MHL - Monitor Energy

[Ruprect]

I also think that Oil/Gas explorers are about to be, or are already flavour of the month. It has taken a while for the high oil/gas price to sink in to the market, but INP and ELK have already been re rated on decent announcements. There are others like GOP and KEY which are also attacting attention. MHL might yet also attract some serious attention.

Ive had a small parcel of MHL in the back drawer for 6 months, almost sold last month at a loss, now very happy to have held them.

 

[ta2693]

Today it is closed very weak. I think next Monday will be a chance for us to get more. I have got some at 3.1c and 3.2c. I will double my position at 2.4c if it can fall to that level. As mick said, it worths at least 15c just for land. I am prepared to put 10% of my fund in this.

 

[YOUNG_TRADER]

MHL​

Mkt Structure

Shares
635m


Mkt Cap @3c = $19m Current
Mkt Cap @4c = $25m
Mkt Cap @5c = $32m Target 1 if CIG hit Oil on adjacent lease
Mkt Cap @6c = $38m
Mkt Cap @7c = $45m Target 2 if a major like Santos or Chineses National Oil farm in



Cash $2m

Ascent Capital
To begin with MHL is an Ascent Capital re-cap, however I always viewed it as the one that never made it,

When you consider their other re-caps, EXT 2c -15c, DYL 2c-65c, BLR 2c-25c, WMT 2c-30c, even MKY 2c-9c, thus MHL's 2c- 4c seems an anomoly, I would think its the last decent Ascent Capital re cap left to run.

So given their track record and the fact that you see the Steinpris name (Ascent Capital) still on the share registry suggests that more is still to come, in addition to this Ascent Capital control 50% of the Uranium projects and so this all makes for a very interesting mix.

Management
Oil and Gas The 2 main men are Scott Spencer and Ted Ellyard, both are the ex creators/architects of Hardman Resources, they took HDR from "a market cap of less than $5m in 1994 to eventually over $1.5 BILLION"

Thus these two oil boys know what they're doing and as such MHL has been viewed by some such as Peter Strachan of Sotck Analysis as Ted Ellyards next oil and gas venture.

Uranium
The Uranium project is being managed by Leopard

Leopard is an unlisted private company thats owned and controlled by Ascent Capital, its technical guys are James Pratt who is the Managing Director of Deep Yellow Ltd (DYL) and Dr Joe Drake-Brockman who is in charge of technical explorationa and development for DYL.

So effictively Leopard is a mini DYL, created by the creators of DYL and managed and run by the current DYL top boys who have taken DYL from $5m to over $500m.




Projects

Kyrgyz Oil Oil and Gas, 100%, Kyrgyzstan
Surrounded by many prolific oil and gas producing basins which have produced probably a few BILLION BARRELS OF OIL and a few Trillion Feet of Gas, reserves are still a few Billion Barrels of Oil and a couple of Trillion feet of Gas.

The obvious comparison is as Warrick Grigor has done, to that of Caspian Oil and Gas (CIG),
"Three years ago we spent a week in the Kyrgyz Republic, coming to grips with a junior oil stock named Afminex (it subsequently changed its name to
Caspian Oil and Gas). Back then, the shares were less than 1.8¢, the company had precious little cash, the market capitalisation was $8m and the oil price was only US$30-35/bbl.

Since then it has raised more than $20m, it has signed a joint venture with Santos and, independent of that JV, it is preparing to drill a number of shallow targets. CIG’s market capitalisation is approximately $170m
with the share price at 16.5¢. Our clients have done very well out of CIG, irrespective of whether or not they hit big oil in the forthcoming program."

So CIG's Mkt Cap has gone from $8m to $170m yielding a return of 2125% over 3 yrs, however over the last 5 months the stock has yielded over 300% (5.5c - 16.5c)

Given CIG's current Mkt Cap of $170m I would expect MHL to move up to 5c =$32m if CIG hit oil, moreover if MHL, which is in the final stages of negotiating a farm out, gets someone like Santos, or even the Chinese National Oil Corp I would expect a re-rating towards 7c = $45m.

