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NXS - Nexus Energy
- Thread starter Bonk
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sold just under half my holdings, so still have some there, in this environment i'd wished i'd taken some profits before the jan correction, now i'm just trying to take some now. i'm not the best at knowing when a pull back it about to occur, but i've still got some cash there and will be able to make money from nxs. can see this stock moving above 2.00 mark eventualy happy to take some profits considering it was only at 1.38 a few days ago, moves have been substantial, but yeah definately a lot of interest here.
yeah saw the afr article this morning, will be interesting come march. i'm thinking i'll try and hold some long term and trade some short term, got burnt holding even my good stocks in jan, will try to re coup some of my dosh this year. and hopefully gain some more trading experience and knowledge.
cheers buddy
G'day Col and fellow NXS faithful. Good article on NXS in f/review with comments from MD, Ian Tachos - in London and apparently talking to investors who previously did not show interest a year back. He sounds a bit of a gun in the industry in terms of creating things. Would obviously be there with the AZA merger happenings. Crux report due end of March. As Tachos points out, SP has held really well over past three months (particularly with recent market 'carnage'). Crux will be the real money spinner of all the assets, including Basker. Things are looking good. Of course recent happenings with market and AED recent spanking reminds one to never get too complacent. Nevertheless......lets keep riding the NXS train
Yes Tachos can sure talk the talk,
But he is also walking the walk at the moment, some really intense interest in NXS has been building for several days now. EZZA I would definitely be holding on to a fair size parcel atm. Traditionally, NXS has always found it hard to sustain continual support in the 1.70-1.80 range, but the fundamentals are now looking so solid that it would be surprising to a serious retrace at this stage. Interesting to see the Bell Potter evaluation, testing out 2.00 would be new territory for everyone, and it will be very interesting to see the way this plays out next week. Absolutely insane sp movement in AED recently, several burnt fingers 2day I feel.
jman
But he is also walking the walk at the moment, some really intense interest in NXS has been building for several days now. EZZA I would definitely be holding on to a fair size parcel atm. Traditionally, NXS has always found it hard to sustain continual support in the 1.70-1.80 range, but the fundamentals are now looking so solid that it would be surprising to a serious retrace at this stage. Interesting to see the Bell Potter evaluation, testing out 2.00 would be new territory for everyone, and it will be very interesting to see the way this plays out next week. Absolutely insane sp movement in AED recently, several burnt fingers 2day I feel.
jman
Well that 1.78 mark is proving rather elusive, still seeing some rather choppy trading especially with the fall on the Dow heavily influencing prices across the board.
The chart is very much open to interpretation imo, Col Lector and some of the other t/a's on board will probably be able to make much more sense of it than myself however.
Haven't had a chance to digest the latest news yet, getting CBA back on board again looks like a bit of a coup however.
jman
The chart is very much open to interpretation imo, Col Lector and some of the other t/a's on board will probably be able to make much more sense of it than myself however.
Haven't had a chance to digest the latest news yet, getting CBA back on board again looks like a bit of a coup however.
jman
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No news here for a while so thought I'd add something....
SP up strongly today (up 11c or around 7%) on no news. Doesn't usually happen with this stock. Has been kicking around the 140s for a little while now with no real signs of trying to break out to test the recent highs in the 170s.
Is there an ann coming or one due on the latest Crux well?? Or is there some further news on the merger perhaps? Time may tell.....
Still holding until we get the SP closer to the $2 mark before I'd take any profits on this one.
SP up strongly today (up 11c or around 7%) on no news. Doesn't usually happen with this stock. Has been kicking around the 140s for a little while now with no real signs of trying to break out to test the recent highs in the 170s.
Is there an ann coming or one due on the latest Crux well?? Or is there some further news on the merger perhaps? Time may tell.....
Still holding until we get the SP closer to the $2 mark before I'd take any profits on this one.
I thought the rise was a little unusual myself,
The chart has quite happily been riding along sub 1.50'ish for a while, I certainly wouldn't have said NXS has looked like a potential breakout candidate lately, and nothing released to cause any kind of price re-evaluation either. Interesting, but it may also be greater market buoyancy than what we've been used to seeing lately
jman
The chart has quite happily been riding along sub 1.50'ish for a while, I certainly wouldn't have said NXS has looked like a potential breakout candidate lately, and nothing released to cause any kind of price re-evaluation either. Interesting, but it may also be greater market buoyancy than what we've been used to seeing lately
jman
hope this merger gets sorted out over the nxt couple of weeks. would like to see how the market values the merged entity. i'd see quite good value here, based on record prices for oil, and anzon being a producer already.
when nexus comes into production i see high oil prices sticking around, maybe not the 120 a barrel, but well above 50 a barrel which some of the old broker estimates were based on.
i certainly hope gas is the next oil, as nexus have a fair bit of it, with increased reserve estimates that have been coming through.
