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Rather hard to understand the market continual mark down of GGP. Maybe people are reading the announcement different to me. It appears that one way or the other GGP is going to increased production. Maybe its all just too slow for some punters.
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Read my lips. Maybe I have the announcement wrong but it does seem to say production from current well has a high chance of success. 20ft of Miogyp sandstone appears to be oil bearing judging from the current information. "Surface facilities are in place and already connected to the established sales line" GGP which has fallen from 44cents to just over 5 cents would appear to be in for a big shock IF production does start IMO.
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Appear to be the only one interested in GGP which IMO should now be renamed "Golden Opportunity Petroleum" Know Arty will get on to me if I say the market has got it wrong but just consider these points. The market says the dreaded LKO is worth $44.6m and GGP only $20.7m, how is this possible? All LKO has done over the last 20 years is issue shares so that they now have 4,462,000,000shares and nil production(MIGHT change but lets see the numbers first). On the other hand GGP has 273m shares on issue and in the March quarter earned $2.6m with production of 130BOPD and 1.4mmcf gas. On todays announcement oil production will triple and gas production will double AND there is still another oil zone to test.. The oil is high quality and carries a premium of $2.00.Todays announcement is very different from predictions made by other oil companies due to this "IMMEDIATE substanial increase in cash flow" So if there is anybody out there who could explain to me why Mr Market says LKO is worth $24m more than GGP I would certainly like to hear from them. Dont be put off by todays increase can see a 3 bagger from todays close once the market takes it all in.
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Yeah, exciting times for the company. Actually, I hold both LKO and GGP, so fingers crossed LKO finally comes up with the goods! Anyways Albion, thanks again for a great tip! Not quite sure what's going on with your other hot tip AMU at the mo though... probably just a little tax selling or somesuch. One can't argue very hard with AMU's PE of 2.5, production costs of $US16 a barrell, exploration possibilites and long life assets. It does have debt that, although sizeable, has been recently rolled over by it's (obviously) supportive bankers, and why wouldn't they when it's earnings are so strong?

 

Anyways, enough off topic... GGP up 27% today and more to come... :)

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Took a small interest in GGP today. Funny .. the share price has increased by around 30% while the revenue is forecast to increase 300% begiining immeadiately. Have been following GGP for a few years folllowing the Stock Analysis write up...but looks like they are finally going to generate some solid revenue .. Could be around $20M p.a.

 

 

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  • 3 weeks later...

Highlights

Successfully completed and placed on production Jumonville #2.

Two wells on production now from the Bullseye Project generating significant cashflow.

Successful conversion of Acosta into a salt water disposal well, providing significant operating cost

reductions.

Commencement of Reserve calculation for Bullseye.

Project facilities fully operational.

Further potential in untested hydrocarbon zones.

 

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