Anyone got any advice on RIFT.

I bought at 7p nearly 3 years ago. They subsequently went to 1.7p and are now back to 7p.
Are they worth holding or should I switch?

A friend of mine in the City is tipping RIFT for a major announcement in the next 2-3 weeks. If you have any spare after the recent selloff, fill your boots now.

"A major announcement".....good or bad? WOW what a tip!!

RNS Number : 8424A
Rift Oil PLC
07 August 2008





For immediate release


7 August 2008



Rift Oil PLC


RIFT UPDATES GAS POTENTIAL


Rift Oil PLC is pleased to provide an update to its announcement of 21 July regarding drilling for Puk Puk. The Company estimates that the potential mid case contingent resource for Puk Puk of 430 BCF and 8.5 MMB of condensate are approximately double pre-drilling estimates.




This estimate, together with the 250 BCF already identified on the Douglas and Langia structures, brings the total mid case contingent resource estimate of these structures alone to approximately 700 BCF without establishing additional reserves from further untested adjoining structures.




The upper case estimates would have these structures already potentially in excess of 1 TCF.



A 2D seismic programme totalling 210 km is now underway to assist in defining the size and extent of these structures and the adjoining structures, making projections of total field potential more easily calculable as well as identifying future drilling targets.

The testing programme for the Puk Puk-1 well has been redesigned to take account of the greater than anticipated hydrocarbon column intercepted in the well. Due to the greater complexity of the well completion and test programme, it has been rescheduled to commence in mid August, with the full testing programme to be completed by end September.




Chairman's comment

'The doubling of our estimates of contingent resource in Puk Puk confirms Rift's belief that at a minimum it can provide enough gas to commercially satisfy either Alcan or Flex LNG's requirements, or even both, subject to successful additional drilling.'

news out, is this the annoucement halifax, or is ther a better one to come.? thanks.

this is good news... still jam tomorrow but more jam !

10 bagger in time.

As per my post yesterday "A friend of mine in the City is tipping RIFT for a major announcement in the next 2-3 weeks. If you have any spare after the recent selloff, fill your boots now".

The above announcement is just a taster, expect 'The Big Deal' top be signed shortly ...

Stange stuff - just purchased two chunks of these this morning and they have both been listed as sells...........................

yes me two.

Rift Oil plc

('Rift')

Puk Puk Update




The Directors of Rift are delighted to provide the following update on testing at Puk Puk.

Testing commenced on 24 September 2008. During initial clean-up flow to flare, of the combined Toro and Lower Hedinia pay intervals, a calculated gas flow rate of 29.2 million cubic feet per day was achieved on a 64/64' choke, at a surface flowing pressure in excess of 1200 psi. A separate flow on the Lower Hedinia alone was measured at 20.85 mmcf/d on 48/64' choke, with a surface flowing pressure of 1732 psi.




The forward programme is to isolate and flow each of the Toro and Lower Hedinia through the separator equipment, followed by the clean up and separator flow test of the Upper Hedinia. Separator equipment is on site to provide a measure of the liquids yield of the gas, once flow rates have stabilised.




Ian Gowrie-Smith, Chairman, commented:

'We are very pleased with these initial flow rates, which are in line with what we expected from the well developed Toro reservoir. The Lower Hedinia rate from thinner sands is also highly encouraging. We look forward to reporting on the completed testing programme during October, at which point we will be able to give a fuller analysis.'




Peter Mikkelsen FGS, AAPG, as the qualified non-executive Director has reviewed this statement and authorised its release.

Bring back the good old Aim days : there were times when on good news this would have shot up to 9 or 10p this morning ...now the attitude is : Gas discovery so what ?...flow rates : not bothered !.

Guess its not good news.

surprised the sp hasn't tanked on this good news!....but give it time!

and go down it did!

However picked this up this AM the Finacial Times commented at the weekend that shares in Rift Oil (RIFT) had increased in value after the Company pointed out it was very pleased with initial testing at Puk Puk. Nevertheless, the price was 0.625p weaker at 5.00p following this press comment.

Starting to see really silly prices on Aim stocks now....but there you go...the market is the worst I have ever known....!.

Bought this today but I hope it would not continue to tank...

h98
we seem to have 2 threads on this.
not sure why.
regards
jkd

h98
just had a thought,
are you hedging?
long on this thread and short on the other?
regards
jkd

A 300k sell @4p .

going down to 3p this one.....at least