Member Info for jange

We first recommended Macau Property Opportunities (MPO) to readers some 20 months ago (Buy, 110p, 26 Apr 2012), since when the shares have almost doubled. Astonishingly, however, the Far Eastern developer has grown so fast that even at 212p the shares remain clearly undervalued. At the end of September, the company's book value stood at 413¢ or 251p per share. The company has grown thanks partly to strong portfolio revaluations, partly to share buy-backs. By far the fund's largest asset is The Waterside, a block of luxury rental flats for expat executives launched in 2010. Macau Property has been aggressively increasing rents to maximise the asset valuation. Over the 12 months to 30 June the average rent per square foot rose by 9 per cent, even as occupancy leapt from 75 per cent to 94 per cent (though it has since fallen back to 88 per cent). The portfolio valuation, which is conducted by the local branch of brokerage Savills, consequently rose 23 per cent to $221m.

Broker Investec estimates that Wentworth's core Mnazi Bay development project is worth a pleasing 38p a share on its own. That means there shouldn't be too much downside if exploration goes awry, but leaves plenty of blue sky upside in a success case. With several exciting share price catalysts expected in 2014, we suggest investors get in before the inevitable re-rating...but as always DYOR and good luck

Yet several other important catalysts could dramatically boost Wentworth's share price before then. The company expects to spud up to four exploration wells before end-2014 across its licences in the prolific East African Rovuma basin. These will target oil and gas prospects potentially hosting up to 1.3bn gross barrels of oil equivalent. The most exciting prospect has to be Tembo, a 259 million barrel, potentially oil-bearing target onshore Mozambique that will be drilled in the second quarter of 2014 by Anadarko (NYSE: APC), a leading explorer in Africa. Wentworth holds an 11.6 per cent interest in the block, and broker Investec estimates an oil discovery there could be worth up to 86p a share fully unrisked - or roughly double the company's current share price. Anadarko has committed to two firm wells on the licence in 2014, with an optional third well, while Wentworth will also participate in a fourth exploration well with Maurel et Prom at Mnazi Bay in the second half of 2014. What could go wrong? Well, there's the possibility that gas sales at Mnazi Bay will be delayed or that Wentworth will receive a lower-than-expected gas price. While oil and gas prices there are fairly strong, there are extra political and logistical risks to consider in Tanzania and Mozambique. Another possibility is that exploration could be wholly unsuccessful; the geological chance of success for most of the wells is just one is six. Another issue is that Wentworth's shares are thinly traded on London's Alternative Investment Market (Aim). Investors might do well to bide their time and build a position slowly, taking advantage of market dips - many of the key catalysts aren't expected until the second of quarter 2014, after all. Alternatively, Wentworth has a dual listing in Oslo where the shares are much more liquid.

Add to this an exciting exploration programme in Mozambique and Tanzania, and you can see why a number of institutional investors plonked down most of the $46m raised in a November private placement and subsequent offering priced at 40p a share. Four executives and directors participated in the placing by acquiring shares worth more than £800,000 in total, too, ensuring their interests are closely aligned with shareholders. The financing means Wentworth should be cashed up until the first quarter of 2015 when the Mnazi Bay gas project is expected to come on-line. In the meantime, all Wentworth and its partner, Maurel et Prom (FRANCE: MAU), must complete are the final negotiations of a gas sales agreement with the Tanzanian government as well as tying in existing wells to the Chinese pipeline. We expect Wentworth's share price to re-rate to a mid to high-mid single-digits earnings multiple as the gas development project is de-risked.

Wentworth Resources (WRL) ticks almost every box we look for in a junior oil and gas company. It has experienced directors who are buying shares near the current price. It has a busy exploration programme planned for the next 12 months with huge blue-sky upside. It has a large cash pile and should be fully funded until cash flows from production start to arrive in less than 15 months. And, most importantly, its shares are mouth-wateringly cheap. Trading on just two times forecast earnings for 2015, Wentworth's shares clearly offer value, assuming the company can get its Mnazi Bay gas project in Tanzania into production on time and within budget. This hinges on a Chinese state-owned corporation building a gas pipeline to Dar es Salaam by the end of 2014. Encouragingly, managing director Geoff Bury told the Investors Chronicle that the pipeline construction "is well under way and is certainly on schedule, maybe even ahead".

