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Hi Flower. I cant answer that question and will leave if for Garry to have a crack. Im more or less TA only anyway.

I get the impression this defiance of the laws of Physics is starting to annoy you :P . I do know it has surprised a few traders way sharper than me.

 

Garry I get the feeling this is being moved by forces more covert. Im watching it like a hawk. Id be prepared to bail before Spud if need be.

I was in at .4 and .5 but at .3 you have some serious gains there. You wouldnt want to be giving them back.

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Can you explain how any stock can rise 40% in one session with 117million shares traded without there being any news whatsoever?

 

Happens almost every day Flower. The turnover as percentage of the issued capital isn't that great. They have almost 1.8bil shares on issue, so almost 6.5% of the company changed hands today.

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They have almost 1.8bil shares on issue.

----------------------------------------------

 

That sais it all----looks as though 10% of the company changes hands every four days.

 

At this rate a brand new share register every month is going to consume a vast ammount of paper and ink--sorry it's just not rational!

post-20731-1294896447_thumb.jpg

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Didn't say it was but you were talking shares on issue. I used BHP as a comparison.

 

I traded a company a couple of weeks ago where almost the entire company (volume speaking) changed hands in one day. It's not as if it actually did but when traders get hold of something volume can be huge.

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G'day all.

 

At present we seem to be seeing 2c as a SP peak price. This company has run hard since Christmas and it isn't surprising that we would get some re-tracing (I mentioned this a few days ago) as we are still some time from the real action.

 

Importantly, remember that we have not had any definite drilling announcements beyond the simple "expect late February" type statements. Personally, I am expecting March at best for this well. But once we have a definite spud date, I think that the punters shall suddenly start to climb on board and the SP will take another leg up very quickly.

 

While charts can be effective for determing what is currently in the buy/sell columns, it doesn't assess the potential buyers who are waiting for this drilling confirmation
before
placing an order. Similarly, I (like so many holders) do not have sell orders in, so that does not show on any chart. Yet this drilling has so many 'tempters' for the trader and 'get-rich' punter once we have more definite news:

* virgin country with no negative history

* HUGE potential target of 4.2billion barrels (Ryder-Scott Report)

* at just 1.8c SP, the leverege to success is massive

* rig is organised. Funding confirmed in Canada.

 

Provided that the general market holds up OK and we have no delays beyond a March spud (and this is not guaranteed), I'd be surprised to see less than a 2.5c SP pre-spud. My gut feel is closer to 3c, then a quick CR to a sophisticated investor or even Canadians - the latter would be a great union for future partnerships in Australia - as the drill bit gets ready to turn.

 

Just my thoughts. Anyway, still a few weeks to go...

 

Holding BKP at .003c

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PetroFrontier updated its proposed drilling operations.

 

 

Proposed Operations on EP 103 and EP 104, Northern Territory, Australia

PetroFrontier and a co-owner each own a 50% working interest in EP 103 and EP 104 (comprising approximately 5.71 million gross acres), Northern Territory, Australia. PetroFrontier and the co-owner are also parties to a joint operating agreement ("JOA") governing their operations in EP 103 and EP 104, under which PetroFrontier is the operator.

 

Pursuant to the JOA, PetroFrontier has proposed a 20 well horizontal multi-stage fracturing drilling program (the "20 Well Program") designed to test the regionally distributed unconventional Basal Arthur Creek shale zone on EP 103. PetroFrontier has been advised that the co-owner has elected not to participate in the 20 Well Program. Therefore, PetroFrontier will take steps to carry out the 20 Well Program as an "exclusive operation" pursuant to the JOA. As a result, PetroFrontier will pay 100% of the costs of the 20 Well Program and will be entitled to 100% of the production from any resulting discovery, unless the non-participating co-owner wishes to reinstate its rights therein by paying its share of all liabilities and expenses incurred in the exclusive operations plus a premium of 400% on the co-owner's 50% share of the cost of drilling and testing.

 

Pursuant to the JOA, PetroFrontier also intends to propose a vertical well drilling program on EP 103 and EP 104 to evaluate conventional targets both above and below the Basal Arthur Creek shale zone as well as the horizontal viability of the Basal Arthur Creek shale zone itself. Non-participation by the co-owner in the 20 Well Program does not preclude it from participating in this or other exploration programs proposed for EP 103 and EP 104 by PetroFrontier as operator. No wells have yet been approved for EP 104.

 

 

First Two Wells to be Drilled in Northern Territory, Australia

The first well to be drilled by PetroFrontier will be the first horizontal well ("Baldwin-2") on EP 103 to be drilled as a part of the 20 Well Program. Baldwin-2 will be a twin to the existing "Baldwin-1" well. Baldwin-1 will be the pilot hole for the horizontal leg of Baldwin-2 into the Basal Arthur Creek shale zone. Baldwin-2 also includes conventional targets above the Basal Arthur Creek shale zone.

 

The second well expected to be drilled by PetroFrontier (but not part of the 20 Well Program) will be a horizontal well ("MacIntyre-2") in EP 127, Northern Territory, Australia where PetroFrontier holds a 75% working interest and is also the operator. MacIntyre-2 will be a twin to the existing "MacIntyre-1" well. MacIntyre-1 will be the pilot hole for the horizontal leg of MacIntyre-2 into the Basal Arthur Creek shale zone. MacIntyre-2 also includes conventional targets above the Basal Arthur Creek shale zone.

 

PetroFrontier's co-owner in EP 103 and EP 104 has no interest in EP 127 or in the adjacent permit, EP 128 (where PetroFrontier also has 75% operated working interest). EP 127 and EP 128 comprise approximately 7.85 million gross acres.

 

http://www.rigzone.com/news/article.asp?a_id=103244

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