There is not too much info on target size or potential of MHL's Oil and Gas licences however the company is in the final stages of interpreting and reprocessing data to determine drill targets, priority survey area's etc etc in addition to this further survey results are due back,

So to summarise there are 3 potential catalysts fora re-rating of MHL because of its oil and gas leases

1. CIG striking oil
2. A farm in partner such as Santos or Chinese National Oil Corp
3. Siesmic/survey updates with target/potential size of oil targets



Kyrgyz Uranium Uranium, 50%, Kyrgyzstan,

Intial target 600k-700kt's@0.1% U = 1.5Mlb's U

This is just an intial target, base don historic work/drilling by the soviets, mineralisation is reported at surface and up to depths of 150m's over a strike of 800m's, they "mineralised seam widths" vary form 4.2m's to 6.6m's and avg 0.03% - 0.4% U

Its early days here but given the current mkt cap of other companies operating in Kyrgyz such as MRO mkt cap $50m and NMR mkt cap $100m there is plenty of upside value for MHL once a JORC is released I would expect $20m of attributable value = 3c

As stated the Uranium project is being managed by Leopard

Leopard is an unlisted private company thats owned and controlled by Ascent Capital, its technical guys are James Pratt who is the Managing Director of Deep Yellow Ltd (DYL) and Dr Joe Drake-Brockman who is in charge of technical explorationa and development for DYL.

So effictively Leopard is a mini DYL, created by the creators of DYL and managed and run by the current DYL top boys who have taken DYL from $5m to over $500m.




Summary

- Chart wise support seems to be 3.2c and then 2.6c, however I doubt we will see it fall below 3c

- Its is a direct comparison to CIG, even Grigor is getting his clients who he got on to CIG very early days on to this, moreover any drilling success for CIG will boost MHL's prospectivity and thus SP

- A farm in deal for MHL's oil and gas licences is in the final stages, if its Santos or Chinese Oil watch out!

- The Oil managment is excellent being ex HDR architects who took the company from $5m to over $1.5Billion

- The Uranium management via Leopard is also excellent as its all the DYL boys who took DYL from $5m to $500m

- So given it is being run by the people he created so much value for HDR and DYL, as well as the fact that it can be compared to CIG for oil and MRO/NMR for the Uranium MHL seems cheap!

 

[greggy]

MHL​

Mkt Structure

Shares
635m


Mkt Cap @3c = $19m Current
Mkt Cap @4c = $25m
Mkt Cap @5c = $32m Target 1 if CIG hit Oil on adjacent lease
Mkt Cap @6c = $38m
Mkt Cap @7c = $45m Target 2 if a major like Santos or Chineses National Oil farm in



Cash $2m

Ascent Capital
To begin with MHL is an Ascent Capital re-cap, however I always viewed it as the one that never made it,

When you consider their other re-caps, EXT 2c -15c, DYL 2c-65c, BLR 2c-25c, WMT 2c-30c, even MKY 2c-9c, thus MHL's 2c- 4c seems an anomoly, I would think its the last decent Ascent Capital re cap left to run.

So given their track record and the fact that you see the Steinpris name (Ascent Capital) still on the share registry suggests that more is still to come, in addition to this Ascent Capital control 50% of the Uranium projects and so this all makes for a very interesting mix.

Management
Oil and Gas The 2 main men are Scott Spencer and Ted Ellyard, both are the ex creators/architects of Hardman Resources, they took HDR from "a market cap of less than $5m in 1994 to eventually over $1.5 BILLION"

Thus these two oil boys know what they're doing and as such MHL has been viewed by some such as Peter Strachan of Sotck Analysis as Ted Ellyards next oil and gas venture.

Uranium
The Uranium project is being managed by Leopard

Leopard is an unlisted private company thats owned and controlled by Ascent Capital, its technical guys are James Pratt who is the Managing Director of Deep Yellow Ltd (DYL) and Dr Joe Drake-Brockman who is in charge of technical explorationa and development for DYL.

So effictively Leopard is a mini DYL, created by the creators of DYL and managed and run by the current DYL top boys who have taken DYL from $5m to over $500m.




Projects

Kyrgyz Oil Oil and Gas, 100%, Kyrgyzstan
Surrounded by many prolific oil and gas producing basins which have produced probably a few BILLION BARRELS OF OIL and a few Trillion Feet of Gas, reserves are still a few Billion Barrels of Oil and a couple of Trillion feet of Gas.

The obvious comparison is as Warrick Grigor has done, to that of Caspian Oil and Gas (CIG),
"Three years ago we spent a week in the Kyrgyz Republic, coming to grips with a junior oil stock named Afminex (it subsequently changed its name to
Caspian Oil and Gas). Back then, the shares were less than 1.8 ¢, the company had precious little cash, the market capitalisation was $8m and the oil price was only US$30-35/bbl.

