PES - Pure Energy Resources

[Col Lector]

Hey Dukey....thought the same thing but have a read of the first page (or so) of the prospectus....this is for an issue of 10K shares at 0.68. As I read it relates to the previous placement & is a way for them to avoid getting shareholder approval...Dont stress! (Though not certain they havent changed SPP details (at 0.69) originally announced...call might be needed to be certain)

 

[Dukey]

Hey Dukey....thought the same thing but have a read of the first page (or so) of the prospectus....this is for an issue of 10K shares at 0.68. As I read it relates to the previous placement & is a way for them to avoid getting shareholder approval...Dont stress! (Though not certain they havent changed SPP details (at 0.69) originally announced...call might be needed to be certain)

Do you mean its a bogus SPP for shareholders? ie just done to avoid a EGM meeting?
just e-mailed the company to clarify the dates - will call them if no reply.

 

[Col Lector]

Dukey...I think the highlighted section below shows this doesnt relate to the promised SPP at 0.69, but rather to the recent placement @0.68. Designed to allow those shares to be freed up for sale I think...


SHORT FORM PROSPECTUS
For an offer of 10,000 Shares at an issue price of 68 cents each to raise up to $6,800.
This Prospectus has been prepared for the purpose of Section 708A(11) of the
Corporations Act to remove any restrictions on the sale of securities recently issued by
the Company.Important Notice
This Prospectus is a short form prospectus issued in accordance with Section 712 of the
Corporations Act. This Prospectus does not of itself contain all the information that is
generally required to be set out in a document of this type but refers to other documents
the information of which is deemed to be incorporated in this Prospectus.

 

[Dukey]

Dukey...I think the highlighted section below shows this doesnt relate to the promised SPP at 0.69, but rather to the recent placement @0.68. Designed to allow those shares to be freed up for sale I think...


SHORT FORM PROSPECTUS
For an offer of 10,000 Shares at an issue price of 68 cents each to raise up to $6,800.
This Prospectus has been prepared for the purpose of Section 708A(11) of the
Corporations Act to remove any restrictions on the sale of securities recently issued by
the Company.Important Notice
This Prospectus is a short form prospectus issued in accordance with Section 712 of the
Corporations Act. This Prospectus does not of itself contain all the information that is
generally required to be set out in a document of this type but refers to other documents
the information of which is deemed to be incorporated in this Prospectus.

Maybe so - i hope you are right Col. Seems like a strange and confusing way to do things to me... the form on the bottom of the prospectus doesn't indicate who its for - though it does say 68c.
On p7 they say the current prospectus is for UP TO 10000 shares @ 68c. This doesn't sound like the recent institutional placement to me. Sounds like a shareholder spp.

we'll see i guess - but I'd hate to miss out on ... what 30odd%! free gain!!

 

[Dukey]

OK - so ... clarification direct from PES office. - nice quick reply too.
You were right Col. - SPP is later on. They gave me indicative dates for the SPP as set out below.

Dear Earl

The short form prospectus lodged by the Company on the 22 June 2007 is
pertaining to the equity capital raising ( share placement) recently
announced by Pure. It does not concern the SPP also announced by the
Company. It is a compliant document which involves an arbitrary amount of
shares to be specified i.e. up to 10,000 shares at 68 cents pursuant to the
short form prospectus.

The prospectus has been prepared in accordance with section 712 of the
Corp[orations Act, and was prepared for the purposes of section 708A(11) of
the Act to remove any restrictions on the sale of shares issued per the
placement above.

The SPP timetable is in accordance with the announcement dated 14 June 2007,
as follows:

INDICITIVE DATES

Record Date of participants in the SPP
28 June 2007

SPP Materials dispatched to shareholders

(on or before)
5 July 2007

Closing time and date for acceptances together with payment in full
26 July 2007

Allotment and dispatch of holder statements
2 August 2007

 

[TheAbyss]

Anyone holders left here? I am considering having a run for 12 months with these guys and see how they play out. Fundementals look ok, their holding in the walloon fairway is pretty interesting given evyone else in there has found significant CSG.

Looking oversold at the moment also based on the bollingers so it looks viable in the short and longer term.

 

[grace]

Like Abyss, I have started looking at this company. Would also be interested in hearing from current/past holders about opinions on their exploration holdings, quality of management etc. Any information would be appreciated.

 

[grace]

There seems to be a bit of "movement at the station" on this one at the moment.
Matthews Capital Partners just increasing their stake from 7.76% to 14.72%. (also increased their stake in Arrow to 10.41%)
Arrow Energy owning 12.75%

MC = $41 million

I rang the Company secretary and discussed recent gas content on drills. Don't really quite understand it all, but I'm trying to learn. Seems as though it has heaps of potential IMO. I mentioned that Richard Cottee expects "some consolidation in the industry" (QGC MD), and he said I think there will be some consolidation.....did you notice Arrow Energy on our register he replied........mmm, well, takeover potential......and Matthews has just taken a blocking stake.....mmm, interesting. All looked too good to me and I took a position in this......

