INP - Innamincka Petroleum [Archive]

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Aceyducey

20th-July-2004, 09:09 AM

Innaminka is one of the few junior oilers who I regard as overpriced (asset coverage would mean share price should be in the 60-70c range).

It's just announced an unexpected miss for Yarrow 2, alongside their Yarrow strike...which along with their Flax success caused the stock to jump almost $1.

Watch how long it takes for the news to filter out & the stock to react (downwards)....

It;'s what I like about oilers. If you get the news when it appears in ASX announcements there's often one-two days to position before the market goes whoompa!

BTW - this failure also has medium term implications for Stuart Petroleum, who also has assets in that general area. I don't expect Stuart to drop however, they're becoming a very strong sub-medium oiler :)

Cheers,

Aceyducey

Aceyducey

20th-July-2004, 10:06 AM

Ooops - spoke too soon ;D

The share dropped 13% intra day...

Cheers,

Aceyducey

Bonk

24th-August-2004, 06:46 PM

Arsey, you are dead right. INP is over-valued. It is full of dreamers. Not a safe stock to sit in. Expect more disappointments here possibly...

Duckman#72

29th-March-2007, 10:47 AM

Anyone taking part in the upcoming INP Share Placement Plan?

Dutchy3

25th-July-2007, 08:33 PM

Dust this one off .... clearly a BUY at these prices ... more words to make it upto 100, and a few more just to be sure

jama_kj

1st-October-2007, 10:41 AM

news of a massive discovery oil discovery, and the sp has mirrored this, jumping about 80%............

moneymajix

1st-October-2007, 11:06 AM

More now

92c

UP 140%

LOL to holders.

01 Oct 2007 10:28 ! Flax East 1 Drilling Report 1 October 2007 2

01 Oct 2007 09:06 ! Outstanding Flax East Result - Major New Onshore Oilfield

moneymajix

1st-October-2007, 01:10 PM

$1.18

Over 200%

:eek:

Amazing move so far today.

Any holders. What do you think of the announcement?

lol.

michael_selway

1st-October-2007, 01:26 PM

1.1d

1st-October-2007, 01:39 PM

I am holding, but still trying to come to terms with how this fits in to my trading plan, I am thinking of waiting to see how it closes today and then decide.

In my system I usually only trade on a weekly basis and look at the close of last week. I just don't know yet, still flabbergasted.

1.1d

zt3000

1st-October-2007, 02:46 PM

Whats the discovery worth to the SP?

Its going a little stupid IMO at the moment ... people need to calm down a bit

gfresh

1st-October-2007, 02:55 PM

powerkoala

1st-October-2007, 03:11 PM

well, what a surprise.
almost half of share on issue are traded today.
quite a shock seeing how ppl are trading.
120% up, well not enough.. let's make it 200%.. oh no.. let it go 500%....
jeez.. do they think no one will ever sell in one day HYPE like this????
don't know how ppl give a value to this sp. :confused:

Lert

1st-October-2007, 03:30 PM

Thats a good question.. I wonder how many shares would have been traded if it had'nt been a holiday in 50% of Oz..

jtb

1st-October-2007, 05:06 PM

As the ann says, 120M barrels of oil .. making it Australia's largest onshore oil wells. Oil is $83USD a barrel right now. It's worth a bit :cool:

Only concern would be how many bopd they can achieve.

Assuming $10 a bbl in ground value (which is about the top end for me) and as the ann' states 120 mmbbl OIP, we can hazard a guess @ 25% recovery rate so maybe a total (for both fields - now singular) recoverable resource of around 30mmbbl (previous reserve was stated @ around 4 mmbbl I think, so excellent possibe result).

Therefore rough value of $2.00 per share:)

Would have liked to watch the run today.

nomore4s

1st-October-2007, 05:13 PM

Hi do you still hold this view after today?

Earnings and Dividends Forecast (cents per share)
2006 2007 2008 2009
EPS -3.9 -1.8 2.4 3.2
DPS 0.0 0.0 0.0 0.0

Actually it did have good numbers even before the news

thx

MS

MS the original post is from 2004, I'm thinking things might have changed abit since then, I'll have to have a look at the chart when I get home to see what it was trading at back then, lol.

I am holding, but still trying to come to terms with how this fits in to my trading plan, I am thinking of waiting to see how it closes today and then decide.

In my system I usually only trade on a weekly basis and look at the close of last week. I just don't know yet, still flabbergasted.

1.1d

Nice problem to have.:D

jtb

1st-October-2007, 07:41 PM

Assuming $10 a bbl in ground value (which is about the top end for me) and as the ann' states 120 mmbbl OIP, we can hazard a guess @ 25% recovery rate so maybe a total (for both fields - now singular) recoverable resource of around 30mmbbl (previous reserve was stated @ around 4 mmbbl I think, so excellent possibe result).

Therefore rough value of $2.00 per share:)

Would have liked to watch the run today.

Made a bit of a blue above- brains not working yet:o.

Due to their 75% equity and assuming full dilution for options then I'd be saying around $1.25 per share not $2.00.

-merry

1st-October-2007, 08:42 PM

Made a bit of a blue above- brains not working yet:o.

Due to their 75% equity and assuming full dilution for options then I'd be saying around $1.25 per share not $2.00.

out of curiosity, does your valuation take into account that they will need to either issue more shares or incur more debt in order to increase production which will result in more dilution? also, just wondering what you estimated as their production p.a.

EZZA

1st-October-2007, 08:44 PM

today was crazy, haven't seen a move like this since all the hype on the uranium about a yr and half ago.

remember looking at this stock today at 100% up, then crept up extremely quickly throughout the day. Had no idea of what this stock, as a result didn't go in. Very interesting though with positive results.

Wysiwyg

1st-October-2007, 09:13 PM

Managed to get off the ropes with this move.One punch from the canvass and now back in the game.Yayyy.http://www.clicksmilies.com/s1106/grinser/grinning-smiley-038.gifThe China Post extra put a story out on the internet and here is the best bit.(well i think so) Full story here. (http://www.chinapost.com.tw/headlines/2007/10/01/49355/Australia%2Donshore.htm)

"There is now a reasonable basis for concluding the Flax and Juniper discoveries will prove to be one of the largest onshore oilfields in Australia," Innamincka said in the statement.

The company estimated the in place resource at about 120 million barrels of oil. In place resources may not all be economically or technologically recoverable.

However, the company said there is "substantial additional upside" to their discoveries in the Cooper Basin.
Australia's proven oil reserves at the end of 2006 were 4.2 billion barrels of oil, according to BP PLC's annual Statistical Review of World Energy, making Innamincka's find potentially about 3 percent of the country's known reserves.

Australia's production in 2006 was 886,000 barrels a day, according to BP's review.

Innamincka's share prices more than tripled from Friday's close of 39 Australian cents on the news. By early afternoon in Australia, the shares were at A$1.375.

jama_kj

1st-October-2007, 09:30 PM

today was indeed a crazy day. i read the announcement this morning and thought i'd have a dab but when i saw it open up so high :eek: i was put off and didn't purchase as much as i was planing to:banghead:. can't be too greedy though :D, i got in at 71c and loving it

-merry

3rd-October-2007, 12:16 PM

Anyone else following this stock? Looks like a ripper with people speculating Santos could move in and buy up the company since they're pretty much next door to each other and Santos already has the necessary knowledge and experience to get the oil out of the ground.

Wilson!

5th-October-2007, 08:52 AM

I got back onboard the INP train yesterday when I saw Talbot buy $12m worth of the company

Think there is huge upside now with him onboard, and can see the rest of the big boys taking this potentially massive find much more seriously

Perhaps they know something we don't...

hitmanlam

5th-October-2007, 12:54 PM

DJ MARKET TALK: Innamincka Maintained On Neutral By Macquarie (Down Rampers my remark sorry)

0135 GMT [Dow Jones] Macquarie maintains Innamincka Petroleum (INP.AU) at neutral after
recent share price rally; says more work needed to define resource. INP soared after
estimating oil in place of 120 million barrels at its Flax/Juniper filed. Macquarie
estimates net oil position of 16 million barrels using conservative recovery rate of 15%
to 20%. "While there remains a significant degree of upside from the current share
price based on potential reserves, we require further clarification on project delivery,
cost estimates and timelines," Macquarie says. Target price set at A$1.07. INP
trading up 3% at A$1.375. (APW)

Contact us in Singapore. 65 64154 140;
MarketTalk@dowjones.com

(END) Dow Jones Newswires
October 04, 2007 21:35 ET (01:35 GMT)
Copyright (c) 2007 Dow Jones & Company, Inc.

Friday 05 October 2007 11:35:05:200 AEST

Macquarie here is using very conservative figures of 15-20% recoverable rate = 16 mb ~ $1.10 ish. However, they don't know what the recoverable rate is of yet. Next door, Santos has recoverable rates of 30%. 30% recoverable rate = 30 mb ~ $2/share.

Until they announce what the recoverable rate is, we will not know exactly what the share is worth. I'd only be just speculation.

I would recommend buying at or near support around the $1.20. Gives good upside potential if recoverable rates are 30% and limited downside ($1.10 worst case scenario).

lioness

8th-October-2007, 08:07 PM

dj_420

8th-October-2007, 08:14 PM

I think Talbot and his boys got a little excited on this one, they have paid an avg of 1.50 odd for their 8 million shares is it?

I also think a lot of people blindly follow Talbot into investments. So far he has only made a decent amount of money on SDL. The rest of his picks seem to be in the red.

Just because someone has millions of dollars does not make their investment decisions right.

Anyway about INP, I think flow rates of 1000 bpd would mean the sp has run ahead of itself. If there is 15 million barrels recoverable and a flow rate of 1000 per day, its going to take 41 years for them to pull out all the oil. Now I am one for long term investments but that just seems pointless.

GREENS

9th-October-2007, 10:25 AM

In the Mon SMH they stated that because of the trickiness of the reservoir, there is a good chance the company will only be able to extract around 15-20% of the 120MMBOIP. In addition the field is expected to have the potential to produce around 4,000BOPBD.

Therefore if we assume 120MMBOIP with recoveries of 17.5% (we will stick in the middle of current estimates) then we get recoverable 2P reserves of 21MMBO. If the field produced at plateau rate of 4000BOPBD, then the life of field would be approx 14.5 years (not taking into a/c natural field decline). Considering the time value of money, it would be preferred to have a higher daily flow rate, i.e. get the oil out of the ground quicker, but suppose lower oil flow is better than none. One advantage is that the discovery is onshore, which makes development/exploration costs a little cheaper. However, have not read the ASX release, only going off, what I have read about this project in the paper, so this should only be taken with a grain of salt.

Furthermore one needs to look at the type and quality of the crude, what is its API, (if it has been announced), as this will provide a good estimate of whether the oil will sell at a premium or discount relative to Brent Crude.

gfresh

9th-October-2007, 08:26 PM

Anybody have any idea on the large run today? I saw it happening, and jumped in for a nice ride so far, but no idea exactly why. Large buy orders started around 1:30 and put on 16c until the close of trade

Was expecting an announcement or trading halt, but none forthcoming today?

qr2007

15th-October-2007, 06:01 PM

Hi All,

I am very new to this game but anyone has any idea why INP SP keeps dropping last few days?

Is it good time to enter??? pls.

Thanks.

lioness

17th-October-2007, 08:51 PM

Hi All,

I am very new to this game but anyone has any idea why INP SP keeps dropping last few days?

Is it good time to enter??? pls.

Thanks.

It is not dropping now, time for you to reeneter, large buy orders came in and it closed on its high for the day, great sign.

long$$

17th-October-2007, 09:42 PM

lioness

18th-October-2007, 02:56 PM

What do you mean by this that they need to drill more holes???

Please explain, do you mean that is how they will extract more oil??

long$$

18th-October-2007, 05:15 PM

What do you mean by this that they need to drill more holes???

Please explain, do you mean that is how they will extract more oil??

I presume that they will drill more production wells to increase the rate of recovery.
http://en.wikipedia.org/wiki/Oil_drilling

lioness

19th-October-2007, 07:49 AM

I don't get this picture with INP?? They have just found 120 mill barrels of oil with a possible upgrade and still are sitting at 1.30??

Surely with 89 US a barrel this should be double that or are we waiting on a technical picture to emerge as to recoverable percentages.

