Nautical – Well spud imminent.

SBS Typhoon departed Aberdeen enroute for Galaxy 2 today. ETA weather permitting is circa 9pm. This should allow for a Spud of either late tomorrow or Saturday.

Nautical are targeting 3 key zones in Burgman each with variable CoS and oip estimates. This graph from the Nov 2010 AGM presentation aptly demonstrates the potential. After the recent success on Varadero, Burgman has been derisked – however, it’s worth noting that the Jurassic target is very low CoS. It’s still undecided whether they will drill Catcher North next. It’s all down to the weather window as Burgman takes longer to set up.

Another success and Nautical will then proceed to next well. Exciting times ahead. The drill should take approx 21 days although Burgman could take longer as 3 zones could require more time. Nautical tend to specify a drill time estimate when they issue the Spud rns which should be on Monday.

Ithaca on the move

Ithaca looking strong after several brokers have upgraded their targets.

Highlighted on BNN last night for the 3rd time. Currently 183p or $2.88 on TSX. I think momentum is with this stock at present mainly due to oil price but also projected oil rev/ramp up in Q4 2011. There’s a good chance this one could break $3 very soon indeed.
See BNN 12 Jan 2011 – and scroll to last couple of clips. I have a lot of time for Andrew Cook – he’s a smart cookie.

http://www.bnn.ca/Shows/Market-Call-Tonight.aspx

Oil Near 27 Month High; Coal Beats Oil, Gas.

It’s all looking very good for Coal producers ‘outside’ Australia. Beacon Hill (BHR) are one of the smaller players who are set to benefit near term. I’m surprised the stock hasn’t broken into 20p ranges as it seems range bound below 18.5p at present. The market is often slow to price in potential – particularly in the smaller caps. Keep your eyes on BHR – there could be a spike up to 20’s coming soon.

Beacon Hill, Current price 18p.

TOP Oil Market News: Oil Near 27-Month High; Coal Beats Oil, Gas – Bloomberg

Also – consolidation / takeovers are expected in 2011 as larger players look to acquire production from smaller fragmented competitors in key licence areas.

New Gulf Keystone Presentation

Ahead of Oil Barrel today – GKP have issued a new presentation for investors.

Key points:
BB and AB-2 have been identified for March rig/spuds. This means we could effectively have 4 x wells being drilled at the same time. There are not many companies out there with such an active and transformational drill program. But GKP’s strategy is to firm up the assets fast as the biggest threat to them is an early takeover at an SP which really wouldn’t reflect the true company potential/worth. It’s a race against time.

Also another key point is that it looks like an additional 40KM square closure has been identified in the north of block of the eastern extension of Behr Bahr structure! That could be very significant.

http://www.gulfkeystone.com/uploads/gkp_investor_presentation-jan11.pdf

More news/updates to follow via investors thoughts/opinions from the Oil Barrel Conference this morning.

Oil Barrel Conference – Jan 13th (tomorrow)

First up tomorrow is the Oil Barrel Conference which kicks off at 9.30am and draws to a close at 1.30pm. Both Gulf Keystone and Xcite are presenting tomorrow so it will be great to get feedback from investors who are attending. If you fancy leaving an update comment with an overview on the events – please do. I will collate other comments from tomorrow and post a summary.

Then, early evening, CAZA present at the Proactive Investors Conference which kicks off circa 6.00pm and concludes around 8pm. As above, anyone that has comments/notes from the meeting please comment away.

Iraq says Oil output will rise

Could be good news for GKP and other Kurdistan oilies such as Heritage and Sterling energy.
Key point of interest as follows…

Crude exports from the northern autonomous Kurdistan region will resume “soon,” after a halt of more than a year following a conflict on oil sales proceeds with the central government, Oil Minister Abdul Kareem al-Luaibi said at the conference.

Iraq Says Oil Output Will Rise; Akkas Gas Field Deal Next Week – Bloomberg