Australian (ASX) Stock Market Forum

MOG - Moby Oil and Gas

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MOG was up almost 25% over Monday and Tuesday this week, and then drops 10% on open today.

Any ideas?
 
They have a 1 for 1 Cap raising coming up next week at .18c, unless news of the MEO farm in comes out they will probably fall back, either way the news should be good for MOG with their contract for Rankin Trend being sweetened last week.

RELEASE

TIMING AND QUANTUM OF RANKIN TREND SHARE CONSIDERATION

(15% INTEREST IN PERMIT WA-360-P)

Members of Moby Oil & Gas Limited (ASX Code: MOG) will be aware that, as part of a series of transactions proposed to be put to members for approval at a meeting of members convened to be held on 23 November 2009 (which meeting will likely be adjourned, as referred to in Moby’s release of 2 November 2009), Moby intends to acquire all of the shares in Rankin Trend Pty Ltd in consideration for the issue of up to 120,000,000 fully paid shares in Moby. Rankin Trend Pty Ltd holds a 15% interest in WA-360-P which contains the Artemis prospect. A 70% interest in WA-360-P is held by MEO Australia Ltd’s subsidiary, North West Shelf Exploration Pty Ltd. MEO has made various releases in relation to the Artemis prospect which can be accessed on MEO’s website.
MEO is currently in discussions with possible farminees, as announced by MEO to ASX.
Moby is pleased to advise that the terms upon which any share consideration shall be issued to Gascorp Australia Pty Ltd (Gascorp), as the seller of Rankin Trend Pty Ltd (Rankin Trend), have been varied for the benefit of Moby, by Gascorp executing a Deed Poll in favour of Moby.
The effect of the Deed Poll in relation to the proposed total consideration of 120 million shares to be issued to Gascorp by Moby is this:

1. the transaction remains subject to shareholder approval and to the approval of the other linked resolutions (Required Approvals).

2. the consideration to be issued by Moby for the acquisition of all of the shares of Rankin Trend, following such Required Approvals being obtained, will be either
the issue of:

(a) 120 million shares to Gascorp, provided there is an election by 1 January 2009 by MEO Australia Ltd’s subsidiary, North West Shelf Exploration Pty Ltd (“Northwest”), to fund the 100% cost of drilling a well in WA-360-P, or

(b) 60 million shares to Gascorp if Northwest fails to elect to fund the 100% cost of drilling a well in WA-360-P, as referred to in 2(a) above.

3. If Northwest does not make the election referred to in 2(a), Rankin Trend will be entitled to acquire a further 35% interest in WA-360-P, which will increase Rankin Trends interest to a 50% interest in the Permit.

4. Should Northwest not make the election referred to in 2(a), then Rankin Trend will become a wholly-owned subsidiary of Moby following the issue by Moby of 60,000,000 shares.

By Order of the Board
Click to expand...
 
Hmmm, the way its gone backwards this morning (16% so far) suggests there might be some bad news, no?

I notice MEO is off about 5% too - related?
 
I don't hold any of these but I don't think it is bad news ahead, just the Cap raising affecting the SP, I think the Rankin Trend announcement was a sweetener for the Cap raising, I would be surprised if all involved didn't already know the outcome or have an advanced idea of the MEO farm in result so for Gascorp to be so generous with their terms of sale, especially if they are going to have Share dillution before the deal goes through (not sure if this is factored in), seems a bit suss, either way the Farm in announcement plays out now it looks like a win win situation for MOG. My thinking is biased towards MEO so DYOR.
 
skyQuake said:
Ex-entitlement today. Its actually up on the day to the tune of 9.3% (23.5c)
Those with the rights should be happy
Click to expand...

Sorry, I'm a bit of a noob on this stuff. :eek: Can you explain what this means?

I know they've announced a rights issue at $0.18, but the record date is not until next Tuesday, right?
 
Pivotonian said:
Sorry, I'm a bit of a noob on this stuff. :eek: Can you explain what this means?

I know they've announced a rights issue at $0.18, but the record date is not until next Tuesday, right?
Click to expand...

