Ithaca – workover exceeds expectations

Ithaca has a habit of exceeding management expectations. Just one little peruse of their past rns’s tells you that.

I like their management style. They don’t over promise and they go about their work with the purpose and reliability that you’d expect from a Swiss watch manufacturer.

The second workover (the first was also a resounding success) adds a further 560bopd to the 2011 production. With recent acquisitions completed, they could be doing close to 6k/7kbopd ‘average’ next year. With North Sea Brent going for around $93 at the moment, they are set for a great cash flow position. The story gets better in 2012 and 2013 with full funding currently all sorted to see them through to circa 22k bopd.

OR: ITHACA ENERGY INC.
TSX VENTURE, AIM SYMBOL: IAE
December 29, 2010
Ithaca Energy Inc.: Beatrice Alpha Second Well Workover Completes
LONDON, UNITED KINGDOM and CALGARY, ALBERTA–(Marketwire – Dec. 29, 2010) –
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Ithaca Energy Inc. (TSX VENTURE:IAE)(AIM:IAE) and its wholly owned subsidiary Ithaca Energy (UK) Limited (“Ithaca” or “the Company”), an independent oil & gas company with exploration, development and production assets in the UK sector of the North Sea, is pleased to announce that stable production from the second workover well (A23) on Beatrice Alpha has increased by approx. 115% to approximately 560 barrels of oil per day (“bopd”) gross (280 bopd net to Ithaca), exceeding management expectations.

Activities will commence in early January 2011 on the third workover well of the campaign (Beatrice Alpha well A28).

Where will the Ftse 100 end in 2011?

Current Poll going well with early indicators suggesting that pi’s have a mixed view of where the FTSE might be in 2011. The Poll is broad but the options given are based on where you think the FTSE will ‘END’ in 2011. So if you think 7000 is where the FTSE is likely to finish up around this time next year… then vote away.

Article in the guardian sheds some light from other pundits and highlights some rollercoaster times ahead.

http://www.guardian.co.uk/business/2010/dec/27/2011-rollercoaster-year-ftse-100

PPC TD drill news imminent

President petroleum currently drilling their Kafoury 3 well targeting multiple zones.

Drill logs are updated every monday – so news should be coming soon. Have they TD’d and is it good news? Whilst this current drill on K-3 is not the true company maker – it is vital for cash flow. Keep your eyes on the following well log update

http://sonlite.dnr.state.la.us/sundown/cart_prod/cart_con_wellinfo2?p_wsn=242161

ISA Shares: Commodities

A big thanks to Vik who kindly sent on a terrific list of ISA’ble commodity stocks.

Always check with your brokers and insist on ‘double checking’ as I’ve heard chatter from various sources suggesting that some brokers are still not entirely sure on what stocks are ISA bound.

Listed alphabetically:
AAAM (iron ore and gold)
ABG (gold)
AAL (multi commodity)
AEX (oil)
AEY – Antrim Energy (oil / gas)
AFR (oil)
AGLD (gold)
AGQ – Arian Silver (silver)
ANTO (mainly copper)
APF (Mainly Coal – invested in a basket of miners)
AQP (platinum)
AYM (iron ore, zinc, copper)
BG (gas)
BKY – Berkeley Minerals (uranium)
BLT (multi commodity)
BP (oil)
BRWM (multi commodity trust)
CAD (oil & gas)
CAZA (oil & gas)
CEY (gold)
CLF (gold)
CNE (oil & gas)
CRND (gold)
CZA (coal)
DGO (oil)
DME (copper)
DNX (oil)
EGU (gold)
ELR (platinum)
EMED (copper)
ENQ (oil)
ESSR (oil & gas)
FND (copper)
FRES (silver)
FTE (uranium)
FXPO (iron ore)
GAL (gold)
GEMD (diamonds)
GBP (oil)
GIP – Gippsland (Tantalum, Tin & Feldspar)
GSL (gold/silver)
HDY (oil)
HOC (silver)
HOIL (oil)
IAE (oil)
IFL (ferrochrome producer)
JKX (oil & gas)
JLP (platinum)
KAZ (multi commodity miner incl copper and silver)
KGI (gold)
KLG (gold and coal)
KMR (titanium)
LOND (iron ore & coking coal)
LMI (mainly platinum)
LRL (gold)
MML (gold)
MNC (gold, zinc and copper)
MRS (oil and gas)
NAD – Namakwa Diamonds (diamonds)
NSN – Natasa Mining (various – pre-production resource investor)
NUS (various metals … undersea mining)
NWR (coal)
NYO (gold)
OEX (oil)
OMI (gold) – formerly UGY
OSU (gold / copper)
PAF (gold)
PLAA (platinum)
PMO (oil)
POG (gold & iron ore)
POL (coal and uranium)
PPN (platinum)
RDSB (oil)
RIO (multi commodity)
RMLA (nickel, + various precious and base metal projects)
RMM (gold / copper)
RRL (oil)
RRS (gold)
SAC – Sac Oil (oil)
SE. – Strategic energy corporation (oil / gas)
SGZ (gold)
SIA (oil)
SLV (platinum)
SMDR (oil and gas)
SQZ – Serica – (oil)
TLW (oil)
TALV (nickle / mining)
UKC (coal / land)
UGY (gold) – epic change to OMI, 11 Jan
VED (multi commodity)
VST (oil)
WTN (coal)
XEL (oil)
XTA (multi commodity)
YAU (gold)

