I'm more than a little disappointed in myself for not seeing Chimaera in there as a substancial holder. I certainly would not have bought it had I seen this. I knew chimaera were close to falling over. However, Blue Energy should have been put in TH on 30/6/08 when ANZ pulled the pin on the funding IMO. A lot of people knew of the connection and sold before the TH! I didn't. Very cranky at myself!
I guess it's better for the BUL sp that the ANZ appointed receivers to Chimaera expect to hold discussions regarding the shares affected (now 31% of BUL !!) - this would seem to indicate an orderly sale - rather than a 'fire-sale' of affected BUL shares. ... who knows - maybe ANZ just will just want to keep them for themselves!! I know I would.
Of course market has reacted badly - but as for Nioka - the assets are still there - and the sp will reflect that sometime down the track.
will I buy more?... Think I'll wait a bit longer and see how this pans out ...then considering that - maybe I will.! Some good news qouldn't hurt!!
-D
Selling off due to scared market generally, and specifically with ANZ hanging over their head.
Looking at MC
441.8 mill shares @ 22c = $100 odd million
Cash at end of March 08 $28 million
Say $25 mill left now (cash burn $3 mill last qtr). Sufficent cash for this years drilling.
So the market has $75 million market cap for assets other than cash.
Contingent reserves of 250 PJ on one small holding. Prove that up to 2P and someone would be willing to pay $250 mill for that at least, if not more (based on takeovers of up to $3mill per 2P of PJ, but I'll be conservative and use $1mill). Blue have only just begun too.
GIP (gas in place) 21 TCF (21 000 PJ)
Looking very undervalued at 22 cents at present.
Wonder how ANZ is going in relation to a buyer for their holding? Still waiting to top up. Was hoping for 18 cents, but seems to be holding around 22 cents at the moment. Still think it is very undervalued at 22 though it could go lower!
The Company is aware that a number of substantial entities have registered their interest in securing the whole of the share parcel controlled by the Receiver.
Well - some good support for BUL today - kick started by a better market sentiment and a few solid days on very low Vol... ie - no-one selling any more!!
All very nice since I picked up a few more at 24c yesterday.
Given that ANZ doesn't seem to be about to dump their shares for whatever they can get.... I reckon we're all looking up from here! .... EDIT - buyers now 4:1 over sellers on depth... (not counting ANZ of course!)
- looking forward to more expl. results.
-D (holding)
Hey Dukey,
Had a buy filled last week that was sitting at support, so yes it was nice to see the supply up to 26.5 thinned today.
Expect resistance @ 30c, but will be happy with that atm
Good news again today with a new partner for BUL. Stanwellcorp, a leading power generator purchasing a 19.6% share in BUL. The purchase was from CVC a foundation investor. The price was 40C share, quite a premium on todays price. To make an offer over 20% the offer would have had to be made to all shareholders. Maybe we can expect further increase in the SP in the short term future.
Wow, up another 38% today already! From 10c to 27c in less than a couple of weeks.
PES anyone?
Any guesses as to potential t/o buyers?
>> Could be any of the major players really. My pure speculation would be BG (exQGC) - since they are gonna need as much gas as they can get their hands on for their LNG plant.
AOE is obviously in there - but I think they already have much larger potential reserves under their belt,esp with PES sown up.
Then of course there's STO... or AGL??
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not advice - just opinion - D
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