Or is it being kept down for possible Santos takeover??:banghead:

long$$

24th-October-2007, 04:56 PM

Resolution 3: Increase in Non-Executive Director Remuneration
To consider, and if thought fit, pass the following resolution, as an Ordinary Resolution of
the Company:
“That for the purposes of ASX Listing Rule 10.17, clause 10.2 of the Company’s
Constitution, and for all other purposes, the maximum aggregate annual remuneration
payable to non-executive directors of the Company be increased from $150,000 to
$500,000 per annum (an increase of $350,000).

lioness

24th-October-2007, 08:27 PM

long$$

24th-October-2007, 09:57 PM

Long$, would you like to comment further on your post, do you see it as excessive this salary or are they suggesting he is worth considering what is found and what might be coming??

Please elaborate.

Lioness,
Frankly I don't know if this is a reasonable pay raise or not - I was just posting to see what comments might result. It would be interesting if Talbot votes against it; my small holding would have no effect.
The forecast div has gone from 2.4c/2008 to 3.2c/2009 so perhaps he has earned it - but I wouldn't think so at Talbot's $1.50 per share.

lioness

25th-October-2007, 01:26 PM

Surely the longer this consolidates sideways as it is doing now the greater chance of breakout.

Any chartists out there agree that 1.40 then 1.50 are resistance targets, then we are away.

qr2007

25th-October-2007, 02:37 PM

Surely the longer this consolidates sideways as it is doing now the greater chance of breakout.

Any chartists out there agree that 1.40 then 1.50 are resistance targets, then we are away.

I totally agreed on your target. It will get there then back.

II do not think it can by pass that figure?

lioness

25th-October-2007, 04:19 PM

I totally agreed on your target. It will get there then back.

II do not think it can by pass that figure?

Come again??

I did not understand your message??????????

Please repeat in english this time.

Does that mean you don't think it can pass the resistance points???

lioness

2nd-November-2007, 08:43 PM

Cap raising announced today and market liked it. 14 new fund institutions came on board and it was oversubcribed.

Should hold up now with new exploration advancing in december.:cool:

lioness

11th-November-2007, 03:15 PM

long$$

17th-November-2007, 11:05 AM

What are people's thoughts now on INP, I think it is holding up very well considering the ASX correction. If it can sustain above 1.17 it should return to move to a higher level.

Any chartists opinons are welcome.

The price seems to be sinking inexoribly towards $1.17.
Talbot, Numbla Vale, Wecker are ceasing to be substantial holders. I think that they would hang on if they saw quick gains coming.
I wonder if BHP/RIO & Fortescue are soaking up interest that might otherwise help INP.:2twocents

long$$

17th-November-2007, 11:14 AM

The price seems to be sinking inexoribly towards $1.17.
Talbot, Numbla Vale, Wecker are ceasing to be substantial holders. I think that they would hang on if they saw quick gains coming.
I wonder if BHP/RIO & Fortescue are soaking up interest that might otherwise help INP.:2twocents

Just realised that these holders have ceased to be substntial holders because of the issuing of new shres.:o

lioness

18th-November-2007, 04:37 PM

long$$

21st-November-2007, 08:23 AM

Long,

It is only ceased due to cap raising, chart wise following candlesticks, it looks like it is hammering out a bottom. :banghead:

My take on it is it is getting ready for a move up or down in the next 1-2 weeks as it has gone sideways for one month.

No chartists on here willing to give an opinion to help me????:mad::mad:

Lioness, I am not a chartist but I can't help noticing that the downward trend is not flattening much. However the volatility seems to be decreasing since the oscillations in price have decreased. So appears to be stabilising
No encouraging that recent oil price rises have had no impact.
Is the market waiting for the next drilling results?:2twocents

dj_420

21st-November-2007, 08:47 AM

long$$

21st-November-2007, 02:20 PM

lioness

21st-November-2007, 06:31 PM

Cheers DJ, but to me it is being accumulated as there are large sells going through the day. Definitely waiting for news though.

chops_a_must

21st-November-2007, 07:20 PM

From the 3 month chart we can see a number of things:

The sp had found support at 1.22, which tested and held 3 times but actually broke through that short term support mid November. The chart shows it has been making lower highs and now with break of support lower lows.

It formed a descending pennant which we could have seen a break up or down which we have seen break down.

Volume is tapering right off and the MACD does not look like the downtrend is slowing down at all yet.

Stochastics show that the sell down has been slow and steady and does not look oversold at all, sitting right in the mid range.

The positives are that it has not been sold down on volume, although there is very little support chartwise now, maybe at 1.12 but that is very very short term support and I would not expect that to hold in the event of a sell down.

Could be a case of punters waiting for further news before buying in and impatient holders are slowly selling off the stock in small volume.
I actually like the chart on this one DJ.

I don't think it is down-trending, especially considering the overall market, but is rather being consolidated. Reminds me of AED before a couple of its huge breakouts.

Has support about 1.125 - 1.13 and any break through there might be fatal... but these enormous breakouts on volume don't tend to reverse for a while.

Anyway, someone that likes the B bands might take an interest in a set up like this...

lioness

22nd-November-2007, 08:02 AM

Hello Chops,

Does the B bands indicate that because they are so tight, it will either break down below them or bounce off them very soon??

It acted the same way last time before it exploded, looks the same now.

dj_420

22nd-November-2007, 09:18 AM

I actually like the chart on this one DJ.

I don't think it is down-trending, especially considering the overall market, but is rather being consolidated. Reminds me of AED before a couple of its huge breakouts.

Has support about 1.125 - 1.13 and any break through there might be fatal... but these enormous breakouts on volume don't tend to reverse for a while.

Anyway, someone that likes the B bands might take an interest in a set up like this...

Your prob right and consolidation is occuring, it may drift lower on now news though with current state of markets.

Yesterday was green for INP though I think. Probably a lot of ppl waiting for further news on this one before becoming fully invested given AED failures to keep up with production forecasts.

lioness

24th-November-2007, 08:42 PM

Dj,

look like you were the one who was right, what a disaster for me, never though it would drop 30%. I have decided to stay in though as the downward wedge looks like a sharp rebound may occur.

I expect them to announce a significant upgrade in Jan and surprise the market also.:sly:

dj_420

27th-November-2007, 04:35 PM

I like these guys but would like to see a different chart before buying in, slowly but surely drifting lower and lower.

When do we get some news on recovery rates etc? Or upgrade?

dj_420

27th-November-2007, 04:37 PM

Thank you dj_420. Can you please point me to a site that explains the plots & terms. .................................................. .................................................. ...........................

Sorry Long$$$ I missed your post

If you go onto www.bigcharts.com and go to the charting sections you can click on the terms and it brings up a definition.

lioness

27th-November-2007, 04:40 PM

I like these guys but would like to see a different chart before buying in, slowly but surely drifting lower and lower.

When do we get some news on recovery rates etc? Or upgrade?

AGM is tomorrow DJ, we may get news then, being deliberately held down IMO, but looks like a slow turnaround on the cards now.

:banghead: losing here big time now, but will still hold.

daaussie

7th-December-2007, 11:40 AM

and INP awakens after that huge prior oil discovery, down to 90 cents, then, $1 yesterday up to 1.06 and today up to 1.20

something is here (in my opinion)>

daaussie

7th-December-2007, 11:44 AM

lioness, your hunch paid off in very little time. pay day for INP holders in my opinion!

We will see what happens next!

lioness

7th-December-2007, 06:50 PM

lioness, your hunch paid off in very little time. pay day for INP holders in my opinion!

We will see what happens next!

Daaussie,

Expect the share price to hit 1.50 by next Friday. Something big is brewing here. I will retire off this.

This is the next resistance level which Talbot will see his money returned.

lioness

9th-December-2007, 02:22 PM

Hi DJ,

Can you please give an update on your chart analysis on INP.

I think on Friday it turned the corner and a new uptrend is in place.

What are your thoughts now??

If it can break 1.50 we may well see this head much higher.

What do you think.

Anyone else care to help me??

EasternGrey1

9th-December-2007, 09:45 PM

I invest on fundamental value not charts (that's not to say charts are no good, just that they don't suit me). I have owned INP for a while, and what a pleasure it has been.

Following their Flax East find, I recalculated my value for INP, based on such info as was available, and let's just say that it came out worth way way more than the then share price of around 1.40.

Commentary in the industry, I believe, has been that INP's fields will be difficult to develop, hence industry insiders haven't been buying. My take is that peak oil is here or not far away, oil prices won't stay down for any extended period, and therefore the oil price will pay for the difficulty. ie, INP will do well.

lioness

10th-December-2007, 12:11 PM

EasternGrey1

11th-December-2007, 10:09 AM

At this early stage, you can't really evaluate INP by the usual methods of deriving an NPV from future earnings. There are too many unknowns.

But I believe you can get a good idea using some more basic methods.

You can realistically put a net today value of around $8 per inground recoverable barrel of oil, before development starts. If INP in 75%-owned Flax-Juniper has 120m boe recoverable, then it is worth about 75% * $8 * 120m ~= $750m. INP's current market cap is $224m.

You can take it on from there, using your own figures, and bringing in all INP's other oil & gas fields.

lioness

16th-December-2007, 11:16 AM

Can anyone help me in relation to the current charting pattern of INP.

After a large move last week, it now looks like a flag pattern has played out in the last 5 days and is readying itself for another move in the next 1-2 weeks. Obviously the moving averages(MACD) have just crossed over and volume indicates accumulation is occuring, the ADX and DMI is also looking positive.

DJ420 would you care to have a go and what might be the next move??

Or anyone else willing to comment.

Many thanks, I am trying to learn like anyone else. To me it looks like another sharp move may occur soon.

lioness

21st-December-2007, 01:29 PM

Gee, I thought this was a good forum for helping others but it looks like no-one cares on here except for themselves.

Very disappointing.

EasternGrey1

22nd-December-2007, 08:33 AM

Hi, lioness, it's not that I'm not wanting to be helpful. it's just that I don't do charting. Pity no-one else came in on that.

On fundamentals, I'm very keen on INP. It has bucketloads of the stuff in the ground, and good prospects of (a) producing a lot of it and (b) finding more. The share price nowhere near reflects their true prospects.

The main point of caution is that they clearly have fields that are difficult to develop. Santos has coped well with fields like that for years, so it isn't an overriding concern - just make sure you don't pay too an enthusiastic price now. I am convinced that the oil price - although it will fluctuate enough to test everyone's mettle - will remain strong for the next many years, and that that will be sufficient to enable INP to develop its fields successfully. (At a high oil price, more expensive methods are viable).

Good luck with the charting, though. Sorry it's not my scene.

lioness

22nd-December-2007, 11:15 AM

Many thanks Eastern Grey, but I think fundamentals alone once proven that the Flax and Juniper fields are just one large field will make this worth a lot more than the current price.

The drilling starts on 5/1/08 and by the time the independent report comes out end of Jan, we should see blue sky here.

Very low trading volume recently and what I can see happening is good accumulation happening.

Cheers and where are the chartists??

jet328

6th-January-2008, 08:26 PM

You can realistically put a net today value of around $8 per inground recoverable barrel of oil, before development starts. If INP in 75%-owned Flax-Juniper has 120m boe recoverable, then it is worth about 75% * $8 * 120m ~= $750m. INP's current market cap is $224m.

Is the 120m recoverable?

I think its more like 120m in place.
Recovery 10-30%.
So more like 12-36m recoverable.

It is really dependant on the recovery rate which is very hard to judge at this stage. Some of the opinion it will be extremely hard to extract and others confident in fraccing and modern recovery techniques.

lioness

6th-January-2008, 09:33 PM

Is the 120m recoverable?

I think its more like 120m in place.
Recovery 10-30%.
So more like 12-36m recoverable.

It is really dependant on the recovery rate which is very hard to judge at this stage. Some of the opinion it will be extremely hard to extract and others confident in fraccing and modern recovery techniques.

Yes, you are right Jet, not in place just recoverable.

This stock is a worry as it has no momentum at the moment and is weak in trend(currently downtrend), but has been drifting on low volume only.

There is upside though if they increase reserves or recoverable % increases.

EasternGrey1

9th-January-2008, 09:28 PM

You're right, I used OGIP instead of recoverable.

Their reports indicate that they are generally expecting to get recovery of 30% or more. They will be injecting CO2 to achieve that recovery rate, it's costed and funded, and it seems credible.

Valuing the Flax Juniper 120mbbls in place at 30% recoverable, an arbitrary $US8/bbl, exchange rate 0.88 say, INP interest 75%, I get a value of 120*30%*8*(1/0.88)*75% = $A245m. This on its own is a bit more than INP's market cap (not sure if latest share issue is included).

So you're getting OK value on Flax Juniper, with all of Yarrow, Crocus, Gingko and other prospects in PEL103, PEL101 and ATP542 thrown in for free. If I add in all the figures they give for these, using 1bcf = 0.18mboe, I get a value for INP just over 200% of current market cap.

