" Thalassa Holdings The clue is in the name at Thalassa and that is ‘holdings’ as Chairman Duncan Soukup has made clear in recent months by investing in a variety of companies such as Papua Mining in which he announces an increased stake today. Probably more interesting is the news that WGP Survey, a wholly owned subsidiary of the group has made further sales of multi client data acquired with the TGS-NOPEC geophysical company in 2014. These will generate around $2m of gross revenue prior to allocating to the multi client partners. Thalassa is a very interesting company and whilst operating in a difficult environment has a Chairman with a desire to make money for shareholders whatever it takes. I have a feeling that the shares are significantly undervalued and should be at least on a few radar screens at least for the longer term. "
This company has more cash than Mcap and its no secret that WGP has been struggling but these contract wins mark a change in sentiment is to come.Chairman sounds upbeat re soon to be released trading update.
They have also completed major investment into Papua new guinea mine at a substantial discount to that companies current SP. All looking very positive imho. GL.
The Board of Thalassa is pleased to announce that WGP Survey Ltd, a wholly owned subsidiary of WGP Group Ltd ("WGP"), has made further sales of the multi client data acquired with TGS-NOPEC Geophysical Company ASA in 2014. These sales will generate approximately USD$2 million in additional gross revenue prior to allocation amongst the multi client partners.
Duncan Soukup, Chairman of Thalassa, said: "These data sales are extremely welcomed and we expect to be able to issue a trading update in the coming weeks, which will also reflect the completion of the current acquisition programmes in the North Sea."
As a mineral exploration company, we are operating in very difficult times. The resource sector is still extremely depressed with new finance for exploration projects in short supply. Nonetheless, we have been successful in raising (subject to shareholder approval being obtained at the General Meeting) additional capital to carry out the limited but important next stage in the delineation of the full potential of the Mt Visi target. We are confident that applying our rigorous exploration methodology has led us to the verge of a discovery and we look forward to better times ahead."
"Following this further share purchase and the resultant wholesale changes to the shareholder register of LSR, the Board of Thalassa intends to engage with the Chairman of LSR as soon as practicable, with a view to reviewing and changing LSR's investment policy approved in July 2013."
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