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Manipulated yesterday as MM's wanted to offload stock.
2013 or 2014, peaked at �2.80 or so. Charts on here are unreliable
I think 190/200 will be an interesting test, if it breaks it I think it will continue to around 230 or so, before catching it's breath. But there's a definite uptrend since the recent low in June, with higher highs and higher lows.
Ultimately the success of KAZ will be dictated by the copper (and gold) price. The copper chart looks like it could be turning after years of decline, but it's too early to tell. Even if POG stays at around $1300, at the current low copper price KAZ is undervalued in my view. Look at the 5yr chart to see the potential when copper turns.
Here we go... Faroe Petroleum's slick deal About 18 months ago I highlighted an opportunity in Aim-traded Faroe Petroleum (FPM:68.75p), an independent oil and gas company primarily focused on exploration, appraisal and production opportunities in Norway and the UK ('A slick operator', 5 Feb 2015). The shares were priced at 75p at the time and I had a target price of 94p. In the event the price came within pennies of that objective in April and July last year, before the subsequent oil price plunge dampened investor interest in the sector. I last rated Faroe's shares a buy at 86p ('A slick investment', 25 Jun 2015), a level that has yet to be seen again as share price rallies in both April and July this year petered out at the 82p level. However, with Faroe's share price slightly below my initial buy in price and also adrift of July's 70p placing price, a fundraising that raised £66m primarily to fund the acquisition of the production assets of DONG Energy, I feel that the risk:reward ratio is skewed to the upside. Not only are the shares trading well below core net asset value of 84p a share, according to analyst Werner Riding of brokerage Peel Hunt, but it's clear investors have an appetite to support small-cap oil companies willing to exploit selective acquisition opportunities in the current environment. For instance, the five Norwegian North Sea producing oil and gas fields acquired in the DONG Energy transaction added 8,000 barrels of oil equivalent (boe) per day to Faroe's production and have lifted its 2016 average daily production to between 15,000 and 17,000 boe. The $70.2m (£53.2m) cash consideration paid equates to a price of $3.50 per boe based on 2P reserves, and $2.30 per boe based on 2P reserves and 2C resources, little over a third of the average price paid in Norwegian oil and gas asset deals in the past two years. Estimated unit operating expenditure is around $19 per boe, so with Brent crude recovering to $50 a barrel, then the acquisition will bring in substantial cash flow to support Faroe's promising development programme. It's worth noting too that Faroe retains a healthy balance sheet, with forecast year-end net cash expected to be around £88m, or 24p a share, thus offering scope for further exploration acquisition opportunities. And that's not being factored in to the share price, which is 20 per cent below core net asset value and on a near-50 per cent discount to risked net asset value after factoring in appraisal and development upside. The shares have obvious recovery potential, albeit largely driven by the future direction of the oil price. Speculative buy.
That doesn't read like a consolidation, unless I'm misinterpreting it. I've not read the document as a whole but that paragraph reads to me like splitting off parts of the business into separate companies? I'm happy to be corrected on this...
No RNS, so the fundamentals haven't changed. Be greedy when others are fearful; be fearful when others are greedy said one W Buffett. The rise up to 170p was too fast, hopefully this one can maintain a steady and sustainable rise upwards now.
Net cash accounts for around 50% of the Mcap! Henderson are increasing their stake again, up to c14% now. Cash available to make further acquisitions and push up the SP, Henderson wouldn't have upped their stake if they'd not been assured of the Board's plans. Recent discussions over football pools business shows ambition. Share been poor for a long time, Board need to communicate better. Compare vague recent trading statement to that of TTR!
Lots of buys showing as sells. Mine is, undoubtedly others too.
Sebastian James on BBC1 at 9.40 this morning...