Member Info for gregpeck7

Very nice RNS this morning have to say, that well is incredible... One more of those and HUR would be literally laughing!

Premier Oil- Harbour Master…
Premier, 1973-2020, has announced a merger with Chrysaor which in reality is a takeover or indeed a reverse takeover as Chrysaor are keeping the London listing. The deal will create the UK’s largest listed Independent Oil & Gas company with some 254,000 b/d of production and over 650 mmboe of 2P to be increased as soon as the upcoming CPR is published. Premier also looks easy on the eye with sumptuous tax losses that can be used. Finally, the BP deal which started all this has gone by the board which is somewhat ironic.

As for how it will look, then the merged company will have an enviable portfolio of UKCS assets and the rest of the Premier portfolio creates a starter pack for Chrysaor in Asia, Latin America and of course the Falklands. All of these are very attractive and Mexico can now probably leave the sales process. Asia speaks for itself and reflects the high cost of gas in Singapore with decent size developments feeding it. As for Sea Lion, whilst $40 oil may not yet be quite enough at least the company can say to the UKIF that they are now probably ‘of investment grade’…NB Rockhopper will at least enjoy having a stronger partner…

The new company will carry a board of 11 directors of which 6 will be NED’s and Linda Cook currently CEO of Harbour Energy will take the CEO job and Phil Kirk from Chrysaor will become President and CEO of Europe.

Ownership of the company is less than certain as initially creditors will have to take an amount of equity, as part of the debt paydown, but assuming they grab all they can they will own some 10.6% of the company with modest lock-ins. Premier shareholders will own just 5.5% of the group (Ouch!) and other Chrysaor shareholders will have 44.9% and Harbour Energy 39%.

In terms of valuation we are being led to Aker BP and Lundin, both excellent companies but Premier will stack up very favourably against both of those companies particularly with the tax breaks it is gaining. Rather ironically the group will be highly cash generative and will expect to deliver on a significant international growth strategy for which it will be fully funded. However small, and arguments about carrying so much debt for so long will go on, Premier’s existing shareholders are going to end up with a stake, albeit modest, in a huge, well financed and highly attractive company which just may, pay a divvi in the longer term.

Peel Hunt analysts recommended that Premier shareholders back the deal even though their stakes will be reduced.

They said: "The shares will respond positively this morning as the prospect of an imminent, large dilutive equity raise is removed and the market looks to a new future that will provide considerably more reasons to retain ownership in the enlarged entity."

Looks a good deal to me, but not if you are a holder from higher levels.. i expect this current SP will be higher in the coming days...

They have not given away 95 percent. Most of the company was debt!

For shareholders with a high average is this a good deal - yes.. is it a nice deal for them, no.. Looks a good deal though on the face of it.. PMO have some nice assets which they can now develop and not have to fire sell anything... Long term very very nice.

Very difficult to buy shares...

Yes and they got it for a great price. I think they have to pay some royalties down the line if they produce from it as part of the deal, but yes a great acquisition. Drilling could be incredibly significant this is in one of the world most prolific copper areas. Time to be loading up

Fair enough.. I’ve taken. 500,000.. you can get 700,000 for 2.67 which seems pretty good to me.

Yep, its only been listed a month and is well under the radar. Spread the word chaps as there is a stack of newsflow coming before Christmas.. Drilling to start any time now on Mt Oxide which will be huge.

Simon Paull, Managing Director of Castillo Copper, commented: "The advanced predictive geological model has uncovered a potential scalable treasure trove of fresh targets to test-drill for BHT and IOCG mineralisation. More significantly, most of the new targets are at relatively shallow depth as the surficial clay and sand covering ranges from 5-40m. Our geology team believe with some further localised ground geophysics, a drilling campaign can be formulated and deployed relatively fast."
Ged Hall, UK Director of Castillo Copper, said: "New technology can change fortunes and that is exactly what has transpired here. Through acquiring more ground in Broken Hill, we now potentially have a scalable asset that is adjacent to the world-class silver-zinc-lead deposit."

https://www.castillocopper.com/asx-announcements/

Rns is here

Summary..

Dear Shareholders,
As the Chairman has outlined, Castillo Copper hit all key milestones articulated at this juncture 12-months ago and we now stand in a very sound position on the eve of drilling commencing at the Mt Oxide Project. We have a strong Statement of Financial Position and our forward exploration agenda is now fully funded. Moreover, we successfully dual listed on the London Stock Exchange in August 2020, though much of the hard work that brought this to fruition was undertaken during the 2020 financial year.
Reflecting on the 2020 financial year, much of the momentum was derived from our strategic intent to evolve into a copper producer through developing our three core assets, namely, Mt Oxide Project in Queensland’s copper region, Cangai Copper Mine in northern New South Wales and the four properties in Zambia’s copper- belt. A closer look at these assets follows:
Mt Oxide Project
This has evolved into the top priority project in Australia after our forensic geology team uncovered historic field, drilling and production reports verifying high-grade copper mineralisation at the Big One Deposit and Boomerang Mine. In addition, commissioning a full geological review of the key prospects has provided insights to eight incremental target areas, including the primary Arya Prospect which has a sizeable interpreted potential massive sulphide target 1,500m by 450m by 130m at a depth of 430m. This led to the formulation of plans to drill the Big One Deposit and Arya Prospect which are set to get underway during the 2021 financial year.
Zambia Projects
The formal acquisition of the four Zambia Projects closed in February 2020. However, from desktop and field work undertaken during the financial year, we have been able to outline some highly anomalous areas within the primary Luanshya and Mkushi Projects. The next phase of exploration will comprise geophysical surveys and, once reconciled with geochemistry results, the formulation of inaugural drilling programs.
Cangai Copper Mine
All conditions required by the New South Wales Resources Regulator were satisfied in February 2020 which allowed the resumption of exploration activities. However, due to COVID 19 restrictions in New South Wales, all planned field work was suspended for the balance of the 2020 financial year.
Broken Hill Alliance
In February 2020, Castillo Copper aligned with Impact Minerals and Squadron Resources to form the Broken Hill Alliance, which combined has a large footprint proximal to the world-class Broken Hill silver-zinc-lead- deposit. As recent insights from Geoscience Australia suggest the ground is prospective for BHT and IOCG style mineralisation, the strategy to develop BHA moving forward is now being reviewed.
Corporate
During the 2020 financial year, Castillo Copper completed its environmental rehabilitation obligations for Cangai Copper Mine with the NSWRR which enabled trading in the company’s securities to resume in August 2019.
In add

Copper flying... Lots of attention coming to these copper plays as the year closes out IMO.

Yes much tighter spread in Australia... 3.2 million traded last night.... looks like it’s about to pop the 3p to me...

https://uk.advfn.com/cmn/fbb/thread.php3?id=47002165

Sorry for OT...

CCZ IPO on LSE, what could be the biggest impact drilling of the year in Australia for high grade copper, starting October... Shares very much coming onto the radar and lot of interest in Aus.. Well worth a look before the herd arrive.... Some of the copper numbers they have been getting are ridiculously good.

Closed 5 percent higher in Australia.

https://www.castillocopper.com/wp-content/uploads/2020/09/Castillo-Copper-_Broker_Note_01.09.20.pdf

Broker note... I have started a thread on ADVFN.

No problems Lemming and thanks for the numbers... Looking at adding an Eve bed to the mattress we already have!

Any of you guys noticed the CCZ IPO? Seem to be getting some incredible drilling results, but were not on HL initially.. Looks very very interesting..... The Australian prospects in particular look stunning.