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drilling Atrush (may) and Taza block (june) ahead.
From the shamaran site :
"The Appraisal Work Programme and Budget on the Atrush Block has been submitted to the KRG. The Programme consists of 3D seismic and a number of appraisal wells and studies. 3D seismic acquisition is in progress and the construction of the location for the Atrush-2 appraisal well is underway with drilling operations planned to commence in May 2012. Planning for an Early Production facility to conduct a long term test in the field is also underway.
The Company's 100% owned subsidiary ShaMaran Petroleum BV entered into a production sharing contract ("PSC") on July 27, 2011 in respect of the Taza Block (formerly Block K42) in the Kurdistan Region of Iraq. ShaMaran holds a 20% working interest in the PSC, and Oil Search Iraq Limited ("OSIL") is the operator with a 60% working interest in the PSC. The Kurdistan Regional Government of Iraq ("KRG") holds a 20% working interest in the PSC with costs carried by ShaMaran and OSIL. Planning is underway for an exploration well with drilling operations expected to commence near the end of the second quarter of 2012.
THQI
Mooi.
Ik nam een bescheiden startertje op 0,65.
Ik hoop dat de pr geen grapje was om artificieel de pps op te krikken om de one-dollar-rule van nasdaq te halen.
Bedankt Frans.
Maarten
I'm adding moderately.
Risk of further decline due to political instability.
Kurds just have to resolve their problems.
Can anybody show them how to shake hands? Plenty of oil for everybody there imo. Heck, is Nigeria, Somalia,...that much better?
Cheers.
THQI
Frans,
enige verwachtingen?
Maarten
Tamtam,
heb jouw Pancontinental Board meteen eens diagonaal doorgenomen.
Ik hoop dat ze het drillrisk wat bij operators laten zodat de drukker niet te veel aandelen moet bijmaken.
Pancontinental heeft ook een zeer overzichtelijke en informatieve website.
Het woordje van hun director in het laatste jaarrapport kon ik wel smaken. Ook eerder gericht op olie dan op gas, dat minder en minder gaat kosten.
Het zal wel tijd vergen, zo lees ik, maar de recente successen in Oost- Afrika zullen Pancontinental niet meteen windeieren leggen denk ik.
Ik ga nog wat lezen.
Vielen Dank!
Iemand (Belgian, koen2, Tamtam, Mithrandir,...) ideetjes voor junior oilers in Puntland/Hoorn van Afrika buiten Africa oil, Horn Petroleum,...?
Heb zelf wat te lang gewacht voor AOIFF (nu ja...blijft mooi stijgen). Marauder Resources vind ik wat te tricky.
Range Resources (LondonSE) is een mogelijkheid, maar die zitten ook in Trinidad, Georgië, Texas en het loopt niet overal op wieltjes, zo lees ik op Hopcopper, al zal het weer er wel wat beter zijn...
Alvast bedankt.
Is Lundin Group (temporarily) focusing more on their Puntland projects (AOIFF) than on exploring Kurdistan land? Anyway, the political situation seems safer and more lucrative in Puntland. It stays on my watch list. Hope june 26 meeting can create insight in the company's goals and stop the decline in pps.
Can you feel that tension?
Springtime. Oil is climbing. Which company to choose? So many promising junior oil tickers. Did you miss Africa Oil's climb? Should I get into Mart Resources or will GRPR finally start drilling? Here's one without debt. Should you wait for a pullback or load the boat here at around 50c? Insiders did/do load. Management takes the right decisions. Read the PR's. Should you care about this company being a real estate company? Not if there's millions of barrels of oil underneath. People, we're situated in the Bakken remember? We'll just find out soon. 2012 will lift PIE to buckland. All in my opinion.
Cheers,
Maarten.
PIE is heating up !
Oil price is up.
The vertical well program arouses interest. Big oilers interested in PIE land? Lets await the vertical progam.
Insiders keep on buying. PIE shares have to be a good investment...
I like it.
