I am guessing that James is just going to sit back and watch the Antrim share price continue to fall. Oil should continue to fall meaning that the wildcat drill they have will get pushed back further and further.... IMO there is no compelling reason for shareholders to invest in them, other than wait and hope for a takeover. When these get below 1.5p I might even have a small punt.
Happy New year to all, good health and good fortune for 2015. Time to party !
We are a well-funded European small cap exploration and production company, listed on AIM, with a strong institutional cornerstone investor and strong liquidity. Our strategic focus is our onshore gas portfolio in Italy, which is a healthy blend of high upside exploration/development assets with some solid, cash generating production. This portfolio alone represents over a billion dollars of independently assessed net present value with annual free cash flows exceeding Euro 400 million. We have built a high quality, action orientated, team across Milan and London focused on permitting, funding and then delivering, at a minimum, two material wells every year. We will continue to focus our financial and human resources on our game-changing assets, including Badile. Our Italian journey commenced in 2013 with the successful drilling of the first Nervesa well (which will reach first gas in 2015) and achievement of first gas at the Rapagnano gas field. In July 2014, we secured first gas at the Casa Tiberi gas field, again demonstrating the Company’s ability to mature projects through development and on to production and revenue generation. The journey continues during 2015 with the drilling of three appraisal wells (a well addressing the Southern lobe of the Nervesa discovery, a long reach deviated well addressing the Laura discovery and a well addressing the Santa Maria Goretti discovery), and one exploration well – Badile. The Badile gas prospect, onshore Po Valley in North Italy, is the largest and most strategic of our Italian assets with a gross best estimate NPV10 of Euro 486 million. It is our intention to farm out and then drill Badile mid 2015 with a view to capturing the upside NPV, which exceeds US$2 billion, and then move onto Zibido (a twin prospect, world-class in its own right, on the same licence). The final step in the journey involves expansion beyond Italy, probably through acquisition. We have the skills onboard to originate and execute transformational transactions and this will be combined with consolidation within Italy, where possible. So in summary – Sound is a small team focused on “shaping moves” and working to deliver a mid cap regional oil and gas company. The journey is underway… James Parsons Chief Executive Officer
Calgary-based Antrim Energy has rebuffed the initial approach from fellow AIM E&P Sound Oil, saying the intended offer does not recognise the full value of the company’s assets and potential. Last month Sound made an intended offer for Antrim of 0.3198 new ordinary shares for each Antrim share, valuing the Canadian company, which is trading below cash value, at 3.44 pence per share or £6.35 million for the entire issued share capital, representing a slim ten per cent premium.
For Antrim, however, this is just too low. Chairman Stephen Greer said the company, which has more than £10 million in cash following the sale of its interests in the Causeway, Kerloch and Cormorant East assets in the North Sea earlier this year, plans to use its strong balance sheet to pursue corporate deals or asset acquisition opportunities
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