VPE - Victoria Petroleum

[RichKid]

Anyone watching this stock?

VPE is a joint venture partner with Oilex OEX (yes! the one that skyrocketed) and a few others, holds lots of exploration permits and is drilling new wells or appraising new ones in the next few months. Very busy, bound to hit something at some stage. I hold VPE, it'll be an exciting ride over the next few weeks as they target very high risk targets- current one contains a 'spectoral anomaly', whatever that means! (although those anomalies have been productive already for other co's- see VPE co announcement).

[still_in_school]

Hi RichKid,

VPE, was one stock on my radar at the time, while i do remember watching OEX, go through the roof, and watching the intraday charts go crazy... and thinking this would spill over on to VPE

...my only concern with VPE is the amount of shares on issue 1,588,104,994 with so many shares on issue, and being next to OEX, the share price hasnt moved much, and with oil slightly lighter... IMHO, i would still be speculative about the position.

Though do keep us informed, in how VPE, does go... ( and lets see some of that good fortune of OEX spill over into VPE)

... though, for those who are interested in OEX, i would be sitting back, another broker who im close too, and who knows the directors of OEX, have expressed interest of issuing more shares and options...

... this could see the price of OEX coming down, though i would be more comfortable entering in at mid .80 cents, if getting in on OEX.

Cheers,
sis

[RichKid]

Yep SIS, you're right about the dilution- there are zillions of em out there! It still move pretty well and it is a cheapie (VPE), it's mainly the large area it covers that reduces risk for me (ie it's not a one well story). I was getting a bit bored (and jealous) watching all the oil stocks flying high and promised myself I'd get in on the action once the oil price settled- I'm hoping this one'll do it for me. My stop loss is very tight so I hope this works.

This week will tell if the Canberra well is a goer, they're almost at the bottom- I like their time/depth charts (see annoucements, I think that's what they're called).

Here's a chart- I love em!

[Tric]

RichKid,
I hold shares in vpe. I have bought in and out once with a small profit but have held present shares for a few months waiting to see what comes.
They are cheap shares, but a long standing company that often rates high on the days volume turnover. Who knows what will happen but they do have alot of work going on as you say.

I always try to hold a small % of spec share (including floats) just in case.
Still hold THK since they floated and am trying to decided whether to get out. Probably the hardest thing I find with spec shares is trigger points, past performance and charting (resistance/support not as reliable). Have often got out too early so am working on that aspect and try to view my spec shares as big bonuses and try not to bank on them.
At the same time I have to fight falling in love with them. :o

[RichKid]

Yep, sure is hard to draw trendlines! The news sounds unexciting for Canberra1A but we'll know tomorrow or dayafter. Reason I bought in was because of the number of wells and permits they have in the Cooper Basin- they're bound to hit something soon- that limits downside IMO. Current price seems relatively stable (touchwood!).

[RichKid]

Have often got out too early so am working on that aspect and try to view my spec shares as big bonuses and try not to bank on them.
At the same time I have to fight falling in love with them. :o

1. DO NOT FALL IN LOVE WITH A STOCK- it'll dump you real fast!! ;)

As for speccies, I set a profit level and once I acheive it I'm out of it. It's easier said than done but be happy with a profit, better than a loss. Or you can sell half your holding and the rest later if the stock runs further...

[RichKid]

Well the Joint Venture Partners (including Oilex) have hit oil at Rookwood, they're pretty pleased with it, makes the next well look promising too- I think they're already on their way to it. Wonder how the market will react- this was a 'exploration/appraisal' well. I'm expecting a surge today or tomorrow as more details are released and the true extend of the discovery becomes apparent.

[RichKid]

The Canberra prospect (PEL 115) covers approximately 12 square kms and has the potential
(estimated by the Operator) to contain 10 million barrels of recoverable oil.

Dr Brady CEO Mosaic comments “There is a chance that this well missed some oil in the
Patchawarra Formation and the possibilities are open for horizontal drilling where we have
expertise”.
He added “This test is high risk. It gives us a low cost entry into what we see as an exciting
prospect with high upside potential. We will operate the test but then the Operatorship will
stay with Victoria Petroleum. Our main focus remains in Qld”.

The qoute is from today's announcement about Canberra1A which was drilled by VPE last week. Mosaic Oil has expertise in this type of drilling (involving 'spectoral anomalies' as appeared in Canberra1A) so VPE has farmed out the well to see if they missed anything.

So results from two new wells to come and possibly further results from Canberra1A. Only Canberra appears to be 'highly speculative' as it is based around the 'spectoral anomaly' so hopefully we'll see some steadier results from the other two. Today's Rookwood results were good too so I'm holding for now to see what happens- there seems to be some support around 4.4c.

[RichKid]

There's a mention of VicPet and Oilex at the end of this article, it was about the recent news:
http://www.smh.com.au/news/Business/Woodside-skips-over-a-fizzer/2004/11/29/1101577418747.html

[Tric]

RichKid r u still holding vpe?

I took what I saw as an opportunity on mon and bought some more.
I still see the potential in their program and activity.

[RichKid]

Hi Tric,
Sorry for the late reply- no not holding, bailed out after the poor results. Lots more on the cards so I'll be watchful. It's highly speculative but the amount of recent activity gave me a risk cushion, now it's gone so more bad news may mean a plunge. Migh buy in next year- US prospects sound encouraging now that the very high risk wells are out of the way.

[RichKid]

Looking at the chart the next congestion zone appears to be between 3.5 and 3.8, wonder if it'll hang around there till more news is released next month? I'm not holding at the moment but may buy in later.

[skin]

Nice result with increase of flow rate and barrels of oil being delivered since the reconnection to the line. If the expected future increases eventuate this must bring about a sp rise. This is one company when "too much is still not enough". Has to be a good buying opportunity - I will be looking to average down.

[PLJ50L]

Hi All,

Has VPE bottomed out?

Should I get on board?

cheers

[Joe Blow]

Should I get on board?

Hi PLJ50L,

People here can give you their view about whether or not they think VPE has bottomed out, but nobody (other than a licensed financial advisor) can give you specific financial advice (e.g. whether or not you should enter a particular stock). Only you can decide that after having done all the research that you feel is necessary... after all, it's your hard earned! :)

[GreatPig]

Has VPE bottomed out?
"bottomed out" is a time-frame-dependant thing. Do you mean for this minute, this day, this week, this month, or this year?

And it's also only something that can be stated in retrospect. VPE might be up now from the lows of July and early August, but could easily be lower again next week or next month - maybe even tomorrow under more drastic circumstances.

Cheers,
GP

[doctorj]

VicPet is a media ***** - it would make announcements on Sunday if it could. It also has a *lot* shares on issue, in the order of 1.7Billion shares. It does have access to a fairly active drilling schedule, but many of its ASX partners in these drills offer better leverage to success on the drill and more promising drilling schedules.

If you're interested in VPE, take a look at one of their partners in Jingemia (ARQ or NWE) or Eagle (FAR).

Eagle is a very interesting drill in particular. There is no "exploration" risk on the drill, just "drill" risk (ie. mechanical failure). Assuming US$20 oil and US$5 gas (as against the US$70 Oil and $11 gas we have at the moment), success at Eagle at the lower end of flow estimates is worth 21cps to FAR and 1-2cps to VPE.

[BraceFace]

BIG increase in volumes on Friday.
10% gain (3c up to 3.3c) then back to 3.2 on close.
Pending announcement perhaps??!!

Anyone in the know?

[YOUNG_TRADER]

Is it just me, or have Vic Pets followers been asleep lately,

Its Eagle North Well has had 7m of oil play, this was the long awaited well and the market didn't react much, there will be 8 days of testing, this well was dubed a company maker for Vic Pet, who's current price is 3.3cents, depending on size of Eagle Oil Pool valuations fluctuate from 1cent net to VPE aall the way to 9cents net to VPE. VPE has a 20% interest in Eagle, to compare FAR which has a 10% interest went u by 30% after the ann today :confused:

In addition to this its 2nd well in its 40% owned Mirage Field appears to have come good, with is 40% partner ITC rising to 9cents, yet VPE sits like a sleeping giant,

Well should be interesting to see how production tests come in,


Note: I am a holder of VPE

[powwww]

Is it just me, or have Vic Pets followers been asleep lately,

Its Eagle North Well has had 7m of oil play, this was the long awaited well and the market didn't react much, there will be 8 days of testing, this well was dubed a company maker for Vic Pet, who's current price is 3.3cents, depending on size of Eagle Oil Pool valuations fluctuate from 1cent net to VPE aall the way to 9cents net to VPE. VPE has a 20% interest in Eagle, to compare FAR which has a 10% interest went u by 30% after the ann today :confused:

In addition to this its 2nd well in its 40% owned Mirage Field appears to have come good, with is 40% partner ITC rising to 9cents, yet VPE sits like a sleeping giant,

Well should be interesting to see how production tests come in,


Note: I am a holder of VPE

Agreed that there is a whole lot less risk involved now - we know there is oil and it is likely to be of commercial quantity, but will it be closer to the high or low case evaluations...Or will we have technical problems which prevent succesful horizontal drilling? One thing I would like to clarrify is that FAR did move 30% which is kind of misleading as I believe many holders pushed the price down too much after SGT shallows was found to be a duster. For many holders, including myself this was our insurance cover but the drop from this was much more than reasonable and unfortunately it hit my stop loss. After the duster so close to added risk and no HC shows below 4000m during drilling reported many FAR holders couldn't hold on any longer. Now I think it is likely that now FaR, SUR, VPE and LKO are on par with each other...and we will likely see a gradual move up over this next week, then pending good news over the coming weeks. Just look at what happened with STX oil. It wasn't an instant 200%, market is reacting slowly as a hedge against what I would rather not mention. I expect from now on the 4 asx listed companies involved will move in unison with FAR expecting around 220% increase, SUR 200% with VPE and LKO around 180%. It must also be noted that FAR hold 15% and not 10% in Eagle and they also have SGT deeps amongst several other drills this year with the forementioned alone valued at úp to' $2.00 per share or making the stock a 18x bagger from where it is now. Another reason FAR moved up was because of the reduced risk, capital raising being done above market and the newly acquired potential in Senegal which if successful could mean a 40x with no exageration. Whereas the other companies involved have a lot less going on than the likes of FAR.

This does not mean that VPE, LKO, SUR will not move in a big way should certain things happen. Yesterday I bought back into FAR as a 12month + hold at 12.5 cents and thought that this was a bargain. I considered buying into the others but because of another stock which may drop from cap raising with a massive March coming up I thought I might save my money for a certainty.

Regards for now & good luck to all. Remember the likelihood of a successful eagle is that much closer to a certainty and the sp hasn't moved.

[Mumbank]

Well news by VPE today looks encouraging and that was a nice little move by FAR today, lets hope it's the start of an upward trend. Not much happened with VPE though.

[champ2003]

Not meaning to be too negative about VPE but not much ever happens with VPE's share price. They are unfortunately full of too much hot air and the market has just become numb to them. Not to mention the fact that they have far too many shares on offer which dilutes the share greatly.

[champ2003]

And as per normal - A good announcement comes out and VPE drops! :banghead:

[Knucle]

I thought it was only me who was wondering why Vic Pet was not moving with the Eagle well appearing to come good. 20% of a thousand barrels a day coming out of the ground in the good ol USA sounds pretty good though I realise it is yet to be confirmed. Mirage 2 coming good and the possibility that the Mirage field is much larger than was thought also sounds pretty promising.

Note that I own Vic Pet shares.

[Apprentice]

EME, a partner of VPE has gone more than 100% on news of Eagle-1 oil show and it is interesting why VPE is not spotted yet.

[beach]

gday...
got me baffled this... put seems to be a bit of a steel at its current price... i know it has a truck load of shares out there, but shouldn't make that much difference... market cap is 50mil, with the amount of upside potential cant see this staying round its current levels. seems to be one of the least risky oil juniors out there... i reckon it will all come together in due time. could be worth a dabble. regards beach

[YOUNG_TRADER]

Long time follower of VPE (I think I started the re-interest in this thread re Eagle)

Problem is it has

1 Run very high before for nothing

2 Had huge, huge delays in meeting its drilling schedule,


It looks to be getting on track now, but there are alot of bears out there, I think once the flow rates ar confirmed it should be a goer, but until then the bears will be there in force, what really suprises me is that the day traders were no where to be seen Eagle was spudded, the company (and market) has waited for years and years for the eagle well.


That being said until Mirage wells come on line in force and eagle flows good volumes stock is trading in line with my valuation (of its assets)

Flour Bluff = 0.7c (is 1c using current US gas prices but assuming long term 0.7c) also field has yet to show its full potential of 10MMCFD = 1C VALUE

Mirage = 2c Until then new wells come on line with force this is what I value Mirage at

Jingemia + Ventura = 0.3c again until we see development at ventura this is value

Note the values I ascribe are net cents per share to VPE

Adds up to 3cents, should eagle come in at medium success ie 500-800 bopd = 3c Should it flow well above 1000BOPD = 4.5c +

So short term watch how the flow rates of Eagle turn out as this is where the stock may either take off into orbit or drift back slowly dead in the water

Happy Investing

[beach]

gday
based on your evaluation,,,which i would tend to agree,, there is not that much of a risk at the moment in losing you load on a bad flow rate at eagle and mirage,,worth a punt in my book,, not too many other junior oilys have that option,,,,, just might not make a killing if they have great results,,sort of a low risk gamble,, if you could call it that,, would you agree?? regards beach

[YOUNG_TRADER]

Mirage 2 and 3 look to be a success hence why ITC has been moving up, yet the Wooly Mammoth VPE sits like a lumbering hulk, the market failing to reward this company for its success, why?

I can't understand why this stock is controlled by the bears

[yogi-in-oz]

:)

Hi Young Trader,

VPE ..... historically Dry Hole Johnny has seen about 115 wells
put down for about 3 (maybe 4) winners, so traders are wary
about his hype ..... they have heard it all MANY times ..... :)

However, the main reason for the lacklustre share price is
the 2 BILLION shares on issue ..... it will take a TRUCKLOAD
of good news to lift VPE off its lows.

Sure, with time and improved production VPE can improve,
even with the current structure in place, but let's not expect
any miracles ..... because, there's a lot of stale bulls
willing to sell into any rally, just to recoup some of their
losses.

DHJ recently signed up for almost $1m over the next 3 years
(and he receives that come-what-may), so one may say,
that he really doesn't care what happens to VPE from here??

happy days

yogi

P.S. ...... will be alert for some good news from VPE,
around 16032006 ..... :)

:)

[YOUNG_TRADER]

Dry Hole Johny :D

I remember reading that nick of his in Resource Stocks I think it is,

Also does VPE have relations with ETE?

I ask because if you check some of VPE's presentations they have a page with pics of Jets and fighter aircraft, saw the same page in an ETE presentation recently, coincidence? Maybe, Relvance to an Oil Company? Zero


Lets hope dry hole johny can become Oily hole Johny :bananasmi

[yogi-in-oz]

:)

..... that's correct,YT.

ETE was previously in bed with VPE and ITC, etc but then ETE
sold their Cooper Basin stake to ITC, in October 2005.

happy days

yogi

:)

[YOUNG_TRADER]

:sleeping: someboy get this stock some coffee and wake it the hell up, its other partner ITC has rised quite strongly on the back of the Murta drlling success, yet VPE :sleeping:

Need some :cup: then hopefully VPE will be :coffee:

[YOUNG_TRADER]

Got tired of this dog to get up and run, sold out at 2.9c (consider myself quite lucky)

If it does decide to sit up and dust off its fleas I may re-enter on a day trade, Eagle what a let down!

And even the activity at Mirage couldn't do anything for it :mad:

Oh well I bought @ 2.7c so at least I made a wee wee bit

[yogi-in-oz]

:)


..... have you been holding VPE, since August last year, YT??

happy days

yogi

:)

[YOUNG_TRADER]

Some Yogi, have been selling down though whenever it got to 3.5c or above, I think I sold most in Jan @ 3.5c only had 300k left so nothing big, but was waiting to see what would happen,

As usual nothing!!!!!!!!