Even allowing for some NPV discounting, it still looks like a pretty good deal to me, so I'm holding onto my INP shares at least for now.

Given that they're targetting 1000bopd this year, they are going to have to raise production much higher to justify their share price, so there is still likely to be plenty of opportunity over the next year or two to buy in - but with the risk that new positive announcements (v likely IMHO) could push it up further.

Trader Paul

10th-January-2008, 10:49 AM

:)

Hi folks,

INP ..... Top 20 report, showing they own only 38% and 5,8oo + other
holders owning 114m shares.

Looking ahead, with some astroanalysis, time cycles suggest INP will be
mostly negative, until July 2008:

18012008 ..... minor and positive light on INP

22012008 ..... minor, but long-term changes (finance-related???)

15022008 ..... minor and positive, but flat trading expected here

18022008 ..... 2 cycles focus negative spotlight on INP

22-26022008 ..... minor and negative cycle here

10-13032008 ..... 3 significant cycles ... negative news expected here

17-18032008 ..... positive spotlight on INP ... :)

01042008 ..... significant and positive news expected here

04042008 ..... positive cycle ... finance-related ???

16-17043008 ..... 2 difficult cycles = pullback ???

28042008 ..... minor and negative cycle

01052008 ..... significant and negative news expected here

05052008 ..... significant and positive cycle

16-19052008 ..... negative spotlight on INP

22-23052008 ..... significant and negative ... finance-related???

..... INP should start its next round of positive cycles, about 10072008
and in late-December 2008, INP should be rallying strongly.

More later .....

have a great day

paul

:)

lioness

10th-January-2008, 01:39 PM

Paul,

Many thanks for your reponse. Much appreciated.

Keep up the great work and all the best for 2008

Whitsy

30th-January-2008, 12:14 PM

Hi guys,

Noticed that this thread has been quiet for some time and i'm struggling to source any new real information on INP (besides announcments on drilling progress).

Having been a long term holder of INP i'm stunned at the current falling sp. Am i missing something here ??? We all know that there is bucket loads of stuff in the ground and with a recoverable rate of around 30% costed and funded i'm a bit confused.

Any thoughts....

Cheers

dj_420

30th-January-2008, 12:53 PM

Gee, I thought this was a good forum for helping others but it looks like no-one cares on here except for themselves.

Very disappointing.

Lol, sorry Lioness, I haven't been following markets too much lately. Been too busy at work.

I do like INP and will have to do up another chart. On a quick look technically it is still in downtrend, no real levels of support unless you count that 1-2 day drop to 75 cents. That however would be short term support, and could be broken quite easily.

Looks like with no news it is slowly drifting lower and lower. I dont see it falling to levels of old (40 cents), but where it will find support depends on the market and where they see INP as fair value.

Whitsy

31st-January-2008, 11:08 AM

For anyone that is interested COMSEC have released their independant review/evaluation on INP.

Just follow the link from latest news on their website www.innapet.com.au

Don't know why it wasn't released earlier after seeing when it was dated but oh well.

cheers:)

lioness

1st-February-2008, 06:08 PM

Can someone do a chart please.

Huge move today and may have broken downtrend.

Are we seeing a trendshift here??

Great news, they have more oil.

lioness

2nd-February-2008, 04:21 PM

No-one willing to help with a chart?

What type of forum is this? :banghead:

Can anyone help me please.

EasternGrey1

20th-February-2008, 09:31 PM

In this crazy market, is a chart really going to help?

Plenty of oil in the ground, development wells in progress, oil back up around $100, just buy up and sit tight till production starts.

It seems the market isn't prepared to pay a single cent for any future production. For those with a bit of time on their hands for research, plus cash and patience, this looks like a market for making a lot of money by selling out of just about everything except energy and resources (actually you should have sold out a while ago) and buying into companies that are nearing production or a production ramp-up. ie, it's the "second half" of an energy and resources cycle - in the "first half" you can buy anything. My money's already in INP (and one or two others) but if anyone's got any other good energy and resources ideas I'm listening.

Lioness, forgive me for saying it but I like your new pic - I have to confess I thought the ears weren't exactly crash-hot in the old one.....

dj_420

20th-February-2008, 09:49 PM

INP still in downtrend IMO. Has been trading inside that downward channel for the past 5 months. Had a downward false break of the channel and has returned twice to trend back inside the channel.

I dont know where it will turnaround but there is a BIG gap at 45 cents. MACD converging and looking to cross on the downside.

Joe Blow

20th-February-2008, 09:55 PM

No-one willing to help with a chart?

What type of forum is this? :banghead:

Can anyone help me please.

Lioness, read this thread, follow the instructions, and in a few minutes you will be posting your own charts: http://www.aussiestockforums.com/forums/showthread.php?t=6530

lioness

1st-March-2008, 07:28 PM

Looks like that gap at 45 cents wants to be filled sooner than later.

It may hit that in the coming weeks.:banghead:

anth

3rd-March-2008, 10:01 AM

Looks like that gap at 45 cents wants to be filled sooner than later.

It may hit that in the coming weeks.:banghead:

Sorry, I'm new to the stock market..can you please elaborate on your comment thanks... much appreciated

long$$

21st-March-2008, 05:58 PM

Today's rating of INP by Comsec:
20/03/08
Last Traded: $0.645 Market Cap: $103m Sector: Energy
BUY / OUT PERFORM Valuation: $1.98
Summary of report dated
20/03/08
Analysis
INP is focussing on production to generate cash flow and CommSec projects that by the end of CY08 INP will:
* still have over $10m in cash on its balance sheet
* daily production of 1000 barrels, generating over $1m a month from operations
INP is trading at a discount to reserves
The present INP share price is a discount to the NPV of its presently reported reserves, which CommSec estimates to be over 80c. This gives no value to:
* an expected increase in reserves in the Flax field as the Flax 5 and Flax 6 appraisal wells intersected larger oil pay zones than reflected in the existing Oil In Place
(OIP) and hence reserves estimates,
* the nearly 100m barrels of oil in place (OIP) that are not considered in the reserve
estimates, for which CommSec expects a reserve announcement in the middle of
2009, and
* INP’s upside potential.
Outlook
INP is currently drilling the Yarrow North 1 exploration well, testing for an oil
accumulation north of the Yarrow 1 gas discovery. If oil is found, then INP’s OIP resources will be increased; if it is gas, then the well will be completed to produce gas for injection in the Flax field.
Valuation and recommendation
CommSec retains BUY / OUT PERFORM. In CommSec’s view, INP offered good
value at the $1.17 equity raising, it now offers even better value, with very little risk in operations or commodity pricing, and it still has HUGE upside. CommSec’s base case net present value is $1.98

BenH

25th-March-2008, 07:24 PM

Wysiwyg

25th-March-2008, 07:29 PM

Hi all im new to this so any advice is greatly appreciated. INP at one stage was up 10%, closed up 5.5 % hmmm i bought in at 70c, hoping like hell it is turning around, i can't see it dropping too much more, but im usually wrong lol. According to Comm Sec, its all good news in the long run, but since theri reports were released its dropped 30% so what can you all tell me?

Small to mid-caps have been cold to freezing irrespective of good to excellent results.It`s hard to believe INP hit $1.90 a short while back but that`s how the market is sometimes.

EasternGrey1

25th-March-2008, 09:16 PM

Small to mid-caps have been cold to freezing irrespective of good to excellent results.

Spot on. Whether the bout of euphoria that hit the market today really means the downturn is over remains to be seen. If it does, the market will no doubt do the usual thing - bump up all the blue chips at the expense of everything else before even looking at the smaller stuff.

What to do? Work out which ones are best value, buy them, and shut your eyes for 6 months.

long$$ - thx for the Comsec report. Do you have a link to it? Nice to know someone else thinks INP was good value when I took up the 1.17 offer. I've since bought more at lower prices, but ran out of cash long before it hit bottom.

BenH

26th-March-2008, 09:03 AM

I think i do have a copy somewhere, there is a link on the INP website http://www.innapet.com.au however this is the December report. I recall them releasing another one as well, i have it in PDF somewhere but im not sure how to post it here. Lets see what it all does today :confused::)

kennas

26th-March-2008, 09:22 AM

I recall them releasing another one as well, i have it in PDF somewhere but im not sure how to post it here.Ben, the easiest way to attach a file is to upload it using the little paper clippy thing, seen here. Just click on it and upload whatever you want. You can also use the Manage Attachments function in the Additional Options when you scroll down the page. Cheers, kennas

BenH

26th-March-2008, 12:41 PM

Ok, there is a rundown in here somewhere, hope it helps, its a little bit like double dutch to me, im new to all of this, but having fun.

long$$

26th-March-2008, 02:12 PM

EasternGrey1 - BenH has provided the pdf file from which my post was copied from a Comsec research insight on 20/3.

There is a more in depth Comsec article posted on the INP web site (referred to earlier in this thread).

The report on the INP site has predictions of the effect of various variables such as oil price. It should be possible for someone with the appropriate spreadsheet skills to develop an algorithm that predicts INP price from the variables considered. I would guess that the price given in the 20/3 Comsec research insight has used such an algorithm.

BenH

27th-March-2008, 10:31 AM

Well here is hoping they are right, in that case its a bargain at the on average 80c a share I've paid for it. As I see it the main issue seems to be getting the stuff out of the ground. Where do we stand if they keep finding gas instead of oil? Or is this a good thing, meaning oil may be lower? Excuse my ignorance, I've been doing this for a whole 3 months lol, and currently 12% down over all. I guess I may have jumped in at the wrong time. :banghead:

EasternGrey1

27th-March-2008, 11:40 AM

Thx for the link. If you're only down 12% over 3mths, you are doing well. You won't know till it's too late whether you jumped in at the right time!

BenH

27th-March-2008, 07:43 PM

Well thats reassuring lol, im looking at PSA as well, does anyone know anything about this one, Com Sec has a buy recommendation on that one too, however like INP, its going backwards. Any suggestions?

BenH

4th-April-2008, 05:57 PM

This chat has gone quiet, any news anyone? It seems to have stalled and is hovering at the moment, which way next?

EasternGrey1

10th-April-2008, 05:58 PM

Flax 7 drilling has stalled for a couple of days, doesn't seem to have helped. But who knows what the market ever thinks (does it actually THINK???) .....

BenH

14th-April-2008, 10:40 AM

Who knows, i was thinking about selling out, im down 28% but then part of me thinks, hmm i don't need the money, and there is a bit going on so maybe i wait for some good news.
What does everyone think about this strategy, ie hold it long term and see where it goes?

EasternGrey1

18th-April-2008, 05:47 PM

WTH - why not hang in there. Comsec value it at 1.98. 0.60 isn't exactly demanding. All they've got to do is unstick their drill bit, puncture a few more holes in the reservoir, and collect the stuff as it runs out. 1k bbls/day just about justifies the whole share price, and they should end up producing stacks more than that. I've never understood why the market does what it does, I just look for value in the shares I buy and then hang on to them for as long as they still look good value. Usually it works, sometimes it doesn't. I'm certainly not selling INP yet.

BenH

21st-April-2008, 05:07 PM

INP up 16.67% today, close at 70c whats the go with that? Im almost back to where i started, will it get to 80c ?

EasternGrey1

22nd-April-2008, 07:54 AM

0.80? Try 1.80. See long$$'s post on 21 March: "CommSec retains BUY / OUT PERFORM. In CommSec’s view, INP offered good value at the $1.17 equity raising, it now offers even better value, with very little risk in operations or commodity pricing, and it still has HUGE upside. CommSec’s base case net present value is $1.98.".

The latest hole is now near full depth, and "Elevated gas readings and oil fluorescence were reported through the overlying Permian section. These shows are comparable to those encountered in the nearby wells in the Flax field.". (Yesterday's ann.).

Just finding what they hoped to find should be enough to push the share price up nicely. I rather like HUGE upside in my shares!!

BenH

2nd-May-2008, 11:36 PM

Another great day or INP, back to 75c, or 17 %, what gives, why such a jump all of a sudden? Lets keep it moving :)

EasternGrey1

3rd-May-2008, 09:26 AM

Who knows? No news, no announcement. I think it could be this http://www.news.com.au/dailytelegraph/story/0,22049,23633085-5006060,00.html.

Daily Telegraph May 02, 2008 12:00am

THE country's second-biggest coal seam methane (CSM) operator, Santos, surged nearly 10 per cent as investors bet that it would be a takeover target as soon as its 15 per cent ownership cap is lifted, following BG Group's $12.9 billion bid for Origin Energy.

Seems there is renewed interest in any company that has a lot of oil and gas in the ground.

