Global Petroleum Share Discussion Threads

[ertugrul] 31/10/2013 07:20

Quarterly results are out. Cash position is strong. 30% higher than current market cap. Plenty news to come re new opportunities. http://www.investegate.co.uk/global-petroleum-ltd--gbp-/rns/quarterly-report/201310310701128388R/

[alex hawk] 30/10/2013 15:50

Agree thats the only reason I am here, don't expect GBP to do anything else till then.

A farm-out of Nambia will be a bonus - but should that happen will re-rate GBP so there is some potential news.

[bam bam rubble] 30/10/2013 15:27

Remains a cheap play on TRP (+50% on volume in the past week) as Repsol gears up;

Houston-based Rowan will deliver the new drillship Rowan Renaissance in late 2013
for Repsol to commence drilling in West Africa, beginning in Namibia from Q1 2014

[ertugrul] 30/10/2013 12:33

what was that 80K trade at 5.3750p


i am getting 5.50 to buy and 5.30p to sell

[ertugrul] 30/10/2013 07:14

Most ASX companies released their quarterly reports todayGBP's tomorrow. It should contain Namibia update and more...

[ertugrul] 29/10/2013 10:29

Juan de Nova Licence Renewal
An application was made on 28 August 2013 to renew the Juan de Nova
permit. The process is expected to take several months. If the renewal is
granted, Global will be operator, holding a 50% equity interest in the
permit (an increase on its current 30%). The application is for 4,500km2
(50% of the existing permit area). We await clarification on the acreage
size, interest holdings, operatorship and work commitments.
Juan de Nova 2D Seismic Acquisition
If the licence is renewed, we expect Global to have a staged work
programme for this new period. The joint venture intends to shoot 2D
seismic as soon as practical, although it is likely to be in 2015. The likely
cost is €0.75m (net to Global), and would occur in the northern-most
portion of the block. Global intends to fund its full share through the 2D
seismic campaign, and to consider a farm-down only after its processing
and interpretation. Following this would be a focused 3D seismic
acquisition, which Global would operate.
Third-party Exploration in the Walvis Basin, Namibia
Whilst there are several wells targeted for the near future, only those
within the Walvis Basin could have any impact on the geological risk for
Global. However, we believe that any positive drill results in Namibia are
likely to cause a ripple effect for all Namibian explorers.
The next well in the Walvis Basin will be Welwitschia-1. Repsol plans to
spud in February 2014 on Licence 001. The well has multiple reservoir
targets from the Palaeocene to the Aptian. A CPR revised by Oilfield
International in July 2013 attributed net risked recoverable resources of
496MMboe to Tower's 30% interest in the first prospect. This is one of four
large dip-closed prospects. It is located close to the 1994 well by Norsk
Hydro, which recovered oil from core samples in the Albian. For further
details, see Appendix 2. More exploration work, including seismic
acquisition, is also planned for the Walvis Basin.
Following the September 2013 farm-in, Tullow will carry Pancontinental
through extensive 2D (>1,000km) and 3D (>3,000km2) seismic
programmes, and subject to the identification of a drillable prospect,
fully carry it through an exploration well (with no expenditure cap).
Commencement of the acquisition of 3D seismic is required by 31
December 2014, and may occur as soon as early 2014 depending on vessel
availability and other factors, including the weather.
In September 2013 Chariot Oil & Gas announced updated prospective
resource numbers for blocks 2312A&B, 2412A&B N/2, which straddle the
Walvis and Lüderitz basins. Chariot reprocessed 2D seismic across these
blocks in 2011, and identified 14 leads, including 11 in the north-eastern
section. Some 3,500km2 of 3D seismic was acquired in 2011-12. With no
salt layer, and in relatively shallow water, this data was of high quality.
After evaluating and integrating the 3D with the 2D and information
incorporated from nearby drilling activity, a resource update was
produced by NSAI, providing more colour on the prospectivity of the
Walvis Basin. The total best estimate unrisked gross prospective oil
resources for six prospects was 2.95Bbbl, and was 3.13Bbbl for six leads.
Chariot had previously said that its next exploration target will be
Prospect B, an Upper Cretaceous canyon-head play, which alone has a
450MMbbl gross unrisked prospective resource. We expect Chariot to farm
down its 90% interest in these blocks before drilling Prospect B.

