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Junior Oil Companies. ASX


Carsha

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Thanks to all members for your enthusiastic response.http://www.sharescene.com/html/emoticons/biggrin.gif

 

Here is the current list to date: 14/05/2008

(in order of posting date time)

 

*CVN

*STX

*SAE

*KIK

*EMR

*MOS

*ELK

*CTP

*OEL

*MPO

 

Anyone prepared to estimate what they may be worth one year from now?

 

Cheers

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In reply to: frankmal on Wednesday 14/05/08 02:12pm

I will for the three that I know well.

 

STX - Based on continued evaluation / discovery and development of Rayburn and another hit somewhere else in their list of prospects 80c to $1.30

 

SAE - Based on solid production from NSA, Development and booking of 12.5m barrels from Paris and also one other oil field under development (based on todays BRR interview it sounds like this is on the cards) $1.25 - $1.50

 

CVN - Based on production at 20 - 22k bopd, another good reserves upgrade (should happen based just on greater production history and new finds) and more success either at Bo Rang or getting one of the other levels in the field to produce $1.25 - $2.00

 

All this is predicated on oil at higher than $90 a barrel, and gas at > $9 a mcf which I think is a goer. If we get prices staying at todays levels then add another 10 - 20% on top of my estimates.

 

 

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In reply to: ricky99 on Wednesday 14/05/08 02:29pm

Gents, I see lots of potential in the companies you have listed.

 

I like CVN, ESG and of course VPE, the dark horse.

 

VPE tenemant value $1.00 per share.

 

alliance with QGC, SANTOS, and other CBM and oil players.

 

see my previous posts about the CSM and condensate reserves.

 

trading plan..acc dips..

 

time frame.. next 3 years all the way to $1.00

 

Happy trading..

 

 

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In reply to: frankmal on Thursday 08/05/08 01:22pm

Frankmal

just an update

The Gilbert Freeman 1 was announced Tuesday as a successful commercial producer at 4million cf/d + 120barrels of condensate

 

Total field production is now 24million cubic feet gas a day and 200 barrels condensate - revenue on the rise

 

+

 

The remaining wells on the list Duncan 3, Hlavinka Duncan R1 and Gilbert Freeman 2 are all targeting the same Gas Field(albeit differing horizons) and will almost certainly be successful too..

 

hint hint

 

+

 

Florence project targeting oil will be spudding very soon

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In reply to: OMS on Wednesday 14/05/08 05:59pm

Re STX: Strike Oil

 

Thanks OMS,

Have downloaded the relevant Rayburn Project operational update announcement concerning the Gilbert Freeman 1 well result...good news and hopefully more to come. Expected a bit more of a market reaction though. Watching developments closely...(Duncan 3 and Gilbert Freeman 2 wells.)

http://www.sharescene.com/html/emoticons/smile.gif

 

 

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In reply to: frankmal on Wednesday 14/05/08 11:23pm

 

Austex Oil - I posted the follolwing on the AOK thread yesterday. I am no expert but this one appeals to me. See AOK thread (just started).

 

Regards

 

Coop

 

QUOTE
AOK were originally a 40c float, raising $20m, late last year but did not list until January so their timing was terrible. They came on the boards at about 32c and have dropped ever since before rallying recently to 20c.

PRINCIPAL ACTIVITY
AusTex Oil Limited (AOK) was established to acquire and redevelop oil producing
assets in the United States of America. AOK endeavors to increase the recovery
of oil from known reserves by using the Radial Jet Enhancement Technology Rig
which horizontally extends the regions of oil accessible through the existing
wells. Through its wholly owned US subsidiary International Energy Corporation
(IEC), the company currently owns six leases in north-east Oklahoma near Tulsa,
which contain 6.1 million barrels of proven oil reserves. The leases cover
approximately 1,000 acres and contain over 96 oil wells which are currently
being systematically reworked and brought back into oil production.