What would a predator pay for INP's prospects? I would suggest that Comsec's valuation $1.96/share would be not far off the mark. This could get a lot better, yet!

anindya_becit

3rd-May-2008, 02:25 PM

According to the latest comsec research report it is valued at $2+ with a BUY/OUTPERFORM recommendation. I bot just few( being very much a newbie to Stock trading :) ) @ $0.695 and it closed this week @ $0.75 ...

Hope to see some good price for INP in future ...

Thanks

BenH

3rd-May-2008, 05:19 PM

i bought in at 80c, a few months ago, i nearly sold out, but decided to hang in there, i think my wait may have been worth it. $2+, i would love to see how big that + sign might be lol :)

anindya_becit

4th-May-2008, 10:03 AM

well that + according to Comsec means probably another 2/3 cents ... let's see how it goes :) ... initially they valued it at $1.96 and now up again ... good stuff :)

kingbrown

5th-May-2008, 04:11 PM

GO INP !!! she's up 22% today went as high as 96
$1 is knocking on the door
After watching it plummet for so long
I had to get in when i thought inp had bottomed and is now on a rise

Ive only owned this stock for a week and iam up 33%

WOOO HOO !!!!!!:)

tigerboi

5th-May-2008, 04:30 PM

Its been a bitter disappointment since it smashed into $1.97 last year,yep somone bought at $1.97...:banghead:...,bit like souths winning their 1st game to go to 1/8..i wanna see it do more...tb..:D

BenH

5th-May-2008, 08:45 PM

I got a very nice surprise when i looked at it tonight, i bought in at 80c so yay for once im in the green. Im new to this, and it seem's like i jumped in just when things went belly up, so yay :)

dj_420

6th-May-2008, 04:29 PM

I jumped on this one at the low today, although I missed the last couple days run I think there will be a lot of potential upside over the medium term.

desolator

6th-May-2008, 05:05 PM

Also jumped on board today, hoping for some positives from INP.. shareprice did a bit of a backflip today after the great run is had yesterday.. hopfully evens out.. any1 got any new news on these KIDS ?

BenH

9th-May-2008, 11:58 PM

Well its looking positive:) now, sitting above 90c, mmm lets see $1, and then $2, i think its the little train that could :) Any thoughts so far?

mapna

10th-May-2008, 08:23 PM

JTLP

10th-May-2008, 09:35 PM

Posted on 7/10/2007

"0135 GMT [Dow Jones] Macquarie maintains Innamincka Petroleum (INP.AU) at neutral after
recent share price rally; says more work needed to define resource. INP soared after
estimating oil in place of 120 million barrels at its Flax/Juniper filed. Macquarie
estimates net oil position of 16 million barrels using conservative recovery rate of 15%
to 20%. "While there remains a significant degree of upside from the current share
price based on potential reserves, we require further clarification on project delivery,
cost estimates and timelines," Macquarie says. Target price set at A$1.07. INP
trading up 3% at A$1.375. (APW)

Contact us in Singapore. 65 64154 140;
MarketTalk@dowjones.com
"

Anyone knows when the 120miilion barrels will be on commercial??? based on the above comment, even if INP can produce oils the target price that Macquaries set was only at $1.07 ....

I remember INP issued more shares sometimes in Nov last year at the price of $1.17/share to fund its Drilling programs this year.

Anyone knows the ralationship between that current drills and its above ann.?
How far away from the Flax above???

IMO & DYOR Pls.

Errr i dont know when the oil will be commercial....but the 120 mil is Oil In Place. I'm pretty sure the recoverable amount is most important and what most LT investors (and clearly Macquarie) are concerned about (hence the 15% success rate from 120 mil (120 * 15% = 18 (they have used 16...conservative? not sure here sorry).

INP have to get that oil outta the ground, make sure it is high quality, transport it etc etc...hence the reccomm. They also need to give cost estimates etc...if it is cheap and good, then + to INP.

As for your other questions...:confused:

Do Not Hold

desolator

12th-May-2008, 11:21 AM

Well its looking positive:) now, sitting above 90c, mmm lets see $1, and then $2, i think its the little train that could :) Any thoughts so far?

well we hit the $1 mark so smiles for me :D be interesting to see what the market closes at today! market depth looks pretty positive will be interestin to see how far the momentum can go!

Armand

12th-May-2008, 03:57 PM

Bought 4500 of these on Friday, at $0.905. Glad to see they've cracked $1 now!

How long do you guys think the price will rise for?

I was quite unhappy when i discovered this afternoon that they had reached $1.120, but i couldn't sell them, i was at school :(

desolator

12th-May-2008, 06:00 PM

mmmm.... should keep putin along i think.. im expecting a bit of a tiny retrace after todays performance before it does tho. i could be wrong, im holdin either way :p:

mapna

12th-May-2008, 06:03 PM

Looking back to the history of INP in the last 3 weeks, SP jumped high on Monday then dropped back until Friday.

Tomorrow would prove the pattern.

do not hold it atm.

DYOR

Neutral

13th-May-2008, 09:54 PM

How would you guys rate Cooper (COE) against INP? When COE took a beating not that long ago, it seemed as if those who sold COE went into INP and drove the price up.:2twocents

long$$

16th-May-2008, 09:25 AM

Comsec has increased its valuation of INP as reported in its latest research insight (Issue 71), to $2.42. If my memory serves me correctly it last valuation was $1.98.

The report compares BPT, INP, PSA, ROC

Summary of
report dated
14/05/08

BPT2: Last Traded: $1.345 Market Cap: $1.198b Sector: Capital goods
INP2: Last Traded: $1.07 Market Cap: $201m Sector: Comm. services
PSA: Last Traded: $0.905 Market Cap: $139m Sector: Capital goods
15/05/08
ROC: Last Traded: $2.40 Market Cap: $717m Sector: Capital goods
BPT2: BUY / OUT PERFORM Valuation: $1.78
INP2: BUY / OUT PERFORM Valuation: $2.42
PSA: BUY / OUT PERFORM Valuation: $2.57
ROC: REDUCE / UNDER PERFORM Valuation: $1.76
Summary of report dated 14/05/08

What’s new?
CommSec has upgraded its oil prices. The basic changes are:
􀂠 the near-term projections have been raised as the oil prices have been higher than expected
􀂠 the L-R price has been raised from $55/bbl to $65/bbl
􀂠 the L-R A$/US$ rate has been raised from 77c to 80c

Valuations revised, recommendations same
Higher oil prices have increased the valuation of all of CommSec’s oil stocks (outlined above).
Despite the revised oil prices, the relationship between the present share prices and valuation, and hence the recommendations remain the same.
􀂠 Innamincka Petroleum (INP) remains our number one pick due to the very large discount to CommSec’s valuation, coupled with CommSec’s confidence in the upside of INP.
􀂠 Beach Petroleum (BPT) remains CommSec’s preferred pick for investors who are not prepared to invest in stocks as small as INP, or those with a lower risk appetite.
􀂠 Petsec Energy (PSA) is CommSec’s number three choice as we cannot be as certain of the US potential.
CommSec’s upside valuations of ROC are now above the ROC share price.

anindya_becit

16th-May-2008, 02:07 PM

Well the last valuation by CommSec was $2.03 up from $1.98 ... and now $2.42 .... u ho ha .....:D ... GO baby GO!

Armand

16th-May-2008, 03:59 PM

I am very happy with the performance of the company so far, and the future is looking good too! I'll be keeping my shares for a little longer, though.

EasternGrey1

16th-May-2008, 10:58 PM

Thx for the Comsec info, long$$. ... $65 oil, eh? ... It couldn't get could get that high - could it?

BenH

18th-May-2008, 08:12 AM

long$$

18th-May-2008, 01:54 PM

Well, according to the comsec report, $2.40ish is a possibility. I would be very happy with $2, thats 2.5 tims what i paid for it :)
What is their next well after this one, and would another oil strike in the next increase this figure? I wonder how much upside potential comsec put into their calculations?

BenH

See http://www.innapet.com.au/upload/news.pdf for news on this. Next is the Juniper field (larger than Flax). Currently concentrating on production wells for Flax to get cash flow going (expected 1000 bpd by end of 08). Then move on to Juniper.

BenH

18th-May-2008, 07:47 PM

Thanks heaps for that one Long, hmmm i think i might tuck this one away for a while :) i like their story so far.

hsv2001

19th-May-2008, 12:34 PM

dj_420

19th-May-2008, 07:58 PM

Some odd movement today, up 10 percent now slowly heading down, just wanted to know how long should we expect for a significant rise in this share price, i.e. to $2.40. I'm looking for something mid term and this seems like it's fairly secure and has had some nice growth movement over the past for weeks.

thanks for any input

marc

Marc

Shareprice has already has a significant rise, has finally found some selling resistance and I now want to see a consolidation period. You dont want stocks shooting to the moon if you want to hold mid to long term.

Nice and easy does it, 2-3% here and there will get you where you want in the end. INP has run very hard over past few weeks and deserves a breather. I am looking to add to my position anyway on weakness.

mapna

22nd-May-2008, 07:46 PM

Marc

Shareprice has already has a significant rise, has finally found some selling resistance and I now want to see a consolidation period. You dont want stocks shooting to the moon if you want to hold mid to long term.

Nice and easy does it, 2-3% here and there will get you where you want in the end. INP has run very hard over past few weeks and deserves a breather. I am looking to add to my position anyway on weakness.

It seems that SP has been sideway last few days. Pushing up a bit then down again. The last 2 anns. did not give much strength to the push. I reckon ppl. do not quite understand what is in the ann. "running wirelogs" ... can anyone here explain pls???

BenH

22nd-May-2008, 08:51 PM

Im new to this stuff however from what i understand they are basically doing tests to see how much gas or oil they have, please someone correct me if i am wrong. As for the sideways shift, from studying other threads and charts, ive noticed that stocks don't seem to just go up, ive heard others use the term a consolidation phase which is what i think this is at the moment. Either tomorrow or Monday i think we will see a bit more of a shift in the right direction. In my opinion, from all of my reading this stock is still cheap, so be patient. Im certainly not selling any time soon, maybe i will consider whan it hits $2, i believe that is quite possible in the not too distant future.

mapna

23rd-May-2008, 02:10 PM

Today's ann has made ppl. moving away from the stock. There would be no more daily report for a while, It is no longer under the eyes of day traders. I reckon only investors are patient to wait for the production phase which is few months from now .... The day traders would keep it in the drawer from now ... IMHO .. DYOR.

kingbrown

27th-May-2008, 07:11 PM

I agree !!
Thats why i have sold up on INP :)
INP has been very good to me in the past month iam up around 40% cant complain with that :D

Just it appears INP is losing alot of steam after that well announcement
Hope all goes well
Will jump back in later
Prefer to chase these coal seam gas companies at the moment :sly:

mapna

27th-May-2008, 08:55 PM

kingbrown

28th-May-2008, 09:03 AM

I wonder how far it would go until it hits the support line? It has been heading south every day since the last ann. I hope the mgt would do something to stop it from dropping further ... not sure what to do ????

Maybe a weekly ann. / update status to draw ppl's attention ....

I had a good time with it last few weeks but now just sit back and watch .....

IMHO - DYOR ...

I felt the same
After watching it slide
$1 maybe knocking soon ?
others i know are selling
I do feel this is a good stock with a mid to long hold
but its losing support again
Hoping to get back in around 90 cents

Time will tell good luck ;)

zolow

18th-July-2008, 12:05 PM

This one has been quiet for a while too.

They have had a recent announcement... looks like they are on the cusp of producing.

Current oil price should give them a nice boost to earnings if they can ramp up production to thier expected 1000bopd. Hopefully their shareprice will start to reflect earnings potential. Anyone else heard/know anything from this company?

I own shares in this company.

BenH

21st-July-2008, 08:56 AM

All has been too quiet for too long, lets hope it heads up soon :) The announcement just restated what everyone already knew. So nothing to jump up and down about lol. I too hold shares in this company, but atm im down 29%. But its a long term hold so its all good :)

CapnBirdseye

21st-July-2008, 09:37 PM

I think people have just lost interest. Volumes of trades have been low. I'll wait till they are in production, hopefully should push over 1.50.
Bought at 0.87, 1.04 and 1.08.

bowseruni

22nd-July-2008, 08:36 PM

zolow

23rd-July-2008, 01:13 PM

when are they set to start production?
I have held in the past and made very good returns, although i have noticed the last report was good but the sp has gone down heaps.

does anyone have a current graph? what does it show?

not holding at the moment......but may soon

As per the last announcement, they are set to start producing in July, i.e. they should be producing now.

In terms of their chart I'll have a go...