[ertugrul] 29/10/2013 10:23

has anyone see recent broker report, published in October 2013

Valuation
Fair Value Based on Industry Farm-in Multiples
In this report we have set a fair value, fully diluted price for Global of
A¢35. This is 3.9x greater than its A¢9 share price on the ASX on 30
September 2013.
We have valued the Namibian acreage on the basis of recent nearby farmin
multiples, using an average of US$6,057/km2.
We are being conservative in our valuation for Juan de Nova Est given the
current situation regarding the renewal of the permit, and uncertainty
over future work commitments and timings. Upon approval we will be
able to clarify the valuation, but we are currently ascribing no value to
this asset.
Global's last reported cash position was A$22.113m (June 2013 quarterly
report, released 31 July 2013). Global is forecasting G&A of A$1.5m for
2H13 and A$2.9m for 2014, alongside exploration expenses of A$0.6m for
2H13 and A$0.7m for 2014.

[ertugrul] 29/10/2013 08:56

MMs playing, marked down with a sale but still not shares available and any buy at full ask

[ertugrul] 29/10/2013 07:57

Going to be another blue day here imo

[alex hawk] 29/10/2013 07:41

Aaah yes thats exactly what I meant :-)

[stockologist] 29/10/2013 00:40

fingers sort of agrees

from his excellent FXD thread

[alex hawk] 28/10/2013 22:18

We've closed above the June downtrend just need a bit volume and this will start to move. Chart starting to look bullish now.

[belisce6] 28/10/2013 22:01

wot ? farm in to trp drill by gbp ? or merger ? or ?

[ohisay] 28/10/2013 21:18

I suspect some of us know whats coming.

[weissy] 28/10/2013 13:38

Bam Bam,

What a horrible downtrend it has been in over the last few years. Reversal in fortunes hopefully.

[alex hawk] 28/10/2013 13:31

Bam Bam - i'm confused by all the patterns on this chart not the easiest to read but I bought back in on the strength of the buying on the double bottom - my gut feel was it would drop lower if i'm honest.

Also notice there is a downtrend from June which we are peeping out of now, so a close above 5.25p should signal a charge.

Whats your view on TRP?

[bam bam rubble] 28/10/2013 13:25

Looks like the double bottom is now in, going back to 2009



Hit the heights in 2011 on exuberance about Namibia. Got a bit ahead of itself but 2014 should see more of that exuberance with the adjacent block drilled. Trading sub-cash so nothing in the share price for Namibia at the mo

[weissy] 28/10/2013 12:55

Alex,

Seems i was right on the bounce...

[ertugrul] 28/10/2013 12:35

6p coming boys, we should be trading at double digits soon

[alex hawk] 28/10/2013 12:34

5.5p buy 5.25 sell moving up - close above 5.25p and its game on today.

[ertugrul] 28/10/2013 12:33

red to blue, amazing.

[alex hawk] 28/10/2013 12:32

Illumanti - still skeptical on this in terms of news flow.

But looks like its primed for a breakout, shortage of stock and looks like likely to lag behind TRP's recent rise.

[illuminati1] 28/10/2013 12:27

This share is trading at half of its NAV. Not many companies in the sector are in this position.Excellent buying opportunity at this level.I will build my position from here.GLA

[alex hawk] 28/10/2013 12:16

Dithered at first but taken a small punt too on the shortage of stock.

If this breaks 5.25p its going to blow the downtrend from June, looks like we've had the double bottom as well.

[warwick69] 28/10/2013 12:15

what a horrific looking chart i remeber these when they were at the heady heights of 25p. been such a disapointing share. I hope it finally turns for any long term holder?