Made a profit, just not a killing, least I didn't get killed :D

[GeoffCapes]

Spoke to VPE this morning, everything on the Eagle drill is now proceeding without any further technical difficulties.
They know the oil is there, they're just using a softly softly (slowly slowly???) approach to make sure there are no further problems.
This well will DEFINITELY not be plugged and abandoned.

They will issue another update on Friday. ;)

[beach]

in the mean time VPE continues to slowly slowly drop,, regards beach

[beach]

by the time they finish VPE would of dropped that much that if the flow rates are good then any rally will just be at todays levels,, lets hope not for any of you VPE holders, you should be well rewarded for your amazing patients. i couldnt wait anymore personally, regards beach,

[jonty]

Good prospect after long time of hibernation.
Already a local oil producer with many drillings schedule
Will test production in the US targeting recoverable OIL up to 34mil barrels.
Very good oil company if you believe in oil-related stock...


www.vicpet.com.au

[yogi-in-oz]

:)

Hi folks,

VPE is another long-established Aussie oiler,
with extensive interests in the Cooper Basin,
California and Texas, as well.

They have scheduled 14 wells over the next 6 months,
but from past esperience with VPE, if half of those are
actually drilled, it will be something of a miracle.

With almost 2 BILLION shares on issue, there
will almost certainly be a share consolidation soon,
which may provide for a cheap entry, if the share
price slides back, after the expected consolidation.

Their current well is on the Eagle prospect in
California and a well, located offshore Texas will
also be drilled, later in 2006 ... see updated
drilling scedule, in attached file, below ..... :)


happy days

yogi

:)

[BraceFace]

:)

They have scheduled 14 wells over the next 6 months,
but from past esperience with VPE, if half of those are
actually drilled, it will be something of a miracle.

With almost 2 BILLION shares on issue, there
will almost certainly be a share consolidation soon,
which may provide for a cheap entry, if the share
price slides back, after the expected consolidation.

:)

Hi Yogi,
Thanks for the info on VPE.
As you suggesting that we may see the price of VPE shares go even lower than current levels with a "share consolidation"? At 2.5c they are pretty cheap considering for the last 12months they have been at or above 3c.
Are you speculating about this so-called expected consolidation or are you aware of some info that the wider market is not privvy to?
I currently hold VPE and would be VERY interested to know about credible info that might adversely affect the share price.
Please elaborate....

[noirua]

VPE are a forgotten stock since the run-up to late 2005. The drift was caused by a raft of poor drilling results and boredom that set in.
The latest drilling results may be encouraging: http://www.asx.com.au/asxpdf/20060713/pdf/3xjx3hb350qy2.pdf

[noirua]

Additiona drilling results confirm that drilling at Primero 1 Well is to be completed and suspended as a future gas producer : http://www.asx.com.au/asxpdf/20060718/pdf/3xlkpjf0fy26r.pdf

[yogi-in-oz]

:)

Hi folks,

VPE ... DHJ has consistently said, there will be
NO consolidation during his watch ..... :)

..... but, with 2 billion shares on issue, any recovery
is going to be painfully slow for both traders and
investors, alike.

happy days

yogi

:)

[BraceFace]

Ok, Vic Pet has hit a new 12month low of 2.2c today(on high volume)
Has been trading in the 2.4-2.6c range for nearly 6 months now.
Before then it was tarding around 3c.

No announcement today.
Something in the pipeline perhaps or are people getting fed up with this company and moving onto better prospects?

For me, seems like a good punt at 2.2c.

Waddayareckon?

[saltyjones]

Ok, Vic Pet has hit a new 12month low of 2.2c today(on high volume)
Has been trading in the 2.4-2.6c range for nearly 6 months now.
Before then it was tarding around 3c.

No announcement today.
Something in the pipeline perhaps or are people getting fed up with this company and moving onto better prospects?

For me, seems like a good punt at 2.2c.

Waddayareckon? yesterday's news was bad enough : suspend primero. today's even worse : eagle north problems again. plus a week or so ago banff was a duster. you wonder when the lucky days will return for this oiler. heaps of protential just the stars are not quite aligned at the moment - or the technology isn't quite up to scratch for the situations confronting VPE.

[nioka]

Ok, Vic Pet has hit a new 12month low of 2.2c today(on high volume)
Has been trading in the 2.4-2.6c range for nearly 6 months now.
Before then it was tarding around 3c.

No announcement today.
Something in the pipeline perhaps or are people getting fed up with this company and moving onto better prospects?

For me, seems like a good punt at 2.2c.

Waddayareckon?
Not good reports coming out. Problems with Primero 1 well. Cost overruns on Eagle North in America. VPE are the operators there and have been having trouble with it for weeks now. I bought more a week ago hoping for good news this week. Will hold because I think they will come good. I have usually traded in these by selling on good news and buying on bad, This time I broke my own rule and have lost out. 2.2c on bad news is probably a good punt.

[BraceFace]

OK, I might be getting excited here but.....

I took that punt I talked about in my last posting and bought in at 2.2c.
It's now 2.4 c.

Big deal you say?
That's 9% in 2 days.

If it gets back to 2.5 or 2.6c - I'm outta there.
I'll take my 12-16% and run. :run:

Should have bought more :guitar: Yeahhhhh!!

[fflintoff]

http://www.oilbarrel.com/home.html


02.11.2006
Empyrean Energy Looks To Sugarloaf Prospect For Sweet Smell Of Success



"Empyrean Energy Looks To Sugarloaf Prospect For Sweet Smell Of Success
London AIM-listed Empyrean Energy is drilling ahead with the Sugarloaf-1 exploration well in Texas, where it hopes to bring a smile to investors' faces ahead of the Christmas break. Empyrean is earning a 6 per cent equity share in the Sugarloaf Hosston prospect in the onshore Gulf Coast Basin, with initial drilling scheduled for completion later this month, slightly behind original timings.

Empyrean farmed into the acreage earlier this year and partners Aussie duo Aurora Oil & Gas and Adelphi Energy, alongside operator Texas Crude Energy Inc. The proposed total depth of the well, which crosses a number of potentially interesting formations, is around 21,000 feet.

There is clear potential, especially in such a built-up, gas-hungry neighbourhood. Sugarloaf is an 80 km four-way closure that could hold several trillion cubic feet of gas, making it one of the largest undrilled structures onshore US. The P50 resource number on the prospect is 0.97 tcf and it carries a P10 estimate of 2.3 tcf.

But only time will tell how good Sugarloaf will taste. In the meantime, Empyrean can take heart from earlier drilling at its other US play, the Eagle Oil prospect in the San Joaquin Basin in California. A proven oil and gas zone - the area has produced some 12 billion barrels of oil and 11 tcf of gas through the years - the project offers strong potential for near-term production and cash flow.

Empyrean signed up for a 38.5 per cent slice of Eagle Oil just months after its market listing last year, and now partners another reputable Aussie in the shape of Victoria Petroleum NL. But getting the oil out of the ground is the key challenge. A workover rig is testing encouraging oil shows from previous drilling at the Eagle North-1 well, though the project has faced delays due to supply and equipment bottlenecks.

The group plan a future re-entry and sidetrack from the current cased Eagle North-1 well bore in the lower Gatchell oil sand, about 14,000 feet down. This future well test will indicate the size of the Eagle Oil pool, according to Tom Kelly, Empyrean's commercial director. “We know that oil is there,” he says. “We just need to flow test.”

More than a year after its AIM listing, Empyrean has bolstered its portfolio with two promising, and fairly low-risk, US-based projects. An additional capital raising exercise earlier this year means it is well placed to continue its exploration and work towards first production. This includes ongoing site work in Germany, the firm's other core territory.

On the other side of the Atlantic, the UK firm has a stake in the Glantal Prospect, Neues Bergland permit, close to Frankfurt, which is operated by Pannonian International Limited. The joint venture, which gives Empyrean a 40 per cent working interest - and the possibility of raising this to 52 per cent - hopes to extract gas trapped in deep coal beds.

Again, the prospect is thought to contain several tcf of recoverable gas reserves, hugely attractive figures anywhere but especially so in Western Europe's industrial heartland. But there is still some way to go, with further testing planned following initial positive drilling and gas shows."

[doctorj]

Eagle will most likely sit on the shelf for some time and a new operator will be sought.

Partners will farm down to bring in a new operator and chances are a less risky drill will be done. Many regular vertical drills rather than a complex horizontal bore.

[Ken]

VPE.

is it a share not for growth but for the big fish to go in and out of the stock....

they probly make massive dollars on it. any movement is always around 10%.


2.4 cents now.... undervalued?


Question.. will VPE ever get over 10 cents... and become a real stock not just a botoom shelfer

[nioka]

VPE.

is it a share not for growth but for the big fish to go in and out of the stock....

they probly make massive dollars on it. any movement is always around 10%.


2.4 cents now.... undervalued?


Question.. will VPE ever get over 10 cents... and become a real stock not just a botoom shelfer
Probably about to happen. Through a share consolidation. 10 new shares for 100 old ones will get it to 24c. Will you be better or worse off if it happens /

[Ken]

i just think if there are too many shares on offer it reduces value of shares significantly.


would VPE be a buy at the moment..

what do people value them at?

[nioka]

i just think if there are too many shares on offer it reduces value of shares significantly.


would VPE be a buy at the moment..

what do people value them at?
2.4c. That is what they have been at or near for awhile now.They must come up with some results to be worth more. Hot rock energy a possibility. Eagle north had prospects but costs have got out of hand with the problems there. I've been in and out a few times. They are a good one to buy on bad news and sell on the good because the good news has never been good enough. They do have a few irons in the fire though and one of these days they may turn out OK. Not my favourite stock.

[Petty Cash]

Heads Up

Have been waiting for this to break resistance for some time.

Recent 10 to 1 Consolidation puts the share at 22.5c....up 1.5c to 24c today. with buyers at 24c and sellers at 25c so could push on.( although volumes are low.)

VicPet have a steady cashflow from existing wells and are currently drilling 2 wells Donga-4 and Bowler, with more than 10 more to drill in next 6 months.

They also hold 5% of Origins Jingemia and Hovea wells which recently announced as a significant oil flow.

Watch for January Issue of a 1:4 bonus issue of 3 year options exercisable at @ 25c.

Any one else following this at the moment as Im not sure how to weigh up the downside vs upside potention on this one.

[BraceFace]

Here's a question..

Since the recent 10 to 1 share consolidation, my online trading account with the NAB indicates I own my original holdings in VPE at a value of Zero cents!!

They have not acknowledged the new trading conditions or ticker symbol (VPEDA), and as a result I can't sell my holdings.

Has any one else had this problem with their trading account, NAB or otherwise.

Makes me mad - I want to sell with the recent price movement.

[marklar]

After weeks of going sideways, this stock is seeing a little turn upwards. Not much volume, lots of little trades, but it's finally doing something.

Good market sentiment? Something significant to announce soon? Who knows??

m.

[wintermute]

Hmmmm just announced oil shows in a well they are drilling, have a heap more wells coming, highest volume in over six months... (and I wouldn't call over $900K worth of trades exactly small volume)... I'm hoping that it is a breakout :)

Chart from today looks pretty good to me (but I'm biased because I have a big holding and it has just gone from a loss position to in front ;) )

Gap up probably means we will see it return to 26c sometime in the not too distant future, but I'm pretty happy right now :)

Disclosure: I am overweight on VPE and will likely sell 60% of my holdings if they get to around the 32c mark.

Tony.

[BraceFace]

Still going up -- 29.5 c
Good if you bought ot 22c!

[doctorj]

Interesting to see watch VPE. Pre-consolidation trading was dull at best, perhaps the higher unit price gives it some credibility?

VPE have been crowing about Eagle for years now, but are yet to drill it successfully. In it's recent presentation they've slipped it into the drilling program in April, but according to other stakeholders, they're yet to present a proposal to the JV.

Is there anyone out there a little sharper than me that has picked up on how they plan to drill it? Horizontal again? And have they organised a rig? In this tight rig market, surely if they've not got some arrangement for a rig by now April isn't going to happen...

I have tried contacting VicPet directly but they're not responding to emails.

[noirua]

VPE have been merrily drilling away for over 10 years and hit an all-time adjusted high of $2.70 in 1997, and then suffered a rout, before recovering to an adjusted $1.34 in 2000, and then it happened again. It doesn't seem to matter how they drill, vertical or horizontal, it never seems to work out in the end. I was in the stock during the 2004 run up, to an adjusted 70 cents, plenty of enthusiasm then, but nothing since.

Someone started a thread on VPE at ADVFN that has interesting charts, etc., etc., that update on the header.

Maybe, because I've posted this, VPE will strike it rich, I hope so, good luck.

[wintermute]

anyone wanting to know more about the debacle that is Eagle north 1 should probably have a read of SUR's 4th quarter (2005/2006) report and first quarter (2006/2007) reports.... from the 1st quarter one it would appear that the JV partners are looking to get someone else in to be the operator, what this means to VPE I don't know )but probably not good!) though I think any eagle north 1 that was factored into the sp is now long gone....

I had a brief moment earlier today where I thought I should sell some of my shares at a small profit (at 29c) whilst I was in front, as I really do have to many vpe.... seems I'm too late (for now)... hopefully VPE isn't jinxed!! could see that gap at 26c filled now..... hopefully after that some more good news and on up she goes. fingers crossed ;)

Tony.

[The Mint Man]

hey people,
Im interested in your coments on this one (VPE), have had my eye on it lately and it has also had a fair amount of press in the money magazine and the bulletin.
By the looks of their programe, they have a fair bit on in the next few months and with oil prices back near the $60 mark.... who knows? this one could be set to rise.

Please state if you own any of these in your reply.

Cheers :D

[marklar]

Im interested in your coments on this one (VPE), have had my eye on it lately and it has also had a fair amount of press in the money magazine and the bulletin.
I hold a very small amount, it's back up around my buy price so I'm hopeful of a small rise soon. They seem to have average-bad luck the past couple of months, some of their JV partners seem a little erratic, but their drilling program for the next little while seems positive. Fingers crossed they find something worthwhile.

m.

[noirua]

I hold a very small amount, it's back up around my buy price so I'm hopeful of a small rise soon. They seem to have average-bad luck the past couple of months, some of their JV partners seem a little erratic, but their drilling program for the next little while seems positive. Fingers crossed they find something worthwhile.

m.

VPE's bad luck can't and will not go on for ever. They will carry on drilling and strike it lucky one day. Regular drilling results keep up the interest.

[Out Too Soon]

So chartist wizards, whats the next step? 21c or 29c? :)

[marklar]

So chartist wizards, whats the next step? 21c or 29c? :)

Current chart attached to this post (hopefully) :o MACD is heading down, way down... mind you, it's not been all that long since restructuring the share price, so it's difficult to tell if that means all that much yet.

21c hasn't happened during the quiet period of last year; if and I mean IF they manage a positive announcement that's along the lines of "we found oil" and not "we found something but dropped half the rig down the hole" then a sustained break past 27c might be possible.

m.

[wintermute]

I find VPE very difficult to chart, doesn't help that bigcharts hasn't adjusted the pre-consolidation price and volume data..... here is one from Incredible charts with the pre-consolidation adjusted.. macd looks pretty much the same as marklar's but it does at least give a better picture of the volume situation.

Personally I think what has happened was that there was a fair bit of offloading after the bonus options were issued. I have (for me) a substantial holding in vpe 50,000 shares.. I got 12500 options, last sale price of those options was 0.089... since you got 1 option for every four shares, that means that effectively the shares had a 0.022 premium on them, which would explain the drop from around 27c just before the options were issued to the 25c now....