Since then it has raised more than $20m, it has signed a joint venture with Santos and, independent of that JV, it is preparing to drill a number of shallow targets. CIG’s market capitalisation is approximately $170m
with the share price at 16.5 ¢. Our clients have done very well out of CIG, irrespective of whether or not they hit big oil in the forthcoming program."

So CIG's Mkt Cap has gone from $8m to $170m yielding a return of 2125% over 3 yrs, however over the last 5 months the stock has yielded over 300% (5.5c - 16.5c)

Given CIG's current Mkt Cap of $170m I would expect MHL to move up to 5c =$32m if CIG hit oil, moreover if MHL, which is in the final stages of negotiating a farm out, gets someone like Santos, or even the Chinese National Oil Corp I would expect a re-rating towards 7c = $45m.

There is not too much info on target size or potential of MHL's Oil and Gas licences however the company is in the final stages of interpreting and reprocessing data to determine drill targets, priority survey area's etc etc in addition to this further survey results are due back,

So to summarise there are 3 potential catalysts fora re-rating of MHL because of its oil and gas leases

1. CIG striking oil
2. A farm in partner such as Santos or Chinese National Oil Corp
3. Siesmic/survey updates with target/potential size of oil targets



Kyrgyz Uranium Uranium, 50%, Kyrgyzstan,

Intial target 600k-700kt's@0.1% U = 1.5Mlb's U

This is just an intial target, base don historic work/drilling by the soviets, mineralisation is reported at surface and up to depths of 150m's over a strike of 800m's, they "mineralised seam widths" vary form 4.2m's to 6.6m's and avg 0.03% - 0.4% U

Its early days here but given the current mkt cap of other companies operating in Kyrgyz such as MRO mkt cap $50m and NMR mkt cap $100m there is plenty of upside value for MHL once a JORC is released I would expect $20m of attributable value = 3c

As stated the Uranium project is being managed by Leopard

Leopard is an unlisted private company thats owned and controlled by Ascent Capital, its technical guys are James Pratt who is the Managing Director of Deep Yellow Ltd (DYL) and Dr Joe Drake-Brockman who is in charge of technical explorationa and development for DYL.

So effictively Leopard is a mini DYL, created by the creators of DYL and managed and run by the current DYL top boys who have taken DYL from $5m to over $500m.




Summary

- Chart wise support seems to be 3.2c and then 2.6c, however I doubt we will see it fall below 3c

- Its is a direct comparison to CIG, even Grigor is getting his clients who he got on to CIG very early days on to this, moreover any drilling success for CIG will boost MHL's prospectivity and thus SP

- A farm in deal for MHL's oil and gas licences is in the final stages, if its Santos or Chinese Oil watch out!

- The Oil managment is excellent being ex HDR architects who took the company from $5m to over $1.5Billion

- The Uranium management via Leopard is also excellent as its all the DYL boys who took DYL from $5m to $500m

- So given it is being run by the people he created so much value for HDR and DYL, as well as the fact that it can be compared to CIG for oil and MRO/NMR for the Uranium MHL seems cheap!

Hi YT,

You sure dig up some very interesting stocks. MHL seems to have a few good projects with proven management. MHL's oil and gas interests look especially promising as this sector has started to take off, but I wouldn't discount its uranium interests either. Thanks for all your hard work.
DYOR

 

[prawn_86]

Unfortunately, this has yet again made its way to HC and from now on any rises will probably be due to day traders loading up.

Not saying this doesnt have potential, its just hard to tell in the short term when a lot of traders jump on board a stock.

just my opinion.

 

[YOUNG_TRADER]

Hey Prawn,

Let me guess, my research has been poached and passed off as someone else's??

Regardless, I am very excited about the fundamentals which are broken up into 2 categories,

1. Oil
- Projects near CIG's, company also comparable to CIG
- Management, the Hardman team who took HDR from $5m to over $1.5Billion, what can they do for MHL?
- CIG drilling a very active program where any success will rub off on MHL
- Final stages of negotiating the farm out of the Oil exploration, look out if its Santos or CNOC

2. Uranium- Cheap when compared to MRO and NMR
- JV technical team are the DYL boys who managed to take DYL from $5m to $550m, what can they do for MHL via JV?
- Drilling

 

[prawn_86]

well it has been credited to you YT, but who on that site even knows who you are? if you know what i mean, it just apears to everyone else as the person who posted it research.

i think the fundamentals are there, but personally i know very little about gas and oil. I also dont like stocks that are loaded up with traders (not that this is just yet) as some of the stocks like that price moves are erratic and beyond what 'should' happen fundamentally

 

[jtb]

Evening gents,

Been having a bit of dig around myself in regard to the the oil prospects and haven't got much to add- appears to be real frontier country for westerners.

