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Been holding this for a few years. Looks like I might get my money back $0.035 per sh.
Probably not a great time to jump in with this thing on the fast track down.
http://www.barchart.com/opinions/stocks/GDP
styl......It has been so long since I paid any attention to this I will have to take your word that I was critical. I don't doubt it. I just don't recall, but I am old. Please accept my most humble apologies. I should have known better. Maybe our grandchildren will enjoy the benefits someday.....peace.
Holy moly...the money I have in this thing is so dead I have no choice but to hang on until I get in the black or this thing liquidates.
Did somebody get burned on a market order at .03?
A lot of these war rumor articles are probably very effective at selling newspapers over there. At the end of the day China knows they cannot risk everything for some dead fish and live oil and gas wells. These are not national security issues. It is the big bluff.
China can not afford a war. They very publicly acknowledge their need to create millions of jobs yearly to keep up with population growth. The Chinese government reasons without economic growth they have no political future. They know a war dooms them politically. It's all a big show. Sit back, relax and munch some popcorn. We all know how the movie ends. China pays us off.
China's economy is state run to the nth degree, at least on large issues like this. I seriously doubt CNOOC meets with MVP discussing a JV agreement without government approval to talk. If they have a business scandal people don't get fined. They get a bullet in the head. One meeting does not make a resolution, but it is more significant than not meeting at all. It's a start. MVP thinks (says at least) SC 72 is going to go full steam ahead. jmho....GLTA
I don't think we're in disagreement. Technical analysis is much less useful in those more these thinly traded low float stocks, as I've learned. The chart patterns simply do not form a lot of the time. However, basic rules of supply-demand always hold true, though. That's why we are here.
The floats on both FECOF and FEP is tiny. Any sort of increase in the number of offers will goose these stocks. The orders will increase going forward as MVP and the Chinese keep talking, as the drilling begins, as this process gathers momentum. FECOF is getting support at 4, moving into the 5's and 6's soon.
$230 million per year.
A billion a year....yikes. Thank you.
I told an investor friend about FECOF. He is looking to start a position an may have today. I sent him the updated Edison report showing FEP.L worth about 300p. Can someone point me to some valuation analysis based on comps as we get closer to production. HDY is one, I guess. Even though they struck out alot of people made money. I made a little flipping it from $5 to $7. Thanks.
Biz Buzz: Ambassador Manny Pangilinan
Amid rising tension between the Philippines and China, businessman Manuel V. Pangilinan flew to Beijing a few days ago to meet with officials of China’s biggest offshore oil and gas producer, China National Offshore Oil Corp. (CNOOC)—which is owned by the Chinese government—to discuss oil/gas exploration prospects in Recto Bank.
An industry source said the meeting had gone “very well” and that it looks like Philex Petroleum (which controls Forum Energy plc) will indeed end up working with China in Recto Bank.
A Filipino banker said in jest that this exploration could be a “grand conspiracy” between MVP and Foreign Affairs Secretary Albert Del Rosario (who used to work for the MVP group) to find a diplomatic solution to diffuse the tension in the West Philippine Sea (South China Sea).
So instead of this major gas find (that’s even bigger than Malampaya) heating up the territorial dispute between the Philippines and China, working together on a commercial basis is seen doing the opposite.
The source close to MVP lent some credence to the banker’s theory.
The source said this coming to terms with CNOOC—although the details are still sketchy at this time—will not only positively affect business but also the geopolitical environment (which could otherwise dampen the euphoria over the gas find).“It should augur well for the country!” the source said.—Doris Dumlao
http://business.inquirer.net/57781/biz-buzz-ambassador-manny-pangilinan
FEP is setting up for another run...up 12% today.
We've been thru the valuation of this more than once and those numbers are very real world and probably not the top end. I think it's just a question of when, no longer "if".
This takes a lot less faith than betting 4 years ago Apple would hit $1,000.
*It looks like FEP is setting up nice support at 160p-170p with 10x average volume (a month ago).
*The PH government is making noises like they actually want to bring this in.
*China might actually be allowed to "farm in" and partner on the deal.
*Real money appears to be literally just a matter of time.
On the other hand FEP jumped up after the edison report came out. Volume of FEP is still above 50,000. Two weeks ago volume was about 10,000 shares.
Philex is keeping the PH government's feet to the fire regarding the Chinese issue publicly, and I'm sure privately. I like that.
Recto Bank project faces delay from Manila-China standoff
Monday, 30 April 2012 20:17 Paul Anthony A. Isla / Reporter
FORUM Energy Plc., operator of Service Contract 72, would have to wait for the outcome of a long-standing standoff between the Philippines and China over Recto Bank in the South China Sea, Manuel V. Pangilinan, Philex Mining Corp. chairman, told reporters on Monday.
Philex Mining, through its interests in FEC Resources Inc. and Philex Petroleum, controls 64.45 percent of the share capital of Forum Energy. “There’s always the possibility of a delay in work program, given the political concerns between the Philippines and China, which have to be sorted out,” Pangilinan said.
