Pivotonian
really really good looking
- Joined
- 5 November 2009
- Posts
- 126
- Reactions
- 0
MOG was up almost 25% over Monday and Tuesday this week, and then drops 10% on open today.
Any ideas?
Any ideas?
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
MOG was up almost 25% over Monday and Tuesday this week, and then drops 10% on open today.
Any ideas?
Ex-entitlement today. Its actually up on the day to the tune of 9.3% (23.5c)
Those with the rights should be happy
Sorry, I'm a bit of a noob on this stuff.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?
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'.
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
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..
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?