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?

good luck capetown the selling seems to have finished.

tempted.

Longterm,a steal.

Longterm yep should well be a steal as long as when they produce they can keep costs under control and gearing high. I wouldn't have thought this would be a problem as the resources are not located under water.

ex
You seem to be deramping all over the place apart from rift that you have a stake in have you got a sore head today.

Interesting, will it be a repeat buy on rumour sell on news though?

Good news ! I think....so what happens next & when ?

RNS Number : 8890F
Rift Oil PLC
15 October 2008



For immediate release
15 October 2008








Rift Oil plc

('Rift')







Puk Puk-1 - Rift flows gas at 71mmcf/d



Rift Oil PLC (AIM : RIFT), the oil and gas exploration company with assets in Papua New Guinea ('PNG') is delighted to announce that the tested flow rate from all three productive zones at Puk Puk-1 has been measured at 71 mmcf/d. This follows the previous advice of gas flow of 29.2 mmcf/d at the combined Toro and Lower Hedinia pay intervals. Additional tests on condensate levels and composition continue, with condensate levels appearing lower than earlier expectations.




Seismic testing over 210 km is now complete with encouraging early results.




During production testing of the Puk Puk-1 exploration well, hydrocarbon gas flowed at a combined rate from three gas bearing reservoirs of 71 million standard cubic feet of gas per day (mmcf/d). The rates from the individual reservoirs were separately tested and were restricted by downhole equipment constraints. The Toro Sands Reservoir tested at 29.5 mmcf/d with 1252 psi surface flowing pressure on a 64/64ths choke from 12 metres of perforations, the Upper Hedinia reservoir tested at 22.8 mmcf/d with 1634 psi surface flowing pressure on a 54/64ths choke from 7 metres of perforations, and the Lower Hedinia reservoir tested at 18.8 mmcf/d with 1931 psi surface flowing pressure on a 42/64ths choke from 11 metres of perforations.




Summary of Current Position




Rift is in discussions with a number of strategic partners to fund the continuing testing and pre-production expenses. As previously announced in September, heads of agreement have been signed with Flex LNG for gas sales to a floating liquefaction plant and preliminary discussions with Rio Tinto Alcan ('Alcan') have followed the signing of a Memorandum of Understanding between the companies in 2007.




Discussions with other potential partners are at a preliminary stage, but are encouraging.







Ian Gowrie-Smith, Chairman, commented:




'These results show the extent of our gas resources at Puk Puk-1 greatly exceeds our expectations. These flow rates give Rift added comfort that these discoveries can be successfully commercialised.'







Peter Mikkelsen FGS, AAPG, meets the criteria of a qualified person under the AIM guidance note for mining, oil and gas companies and has reviewed and approved the technical information contained in this announcement.

very good news.

Sp not moving though, why!

I guess it still requires funding for the pipeline for the gas to be of any use and the amount of funding required and how they get it plus timescale for production may hold the sp back in the current climate, not to mention 50% profit for some this week, banking that kind of profit at moment is good.

Thats me out again mitzy,cant resist the profit,back in if it falls.

good luck capetowm.

Very good news...what happens ? it drops....you just can't win at the moment !.

More info here:-

http://www.oilvoice.com:80/n/Rift_Oil_Announces_Positive_Test_Results_From_Puk_Puk1_in_PNG/8b3f2b46.aspx

'Additional tests on condensate levels and composition continue, with condensate levels appearing lower than earlier expectations. '

Anybody know what 'condensate levels' are?

after this big find for a wee company, what price will the takeover be?.


15-18p mentioned on rival site. Or perhaps they will keep a stake and farmout a major % for a sizeable sum?.

mention in yesterdays ft positive.

get the feeling a deal isnt far off on this one. Farmout or Takeover?.

I think that condensate levels are "liquid concentrated gas"...fetches more than ordinairy gas...I might be mistaken though...might get papalpower to look in on this ...!.

moving up wont be long now.

RNS Number : 1368I
Rift Oil PLC
14 November 2008



For Immediate Release
14 November 2008








Rift Oil plc

('Rift' and or the 'Company')

Upgrade of Discoveries

& Commercialisation Update




New Structural Interpretation




Following recent press releases concerning the results of the drilling and successful testing of its Puk Puk-1 discovery, Rift is pleased to announce the conclusions of the new structural interpretation and resources estimate for PPL 235 after receipt of the processed 2D seismic lines from our 220 km acquisition programme this summer. This data was primarily designed to better delineate the undrilled prospects of Douglas North West (DNW) and Aiema, which lie adjacent to the Puk Puk and Douglas discoveries and to better define leads in the northern part of PPL 235.




Rift can report that seismic data of high quality showing very similar gas effects (dim spots and gas chimneys) has been obtained, resulting in an upgrade of the size of our three discoveries to 769 BCF in the P50 case from 688 BCF







The new mapping also confirms that the five prospects immediately adjacent to Rift's existing discoveries at Puk Puk-1, Douglas-1 and Langia-1. These are Dougla North West, Aiema, Puk Puk-2, Douglas North and Douglas North East which all show excellent gas effect and total an additional unrisked prospective resource potential of 772 BCF (P50). Douglas North West, in particular, appears to be potentially larger than either Douglas or Puk Puk and lies across the pathway of where gas from Puk Puk spills out towards Douglas. Additional prospectivity in the region of the border between our PPL 235 and 261 licences has further potential for 676 BCF (P50) prospective resource.



In summary, the board of Rift believes that the PPL 235 licence is now demonstrating the potential to hold contingent resources of > 2 TCF of gas. Finally the Company has received gas composition analysis of the Puk Puk testing, which demonstrates relatively low levels of liquids content and a nitrogen presence of 7-9.5% (depending on pay zone). As the latter is inert, there are no safety or corrosion implications, but [net] sales gas volumes may have to be adjusted downwards by that amount. The Company is happy that CO2 and H2S are insignificant in all three zones.






Commercialisation



The tripling of potential P50 resources from earlier estimates, together with the unknown potential of the adjoining PPL261, has caused the Company to re-evaluate the commercial alternatives available to it. Rift has decided to concentrate on commercialisation opportunities provided by LNG through a floating liquifaction plant as envisaged in the Heads of Agreement with FLEXLNG where potential annual offtakes of 100 BCF or greater are planned.

Rift is pleased to advise that it has entered into a further, and more defined, agreement with FLEXLNG to commission a pipeline study and further pre-feasibility studies. The results of this study are expected by February 2009.

The Company has also entered a formal process with its Nominated Adviser RBC Capital Markets and Sydney based RFC to establish appropriate commercial partnerships for the funding of future drilling and commercialisation of PPL235 and PPL261. The Company would like to complete five wells and flow tests in 2009.




Ian Gowrie-Smith, Chairman of Rift, commented :




'We are delighted with the continuing good news from the testing and development of our Papua New Guinean assets. Rift is confident that the flow test data it has just procured, along with the newly acquired seismic data, and the current reprocessing of PPL 261 seismic data will enable us to reach an agreement rapidly with a significant partner for appraisal and development funding.'




Peter Mikkelsen FGS, AAPG, meets the criteria of a qualified person under the AIM guidance note for mining, oil and gas companies and has reviewed and approved the technical information contained in this announcement.