Note that there was somewhat of a spinning top candle on Friday, these generally represent indecision, however the top half is taller than the bottom half, so perhaps the bulls slightly outweigh the bears.... could go either way and at present the macd and rsi suggest that is probably down.

I agree that if there is any positive announcement from the current drilling the sp should start heading north again :)

There was a gap between .245 and .26 that has now been filled... hopefully VPE is now ready to head on up to new highs..... I think that they are "finaly" getting some critical mass, and with the consolidation might start to be taken a little more seriously :)

Tony.

[The Mint Man]

well tried buying in at $0.215 today without any luck... seemed that small orders were bumping the price up from about 12:00pm all the way to 23c.
However, with the hang seng taking another beating ATM, I will wait until tomorrow and try again. Will watch lateline business tonight to see how the FTSE and dow reacts.... and go from there.
I think chances are that we will see a sea of red tomorrow again :2twocents

cheers

[clowboy]

well tried buying in at $0.215 today without any luck... seemed that small orders were bumping the price up from about 12:00pm all the way to 23c.
However, with the hang seng taking another beating ATM, I will wait until tomorrow and try again. Will watch lateline business tonight to see how the FTSE and dow reacts.... and go from there.
I think chances are that we will see a sea of red tomorrow again :2twocents

cheers


Not really the VPE thread but I aggree

Where do i get the I aggree smiley from???????

[wintermute]

VPE is holding up surprisingly well :) which I'm rather pleased about since it is my biggest holding by far (yeah I know why VPE)... if I wasn't allready grossly overweight in them I'd buy some more :)

I'm a bit concerned about two of the current wells though, specially the one they are currently drill stem testing, no mention of oil shows or anything, sounds like it will be a p&a. I just hope that they return to the old cooper track record of 50% success rate!

Tony.

[kennas]

VPE is holding up surprisingly well :) which I'm rather pleased about since it is my biggest holding by far (yeah I know why VPE)... if I wasn't allready grossly overweight in them I'd buy some more :)

I'm a bit concerned about two of the current wells though, specially the one they are currently drill stem testing, no mention of oil shows or anything, sounds like it will be a p&a. I just hope that they return to the old cooper track record of 50% success rate!

Tony.Hi Tony, I'm following them because they're in bed with NWE on a deal or two. Both held up ok which gives me much encouragement.

Is this chart right :confused:

[wintermute]

nope ;) the data at big charts hasn't been adjusted for the 10 for 1 consolidation ;) Just hang on I'll try and do a chart (won't have today's data) in incredible charts.

Tony.

[The Mint Man]

well... I have been eyeing this one for a little while and thought that some good news could come out soon with all the activity they have going on.
There has been a little disappointment with a well being plugged and abandoned.
So I held my groung at the bid of $0.215 and got in today.... and just quietly Im glad I did. ;)
They (SUN RESOURCES at 4:06pm) just announced that "The flow test on the El Viejito #1 has been successful" with a current flow rate "up to 210 mscfd". The update on 3 drills is quite positive IMO, have a look:


Tuesday, 6 March 2007
RE: Shallow Drilling Program Update Project Margarita
1) El Viejito Flows Gas from Well Test
2) Dos Dedos #1 Reaches Total Depth
3) Milagro Well Test Timing

1. El Viejito #1 Well
The flow test on the El Viejito #1 has been successful, with the well currently on a 24 hour test flow period (due to finish at approx. 5:00 PM WST March 6, 2007). The well has flowed at a rate up to 210 mscfd and is currently flowing at a stabilized rate of 175 mscfd, both flows were constrained at surface by the choke size while engineering data is obtained. Well flowing and bottom hole pressures are good and it is expected that the flow rate when in production can be increased from the current level. Gas contracts and regulatory approvals for a gas sales line are currently being sought for the well.
2. Dos Dedos # 1 Well The Dos Dedos well reached total depth on February 3, 2007 at approximately 9:30PM WST. Wireline logging operations have been conducted and the interpretation of this data indicates a total gas pay of 3.5 meters over 3 zones. This is within the range of expected pay predictions pre drill. The well has been completed with production casing in preparation for a flow test. Dos Dedos is the third well in the Margarita Project shallow drilling program, all of which have encountered oil and or gas and all have been completed for flow testing. Drilling operations will take a break while the rig is contracted to another operator, a further release will be made when drilling operations on the remaining 3 wells in the shallow program recommence.
3. Milagro #1 well
Well flow testing is now anticipated to commence during the evening of Wednesday (WST) March
7, 2007.

I also think the following is good news as they will also obtain images from Santos' side of the fence as well as obtaining a valuable 3D seismic survey and they only pay 'pro rata' for it!
I have taken this from one of todays announcements:

Bow Energy has advised that one of the key rationales for not immediately drilling Nora-1 is that the Wompi Block Joint Venture has very recently agreed to acquire a 3D seismic survey (Watson 3D) in cooperation with Santos which extends from the adjacent Santos operated Watson Oil Field into the Wompi Block and will detail several prospects in the Block which are adjacent to and on trend with the Watson Oil Field (some individual wells had initial oil flow rates of over 3000 BOPD). The ATP 752P Joint Venture will get substantial savings on a standalone 3D as it only pays its pro-rata share of any of the 3D data located with the Wompi Block and will get access to extra 3D data beyond the Block boundaries.

what do you guys think?

Cheers

[wintermute]

I think I better pull my sell bid at 0.225!!!! I was getting really stressed as VPE i s my biggest holding more than double any of my others... decided to offload a bit over 25% of them today (at a quite a loss)... I'd been holding off waiting for the project margarita results (and these two wells that were just abandoned), but was worried that todays market gains may only have been a dead cat bounce, and VPE might have kept on slipping.....

The two wells I mentioned a couple of posts ago have both been abandonned, but the good thing is VPE was fully carried on both, so not cost incurred.... I agree that it is good that they are getting the Santos 3D data, but it is interesting that they comment something along the lines of "It is always better to drill based on 3D data" ummmm then why didn't you do your own!! Expense I guess, but is it more expensive to do the 3D seismic testing that it is to drill plug and abandon a well... guess there are risk/reward tradeoffs that have to be weighed up there.

Anyway I'm glad you posted Mint man!! I saw VPE, and SUR had announced just after four, read VPE's and it had no new info on margarita, decided SUR's would be a copy of the VPE announcement, and left my bid in.... I'm glad the close only made 0.22!! The whole day I was thinking.. If I sell these VPE shares I just know it is going to go up very soon after... I sold my MPH and IIN shares at a significant loss in the last couple of months, both have gone significantly higher than my break even point.. doh.

Also very pleased that I should see some +ve action in my SUR holding tomorrow! They got massacred when the announcement about flour bluff, being put on the back burner came out, this hopefully will restore some value :) (and provide some much needed revenue).

Tony.

[The Mint Man]

some good news just out:

13 th March 2007
Announcements
Australian Stock Exchange Limited
Level 4, 20 Bridge Street
SYDNEY NSW 2000


OIL SHOWS IN TARGET SANDSTONE DRILLED IN JINGEMIA-11 DEVELOPMENT WELL,
L14, ONSHORE NORTH PERTH BASIN, WESTERN AUSTRALIA
Victoria Petroleum NL has been advised by Origin Energy Limited, operator of the L14 Joint Venture and Jingemia-11 oil development well, that at 0600 hours Western Standard Time today, the current operation was drilling ahead at 2,528 metres measured depth.
Good oil shows were observed in the drill cuttings of the target Dongara Sandstone over the 31 metre interval from 2,489 metes to 2,520 metres.
Jingemia-11 is being drilled as a directional well to intersect the oil-bearing Dongara Sandstone in a crestal location updip from, and 140 metres to the east of the Jingemia-4 intersection. The well has a planned total depth of approximately 2614 metres.
Commenting on the drilling results from the Jingemia-11 development well, Victoria Petroleum N.L. Managing Director, John Kopcheff said:
“Initial drilling results indicate that the well has been successful as a development well in drilling the target oil producing sandstone for the Jingemia Oil Field.”
“It is now anticipated that the successful completion of Jingemia-11 for production will both increase field reserves and enable Jingemia Oil Field production to increase from the current 3,200 barrels of oil per day to the target of approximately 5,000 barrels of oil per day to capitalise on the current high oil prices of US$60/bbl.”
“Based on the seismic 3D mapping of the Jingemia Structure and the Jingemia Oil Field production history, the Jingemia Oil Field is interpreted to have the potential to contain up to 4.6 million barrels of recoverable oil.”

[wintermute]

Yes it is sounding good :) this was a very low risk well, so the impact sp wise is likely to be minimal, but it will be good as it will add to VPE's cash flow.

I ended up only selling 6% of my holding at .22 they went down subsequently but are now back up again.... We might see some more +ve action soon if good news from Project Margarita comes through.

Tony.

[The Mint Man]

heres an update VPE posted at about 6pm last night:


EXPLORATION UPDATE AND ACTIVITY REPORT WITH PLANNED
2007 DRILLING SCHEDULE
As per the attached Victoria Petroleum NL Planned 2007 Drilling Schedule, eighteen exploration and development wells are planned to be drilled over the next six months.
Over the next two months, exploration and development drilling activity will be centred on the Cooper/Eromanga Basin South Australia, Perth Basin Western Australia and the Onshore Gulf Coast Texas USA.
Within the Cooper Basin, exploration activity will focus on Wirraway-1 to be drilled in late March 2007 and the follow on development well, Growler-2, on the late 2006 Growler-1 oil discovery.
Exploration success at Wirraway-1, will further confirm the significance of the Growler oil discovery and the discovery of a new oil production province in the northwest Cooper/Eromanga Basin.
Of the four wells that have been drilled in the Cooper Basin of South Australia and southwest Queensland over the last 2 months, oil was recovered on drill stem test from two wells, Wilpinnie-4 and Telowie-1.
The Wilpinnie-4 oil recovery has enhanced the oil bearing potential of the Tomcat Prospect in PEL 115, with Wilpinnie-4 to be production tested in June 2007 and drilling of Tomcat-1 planned for July 2007.
The recovery of oil from the Murta formation in Telowie-1 provides further encouragement for the potential presence of commercial oil discoveries, targets for drilling in mid 2007, in the northern part of PEL 94 on trend with the adjacent Harpoono oil fields.
In the North Perth Basin, the Jingemia-11 development well has been successfully drilled and it is anticipated will increase gross oil production from the Jingemia Oil Field from 3,200 to 5,000 barrels oil per day. The exploration well Freshwater Point-1 will be now drilled by Origin Energy to explore the oil production potential of the southern part of this North Perth Basin permit.
Within the Texas onshore Gulf Coast basin Margarita Gas Exploration Project, all three shallow gas wells drilled have encountered gas and have been completed for production.
Following on from the initial three well program, a further three shallow wells are planned to be drilled in late April 2007 as a precursor to a deeper exploration program planned to commence early second half 2007.
Further exploration and development success in the forthcoming Cooper/Perth/Onshore Gulf Coast Basin drilling programs will add to Victoria Petroleum NL’s current net production of 280 barrels oil per day, to achieve the near term target of approximately 500 barrels of oil per day with associated increase in net recoverable oil reserves.
As you can see they have more up their sleeve for the later half of the year.
Also, if they have some more success in the near future they will hit their target of 500 barrels a day, which based on todays oil price would mean $25015 per day in cash.
The second half of the year should be good as majority of the wells they have an interest in will give them a 40% share. please see the full report for an actual drilling schedule.

cheers

[The Mint Man]

Some increased volume on VPE today with an hour still to go. As I write this it is sitting at 505032
This is good considering the average volume for the last 5 days was 215632, that coming about by a consistant drop in volume since last Tuesday up until Today. With the volume on these days (tuesday through to Yesterday) being 348349, 262037, 199537, 191440 and 76800 respectivly.

So some interest is being shown, with a couple of good anns yesterday. However one well has had some minor delays due to rain but other than that we are looking good IMO.

What do you guys recon?

Cheers

[The Mint Man]

Up over 7% ATM.
Things are looking good with the release of this ann this morning:

OIL SHOWS IN WIRRAWAY-1, PEL 104, SOUTH AUSTRALIAN COOPER BASIN
Victoria Petroleum N.L. as Operator for the PEL 104 Joint Venture drilling Wirraway-1 in PEL
104 on the western margin of the South Australian Cooper Basin advises that at 0600 hrs
Central Standard Time today, the operation was conditioning the hole at a depth of 1,732.8
metres prior to pulling out of the hole to run open hole Drill Stem Test No. 1 to test good oil
shows observed in the target sands of the Birkhead Formation from 1,725 – 1,732.8 metres.
Commenting on the drilling at Wirraway-1, Victoria Petroleum NL’s (Vicpet) Managing Director John Kopcheff said:
“Victoria Petroleum is encouraged by the oil shows seen on our initial penetration of the target Birkhead sands. The full significance of the oil shows we are seeing will be subject to the results of the open hole drill stem to be carried out in the next 24 hours and wire line log evaluation at the end of the well.”
“Exploration success at Wirraway-1 would further confirm our belief that a new oil production province in the western part of PEL 104 and our adjoining PEL111 permit could be present.”
“Also in PEL 104 we have three prospects in the vicinity of the Wirraway Prospect, such as the Beaver and Warhawk prospects and a further nine similar prospects including Ascender and Liberator in the immediately adjacent permit to the north, PEL 111.”
“Wirraway-1 is also an important well for Vicpet as it is the first well in the 2007 eleven well exploration drilling program to take place over the next six months in Vicpet’s South Australian and Queensland Cooper Basin Permits”.
“Given the current industry exploration success rate of 45% in the Cooper Basin, Vicpet would expect to enjoy some degree of exploration success in Wirraway-1 as part of this eleven well drilling program.”

I think that the next 6 months could be quite exciting for VPE:2twocents

cheers

[wintermute]

I hope so mint man :) seems like I have been waiting an eternity!! and it has been hard seeing it drop after it returned briefly to over 27c... waiting patiently!!

Tony.

[hypnotic]

Just had a look at the news looks like it has got potential in the medium term.

Chart wise looking very positive. MACD is heading for the 0 mark. And the Bollinger band tighten.

I am keeping my eye on this one. :o

Hypnotic

[noirua]

Just had a look at the news looks like it has got potential in the medium term.

Chart wise looking very positive. MACD is heading for the 0 mark. And the Bollinger band tighten.

I am keeping my eye on this one. :o

Hypnotic


Starting to look as if the future trend may be slightly upwards. Surely VPE aren't going to break-out of their long slumber. I think I believe there is upside here, maybe.

Money flow risen to +1, volume accumalation up to 8, DMI+ & DMI- have crossed and ASX A/D has risen sharply to 34. Relative strength has yet to rise but may soon head back towards 100.

