re: Ann: OEL: Comments on release concerning ... A pumped Ann...

re: Ann: OEL: Comments on release concerning ... A pumped Ann for 60mil dump? Something smells a fishy here

Looking forward to BPO's response (or excuse) Monday. OEL accuses them of misleading the market. They certainly appear responsible for misleading some 2.3c buyers on open this morning whilst I noticed plenty of dummy bids pre-open to manipulate the buyers before the dump - all imo

BPO 9:42am ~ New investment into Oil and Gas assets

BioProspect has agreed to make an investment in Frontier Gasfields Pty Ltd (Frontier) and has the option to acquire up to 75% of Frontier


Frontier's portfolio comprises a suite of world class oil and gas assets in the Philippines and China including:

~ gas recovery joint venture on the Shengli Oilfield, the second largest oilfield in China with some 24,000 operating wells producing 700,000 barrels of oil per day.

It has published proven oil reserves in excess of 30 billion barrels and substantial known and proven gas reserves which are currently being flared;

~ SC 55 which sits centrally on trend with a major new oil and gas fairway, stemming from the Giant/Super Giant discoveries made by Murphy Oil and Shell/ ConocoPhillips through to the Malampaya Gas/Oil complex.

BHP recently secured an option to farm into the majority of SC55 by sole funding, two ultra-deep water exploration wells at an estimated cost of $US 160 million

~ SC52 located onshore Philippines which contains a gas discovery made in the early 1980s which has considerable commercial development potential, one of the largest undrilled onshore structures in the Philippines, and several other "ready to drill" targets.
__________

OEL 15:07pm ~ Comments on release concerning Philippine Service Contracts

Otto Energy Ltd wishes to comment on a release made today by BioProspect Limited in relation to Philippines offshore Service Contracts 55 and 69:

~ Frontier Gasfields Pty Ltd does not currently have a direct or indirect working interest in either Service Contracts 55 nor 69 and is not party to the BHP Billiton farm-in option to be carried on any exploration drilling.

~ BHP Billiton is not yet required to exercise its farm-in option to enter Service Contract 55

~ The Service Contract 55 joint venture has not committed to undertake drilling operations in the permit and is not required to commit to drilling until it enters Sub Phase 4 of the Service Contract in August 2011

~ Otto Energy Ltd, as Operator of Service Contract 55, is focused on interpretation of the recently acquired 3D seismic volumes, which did not cover the Marantao prospect
__________

Trans-Asia gets oil/gas exploration partner

"Publicly-listed Trans-Asia Oil and Energy Development Corporation has entered separate agreements with Australian firm Frontier Gasfields Pty. Ltd. for two of its oil and gas exploration ventures.

In a disclosure to the Philippine Stock Exchange, Trans-Asia noted that it entered into an option agreement with the Aussie firm for its Service Contract 55 in west Palawan; and farm-in option agreement for its Service Contract 69.

It noted that the agreement relating to SC55 "grants Frontier the option to acquire from Trans-Asia a five-percent participating interest" in the exploration venture.

The firm qualified that the interest for Frontier's acquisition "may be acquired by Trans-Asia from its current SC 55 partner by virtue of a separate agreement." SC has 15 percent equity in SC 55

click here for the full June 3, 2010 article in the Manilla Bulletin