Yes, however the ex-date is today. Your must have shares by the record date to participate in the Entitlement, but due to settlement taking a few days, you gotta own the shares BEFORE the ex-date, so that your trade will settle by record date.

Today the shares are trading without the right to participate in the entitlement issue thus it has fallen by an amount equal to the worth of this 'right'.
 
skyQuake said:
Yes, however the ex-date is today. Your must have shares by the record date to participate in the Entitlement, but due to settlement taking a few days, you gotta own the shares BEFORE the ex-date, so that your trade will settle by record date.

Today the shares are trading without the right to participate in the entitlement issue thus it has fallen by an amount equal to the worth of this 'right'.
Click to expand...

Ah, I see. I thought settlement was generally T+3, whereas here they're allowing five days? Anyway.

So if its a 1 for 1 issue, then buying yesterday at $0.25 with an entitlement to the same amount at $0.18, gives an average entry price of $0.215. So if they're trading at $0.22, they're up about 2.3% today on an equivalent basis.
 
Well with MEO in a trading halt, the movement in this stock this morning suggests that the market is expecting a very positive announcement regarding the farm in.

Go MOG!
 
With the gains in the last few days its surprising to see nothing new here, MOG are riding the coat tails of MEO once again, will be interesting if MEO reveal the farminee if these will run further after regaining some ground back from around the time they had the last cap raising and the drop off in the SP during Febuary, I am holding so my opinions maybe a little biased.
 
Its all about MEO, imo.

I'm holding too, but thinking about putting in a very tight stop loss now to capture the recent uptick if the MEO news doesn't turn out as good as hoped.
 
What has happened to MOG? From running at about 20c until Dec 10th, their price is now about a quarter of that.

The announcement of December 13th seems to have had a drastic effect. Was it all that bad?

Fortunately I sold out at 20c, not that I could see it coming, but now I'm wondering if it's a good opportunity to get back in at a bargain price.

Any comments/insights?
 
I personally thought it was a bit drastic why it dropped so fast. I bought in at 7c after seeing the potential at 20 c...
 
YOUNG_TRADER said:
Hey JTLP,

Sorry for the delay, research coming soon I promise but for now

MOG is not a 1 shot wonder it has farmed out 2 permits, 1 to Apache 1 to Stuart Petroluem and should be free carried for the drilling of 4 very high impact ( $1-$3 value to MOG) wells,

It also has a host of other permits in the Gippsland basin where it has done extensive siesmic and reprocessing/interpreation work and is looking for further farmout opportunities,

The depth of its permits and technical data that MOG posses over them easily justifies a mkt cap of $20m = 25c


Sell all the images I have posted it clear shows how prolific the areas around MOG's permits are

Also of note is the fact that a single dicovery like the kind Nexus made, transforms these juniour oilers into what NXS is today a $500m oil MidCap
Click to expand...

Hello Young Trader,

This may sound strange but recently I saw meo and mog dropped 60%. I jumped into mog as soon as the hit around 6 cents. Now they are creeping. Where are they creeping to? Do you still hold? I see you see the average 25c - does that still apply?

regards Michael
 
I too am wondering about this one. Surprising that there was a 60% drop in price over the 13/12/2010 accouncement, still not sure why is was so huge.

Was thinking about getting in now, but what are its prospects after that last well? Not sure if it's gonna work itself all the way back up, and if so when and how long it'd take. :confused:.
 
Dinipants said:
I too am wondering about this one. Surprising that there was a 60% drop in price over the 13/12/2010 accouncement, still not sure why is was so huge.

Was thinking about getting in now, but what are its prospects after that last well? Not sure if it's gonna work itself all the way back up, and if so when and how long it'd take. :confused:.
Click to expand...

Good question. I'm holding mog for 2 years max. Am very WU NAI about watching it sit there and do nothing but will cop that on the chin to it back up at 15-20 cents again
 
On October 9th, 2013, Moby Oil and Gas Limited (MOG) was removed from the ASX's official list following confirmation of the implementation of schemes of arrangement between the Company and Enegex NL.
 

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