He added that he hoped the Department of Energy (DOE) would not take it against them if the work program was delayed by a prolonged impasse between Manila and Beijing.
“If Chinese gunboats appear in the horizon, then there could be delays as those rigs and survey ships that are owned by other countries would not want to get involved in any kind of regional conflicts,” Pangilinan said. Though a delay was possible, he added that they would still stick with their committed work program and schedules.
http://businessmirror.com.ph/home/economy/26520-recto-bank-project-faces-delay-from-manila-china-standoff
Not sure if this is actually news, given the "long-term" aspects of this deal.
FEP.L has reversed its two day decline rising on heavy volume to 170 with a high of 187.5 today.
April 26, 2012
Court halts auction of oil, gas exploration sites
THE AUCTION of oil and gas exploration sites scheduled today got off to a bad start after a court stay order was issued on two areas, a Cabinet official said yesterday.
“Two of the areas we previously cancelled have a TRO (temporary restraining order). The TRO stops us from issuing the contracts to bidders,” said Energy Secretary Jose Rene D. Almendras in a speech to the Makati Business Club yesterday.
Bids for the areas were supposed to be opened today. Areas being offered in the fourth Philippine Energy Contracting Round -- Area 13 and 14 -- were previously awarded to Burgundy Global Exploration Corp. and titled service contracts 67 and 68. The contracts were cancelled by the Energy department last year after Burgundy failed to meet the work program schedule. This prompted Burgundy to file a case that questioned the department’s decision.
Meanwhile, the Energy department said it will proceed today with the remaining areas under the contracting round.
The department is offering 15 areas for oil and gas exploration, of which areas, 3, 4 and 5, will be bid out in July. The government is expecting $7.5 billion in investments from the contracting round.
Meanwhile, Philex Petroleum Corp. said it is in discussion with some international oil firms to help develop service contract 72 near the Reed Bank, an area being claimed by China.
“These are grown-up numbers in billions of dollars. You need an international major to develop with that kind of expertise and marketing power to place the gas. We’ve talked to a number of gas companies,” said Manuel V. Pangilinan, Philex Petroleum chairman, in an interview with reporters yesterday.
The company is open to talking with Chinese firms, he added.
Service contract 72, the former Geophysical Survey Exploration Contract 101, was awarded to Forum Energy in 2005. The license was issued in February 2010.
Reed Bank is close to the Spratly Island Group, a resource-rich area that is being claimed by China, Taiwan, Vietnam, Brunei and Malaysia. Philex Petroleum and its subsidiary Forum Energy Plc. have released the results of a new study on the oil and gas potential of the area. The study showed service contract 72 has a prospective gas potential of 8.79 trillion cubic feet and 220 million barrels of oil. It has a contingent reserve of 2.6 trillion cubic feet of gas and 65 million barrels of oil.
Prospective resources are potentially recoverable oil and gas from undiscovered deposits, while contingent resources are from unidentified resources. Philex Petroleum owns 60% of Forum Energy. Forum Energy is the operator of service contract 72 with a 70% stake in the area. -- ENJD
http://www.bworldonline.com/content.php?section=Economy&title=Court-halts-auction-of-oil,-gas-exploration-sites&id=50747
HDY went from $35 million market cap to $1 billion+ in 3 years without pumping any oil. Not saying that's what will happen or what I want, but it does happen.
Nice
Forum Energy PLC (FEP.L) -LSE Ticker: 07C1T4 / ISIN: GB00B07C1T48
193.00 37.00(16.09%) 13:44 400,000 shares (lighter than yesterday). Might be setting up support around 200p.
Anybody have an idea of FEP's float? Philex owns most of it. I'm guessing most of the remaining shares aren't available. Not easy to short. Everything is falling in place to crank up the money machine.
Hope so. If FEP can get support above 300 we'll eventually (few days at the latest) be there to stay. This is such HUGE news. EDIT: FEP is holding at 230. Over 2 million pounds ($3 million+) changed hands on FEP today so far. Once the rest of the world figures FECOF out, watch out.
We are still trading at a 62% discount to FEP's 230p Share Price. Lots of ice cream left on that cone.
we could have support above .10 relatively shortly.
272.5p..holy crap and we're still at a big discount.
yep. I just got around to setting up my FEP/FECOF valuation spreadsheet. It's so cool.
that's a little low.
Share Price: 220.00 Bid: 215.00 Ask: 225.00 Change: 123.50 (+127.98%)
The good news is FEP is the leading indicator of our share price. We might bust a nickel after lunch.
I really don't have any idea regarding support points based on FEP.L's share price. I'm very green, but hopeful for a 30 or 40 bagger. I wouldn't mind swinging in and out adding along the way. I'm actually a little disappointed this hasn't been entirely possible over the last year, but better late than never.
FEP.L 184.90 +88.40(91.61%) 14:56
I would think we're a dime plus in days.
175 on 30x avg. vol.
Forum Energy PLC (FEP.L) -LSE Ticker: 07C1T4 173.00 76.50(79.27%) 14:37
The bad news is the .03's might be gone. The good news is we're already in.
Me too. Just put in some sells.
holy crap..........