By David Press on
3/8/2012 8:04 AM
Some say change is like a holiday, however given my last 18 months or so, I can comfortably say a good long holiday will bring about just as much change. Having spent 6 months backpacking and skiing the alps of Western and Eastern Europe, then settling back into life in London and a job in one of the worlds largest and most infamous investment banks, I'm now back to sunny old Australia and a very different life/career indeed.
Thankfully my passion for investment hasn't changed in any way, meaning it was only a matter of time until I started sharing my views on this site again. An awful lot has happened in the time I was away, with the companies I follow having their up's and down's, as we have come to expect post the GFC. Highlights include some very strong profits on Maverick Drilling (MAD) which we have held for some time now (although we have now exited), strong performance from Hansen Technologies (HSN) and the continued strong operational performance of the Nick Scali Group...
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By David Press on
3/28/2011 10:18 PM
Nido Petroleum ( NDO-ASX) today announced the approval from the Philippines DOE for their upcoming drilling target, Gindara-1. I've noted Gindara as a possible company making prospect a number of times and I now feel that at current prices, Nido may be offering traders and opportunity for a buy early, sell before spud play, and for longer term speculators, an opportunity for serious share price gains on the back of a successful oil find.
Nido and JV partners, Shell and Kairiki are targeting a possible 1 billion barrels of oil at Gindara, with the drill date around May 2011. Having attained approval for the well, as well as securing the “Atwood Falcon” rig, Nido are finalising the required third party logistics and planning and suggest the rig should arrive on site around mid...
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By David Press on
12/29/2010 11:53 PM
Following my update only 5 days ago, Nido Petroleum have announced the abandonment of their Tindalo well in the Philippines, citing water production issues. This comes only days after an announcement stating testing was ongoing and that production fluid was being flowed in order to test flow rates adequately. Unfortunately it seems it wasn't only production fluid that was flowing. Testing showed reducing flow rates and high water-cut reducing oil production.
Following the testing of the well, the JV have determined Tindalo to be uneconomical and have are initiating shut down and abandonment of the well. A decision regarding the use of equipment is yet to be made, bearing in mind the JV exercised their option over the equipment with high...
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By David Press on
12/24/2010 4:25 AM
It's been a while since I wrote an update on the fortunes of Nido Petroleum ( NDO-ASX) in the Philippines, after last discussing their issues at Tindalo. The rough seas (pardon the pun) have continued, with a weather induced shut down of Galoc, further issues at Tindalo, after the much anticipated work over and unfortunately for shareholders, a request for more funds in the way of a capital raising. On the upside, depending on how you look at it, Nido managed to finalise the farm out deal for Gindara that has been touted for many a months now, with Shell Philippines Company (a subsidiary of Royal Dutch Shell).
Nido's crucial cash flow...
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By David Press on
9/15/2010 10:00 PM
Nido Petroleum announced on Monday 13th September that a sidetrack program was now underway at their troubled Tindalo-1 well in the Phillipines. We discussed recent water production issues in this blog and have been awaiting news on developments since.
All things going to plan, news should be forthcoming in around a week regarding Tindalo-1 coming back online and possibly initial flows. I'm sure I'm not the only investor hoping they are taking their time and getting it right this time around, but assuming they do, Nido Petroleum's future cash flows and hopefully shareprice are in for some serious growth.
Recent presentations by the company continue to place great emphasis on their...
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By David Press on
5/26/2010 8:01 PM
Nido Petroleum Ltd (ASX-NDO) a small oil producer with large acreage in the highly prospective Palawan Basin in the Philippines is on the verge of producing results which the company believes will be transformational. Flow results from their Tindalo 1 well are imminent with potential to significantly increase cash flow for the company, but more importantly success at Tindalo will minimise Nido's reliance on a farm out of it's company making Gindarra targets.
Tindalo 1 in Service Contract 54A is targeting between 7000 and 15000 bopd of which NDO holds a 40% interest. Success will potentially triple Nido's production and add significantly to Nido's cash flow which at its current market capitalisation, should put upward pressure on share prices. Recoverable oil is estimated at 5.1mmbbl but risk still remains on the flow rates and how long the well will flow at economic rates. Further to Tindalo 1, Nido has a number of shallow targets in SC54A that may offer further production increases,...
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