[The Mint Man]

This also out today from Sun Resources;

Results of Initial Wells Shallow Drilling Program
The initial 3 wells in the program El Viejito, Dos Dedos and Milagro prospects have been drilled, completed and tested with all wells encountering and flowing hydrocarbons. El Viejito #1 and Dos Dedos #1 were gas discoveries and Milagro #1 is interpreted as a high gas content oil discovery.
Well testing was prolonged due to the large number of potentially productive zones tested (up to 4 per well), unconsolidated sands flowing into the well bore which required removal prior to conducting tests of other zones and inclement weather preventing access to the well locations.
Dos Dedos #1 is currently being prepared to be connected to a gas sales line, this should be completed within a few days. It is proposed that the uppermost gas bearing sand in the well will commence production at 150,000 scfd. Probable reserves pertaining to this sand are of the order of 0.35 bcf gross gas. Further production and pressure data is required to more accurately predict potential reserves.
Milagro #1 was connected to a gas sales line on April 3, 2007 and has been producing at rates up to 384,000 scfd, averaging around 375,000 scfd. The well is currently producing at 348,000 scfd with 1.67 bbls/d of oil. The prognosis from log analysis and sidewall cores is that the interval is oil bearing with a high gas oil ratio. This is based on a nearby analogue that produced 213,000 barrels of oil and 0.3 bcf of gas. Initial flow from the analogue was almost entirely gas before oil flowed.
At this time further production and pressure data is required to more accurately predict potential reserves. Prior to commencement of production, reservoir engineering analysis calculated potential reserves within the feature at approx. gross 150,000 bbls oil, it would likely take two wells to recover these volumes.
Due to this success they now drill a further 3 wells starting in mid May and due to finish in July. Heres what Sun Resources had to say on that;

Final Wells Shallow Drilling Program
As previously advised, under the terms of the farmout agreement with Empyrean a commercial success in the initial 3 well shallow drilling program triggers the drilling of a further 3 shallow wells under the same terms. Empyrean will now contribute to the funding of the next three wells, Agavero #1, Dona Carlota #1 & Climaco #1 in the shallow drilling program. The terms and conditions of the farmout are the same as the initial 3 well program, these terms and conditions were detailed in Sun Resources’ ASX Release dated December 5, 2006. The next 3 shallow prospects to be drilled are analogues of Frio and Vicksburg sand production in the area at depths less than 2,000 meters. The drilling program is expected to commence around mid May 2007 and run until the end of July 2007.
VPE own a 20% working interest in the shallow gas program.
As mentioned above, Im quitely confident of VPE doing well in 07'.:2twocents

cheers

[The Mint Man]

The good news keeps coming, we had 2 lots today:


OIL RECOVERY ON OPEN HOLE DRILL STEM TEST AT WIRRAWAY-1, PEL 104, SOUTH AUSTRALIAN COOPER BASIN
Victoria Petroleum N.L. as Operator for the PEL 104 Joint Venture drilling Wirraway-1 in PEL 104 on the western margin of the South Australian Cooper Basin advises that at 0600 hrs Central Standard Time today, the operation was conditioning the hole prior to the commencement of running 7 inch production casing after completing open hole Drill Stem Test #2 over the oil bearing Birkhead sandstone interval from 1,719 to 1,742 metres.
During the open hole straddle drill stem test, 7 barrels of 47.5 degree API oil were recovered during a 2 hour flow period with a stabilised flow rate of 67 barrels of oil per day, with no formation water.
Wirraway-1 will now be completed as a Birkhead sand oil producer by the drilling rig with short term production testing to follow upon installation of the surface testing equipment.
Following the completion of Wirraway-1, the drilling rig will then move immediately to start the drilling of Growler-2, 4.7 kilometres to the southeast of Wirraway-1 and 705 metres north and up dip of the Growler-1 oil discovery well.
Commenting on the testing results at Wirraway-1, Victoria Petroleum NL’s (Vicpet) Managing Director John Kopcheff said:
“Victoria Petroleum is pleased to have recovered oil on the open hole drill stem test of the 17 metre gross oil column in the target Birkhead sands in Wirraway-1.”
“Exploration success at Wirraway-1 maintains our 100% exploration success rate in PEL 104 and further confirms our belief that a new oil production province in the western part of PEL 104 and our adjoining PEL111 permit is present.”
“Also in PEL 104 we have three prospects in the vicinity of the Wirraway Prospect, such as the Beaver and Warhawk prospects and a further nine similar prospects including Ascender and Liberator in the immediately adjacent permit to the north, PEL 111.”
And this ann (from Lakes Oil) I found really interesting. This could be a good little side earner for VicPet (VPE):


GEOTHERMAL EXPLORATION PERMITS AWARDED TO
GREENEARTH ENERGY LIMITED
Lakes Oil N.L. (ASX Listing Code “LKO”) advises its 30% owned associated company Greenearth Energy Limited has today been awarded two geothermal exploration permits in the Victorian Government Geothermal Acreage Release 2006. Greenearth Energy Limited is a company which has been formed by Lakes Oil N.L. and Victoria Petroleum N.L. to look for geothermal “wet systems” in Victoria and the Pacific Rim. It is envisaged that the Company will raise capital later this year with entitlements to both Lakes Oil N.L. and Victoria Petroleum N.L. shareholders.
Lakes Oil N.L. through its active program in the onshore Gippsland Basin has long been aware of geothermal activity in the region. Greenearth will now be in a position to capitalise on this knowledge and to build on it.
When Lakes Oil N.L. drilled the Trifon-2 well in 2004 hot saline water was encountered at 2,200 metres which flowed to surface at approximately 90° C (photo attached). Greenearth is investigating technology which by using a “binary plant” could generate power at temperatures not far in excess of this level. Further testing will be required to see if adequate volumes would be accomplished.
The Victoria Government should be congratulated in this exciting initiative particularly the previous Minister, The Honourable Theo Theophanous who guided the legislation through Parliament.
The locations of Geothermal Energy Exploration Permits GEP 12 and GEP 13 which have been awarded to Greenearth Energy are significant in that the area encompasses the entire Latrobe Valley which is currently producing a very large percentage of Victoria’s electricity from brown coal. Any advances made by Greenearth Energy will be beneficial for Victoria.
This is a big opportunity for Greenearth Energy Limited which we welcome.
It dosnt say how much VPE owns however I would say they own 70% in Greenearth Energy as Lakes owns 30%, Vicpet and Lakes formed Greenearth Energy.

cheers

[The Mint Man]

Hi guys,
just like to correct my assumption that vicpet probably owns 70% in the Greenearth, it is stated in Vicpet's annthat they own 33 1/3%.
See below, taken from Vicpet's ann;

Commenting on the awarding of the Geothermal licences to Greenearth Energy and Victoria Petroleum N.L.’s investment in Greenearth Energy, Victoria Petroleum N. L. managing director John Kopcheff said;
“Victoria Petroleum N.L. is pleased to be a seed capital investor in Greenearth Energy, an opportunity brought to us by Lakes Oil N.L.”
“With the bright future for geothermal energy as a renewable energy source, we see this investment as a positive one for Vicpet shareholders”
“The awarding of the Geothermal Licences to Greenearth Energy is the first step for Greenearth Energy in building a significant presence in the growing Australian and Pacific geothermal industry”
“The steam flowing from Trifon-2 as per the attached photo is particularly significant from a geothermal potential point of view”
Shareholders interests in Greenearth Energy Limited are:
Lakes Oil N.L 33 1/3%
Victoria Petroleum N.L. 33 1/3%
Private investors 33 1/3%

[The Mint Man]

Hey ASFers,
Can anyone tell me why VPE is only showing 1250 in volume on my comsec?
We would usually show well over that by this stage in the day:confused:

I have tried to get into the Ann on comsec but they are all stuffed up too.... Managed to get onto ASX but no mention of a hault or anything like that ATM, just something about an investor presentation.

If you have any idea whats going on please reply.

Cheers:D

EDIT: never mind, started ticking over as I spoke.... very strange though!!!

[doctorj]

You're the VicPet expert, so maybe you can help.

Eagle was scheduled to be drilled (per VPE's own drilling program) during the first half of this year and we're yet to hear a thing. I've spoken to one of the JV partners and they're yet to agree to a drilling program - which means they've certainly not arranged a rig yet. Infact there's still talk of someone else farming in as operator.

Eagle is a lucrative target but one cursed with poor luck. Do you know any more about the project?

[The Mint Man]

Some more good news,



EARLY DRILLING PROPOSED FOR NEW REDBACK GAS EXPLORATION PROJECT,
ONSHORE GULF COAST, SOUTH TEXAS, USA
Following the successful outcome of the start of the initial ongoing drilling program on the Margarita Project area, onshore Gulf Coast, South Texas, USA, Victoria Petroleum NL (“Vicpet”) has further increased its exploration activities in this prolific oil and gas bearing area through a further joint venture with Wandoo Energy LLC (“Wandoo”).
The new joint venture, called “Redback”, is on a 393 square kilometre 3D seismic data base covering a portion of a highly productive onshore Gulf Coast oil and gas trend in South Texas. This regional trend to date has produced some 1.2 billion barrels of oil and 6 trillion cubic feet of gas from near surface to 10,000 feet depth.
The objective of the Redback joint venture is to target the under explored prospective section below 10,000 feet depth covered by the Redback 3D seismic and well data base.
A pilot geophysical interpretation program on the Redback 3D seismic data, has already recognised at least 7 good prospects in the 12,000 to 15,000 feet depth range with accompanying seismic attributes thought to reflect the presence of significant hydrocarbons.
A number of these prospects have multiple targets with high upside potential for both gas and oil as accompanying condensate.
One such prospect has the potential to contain recoverable reserves of up to 116 billion cubic feet of gas with 6 million barrels of oil (i.e. up to 152 billion cubic feet of gas equivalent), if oil and gas are present.
On trend with the Redback area prospects are “look a like” gas filled structures producing from similar target sections to those identified in the Redback prospects. Individual wells from these analogue gas filled structures have produced up to 10 billion cubic feet of gas plus 250,000 barrels of oil at high initial well production rates of up to 10 million cubic feet of gas per day with 300 barrels of oil per day.
The terms of the joint venture with Wandoo are Vicpet and Sun Resources will fund a six month evaluation of the seismic data at an all up total cost of US$360,000 for a first right of refusal on in any individual prospects generated within the Redback area to earn a combined 75% Working Interest by drilling a well on individual prospects on a non promoted “ground floor” basis.
With respect to the completion costs of successful wells, Vicpet and Sun Resources will for the first well only, contribute to 10%of Wandoo’s 25% Working Interest (i.e. a 10% Working Interest) in the first well on any prospect to completion. Vicpet and Sun Resources share of production from any wells completed for production will each be 37.5%.
The joint venture aims to fast track exploration in the Redback Project area resulting in the drilling of the first prospect in December 2007. The Redback Joint Venture will expose Vicpet to a choice of quality prospects of various risked size potential on a ground floor basis.
Vicpet will reduce its drilling risk cost by farming out a portion of its current 37.5% Working Interest in individual prospects so as to retain a minimum 20.0% Working Interest in the prospect being farmed out.
Commenting on the new joint venture project with Wandoo Energy, Victoria
Petroleum NL’s (Vicpet) Managing Director John Kopcheff said:
“Victoria Petroleum is pleased to be entering into another onshore Gulf Coast Joint
Venture with the very experienced Gulf Coast exploration team at Wandoo Energy.”
“Particularly so ,as this follows on from our early success with Wandoo Energy in
the ongoing Margarita Gas Exploration Project where we had 100% exploration
success for the first three wells, with two wells now connected to the local sales
pipeline system and flowing gas at 0.6 million cubic feet per day.”
“Vicpet’s participation in the Redback Gas Exploration Project is part of Vicpet’s
continuing strategy to build on its current interests in the Margarita Gas Exploration
and Production Project and the Flour Bluff Gas Field in the highly prospective
onshore Texas Gulf Coast area”
“Vicpet is also spending share holders gas exploration risk dollars in a highly
prospective area where the well head gas sales price is US$7.30 per thousand cubic
feet, some three times the Australian well head gas price of US$$2.30 per thousand
cubic feet”
The participants in the Redback Joint Venture and their respective interests through their wholly owned US subsidiaries are as follows:
Victoria Petroleum NL 37.5%
Sun Resources N.L. 37.5%
Wandoo Energy LLC (Operator) 25.0%
Based on the figures above, Vicpet has the potential to earn 43 billion cubic feet of gas and 2.25 million barrels of oil (thats with a interest of 37.5%) or 23 billion cubic feet of gas and 1.2 million barrels of oil (with the minimum 20% interest) if oil and gas are present and based on their recent 100% success on the Margarita Project, I wouldn't be supprised if they came up trumps again. If they do sell of 17.5% of their share in the project this will be good as it will generate cashflow to buy into more. The above are big numbers for a small company.
With drilling to be fast tracked to December 2007, I will be holding onto these for at least another year at this stage.

Cheers

[motion]

VPE seems to be busy today alot more than it usally is.... this is a good sine of things to come I hope....

[hypnotic]

VPE seems to be busy today alot more than it usally is.... this is a good sine of things to come I hope....

Sorry motion i think i have to disagree with you on VPE. VPE seem to be trading around its average trading volume. Nothing really spectacular!

Yesterday's volume 483k
Today's volume 451k
Average trading volume 411k for the last 3 months.

From charts, the 20cents mark represents a key resistance. Hopefully we will see a strong bounce off at this point otherwise this is slowly spiral down without significant news.

On the positive, it reached back to 21 cents today with 20.5 cents sellers thinning out.

I am punting for a bounce back to the 22 cent level. MACD is very slightly up from the low in earyl March. and now trading below its moving average. :confused:

Hypnotic

[wintermute]

Eagle was scheduled to be drilled (per VPE's own drilling program) during the first half of this year and we're yet to hear a thing. I've spoken to one of the JV partners and they're yet to agree to a drilling program - which means they've certainly not arranged a rig yet. Infact there's still talk of someone else farming in as operator.

Eagle is a lucrative target but one cursed with poor luck. Do you know any more about the project?

Hi DoctorJ, have a read of some of SUR's announcements, MUCH more informative about Eagle than VPE's... from SUR's announcements I deduce that VPE is a bit deluded when it comes to Eagle (The Eagle well was the reason for me making the mistake of not selling at my target and then holding holding holding even though I'd gone into a loss position). It was also the reason I very foolishly bought into SUR purely speculatively, and also didn't sell thinking that Eagle would be happening "real soon now".

SUR's announcememts have much more information in them as to what problems were encountered in the Drilling of Eagle North 1 and reading between the lines, it would seem that the chances are than VPE will not be operating the well when (if) it is re-entered. I don't think the other JV partners are particularly impressed with the way it transpired, regardless of whether it would have been any different if someone other than VPE were calling the shots.... I guess each of the other companies has shareholders that they are accountable to, and maybe ousting VPE as operator is what they need to do to keep shareholder confidence.... Of course I'm speculating here :)

It has been rather strange to watch VPE's sp leading up to and then after the consolidation and bonus options issue.... the thing I still find strangest is the value on the options!! they aren't even in the money but they are maintaning a price around the 8c mark... this to me is strange, and in the short term, the heads seem a much better buy than the options! I did some calcs a while ago on what price the shares had to get to before the options became a better buy and I think that the crossover point was somewhere around an 80% increase in sp, before the leverage of the options started to make them more attractive! Go Figure...

Tony.

[The Mint Man]

Just going through the 100 page ann today it seems Eagle is planed for the second half of 07' around September, see page 83/84 of today’s ann.
There’s no doubt about it either, VPE are aiming to get to the $200mil market cap mark or around $1.00 a share. IMO they are heading in the right direction with several wells planned for the rest of 07' both here and in the USA. The diversification into Greenearth Energy, which they hold a 33.3% interest in is also a step in the right direction, shareholders will be entitled to get some of these shares once Greenearth is listed.

Cheers

[wintermute]

I haven't looked at the 100 pager yet, but it seems it may be having a positive effect. daily chart is looking good for a run.

good volume increase last two days, close at 21c today, positive cross on RSI, macd also looking good... bout time something happened, heres hoping :)

Tony.

[doctorj]

You guys might enjoy this.

Legend ‘DHJ’ receives industry recognition for persistence

The name of the exploration well currently being drilled off Dongara by Roc Oil,
Perseverance, encompasses in one word the reason that one of the stalwarts of the
Australian oil patch has been awarded “Legend” status at the current Upstream
Energy Conference in Sydney.

Victoria Petroleum’s John Kopcheff, who personifies perseverance, was awarded the
Legends award for 2007 along with fellow industry veterans Bruce Phillips, Managing
Director of AWE, and Adelaide Energy’s Rod Hollingsworth.

John Kopcheff has made the oil industry his life’s work, having experienced action as a mud logger in many parts of the globe after earning his geology qualification in 1970, eventually joining Vic Pet in the 1980s where he remains today.

The company was not too kind to him in the drilling results stakes in the early years, with one well after another coming up empty handed. Although he fell just shy of cracking the ton, a forgettable run of 99 consecutive dusters at Vic Pet was the precursor to Mr Kopcheff earning the tongue in cheek nickname of “dry hole John” by mates and industry acquaintances alike.

