Many folk may not understand BPH is now very strongly linked to...

Many folk may not understand BPH is now very strongly linked to PEP 11 and there was a BPH ann on PEP 11 last week. Pity people selling this down now as next few releases could be exciting.

This summary was released by one of their fund managers:

"The reprocessing of seismic data is nearing completion. The reprocessing has shown marked improvement from the original processed data and the primary drilling targets have retained their prospectivity.

Drilling rig negotiations are at an advanced stage.

Drilling dates will be advised to the market in due course. The current planning is estimated for mid 2010. Precise dates can only be confirmed as drilling schedules with other rig participants are confirmed.

Du-El Drilling, the company engaged to drill the well are currently working on the completion of planning, sourcing and contracting ancillary services and equipment for the well.

The environmental approvals process is continuing. Completion of the environmental approvals process will occur post the drill rig contract. The approvals process is rig specific.

We can also confirm that BPH will be taking up their full entitlement in Advent of 28 million shares which equates to approximately 19.5% of Advent and 16.5% of PEP11."

Gotta like the last point, i.e. BPH with a market capital $16M will have 16.5% action in PEP 11. Can only guess what will happen to this stock once this dawns on the market after the next round of announcements and may have something to do with why BPH recently issued options mature in May.

Hold fast on this one, at least until end of March, subject to DYOR.