Strike Energy Drilling Update

By David Press on 3/3/2011 3:19 PM


Management of Strike Energy (STX-ASX) this week announced disappointing results from their promising Steindorf-1 well on the Gulf Coast, USA. As I discussed in a recent blog, having sold the majority of their producing assets in the US, Strike's management and share holders were no doubt excited and hopeful that reserves and cash flow would quickly be replaced by the latest well tested by the joint venture. Unfortunately it is not to be and the disappointment was evident in a sharp drop in the share price back to the high teens.

 

In an attempt to put a positive spin on the disappointing results, management...
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Nido Petroleum Run into Issues at Tindalo-1

By David Press on 8/10/2010 10:20 PM
Nido Petroleum (NDO-ASX) and it's joint venture partners of Tindalo-1, a shallow water oil target in the Philippines, have run into water cut issues after initial high flow rates and a swift rise in the shareprice.

 Nido recently announced the need to perform a work over on the well with an expected start within 3-4 weeks of joint venture approval. Currently Tindalo-1 is producing at sub-optimal levels due to high levels of water cut and poor water separation and treatment. Nido has been forced to store large volumes of water due to the poor performance of its water treatment equipment (treated water unfit for return to natural environment) resulting in further setbacks.

 

Performance upgrades for the water treatment equipment will be performed as soon as possible and production levels will be increased to the maximum allowable...
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YourWealthWatch Blogs - Dave Press Parent Separator Stocks

Merger and Acquisition Activity Increasing

By David Press on 4/1/2010 6:31 PM
Newcrest's bid for Lihir Gold today joins a string of high profile M&A attempts of late and signals the intent of big mining companies with large cash surplus' going forward.   Lihir's board today rejected the offer but signalled they may be more open to a higher bid in an effort to maximise the return for shareholders.  LGL's shareprice closed up over $1 to $4.04 today.

 

Newcrest's bid alongside Peabody Energy's bid for Macathur Coal, Bright Food Group for CSR's sugar unit and Shell's successful bid for Arrow Energy signals an impressive return to M&A activity.  Looking forward, it is hard to see a slow down in mergers and acquisitions given the cash surplus many larger material's companies will be building as a worldwide recovery continues to unfold.  The stength in the materials sector should fuel purchases by larger diversified companies of the likes of BHP.  Balance sheet strength and strong cash flows after the slowdown through 08/09 offer great opportunities to add new assets and fuel growth.

...
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