BKP, BARAKA ENERGY & RESOURCES LIMITED

[dmayberr]

Good announcement out today re Statoil farm-in, nice partner to have given their position in the Bakken and similaarities between it and the Arthur Creek shale, may send the share price north fairly quickly.

[garryg]

In Reply To: garryg's post @ Apr 23 2012, 07:22 PM

Finally finished with BKP. Was hoping for a late surge in the SP but the general market nervousness, tax-time selling and the offer of better BESBS plays has impacted upon BKP at the moment. While the current drill might turn out to be a huge success (and I do hope so for holders), I'll take my profit and go. Only had 20% of original parcel remaining but now out.
All the best to holders.

Time to get set elsewhere following the BESBS strategy.

SOLD final 20% of main parcel (bought at .003c) for .011c at 266% profit with 50% CGT free
SOLD 80% of main parcel (bought at .003c) at .0165c ave. 400+% profit with 50% CGT free
SOLD trading parcel at .019c (4% profit)

[garryg]

In Reply To: apache123's post @ Apr 23 2012, 02:05 PM

Hi Apache,

I suspect we won't see drilling until later in H2 2012.
Happy to hold but pity it is taking so long.




Holding 20% of main parcel at .003c
SOLD 80% of main parcel (bought at .003c) at .0165c ave. 400+% profit with 50% CGT free
[b]SOLD[/b] trading parcel at .019c (4% profit)

[apache123]

Hmmmm...... Its past mid April and no announcement when the Ensign Rig 918 will arrive on site.

Has the rain delayed the rig getting to the site?

[apache123]

In Reply To: apache123's post @ Mar 26 2012, 03:26 PM

hmmm... Standard reply from BKP in regard to the ASX Speeding Ticket

[apache123]

May need to check the rear view mirror for ASX Speeding ticket.

SP up 20% at one stage with 25M changed hands

[garryg]

In Reply To: garryg's post @ Oct 16 2011, 09:03 PM

Today BKP announced that the rig is ready to go! This isnow the pointy end of the deal. Given theshale involved (provided that Greece and Europe hold up ok), I reckon thefollowing might be the pattern:[/size]

[size="3"]SP to hold and increase slightly (I can see 2c/2.2c maybe) asthe vertical drill starts to go down. IF they hit oil shows here(not likely as in any wildcat) , then whooshka – 2.5c+ simply on excitement. If not, then we should see a smallsell-off and then interest as the horizontal drilling commences. It is not outrageous to think that they might hit oil shows in horizontal drilling stage. If they ‘market’ this as a great discovery (they almostcertainly won’t have a clue how good it is without fraccing), then the SP willrise again (target SP dependent on earlier vertical drill). If nothing, then the SP will drop veryquickly. If, like GGP recently, oil is found above early expectations, then SP goes whooshka.


Remember all, this is a wildcat so the odds are not great (I rate commercial flows chances at 10% or less). However, the chances of untested 'oil shows' in the horizontal section are reasonable and emotion would drive the SP up in this case.


Hold on...the ride begins again.

Holding 20% of main parcel at .003c
SOLD 80% of main parcel (bought at .003c) at .0165c ave. 400+% profit with 50% CGT free
[b]SOLD[/b] trading parcel at .019c (4% profit)

[garryg]

I've been away for a while, then busy selling (finished the current sales on Thurs/Friday) and buying (and managing the tax issues, always a joy at this time of year...)

Back at my last post, the market didn't look quite as fragile as it was in early October. While I managed to sell my small trading holding in BKP at 1.9c while the SP stagnated for a week or so before spiralling downward (the 4% profit was hardly worth the effort), I have now sold off 80% of my main BKP holdings. Averaging the sales, I only managed .0165c. This was disappointing given the SP was 0.019c when I last posted.
On one hand, I should have sold some of these earlier but I wanted to wait as this slight delay meant that I managed to get the 50% CGT-free concession as I had them for over 12 months. With provisional tax, the drop in profit was more than compensated by this concession (if that makes sense??)