ENHANCED OIL RECOVERY: The Radial Jet Enhancement Technology uses a patented
jetting system to cut lateral holes into known oil bearing zones, thus creating
additional exposure to the sands. The tools allow for the rotation of the
jetting hose in the existing well, allowing additional laterals to be jetted at
various radials to he existing vertical well. Jetting bore holes at various
depths in the pay zone also can be achieved by setting the deflecting shoe at
elected intervals within the oil sands. The complete unit is operated by three
people and takes an average of 2 days per well to complete the enhancement and
the well is then completed and brought back into production.

Directors include Metgasco & ELK director Peter Power and also that scourge of small miners (wicked grin) - Trevor Sykes.

This is still high risk (because of the unkown success of the radial jet technology) but the REWARD for any success is now much higher (at 20c) than when they floated at 40c.

Directors are currently in Oklahoma on site.

They still have the $17m+ in the bank for the wells they are working over (similar to ELK) on the 6 leases they have acquired in Oklahoma.

They also have modest revenue (about $99,000 in the Mar Qtr).

Current shares on issue: 68.65m.
= Mkt Cap $13.7m versus CASH of >$17m (plus the oil leases) at present.

Shares coming out of escrow May-08: 8.28m
Shares in escrow til Jun-08: 5.275m
Shares in escrow til Sep-08: 1.4m
Shares in escrow til Jan-10: 39.1m

TOTAL shares: 122.7m for fully diluted Mkt Cap of $24.5m/$25m.

But at present there are less than 82m shares tradeable.

I have picked up a modest holding of 100,000 but it is high risk - as most oilers are.

Regards

Coop
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BOW - one new oil field last week. Six more STO wells free carried to BOW. Rockwood Block swabbing. Stratton Rockwood Block well. CBM progress. Plus more.

 

SAE - Will be rolling in cash from NSAParis Valley; McCool etc.

 

NWE - Cobra positive drill - next week will yield the positive news after new bid rd closed. Wisteria 200m bbl. Puffin/AED forward program. Plus Manuel update.

 

 

Its exciting beyond believe.

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  • 2 weeks later...

OEL - Global oiler with operations in Phillippines, Argentina, Italy & Turkey. Has a ~18% stake in the Galoc oilfield with first oil due sometime in July (net production of 3000-4000 bopd to OEL). Huge acreage holdings in the Phillippines that can be farmed down shortly. Also has a large, low-cost prospect in Argentina likely to be drilled late in the year or early next year. 2 German billionaires are major holders on the registry, and have a proven board of directors.

 

EXR - Has operations in the Gulf of Mexico, the North Sea and Sierra Leone. Strong production in the GOM, with further developmental drilling in the next quarter. Large appraisal and wildcat prospects in the North Sea that can be funded through GOM cashflow. Sierra Leone asset is currently undeveloped, but could be drill-ready within the next 12 months. No need to raise cash for the foreseeable future.

 

NWE - Holds 1.25% ORR over AC/P22 (AED). Has 15% equity in Wisteria prospect (200 mmbo potential to be drilled in July), whilst paying less than 6% of well costs. 22.5% in a large developmental gas field in the North Sea (Cobra). Conduit for Indian investment through partnerships with Fortune 500 companies.

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  • 1 year later...
Most oilers have been in a 5 month downward path as the market moved up. . For some reason the market appears to be completely against oilers at this point. Look at todays action VPE anounces what looks like another oil discovery but market marks the shares down. Investors are prepared to sell VPEO at 20% DISCOUNT to what they are actually worth (eg they were sold at 10cents when they were actually worth 12cents). AED anounces it has cash of $95m against $90m m/c at the same time it says its reserve estimate of oil is 28mmbbl so market says $5m and 28mmbbl worth nothing. AMU to increase oil production by an estimated 10% , yes marked down on announcement. Many other similar stories over recent months. There are many oilers with no debt, cash in the bank,increasing reserves and profit but market says sorry not interested. Its a classic case of many investors saying "nothing will make oil shares go up I'm out" Wrong move IMO unless the POO is going to drop sharply. A rebound soon for several mid/junior oil shares looks on the cards to me.
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