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farmer fred

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Everything posted by farmer fred

  1. Hi flower, The oil is conventional oil, so no fraccing required. Very cheap wells to drill, only about $240,000 per well, they usually have an average of about 6 productive zones. They start of with the lowest which takes on average 3 years to drain, then rework the well to produce from the next zone up for a cost of about $15 to $20,000 and so on. Payback about 6 months.
  2. No posts on this for quite a while. Nice kick up today on takeover speculation of Viterra which bought out ABB a few years back. Seems to be a lot of consolidation happening in the Ag space. "Glencore International AG and Cargill Inc. are among companies that are interested in possibly buying Canadian agribusiness heavyweight Viterra Inc., according to people familiar with the matter, as a wave of consolidation in the industry swells. Viterra disclosed Friday that it received "expressions of interest" from unidentified third parties, sending the Calgary-based company's stock price soaring on expectations of a takeover. The company is now expected to run a sale process, exploring the interest of a handful of possible buyers, the people said. Viterra operates grain-marketing and distribution businesses across Canada, the U.S., Australia, New Zealand and China. Switzerland's Glencore is a commodities-trading powerhouse that moves and markets everything from grain to oil and coal around the world. It is currently attempting a $90 billion merger with Xstrata PLC, a big metals and coal-mining company in which it already holds roughly a one-third stake. Viterra shares rose 24% Friday to 13.58 Canadian dollars (US$13.71) in Toronto, giving it a market capitalization of C$5.05 billion (US$5.1 billion). Its shares also trade in Australia. Scarcity of supply and booming global demand has prompted all manner of commodities players to seek mergers in recent years. In addition to the proposed Glencore-Xstrata tie-up and a number of mining deals, BHP Billiton in 2010 made an unsolicited $38.6 billion offer for Potash Corp. of Saskatchewan Inc., the world's largest fertilizer producer, in a bet that developing economies will drive up demand for the world's food supply. The deal ultimately fell apart, however, amid political opposition in Canada." http://online.wsj.com/article/SB1000142405...0659825370.html
  3. Hi Arty, It was a left over trade from two days ago in a fairly illiquid stock CHN. I originally took out the market depth at my limit price when I put in my order, and the rest was sitting there for two days fully visible before it was filled as a NXXT. Cheers ff
  4. Flower, I've made a trade on another share today on comsec and it has come up as NXXT. I presume it's another comsec client and comsec does a crossing with the other client.
  5. Dont know where the fraccing equipment is, but my son in law got sent home early yesterday from his fortnight shift as a driller in the Cooper because of the wet there.
  6. Should allow them to step on the accelerator to exploit the massive reserves they have, which will only increase once they start drilling the new areas. Market certainly seems to like it.
  7. Their announcements of late have all been very encouraging, so would expect a pretty good half year report. Pretty cheap on about eight PE and similar dividend yield. Fingers crossed.
  8. farmer fred


    Recommendation from Diggers and Drillers apparently.
  9. Hanging tightly onto mine too, they're funding my retirement. Plenty more good news to come this financial year which should keep them moving along.
  10. I keep thinking this has got to take a breather somewhere, but it keeps going up. Who knows where its going to stop, maybe when its market cap to P2 reserves is more closely aligned with other oilers.
  11. Looks like an even bigger day today, with volume heading well over the 10 million mark. A month ago we were flat out turning over a few hundred thousand.
  12. Certainly starting to make up for the relative static shareprice in 2011 in 2012. Even with the rise in shareprice is now only priced at $2 pbo P2 reserves, well below other oil companies. Should be plenty of newsflow the rest of this financial year from the stepped up drilling and initial reserves from Boling and Nash Domes.
  13. farmer fred


    They need to get their costs down which they are promising to do by the end of this financial year, once all the upgrades are complete. Nickel prices seem to have turned the corner and have been going up the last two months, so might be worth a punt at these prices. All the other nickel miners I've previously invested in have eventually been taken over.
  14. Announcement out this morning that first well on Boling Dome is a success. Even after the stellar performance the last week or so still only valued at $1.70 pbo P2 reserve, all at Blue Ridge. They have twice the acreage at Boling Dome, and and one and a half times the acreage at Nash Dome with at present no P2 reserves attributed to them. Three rigs at present drilling on their acreage so they are continuing the step up in pace as per their December drilling report.
  15. Picked up a few recently in the SMSF. Going well according to their announcement earlier this week. 8% dividend yield, 10% growth and recessionproof, looks the goods to me too.
  16. I would have thought for rating agencies to be relevant, they should have started downgrading when debt was building up. Downgrading once the horse has bolted is only throwing fuel on fire.
  17. No worries Bermuda, had a few worrying periods last year too, but stuck with them and managed to pick up a few more at lower prices last year and after the announcement on friday. Feeling pretty confident with these now for 2012, the economics look fantastic on Blue Ridge, let alone their other two salt domes which as yet havent any reserves calculated for them.
  18. farmer fred