As I read BKP now, we won't hear about the EP-127 spud until it occurs (probably in 2-3 weeks). If we get through October, the market might improve although the issue of Greek debt will arise again in November to some extent. Anyway, I'll let 20% ride into the spud and hope that the day-traders front-up at spud.

Usually I would have let most of it ride at this point. Nonetheless, given the profit already gained and the market at this time (400+% profit with 50% of it CGT-free), I felt it best to follow my conservative nature and get set elsewhere in stocks that offer BESBS potential but with the following features:
1. Probable drilling in the next 4 months (or at least the market thinks so!)
2. Funding largely taken care of (or CR already done)
3. A SP that is within 10% or so of the acompany's annual low.
While there were others around, I've opted for BAS and CUE to begin. I'll comment on those threads. I'm also checking out a couple of others. I am no expert in this game but have found that markets such as our are wonderful opportunities to make significant profits in the 4 month- 12 month terms if one gets set in the right stocks as many are at 'bargain-basement' prices.

So far:

Holding 20% of main parcel at .003c
SOLD 80% of main parcel (bought at .003c) at .0165c ave. 400+% profit with 50% CGT free
[b]SOLD[/b] trading parcel at .019c (4% profit)


Good luck to all holders

[apache123]

BKP slow off the mark again.

Trading Halt for BKP to digest PetroFrontier announcement.

[apache123]

Looks like frac won't happen for a few months yet so no flowrate just yet.

However it is a confirmation of the key elements for fraccing so they have achieved their milestone.

... PetroFrontier has successfully drilled Baldwin-2Hst1, Australia's first horizontal well in the Lower Arthur Creek "Hot Shale" Formation in the southern Georgina Basin in the Northern Territory, Australia.

...Baldwin-2Hst1 reached a total measured depth ("MD") of 1,948 meters and remained within the main target zone in the Lower Arthur Creek "Hot Shale" for 875 meters while directionally drilling up a regional dip of 1.7 degrees. Positive hydrocarbon indications were recorded along the entire length of the horizontal section, with elevated gas readings and evidence of heavier hydrocarbons present.

...Delays in drilling occurred when the bit tracked into the underlying Thorntonian Limestone Formation after encountering an unexpected fault. Every effort was made to redirect the bit upwards back into the Lower Arthur Creek "Hot Shale", but the bends in the hole became too severe for an effective future well completion.

.....Total gas recorded in Baldwin-2Hst1 averaged 240 units over the entire horizontal section, commonly peaking above 1,000 units with maximum recorded values over 2,500 units. The gas recorded contained heavier hydrocarbon fractions up to pentane ("C5") over much of the horizontal section. Conventional gas ratio analysis indicates very wet gas to oil for the most of the well with occasional definite oil signatures in places. However, this interpretation may be biased to gas due to the nature of the reservoir being intersected.

....Following the interpretation of the full suite of logs acquired in the pilot hole, a mechanical earth model was constructed with very positive indications for the ability to fracture stimulate Baldwin-2Hst1. Fractures developed in the vertical plane of the well, transverse to the horizontal well path, are predicted by the model, with excellent containment indicated from the bounding layers both above and below the possible pay zone. In addition, natural fractures were observed. These will assist in the initiation of the stimulation fractures and aid in growing the complexity of the fracture treatment. This should have a positive impact on flow rates.

....Once MacIntyre-2 has been drilled, PetroFrontier intends to frac and complete the well using multi-stage open hole techniques. Final results will then be released from MacIntyre-2 and the completions crew will subsequently return to Baldwin-2Hst1 to conduct a similar completion program there. It has always been PetroFrontier's strategy to frac MacIntyre-2 and Baldwin-2 back to back in order maximize cost controls.

http://www.rigzone.com/news/article.asp?a_id=111679