1. Resistance at $1.30
2. Currently looks like it is in a closing wedge which should break out sometime soon, most likely when they announce production. I suppose the only problem is that you don't know which way it will go.

DYOR

CapnBirdseye

23rd-July-2008, 07:30 PM

I hope I know which way its going. Got deeper in at 0.85 early on today. Not too much pain in the aternoon.

I'd say things will be interesting in the next few weeks.

zolow

25th-July-2008, 10:43 AM

Got this out of todays Commsec Research insight... It might have something to do with the latest increase in share price.

Innamincka Petroleum2: Production to start!
INP Last traded: $0.88 Sector: Energy Market cap: 167m

BUY / OUT PERFORM Valuation: $2.14

Summary of previous report dated 21/07/08
What’s new?
On Friday 18 July, Innamincka Petroleum (INP) announced that oil production from the Flax
field is expected to commence during July. All necessary approvals have been obtained and
the final steps to production are in progress.

�� The Flax 1 well is now ready to produce.
�� Flow lines have been installed.
�� Hydro testing and X-ray testing of all welds is underway.
�� The separator has been installed.

All that remains now is to complete the testing of the flow lines and to connect the separator
and the flow lines to the tank farm. Early product will be trucked to Moomba.
August, September and beyond…

The Flax 2, Flax 3 and Flax 4 wells are also ready to produce. Flow lines just need to be tied in
and production from these wells should start in August.
INP has mobilised a completion rig on Flax 5. This will be followed by Flax East 1, Flax 6 and
Flax 7. By the end of September, INP could have seven producing wells.
The compressor is on site to begin gas re-injection when the oil flow from Flax 1 tails off; it will
take some months to build pressure.
Valuation and recommendation
INP is on target to produce 1,000bbls/day by the end of 2008. CommSec’s valuation is now
$2.14; while it was hoped that first oil would be in May/June, CommSec had never factored this
into its modelling.

CommSec retains its BUY / OUT PERFORM recommendation.

BenH

25th-July-2008, 12:36 PM

Well if the last three days is anything to go by, if there is good news the price should do quite nicely. I have heard so many great things, but im yet to see it take off and stay there. I just wan't it to break $1.30. I guess we are in volatile times dealing with a volatile product in more ways than one ;) But its certainly got potential.

long$$

27th-July-2008, 05:56 PM

Got this out of todays Commsec Research insight... It might have something to do with the latest increase in share price.

Innamincka Petroleum2: Production to start!
INP Last traded: $0.88 Sector: Energy Market cap: 167m

BUY / OUT PERFORM Valuation: $2.14

Summary of previous report dated 21/07/08
What’s new?
On Friday 18 July, Innamincka Petroleum (INP) announced that oil production from the Flax
field is expected to commence during July. All necessary approvals have been obtained and
the final steps to production are in progress.

􀂠 The Flax 1 well is now ready to produce.
􀂠 Flow lines have been installed.
􀂠 Hydro testing and X-ray testing of all welds is underway.
􀂠 The separator has been installed.

All that remains now is to complete the testing of the flow lines and to connect the separator
and the flow lines to the tank farm. Early product will be trucked to Moomba.
August, September and beyond…

The Flax 2, Flax 3 and Flax 4 wells are also ready to produce. Flow lines just need to be tied in
and production from these wells should start in August.
INP has mobilised a completion rig on Flax 5. This will be followed by Flax East 1, Flax 6 and
Flax 7. By the end of September, INP could have seven producing wells.
The compressor is on site to begin gas re-injection when the oil flow from Flax 1 tails off; it will
take some months to build pressure.
Valuation and recommendation
INP is on target to produce 1,000bbls/day by the end of 2008. CommSec’s valuation is now
$2.14; while it was hoped that first oil would be in May/June, CommSec had never factored this
into its modelling.

CommSec retains its BUY / OUT PERFORM recommendation.

Their value was $2.42 in their last valuation May; no reason is given for the drop in valuation. The wording of the report looks similar.

zolow

28th-July-2008, 10:48 AM

Their value was $2.42 in their last valuation May; no reason is given for the drop in valuation. The wording of the report looks similar.

I'm not surprised this value is different, recently Commsec have been rather inconsistent in their error checking, i think $2.14 was their previous valuation (before $2.42, that is )

IMO it's a copy error and Commsec hasn't picked it up... but you never know.

Z

BenH

28th-July-2008, 07:26 PM

I wonder how long it will take for this baby to get to $2 if ever. I know its got potential, i would just like to see it do something significant. Good luck to all holders :)

Whitsy

4th-August-2008, 04:16 PM

Oil starts flowing at Flax
Innamincka Petroleum, on behalf of the PEL 103 Joint Venture, is pleased to announce oil
production commenced from the Flax field on Friday 1st August.
The first well, Flax 1, flowed oil at the forecast initial rate of approximately 350 barrels of oil
per day. Additional Flax wells will be brought online over the next few weeks as the
surface construction and well development activities proceed.
The first load out of crude oil from the Flax field is scheduled for mid week

Buyers pushed the price up significantly on the close.

News like this is black gold :D

zolow

4th-August-2008, 04:25 PM

Whitsy, you beat me to it... I agree it's good news, 350bopd for flax 1.

ramping production up to 1000 bopd should be a breeze! fingers crossed that that they can successfully do this.

Whitsy

4th-August-2008, 04:31 PM

Whitsy, you beat me to it... I agree it's good news, 350bopd for flax 1.

ramping production up to 1000 bopd should be a breeze! fingers crossed that that they can successfully do this.

Got to be quick Zolow:D
They have the resources and management to do it. Sit back and enjoy the ride. Good luck to all holders.

JTLP

4th-August-2008, 05:41 PM

Congratulations to INP holders.

It must be nice to see some appreciation in the SP when they strike oil...hell my baby is producing the blackgold at 4,000 bopd and can't even take a trick.

Have been watching INP for a while...if they can increase production significantly then they will be rerated handsomely.

Whitsy

5th-August-2008, 02:25 PM

I shudder to think what INP's sp would be today without yesterdays announcement...down over 7% on good news

Calliope

5th-August-2008, 04:46 PM

I shudder to think what INP's sp would be today without yesterdays announcement...down over 7% on good news

It was a bad day for energy stocks and INP through no fault of it's own got beaten up along with the rest of the commodities.

bowseruni

6th-August-2008, 04:49 PM

I was sure these guys would have bounced up today, but no. Dropped another 6%.

not holing anymore....but thinking of jumping back in once EGO comes back up to a saleable amount

kingbrown

15th-August-2008, 10:35 AM

INP has been smashed today

Down almost 40% to 41cents :eek7:

Is INP another AED ?? :mad:

Glad i bailed out some time ago

In the report it does not look good
Has the FLAX field now failed ? :eek:

roland

15th-August-2008, 11:05 AM

Not a good announcement. FLAX hasn't failed - it's just that it is probably not as large as they thought. Still flowing though. In for a punt at .415

bowseruni

15th-August-2008, 11:16 AM

yeah not a good day for current holders.

I jumped back on today very lightly at 0.43 (little early). I was tempted to pump a lot more in last week going on the Comsec announcement, glad i didn't now.

kingbrown

18th-August-2008, 04:47 PM

well there was no bounce today
Last time i looked it was down but steady

Any one have any idea what this mob is worth now ?

Is it time to buy ? :confused:

long$$

18th-August-2008, 06:20 PM

The Comsec report on INP in Jan 08 said:

"The share price response to the announcement of 120Mbbls Oil in Place was dramatic. However, INP had, in January 2006, published an audited resource of 85Mbbls and the recent announcement was the infill between these two fields."

The latest announcement seemed to throw doubt on the assumed connection between Flax and Juniper.
Does this mean that the current value = 85/120 x value before latest announcement($0.68) = $0.48? Current value $0.49.

Or should it be Comsec's last valuation $2.14 x 85/120 = $1.52?

:2twocents

Whitsy

18th-August-2008, 07:38 PM

The latest announcement seemed to throw doubt on the assumed connection between Flax and Juniper.
Does this mean that the current value = 85/120 x value before latest announcement($0.68) = $0.48? Current value $0.49.

Or should it be Comsec's last valuation $2.14 x 85/120 = $1.52?

:2twocents[/QUOTE]

Commsec has released a new synopsis of the INP situation which might interest some readers. I have pasted the narrative below. I was unable to attach graphs and tables but its all very interesting. Wonder if we can sell the fresh water! lol

Confusing Flax 5 results
What happened?
At 8:46am on Friday 15 August, INP announced
Flax 5 has been producing 1,000bbls of fluid a day of clean up flow,
after fracture stimulation, which is a much higher flow rate than
expected.
— 300bbls of the 1,000bbls a day is oil.
— The water is fresher than expected
A pressure gauge on Flax East 1 has not responded to the production
in Flax 5, suggesting that the two wells are not in communication.
Following the announcement, INP’s share price was trashed, falling 35%
What does it mean?
The INP Board is concerned that the market had previously been advised
that INP thought it was likely that the Flax East 1 well proved connection
between the Flax and Juniper fields. This may not be the case.
Even if the Juniper field (Flax East is in the Juniper field) and the Flax
fields are not in communication, this is not important for reserves
estimation.
The amount of water in Flax 5 is confusing. No other well has produced
water and this may mean that the proportion of the reservoir accounted for
by oil could be lower than expected, based on the experience of the
Cooper Basin).
It will take at least a month for INP to test possible reasons and reach
some conclusion and it could mean that INP will take longer to publish
certified reserves. It might now be as late as mid 2009.
Valuation and recommendation
There are both downside and upside risks to CommSec’s $2.17 per share
valuation, which compares with the current share price of $0.47.
In CommSec’s view, INP’s share price reaction is overdone. CommSec
retains its BUY / OUTPERFORM recommendation on INP.
Equities Research Report | Innamincka Petroleum
18 August 2008, 7:41AM AEST 2
CommSec’s first pass interpretation
While the implications of INP’s announcement are unclear, the market reacted, trashing the
INP share price
CommSec understands that INP’s Board made the announcement for two reasons.

The lack of pressure response from Flax East 1 to the production of 5,000bbls fluid from Flax 5, which is about 600m away, though on the east side of a fault structure interpreted from previous a seismic survey, indicated that the Flax 5 and Flax East 1 wells were not in communication, and hence the Flax and Juniper fields, may not be in communication
— this is in contrast to statements made by INP previously.
News of the water being recovered from Flax 5.

Implications
The implications are unclear. Communication between the two fields has NO impact on estimated reserves; it impacts on the development plan.
CommSec believes that it could take four to six weeks for INP to understand why so much water is being recovered from Flax 5.
There is potential for reserves to be negatively impacted, but there are other factors that could increase the estimate of recoverable reserves for the total of the Flax – Juniper complex.
While there is potential negative for INP from a reserves downgrade, INP’s announcement also contained positives.

The Flax 5 well has a flow of 1,000 bbls of fluid a day, compared with about 300bbls/day from other wells, on a clean-up flow
Flax 1 is still producing 300bbls/day, through a 16/64 inch choke

Development progress
Development is progressing well.
Flax 3 and Flax 4 are ready to produce just waiting for welding of pipes to be completed
Flax 2 is being prepared for production.
INP is on track for 1,000bbls of oil a day in September or October.

INP’s announcement
INP announced that “…development activities over the last week have raised questions about
the previously assessed nature and extent of the connection between the Flax and Juniper
fields…”
The key points are:
-Water is being recovered from Flax 5, while water has not been encountered in any well anywhere else in the field, and
-despite the recovery of 5,000bbls of fluid from Flax 5, a pressure gauge on the nearby Flax East 1 well has not responded.

CommSec’s Interpretation

Previously INP had advised that the first results of the Flax East 1 well indicated that the Flax and Juniper fields were in connection. INP have now clarified that this may not actually be the case. However, communication between the two fields has NO impact on estimated reserves;
it impacts on the development plan.
Implications of the water
Flax 5 was fracture stimulated (fracc’d) and flowed 1,000bbls of fluid a day until it was shut for a pressure test (standard procedure). The recorded flow was clean-up from the fracccing.
Fraccing involves injection of up to 2,000bbls of fraccing fluid and 5,000bbls of fluid has been recovered, of which about 1,500bbls is oil and the rest fraccing fluid and formation water.
Key points to note include:
-the flow rate of 1,000bbls a day is much higher than any other well,
-the recovery of 300bbls of oil is a good result,
-the flow was on clean-up, and may not be indicative of the well’s production.
The flow is from two producing sands, the basal Patchawarra and the Tirrawarra.
The water that has been recovered has been fresher than water recovered from other Cooper Basin fields. The reason for this is not understood.
An isolated reservoir?
It is possible that this is just an isolated reservoir;
Oil is lighter than water, so water will be found at a greater depth than oil, which is why the water produced from Flax 5 is so unexpected as the log analysis indicated there was no water in the deeper Flax East 1 well.