Ordered by commodity type(s)
CZA (coal)
WTN (coal)
UKC (coal / land)
NWR (coal)
POL (coal and uranium)
APF (Mainly Coal – invested in a basket of miners)
AAAM (iron ore and gold)
AYM – Anglesey Mining (iron ore, zinc, copper)
TALV (nickle / mining)
MNC (gold, zinc and copper)
FXPO – Ferrexpo (iron ore)
LOND – London Mining (iron ore and coking coal)
FTE – Forte Energy (uranium)
BKY – Berkeley Minerals (uranium)
POG (gold & iron ore)
KLG (gold and coal)
ABG (gold)
CEY (gold)
MML (gold)
RRS (gold)
YAU (gold)
PAF – Pan African Resources (gold)
NYO – Nyota Minerals (gold)
CRND – Central Rand Gold (gold)
AGLD – Allied Gold (gold)
OMI – formerly UGY (gold)
CLF – Cluff Gold (gold)
GAL – Galantas Gold (gold)
LRL – Leyshon Resources (gold)
EGU – European Goldfields (gold)
KGI (gold)
SGZ (gold)
OSU (gold and copper)
GSL (gold / silver)
HOC (silver)
FRES – Fresnillo (silver)
AGQ – Arian Silver (silver)
AQP (platinum)
JLP (platinum)
PLAA (platinum)
SLV (platinum)
ELR (platinum)
PPN (platinum)
LMI (mainly platinum)
GEMD (diamonds)
NAD – Namakwa Diamonds (diamonds)
DME (copper)
EMED (copper)
FND (copper)
ANTO (mainly copper)
RMM (copper / gold)
RMLA (nickel, + various precious and base metal projects)
GIP – Gippsland (Tantalum, Tin & Feldspar)
NSN – Natasa Mining (various – pre-production resource investor)
NUS (various metals … undersea mining)
KAZ (multi commodity miner incl copper and silver)
VED (multi commodity)
RIO (multi commodity)
XTA (multi commodity)
BLT (multi commodity)
AAL (multi commodity)
BRWM (multi commodity trust)
IFL (ferrochrome producer)
KMR (titanium)
AEX (oil)
AFR (oil)
ENQ (oil)
HDY (oil)
IAE (oil)
TLW (oil)
RRL (oil)
HOIL (oil)
BP (oil)
RDSB (oil)
DNX (oil)
PMO (oil)
SIA (oil)
DGO (oil)
XEL (oil)
OEX (oil)
VST (oil)
GBP (oil)
SAC – Sac Oil (oil)
SQZ – Serica – (oil)
CNE (oil & gas)
ESSR (oil & gas)
JKX (oil & gas)
CAD (oil & gas)
MRS (oil and gas)
CAZA (oil & gas)
AEY – Antrim Energy (oil / gas)
SE. – Strategic energy corporation (oil / gas)
SMDR (oil and gas)
BG (gas)

PMG – top sliced

Stunning performance by PMG. It tested 22p today which is a one bagger from the initial heads up at 11p.

That’s a lofty price but I’m sure Tom Cross will justify it when PMG eventually announce their strategy and acquisitions.

There’s a lot priced in now and top slicing can help secure some of that profit gained already and reduce a bit of risk.

I’ve top sliced a small amount today at just under 22p.

Valiant Petroleum – Under the radar

Valiant reminds me a lot of Ithaca Energy (IAE). It’s under the radar at the moment but not for much longer.

I remember when IAE was 40p range (June 09) and I was shouting its merits from the roof tops and the sp wasn’t moving one jot.

We had months of flatlining around 35p to 45p ranges and I was scratching my head as to what I had missed in my research. Then the market started to wake up to a few decent rns’s and the old father time factor started to weigh on investors minds as ops became more visible on the horizon. The simple truth is that the markets have changed post Lehman’s 08 disaster. They are less willing to price in success and often side on caution to the tune of actually discounting beyond the basic NAV.

If the company has nothing ‘material’ due such as a drill or reserves upgrade etc etc, then the market doesn’t want to know. Mr market only seems to wake up when we are weeks away from developments rather than months.

I’m an investor that likes to get in early, i’m quite happy to sit through several weeks of flatlining if it means I’ve got my shares ahead of the big news rns. No scrabbling around trying to chase it, just a nice steady build up on the investment plan planted long ago.

Valiant is a £7+ stock based on production alone never mind the ops they have planned for next year. If they have success, we could be talking £10 a share.

At 520p – even Goldie Sachs are admirers…

Goldman Sachs Upgrades Valiant Petroleum To Buy

“Friday 17th Dec 2010, 0956 GMT [Dow Jones] Goldman Sachs upgrades Valiant Petroleum (VPP.LN) to buy from neutral and target to 864p from 809p following recent underperformance and the recent operational update, which highlighted likely exploration activity in ’11.” END.

Latest  Valiant Operational Update Dec 2010