To those of lesser character, such a tag could potentially put some noses out of joint, but Mr Kopcheff has grown into it with grace and good humour over the years. It could even be something Mr Kopcheff can wear with pride now, as testament to the fact that he never gave up, even during such a long period of difficult times, and for that he has finally been rewarded with oil and gas production success.

[wintermute]

Wow 99 dusters in a row!!! no wonder the market is skeptical of VPE!! I hadn't researched back that far, have only been following them since they had a number of successful cooper basin hits a year or so ago. Still that is all the better for a turnaround story (which I like) when the sentiment does finally turn it should go well, I'm hoping that that turn has started :)

Tony.

[The Mint Man]

Wow 99 dusters in a row!!! no wonder the market is skeptical of VPE!!
True but for the current share holders that got in at around todays prices this could be a good thing. If VPE keep going like this the market will take notice and it will be time to hang on.;) :D

[The Mint Man]

I haven't looked at the 100 pager yet, but it seems it may be having a positive effect. daily chart is looking good for a run.

good volume increase last two days, close at 21c today, positive cross on RSI, macd also looking good... bout time something happened, heres hoping :)

Tony.

Up almost 5% today, hopefully it will close at $0.215. There has definitly been more price movement since the 100 page ann.
BDG better come good soon cause I was going to take from there and put in here before the most recent spate of takeover talk:sly:

[Knucle]

Lots of activity in this stock over the last few days. It all makes me wonder if it is West Florence-1 or Growler-1 that is being anticipated or just the string of wells coming up. There has been more than the usual surge in activity. Does someone know something that most of us don't?

With so many wells coming up you'd think that one or two would have to come good. How realistic is the $1 per share and 1000 bpd Cooper target? Even if vaguely realistic, these numbers make the stock look drastically undervalued. :whip: :eek7:

[marklar]

How realistic is the $1 per share and 1000 bpd Cooper target? Even if vaguely realistic, these numbers make the stock look drastically undervalued.
VPE has been going sideways for a while, I initially bought in about 8-9 months ago and have been waiting patiently for it to do something interesting. The regular, upbeat announcements and directors' presentations are enough to keep me in, I'm just waiting for something to actually move the share price!

m.

[The Mint Man]

This was released a little before close today;

29 May 2007
Announcements
Australian Stock Exchange Limited
Level 4, 20 Bridge Street
SYDNEY NSW 2000

DRILLING REPORT FOR WEST FLORENCE-1, COLORADO, USA
Victoria Petroleum N.L. has been advised by the Operator, Mountain Petroleum Corporation that West Florence-1 is at a total depth of 1,957 metres. Wire line logs have been run.
The forward program is to analyse the wire line electric logs to evaluate the significance of the hydrocarbons shows seen in the well while drilling.
West Florence-1 is the first well to be drilled in the West Florence Oil and Gas Project and its associated leasehold of 12,000 acres located in the Florence sub basin of the Denver basin. The leasehold is approximately 100 kilometres south of Denver, Colorado, USA. The project area is to the west of the Florence Oil Field which produced approximately 15 million barrels of oil from fractured shales of the Pierre Formation in the 1940’s.
The West Florence Oil and Gas Project is a basin-centred play similar to that of the giant Wattenburg field located 160 kilometres due north producing from the same age lower Cretaceous reservoirs.
Petroleum potential for the West Florence play is estimated to be in the order of 100 – 200 billion cubic feet of recoverable gas in the Muddy J sandstone and additionally around 15 million barrels of recoverable oil cumulatively from the Pierre, Niobrara and Codell formations, if oil and gas are present.
The participants in the drilling of West Florence-1 and the West Florence Oil
and Gas Project and their respective interests through their wholly owned subsidiaries are as follows;
Mountain Petroleum Corporation. (Operator) 25%
Victoria Petroleum N.L. (ASX code: VPE) 25%
Fall River Resources Limited (ASX code: FRV ;TSX.V code FRR) 15%
Adelaide Energy Limited 15%
North American Oil Gas Energy Pty Ltd 5%
Private American Interest 15%
If this one comes up trumps then it would continue VPE's good run of late, I think this one is undervalued. :2twocents
The Bulletins 'Speculator' dosnt have this one sitting in his portfolio for nothing you know;)

Cheers

[nioka]

This was released a little before close today;

If this one comes up trumps then it would continue VPE's good run of late, I think this one is undervalued. :2twocents
The Bulletins 'Speculator' dosnt have this one sitting in his portfolio for nothing you know;)

Cheers

I didn't know VPE had a good run of late. Maybe there is some good news at last. If so it is the first good news for a long time. It is still one of my "dogs"

[The Mint Man]

Im not talking about share price... Im talking about news and it has been mostly positive lately, read the anns!

[nioka]

Im not talking about share price... Im talking about news and it has been mostly positive lately, read the anns!

Groundhog day? We are used to the announcements from VPE where the rainbow is always just over the hill, Maybe the will turn out OK this time but their past is littered with failure.

[The Mint Man]

For VPE share owners,
Here is a link to the interview of Peter Garrett on lateline last night talking up Geothermal http://www.abc.net.au/reslib/200705/r147417_519856.asx
As I mentioned in another thread this has been a hot topic over the last couple of days.
This Should be good news for Greenearth Energy.

Cheers:D

[The Mint Man]

This out Yesterday;


DONNA CARLOTA-1 START OF DRILLING, MARGARITA GAS EXPLORATION
PROJECT, ONSHORE GULF COAST, TEXAS
Victoria Petroleum N.L. (Vicpet) is pleased to advise that the first of three wells in the phase 2 drilling program of the Margarita Gas Exploration Project, Donna Carlota-1 has commenced drilling. Current operation is setting surface casing at a depth of 116 metres.
The Donna Carlota Prospect is one of the three prospects that are analogues of historic prolific Frio and Vicksburg sands production in the project area at <2,000 meters depth.
The prospects mean potential recoverable reserves target and final well depths are summarised below.
As with the successful initial three well program, tie in of any commercial discovery made on these prospects will be rapid as the project area is crossed by a number of gaspipelines with access rights and available capacity to tie into.
The drilling program is expected to run until the end of July 2007.
The prospects have the following mean recoverable gas reserve potential and total depths;
Prospect Name Mean Recoverable Reserves Total Depth
Donna Carlota 0.8 bcf 1,525 metres
Agavero 0.7 bcf 1,340 metres
Climaco 1.6 bcf 1,980 metres

With the TD's being shallow these drills will be quite quick.

And this out in The Australian Financial Review today.

Date: 8/6/2007
Author: Stephen Wisenthal
Source: The Australian Financial Review --- Page: 62
John Kopcheff is the MD of Australian-listed Victoria Petroleum, which at long last has entered the production stage. It survived more than two decades by raising some $A80m in capital from patient investors and without any cash flow worth mentioning. It was floated on the sharemarket in 1984, following the boom in exploration in 1982 at the Jackson oil field in Queensland, but failed to encounter any commercial flows. In 2007, it is enjoying the output from oil and gas assets in Western Australia and the US. However, prospecting will continue in the Cooper Basin region of Australia. Kopcheff eventually would like the company's stock to trade at $A1, but on 7 June 2007 it closed $A0.005 higher at just $A0.20.
It sounds cautiously optimistic, however it shows that people are starting to look at VPE seriously.

With the recent success of the Margarita Initial Wells program (El Viejito, DosDedos and Milagro Prospects), 100&#37; exploration success rate in PEL 104 and the early drilling of the Redback gas exploration project in South Texas USA (now due to start later this year) I think that years 07-08 will be a turn around for VPE:2twocents

Cheers

[Woody]

I really don't think very many people take VPE seriously anymore. It is a heartbreak company. Talked the talk, but never walked the walk. For years had brokers in WA pumping them at great cost to their own reputations (Hogan's was one) and the MD always over promising and under delivering. I have held some (that I gave up on) for years. With the consolidation, they are worth very little. Given the choice of great oilers around, one would be crazy to get involved with this crowd IMO.

If after dozens and dozens of dry holes, they fluke the big time, well done to them. But they won't be getting anymore of my money.

[Knucle]

I'd like to know what the heck has happened at West Florence. Why is it taking so long for us to hear what the drilling result was.

The announcement that shares are on offer for 20c each on a day when they closed at 19c each suggests that the directors think that 20c will be an attractive buy. Does this mean that they expect good news about West Florence. If it was useless, would we have had results by now?
:confused:

[motion]

Hi Guys,

Looks Like VPE are doing a showcase on the Gold Coast with some excellent investor information in the preso...

Here is the link...
http://www.asx.com.au/asx/statistics/announcementSearch.do?method=searchByCode&releasedDuringCode=W&issuerCode=VPE

They are looking at a share price from 20-31 cents over the next 12 months with some nice projects under there belt..

Having cash & Investments of $6 million as of end of march is making VPE looking better and there target is $200 million market cap...

And lots of nice projects on board.. I'm going to really look at there info and see what numbers we can put togeather..

This preso is really good for people wanting to know more about VPE from start to finish whats going on in the projects and where they will be.. I think this preso will answer alot of questions people have about VPE & also attract new buyers to the company....

DYOR

[Knucle]

At last some good news with Growler 2 looking very promising. VPE has got to be undervalued given the latest drilling results and with West Florence looking pretty good as well. There is some resistance to renewed betting on VPE but this dam of previous disappointment will burst. I've been negative in the past but I'm betting on 25c per share within two weeks. (I am a shareholder.)
:D

[The Mint Man]

Yes VPE has been doing well lately. There seems to be a bit of negativity around about VPE but since I’ve been on this one it’s had a fair bit of success both here and in the US, in one case 100% success so far.
I think it’s under valued too ATM, however the current share price has everything to do with the placement at $0.20 and nothing to do with their recent performance. So as soon as that’s all settled then I think we can reasonably expect VPE to head north.


Cheers:D

[thooh]

Anyone know what happen to VPE? The share Price still dropping even the performance is good!:banghead:

[nioka]

Anyone know what happen to VPE? The share Price still dropping even the performance is good!:banghead:

The results of the last well, even though it did get oil, were not as good as hoped for. Vpe is one of those prospectors that never seems to find that "lassiter's reef". I traded my shares for long term options some time ago. A better spec than the shares in my estimation. If the do make the find they hope for the options will double any profit.

[thooh]

Did anyone know when the $0.20 placement due:confused: Thank God the price did not drop very much. However, this not going to do any better.

[nioka]

Did anyone know when the $0.20 placement due:confused: Thank God the price did not drop very much. However, this not going to do any better.

30th Nov 2008. ( If you are referring to the options. VPEO).Gives them a little time to find something worthwhile.

[The Mint Man]

well weve taken a hammering lately but if you bought in recently then you would be happy with a 11% jump today mostly due to this.


28 August 2007
Company Announcements
Australian Stock Exchange Limited
Level 4, 20 Bridge Street
SYDNEY NSW 2000


VICPET EXECUTES LETTER OF INTEREST FOR $18.5 MILLION MULTI-WELL
FARMIN PROGRAM WITH SANTOS/AVERY IN SW QUEENSLAND COOPER BASIN

Victoria Petroleum N.L. (Vicpet) is pleased to announce that it has executed a Letter of Intent with Santos Ltd (Santos) and Avery Resources (Australia) Pty Ltd (Avery) to expand the current ATP 752P Barta and Wompi Blocks farmin earning program from 3 to 7 wells plus 300 square kilometres of 3D seismic data.
The Barta and Wompi Blocks are adjacent to lands held by Santos which are the subject of the Santos Cooper Oil Project. The Santos Cooper Oil Project is the largest and most comprehensive Australian exploration and development program ever undertaken onshore consisting of a capital expenditure program in excess of $1.3 billion and incorporating large 3D seismic surveys and a large scale drilling program (1000 wells).
The program to date has an overall success ratio including new oil pool discoveries, development wells and satellite oil pool discoveries of approximately 80%.

The highlights of the Avery/Santos ATP 752P farmin are as follows:
Wompi Block:
4 oil exploration wells
200 square kms 3D Seismic
Barta Block:
3 oil exploration wells
100 square kms 3D Seismic
Total estimated capital expenditure: $18.5 Million
Vicpet’s Post Farmin Program Interest: 15%

Santos will take over as operator of ATP 752P and plans to drill the initial two firm farmin wells (one in each block) starting in the first quarter of 2008 and has indicated it would prefer to drill two wells in each block (potential total of four initial wells in the first half of 2008) while the rigs are in the area.
Two of the four wells will be conditional on a Santos internal technical review of the current Joint Ventures recently acquired 2D and 3D seismic acquisition and reprocessed seismic data in the permit which Santos did not have in its database.
Vicpet will be fully carried on the proposed exploration drilling and seismic programs. The new expanded farmin program is to be completed prior to the end of February 2009.
The expanded ATP 752P farmin has necessitated a delay in drilling of Hudson-1 originally scheduled for mid-September while Santos completes its technical review. The well will now likely be included as one of the initial farmin wells planned for the first quarter of 2008.
The expanded farmin program also reduces Vicpet’s exploration risk and cost in its ATP 752P Cooper
Basin oil exploration program through the drilling of more exploration wells, access to large 3D programs along with Santos expertise in all disciplines and the Santos proven track record of finding and developing commercial discoveries in the Cooper Basin.
Commenting on the Santos/Avery farmin into ATP 752P, Victoria Petroleum managing director
John Kopcheff said:
“Vicpet is very pleased that ATP752P has attracted the interest of Santos resulting in an increased drilling program for the permit”
“With Santos as the operator, Vicpet can see significant advantages both technically and logistically with the permit and associated exploration drilling being part of the Cooper Oil Project. In the event of exploration success, Vicpet can see these advantages carrying through to the development and early production of oil from any discoveries made.”
“The significant 7 well drilling program set out in the Letter of Intent is part of Vicpet’s strategy of being a major explorer in the Cooper/Eromanga Basin in South Australia and Queensland. This drilling complements Vicpet’s exploration and drilling program in South Australia where drilling has just commenced at Lancer-1.”
“The experience gained in ATP 752P will be of value to Vicpet in its development as the operator of a similar style “Cooper Oil Project” for the “Jurassic Oil Fairway” being explored in September 2007 in Vicpet’s western Cooper Basin margin permits in South Australia.”

Cheers:D

[noirua]

Victoria Petroleum should get driller of the decade award. Not for finding lots of oil, just for the shear number of holes drilled.
Looking over sold at 13 cents with all this activity, worth a look, imho.

[noirua]

VPE continue with their drilling of the Ascender-1 prospect that is 16Km NorthWest of the Santos Charo oil discovery and 25Km North of the oil find at neighbouring PEL164: http://www.asx.com.au/asxpdf/20070927/pdf/314sg4hbs5nqx3.pdf

[nioka]

Victoria Petroleum should get driller of the decade award. Not for finding lots of oil, just for the shear number of holes drilled.
Looking over sold at 13 cents with all this activity, worth a look, imho.
Yes the Swiss cheese award. Somehow or other they never seem to find much. I've been able to do OK with their shares by selling on the price rises before they reach bottom ( of the well that is). I,ve missed out lately because I thought it was time they found something and I sold shares and bought options. They have not done anything except go down. They are now bottom drawer stocks. Not one of my favourites. I hold on mainly because they have an interest in hot rocks and if they do as much drilling in that direction they may get lucky. I don't think they are oversold. They have a lot of disappointed shareholders.

[noirua]

Let's hope VPE can do better from here, nioka.

West Florence Project Area, Colorado Update - Well to commence Production.

http://www.asx.com.au/asxpdf/20071005/pdf/314z02f8qxj5dt.pdf

[nioka]

I doubt if it will do much for VPE. Not exactly a gusher and only 25% interest. It may end up funding itself and maybe fund another dry one. It didn"t help my options price which is showing in dark red ink. It hasn"t restored my confidence. All I can say is that it was a minor positive and I still have a ticket in the VPE lottery.

