News

April 21, 2009

Vic Pet Has Turned The Corner As Coal Seam Gas Excitement Starts To Rub Off

By Amy McLellan

After a number of years trying to find its feet, it seems that ASX-listed Victoria Petroleum is finally hitting its stride. The Perth-headquartered E&P has had its fair share of ups and, more often, downs, from bruising boardroom battles to disappointing well results. Perversely, however, while other oil juniors are fighting for survival in the current credit-choked climate, Vic Pet is showing its best form for a number of years, with its market cap of A$132 million four times the pitiful A$28 million of late 2007.

Back then MD John Kopcheff said the historically low share price represented an investment opportunity for canny investors.  Speaking at oilbarrel.com conference in November 2007, he pointed out that the company was starting to deliver some positive drilling results from its Cooper Basin oil exploration project and was sitting on a number of coal seam gas licences in the Surat Basin, exactly the kind of acreage that had ignited market interest in companies like Queensland Gas Co (now a...