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rosskend

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Hi AWErs - Picked up some nice acreage in NZ today:

 

"PEP 38483 is a large offshore permit, comprising an area of approximately 11,985 square kilometres. The permit lies immediately to the north and west of AWE?s existing acreage in the offshore Taranaki Basin, where up to 3 exploration wells are to be drilled in the coming 6 months. The permit is seen as highly prospective for oil in the Kapuni Group in the eastern portion of the permit, while the relatively unexplored western deepwater portion may also be prospective."

 

Liked the bit about "3 exploration wells are to be drilled in the coming 6 months" in AWE's existing acreage in offshore Taranaki. So even if there is no Tui-2 there are other wells being drilled in the area.

 

With BassGas, Casino, Cliffhead, etc should have lots happening - not to mention RedBack, which keeps getting reschedualed - probably due to the popularity of the Century 24 rig currently doing Emeria and then Kingia for ARQ.

 

If AYO picks up a bit I could have straight A's (ARQ, AWE, AYO) in oils!? http://www.asxboard.com/html/emoticons/wink.gif

 

R/Ross

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G'day again ross, ditto for what I said on your ARQ post, plus absolutely agree on this terrific new acreage. My broker had me orienting down in AWE & replacing with ARQ, as they saw ARQ, "very much more upside". But that was before casino & now this new ground.

AWE are masters at adding "quality" acreage.

 

As you know I'm very strong on "management". Both AWE & ARQ pass with flying colours on management ability & track record.

 

cheers,

 

ned

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Hi Wolver - I see it as a win/win both companies benefit:

 

ARQ get consolidated holdings in the West, producing assets, and some exploration potential. ARQ get more of Jimgemia, a nice gas producer at Beharra Springs with some potential gas wells (eg RedBack). This will lift their production to 3250bopd and 8.3tjd and give them participation in a coridor of leases accross the Peth Basin.

 

AWE is cashed up going into BassGas and CH and NZ drills. Suspect that their also on the lookout for additional gas prospects in the Ottway basin to augment BassGas and Casino projects. Correspondence with the AWE indicates that their having a close look at VicP/46.

 

The only short term downside is the impact of the placement on the SP.

 

Brettan - don't know if it will be $5 LT - at the moment looking for 1.14 in the next 3 months - this is a Gann projection from its current angle - suspect we'll see a retracement (Gann suggest .86) before an advance - if it can hold .96 then 2 months to 1.10's - remember that it took AWE 7 months to recover from its drop at the end of last summer. Like RedNed has said on several occasions its not just good resources, its good management, if you've got that the the LT figures take care of themselves.

 

R/Ross

 

PS DYOR and these are just my thoughts and in no way should be considered financial advice.

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Hi Wolver - TA signals do look good - like ARQ it looks like its going to shift up to the next level. Yogi-in-OZ says 2004 is a good year for water, wine, oil etc?!?!?! http://www.asxboard.com/html/emoticons/wink.gif

 

Has had a tendancy to 'saw tooth' since Sept but with money in the bank from the ARQ deal, their NZ drills are looking good, and of course BassGas drills in 2qtr04. If it can hit 1.23, should go to 1.51

 

R/Ross

 

 

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Hi AWErs - In the Business&Money section of the AGE - Brokers Picks for 2004, Peter Addison of Intersuisse has AWE as his #1 pick for 2004 perhaps with an eye to the Moomba gas crisis and the over dependence on that resourse.

 

Most commentators very bullish on 2004 - perhaps indicating that more caution is needed as potential for a 'bubble' increases.

 

R/Ross

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