Time to test
The first test is to understand whether the water is being produced from one sand, or both, and if one, which sand is producing the oil.
To do this requires Flax 5 to be completed so that the operator is able to shut off the sands individually. This requires the work-over rig that is currently working at Flax 2 where it is to remove a packing seal to allow fluids to flow from both sands.
This may take only one or two days, or it might take longer. The work-over of Flax 5 should be completed within two weeks.

Each of the sands will then need to be tested for about a week, so it will be about a month before INP is able to advise the reasons for the water in Flax 5

Potential Reserves implications
The volume of Oil in Place (OIP) for the Flax-Juniper fields has been estimated as 120Mbbls.
A key assumption in this estimate is that the reservoirs are about 40% water and 60% sand.
This estimate was made using:
-the results of electrical resistivity tests, and
-assumed water salinity which determines the resistance of water.
If the formation water is as fresh as found in Flax 5, then the proportion of water in the
reservoirs could be 55% or even higher.
The reserves estimated for the Flax field is over 4Mbbls of recoverable oil Of this:
-about 1.0Mbbls is from the basal Patchawarra sands, and
-the balance from the Tirrawarra.
estimates
However…
-There is only a trivial implication for the potential for over 35Mbbls of total potential
recoverable oil reserves from the Flax – Juniper.
-The estimates of recoverable reserves are based on assumed recoveries of 25% of OIP
in the Tirrawarra and much less in the basal Patchawarra, while the experience of STO’s
Tirrawarra field is that the Enhanced Oil Recovery will achieve a much higher recovery
level.
Conclusions
Since the excitement that followed the announcement of the Flax East discovery well (in
October 2007) the INP share price has performed poorly, this is despite the strength of the oil
price.
However,the INP share price (at least until the last day) has performed at least as well as other small oil companies.

There are many assumptions made in CommSec’s $2.17 valuation of INP.
The most critical details include:
-a total of 36Mbbl is produced over a 15 year period, from 2008 to 2022;
— this is an estimated 30% recovery of the 120Mbbls OIP,
-$18m in costs to develop a cluster of wells and this takes 6 months.

CommSec also believes that there is further upside in INP from:
-greater Oil in Place as neither the oil-water contact (the bottom of the oil column) nor the
gas cap (the top of the oil column) have been found,
-higher recovery, as Enhanced Oil Recovery (gas injection) has given recovery in STO’s
Tirrawarra field of greater than 30%, while similar fields in the USA have been up to
50%,
-gas sales potential from the gas discoveries at Yanpurra and Yarrow.
CommSec affirms its $2.17 valuation of INP and its BUY / OUT PERFORM recommendation
on INP.
Equities Research Report | Innamincka Petroleum
18 August 2008, 7:41AM AEST 9

Still good times ahead i feel with such a recommendation...:)

long$$

18th-August-2008, 09:59 PM

Whitsy

Thanks for this reply. For those in for the long term the information seems to indicate the value is still there, especially at the current price.:2twocents

doogie_goes_off

27th-August-2008, 12:02 PM

Has broken out, so the nay sayers have decided that flax is either big enough or connected to Juniper but holds so much oil that they cant register it in the nearest well LMFHO. I'd say it will break back down unless there's some insode news.

pacestick

20th-September-2008, 06:27 AM

xej up 3.8% all ords up 4% inp up 26% what is going on Is there info out that we havent been told of re the water in the well or what

bowseruni

20th-September-2008, 11:08 AM

no announcement but a dam good rally on friday, with the oil price coming up inp should start to climb again me thinks

long$$

21st-September-2008, 06:16 PM

Unfortunately Comsec's evaluation of INP in Dec 2007 does not consider oil prices above $65/bbl so it is difficult estimate the effect of oil price.

pacestick

21st-September-2008, 07:19 PM

Its the immininent departure of the 368,000 shares shorted that fascinates me although the oil price being above those comsec used cant be bad

pacestick

23rd-September-2008, 07:51 PM

now shorter has reduced to 214,000 shares wonder how much time he has lefyt to get rid of them still he has covered 100,000 oor so

bowseruni

23rd-September-2008, 07:58 PM

now shorter has reduced to 214,000 shares wonder how much time he has lefyt to get rid of them still he has covered 100,000 oor so

can you explain to me what your above quote means or indicates is happening to inp? not that i'm holding very many of these guys any more, but still have a couple
wayne

pacestick

23rd-September-2008, 09:11 PM

This sis all new ground to me I have never taken much notice of shorting before as far as I can see the shorter has to buy the amount of shares he is short by and of course no more shorting can occur until the end of the none shorting period I do not know if shorters have to operate on t plus 3 trading days before settlement if so as friday was the last day on which they could short then the shorter has to buy the shares to cover the short by close of trade tomorrow creasting upward pressure on inp price for the day as I Said I am not really sure of how it works just know that getting rid of someone who wants to pres the price of my share down to make a quick buck is good

pacestick

25th-September-2008, 06:54 AM

wednesday came and went so i guess I got that wrong at leat i ma consistent in being wrong amazed I have stayed in markrt so long

CapnBirdseye

26th-September-2008, 07:48 AM

I'm sitting tight on this one. Any moves before an announcement are purely speculation. A few people seem to be leaving small positions and letting the SP trickle down after last weeks 25% spike - quite happy to mop up a few. Volumes are low, so its not of any real consequence.

Not sure about last weeks spike. Anyone see anything on a research sheet or something?

I found the in depth August Comsec report on INP's website - if anyone is interested...

http://www.innapet.com.au/upload/news.pdf

zolow

26th-September-2008, 10:33 AM

Thanks, captbirdseye... been looking for the official commsec version.

should have thought to look on their website :banghead:

CapnBirdseye

7th-October-2008, 01:24 PM

.....and we all wait for things to happen down on the farm.

Till there's some real progress towards 1000bopd I dont see the SP getting anywhere near Comsec's new valuation of $1.77.

CapnBirdseye

17th-October-2008, 01:17 PM

No news is good news? To be honest given the bashing of the SP, it would be best not to keep shareholders in the dak too long.

pacestick

18th-October-2008, 01:53 PM

aye ayr capn birdseye there will be a mutiny if they dont get their act together soon. Still no word on the water in the well

pacestick

2nd-November-2008, 07:46 AM

Can it get any worse the agm did not really give any new good news of a light at the end of the tunnel

pacestick

7th-November-2008, 08:46 AM

comsec have issued a report for private customers presumably they pay more . The report is positive . The water is being pumped out of the well but the rig is not ideal and therefore is taking longer. Flax 2 should start producing today. Flaz 4 is tested and ready and will use the pipe from flax 2. The oil is being trucked to brisbane which is costing an extra five dollars a barrell over delivery through moomba . No word on what the problem is or when it is likely to be ficxed I still think that 310 bpd x a maximum of $70.00 per barrell ids a lot less than daily expenditure. Moomba needs to be fixed as reserves of cash may still be being depleted . comsec seems to think this is enough cash flow am bit sceptical without actual figures

long$$

7th-November-2008, 02:29 PM

From Commsec Research Insight today:

BUY / OUT PERFORM Valuation: $1.78
On 30 October, INP filed its September quarterly report.

INP operations
􀂠 INP has been trucking oil to Brisbane while it has had issues with its receipt at STO's Moomba operations. The cost penalty is about $5/bbl.
􀂠 Flax 1 and Flax 3 have continued to produce, and are now at just over 300bbl/day.
􀂠 Flax 2 has completed its work-over, the pipe has been built to tie in, hydrostatic has been completed and it is expected to be producing and on-line by 7 November
􀂠 Flax 4 is ready and will use the pipe from Flax 2.
􀂠 Flax 5 is being de-watered, but the drill rig doing the bailing out is not well suited to the task, as the most suitable rig is currently engaged, and so it is taking a long time.
􀂠 Testing of Flax East will take place after Flax 5 has been tested for the oil flows from each sand.

INP progress
INP presently has many issues for which it working towards answers, but at present, there is an overwhelming number of issues to work through and the path is not clear.
These are detailed in the body of this note.

Investment view
The current share price gives a market cap for INP of $A 77m.
There is significant uncertainty on any valuation of INP. However, INP has enough cash plus it is generating enough cash to grow its operations.
Accordingly, CommSec retains its BUY / OUT PERFORM recommendation.

pacestick

21st-November-2008, 04:52 PM

Does anyone know if flax 2 was connected up and how far inpo is progressing with flax 5 dewatering and resolving the problem at moomba or at least with the truck so that the moomba facility can be used again

dandyjac

21st-November-2008, 09:48 PM

Yeh these clowns are poor performers as to keeping their share holders informed about progress, How about a bit of communication !!!!!!!!!!!!!!!!!!
(you never know it may help the s/p):banghead::banghead::banghead:

kingbrown

2nd-January-2009, 02:29 PM

hi there !!
Nows its a new year :)
any thoughts on inp @ 16 - 17 cents

Or should we all keep on the fence for a bit more ??

Is INP a viable company ?

dandyjac

3rd-January-2009, 08:20 PM

Who Knows they never inform the market as to what is going on in the field.
I have thrown mine into the bottom draw:(

pacestick

3rd-January-2009, 08:50 PM

Im with Dandyjac if this lot could hold a secret Annual general Meeting they would. We dont even know if they have managed to bail the water out yest we do know that they are shipping through moomba again which is saving $5.00 a barrel

pacestick

7th-January-2009, 05:12 PM

INP to farm ouit various of its interests could this be the coal seam gas nearby or is it just that they have run out of money to develip flax field

CapnBirdseye

7th-January-2009, 05:41 PM

pacestick

9th-January-2009, 09:19 AM

I'm really getting tired of this lack of communication. All we can hope is that it is relating to gas.

So will it be good new/bad news? Only time will tell... and I wonder how much time that will be?[/QUOTE]

The rise in sp before the trading halt might indicate that the news will be positive . You would think that the relevant authorities would be investigating why an announcement was not made earlier. If they dont they would be confirming their title as toothless tigers.

THE BUZZ

9th-January-2009, 09:49 AM

ASX release this morning 9:41 , INP POSSIBLE farm arrangement.

Cheers, and happy trading in '09.

oops, meant farm out announcement,

hopefully re farmout of Gas

cheers.

CapnBirdseye

9th-January-2009, 01:05 PM

Agreed pacestick, it looks like somone out there knew there was good news on the horizon.

I have not seen anything about the volumes or rates of gas expected - is this something I have missed? Maybe this kind of analysis and exploration will be part of the farm-out package....

pacestick

20th-January-2009, 09:15 PM

looks like the farmin company is the bigger winner although it does take care of some financial problems for inp they have had to give a lot a way

craig_oneill

26th-March-2009, 11:00 PM

Anyone got any views on the company?? It seems as though they dont like to keep their shareholders informed...

pacestick

30th-March-2009, 06:59 PM

Anyone got any views on the company?? It seems as though they dont like to keep their shareholders informed...

Thats an understatement. The market has lost confidence in the management. There are a number of reasons for this the company has had a run of bad luck but the ability to provide leadership to get out of it is questioned. The MD resigned today maybe the strt of change however the new MD is the former cfo
Someone coming in from outside might have helped the sp .

pacestick

25th-April-2009, 07:01 AM

Quarterly report due out soon .It is just possible that we the company owners will be given an update on flax 5 or would that be to much to ask

CapnBirdseye

27th-April-2009, 01:14 PM

Pacestick. I assume you hold INP like myself. Do you think there would be any merit in a letter to the management from some retail shareholders regarding their displeasure at the lack of communication?

pacestick

29th-April-2009, 05:21 PM

I doubt if they would leav etheir bunkers to talk to us. However the asset review out today raises more questions than answers probably because I dont know a lot about oil and gas companies.
The variation in estimate of Bscf in the CSG would seem to be large is this normal. We still dont know if the flax juniper field is one and the same iand a well will have to be drilled to find out. The difference in reserves between them being two fields or one large one is considrable in amount of reserves .
I am left asking the question if I knew what I know now would I have bought them.. The answer is yes but not at the price I paid and I do not want to risk more capital averaging down as the situation is still not clear. The oil price rebounding would help a lot.