[Trader Paul]

:)

Hi folks,

VPE ..... looking at the time cycle analysis over the next
few months, it seems November 07 should be quite positive ..... :)

19102007 ..... negative light on VPE ... :(

26-29102007 ..... negative news here ... ???

07112007 ..... more negative news ???

16-19112007 ..... positive spotlight on VPE ... :)

27-29112007 ..... positive news expected here = BIG move ???

03122007 ..... negative cycle ... finance-related???

18122007 ..... 2 difficult cycles and significant news ???

27-28122007 ..... significant and positive - finances ???

04-07012008 ..... major and negative news

16012008 ..... 2 cycles here ... negative spotlight on VPE

21012008 ..... difficult cycle

happy days

paul

:)

=====

[noirua]

The VPE $18.5 million multi-well farmin continues the prospects for the company: http://www.asx.com.au/asxpdf/20071017/pdf/3155qm1044x523.pdf

[noirua]

The VPE $18.5 million multi-well farmin continues the prospects for the company: http://www.asx.com.au/asxpdf/20071017/pdf/3155qm1044x523.pdf

VPE have moved up a little from ground level to close the week at 14 cents. Not a convincing move by any means but we may see a recovery from an extremely low level. The chart does show what looks like a convincing double bottom: http://www.asx.com.au/asx/research/chartsSearchResult.jsp?asxCode=VPE&TimeFrame=D6&compare=index&indices=XJO

[noirua]

We have gas flowing from the first well at Don Juan, more than a tad promising this time: http://www.asx.com.au/asxpdf/20071112/pdf/315rh3zfz97t90.pdf

[surfingman]

We have gas flowing from the first well at Don Juan, more than a tad promising this time: http://www.asx.com.au/asxpdf/20071112/pdf/315rh3zfz97t90.pdf

I have done a little bit of research on BOW the JV partner (see bow thread) I think the CSG project is a great step forward for all companies involved, BOW is a spin off company from Arrow energy so these guys know their CSG and are also wanting to fast track the Don Juan project, sales could be as early as next year.

[noirua]

I have done a little bit of research on BOW the JV partner (see bow thread) I think the CSG project is a great step forward for all companies involved, BOW is a spin off company from Arrow energy so these guys know their CSG and are also wanting to fast track the Don Juan project, sales could be as early as next year.


VPE are up 3.5 cents to 16 cents on the news, surely we haven't got a breakout. Some have waited four years for this and they deserve some money back. From memory, the stock peaked at the equivalent of 75 cents in 2003/4.

[The Mint Man]

Great news!!!:D
Ive been holding onto this one, just waiting. I think we will have more good news to come and with POO and gas up ATM things are looking up. Also Grenearth Energy is due to IPO soon... not sure on exact date but exciting things to come IMO.
Heres a snip of the BOW Ann:



ASX Announcement
12 November 2007
First well of the Don Juan CSG Project flows gas at 370,000 cfd
The directors of Bow Energy Limited (Bow) are pleased to announce that the first exploration well of the Don Juan CSG (Coal Seam Gas) Joint Venture (Bow 45&#37; and operator), Taringa South-1, is at a depth of 188 metres. A test at 145 metres over the open hole section of the well flowed methane gas to surface at a stabilised rate of 370,000 cfd with 57 psi flowing pressure using a &#189;” orifice. Post gas flow testing water rate was estimated at 407 barrels per day.
The current operations are wireline logging and completion preparations.
Taringa South-1 is the first well of a planned three well (2 firm plus 1 optional) CSG exploration drilling program.
The Joint Venture plans to case and suspend the initial exploration wells as future pilot production holes in order to carry out flow and production testing. Assuming positive results of the initial pilot wells, a process of reserve certification should commence early in 2008.
The nearest natural gas pipeline is situated just 8 km east of the permit.
Bow’s Managing Director, Ron Prefontaine, commenting on the CSG exploration results stated:
“This an excellent result for Bow’s first CSG exploration well and is a very positive first step for the Don Juan CSG Project which has the potential to place the company on the fast track towards substantial CSG reserves as early as next year.
The Don Juan CSG Project is located immediately west of Sunshine Gas Ltd’s Lacerta CSG Project. The Lacerta Project currently has certified methane gas reserves of 469 PJ (2P) to 1097 PJ (3P).
Bow interprets the primary CSG fairway continues west from Lacerta extending into the Don Juan Project area where it overlies about 900 square kilometres of the interpreted fairway.
Bow’s Phase 1 exploration/appraisal program consists of flow testing the three initial pilot wells, and assuming positive results, coring and additional pilot wells as required to achieve commercial reserve certification over a target area of 463 sq km.
The planned timing for the commercialisation of the Don Juan CSG Project coincides with the projected increase in demand and resultant upward pressure on prices for natural gas in the Eastern seaboard.

VPE own a 45% share

See original for more.

Cheers

[The Mint Man]

Hi again,
Thought I had better not mention Greenearth's IPO without providing an exact date, so here ya go:


19 October 2007
Company Announcements
Australian Stock Exchange Limited
Level 4, 20 Bridge Street
SYDNEY NSW 2000

VICPET ASSOCIATE GREENEARTH ENERGY LTD SIGNS WITH RMIT TO
DEVELOP PLAN FOR GEOTHERMAL POWER
Victoria Petroleum N.L (“Vicpet”: ASX Code VPE) advises that its 16.33&#37; owned associate, Greenearth Energy Ltd had signed a Memorandum of Understanding “MOU” with Royal Melbourne Institute of Technology “RMIT” to work towards a plan to develop and evaluate current and new technologies for geothermal energy resources utilization.
This landmark understanding between Greenearth Energy Ltd and RMIT will also investigate using geothermal resources for the production of electricity, fresh water and direct heating applications.
The general manager of Greenearth, Enrico Bombardieri said the MOU would allow Greenearth Energy Ltd and RMIT to work towards concluding a research contract to implement the geothermal project.
RMIT and Greenearth Energy Ltd would together enquire about the funding opportunities for the project, including applying for appropriate government grants.
Greenearth Energy Ltd is planning to list in December 2007 with an entitlement to the issue to Victoria Petroleum N.L. shareholders.

Cheers:D

[surfingman]

VPE are up 3.5 cents to 16 cents on the news, surely we haven't got a breakout. Some have waited four years for this and they deserve some money back. From memory, the stock peaked at the equivalent of 75 cents in 2003/4.

Happy to hear its moving forwards and recovery of funds are underway, the first well took around 11 days including repair down time, expect more results to follow with the next holes in coming weeks. :cool:

[noirua]

VPE trade today at 17.5 cents as they continue their recovery following news from Taringa South-1 and earlier news on the Don Juan Project.

[The Mint Man]

yes. Yet another good day for VPE, I think someone knows that this one might be ready to run. Should be interesting to see where they will go if they get a few more positive drills.

[noirua]

yes. Yet another good day for VPE, I think someone knows that this one might be ready to run. Should be interesting to see where they will go if they get a few more positive drills.

There certainly is a feeling of more excitement in the drilling prospects after drilling away non-stop for 6 years and never finding that much.
The move into Victoria with Greenearth sets up something very worthwhile that Victoria Petroleum are proud of.

Closed at 18 cents, up 50% on last months low point.

[The Mint Man]

I agree.
We have an announcement out today about a SPP, see below.
Will anyone be taking this up? the offer of $0.13 is ok but what will this mean for the price of the current shares, will they reach for 13c?



ASX ANNOUNCEMENT
NEW ISSUE ANNOUNCEMENT, APPENDIX 3B, PROSPECTUS
AND SHARE PURCHASE PLAN
20 November 2007

The directors of Victoria Petroleum NL wish to announce that today 20 November 2007 they have resolved to issue up to 32,500,000 ordinary full paid shares in the Company at 13 cents per share payable in full on application. The issue will be made to clients of member organisations of ASX.
The issue will be made pursuant to a prospectus lodged with the Australian Securities and Investment Commission today 20 November 2007.
The Company will pay member Organisations of ASX a commission equal to five (5) percent of the funds received pursuant to applications bearing the stamp of the Member Organisation. The issue is not underwritten and does not require shareholder approval.
The purpose of the issue is to provide funds for appraisal and development of oil and gas projects located in Australia and the United States of America held by the Company and it’s controlled entities and to provide additional working capital.
The Company also announces a Share Purchase Plan (“SPP”) to be offered to all Shareholders of the Company. Ordinary fully paid shares will be offered to VPE shareholders at an issue price of 13 cents each, which represents a 25.7% discount to the closing price for VPE shares on the ASX today.
The SPP enables shareholders at the record date to purchase from $1,000 up to $5,000 worth of shares in VPE at 13 cents per share with no associated brokerage costs. Eligible Shareholders may apply for shares to a value of any one of the following amounts of shares in the Company:
Offer A - $1,000 for 7,692 shares (minimum amount)
Offer B - $3,000 for 23,077 shares
Offer C - $5,000 for 38,461 shares (maximum amount)

Cheers:D

[noirua]

I agree.
We have an announcement out today about a SPP, see below.
Will anyone be taking this up? the offer of $0.13 is ok but what will this mean for the price of the current shares, will they reach for 13c?



Cheers:D

Hi The Mint Man, This is definitely going to be a drag on Victoria Petroleum stock. As you suggest, there is a chance of VPE testing 13 cents again, often happens in these cases.

[Trader Paul]

:)

Hi folks,

FWIW ... there's more downside expected for VPE, especially around:

04-07012008 ..... negative news expected here

16012008 ..... negative spotlight will be focused on VPE !~!

21012008 ..... minor cycle

14-15022008 ..... 3 negative cycles here

18022008 ..... minor and positive (intraday)

10-11032008 ..... 2 cycles ... minor news expected

14-17032008 ..... positive spotlight on VPE

31032008 ..... positive news expected

02042008 ..... positive cycle ... finance-related???

... and VPE is already trading under the longer MAs ... :)

Happy New Year

paul

:)

=====

[Knucle]

VPE at 19c per share today - probably because of buying by ODIN. I'm sure shares are still drastically undervalued though their value has risen by 50% in recent weeks.

The ODIN bid to replace the board of VPE is not worth supporting if they intend dumping the Surat Basin Coal Seam Gas Project. They are awfully quite on this issue.

[noirua]

I hope few people accept this offer of 17 cents a share by Odin Energy, as the prospects, speculative of course, for VPE make this company an excellent prospect.

Ask yourself, "why are Odin Energy making this offer?" and the reason is it would have to pay more purchasing the stock in the market place. Are they doing you a favour, no way, they're doing Odin Energy a favour.

At 19.5 cents today Odin need to offer a lot more for VPE.

[TheAbyss]

And now Qld Gas have jumped in for 7% stake. Things are warming up:D

what next for 100 words or less?

[grace]

I took a loss on this one last year as it seamed that nothing much was happening. Good to see patient holders finally getting that move!

[noirua]

ITC: Growler Field commences production - expected 750 BOPD: http://www.asx.com.au/asxpdf/20080314/pdf/3181pcgfjhgdqv.pdf

[noirua]

Having experienced and followed this stock for many years I'm not all that confident on the actual production outcome of many of their wells. Time for me to take profits after the recent run up. Good luck, hope it runs and runs.

[Squawkbox]

Yes; I downsized my holding after years of watching all the juicy prospects turn out to be fizzles. However, I hope things are now set for a long term advance into the future.

[TheAbyss]

Hi

i am looking at VPE from their CSM angle. I note that their chairman is Denis Patten, he was a director of QGC. I presume it was at his instigation that QGC have taken a 7% stake in VPE?

VPE have been a less than fantastic oil play for a while however i note in their presentation that they are divesting their US oil plays and concentrating on proving up their oil and CSM interests in australia.

They have a lot of exploration targets (30 in SA (16 oil) and QLd (14 CSM)) on the table which must be showing something or QGC wouldnt have bought in. They stated aim is certification in 2008 so maybe they are ready?

VPE have $9 million in cash plus production revenue and have more 2p reserves potential than SHG plus all of their other projects make them pretty attractive imo.

Any holders have any feedback or thoughts?

[TheAbyss]

Sent an email to QGC asking about their stake in VPE. Response from their communications manager was,

"We’re not making public comment on that one beyond what we said at the time to journalists who sought comment – that it was attractively priced, we like the asset obviously, and it suits our strategy."

Link to the market release at the time is below.

Given that the location of VPE is adjacent to where the proposed pipeline to Gladstone is running, QGC will have some more feedstock for the proposed plant. The 2p reserves potential is good and as tyhey have openly said, they like the asset.

All in all a good package without consideration to the SA projects which are a revenue earner in their own right and CSM is a high growth industry. They are divesting themselves of teh US based operations so enough to present a positive case for me.

http://www.qgc.com.au/_dbase_upl/13Mar08%20Position%20in%20VPE.pdf

[TheAbyss]

good day for VPE today on strong volume. the whole sector is moving now. VPE have a strong showing in QLD with CSG plus they have CSG in SA as well. I am trying to establish whether QGC having taken a position to gain some traction into SA or they are after staff to enable expansion. Perhaps its both. Either way there it is good for VPE imo.

[The Mint Man]

TheAbyss,
I'll be frank here.... VPE is an absolute joke ,dog of a company;).
I got fed up with it when all those letters started being sent out to shareholders at the start of this year.:rolleyes:
What a sh!tfight!!!
VPE has been around for a while now but still not bringing in the bacon let alone the bread.
Maybe a good one for traders lately ($0.15 - $0.20) but thats about it.... I certainly would not be a long holder of this one ATM.
Be careful with this one, full of empty promises IMHO.

Cheers

[marklar]

VPE is green today in this sea of red, up 4c (which is a lot for them), it's gotta be speculation or insider knowledge. Oh well, I took the chance to get out after holding for a couple of years with about a $100 loss.

Good luck to those that continue to hold.

m.

[TheAbyss]

Haven't seen this much volume since QGC picked up a stake. Buyers to sellers ratio is good plus up nearly 20% today on the good volume.

Interesting times in the CSG space.

[Knucle]

VPE up again today even though Freshwater 1 results don't look good. What is going on?

I don't mind the rise but would like to know who is buying and why. Is it just the rising oil price or is a takeover in the wind?

[Hatchy]

Oil shows ar growler are what's driving this upwards at the moment - we'll have to see if they can keep going with good news. It's another of those forgotten stocks....

[Shrewd Crude]

Hatchy,
I agree with your sentiments on VPE...
it has some great CSG assets, and oil assets...Queensland Gas is likely to take a stab at the company later this year...
Whole CSG sector has cooled... this will heat up again...
:cool:
.^sc

[Shrewd Crude]

VPE up nicely today, along with BOW and QGC....
Theres something fishy going on with QGC --> VPE
:cool:
.^sc

[Shrewd Crude]

Anyone watching this stock...?
today there was an on market trade of 49 million shares...
There is no announcement but it is likely to be ODN selling there position, and guess who they are likely to have sold it to---> QGC....as I said, QGC is likely to takeover VPE... they are getting positioned...
Not much downside with VPE...
Great CSG acerage, and growing Oil producing assets...
:cool:
.^sc

[dubiousinfo]

Anyone watching this stock...?
today there was an on market trade of 49 million shares...
There is no announcement but it is likely to be ODN selling there position, and guess who they are likely to have sold it to---> QGC....as I said, QGC is likely to takeover VPE... they are getting positioned...
Not much downside with VPE...
Great CSG acerage, and growing Oil producing assets...
:cool:
.^sc

Whoever was involved, it wasn't QGC buying. They already hold 19.24% (61.9mil) and can only purchase another 0.75% (250k). They would have to make a takeover offer to go above a holding of 20%.

This was a special crossing and may simply have been an internal transfer.

