ERN - Erongo Energy
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ERN - Erongo Energy Limited
Formally known as LOU (Louisiana Petroleum)
Highlights from their first quarter activities are below. Their uranium tenements look good. No drilling as of yet..can only go by their radiometric map comparisons with Langer Heinrich and Rossing..but it looks promising.
• Shareholder approval has been obtained for the acquisition of rospective
uranium interests in Namibia covering an area of approximately 920 sq km.
• The transaction, announced to the market 18 September 2006, is now only
dependent upon completion of due diligence by the Company, which is progressing well and is expected to be completed by the end of next week.
• The granting of the two tenement applications that comprise the pitskoppe Project, pursuant to this Agreement, is imminent. All documentation and budgets satisfy government criteria.
• Subject to the granting of these tenement applications, and completion of the proposed transaction, a budget for the initial phase of exploration of USD$544,000 has been provided for, and will be sourced from existing cash reserves.
• Development work on the Caddo Pine Island Project in northern Louisiana remains ongoing. Additional wells have been identified as suitable for pump jack installation, over and above those initially budgeted for, and as such the development program has been extended to include these wells. This additional development work is expected to be completed within this current
quarter at a cost of approximately $100,000.
Formally known as LOU (Louisiana Petroleum)
Highlights from their first quarter activities are below. Their uranium tenements look good. No drilling as of yet..can only go by their radiometric map comparisons with Langer Heinrich and Rossing..but it looks promising.
• Shareholder approval has been obtained for the acquisition of rospective
uranium interests in Namibia covering an area of approximately 920 sq km.
• The transaction, announced to the market 18 September 2006, is now only
dependent upon completion of due diligence by the Company, which is progressing well and is expected to be completed by the end of next week.
• The granting of the two tenement applications that comprise the pitskoppe Project, pursuant to this Agreement, is imminent. All documentation and budgets satisfy government criteria.
• Subject to the granting of these tenement applications, and completion of the proposed transaction, a budget for the initial phase of exploration of USD$544,000 has been provided for, and will be sourced from existing cash reserves.
• Development work on the Caddo Pine Island Project in northern Louisiana remains ongoing. Additional wells have been identified as suitable for pump jack installation, over and above those initially budgeted for, and as such the development program has been extended to include these wells. This additional development work is expected to be completed within this current
quarter at a cost of approximately $100,000.
This is definately what you would call a major spec. Still in very early stages. Looks good though. I'm hoping for it to be another Bannerman. Low market cap. Potential is there Imajica..just a waiting game now.
Unlike Bannerman they have no historic drilling in this area etc etc so all speculators have to work off is their current radiometric comparisons and the fact that they are based in Namibia which is known for uranium mineralisation.
Unlike Bannerman they have no historic drilling in this area etc etc so all speculators have to work off is their current radiometric comparisons and the fact that they are based in Namibia which is known for uranium mineralisation.
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it certainly looks good when compared to langer and rossing mines and langer was a company make for PDN. one question is that if the resource is at a certain depth do radiometrics still pick up on the resource??
this may be the case for PDN deposit, it looks like there is nothing there but could this be due to depth??
anyway based on what i have seen could be worth a punt. any other opinions?
this may be the case for PDN deposit, it looks like there is nothing there but could this be due to depth??
anyway based on what i have seen could be worth a punt. any other opinions?
The company previously known as Louisiana Petroleum (LOU) announced today that the purchase of the U prospective properties is today unconditional after due diligence has been performed and expect to settle in 1 week approximately.
This gives them 2 approved exploration sites in Namibia with another 2 uncontested applications due for approval shortly and another 5th site which is currently in dispute.
This gives them 2 approved exploration sites in Namibia with another 2 uncontested applications due for approval shortly and another 5th site which is currently in dispute.
In my mind one of the best priced uranium stocks on the market atm. One to keep an eye on. Great prospects due to its location with no restrictions on uranium mining. The erongo mountains license is very interesting. 3 extra epl's are also pending. Not many sellers with this one...A bit of positive news will see it double with ease due to the small amount of shares on issue.
Held up well considering most uranium stocks got hit today. Hit its 52 week high of 56.5. This one is yet to have the run it deserves...market cap is really nothing atm. If the additional tenements get granted we are set...I still think we are set even if they dont get granted the extra tenements..but the granting of tenements will push the sp higher...faster.
Hi Chris, any idea when the 2 sites they have applied for are due for approval. I know they have a big red tape department like all governments handling these and I know EXT's where supposed to be approved in Jan / Feb this year. They have only been rubber stamped recently. I have laft the site in dispute out as this could go on for a while.
kevro said:
They have 3 more licenses they are trying to get.
"A further tenement application has been made by the Company’s Namibian subsidiary, as illustrated as Area 5 in Figure 1 below. It should be noted that this application is being contested and is under appeal by a third party. The tenement is prospective for uranium and lies to the west of the Erongo Complex.
The Company also has two tenement applications, announced to the market previously and illustrated as Areas 3 and 4 below, for which a decision on granting is imminent. These applications are not being contested."
So we have one license that is being contested..but two licenses that they should get. No one else is trying to grab those tenements. I have no idea how long the process takes..But if they come out of this with 4 tenements we are looking good. The best tenement they have is the erongo mountains tenement that they allready have. Lots of primary and secondary uranium occurrences are within that license
The radiometrics also make both epl's look outstanding...hmm wouldnt mind getting more.Up 17% today. They seem to have listed on the german exchange. See link below.
http://www.wallstreet-online.de/community/thread/1094590-1.html
http://www.wallstreet-online.de/community/thread/1094590-1.html
