BMG Project are as follows:


Anzon Australia Pty Limited (Operator) ...................................40%
Beach Petroleum Limited .........................................................30%
CIECO Exploration and Production (Australia) Pty Ltd ........20%
Sojitz Energy Australia Pty Ltd ..................................................10%

[wrightey] 15/4/2009 09:12

Does not mean much, no major movement in Oz.

[sunseeking] 15/4/2009 08:35

Oil down- ROC up!!!

[sclothier] 09/4/2009 16:51

Oil up-ROC down!!

[greenroyd] 08/4/2009 15:39

I thought that when oil companies drilled holes and oil came out it was generally regarded as good news. Seemingly not!

[sclothier] 08/4/2009 14:55

Stateside only reason I say that this can't be purely linked to oil prices is because it doesn't follow the same %drop as oil does. If oil drops 1% this drops 6%?? Nevertheless I was speaking to my friend who said that market makers are keeping this one down for now which leads me to believe that they are taking this onto their books at a cheap price!

[drago] 08/4/2009 10:59

they have a good history on hedging don't they? doh!

[poo bear] 08/4/2009 10:55

One would have thought their hedging would have prevented this?

[stateside] 08/4/2009 08:40

It's totally linked to the oil price surely?

[sclothier] 08/4/2009 08:38

I read that RNS to be a positive thing, how come this is down?? I doubt that a decreasing oil price is hampering this one that much??

[poo bear] 08/4/2009 07:13

Good RNS above re development and drilling at Zhoa Dong, so the Oz market kicks the legs away again.

What do they do for good news?

[poo bear] 27/3/2009 19:03

jtame - not aware of that sorry.

You could email ROC direct, they have always been very forthcoming with clarity.

[jtame] 27/3/2009 12:06

newbie to this stock.
At first glance it looks very cheap, but there is mention in the thread
of a costs case against the company and the recent takeover of Anzon
being at an unhelpful time. I haven't found much evidence of either
from the company website. Can anyone point me to relevant documents?
If there is a serious bear case, I would obviously like to hear it.
many thanks in advance

[poo bear] 27/3/2009 06:20

Here is a Broker Note dated March 2009



Sorry there was not another as I thought.

[chartsmart] 27/3/2009 06:18

Ive built up a decent position here over the last month, a sustained period of volume in oz and a rising oil price are helping this reverse the downtrend.

Rob thanks for your blog on AFR ill plug it here;) a good read, I picked 300k at 18p which looked stupid at 14p but now very happy and holding. closed gkp yesterday and added more AFR and here.

[poo bear] 27/3/2009 06:12

Hi QS( - I did see a recent referencve to a note, with a target and buy rec, I will try to find it, I think it is a few weeks old now.

Another 8% up overnight in Oz.