[Shrewd Crude]

your right dubious,
maybe ODN sold to someone else then huh?...
the big boys are circling, which CSG company is next?
VPE's got to be right up there... its market value has held back compared to its peers because of market sentiment over management... but these fellas are sitting on some excellent acerage... Last week BOW came out with great news with its successful application on three amazing blocks in the Bowen basin...
:cool:
.^sc

[wintermute]

I hold VPE, and my feeling is it is just ODN restructuring their holdings. I don't think we will see any change of substantial holding notices. ODN would have been stupid to offload their holdings at 19.5c at this time IMO. Unless they had the receivers knocking on the door I doubt very much that they will have.

The trade was an overseas special cross trade, I've seen these before with other companies with no change in substatial holding notices ever forthcoming.

Tony.

[seasprite]

Whoever was involved, it wasn't QGC buying. They already hold 19.24% (61.9mil) and can only purchase another 0.75% (250k). They would have to make a takeover offer to go above a holding of 20%.

This was a special crossing and may simply have been an internal transfer.

Announced tonight 7/10/08 becoming a substantial share holder from Sentient Executive GP Ltd with 49,684,394m shares

[noirua]

Another old stock of mine that came out well in the end, not holding now. Maybe better as it has just been placed in "Trading Halt" this morning.

[Shrewd Crude]

VPE is a great CSG company with a strong cash backing and this trading halt could signal the start of the end as ive been elluding to a takeover, and this could be it....
maybe Sentient coming in for the spoils...
Future 2 TCF gas stock... growing oil portfolio...
:cool:
.^sc

[Shrewd Crude]

vic p has been on a strong march as its CSG assets become realised by the market, with QGC ---> BG taking a stake...
Looks like a double top on the chart so maybe not a good time to buy just yet...
looking for a further breakout for buy signal to be confirmed...
great stock... solid chart.... cash backing... conventional and non conventional assets.... ....
:cool:
.^sc

[Dangerous]

DON JUAN CERTIFIED 3P RESERVES - 86PJ

only 10c/share worth but a good result nonetheless





0

[Knucle]

:) Went a few cents highter again on Friday. QGC is working on certifying reserves in other areas in which VPE has an interest isn't it? How long until the QGC led process certifies further reserves? Havning seen a 10 cents per share increase or so on the back of this relatively small certification, can we expect a bigger increase for the upcoming ones (assuming they happen)? Note:- I own stock in this company.

[Mickel]

Share price has been creeping up over the last week. Up 2c today to $0.35.

Disclosure-I am a shareholder.

[YOUNG_TRADER]

vic p has been on a strong march as its CSG assets become realised by the market, with QGC ---> BG taking a stake...
Looks like a double top on the chart so maybe not a good time to buy just yet...
looking for a further breakout for buy signal to be confirmed...
great stock... solid chart.... cash backing... conventional and non conventional assets.... ....
:cool:
.^sc

Yeah was just looking at a list of stocks that have made or are at 52week highs in the last week or so and VPE showed up

Interesting, shows there's life still alot left in the CSG/CBM sector as BOW and ESG have also been up strongly of late

Not holding any just watching with excitement :)

[Mickel]

VPE has been rising steadily over the last 2 weeks and is up .5c today to $0.375
with an announcement advising an upgrade to the Growler Oil Field production facilities of which VPE has a 40% interest.

Link- http://www.asx.com.au/asxpdf/20090323/pdf/31gqm76ff9sn2z.pdf

I am a holder.

[Dangerous]

The option (which i bought) is a winner - VPEO.

Exercise in 2010 at 25c. I bought it for 13c - a 0.5c premium - astounding!

[Knucle]

Yeah and a 23 percent increase in value today for your option. You aren't doing too bad. About 200% increase from a few weeks ago. Could nearly get me really into options.:banghead:

[Dangerous]

Yeah and a 23 percent increase in value today for your option. You aren't doing too bad. About 200% increase from a few weeks ago. Could nearly get me really into options.:banghead:

Yeah should have got it a few weeks ago... first looked when it was 7c.

A mate put order in at 7c that should have gone off and commsec rang him not processing it for some reason and he had to buy it for 9c.... was not happy.

[dreamsrfree]

This success story is still unfolding just look who's jumped on board in the last couple months. These guys know VPE's true potential.:D

[Tanr]

Yes...interesting people getting into company...Dale Elphinstone with large holding.. he was involved in QGC from the start ...very astute businessman..


I hold VPE..

[Shrewd Crude]

yes... VPE running hard... great news For the CSG sector
Blue Energy is heading down the same track...
:cool:
.^sc

[philly]

VPE released firstQ 2009 report today. Looks like it will be busy for the rest of the year looking for both oil and gas in the Cooper Basin and CSG in the Surat Basin. IMO big things ahead as it holds good acreage in both basins and any discovery will boost the SP. I hold VPE and I am very excited:D Please DYOR

[johannlo]

Just seeing if anyone has any thoughts as its been a quiet on this stock for a bit, both in discussion terms (0 hits in hot copper lol) and stock movements.

All sideways with little momentum and announcements over the last month.

Today's sale news didn't seem to be noticed either unless you count a ~2% slide to be action (which in this market?). There are no prices quoted in the announcement so is it safe to assume that VPE knows what its doing and got a good deal out of it? (as there is no need to sell due to no debt). Presume they want to focus on their cooper and qld CSG assets?

[johannlo]

Sorry correction, there are threads in HC for some reason my earlier search got nothing.

Anyhow looking forwards to the drilling results

[maverick11]

VPE is going to be a stock to watch IMO. Plenty on the cards to look forward to at the moment IMO :)

[Pallen]

VPE is going to be a stock to watch IMO. Plenty on the cards to look forward to at the moment IMO :)

VPE has suffered IMO on the back of lower oil prices, the CSG play will rally as more results follow but we've all got to remember this is a stock which has the goods from an oil perspective.

The CSG play is a bonus.

[maverick11]

VPE has suffered IMO on the back of lower oil prices, the CSG play will rally as more results follow but we've all got to remember this is a stock which has the goods from an oil perspective.

The CSG play is a bonus.

I don't think the potential upside to this stock is about the oil, but rather the gas ;) Any big find and they will be a target for the larger companies imo

[johannlo]

Yes isn't the big playoff the stake w/ BG? ie if those gas fields take off BG will buy them out at a pittance for BG but big dollars for VPE.

[StevieVW]

I would have thought that they would be edging up with some drilling results coming in in the last few weeks.

[maverick11]

VPE seems to be flying largely under the radar IMO. With several projects kicking off between now and Q1 2010, hopefully this one will pick up some interest. Drilling success so far has been very good and look at the directors and investors backing this one. I think they may be on to a discovery and are a likely target for BG to buy them out, perhaps?

[bazollie]

My 2 bobs worth-

I believe that VPE is trading a 70% discount to a simple back-of-the-envelope valuation.

VPE have announced a reserves upgrade at the Don Juan field that they own
45% of with Bow Energy. They've now got 45pj 2p net to VPE which at 70
cents a pj it's worth $31m. The oil side of VPE is conservatively valued
through ITC at $42m - I believe this is cheap based on the current
production and there's plenty of upside. ITC should in my opinion,
be genuinely excited about the prospects of the oil fields.

VPE have cash on hand as at the 30th of June of ~$18m. So the simple maths
says $31m + $42m + $18m gets us to $91m. The current market cap is $130m.
Gives us a value of the coal seam gas assets PL171 & ATP574 of $39m. This
is extraordinary given QGC have stated the Gas In Place for the fields is
2,500pj with somewhere around 560pj's of this net to VPE. QGC have a chance
of success on these two fields of 90%!! Pretty good odds in my books. On
current transaction multiples this is worth around $400m!!

So you're buying VPE with upside of 3 times the current market cap with
absolutely no upside accounted for with the oil. It's extraordinary that
there's selling at 35 cents given the very transparent valuation. The
sellers are frustrated/bored which is great for us as it allows us to
continue buying at less than half price.

When will the value be realised? QGC have to push for drilling on ATP574
between now and April so there's 6 months of very aggressive drilling
across PL171 & ATP574. Hopefully there's still the selling around for the
next month as it allows us to buy more but if I had to guess this stock
will really heat up over the summer months into early next year.

All IMHO and the usual DYOR.
Disclaimer - I hold VPE and VPEO and will continue to hold,

Regards
Bazollie

[Edwood]

sounds promising bazollie - has been in a sideways consolidation for a while now, would be good to see it test that 50c area and make some headway

[philly]

Wot is happening with this stock??? Another oil discovery at Snatcher 3 in the Cooper Basin and the market just ignores it. A very active drilling program and the market just ignores it. IMO the SP should be flying. Am I missing something or is it just unloved? Your thought please. :confused:

[maverick11]

I wonder the same thing. With a 50% increased interest in Growler and Snatcher fields, that will see an estimated 284% in operating net cash flow from oil sales; this one seems to be flying under the radar :banghead:

[noirua]

Victoria Petroleum (VPE) have been placed in pre-open this morning at the request of the company until 4th December 2009 or earlier.

[Putty7]

Victoria Petroleum (VPE) have been placed in pre-open this morning at the request of the company until 4th December 2009 or earlier.

The cap raising announcement will co-incide quite nicley with the finish of the Fury-1 well, don't know if the two are related but will certainly take the sting out of the cap raising ann if they announce a good find of oil or gas in volume on the same day.

[Hatchy]

Lovely 30% drop in the VPE options today.

Dry Hole John strikes again. Here's a good idea - a change of management!

How can you have faith in a company that fails to deliver time and time again? They put so much effort into a meagre oil play whilst sitting on good CSG assets - not the Don Juan assets (Don Juan the fictional character did nothing but slept around and be dragged away to hell, and this CSG play with BOW has done about as little.)

How about making a choice to go hard after a set asset base, instead of trying to be a jack of all oil/gas plays!

[StevieVW]

Page 24;
Potential Value $1.66 per share ($1.07+$0.43+$0.08+$0.08)

Should take some of the sting out of the SPP! :)

http://www.vicpet.com.au/Reports/download/Corporate_Update_041209.pdf

[StevieVW]

If it isn't too much trouble could someone post market depth here on VPE? Just interested to see how many sellers there are to get through?

[TheAbyss]

If it isn't too much trouble could someone post market depth here on VPE? Just interested to see how many sellers there are to get through?

37 buyers for 1,150,835 units 55 sellers for 1,717,755 units

You do know that these figures don't mean much in that buys and sells can be posted to prop up a SP and removed before they look like selling/ buying?

[StevieVW]

37 buyers for 1,150,835 units 55 sellers for 1,717,755 units

You do know that these figures don't mean much in that buys and sells can be posted to prop up a SP and removed before they look like selling/ buying?

Ok that does make a lot of sense. Thanks for that bit of knowledge and the info. Your time and wisdom is appreciated.

[Knucle]

A bit of movement in the last couple of days with the announcement of the company's first ever annual profit. You'd think that VPE would have to be on the way up with Gas projects gearing up and the prospect of significantly increased oil production if ever the flood waters in Central Australia go away.:o

[StevieVW]

A bit of movement in the last couple of days with the announcement of the company's first ever annual profit. You'd think that VPE would have to be on the way up with Gas projects gearing up and the prospect of significantly increased oil production if ever the flood waters in Central Australia go away.:o

Seems they're still flying largely under the radar! Hopefully things will move steadily up!

[bazollie]

I believe that the Catalyst for VPE will be the pending announcement by the Federal Govt on the LNG Projects for Gladstone. I believe that the announcement is due in the 2nd week of October. VPE are sitting in a cosy little area surrounded by some big players who have had success in CSG drilling.

If the Federal Govt give the LNG Projects the go-ahead it will create a huge rush in Engineering, contracting and Infrastructure Projects from the Roma District all the way through to Gladstone.

Could be the most interesting 4 weeks coming for VPE IMHO!

Holding VPE and still waiting

Bazollie

[bazollie]

A bit of movement in the last couple of days with the announcement of the company's first ever annual profit. You'd think that VPE would have to be on the way up with Gas projects gearing up and the prospect of significantly increased oil production if ever the flood waters in Central Australia go away.:o

Hey Knucle there is a suggestion that VPE could de-risk their Oil Production facilities with the flooding issue, by installing a pipeline. This will resolve the transport issues and keep the oil flowing even through the wet times.
Fingers crossed for this to happen, as it will improve their cashflow immensely!

Regards
Bazollie

[Agentm]

Hey Knucle there is a suggestion that VPE could de-risk their Oil Production facilities with the flooding issue, by installing a pipeline. This will resolve the transport issues and keep the oil flowing even through the wet times.
Fingers crossed for this to happen, as it will improve their cashflow immensely!

Regards
Bazollie

have to agree again with you on the vpe share bazza

nice run up atm for the share.. and some critical news flow to come in the next few weeks

good luck to all holders

[wintermute]

As is almost allways the case with speccies, announcements (or pending announcements) of a good nature shoot the sp up, but invariably if the announcements peater out the sp comes back down again. It is production and actual profit that in the end determine the companies sp. I think VPE is finally transitioning from speccie to producer.

Personally I think that the jump in sp has everything to do with VPE's announcement of a maiden profit, and not because there are some possibly positive CSG announcements around the corner... This is a milestone in VPE's history, and has been a very very very long time coming.

Unfortunately due to the flooding in the cooper, next years revenue will be similar to this years, as both financial years will have had around 6 months of non-production. This will put a damper on any sustained growth that is based on production/profit.

I'm certainly very pleased to see this milestone, hopefully it will usher in what I've been waiting for: Sustained organic growth without the need for constant capital raising, and maybe one day some dividends. I think we still have a fair way to go (ie I don't think we will see the full potential of VPE for qute a few years yet) but at least now I think we can finally say the corner has been turned.

I'm expecting a retrace before too long, looking overbought on the daily. but hopefully 30c will now be reasonable support.

I hold and if the run up is big enough I will definitely be selling some. avaerage buy price for me is around 27c

Tony.

[Hatchy]

I think VPE is finally transitioning from speccie to producer.

Personally I think that the jump in sp has everything to do with VPE's announcement of a maiden profit, and not because there are some possibly positive CSG announcements around the corner... This is a milestone in VPE's history, and has been a very very very long time coming.

Unfortunately due to the flooding in the cooper, next years revenue will be similar to this years, as both financial years will have had around 6 months of non-production. This will put a damper on any sustained growth that is based on production/profit.
Tony.

Hi Wintermute
I agree that this current run has been probably to do with the profit made this year, despite the hard times there's profit.
I also think that this run may be a delayed response to the changing of the guard. Sure JK brought a lot of experience to the board, but I think a change is good and not only that - people that are adept at developing a company are important.

I really don't agree with your point about the cooper floods putting a damper on sustained growth. I'm a believer in CSG and VPE's position in one of the sweet spots of the Qld CSG fairway is not to underestimated.

There's facilities that will come for LNG that will require all the resource that the likes of STO and QGC can get their hands on. VPE's average 20% stake in the two fields won't be overlooked - we just need to know what these fields hold - that'll be a big influence on the short term price. I can't remember when the lease lapses and needs to be converted to petroleum lease rather than exploration - perhaps someone else can remember?

I would be surprised if there wasn't another buying opportunity this year - but i've been in this share since 06 and it's not seen better days.

Hatchy

[MEGALADON]

Hopefully sustaining a profit will stave of capital raisings and further share dilution.

[bazollie]

Nice start for November for VPE. Obviously the news that QGC ( BG Group ) have committed to their new LNG plant in Gladstone has had something to do with the solid gain this morning. BG Group will spend something in the order of $15 Billion in the Central and South Western Qld areas.

VPE have share their CSG Leases with QGC so any CSG they discover and pull out of the ground will head towards Gladstone.

VPE summarise their CSG fields well in their quarterlies they released last Friday. It is good reading with the Management / Board to look at "refreshing/rebranding" VPE to align them very closely with their forward program.

Looking very good VPE and look forward to the rest of the year and hopefully some certified drill results from their CSG Fields.