As Caspian is about all we can talk about atm (with their initial drilling program having commenced) I thought it interesting to look at their chart, paying attention to the break from the 5-6c range.
This was driven on news of their drill rig and exploration commencing and as I mentioned previously- caught me off guard.
Due to their scrip ballooning from >800million to now over 1 billion shares on issue we can see that the company was already reasonable valued (imo) at around $50million when at this [/B]5c level[/B].
So when they ran to 15c and knowing very little about the region I basically left them to it

Trying to place some value on MHL's dirt- i see that both CIG and MHL have similiar acreage (12000 km² vs 11,467 km² respectively).
Seeing as STO committed to 24million back in 2005 (when poo was about $50 a bbl) for an 80% stake then rough as guts I guess we could push that to $35million in todays climate for a similar stake?

That would, I assume, build a bit of fat into MHL's price at present.

Something that has caught my eye is their relativity to the Tarim Basin in China.

I've attached some data from the US geological survey (2000) that shows it to be very prospective.

Something in MHL's favour imo is that the 'At Bashi' and 'East At Bashi' leases appear to just about touch this basin (as opposed to CIG's Fergana lease) and I've inserted a quote from MHL's website that mentions their near term intentions in this region.

Medium term anything under 4c is probably pretty safe imo.

 

[jtb]

Here's the rest of them - can only tack 5 onto the end unfortunately

No info on the uranium though, haven't looked.

 

[nyo]

The area seems to have a lot of potential and has attracted many players. Some already connected here. See the comments on Dr. Becker below.

Posted Monday 10/09/07 08:44am
Report Post Quote Post

* Member
**
( 2357 posts)

Hi All,

Some light reading while we wait for information.

While doing additional research on MANAS PETROLEUM CORP (OTC BB:MNAP), a company I hold in the US, I came across the information below that just adds to the information we already have on the Oil & Gas potential in Kyrgyz for MHL.

BTW Santos is MANAS PETROLEUM JV partner in Kyrgyz.

Also...Dr Alexander Becker, Manas CEO, background:

Dr Becker was a Director of Afminex Ltd which split into two companies, Caspian Oil & Gas Limited and Perseus Mining Limited. He was a Director of both those companies and later resigned but remained as a consultant to the two companies.

He was named the Kyrgyz Republic’s top mapping geologist 20 years ago, when the Soviets were identifying the locations of the area’s yet-to-be-tested deep oil structures. He knows the area intimately, and even America’s top experts agree with him regarding these structures potential.

Cheers,
Brantley

http://www.undiscoveredequities.com/member...tock_picks.html

This is our introductory Manas Petroleum report and as a consequence it is the most comprehensive.

We first started looking at Manas Petroleum last winter as it began its move from $3 to $6.40. It was brought to our attention via Clarion Finanz, who are major Manas Investors and are InterOil's original financial backers.

We were impressed with Manas management's resume and its apparent ability to acquire giant projects through-out the former Soviet Union but later worried (correctly) that its shares may have, despite its great promise, moved too far too fast. Since then its shares have first corrected along with the market and we note that market has ignored some highly significant accomplishments in Central Asia and Eastern Europe, something we will talk about later.

The company's CEO Dr Alexander Becker was one of the Soviet's top (award winning) geologists and the company has obvious connections to numerous powerful oilmen including until his recent death (from cancer) Farman Salmanov who is considered the father of the Soviet oil industry (for example he headed the committee that awarded ExxonMobil its Sakhalin I project.)

But connections are one thing and acquiring giant developable oil leases are quite another. When we started watching Manas it already had a major developing its Kyrgyz Republic project which was impressive but we wondered if it was a one off event. Can they keep doing it? Clearly the more of these giant oil projects they can acquire (and get development paid for by Major oil companies) � the better chance they will have, that at least one will be highly successful - translating to giant profits for us.

Our plan was to wait and let them prove themselves first. With the latest two deals and the time-line of events we judge that from now on the longer we wait the higher Manas Petroleum's share price is likely to be. We were lucky that our wait and see strategy coincided with a very significant stock market correction, creating what we think is a huge buying opportunity.