Pinetree capital (invests in promising small caps) and its CEO Sheldon believe in Petef, after thorough research. They've got a nice track record.
Drilling results are expected this year. Four vertical wells drilled, two to go, probably drilling news before june.
News - Marketwire.
I can't believe we stay at 50 cents. They've got an awful lot of promising land (Alberta Bakken), no debt, JV partner, vertical wells drilled.
I'm very excited. This is a actually a very cheap company. When they keep on executing like they do, shareholders will be rewarded.
February 29, 2012 10:00 ET
Primary Petroleum Completes Non-Strategic Asset Sale and Provides Update on its Southern Alberta Basin Prospect in NW Montana
CALGARY, ALBERTA--(Marketwire - Feb. 29, 2012) - Primary Petroleum Corporation (TSX VENTURE:PIE)(OTCQX:PETEF) ("Primary" or the "Company") has completed its annual review of non-core assets and the Board of Directors has approved the divestiture of its Saturn Prospect in Daniels County, NE Montana for US$3,400,000. This sale price represents a considerable gain to Primary based on its original investment in the area. With a strong balance sheet in excess of CDN$20 million in working capital, no debt, a joint venture with a fully carried and funded US$41 million exploration program consisting of 3D seismic, six vertical test wells and six horizontal wells, Primary continues to remain focussed for the balance of 2012 on its Southern Alberta Basin prospect in Pondera and Teton counties in NW Montana.
Pondera-Teton, Southern Alberta Basin Update
Land Acquisition
Primary has been successful in acquiring exposure to over 361,000 gross acres (500 sections) of land, delivering approximately 304,000 net acres (337 sections) within the area of interest. The net acreage amount is subject to change based on the provisions set out in a Sale and Joint Venture Agreement with our U.S. partner (as per the Company's News Release dated Oct. 19, 2011) The Company's land acquisition strategy continues to be driven by science, with an increase in activity and pricing noticed in the area since the beginning of the 2012 calendar year
3D Seismic Program
Primary has completed 93 sq. miles of 3D seismic to-date, with the completion of our most recent, Eureka Lake program. The Company is reviewing an additional 47 sq. mile program to be carried out in two programs this spring. Upon completion of these 3D seismic programs, Primary and its JV Partner will have a total of 163 sq. miles of 3D seismic coverage over its leases, including 23 sq. miles of 3D seismic completed in 2008.
Vertical Stratigraphic Test Drilling Program
The Company commenced the vertical stratigraphic test-drilling program in Nov. 2011 and has currently completed drilling its fourth vertical well in the planned program of six wells. All vertical wells have been logged to collect extensive well data along with a 120 ft (36.5metre) section of core from the Bakken-Three Forks and adjacent formations for analysis. Primary has received core data from its first two wells and is pleased with the preliminary results. The six-well vertical program is estimated to complete by the middle of April and a more detailed update will be disseminated, once all data from the vertical program has been evaluated.
About Primary Petroleum Corporation - Primary is a junior oil and gas company engaged in exploration and development activities in Montana and currently holds substantial land positions in an unconventional tight oil play. The Company's mandate is to continue to acquire strategic land positions of merit in the Sedimentary Basins of the Western United States and Canada and seek out qualified industry partners to exploit and develop our acreage. To learn more about us, please visit our website at: www.primarypetroleum.com.
FORWARD LOOKING STATEMENTS DISCLAIMER: Certain statements in this document may contain "forward-looking statements" or "forward-looking information" within the meaning of applicable securities legislation. Such forward-looking statements or information include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. The Company does not assume the obligation to update any forward-looking statement, except as required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Case closed? What would be the next issue? Dilution?
Is that bad when this stock could outperform? BEXP did too, a few years ago at less than $3.00. BEXP flew ever since till Statoil cut its wings. I speak about the Mississippian Limestone as I did/do about the Bakken. So far I feel pretty comfortable here.