Regards
Bazollie

[Agentm]

Nice start for November for VPE. Obviously the news that QGC ( BG Group ) have committed to their new LNG plant in Gladstone has had something to do with the solid gain this morning. BG Group will spend something in the order of $15 Billion in the Central and South Western Qld areas.

VPE have share their CSG Leases with QGC so any CSG they discover and pull out of the ground will head towards Gladstone.

VPE summarise their CSG fields well in their quarterlies they released last Friday. It is good reading with the Management / Board to look at "refreshing/rebranding" VPE to align them very closely with their forward program.

Looking very good VPE and look forward to the rest of the year and hopefully some certified drill results from their CSG Fields.

Regards
Bazollie

from their website

31 October 2010

BG Group sanctions Queensland Curtis LNG project

BG Group today announced that it has taken the Final Investment Decision approving implementation of the first phase of the Queensland Curtis Liquefied Natural Gas project (“QCLNG”) following receipt of Australian Federal and State Government environmental approvals. The first phase of QCLNG encompasses the development of a two-train liquefaction plant on Curtis Island near Gladstone in Queensland together with the associated upstream and pipeline facilities. BG Group will progress development and construction of QCLNG with immediate effect.

QCLNG will be operated by BG Group’s Australian subsidiary, QGC Pty Limited (“QGC”). The first phase of the liquefaction plant will consist of two LNG trains with a combined capacity of 8.5 million tonnes per annum (mtpa). Over the next four years (2011-2014), BG Group plans to invest approximately US$15 billion in developing the liquefaction plant and related wells, field facilities and pipelines. There is also significant potential to expand QCLNG, with the construction of a third LNG train already covered by existing State and Federal approvals.

First LNG exports are planned to commence from 2014, underpinned by agreements in Chile, China, Japan and Singapore for the purchase of up to 9.5 mtpa of LNG. Total gross discovered coal seam gas reserves and resources presently amount to an estimated 17.3 trillion cubic feet (tcf) – equivalent to more than 2.9 billion barrels of oil equivalent – with 2P (proved plus probable) reserves now estimated at 7 tcf.

BG Group Chief Executive Frank Chapman said: “In early 2008, we announced our first investment in Australia. Today, less than three years later, we are announcing our decision to develop the world’s first LNG plant to be supplied by coal seam gas and the foundation project at the centre of a major new Australian export industry.”

“I believe the speed of our transition from country entry through major resource maturation to project sanction reinforces BG Group’s reputation for advancing innovative and complex gas chain projects within challenging timeframes, as previously demonstrated in Trinidad and Tobago and in Egypt. This rapid progress is also testament to our strategic global marketing capabilities: QCLNG is anchored in customer agreements across the world’s largest LNG markets for the sale of up to 9.5 million tonnes of LNG per annum.”

“Today’s decision represents the realisation of a pivotal strategic objective for BG Group – to further the globalisation of our LNG business by establishing a new and material source of equity LNG in the Asia-Pacific arena. Today’s sanction is also a significant milestone on the road to delivery of the Group’s growth agenda over the decade ahead.”

QGC Managing Director Catherine Tanna said: “Our decision to proceed follows nearly three years of rigorous regulatory and public review and discussions with more than 4 000 individuals, landholders, indigenous groups, conservationists, industry associations, regional councils and government agencies. Their contributions have played a key role in shaping regulations intended to ensure that this project is good for the environment, good for people, and good for Australia.”

BG Group’s decision to sanction the development of the first phase of QCLNG completes the final condition required for implementation of the Group’s agreements with the China National Offshore Oil Corporation (“CNOOC”), signed in March 2010*. Under those agreements, CNOOC will:

* purchase 3.6 mtpa of LNG for a period of 20 years from the start-up of QCLNG;
* purchase 5% of BG Group’s interests in certain tenements in the Walloons Fairway of the Surat Basin;
* jointly participate with BG Group in a consortium to construct two LNG ships in China that would be owned by the consortium; and
* become a 10% equity investor in the first LNG train in the initial phase of the liquefaction plant.

Separately, the decision to sanction the project satisfies one of the conditions precedent associated with the proposed agreements with Tokyo Gas Co. Ltd (“Tokyo Gas”), announced in March 2010**, under which Tokyo Gas will:

* purchase 1.2 mtpa of LNG for 20 years from 2015;
* purchase 1.25% of BG Group’s interests in certain tenements in the Walloons Fairway of the Surat Basin; and
* become a 2.5% equity investor in the second LNG train of the liquefaction plant.

Final notices to proceed will be issued to the main contractors appointed for the development of the first phase of QCLNG. Those contractors include:

* Bechtel Oil and Gas, Inc., for the engineering, procurement and construction of the liquefaction plant;
* WorleyParsons, for gas field facilities and infrastructure development; and
* MCJV (a joint venture between McConnell Dowell Constructors (Aust.) Pty Ltd and Consolidated Contractors Company), for the transmission pipeline network.

[wintermute]

Hi Wintermute

I really don't agree with your point about the cooper floods putting a damper on sustained growth. I'm a believer in CSG and VPE's position in one of the sweet spots of the Qld CSG fairway is not to underestimated.

There's facilities that will come for LNG that will require all the resource that the likes of STO and QGC can get their hands on. VPE's average 20% stake in the two fields won't be overlooked - we just need to know what these fields hold - that'll be a big influence on the short term price. I can't remember when the lease lapses and needs to be converted to petroleum lease rather than exploration - perhaps someone else can remember?

Hatchy

Hi Hatchy, I certainly can't ignore the price movement after the BG announcement! :) I do think that when VPE announces their 1/2 yearly accounts that it will cause a bit of a fall, but what price from and to is yet to be seen. Current indications are still positive :)

Tony.

[Hatchy]

I do think that when VPE announces their 1/2 yearly accounts that it will cause a bit of a fall


I have do disagree with you another time Wintermute - I think that the lack of oil being pulled out of the cooper has already been factored into the price that we are now seeing - if that's what you mean by the half yearly accounts.

Lets just wait and see the full value of the CSG play come to light - I'm happy to sit and wait here at the moment and ride out the company name change and constitution change.

It's was so blindingly obvious that the previous top man over at VPE did very little for the company in the last years. I can't wait to see a fresh start. That should bring some attention.

[wintermute]

Hi Hatchy, you obviously put more faith in the markets ability to see the big picture than what I do ;)

Yes you are right in your assumption as to what I meant. My personal feeling is that the thing that kicked off this price rise was the announcement of the maiden profit. With a stock that has had as much negative sentiment as what VPE has, a lot of the time it takes actual results to be published to get something to happen. The combination of maiden profit, changing of the guard, re-branding, constitutional changes and now the BG decision is a rather potent catayst to get the share price moving, it seems that finally everything has just clicked for VPE.

What I am concerned about is that when the 1/2 yearly comes out and there has been pretty much zero cashflow due to the shut-in for the last 6 months, that the market will react badly. Now you and I can see this (poor cashflow result) is going to happen and expect it, but in my experience, even stuff that blind freddie would have seen coming, a lot of the time the market as a whole seems to have no idea about until it actually is spelt out in an announcement... strange I know but it does seem to happen.

I'm tempted to take some profits a little before the 1/2 yearly comes out (provided I don't see any craziness with the sp before then), with the intention to buy some more if the retrace comes and is severe. It may not pan out that way, but I need to lighten up at some point (as I am overweight in VPE) so figure that is as good a time as any :)

Tony.

[Hatchy]

What I am concerned about is that when the 1/2 yearly comes out and there has been pretty much zero cashflow due to the shut-in for the last 6 months, that the market will react badly.

Fair point, and looking at it from your point of view it may well be a good time to take the cream off the top - but also it might just bring about another buying opportunity for those on the flipside of the coin.

I'm happy to be overweight in VPE, as I have been for a number of years now, but I love a good story and this one is a great one. Have you heard the story of the phoenix?

:-)

[wintermute]

Have you heard the story of the phoenix?

:-)

Sure have, I worked for a company before that had the phoenix as their emblem ;) It is actually one of the reasons I bought VPE, I just did so a bit early.... about 5 years too early (actually the original reason I bought them was to swing trade them, but I got a bit caught up with the potential and have held (with a few partial sales and re-buys) ever since.

Tony.

[Knucle]

So what does everyone think of the capital raising that just happened. At least it was quick. The willingness of investors to buy in is encouraging. Will the shares shoot up when trading resumes? It will be interesting to see. How big does VPE have to get to become a mid cap? :nuts:

[philly]

So what does everyone think of the capital raising that just happened. At least it was quick. The willingness of investors to buy in is encouraging. Will the shares shoot up when trading resumes? It will be interesting to see. How big does VPE have to get to become a mid cap? :nuts:

IMO the share price is likely to stay around the 37-40 cent mark. The good things about the CR are as follows:
it was quick - new subscibers can see the potential here
the price was not heavilly discounted - so it is unlikely that new subscribers will be selling immediately for a quick profit
the purpose of the CR is to accelerate exploration and development of both CSG in the Surat Basin and oil and gas in the Cooper Basin - any positive news will lift the share price.

and there is a hint in today's announcement that there may be a SPP for loyal share holders.
IMHO this is all good news.
I am a happy holder :D

[Hatchy]

I like the new logo shown in the AGM powerpoint - Senex could really be the next big thing in O&G

Who else has seen the logo and likes it?

[tech/a]

From a techies view I find threads like this one interesting.
In 2006 (first page) Y/T was talking up an 18 bagger at 18c.
Now 4 yrs later its ranged to 50c and back down again.
If your holding this is and your waiting on speculation and opinion seems (from a techies view) a waste of good money and time.

Where is Y/T?
Barbados or Salvo's

[STRAT]

From a techies view I find threads like this one interesting.
In 2006 (first page) Y/T was talking up an 18 bagger at 18c.
Now 4 yrs later its ranged to 50c and back down again.
If your holding this is and your waiting on speculation and opinion seems (from a techies view) a waste of good money and time.

Where is Y/T?
Barbados or Salvo'sHi TA.
Youre not wrong about the time line. Watching VPE is akin to watching paint dry/grass grow.

Ironic as it is, they may finally be getting their ducks in a row.

YT has moved back to HotCopper.

[Knucle]

What does everyone think of the attempt to block Beach's attempt to take over Impress? Is the VPE Board/Management being smart here? If Beach are successful then at least VPE may sell its Impress shares for more than the shares were bought for. Could the move encourage Beach to have a go at taking over VPE so that they gain both the Impress and VPE parts of the oilfields they are after? They could take the oil interests and one of the big gas players could take the CSG interests if there was some sort of combined move.

All of this is totally speculation on my part. No-one should take any notice of my opinion, especially since I own VPE shares.

[Hatchy]

I'm not sure of Beach's intentions, but I doubt they'll try and take on VPE. Remember that QGC still own 10% of VPE and will need their CSG.

At 30 June BPT had 170mil cash

I don't know what the takeover of ITC is going to cost them, but I doubt they'll have near enough left to make a play for VPE.

[philly]

What does everyone think of the attempt to block Beach's attempt to take over Impress? Is the VPE Board/Management being smart here? If Beach are successful then at least VPE may sell its Impress shares for more than the shares were bought for. Could the move encourage Beach to have a go at taking over VPE so that they gain both the Impress and VPE parts of the oilfields they are after? They could take the oil interests and one of the big gas players could take the CSG interests if there was some sort of combined move.

All of this is totally speculation on my part. No-one should take any notice of my opinion, especially since I own VPE shares.

BPT have achieved a majority control of Impress after its directors recommended the takeover bid. With over 50% of the shares now held by BPT, VPE has IMHO no option but to sell its 20% share in Impress. At least we know that it will put the cash to good use with the forthcoming drilling programme. I am a holder.:)

[philly]

I have done a rough calculation and if VPE sells its 20% interest in Impress it will generate about $9.97m or about 6.5 cents per VPE share. Hopefully, this will give the SP a little push along before Christmas. I am a holder. :)

[STRAT]

I have done a rough calculation and if VPE sells its 20% interest in Impress it will generate about $9.97m or about 6.5 cents per VPE share. Hopefully, this will give the SP a little push along before Christmas. I am a holder. :)Hi Philly.
Now why would it give the sp a push? Total value of the asset is the same whether it is in shares or cash. At least if its in shares they cant spend it on the Christmas party :eek:

[philly]

Hi Philly.
Now why would it give the sp a push? Total value of the asset is the same whether it is in shares or cash. At least if its in shares they cant spend it on the Christmas party :eek:

Hi Strat, you make a fair point :) I guess that if it sells the shares then it crystallises the profit and depending on how it uses the funds then that may impact on the SP.

[Edwood]

purely technical >> nice impulsive move up from the lows on VPE after the last few months, but looks to be running out of steam unfortunately, got some divergence coming out now, so could see some selling kick in. Longer term it looks reasonably positive tho.

(Reason for my interest is this is the very first share I bought, back in 1997 - and STILL holding the donkey!!! ha ha)

[philly]

VPE is in a trading halt this morning pending an announcement. There is nothing in the announcement to suggest the subject matter of the forthcoming announcement.
IMHO it could relate to either of 2 things:-
1. possible SPP for current holders following the recent CR or
2. VPE will sell its 20% interest in Impress given that BPT now holds 60% of Impress.

Just my thoughts, any views out there?
I am a holder.

[philly]

VPE has announced that it will commence an aggressive drilling campaign in the Cooper Basin SA in Feb 2011. Six wells are planned - 3 development wells in the Growler Field and 3 exploration wells in PEL 104. Shares are back trading and steady at 41.5 cents.

Not sure why a trading halt was required for this announcement. It seems that companies often announce forward drilling plans without going into a trading halt. Maybe it it is a requirement of the newly released share trading policy?

Any way no doubt that VPE will be in for a very busy first 6 months of 2011 with drilling in the Cooper Basin SA for oil and gas and Surat Basin QLD for CSG.
Could be a company making year. I am a holder. :)

[Knucle]

Does anyone know if any further significant announcements are expected from VPE this year. I thought that an announcement about the next stage of certification of the reserves in the coals seam gas fields was due.

Also, does anyone know when the name change is going to happen? Will the change make a difference to share price?

Is the new access to the Growler fields about to be built coming with a pipeline so that oil can be got out?

Anyone know?:confused:

[philly]

FINAL OFFER FOR IMPRESS ENERGY BY BEACH ENERGY.
OIL and gas producer Beach Energy has declared its bid for Impress Energy final but extended the offer of 8.5c per share until February 21.
Beach Energy urged Impress shareholders to accept its final offer, made after the company gained majority control of Impress in December.

Beach says it holds a 65.25 per cent interest in Impress, at close of trade on Monday, and it was highly unlikely that a rival bid would emerge.

On December 6, Beach offered Impress shareholders 8.5 cents per share in the company, valuing Impress at $75.4 million.

The bid replaced an earlier proposal to merge the companies by way of a scheme of arrangement.

Beach said Impress shareholders should sell into the offer because the trading volume of Impress shares may fall once the offer closes, and remaining shareholders would likely have their shareholding diluted by future capital requirements.

VPE owns 20% of the shares in Impress Energy it seems to me that the Directors have no option but to sell to Beach Energy.

[stevenc]

Anyone know why VPE is suspended at the moment, I cannot find any announcements or news on this as yet.

[dandyjac]

Anyone know why VPE is suspended at the moment, I cannot find any announcements or news on this as yet.

I think it maybe something to do with the company name change, changing name to Senex Energy :confused:

[dandyjac]

i just found name change on ASX so it must be the reason for suspension, should be trading again on Monday. ASX website new code SXY ;)

[stevenc]

i just found name change on ASX so it must be the reason for suspension, should be trading again on Monday. ASX website new code SXY ;)

Thanks for the that, will find the new code.

[Knucle]

There is a new thread/forum for this stock under its new name: SXY - Senex Energy. Go to:

http://www.aussiestockforums.com/forums/showthread.php?t=21885&p=612254#post612254