There is plenty of risk, but arguably that is now priced into a lagging PE ratio for 2014 of just 13 times, compared with the sector average of 16. The shares should also be supported by the juicy prospective dividend yield, which is expected to be covered by earnings and should be safe for the next year or two at least. All in all, whatever upside the company experiences as a result of remedial action or a bid, is now probably in the price for free...as alwayd dyor and good luck

In spite of its problems, the company does have a number of attractions for potential acquirers. Ladbrokes has enviable brand recognition and a reputation as a true blue bookmaker to royalty and high rollers. However, it is not only intangible social cachet that is interesting, cold hard cash speaks even louder. Last year its operations generated free cash flow of £141m. While free cash flow is forecast to fall with earnings (see table), strong cash generation should remain an attraction for some time yet. It is also possible to argue, counterfactually, that in failing to launch a realistic online business, Ladbrokes has spared its shareholders from the sector's current worst excesses. Marketing budgets ahead of the introduction of a point-of-consumption tax look utterly unsustainable as businesses try to build up market share - Betfair (BET) recently revealed that its marketing spending was going to top £100m in this financial year. Trying to match this is a recipe for disaster given Ladbrokes' starting point, so in a sense shareholders can now be grateful for the short-sightedness of previous management.

That leaves Ladbrokes in a quandary about whether to risk its relatively lowly-geared balance sheet on an overseas buying spree. Currently, it looks as if this would probably not be worth the effort as most of the real opportunities have already been locked away by the competition. This leaves a possible merger or sale at some point in 2014 as a realistic alternative for investors. Warwick Bartlett, an analyst with Global Betting and Gaming Consultants (GBGC) is blunt: "Investors should [push for the disposal of] the business, there is just no value in fighting on." He pointed out that Ladbrokes did try and merge with Coral betting in 1998, but the deal was vetoed by the Monopolies and Mergers Commission on competition grounds. By contrast, Mr Bartlett thinks that a merger with Paddy Power would have a greater chance of success as the Irish bookmaker has a negligible presence on the ground in the UK, but possesses the online dominance and expertise that Ladbrokes so obviously lacks

It is not hyperbole to suggest that the gaming in the UK faces its greatest period of uncertainty in living memory as traditional bookmaking companies like Ladbrokes (LAD) deal with the pressure of online gaming companies rapidly expanding in regulated markets. That comes on top of a raft of tax and regulatory changes in 2014 that could prompt a major period of consolidation in the sector around its strongest players. No one could accuse Ladbrokes of being in a particularly strong position at the moment - the company recently had to issue a statement denying that it was about to release its fourth profit warning in the past 12 months, which also prompted chairman Peter Erskine to buy £50,000 of shares. But the bookie has an valuable brand and bricks-and-mortar market presence, which makes it an attractive bid target. In the meantime, strong cash flow should help the fat dividend, equivalent to a yield of over 5 per cent, to be maintained and underpin the share price. Ladbroke’s problems stem from an increasing realisation that using purely its own resources it is unlikely to bridge the gap between itself and the market leaders in online gaming, William Hill (WMH) and Paddy Power (PAP). Ladbrokes has stayed close to its roots and most of its 2,800 shops are based in the UK, with a few in Spain and Belgium. By contrast, as well as a strong online position, Paddy Power’s operations straddle Ireland, the UK and Australia - one of the single most lucrative betting markets in the world. William Hill too has branched out with the $49m (£31m) purchase in 2012 of a betting concession in Nevada, which gives it a clear strategic intention given recent progress towards liberalising US online gambling.

of some of its properties, risks associated with ensuring title to the Company's properties, liabilities and unexpected events inherent in oil and gas operations, including geological, technical, drilling and processing problems, the risk of adverse results from litigation, the accuracy of oil and gas reserve estimates and estimated production levels as they are affected by the Antrim's exploration and development drilling and estimated decline rates, in particular the future production rates at the Causeway and Cormorant East Fields in the UK North Sea. Additional risks include the ability to effectively compete for, among other things, capital, acquisitions of reserves, undeveloped lands and skilled personnel, incorrect assessments of the value of acquisitions, Antrim's success at acquisition, exploitation and development of reserves, changes in general economic, market and business conditions in Canada, North America, the United Kingdom, Europe and worldwide, actions by governmental or regulatory authorities including changes in income tax laws or changes in tax laws, royalty rates and incentive programs relating to the oil and gas industry and more specifically, changes in environmental or other legislation applicable to Antrim's operations, and Antrim's ability to comply with current and future environmental and other laws, adverse regulatory rulings, order and decisions and risks associated with the nature of the Common Shares. Many of these risk factors, other specific risks, uncertainties and material assumptions are discussed in further detail throughout this press release and in Antrim's Annual Information Form for the year ended December 31, 2012. Readers are specifically referred to the risk factors described in Antrim's MD&A under "Risk Factors" and in other documents Antrim files from time to time with securities regulatory authorities. Copies of these documents are available without charge from Antrim or electronically on the internet on Antrim's SEDAR profile at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive. In accordance with AIM guidelines, Mr. Kerry Fulton, P. Eng and Vice President, Operations for Antrim, is the qualified person that has reviewed the technical information contained in this press release. Mr. Fulton has over 30 years operating experience in the upstream oil and gas industry. FOR FURTHER INFORMATION PLEASE CONTACT: Antrim Energy Inc. Stephen Greer President & CEO + 1 403 264-5111 greer@antrimenergy.com