In the past months, a parade of CEO's from the world's largest oil companies has warned that it is getting extremely difficult to acquire giant sized, exploration and development plays.

ConocoPhilips Chief Executive Jim Mulva was among the more recent to say this when in July he told the U.S. Chamber of Commerce most of the world's oil is controlled by exporting nations. [So] there is a great deal of international competition for opportunities to develop what's left� What's left is mostly Canada's tar sands and ultra-deep and expensive Gulf of Mexico exploration. Witness the bidding frenzy in the Gulf of Mexico or the amount being paid to acquire tracts in Canada's tar sands. Both require investments north of $30,000 per flowing barrel and offer very low returns. In the words of Rigzone a highly respected oil industry publication regarding the Gulf's latest wave of exploration and development: oil companies are going to have to travel down a long expensive path.

But in places like Central Asia the capital required is a fraction of this amount and it can be paid back fast: in months instead of years. But you have to have access to those oil lands - a very rare thing. If a company does however, it can quickly go from being a small company to become a giant company. After studying its activities carefully for the past eight months it is apparent that Manas Petroleum is capable of (and has been) acquiring giant assets and as a consequence is more than likely to make us huge profits.

The facts are as follows:

Fact #1

Kyrgyz is a P50 1.2 billion barrel project. Its original project in Kyrgyz Republic has (according to an independent engineering study) a most likely case of P50 1.2 billion barrels based on 10 of 23 reservoir structures already discovered.

Santos, Australia's third largest energy company is spending $54 million to bring it to a commercial level of production. Until this occurs Manas Petroleum's expenses are paid by Santos for the entire $54 million program. Manas ends up with 25% of the oil production and only when it is judged to flow at economic levels does Manas begin paying development capital costs on a pro-rata basis.

We note that last month China agreed to fund gas and oil pipelines which pass either near or through Kyrgyz capital city Bishkek on their way to the Turkmenistan and North Caspian with the intent of eventually importing from the region more that 1 million barrels of oil per day and a trillion cubic feet of gas annually as the areas energy reserves are developed.

The Chinese know what they are doing. Central Asia is one of the world's last relatively low cost energy growth frontiers. Manas already has oil giant CNOOC spending almost a quarter of a billion dollars on drilling oil wells next to its Nanai concession.

...........

 

[nyo]

Some more research information on the Oil & Gas potential in the Kyrgyz Republic. A lot of interest popping up on the activity in the Central Asian Republics.

Brantley

Posted Monday 10/09/07 08:51am
Report Post Quote Post

* Member
**
( 2357 posts)

FYI....

Some additional reading material on the Oil & Gas potential in the Kyrgyz Republic....

Cheers,
Brantley

http://www.equityresearch.li/portfolio.php#19

See the section on:

Manas Petroleum Corp. (OTCBB: MNAP)

 

[nyo]

http://www.atimes.com/atimes/Global_Economy/FD27Dj02.html

# US: Procuring the world's oil
# By Michael Klare
# Apr 27, 2004

# //The one that is likely to receive greatest attention from policy makers is the Caspian Sea basin, consisting of Azerbaijan, Georgia, Kazakhstan, Kyrgyzstan, Turkmenistan, Tajikistan, Uzbekistan and adjacent parts of Iran and Russia.

According to the Department of Energy, this area houses proven reserves (defined as 90 percent probable) of 17 to 33 billion barrels of oil, and possible reserves (defined as 50 percent probable) of 233 billion barrels. If the amounts were confirmed, they would constitute the second largest untapped reserves after the Persian Gulf area.

# To ensure that much of this oil will eventually flow to consumers in the West, the US government has made strenuous efforts to develop the area's petroleum infrastructure and distribution system. The US first sought access to the Caspian's oil supplies during the Bill Clinton administration. Because the Caspian Sea is landlocked, its oil and natural gas must travel by pipeline to other areas. Tapping the resources requires the construction of long-distance export lines.