"just hope this puppy makes me some dosh" Go nexus!
.
i c value in this company over the next few years if they pull of whats in the pipelines.
when nexus comes into production i see high oil prices sticking around, maybe not the 120 a barrel, but well above 50 a barrel which some of the old broker estimates were based on.
i certainly hope gas is the next oil, as nexus have a fair bit of it, with increased reserve estimates that have been coming through.
"just hope this puppy makes me some dosh" Go nexus!
.i c value in this company over the next few years if they pull of whats in the pipelines.
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Gee this thread can go quiet....
News today that NXS and AZA will not be proceeding with any merger. Seems like both companies are happy and the decision was mutual and will be free of charges as well.
Interesting reaction to the news too. NXS jumps up 10% and AZA falls by 20%.
Anyway, I'm happy about the news. It will leave NXS to pursue its Longtom and Crux agendas free of worrying about other things. Still a reasonable bet to move back towards its old highs with some positive news I would guess. Some brokers still appear positive on it as well.
News today that NXS and AZA will not be proceeding with any merger. Seems like both companies are happy and the decision was mutual and will be free of charges as well.
Interesting reaction to the news too. NXS jumps up 10% and AZA falls by 20%.
Anyway, I'm happy about the news. It will leave NXS to pursue its Longtom and Crux agendas free of worrying about other things. Still a reasonable bet to move back towards its old highs with some positive news I would guess. Some brokers still appear positive on it as well.
looks like its all sorted now. no deal.
nxs will concentrate on their own assets.
todays article on etrade, for those interested. fundamental value marked off at 2.55 to 3.20. lets see how the year will pan out.
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=DJ 2nd UPDATE: Nexus Energy Takeover Of Anzon Called Off05/05/2008 01:54PM AEST
(Adds comment from Anzon, analyst.)
By Matt Chambers
Of DOW JONES NEWSWIRES
MELBOURNE (Dow Jones)--Nexus Energy Ltd.'s (NXS.AU) A$648 million deal to buy Anzon Australia Ltd. (AZA.AU) has been scrapped after Nexus tried to slash its offer price following poorer-than-expected drilling results at the Basker field offshore Victoria state.
"The decision came as a result of the parties not being able to agree that revised merger terms were necessary in light of the impact of the Basker 6 and Basker 6 sidetrack drilling programs" at the Basker oil field, Nexus said in a statement to the Australian Securities Exchange Monday.
Nexus tried to cut its cash and share offer by between 30% and 35% on the view that the well results showed the Basker-Manta-Gummy field was up to 40% smaller than thought, Ivor Ries, an analyst at E.L. & C. Baillieu in Melbourne said Monday in a note to clients.
Anzon Managing Director Andrew Young declined to say what Nexus' position was but said the idea that the field's reserves would be cut by 40% was "preposterous". Nexus didn't immediately return calls.
Basker 6 was sidetracked after the original development and appraisal well couldn't produce, indicating the field was smaller than thought and leading Nexus to reconsider its bid. The sidetrack, closer to the known boundaries of the field, was successful, with testing showing production of 8,000 barrels a day and Anzon has declined to drop its price to the extent Nexus wanted.
"It's obviously a pity that Nexus withdrew but they were talking ridiculous numbers - the offer was completely unacceptable," Young told Dow Jones in an interview. "We've still got a very good field and will have good oil rates" from the new well, with the 8,000 barrels-a-day test rate, also announced Monday, four times what had been expected.
Both Anzon and Nexus had similar technical views on the field and Anzon "really don't know" why Nexus Managing Director Ian Tchacos pulled out of the deal, Young said. He declined to say how the company's oil resources will be affected and said that a revised reserve statement will be out in coming weeks.
Nexus' deal to buy Anzon for A$1.75 a share in cash and stock had trumped an earlier deal by ARC Energy Ltd. (ARQ.AU) to merge with Anzon. ARC is unlikely to reappear as a bidder, though, having recently agreed to be bought by Australian Worldwide Exploration Ltd. (AWE.AU), as Australia's mid-size oil companies look to consolidate amid rising oil prices and increases in project costs.
Anzon shares slumped on the news, and at 0350 GMT were down 28 cents, or 19%, at A$118.00. Nexus shares were up 15.5 cents, or 10%, at A$1.66.
"The Anzon merger process has proven to be a millstone around the Nexus share price due to the possibility that a large number of Anzon shareholders would have sold into the market post-merger," said E.L. & C Baillieu's Ries, who rates Nexus a Buy. "Now that the potential post-merger overhang has been removed, we see Nexus shares moving closer to fundamental value of between $2.55 and $3.20 per share."
Anzon's Young said the company has no plans to sell its 12% stake in Nexus.