This press release and any documents incorporated by reference herein contain certain forward-looking statements and forward-looking information which are based on Antrim's internal reasonable expectations, estimates, projections, assumptions and beliefs as at the date of such statements or information. Forward- looking statements often, but not always, are identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", "targeting", "forecast", "achieve" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements and information. Antrim believes that the expectations reflected in those forward-looking statements and information are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements and information included in this press release and any documents incorporated by reference herein should not be unduly relied upon. Such forward- looking statements and information speak only as of the date of this press release or the particular document incorporated by reference herein and Antrim does not undertake any obligation to publicly update or revise any forward-looking statements or information, except as required by applicable laws. In particular, this press release contains specific forward-looking statements and information pertaining to development plans with respect to Causeway capital expenditure programs and other expenditures, supply and demand for oil, NGLs and natural gas, expectations regarding Antrim's ability to raise capital, the schedules and timing of certain projects, and the amended payment swap and Brent oil commodity swap With respect to forward-looking statements contained in this press release, Antrim has made assumptions regarding Antrim's and its partners' ability to obtain additional drilling rigs and other equipment in a timely manner, future oil and natural gas production levels from Antrim's properties, the ability of Antrim's partners to meet their commitments as they relate to the Company and Antrim's reliance on industry partners for the development of some of its properties, Antrim's ability to meet its obligations under the payment swap and the forward sale of Brent oil crude, the general stability of the economic and political environment in which Antrim operates and the future of oil and natural gas pricing. In respect to these assumptions, the reader is cautioned that assumptions used in the pre

Also under the amendment ARNIL has deferred commodity swap payments due in December 2013, January 2014 and February 2014 on an aggregate of 86,481 barrels. Commodity swap payments due on an aggregate of 142,890 barrels (including the 86,481 barrels referred to above) were deferred to the period July 2015 to December 2016 to reflect a delay from the original production profile which contemplated both the electric submersible pump ("ESP") and water injection facilities to be operational in 2013 and now forecast to be operational in early 2014 and mid 2014, respectively. A total of 494,652 barrels remains outstanding under the commodity swap. In exchange for the above amendments, the previously fixed swap price of US$ 89.37 per barrel has been reduced to US $81.21 per barrel. The estimated fair value of the change in swap price is $2.35 million. In conjunction with the amendment the Company is continuing to review other options, including possible divestments. Since production from the Causeway Field recommenced on October 23, 2013 production has been stable averaging 2,325 gross barrels of oil per day ("bopd") (Antrim net 680 bopd) in November 2013. In November, the water injection riser pull-in was successfully completed with subsea tie-ins at the platform and water injection tree end still to be completed, as well as topside pipe and ESP related modifications on the Cormorant North platform. About Antrim Antrim Energy Inc. is a Canadian, Calgary based junior oil and gas exploration and production company with assets in the UK North Sea and Ireland. Antrim is listed on the Toronto Stock Exchange (AEN) and on the London Stock Exchange's Alternative Investment Market (AEY). Visit www.antrimenergy.com for more information. Forward-Looking and Cautionary Statements This press release and any documents incorporated by reference herein contain certain forward-looking statements and forward-looking information which are based on Antrim's internal reasonable expectations, estimates, projections, assumptions and beliefs as at the date of such statements or information. Forward- looking statements often, but not always, are identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", "targeting", "forecast", "achieve" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties,

Antrim Energy Inc. Announces Amendment to Payment Swap and Commodity Swap Fri, 13th Dec 2013 07:00 FOR: ANTRIM ENERGY INC. TSX SYMBOL: AEN AIM SYMBOL: AEY December 12, 2013 Antrim Energy Inc. Announces Amendment to Payment Swap and Commodity Swap CALGARY, ALBERTA--(Marketwired - Dec. 12, 2013) - NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S. Antrim Energy Inc. ("Antrim" or "the Company") (TSX:AEN)(AIM:AEY), an international oil and gas exploration and production company, today announced that its wholly-owned UK subsidiary Antrim Resources (N.I.) Limited ("ARNIL") has amended its $30 million Payment Swap transaction with Credit Suisse AG ("CSAG") and a Brent oil price Commodity Swap transaction with Credit Suisse International ("CSI"). In November 2013 the Company announced that it anticipated higher than expected capital costs to complete the Causeway development and was subject to requirements to place additional funds into a reserve account with its lender. Under the amendment ARNIL will receive a waiver to February 28, 2014 of its requirement to top up its capital expenditure reserve account and will be allowed to access currently restricted cash balances in order to make payments with respect to Causeway costs as well as ongoing principal and interest payments. As at December 5, 2013 a total of $3.85 million in principal payments and $1.2 million in interest payments have been made as scheduled.

