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'Shareholders of UK independent Premier Oil have unanimously approved the acquisition of Oilexco for £347m, and a £173m rights issue which will be used to fund the purchase. One of the conditions is the discharge of the administration order over ONSL'. I dont know how to do links so just google Oilexco and premier and read for yourselves. I dont know why the release is not on LSE. ag
how silly of me. My most humble of apologies. I will go to specsavers this instant and get a new pair of glasses....... and there was me thinking I was doing good by posting info I thought no one had already posted. How wrong could I be?
To much to cut and paste all the info so just done the highlights, released this morning. Havent read anything regarding this in todays posts. The full release makes for positive reading! Highlights * Signed financing framework agreement with Chinese partners for provision of a guaranteed US$350 million debt facility * JXTC to acquire 20% of the Caldag project for US$20 million * Off-take agreement with JXTC for 50% of nickel production * TCC to be EPC contractor * Project development costs and economics updated
A positive prefeasibility study result on the Acoje deposit has demonstrated an economically viable nickel laterite project, using European Nickel's heap-leach technology, producing an estimated 24 500 t/y of contained nickel and 930 t of contained cobalt. The project currently has a Joint Ore Reserve Committee indicated resource of 30,76-million tons at 1,12% nickel and 0,05% cobalt (at a 0,8% nickel cutoff for saprolite and a 0,9% nickel cutoff for limonite) giving the project an initial mine life of ten years. Mining will be at a rate of three-million tons a year. European Nickel will, pursuant to the terms of the joint venture, earn a 40% economic interest in the Acoje deposit by spending $10-million on the metallurgical heap-leach trial, engineering design and permitting.
I wouldnt get carried away looking at the 'buys'. They average £361 per transaction, one of them is even as low as £8.04, which makes me wonder why someone would bother as if execution costs were £8 the share would have to rise 200% to break even. Think someone out there is trying to make ENK a more appealing buy so they can cash in. nice try. I do hope these genuinely rise with credible volume though as im holding these.
I made a speculative purchase of 2k at 81p, no one can be positive about what will happen next but iv decided to chance it as from my experience (although somewhat limited compared to other people on these boards) when a share drops big time due to non financial reasons it usually bounces partway back up at least. If I am wrong, and I have known to be, I will just add it to my medium term investments as I have researched these and in my opinion they are a decent company with low risk (as low as can be these days) of loosing £. I could hazard a guess and say bounce to 95-100 which is the usual for this sort of thing (15-20% short term return). If it drops I will top-up at a lower price as I have confidence in these, if they start to rise I may buy another k and cash in some more on the bounce back.
Is it just me or does anyone else think the 36% drop in share price is a bit of an over reaction to todays statement? It could be agrued I have a vested interest in the share price bouncing back but never the less a 36% drop in response to a 13.6% drop in funds management to 'only' £3.381 billion pounds on 31st Dec 08 compared to the same time the year before. The statement also states the company has cash and financial assets of £18.2 million and zero debt. How many companies in this climate can say the same? coupled with positive results (+11%) in its euro hedge fund in 2008. looks ok to me. Im in for the bounce back. Good luck anyone who jumps on board.
Anyone out there want to make prediction as to the peak price these will reach in response to the acquition of medalspot for $950,000 (currently valued at $1536,000). The purchase was made not from loans but Lonzim's cash resources, and expands the portfolio of Lonzim's property in Zimbabwe. For those of you who dont know Lonzim specialises in developing and acquiring businesses in the Beira corridor region of Mosambique. I think it has the potential to reach 40p by the end of the week but who knows.... fingers crossed.