"Right now, it's a good asset to have," Young said. Nexus also has a 19% stake in Anzon.
-By Matt Chambers, Dow Jones Newswires; 61-3-9671-4393; Matt.chambers@dowjones.com
(END) Dow Jones Newswires
May 04, 2008 23:54 ET (03:54 GMT)
Copyright (c) 2008 Dow Jones & Company, Inc.
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nxs will concentrate on their own assets.
todays article on etrade, for those interested. fundamental value marked off at 2.55 to 3.20. lets see how the year will pan out.
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=DJ 2nd UPDATE: Nexus Energy Takeover Of Anzon Called Off05/05/2008 01:54PM AEST
(Adds comment from Anzon, analyst.)
By Matt Chambers
Of DOW JONES NEWSWIRES
MELBOURNE (Dow Jones)--Nexus Energy Ltd.'s (NXS.AU) A$648 million deal to buy Anzon Australia Ltd. (AZA.AU) has been scrapped after Nexus tried to slash its offer price following poorer-than-expected drilling results at the Basker field offshore Victoria state.
"The decision came as a result of the parties not being able to agree that revised merger terms were necessary in light of the impact of the Basker 6 and Basker 6 sidetrack drilling programs" at the Basker oil field, Nexus said in a statement to the Australian Securities Exchange Monday.
Nexus tried to cut its cash and share offer by between 30% and 35% on the view that the well results showed the Basker-Manta-Gummy field was up to 40% smaller than thought, Ivor Ries, an analyst at E.L. & C. Baillieu in Melbourne said Monday in a note to clients.
Anzon Managing Director Andrew Young declined to say what Nexus' position was but said the idea that the field's reserves would be cut by 40% was "preposterous". Nexus didn't immediately return calls.
Basker 6 was sidetracked after the original development and appraisal well couldn't produce, indicating the field was smaller than thought and leading Nexus to reconsider its bid. The sidetrack, closer to the known boundaries of the field, was successful, with testing showing production of 8,000 barrels a day and Anzon has declined to drop its price to the extent Nexus wanted.
"It's obviously a pity that Nexus withdrew but they were talking ridiculous numbers - the offer was completely unacceptable," Young told Dow Jones in an interview. "We've still got a very good field and will have good oil rates" from the new well, with the 8,000 barrels-a-day test rate, also announced Monday, four times what had been expected.
Both Anzon and Nexus had similar technical views on the field and Anzon "really don't know" why Nexus Managing Director Ian Tchacos pulled out of the deal, Young said. He declined to say how the company's oil resources will be affected and said that a revised reserve statement will be out in coming weeks.
Nexus' deal to buy Anzon for A$1.75 a share in cash and stock had trumped an earlier deal by ARC Energy Ltd. (ARQ.AU) to merge with Anzon. ARC is unlikely to reappear as a bidder, though, having recently agreed to be bought by Australian Worldwide Exploration Ltd. (AWE.AU), as Australia's mid-size oil companies look to consolidate amid rising oil prices and increases in project costs.
Anzon shares slumped on the news, and at 0350 GMT were down 28 cents, or 19%, at A$118.00. Nexus shares were up 15.5 cents, or 10%, at A$1.66.
"The Anzon merger process has proven to be a millstone around the Nexus share price due to the possibility that a large number of Anzon shareholders would have sold into the market post-merger," said E.L. & C Baillieu's Ries, who rates Nexus a Buy. "Now that the potential post-merger overhang has been removed, we see Nexus shares moving closer to fundamental value of between $2.55 and $3.20 per share."
Anzon's Young said the company has no plans to sell its 12% stake in Nexus.
"Right now, it's a good asset to have," Young said. Nexus also has a 19% stake in Anzon.
-By Matt Chambers, Dow Jones Newswires; 61-3-9671-4393; Matt.chambers@dowjones.com
(END) Dow Jones Newswires
May 04, 2008 23:54 ET (03:54 GMT)
Copyright (c) 2008 Dow Jones & Company, Inc.
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Cheers for the article EZZA,
I began to feel things were dragging along quite long enough to be honest, and I am glad that some certainty and decision-making has been brought back into the picture.
Who can say whether or not the revised reserve figures that Tchacos came up with are in the ballpark.... they obviously incensed AZA But Tcahcos strikes me as a guy who has his head screwed on, and has built a fairly impressive track record recently in terms of closing deals etc. He would have access to all kinds of technical data on Basker, so we as shareholders can only speculate.
So he gets the benefit of the doubt from me for the time being
jman
I began to feel things were dragging along quite long enough to be honest, and I am glad that some certainty and decision-making has been brought back into the picture.
