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http://www.proactiveinvestors.co.uk/companies/news/30287/bluebird-energy-begins-trading-on-aim-30287.html Bluebird Energy (LON:OSCE), an oil and gas minnow with a focus on the US, announced the start of trading of its shares on AIM today. The company has already raised £2 million via a placing and revealed plans to raise a further £558,000. The £2 million was raised via a placing at 1 pence per share per new ordinary share of 0.25p. The company begins life on AIM with a market capitalisation of £4.8 million. The £2 million in proceeds will be used to fund production, development and exploration of oil and gas projects in the US and support “certain other energy related investments”. Bluebird’s projects in the US include Centurion, an oil producing project in which it has secured a 50 per cent interest; Solitaire, a gas play which is wholly owned; and Marcellus, focused on shale gas and in which the company has an 88.32 per cent stake. Its other US projects are Revloc (gas, 50 per cent), and Big Sky (oil, 50 per cent). Bluebird Energy’s interests in these US projects have been independently valued at £19.24m. So far this year its focus has been mainly on further development of the oil producing Centurion project, which now has six wells in production. In addition to its interests in the US, Bluebird is in the early stages of evaluating unconventional gas opportunities in Europe and holds a 11.28 per cent stake in Wessex Exploration (LON: WSX) which itself began trading on AIM in March 2011. The company, formerly known as Osceola Hydrocarbons, today also announced a fresh fundraiser, via an open offer at 1 pence per share, to raise £558,168. Explaining the move, Bluebird said it would have preferred to have raised more than the original £2 million placing but timing was an issue with regards to its assets in the US. It choose to make do with the£2 million funds immediately forthcoming so it could progress its US projects and sustain their value. The maximum amount which the company can raise now by way of a public offer without having to issue a costly prospectus is approximately £600,000. Bluebird said: “The preparation of a prospectus is significantly more burdensome than the preparation of an admission document and, in addition, would need to be approved by the Financial Services Authority. “Accordingly, the expected cost of preparing a prospectus, the directors believe, would be excessive and over and above the costs of admission. “ The open offer comprises one new share for every five existing shares or warrants at an issue price of 1 pence.
luebird Energy (formally know as Osceola Hydrocarbons) is a hydrocarbon development and exploration company with established projects onshore United States of America and a material investment in Wessex Exploration PLC. In addition, the Company has recently formed an alliance with ShaleGas Resources Limited, a consultancy company whose principal is John Michaels, which has been contracted exclusively to Bluebird Energy to source and project manage new shale gas opportunities in Europe. The shale gas focus will complement the low risk onshore Centurion project, which is already yielding cash flows to the Company and is regarded by the directors as a development project.
I doubt it- but the way WSX has rose tells me BBE could have a similar rise- a fair value would be 10-15 million for BBE- so shareprice around 2-3p. Already below listing price so this is th best time to buy. GL
Top of the risers as well- Some good pr on the weekend will increase our presence- very under the radar like Wessex.
lol mate- board does not have to be filled with posts- look at WSX like Casper said- hardly any posts. Im holding until results- so this is no pump and dump lol- look at the volumes.
on Monday- which I think Tullow will release- then we will go boom. Newspapers have already picked up news, so on the weekend news will leak - normally dont say this but I would not want to be out of this on the weekend :)
1,650,559 & LSE 2,693,079- so a lot of volume plus some 500k trades went through.
my estimation of BBE on a Market Capital is worth around £15 million- so 3p is fair value- today we should get to 1.25p.
Tullow drill- 11% in WSX- this was listed at 1p just based on assets- so way undervalued.
at 1.25p, so my prediction this should be worth around 1.5p due to WSX share price increasing- 100% upside now :)
Can we have a boom??????????
Over a million shares traded on PLUS- http://www.plus-sx.com/companies/plusCompanyDetail.html?securityId=1248164
could be announced on Monday- so leaks have alread been rumoured so my calculation is around 750k barrels are Bluebirds :)
Morning mate- excellent research you posted on WSX- risen marvellously- well done on your profit mate. BBE- Like I said before I dont trust the BOD and have no faith in them- just here for the Tullow drill.
0.80 - 0.95 (GBX) at 10:04:30
currently undervalued as hold 11% of WSX, so 11% of WSX Mcap is worth to BBE.
Anyone know the buy limits- can't buy £2k worth without a negotiated trade.
I have no idea who Arcadia is mate- do you mean Arcapita :)
Thanks for your kind words mate. Stick to your strategy and decide- dont base it on posts. I am sure a T/O will happen- 8p to me is a fair value.
all the long term holders- the BOD have screwed over a lot of people- they do also control 54% of the company.