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- 12 September 2004
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Thanks for that, so if recovery rates for Selmo increase by 9%, we are looking at recovery of 9% of 500 mmboe = 45 mmboe?
Employment... the only guaranteed way to trully placate the masses
Thanks for that, so if recovery rates for Selmo increase by 9%, we are looking at recovery of 9% of 500 mmboe = 45 mmboe?I think Mobil halted operation in the early 1990s because it got attacked by the Kurds. So about 80 mmbo produced till then out of 500 mmbo oil in place gives around 16%. Fat prophet had stated in its IPM report that average recovery for most fields were around 25%.
Employment... the only guaranteed way to trully placate the massesOf course there is the risk of this happening again. But from what I read there is now a Turkey Army base in the middle of Selmo. IPM, being one of the few employers in the region, hires mostly Kurds.
Still nothing in the way of announcement, trading halt Friday stated there would be further news WRT cap raising prior to market open today.
Interested to know the details
As though speaketh out cometh thee announcement, raising $8 million for U.S.A. projects. I sold IPM back last March 2007 and they appear to have dropped back about 35 cents since then. They could become interesting again once the dust settles, or is it, fog clears.
http://www.asx.com.au/asxpdf/20080414/pdf/318kd7nxzw4501.pdf
Cheers Noirua, I'm holding a small amount so the placement offer appears to be ideal for someone in my situation to obtain a little more at a market discount and be eligible for the 3c divvie on the allocation as well.
I'm glad they are reducing overall geographical risk as well given the Selmo field is basically smack bang in the middle of the traditional borders of Kurdistan and other sources of revenue are realistically 12-18 months away
The new piping that you've read about is 'infield' piping ie. takes oil from the individual wells to a central collection point. This was a good move IMO, much less total pipe now & no frozen lines like the previous year.The blurb at the bottom of their announcements still notes that the Oil is trucked 40km to a refinery from the field gate, surely this in itself (despite the pretty photos of pipes in an announcment a few months back) is a fairly inefficient practice?
Annual Report said:Export Pipeline
Over a number of years, the owner of the export pipeline from Selmo, the state owned Turkish Petroleum (TPAO), have suggested that their 40 km export line from Selmo to Batman was environmentally unsafe, and wished to de-commission the line. This event occurred in December 2007. Oil is now trucked in TPAO trucks, with total crude shipping costs reducing slightly. The point of sale of Selmo crude and the purchasing contracts remain the same.
Placement date now over, would expect the millstone to be lifted from the short-term shareprice. Gas drilling near Istanbul seems to be running successfully.
Personally I topped up a little on market as there have been a few dips below $1 in the past fortnight.
BTW did anyone else receive a call from the company? I guess having relatively few shares on issue does allow staff to phone shareholders individually, but I still found it a nice touch
Here is an analyst report on IPM - worth a read:
new dividend 0.03cents per share This should help as well. This appears to be a well managed company with godd prospects in USA and TURKEYIPM now purchasing on market 1 million shares that amounts to 1.2% of issued capital hopefully that will push share above $1.00 and keep it there
COE offer for IPM, 3.1 shares per IPM share or 1.9 COE shares + 50c each.
Can't say I'm wrapt in the takeover to be honest, seems opportunistic; COE's schedule of production appears to be declining at a steady rate, with a fair portion of the price appearing to be based on the speculative nature of their exploration.
IPM have new exploration, a P/E based far below market ave, paying > 6% div yield. Will be interesting to guage the IPM board's reaction to the offer.
COE aren't paying a dividend due to the speculative nature of their exploration requiring cash to fund (and possibly develop), and IPM have 1.2% of listed capital to be bought back in the next 12 months. Undervalued IPM by a reasonable margin IMOI am happy to hold for the moment just for the divvy. They managed to get this in before the buyback. I would have to say, good try COE!:
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