Global Petroleum Share Discussion Threads

[hugepants] 14/4/2016 20:04

Paul Curtis has tweeted on the above


more info:

[ohisay] 08/4/2016 02:10

7 April 2016 is a significantt milestone for the project because Tullow was entitled under the farmin agreement to withdraw from Namibia PEL 37 and re-assign its interest to Pancontinental by giving written notice on or before this date.
Tullow has elected to continue in the joint venture and, as operator, will continue to work towards drilling that is required by 27 March 2017 under the farmout agreement between Pancontinental and Tullow, provided that a drillable prospect is identified from the 2D seismic or 3D seismic.

[hugepants] 17/3/2016 22:41

7 RNSs today to tell us the directors have issued themselves more shares at a huge discount. What a useless bunch!

[bam bam rubble] 11/3/2016 17:16

$0.25m spent on exploration/development
$1.23m paid out to staff and directors etc (and that was for just half the year)

They don't want to spend cash they feel is destined for their pockets on a deal.
As they say, the company will continue to be "extremely selective" on that front.

[sawney] 11/3/2016 08:16

Serica could well be on the way to a second transformative deal within a year. Meanwhile

[hugepants] 11/3/2016 07:45

Interims:

The company had $11.4M net cash at end December 2015. That's 3.75p per share.

No drilling commitments.

Strategy and Outlook

We believe that the Company has been vindicated in its strategy of de-emphasising frontier exploration, and of being highly selective regarding the type and quality of the assets which might be potential additions to the Company's portfolio. The Board first adopted this strategy in mid-2014, prior to the slide in the oil price which has now continued for 18 months.

It is our belief that it will be very challenging for the smaller Exploration and Production companies to make progress in a large proportion of the exploration licences which they have acquired, in Africa and elsewhere, over the last few years. The frontier acreage secured is often of variable quality, and many of the companies which hold it do not have the funds to carry out even early-stage exploration operations. Moreover, the larger independents and majors who would normally be expected to farm-in to fund drilling have cut their exploration budgets to significantly lower levels - and when they do return with the impetus of an improvement in the commodity price, they can be expected to be highly selective with regard to exploration opportunities.

Whilst it is frustrating that the Company has not yet completed a transformative deal, we would reassure shareholders that we have been very active in discussions with potential counterparties. Our available cash puts us in a very strong position compared to many of our peers, but the ability to raise further funds from conventional market sources is extremely limited. This is a major inhibiting factor in our evaluation of opportunities, which often require further capital either as a component of, or immediately post an acquisition.

Many of our peers and some larger companies have little remaining cash and limited access to new finance, and a significant proportion also have debt. This being the case, we expect to have no shortage of potential counterparties with whom to engage.

[hugepants] 16/2/2016 09:41

Here's the AGM presentation, its mildly interesting.
file:///C:/Users/ME/AppData/Local/Microsoft/Windows/INetCache/IE/TJ4S8JX2/15-11-16-gbp-agm-presentation-1447754921.pdf

Still can't find any news on Namibia offshore drilling this year.

[hugepants] 31/1/2016 23:42

3.5p (net)

The problem is if they buy some assets they've no funds to keep the business running. They need to do some deal that also involves a fund-raising. Either that are a bigger entity takes them out.

[neilcrom] 30/1/2016 20:43

I am surprised we are trading below cash. whats the cash value here, 3p?

[sawney] 30/1/2016 08:53

Does GBP pursuing an acquisition make any sense?

Doubt there's any danger of that...:-(...although I would be very happy to be proved wrong.

[hugepants] 29/1/2016 13:35

More of the same by the looks of it.


And capital expenditure looks like it will be cranked up again. Forecasting $917K outflow for next quarter;

"...Acquisition of 800km of long offset 2D over the retained acreage. The reprocessed existing 2D data will be used to assist with the design and location of the new survey..."

Does GBP pursuing an acquisition make any sense? I mean how much will there be in the coffers after 2D seismic and ongoing admin costs?

[ohisay] 24/1/2016 17:22

Re PCL - I'm a bit biased as I have some shares in PCL @8c .
But MGW who I have no great regard for - but equally rarely does "unattributable" - said in July 2014.
Tullow

Heard on the street that Tullow have been pleasantly surprised by its seismic data in Namibia and have identified several very interesting prospects.

They actually bought into two cretaceous blocs the second one with Eco Atlantic north of PCL.All this is East of GBP and a different play of course and no objective direct read over.

As drilling costs off 50% I'm quite hopeful they will drill.But times are tough.

However GBP can't live off this - they need a deal by end Q2 this year maximum - otherwise what was the point of the end Q2 2015 RNS.