# The administration was reluctant to see Caspian oil flow through Russia on its way to Western Europe, since that would allow Moscow a degree of control over Western energy supplies. Transport through Iran was prohibited by US law because of that country's pursuit of weapons of mass destruction. So Clinton threw his support behind a plan to transport oil and gas from Baku in Azerbaijan to Ceyhan in Turkey via Tbilisi in the former Soviet republic of Georgia. Before leaving office, he flew to Turkey to preside at the signing ceremony for a regional agreement permitting construction of the $3 billion Baku-Tbilisi-Ceyhan (BTC) pipeline.//

 

[mobcat]

Well thats me in boys i had a big dip on friday and a little bit for brekie this morning lol how could i resist a top up with all that first class info you all have contributed thanks YT , JTB ,NYO ,

I like MHL for it,s spec appeal ATM and also the farmin potential could go Nth in a hurry on a whisper esp is the whisp is Santos ,POO is hot so shes a hard one not to look at seriously good luck all

 

[Ruprect]

Yeah, well done YT, great research. I do have a lot of faith in Ted Ellyard so am happy to stick with this one on the oil prospects alone. I followed him into KEY and happy to hold here now for a while.

I note the HC boys have been following ELK pretty well today (playing with?). I hate to say it, but the way some of those guys operate, they may yet come in here.

 

[YOUNG_TRADER]

Hey guys,

Thanks for that extra info JTB and NYO, some very very interesting stuff indeed,

Given the proximity to China I would not at all be surprised if the potential farm in partner turned out to be Chinese National Oil Corp, I mean they're happy to go to the far reaches of the globe like Africa, so why not next door into the Kyrgyz?

Also, given the meteoric rise in the Price of Oil since when CIG negotiated its farm in with Santos, I would agree with JTB and think that MHL can get a better deal,

Given MHL is a junior with little cash and no cash flow the best outcome would be for say a 20% Free Carried interest

I would expect that any announcement of a farm in partner would cause a substantial re-rating of MHL, just how big depends on the size of that farm in partner, ie Santos or CNOC would have the largest effect, also the deal ie whether it was free carried or $35m etc etc

In any event I am tingling with anticipation to see who it turns out to be

 

[prawn_86]

out of curiosity YT or others,

when you say 'final stages' of negotiations, what exactly does that mean? especially with chinese co's as they are notorious for not sticking to deadlines, it could still be a couple months until an announcement is made. am i right in this assumption?

 

[Ztriker]

Hi All, I would just like to thankyou all for the research that has been presented here. Great work. I am very interested in seeing who the JV partner will be and As Young Trader has said it wouldn't be surprising to see China find a position so close to their border. Anyway thanks again I will be watch eagerly.

 

[YOUNG_TRADER]

out of curiosity YT or others,

when you say 'final stages' of negotiations, what exactly does that mean? especially with chinese co's as they are notorious for not sticking to deadlines, it could still be a couple months until an announcement is made. am i right in this assumption?

Prawn, it would appear that the company has been in negotiations for awhile, expecially given the progree CIG has been making, so for the company to say they are in the "final stages" I would assume that a result could be expected soon.

But thats just my opinion, for confirmation, why not call the company and see what they have to say?

 

[spottygoose]

Prawn, it would appear that the company has been in negotiations for awhile, expecially given the progree CIG has been making, so for the company to say they are in the "final stages" I would assume that a result could be expected soon.

But thats just my opinion, for confirmation, why not call the company and see what they have to say?

YT, thanks again for your great research. Prawn I saved you the trouble and gave the company a call myself. Here is what I was told:

Firstly, re JV's I was told they are talking to two parties one of which they have been talking to for a long time. They are very hopeful with this particular although he stressed it was still in the negotiation stage. He indicated that he didn't expect it to be a drawn out process and that they hoped to be in a position to update the market soon. Basically, I got the impression negotiations are going well and are at an advanced stage but not a fait accompli...yet.

Secondly Re the U- drilling in Kashkasuh has been delayed. They have signed a contract with a co to do the road works but the bulldozer was late and then it broke down. That’s the former USSR for you…lol. His information is that it has now been completed and they are getting ready to proceed. They will drill with one rig firstly to test depth then order a second. He did say as this is a very mountainous country it can take time.

Oil and Gas -gravity survey re oil and gas prospects is proceeding. The tenements are split into two zones South and northeast. The South is completed except for the very furthest bit near China as Chinese are a little touchy. They will not worry about that small part till next year not because they don’t like it but no point until China is okay (and it is very small). They are now moving the equipment to the Northeast section to start work. The MD and exploration manager have flown out there and left Friday. Apparently the data looks very "interesting" (might be why they are flying out there)??

Anyway, looks like the next piece of news may well be a JV update!

Cheers

Spotty

 

[kpas]

Am I blind, or is there no top 20 shareholders listed on their website?

Does anyone have this information?