    According to the Australian Newspaper it was speculation that LNC had found a buyer for the Teresa coal asset.
  19. That should get a bit of attention lol. We'll also get initial reserves for Nash and Boling Dome before the end of the financial year. Also began hitting 1000bopd end of December, up from 702 bopd in November. Really starting to accelerate the drilling now with the extra two rigs and being cashflow positive, so should see a rapid increase in production in 2012. They've certainly got plenty of sites to drill.
  20. Looks like they will give us a bit of guidance on 2011 results and hopefully enlighten us on this article in the wall street journal. "QBE Insurance Group’s recently acquired Balboa business has been caught up in a regulatory probe in New York. Our WSJ colleagues Liz Rappaport and Leslie Scism have more. New York’s Department of Financial Services has been probing banks and insurance companies for allegedly obtaining excessive profits on homeowners’ policies that they force borrowers to pay for when their insurance lapses, said people familiar with the matter. Superintendent Benjamin M. Lawsky in the fall of 2011 dispatched formal letters to insurers and subpoenas to insurance agents and insurance brokerages run by several large banks to gather information on their practices, the people said. The concern is that banks are unfairly forcing borrowers to take on an overly expensive new policy, said the people. Banks routinely require borrowers to carry homeowners insurance, to protect the house that serves as collateral to the mortgage. The issue is whether bank-affiliated agencies and brokerages are earning fees for doing little to no work, at the expense of struggling homeowners. The probe is also looking into possible conflicts of interest among the banks, their affiliated insurance agents and insurance companies. The department sent about 10 letters to units of insurers Assurant Inc. and Balboa Insurance Group, which is now owned by QBE Insurance Group Ltd., which are the biggest sellers of the insurance in the U.S. The department sent subpoenas seeking information on fees and business practices to units of more than 15 licensed insurance agents and brokers that are affiliates or units of Bank of America Corp., Citigroup Inc., J.P. Morgan Chase & Co. and Wells Fargo & Co. “We provided the requested information and continue to fully cooperate with the DFS,†said a spokeswoman for Wells Fargo. “We have complied with the requests made by the NYDFS and are continuing to work with them,†a Citigroup spokesman said. Representatives from Bank of America and J.P. Morgan Chase & Co. didn’t immediately respond to requests for comment. An Assurant spokesman said he couldn’t immediately comment on this regulatory development. The company’s financial filings state that Assurant gives consumers repeated opportunities to line up their own insurance policy once they are notified that their prior coverage has lapsed, before a new policy is issued. “We initiate an extensive communication process,†the filing states. Consumer advocates say they have seen some instances where the policy cost nine times as much as the one it replaced. An Assurant spokesman said the company’s policies typically cost one and a half to two times the policies they replace. He said the prices are higher because the insurers take on responsibility for the properties sight unseen, and many of the properties are vacant. QBE couldn’t immediately be reached for comment. Borrowers let their homeowners’ policies lapse for many reasons. Some are financially strapped and skip a payment to save money for other purposes, not understanding the bank will replace the policy. Some miss payments by accident, industry executives said. Lawsky’s interest in the matter raises the heat on the banks, and could lead to tighter restrictions on banks’ ability to earn fat fees from the activity, knowledgeable people said. Lawsky’s office has previously recommended practices for mortgage servicers to adhere to in administering forced-place insurance. The recommendations included prohibiting mortgage servicers from buying forced-place insurance policies from affiliates of the servicer, and requiring that the policies be priced fairly. Lawsky’s department’s investigation is ongoing, said a person familiar with the matter" http://blogs.wsj.com/dealjournalaustralia/...oogle_news_blog
  21. Agree as well, it has come down a lot since the good half year results early this year. They usually come out with guidance around the 20th Jan, so unless there has been a large decrease in earnings for the first half, that might prove the turning point for DTL. Seems to me its now priced for a large decrease.
  22. RBS Morgan yesterday put out a report on ANZ claiming they might be in a good position to pick up extra earnings from Asia due to European banks deleveraging and pulling out of overseas markets. Might explain some of the outperformance over domestically focussed banks.
  23. farmer fred


    The shares went ex dividend on monday. The difference is the time it takes to get the transfer of shares onto the register. Has held up pretty well, back to the former price despite the huge dividend.
  24. Looks like CVN came out with their own release while I was typing with my usual speed, with 1136 bopd net at present.
  25. On the other hand Macquarie placed an outperform rating on CVN with a target of 50c. POE had their quarterly out overnight, mostly a rehash of CVN's quarterly. They mentioned current production of 2380 bopd, so has increased a bit from the April figures, with another 480 bopd to be added in the next 7 days. By my calculation thats 1144bopd net to CVN. The pleasing aspect is all this new production is from the sandstone so should be a lot more reliable than the volcanics. Probably not a share to hang onto for the longterm, however at these low levels may be worth a punt.
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