CapnBirdseye

13th-May-2009, 01:20 PM

Looks like some movement based on the POO. They might start up as an oil producer again at this rate :)

Technical resistance coming up at 0.265. I doubt that there will be too much trouble in breaking it.

kingbrown

13th-May-2009, 07:13 PM

Have watched INP like a hawk for about a year now :sly:

You're right volumes are building on this one
Looks like she's heading for a march into the 30's
I have taken a punt on this stock today
Will buy more if she keeps these volumes up

early indications point to INP making a run and probably about time ;)

But thats my opinion only so do your research

Any comments welcome ?

Millionaire club

20th-May-2009, 06:53 PM

The resistance level of 26.5 cent level could've broke out a couple of times recently.
I watch this stock daily and on and off all day. I haven't seen a stock APPEAR to be so controlled in a long time. ie Treading water so to speak. There are some big players in the energy sector looking to obtain and sure up thier future gas & oil supplies...let's hope innamincka is on more than one of thier radars. I wonder how long it will be till we know AGL's drilling results. It was quite interesting seeing the company request a independent estimate of stock and inferred resources across the broad range of tennements.
Does anyone know anything about time frames for drilling results? I have looked over company announcement recently, but may have missed dates!
I also noticed recently, that Innamincka was mentioned in AGL's announcement as being a possible future gas resource/supply for them...it was in the same announcement that stated AGL won't take it's option up with BG on the Surat Basin tennements. Instead sold it's interest. Why this didn't rate a mention in Innamincka's announcements, one would wonder.
Any thoughts out there?

bowseruni

20th-May-2009, 07:11 PM

Also been watching these guys for a long while and have previously done well with them. Seriously looking at pumping some more into them but still not confident in the market. the look to have alot of sideways looking movement for a long time.

thoughts?

Millionaire club

20th-May-2009, 07:19 PM

Also what I found interesting was back in May 2008 we get a new director and the stock price is in free fall ever since. Yet we have a buyer accumulating shares at this time too. We also had an announcement (one of very few that are informative) that water was found in one of the drill holes which might undermine previous estimates of size of inferred resource...I don't know that this was ever confirmed? Then there is the announcement of the independent Asset reveiw on 29th April 09 did any one notice the change of substantial holding prior to the announcement & then the correction of the change after the asset reveiw announcement.
I mean come on, do they think we are stupid!
I don't like how quiet they are to the shareholders, but I take comfort in that the retiring managing director Mr Wecker has held his 8 million shares.
Why is production on hold??? What is our company doing at the moment? we know santos & AGl are meant to be drilling, but what is Innamincka doing if they have stopped producing? What is in the pipeline so to speak?

CapnBirdseye

20th-May-2009, 07:22 PM

Why this didn't rate a mention in Innamincka's announcements, one would wonder.
Any thoughts out there?

There was an announcement in January regarding an IN/AGK joint venture with repsect to CSG evaluation and operation.

Nothing significant since though.

http://www.innapet.com.au/upload/r20090120%20AGL%20Farmin%20Announcement%2020%20Jan %202009.pdf

CapnBirdseye

20th-May-2009, 07:26 PM

What is in the pipeline so to speak?

Just air. Not even any hot air to speak of though. From memory a past announcement or presentation stated that they would resume oil production when the POO increases. No idea to what level.

And, yes it is very strange that there are no updates regarding oil or gas exploration ... and flax 5.

bowseruni

20th-May-2009, 09:00 PM

Just air. Not even any hot air to speak of though. From memory a past announcement or presentation stated that they would resume oil production when the POO increases. No idea to what level.

And, yes it is very strange that there are no updates regarding oil or gas exploration ... and flax 5.

you certainly don't sound like you share the same views on the company as i do, I don't hold at the moment but may do very soon

CapnBirdseye

20th-May-2009, 09:20 PM

you certainly don't sound like you share the same views on the company as i do, I don't hold at the moment but may do very soon

I hold and have done for a while. I might even buy in some more. But first we need feeback as to what the company is doing, timeframes and expectations. I hope we get some news soon.

pacestick

20th-May-2009, 09:38 PM

I hold and have done for a while. I might even buy in some more. But first we need feeback as to what the company is doing, timeframes and expectations. I hope we get some news soon.
This is my strategy exactly it could be a good company or it could be a dud and the information that would help us to make an evaluation is not available

Millionaire club

21st-May-2009, 09:29 AM

This is my strategy exactly it could be a good company or it could be a dud and the information that would help us to make an evaluation is not available

I wouldn't have my money sitting in the stock if I thought the company was a dud.
And I wouldn't think AGL would commit $25 million into a venture based on hot air (so to speak). Also I note, Santos has been very quiet!

CapnBirdseye

21st-May-2009, 09:37 AM

I wouldn't have my money sitting in the stock if I thought the company was a dud.
And I wouldn't think AGL would commit $25 million into a venture based on hot air (so to speak). Also I note, Santos has been very quiet!

On what basis have you determined that INP isn't a dud. As for AGL, how have you determined that this is good value for INP?

Don't get me wrong, I expect INP to be a good stock, thats why I still hold. What troubles me is the lack of information to determine its value and near term cash flows.

Millionaire club

26th-May-2009, 10:02 AM

On what basis have you determined that INP isn't a dud. As for AGL, how have you determined that this is good value for INP?

Don't get me wrong, I expect INP to be a good stock, thats why I still hold. What troubles me is the lack of information to determine its value and near term cash flows.

Innamincka has recently announced"PEL 103 and PEL 103A contain conventional gas and oil assets and have also been identified as having
potential coal seam gas areas of significant interest to the JV participants. Under the arrangements AGL has
paid INP $15 million as an upfront payment and will also fund a $10 million work program to evaluate the
recently identified Coal Seam Gas (“CSG”) prospect known as the Innamincka Dome."
AGL has recently announced
"15 April 2009
AGL Energy Limited (AGL) has today advised BG Group plc (BG) that it
will not exercise either of the Lacerta/Polaris Coal Seam Gas or
Condamine Power Station call options acquired by AGL on 28 October 2008, the date AGL
announced its intention to sell all its shares in Queensland Gas Company Limited (QGC)
into the BG bid for QGC. Both options have now lapsed. Accordingly, AGL will not incur
any interest charges associated with the options.
AGL has concluded that anticipated future reserve upgrades from its recently acquired
interests in the Galilee Basin, Gloucester Basin, Innamincka and Sydney Gas Limited,
coupled with gas purchases under long-term gas supply contracts, would deliver a superior
economic outcome supporting AGL’s domestic gas strategy than would be obtained from
exercising the Lacerta/Polaris option."

I think you need to be positive when reading these announcements...could INP have done it better without AGK, we will never know. I know this much, if they tried it alone it would take a lot longer to do & posssible multiple capital raisings. I intend to hold my securities & I would like to obtain more. I am hoping this one pays off.

bowseruni

26th-May-2009, 10:17 AM

what does that announcment mean for INP, is it good news or bad?
I hate those ASX announcements, very hard to understand if it's going to be positive news or negative news

seasprite

26th-May-2009, 11:15 AM

what does that announcment mean for INP, is it good news or bad?
I hate those ASX announcements, very hard to understand if it's going to be positive news or negative news

Last year I was worried about INP when they made a very small comment in one of their reports about having to raise capital. This no longer exists due to the AGL farmin. I expect INP will be very active over the coming year.

Millionaire club

26th-May-2009, 03:38 PM

what does that announcment mean for INP, is it good news or bad?
I hate those ASX announcements, very hard to understand if it's going to be positive news or negative news

I can think of 25 million reasons that it will probably be good for INP. AGL must think so too, otherwise why commit to spending $25,000,000.00

CapnBirdseye

12th-June-2009, 12:53 PM

After months of going sideways and no action, we have broken out nicely on very impressive volume.

No announcements either. I wonder if there will be an annoucement soon.

pacestick

13th-June-2009, 09:47 AM

speeding ticket coped yesterday standard I know nothing answer from company and price falls again

Millionaire club

17th-June-2009, 10:16 AM

speeding ticket coped yesterday standard I know nothing answer from company and price falls again

I wouldn't say the price fell due to speeding ticket, in fact it kept strong after the ticket.
It is more likely due to th lower night on wall street or/and the chart stepping.

bowseruni

22nd-June-2009, 08:51 PM

Well it's been a few days now and still no announcement or reason for the bump. Honestly thought we would have heard something now or given some indication for the sudden rise.

CapnBirdseye

22nd-June-2009, 09:13 PM

Well it's been a few days now and still no announcement or reason for the bump. Honestly thought we would have heard something now or given some indication for the sudden rise.

I was a little strange, but their reponse on the day is all we are likely to get. Nothing.

There a plenty of questions that are still to be answered.

When the news comes, if it ever does it will most probably come thick and fast.

If INP is not a penny share by then, it could be interesting times.

Have a look back at 2008, I know it was a period of exploration, but hardly a day went by without an announcement of sorts.

pacestick

23rd-June-2009, 07:19 AM

I was a little strange, but their reponse on the day is all we are likely to get.
Have a look back at 2008, I know it was a period of exploration, but hardly a day went by without an announcement of sorts.

The management has changed since 2008 this may be the reason that they are not as fort coming. Also I understand that the asx fees charged to companies for making announcements have become higher. I have not had the time lately to investigate this information

Miner

23rd-June-2009, 06:47 PM

The management has changed since 2008 this may be the reason that they are not as fort coming. Also I understand that the asx fees charged to companies for making announcements have become higher. I have not had the time lately to investigate this information

Hi Pace Stick
That was an interesting observation that increased ASX cost prohibiting to release announcements by INP organisation and changed management etc.

Mate I am not having a Go but there are so many acquisitions and mergers happen, CEO gets changed, Directors get sacked, etc etc. It does not enable the right to change the disclosure requirements.

Further if there is no announcement made where ASIC law warrants them then the company will be greatly crucified. I suppose that is why they employ qualified Company secretaries to advise the directors to do the right thing:confused:

bowseruni

25th-June-2009, 06:40 PM

Another day of losses today, surely must come back sooner or later?

do you guys think the lack of communication means they are doing bugger all drilling etc or just got tired?

tashimoto7

25th-June-2009, 09:04 PM

I agree it would be great to know what they are actually up to. One week they get a speeding fine from the ASX, then back to the 21-23 cent range.

I thought they were siting on one of the largest onshore oil discoveries in Australia, and yet the levels of activity (or announcements thereof) and share price don't really seem to indicate they are terribly keen to get cracking.

INP are the antithesis (?) of my other oil and gas interest Karoon and their great levels of communication - and share price movements.:eek7:

CapnBirdseye

25th-June-2009, 09:37 PM

Well someone was in the office today at least. Maybe they are warming up the asx announcement system for some real news. Then again maybe I'm becoming delerious.

So, guys what are you really up to there? Playing cards all day, or actually finding and extracting some hydrocarbons?

CapnBirdseye

30th-June-2009, 08:04 PM

At long long last we have an announcement.

http://www.asx.com.au/asxpdf/20090630/pdf/31j9rv7d9dfb2r.pdf

INP are starting their CSG exploration programme in the cooper basin.

Frim what I can tell it's pretty much unknown what kind of flows they are expecting - so for now, the sky in the limit.

The main points to take are that --

The well sites are close to an existing pipeline - 25km.
Planned well depths are shallow - < 600m
Commencing August

I think the market really under-reacted here today, finishing inly 9pc up.

Lets see where this goes..

pacestick

30th-June-2009, 10:00 PM

capn dont forget inp is not paying for the cost the farmout partner is under the termds of the agreement

CapnBirdseye

30th-June-2009, 10:23 PM

capn dont forget inp is not paying for the cost the farmout partner is under the termds of the agreement

Surely this is positive? The deal is done, now all parties get to find out what they have got.... Looking forward to getting some results at long last.

pacestick

1st-July-2009, 07:29 AM

It sure is a positive capn it sure is sorry if you misunderstood my post Hopefully we will start to get some good news on other issues when the quarterly report comes out

CapnBirdseye

9th-July-2009, 01:28 PM

Firstly, appologies for a poor quality post, but I don't have much to go on but the SP.

A sudden 10% move today. It looks to me as if someone has been accumilating INP. 603 or 604 coming soon?

stocksontheblock

13th-July-2009, 10:52 AM

Well, I own some of these at a very high price, some at a very low price, and they seem not to have moved past 20 to 30 cents over the past few months, apart from the jump when AGL brought in. So, is this share offer (July 13th) any good? What does anyone think? Is this company going to come back, or should I cut my loses and get out? What do others think? I am at a lose as there doesnt seem to be lots of news coming out of INP, and when there is I dont know if its good or just netural type news?

Any thoughts, anyone?

CapnBirdseye

13th-July-2009, 11:33 AM

Make use of it. It looks like the SP will stabilise. If it keeps it head above 20c, then sell $15k at as high a price you can and buy in again at 20c or less.