Who can say whether or not the revised reserve figures that Tchacos came up with are in the ballpark.... they obviously incensed AZA
But Tcahcos strikes me as a guy who has his head screwed on, and has built a fairly impressive track record recently in terms of closing deals etc. He would have access to all kinds of technical data on Basker, so we as shareholders can only speculate.So he gets the benefit of the doubt from me for the time being
jman
SYDNEY, May 28 - Nexus Energy Limited ("Nexus") today announced the launch of an institutional placement of 83.4 million shares to raise approximately $140 million.
The institutional placement will be conducted by way of a bookbuild to institutional and other non-retail investors, both domestically and offshore.
Nexus also intends to offer eligible Australian or New Zealand registered shareholders the opportunity to subscribe for up to $5,000 worth of shares through a share purchase plan ("SPP"). Further details of the SPP will be mailed to shareholders following completion of the institutional placement. The record date for determining eligibility to participate in the SPP will be Thursday 5 June 2008.
Proceeds from the capital raising will principally be used to fund the continued development of Nexus' key projects and working capital, including:
* The remaining equity requirement for Longtom to enable drawdown of project finance and delivery of first gas sales in April 2009
*The acceleration of long lead time items and further progress towards project sanction and completion of FID process at Crux by late 2008
* Other exploration and appraisal initiatives including Libra, Garfish near field exploration and Sidestep exploration, and the acceleration of Echuca Shoals and greater Crux appraisals.
What effect will this have on the share price in the short and long term?
The institutional placement will be conducted by way of a bookbuild to institutional and other non-retail investors, both domestically and offshore.
Nexus also intends to offer eligible Australian or New Zealand registered shareholders the opportunity to subscribe for up to $5,000 worth of shares through a share purchase plan ("SPP"). Further details of the SPP will be mailed to shareholders following completion of the institutional placement. The record date for determining eligibility to participate in the SPP will be Thursday 5 June 2008.
Proceeds from the capital raising will principally be used to fund the continued development of Nexus' key projects and working capital, including:
* The remaining equity requirement for Longtom to enable drawdown of project finance and delivery of first gas sales in April 2009
*The acceleration of long lead time items and further progress towards project sanction and completion of FID process at Crux by late 2008
* Other exploration and appraisal initiatives including Libra, Garfish near field exploration and Sidestep exploration, and the acceleration of Echuca Shoals and greater Crux appraisals.
What effect will this have on the share price in the short and long term?
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ahoward do you think anyone knows the answer to that?
obviously it is going to dilute things slightly in the short term but personally i would prefer they raised funds this way, than give away large % shares in their crux or longtom project to a bigger company for cash...
this way they get to preserve the long term value of some of their projects for a bit of short term pain...
obviously it is going to dilute things slightly in the short term but personally i would prefer they raised funds this way, than give away large % shares in their crux or longtom project to a bigger company for cash...
this way they get to preserve the long term value of some of their projects for a bit of short term pain...
Pretty frustrating being a NXS holder atm...
I'm not exactly sure where all the selling pressure is coming from recently, don't think I've seen any change in substansial holding notices from the insto's come out recently. Has NXS suddenly become a riskier O&G play in recent times for some reason, unbeknown to me?
It looks fairly certain the NXS will reduce their interest in Crux by another 10%, perhaps the thinking behind this is that by having a few other heavy weights on the books, it may provide easier access for debt finance the project during the development phase.
Certainly surprised to see support at 1.50'ish so comprehensively broken, particularly glad I didn't participate in the SPP tbh:
jman
I'm not exactly sure where all the selling pressure is coming from recently, don't think I've seen any change in substansial holding notices from the insto's come out recently. Has NXS suddenly become a riskier O&G play in recent times for some reason, unbeknown to me?
It looks fairly certain the NXS will reduce their interest in Crux by another 10%, perhaps the thinking behind this is that by having a few other heavy weights on the books, it may provide easier access for debt finance the project during the development phase.
Certainly surprised to see support at 1.50'ish so comprehensively broken, particularly glad I didn't participate in the SPP tbh
:jman
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NXS has been seriously bleeding of late. Hard to see that a stock which was touted as a new producing darling has now been dumped at the altar. I'm sure I saw broker house reports looking at 18mth targets around the $4 mark (and that was when the SP was hovering in the 170s, not at the current 110s). Amaazing to see such a fall when all recent reports of drilling at Longtom are good and pipeline construction being planned to link wtih the Santos facility on shore.
A quality little company, hopefully biding its time to join the ranks of producers.
Disclaimer : Have held, don't hold now (baled at high 170s). Very much looking to re-enter soon though.
A quality little company, hopefully biding its time to join the ranks of producers.
Disclaimer : Have held, don't hold now (baled at high 170s). Very much looking to re-enter soon though.
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I have been watching this one over the last few months also. Do you have a set re-entry price?
Gav