Listing of Bond Instrument Fri, 13th Dec 2013 07:00 RNS Number : 4503V Gasol plc 13 December 2013 Gasol plc ('Gasol' or the 'Company') Listing of Bond Instrument Gasol, the AIM listed energy development company focusing on gas constrained nations, today announces that it has listed its Euro Medium Term Note instrument (the "Note"), announced in a statement to market on 28 October 2013, of up to US$100,000,000, in Dublin on the Irish Stock Exchange. The Note was listed on 12 December 2013. The Company placed the first US$30 million tranche of the Note with institutional investors. The Note has an interest rate of 9%, payable semi-annually in arrears on 20 June and 20 December each year, with the last payment date expected to be due 20 December 2017. - Ends - Enquiries

im the worlds worst...........

About Enegi Enegi Oil Plc is an independent oil and gas company whose strategy is to build a diverse portfolio of assets with a strong emphasis on acquiring interests in marginal fields. These marginal fields are low risk highly-appraised projects and consequently the Company's entry cost will be low. Enegi will look to develop these assets utilising ABT Oil & Gas's suite of appropriate solutions which change the development economics of a project. This is also expected to enable the early booking of reserves. The Company's current portfolio is made up of operations focused on opportunities around the Port au Port Peninsula in Newfoundland, Canada, the Clare Basin in County Clare, Ireland, the UK North Sea and Jordan. The Port au Port Peninsula is located in western Newfoundland, which, although lightly explored, is in an active petroleum system with light oil having been discovered on a number of occasions. The Clare Basin is located in western Ireland and initial technical studies show that it has the potential to contain shale gas. The Company's licences in the UK North Sea have discovered hydrocarbons on them and have been selected based on buoy technology operating criteria. The Company has also entered into the highly prospective Dead Sea and Wadi Araba in Jordan with its partner Korea Global Energy Corporation. About ABT Oil & Gas ABT Oil & Gas is a joint venture company owned 50/50 by Enegi and ABTechnology. ABT Oil & Gas's strategy is to build a portfolio of marginal field opportunities which can be developed using appropriate and proven technology. The application of the technology in developing marginal fields has the potential to significantly change the economics surrounding a project thus making it viable to develop. ABT Oil & Gas will only consider projects that are based upon discovered hydrocarbons, thus are deemed to be low risk, and will look to gain an interest in the project in return for providing an appropriate development solution. The Company's initial area of focus is on the UKCS.

ABTOG Shareholders enter into an Exclusive Option Agreement with Wood Group PSN Enegi and ABTechnology Ltd. ('ABT'), the owners of ABT Oil and Gas ('ABTOG') are pleased to announce that they have entered into an option agreement (the 'Option') with Wood Group PSN, the international energy services company. The Option provides Wood Group PSN with an exclusive right for a period of 90 days to conclude an agreement to expand its participation in the development of the marginal field initiative, commenced by Enegi and ABT. The parties to the Option will now enter into a period of negotiation during which Enegi, ABT and Wood Group PSN will seek to conclude discussions with regard to the structure and terms of this expanded role as well as conduct due diligence as required. Via a framework agreement executed in 2011, Wood Group PSN is a strategic partner of ABT in the commercial exploitation of unmanned buoy technology which allows Wood Group PSN exclusivity in the provision of a number of engineering services. The recent acceleration in the development of the marginal field initiative, in terms of industry interest, project acquisition and expansion of the technology portfolio, has encouraged the parties via the Option to reassess the relationship with a view to Wood Group PSN participating more widely in the development of the business. Alan Minty, CEO of Enegi commented: "The execution of the Option with Wood Group PSN is further evidence of the attractiveness of the marginal field business model and reflects the progress that has been made in developing the business. The Option represents the first step in securing independent investment into this initiative. Successful conclusion of negotiations would see stronger links with a leading, global engineering services company providing access to the engineering manpower and expertise that will be needed to deliver on the many projects that it expects to secure and fulfil the potential of the marginal field initiative. From Enegi's perspective, successful conclusion of the discussions with Wood Group PSN would mean that both of its major initiatives, including the development of western Newfoundland after agreeing a farmout with Black Spruce Exploration ('BSE'), have sufficient resources and the appropriate expertise to provide them with the best chance of success. In addition, shareholders can expect the successful execution of the work contemplated by the farmout agreement with BSE and the successful funding of the marginal field initiative to have a positive impact on the Company's future working capital requirement.

Thanks again J........

Waiting for the bell with confidence this morning could smash the 90p barrier today good luck all.

Got in today but had a bit of trouble with my broker early on but ok though.