TAP 0.00% 7.8¢ tap oil limited

(tap) advise appreciated.., page-2

  1. 539 Posts.
    this is a copy of my post of last week.

    Subject going gangbusters
    Posted 20/06/03 10:26 - 48 reads
    Posted by dist
    Post #104323 - start of thread

    Tap released a new investor presentation today. They are going gangbusters.

    Woollybutt prod 41000bopd and Harriet Joint Venture 25000 Bopd-Taps share of prod is about 1.3m bbls for yr to date.

    I notice euroz has a styrong buy, as does Bell Potter , this week-both have about $1.67 val on them for existing assets with a profit this financial yr of about $25-27m.

    Several things struck me about the presentation.

    1. The 2nd half drilling involves 12 new wells and one appraisal. 7 of these are for oil. The biggest is Sheila at 89mmbls. All subject to rig slots but feeling a second rig is likely also.

    2. They will also be looking for a westerly extension to Woollybutt-this will be very big news if there-not the usual 2-5c per find but in the tens of cents.At 41000bopd any extension will be loved by the market.

    3. They have just completed 75kms of 3d (not 2d) in NZ not far from the Kahili disc. They will be drilling a 3 well program on this and Tap has 50% of that. I love 3d-it has changed the way oil cos target their drilling with resultant increased success rates. The trap still has to have oil that then flows but it is a big help.
    NZ appeared to be an afterthought after the Arq fiasco but they are approaching it with their customary professionalism.

    4. Linda gas disc of a few yrs back will be developed later this yr.

    Tap has been range trading for about 18m but now has the exploration projects coupled with fantastic daily production to push the stock back up to its old highs.

    On the corporate front it is interesting that 4 instos collectivelly own over 40% of company-they are taking the punt that once the next round of rationalisation happens in oil that Tap will be there-hope so.

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