There are a lot of numbers to crunch now. If we see supoprt from the market here, things could be looking good. There is always the alternative scenario though.

CapnBirdseye

13th-July-2009, 01:41 PM

To be honest, I'm cutting my losses. There are far more transparant spec stocks to invest my money in.

I'll be keeing an eye on this one, and I think i still have the right to buy back in at <20c.

bowseruni

22nd-July-2009, 09:47 PM

After a few days for thought, what is everyone's thoughts on the share offer?

they rang me the other night wanting to know if i was going to take it up.
Still undecided at this stage

pacestick

23rd-July-2009, 06:50 AM

I obviously dont have enough left to justify the phone call. I have sincere doubts about them being able to raise the amount they are after and would sell out if it was not a small amount involved . It is possible that the gas drilling in august will be benefical but I am left feeling that we need an update on the flax field answering such questions as 1. Is it viable at these oil prices 2. has the problem with water in the well been solved 3. what are the future intentions re flax . As far as the intended expansion in bass strait is concerned they have partnered with successfull and professional companies but every well an exploration company drills is a gamble as such I will continue to hold my shares not increasing them through the offer but waiting until these questions are answered before i make a decision.
In short as an investment i regard as equal to a lotto ticket

BESBS Player

27th-July-2009, 08:49 PM

I realise that many of the posters here appear to be longer term holders and are looking at INP from that perspective. Given its drop in SP in recent times, I can understand the lack of warmth toward it!

That said, I have been slowly accumulating INP over the last week (ave. 22c) as a quick BESBS play.
From this view point, INP are currently raising some cash. This should help keep a floor under the SP around the 20c mark. While there is a risk that a badly supported capital raising would see a sell-off, I believe that the upcoming drilling in the Bass Basin is the key to short term profit here and the factor to help reduce the risk of this sell off.

Trefoil is a significant potential gas target (550 bcf+) and I believe that AWE gives it extra credence. Drilling is expected soon (hopefully this quarter) and should get the attention of the punters as drilling approaches.

Holding INP at 22c and hoping for a BESBS rise of around 30%.

stocksontheblock

30th-July-2009, 09:53 AM

Well, I have made the jump and brought some shares from the offer. Lucky for some to get phone calls? Where's mine? Maybe I should take my money back, ha!!!

After my last post I guess I view INP as just another investment. I have made some bad ones before on good stocks and taken a bath for the effort, so maybe it might work the other way for once, put some more money into a stock that cant make its mind as to whether it is good or not and maybe I might just make a $1 or 2.

However, I would offer this advice for anyone looking to make that future fortune from INP - HOLD THEM. I dont think this will be a stock that will move much in the short term. Maybe in the medium, yet should do in the long run. The biggest problem these guys have is a complete lack of communication to its holders. I have never seen such poor communication like these guys, and when they do they just pass over the detail and add some gloss.

So, maybe if they can pull a finger out, be a little more open and honest and offer some DETAIL and forward looking words then the stock might move, yet until they provide some REAL information, or the oil and gas holdings they have speak for themselves dont expect any great move soon.

Just my 2 cents worth.:banghead:

Mad Mel

30th-July-2009, 02:44 PM

However, I would offer this advice for anyone looking to make that future fortune from INP - HOLD THEM. I dont think this will be a stock that will move much in the short term. Maybe in the medium, yet should do in the long run. The biggest problem these guys have is a complete lack of communication to its holders. I have never seen such poor communication like these guys, and when they do they just pass over the detail and add some gloss.

I agree with your assessment of their communications, but disagree that it won't move in the near term. Positive drilling results from the CSG wells could move them up substantially, although people don't seem to get as overexcited about CSG drilling results as they once did.

Disclosure: not holding INP, but have an open order waiting for a slightly lower SP.

stocksontheblock

30th-July-2009, 03:23 PM

but disagree that it won't move in the near term.

Sorry Mad Mel, maybe I didnt make my thoughts clear. I agree with what your saying, however the share price will move up (I hope) through better communication, or the oil and gas projects prove successful and hence the price will move - this could very well be in the short term.

I guess what I am driving at is, if they continue to give little to no information and we just rely on them drilling then it might be sometime before we know of anything.

My fingers are crossed the drilling works, and not to forget they give us a little more useful information.

pacestick

2nd-August-2009, 03:50 PM

Anyone got an idea about what happens when the new shares hit the mkt . Shouldnt they push the sp down

BESBS Player

7th-August-2009, 03:40 PM

Hi Pacestick,

True, usually when a new batch of shares hit the market the SP drops a little.
However, while this might occur in a short-term sense, remember that INP having drilling action coming up very soon which is why Buy Early Sell Before Spudding players like myself are happy to jump on board.

Holding INP

Mad Mel

11th-September-2009, 08:53 AM

Announcement out today, approvals received and drilling to commence within 3 weeks. Better late than never.

It also says that a full series of lab analyses will be undertaken, which is good to see as a step toward reserve certification.

I guess you're getting ready for exit, BESBSP?

BESBS Player

24th-September-2009, 03:58 PM

Getting closer. Rig now waiting for a break in the weather to get to Bass Trefoil site.
Waited this long, a little bit longer won't hurt...

Holding INP.

Mad Mel

29th-September-2009, 01:21 PM

Getting closer. Rig now waiting for a break in the weather to get to Bass Trefoil site.
Waited this long, a little bit longer won't hurt...

Holding INP.

Now I'm curious... which spud do you want to sell before? The offshore well, or the CSG wells? Perhaps both, I suppose? Looks like both will spud soon, though I'm not knowledgeable in offshore drilling, and I don't know if there is a lengthy delay to get the rig set up.

Holding INP as well.

RP_Automotive

29th-September-2009, 10:21 PM

Mad Mel: No major difference in getting the rig setup, its just getting out there that takes time. If anything offshore wells are quicker once on location as you can get ready whilst en route :)

Mad Mel

30th-September-2009, 10:00 AM

Thanks RP. I'm glad to hear it... should be an interesting time over the next few months for INP shareholders.

BESBS Player

30th-September-2009, 01:00 PM

Good question about the BESBS plan and exits, Mel.

I'll watch for the likely dates of the 2 spuds. If they are close, one can usually hold until the 2nd is underway. I'll certainly hold some way down the first drilling (in case we get early good news).
I'll know more once we know the actual spud dates. Not long now. Reckon we might see a few punters load up shortly.

Holding INP

bowseruni

4th-October-2009, 11:52 AM

Have been watching INP for a while and actually have a small bundle.

looking at topping up some more since they have had so much sideways action in the past month or so but always get worried when a "change is substantial holding" document comes out and make me wonder if something is going on behind the scenes or is about to happen which will affect the share price.

am i just worrying about nothing?

Putty7

4th-October-2009, 01:56 PM

This share has had a pretty solid floor at around 20 cents for the better part of six months now, I also noticed the cease of substantial holding announcement, unfortunately a lot of companies do leak information like a sieve full of water and it affects our views when information like this comes up, people sell shares for any number of reasons, or may cease to be a substantial holder because they dont participate in a cap raising etc, the Market cap is 54 million vs Share holder equity of around 49 million, so the difference between market and actual value arent far apart, with the upcoming drilling it has some upside to add some real value with a good result, communication with shareholders seems to let these guys down but good drilling results speak for themselves, with every man and his dog drilling holes and making announcements some of the previous excitement has gone from the market and a lot of people seem to be prepared to wait for a result now before throwing their lot in, Im only sitting on 75000 at 20.1c but may top up if some of my other plays happen before the price moves up :)

Putty7

6th-October-2009, 02:34 PM

The first hole started drilling today.....

Trefoil 2 Drilling commences in Bass Basin

Origin Energy Resources Limited (Origin), the operator of the T/18P permit, has advised that the Trefoil-2 gas appraisal well commenced drilling at 0800 hours this morning (October 6, 2009).

Trefoil 2 is planned as a vertical well with a total depth of approximately 3220m. The operator advises that the well is expected to reach the top objective in approximately 23 days. The primary objectives are the gas-bearing sands intersected in Trefoil 1 within the Paleocene and Cretaceous Eastern View Coal Measures.

For any who are holding or interested.

Mad Mel

15th-October-2009, 11:34 AM

Dated 30 June: "Innamincka Dome CSG Drilling Program To Commence In August". Sigh.

It's been a bit of a wait, but it finally gets off the ground: http://www.asx.com.au/asxpdf/20091015/pdf/31lbp16k00xg13.pdf

I suppose AGL is the operator, so INP doesn't have much control over the situation. Better times ahead, I hope. Shallow wells, so hopefully the results come in fast and furious.

BESBS Player

15th-October-2009, 05:05 PM

Yes, Mel.

Hopefully, better times ahead.

The Bass basin drilling gives holders one opportunity (given the drill is still less than 1000m down, we are still away from the interesting times at 2,400m +) while the CSG play does give another shot over the next 6 weeks. The CSG play does give some security for a duster at the Bass Basin.

Still happy to hold...

Holding INP at 22c

Mad Mel

29th-October-2009, 12:44 PM

INP dropped to it's 6 month low today on higher than average volumes. Hopefully this doesn't mean that some less than positive drilling results are showing up this afternoon or tomorrow.

Putty7

29th-October-2009, 12:51 PM

Mad Mel

29th-October-2009, 01:41 PM

Hopefully it will be ok Mel, even so the 3 CSG holes have been started so some news should come out soon about the first of those which may bolster the SP somewhat on good news, holding 170,000 at 20.6c

Putty, I'd hope that we get an update very soon on the CSG well, as it has been two weeks since they spudded it... damn thing should be completed by now, since it's only 600m or something. As well, ORG has been consistent in putting out an update every Thursday afternoon, so we should see a Bass Basin update today, which would be interesting since they're in the 'money' part of the well now.

But I take the long-term holder's complaints of INP's lack of communication to heart...

Putty7

29th-October-2009, 02:01 PM

Yes think they said six weeks for the drilling program of the 3 holes from memory so some sort of announcement should be due anytime on the first one I would have thought and yes ORG should throw one in today to.

I am still pretty confident we will get some positive movement soon, out of 4 holes being drilled one would assume something will go right, it's a down market this week with a bit of doom and gloom about so might just be a few getting out to safe guard some cash, it's anyones guess really, hopefully the lack of communication will be addressed with the amount of work they have on at the moment.

Putty7

30th-October-2009, 10:20 AM

Although still positive about the SP, yesterdays announcement wasn't great with regards to drilling progress, lets hope they can get it sorted out and get back onto the job at hand.

Progress and Status:

Origin Energy, on behalf of the T/18P Joint Venture, advises that
as at 06:00 hours EDT on Thursday 29 October 2009 the Trefoil 2
well is at 2,520m. During the week the 9 5/8” casing was run
into the hole and became stuck 12m off bottom. The current
operation is attempting to retrieve the upper section of casing
and running tool.

Putty7

8th-November-2009, 11:35 PM

Two announcements last week, neither were sparkling but the fact Trefoil 2 is going forward again is something, 1st csg well Merninie-02 was a bust so onwards we look to the next 2 csg wells.....

Coal Seam Gas Drilling Programme Update

AGL Energy Limited (“AGL”), operator of the coal seam gas programme for PEL 103 and PEL 103A Joint Ventures, has advised Innamincka Petroleum that drilling has concluded on the Merninie 2 coal seam gas (CSG) exploration well. This was the first well in a three well programme. Merninie-02 was unable to reach planned total depth of 550m due to deteriorating hole conditions. Coring was terminated at a total depth of 518m. Gas was observed evolving from cores and samples have been placed in canisters to measure desorbed gas.

Merninie 2 has been plugged and abandoned and the rig has moved to the second well location, Merninie 3. Surface casing has been set and drilling is continuing ahead to core point.

The three core hole drilling programme is expected to be completed before Christmas. Updates of drilling progress will continue to be made in due course.

Origin Energy, on behalf of the T/18P Joint Venture, advises that as at 06:00 hours EDT on Thursday 5 November 2009 the Trefoil 2 well is at 2,520m. During the week the upper section of the 9 5/8” casing and the running tool were retrieved and the casing successfully patched. The current operation is rig maintenance prior to drilling ahead.

Mad Mel

9th-November-2009, 07:17 AM

Two announcements last week, neither were sparkling but the fact Trefoil 2 is going forward again is something, 1st csg well Merninie-02 was a bust so onwards we look to the next 2 csg wells.....

The thing that bothers me is that they didn't tell us anything about the CSG well. Like how much coal was intercepted - even if they didn't complete it to the planned depth, what did they encounter in the 500m+ that they did drill?