[hugepants] 24/1/2016 16:42

cheers ohisay/Edlog, will keep an eye on any news from Tullow. The reason I think a big discovery could be material to GBP is because currently GBP's licence, and its pretty big, is being valued at diddly squat. If it gets assigned any value at all it will probably be significant against the current tiny market cap.

As for the resignation of the NED I doubt he would have resigned just because he kept nodding off. On the contrary. There are not many jobs where you can get paid for falling asleep.

[edlog] 22/1/2016 11:49

HP. some recent info. Global Petroleum start exploration well drilling off Namibia in early 2016
Offshore12/11/2015 A+A-EMAILPRINT
offshore drilling wellThe oil and gas company Global Petroleum Limited renewed licence for offshore operations in Namibia for another year. The licence cover two block 1910B and 2010A in the Walvis Basin, allowing the company to drill one exploration well during the extension period. The company completed this year the full modelling of the blocks prospects using 2D seismic survey data and gravity data, which should help for further and more precise plan for exploration well drilling. According to the prospects of Global Petroleum Limited, the data is very encouraging with regard to hydrocarbon potential. The company operator also own the majority stake in the offshore blocks with interest 85% together with partners NAMCOR (10%) and Bronze Investments Pty Ltd (5%). Start of exploration well drilling is expected to start in February 2016.



“We would like to thank the Ministry of Mines and Energy in Namibia for their commercial and practical approach to concluding this Agreement. From our side, we are pleased that we will be able to retain what we believe to be the more prospective half of our acreage, containing the most exciting prospects”, said the CEO of Global Petroleum Limited, Peter Hill. “Whilst we continue to seek potential new opportunities, we also firmly believe that our position in Namibia has the potential to be rewarding for shareholders. After initially disappointing drilling results, we believe there is renewed interest in exploration offshore Namibia with the possibility that major players may take positions in offshore acreage in the coming months. Following our recent work, we regard our own acreage as being amongst the most exciting in the country, and the new commercial terms announced today will enable us to progress exploration on the block without over-commitment. Accordingly we are very happy to have renewed our Licence on the revised terms”, finished he.

Author: Svilen Petrov

[yesyesno] 22/1/2016 11:14

Oh no the man who holds the pencil sharpener has left.

Luckily we've not needed the pencil for years and don't intend using it anytime soon either.

No worries as the guy who makes the tea is still here.

[hugepants] 19/1/2016 10:36

GED beginning to re-rate now.

GBP still valued at a 60% discount to net cash and has cash for 4 years at current burn rate.

Is there another possible outer this year for GBP shares. This is what Chariot said in their September results;

"..An additional three wells are reported to be drilled within the next 12 months offshore Namibia which will bring further understanding to the plays that the Company has identified and is pursuing in both the Central and Southern areas..."


Does anyone know who is drilling these 3 wells? A big discovery offshore would surely have a significant affect on GBP shares given the market cap is only £2.75M.

[edlog] 10/1/2016 12:52

Next Event: Our Q4 results will be published in January 2016 Maybe they will tell us what's going on!

[olieslim] 04/1/2016 08:11

'HACK' of the year:

Get the Chinese stockexchange to hit a drop of 7% and it'll shut down itself for the rest of the day.

The application possibilities boggle the mind...

[flyingbull] 30/12/2015 01:54

The monthly oil stock competition for January 2016 as well as the 2016 annual oil competition are now open for entries. Deadline for entries for both competitions is midnight on Sunday, 3 January 2016. All the best in 2016!!!

[emptyend] 29/12/2015 23:33

I don't think you have the faintest idea. Taking your thoughts to the logical extremes they would be wiping themselves out completely unnecessarily. Not only is that highly unlikely, it is also completely illogical.Cash conservation coupled with acceptance of (discounted) shares suggests to me a deal can be expected quite soon....

[hugepants] 29/12/2015 22:50

The Peters don't appear to me to be very switched-on. Au contraire! They are doing exactly the wrong thing. If they believe their shares are undervalued (and its well nigh impossible to see how they can't be) they should be buying them back just now, not issuing them at half price to a collection of directors who have presided over such a share price collapse that the shares aren't even being valued at 50% of the value of the cash on the balance sheet.

As for the CEO well I doubt he's particularly unhappy seeing the share price continuing to fall in the short-term. It means he'll get even more shares next time.

[emptyend] 29/12/2015 22:21

.....so from the viewpoint of the Peters, who own c.42%, a falling share price is a lose-lose.

[emptyend] 29/12/2015 22:20

On the contrary. If the Directors accept shares then, if they are to get anything out of it, they are expecting the shares to rise (to or above cash, I'd suggest). If the shares fall, then they effectively take a pay cut (as well as losing the capital already invested).

[hugepants] 29/12/2015 18:43

If the Board are daft enough to issue shares to directors, effectively valuing them at 50% of cash, it hardly inspires confidence does it?