Thus, filings 02/08/2011 say :
"Finally, we deem it prudent, at this time, to increase the number of authorized shares of Common Stock to a figure sufficient not only to enable all holders of our Series A Voting, Convertible Preferred Stock to convert their shares to shares of Common Stock, but sufficient to enable our directors in the future to consider possible acquisitions of properties or interests in other companies in exchange for shares of our Common Stock. However, we have no current plans, intentions, or arrangements to engage in an acquisition.
Should the proposed amendment be effected, the effect on existing shareholders would be dilutive in the sense that they would own a smaller percentage of the outstanding shares of our stock. However, such an issuance would not necessarily be dilutive in an economic sense, as the assets or companies acquired could conceivably produce operating results better for each issued share of stock than have been obtained so far.
The increase of authorized capital from 200 million shares to 500 million shares of Common Stock will have an anti-takeover effect. It would provide the directors with the ability to counter any takeover offer by increasing the number of outstanding shares through immediate sales of authorized but not-yet-issued shares. Such an increase could lessen the impact of a tender offer, by denying the offeror of the ability to purchase a voting majority of the outstanding shares. This could work to the disadvantage of existing shareholders, as takeover offers are made at per-share prices that are higher than prevailing market share prices.
Voilà,
I'm (back) in.
This time for the long haul.
Insiders bought many shares at much higher pps.
Their land is supposed to contain a lot of oil.
The actual problem is that not a lot of people are familiar with this one.
A PR stating that management is working and making progress won't do any harm.
Cheers,
Maarten.
Thanks eagle,
Very informative. Reminds me of the ridiculous current valuation.
Patience is the key when waiting for a JV.
That's quite an impressive analysis of what's to come, DigiTech. Very much appreciated.
I hope the political situation won't prevent Mart to make some thrilling announcements in 2012.
Maarten.
500.000
OLIE EN GAS gaan gewoon HOT zijn dit jaar
Mijn gedacht !
Ik kan me wel voor het hoofd stoten dat ik indertijd BEXP en SSN veel te vroeg buiten heb gesmeten. Ik hoop dat ik dit jaar met een pinkie of één/twee minder snel aan de trigger ga hangen.
Maar ja, het is nog altijd gezonder op tijd wat winst te pakken dan inhalerig te wachten en het risico lopen zwaar in het rood te eindigen.
Bedankt voor je andere stocks. WRES, LEI, AXAS flip ik af en toe eens in en uit.
Alle succes!
Maarten.
Bedankt Mith,
jou en de andere I-hubbers een gezond 2012 en een succesvol beursjaar toegewenst !
Maarten.
Koen2,
ik zie dat je in wat penny oil en gas stocks zit.
Grid Petrol deed het goed vandaag.
Ik kan amper wachten op de drill results. Volgens mij wordt dat een grote winnaar dit jaar.
Verder heb ik, wat het zwarte goud betreft, posities in PEN.V, MMT.V, SIOR, JYHW, MSEH, TECO, PETEF, GSX.
Ik twijfel voor het nemen van een positie in EGOH. Er gebeurt daar zo weinig. Ik merkte dat jij wel een believer bent.
Succes.
China action lately.
Take a look at Gure, Bwow, Sino, Osn, etc etc....
China stocks are hot again, probably thanks to Muddy Waters (going long on china stocks?) and Geo Investing.
Siaf has been a laggard. I'm very much looking forward to earnings 8/15(?). Hoping to see some the 58M$rev. I really can't believe the expectations, so Q2 has to convince me - although not the strongest Q I know - staying long. I'm specially interested in the expansion agenda, hope they're on track, so I'll be listening very carefully.
I do believe the US listed china stocks have survived the negative sentiments these stocks suffered (Rino, Onp, Ccme,...). So, I don't see much downside from here. Fingers crossed.
Good luck everybody
Rodman & Renshaw upgrade, stock buyback announcement, high oil price,...
I haven't followed this stock closely but it sure was a popular one once.
Are they for real or is it a RINO, GFRE, CCME kind of shell company?
It looks to get more attention lately.
Should I put a few coins into this one or should I stick to Sundance, Abraxas, SSN, etc?
Anyone?
Thanks