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mosaic1996

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  1. Our (potential) New Name. A history note on the origins of ROC. Clearly their is Rock Oil Company (ROC). However, the real origins is the name of the giant birds from Tales of The Arabian Nights. ROCs were/are giant birds that hunt elephants to feed their young. Hopefully ROC/HZN will find many elephant sized oils fields to feed us.
  2. [/size]ROC/HZN Merger - a side play? Canadian listed Eaglewood Energy http://www.eaglewoodenergy.ca/index.html, a JV Partner of HZN in a couple of PNG permits, has received a takeover offer http://eaglewoodenergy.mwnewsroom.com/pres...405170946757001 from Transform Exploration https://transformexploration.squarespace.com/, which is a subsidiary of Lime Rock Partners http://www.lrpartners.com/portfolio.aspx/ Lime Rock are a Private Equity firm specialising in theOil and Gas space. Transform Exploration is their investment vehicle in theAsia Pacific region. Transform is full of ex-WPL employees, e.g., ex-CEO JohnAkehurst is the Chairman At the very least, this is a vote of confidence in HZNPNG acreage, and indicates that PNG is on more people's radars. Will Transform/Lime Rock be chasing additional exposureto PNG? Will someone else bid for EWD? HZN/ROC, STO, Others?
  3. http://blogs.wsj.com/moneybeat/2014/04/28/...-asian-listing/ thanks to Wilto on another site
  4. re. ROC/HZN Merger Hi Kneehigh, ROC/HZN merger (of equals) based on 10 day VWAP. It looks more like HZN is the senior party (CEO, more directors and [i believe] CFO from HZN. ROC the ongoing company possible because a) ROC retained losses of over $500m b) ROC name recognition in Asian Bid Rounds c) change of control allows redemption of bonds d) other? Looks good to me. Both companies are 40% to 50% below consensus targets = undervalued? So 10 day VWAP is probably the only way to get agreement. Benefits of Combined Company. More diverse spread of assets = reduced execution risk. Growth The financial strength (balance sheet and cash flow) of the combined company will allow -ROC can pursue larger and potential more robust/profitable deals in the Asian region. -HZN to maintain a larger interest of the eventual downstream PNG LNG development. Share Demand The larger market capitalisation ($800 million plus any rerating) of the combined company will attract interest from larger fund managers from Australia and Asia. HZN's largest holder, IMC Group, is at just over 20%. IMO, IMC is likely to buy to maintain 20% in combined company. Any rerating would trigger short covering.
  5. Can't see ROC/HZN merging - too hard to agree on price? Although ROC would bring needed operator skills for PNG condensate developments. Possibly HZN to sell PNG assets to STO (or someone else, TOTAL?, Japanese?). Capital return? May be, may be not - difficult with Bonds? ROC absorbs/merges HZN (ex-PNG)? Oh well, we will find out in the next few days.
  6. In IRESS there is a ^ displayed next to quantity. Does anyone know what it represents? I suspect that it may flag an "iceberg" order! Only guessing!
  7. HZN in trading halt and about to announce partial sale of PNG assets? My best guess is that the deal will have a look through value in excess of USD$550 million for total PNG assets. There is a lot of short interest in HZN at the moment. It is very likely/certain that most of the short interest is associated with a desire by Convertible Bond holders to suppress the share price to get a lower strike price for the bonds during the current "reset period" which runs till June 14th. Will the look-through valuation for the PNG assets catapult the share price higher so that the reset is above the minimum possible. I certainly hope so. Whilst shorters will have an incentive to try for the lowest possible strike price in future periods (June 2014 and June 2015) if it is not achieve this period, I suspect/hope that the combination of a) partial PNG assets sales - about to be announced - gives a look through PNG valuation of close to $0.50 / share. b) PNG exploration success - not guaranteed c) progress on Stanley and Elevala/Ketu development d) clarity on path forward for mini-PNG-LNG project e) Beibu Gulf production at full speed f) clarity on path forward for BG phase 2. g) Maari exploration success - a longer shot h) Maari production improvements with phase 2 development program will support a price will be significantly above the strike price set during the current pricing period (runs till June 14th) Time will tell! Cheers, Graeme
  8. MND short interest is high (first chart) and so is FWD (second chart). Treading similar but different paths.
  9. New Broker comences coverage. http://www.horizonoil.com.au/investor-cent...portApr2013.pdf
  10. OK here as well. Thanks for the feedback!
  11. re. IRESS I ususally log on using this page. https://web.iress.com.au/secure/form.asp Can't connect anymore. Relasted to Java issue - probably not? Anyone else having trouble this morning?
  12. Looks like HZN has expanded PNG acreage - old PPL259 blocks FOR: EAGLEWOOD ENERGY INC. Eaglewood Energy Increases Acreage Position in PNG Gas Fairway Apr 09, 2013 - 11:08 AM ET CALGARY, ALBERTA--(Marketwired - April 9, 2013) - Eaglewood Energy Inc. ("Eaglewood") (TSX VENTURE:EWD) is pleased to announce that the Minister for Petroleum and Energy for Papua New Guinea ('PNG") has offered Eaglewood and Ketu Petroleum Limited ("Ketu"), a wholly owned subsidiary of Horizon Oil Limited, Petroleum Prospecting License ("PPL") 430, a license for which Eaglewood and Ketu had previously applied The license comprises eight graticular blocks and is located immediately south of PPL 259 in the Western Province of PNG. It covers a total area of 649 square km and is 30 km south of gas and condensate discoveries of Ubuntu in PRL 28 and Elevala and Ketu in PRL 21. The main provincial town of Kiunga, situated on the Fly River, is located 50km to the northwest of PPL 430. Eaglewood and Ketu, as joint venture parties (the "Joint Venture") have been awarded an equal 50:50 interest in PPL 430, with Ketu nominated as the Operator. The term of PPL 430 is six years, effective from the date of the grant. The work commitments associated with the grant in the first two years are to conduct technical studies on the license and acquire approximately 20km of seismic at a cost to the Joint Venture of no less than $1,000,000. In years three and four, contingent on the results of those studies, the Joint Venture will drill an exploration well and in years five and six, contingent on a discovery, drill a further well. CEO Brad Hurtubise commented "We are pleased to have been offered PPL 430. We had previously owned the blocks in PPL 430 as they are some of the blocks we had to relinquish as part of our license extension of PPL 259, and we wanted them back. PPL 430 is immediately adjacent to PPL 259, it is right in the heart of the very active PNG forelands gas and gas condensate fairway, characterised by very high success rates and in close proximity to over a TCF of discovered gas. The Joint Venture have accepted the offer and expect the formal grant of the instrument in the next few months." Eaglewood is a junior Canadian oil and gas exploration company that trades on the TSX Venture Exchange under the symbol "EWD".
  13. Wolv, I agree with your position - so I'm not a bum according to your signoff ("If you don't agree with my opinion - you are a BUM"). It appears to me that those that disagree with you are in fact tight-bums!
  14. Talisman see value in PNG based on latest presentation (March 6th) - listen at this link. PNG is now a much higher profile in the presentation = seen as valuable to TLM, a multi-billion dollar company. However, path to realising value will either be a) develop b) farm-out c) sell out. May become clearer in the HZN PNG sale timeframe/process. http://www.talisman-energy.com/investors/news_and_events/ Need to register to listen.
  15. entry to ASX200 = index-based, and XJO only institutional demand going forward = good thing.
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