Would appreciate other's opinion on gas content of recent drill (gas flow free on recent drill).

 

[Dukey]

There seems to be a bit of "movement at the station" on this one at the moment.
Matthews Capital Partners just increasing their stake from 7.76% to 14.72%. (also increased their stake in Arrow to 10.41%)
Arrow Energy owning 12.75%

MC = $41 million

I rang the Company secretary and discussed recent gas content on drills. Don't really quite understand it all, but I'm trying to learn. Seems as though it has heaps of potential IMO. I mentioned that Richard Cottee expects "some consolidation in the industry" (QGC MD), and he said I think there will be some consolidation.....did you notice Arrow Energy on our register he replied........mmm, well, takeover potential......and Matthews has just taken a blocking stake.....mmm, interesting. All looked too good to me and I took a position in this......

Would appreciate other's opinion on gas content of recent drill (gas flow free on recent drill).

Hi Grace - I've been in this one for a while now - almost a year!! - has been up and down with the market but (without recalling the figures) now that they are drilling into their 'walloon fairway' tenement in SW Qld - the same CSG play that has put QGC where it is today (!!) - I expect them to power on.

My (over?)simplified thinking is that the area they are now drilling is almost a no brainer (ie money in the bank). And the first hole confirms it - hence people jumping on board.
My only concern is that they have taken a long time to get the rigs in there!! Too long. ... but they will make $$ from this area for sure.

I don't know that much about their other tenements in Qld. There might be higher risk in those.

As for Tassie - where they drilled first last year - they have been very quiet about it so I presume its not encouraging (ie poor gas test results...??) but maybe there's another reason. should e-mail them about that...

Consolidation ?? a distinct possibility esp with AOE a large holder (& partner) ... When???... No Idea.

Nice to see some upward movement finally
- the CSG companies have given me something to smile about for my portfolio this week!!

-Best of luck - Duke...E !

 

[Dukey]

PES going nicely recently : up around 60-70% since drilling started in their Walloon Fairway tenements.

30-35 m of promising permeable coals in recent drilling.

-- all the other action in CSG & energy stocks not hurting either!!

Gooo Gaaasssss Gooooo!!!!!

(holding)

 

[grace]

This little company is going to have one heck of an initial reserves resource later this year, and I'm looking forward to it.

Their announcement today is well worth your time.

Intersecting 30 metres coal in the Walloon Coal Fields at 7.5m3/tonne (QGC ranges from 3 - 9m3/tonne so they are right on the money and up to about 30m thick).

They have one more drill to go to prove up their Walloon field of 700 square kms of csg.

Very large acreage - one of the biggest in QLD!

MC = $60 mill (need to check for oppie dilution)

Arrow Energy hold a blocking stake.....

http://imagesignal.comsec.com.au/asxdata/20080514/pdf/00842053.pdf

 

[TheAbyss]

Just loving the entire CSG sector at the moment.

Grace, thanks for shining a light on PES back in February via the QGC thread. I was tossing up what else in the sector looked good and you pointed out the amount of land holding PES had and its location. Thank you.

That is one very large potential resource that PES have their hands on. Can only hope that they prove up a lot of it before they receive a buy out offer which is a matter of time given the consolidation that is happening and will continue to for some time yet.

 

[grace]

Just loving the entire CSG sector at the moment.

Grace, thanks for shining a light on PES back in February via the QGC thread. I was tossing up what else in the sector looked good and you pointed out the amount of land holding PES had and its location. Thank you.

That is one very large potential resource that PES have their hands on. Can only hope that they prove up a lot of it before they receive a buy out offer which is a matter of time given the consolidation that is happening and will continue to for some time yet.

Yes, I am enjoying the ride too.

I see you are up there in this months competition too. Good luck with that.

PES looks about where QGC were at about 5 or so years ago. Hope the share price follows them too!

 

[TheAbyss]

Looking at the size of the PES acreage and the preliminary data on the resource these guys will potentially be valued at around 65-70 % of QGC using the potential resource as the yardstick criteria. This will require other items to come into line such as management decisions, exposure, staffing etc and require that little bit of luck to go their way.

PES are a way behind QGC in proving the resource etc however are riding the wave of CSG sentiment so the hard yards have been done for them and the sector now has credibility. This will smooth the pathway for evolution to producer from explorer.

Looking good and there are a few other lesser known CSG'ers still to run as hard however it is happening.

 

[grace]

Looking good and there are a few other lesser known CSG'ers still to run as hard however it is happening.

I am thinking of picking up some PES oppies on any pullback.

Care to mention the lesser known?....I have been studying a few others in QLD. I live in southern Qld and there are a few drillers operating around where I live.

 

[TheAbyss]

Grace, Probably not the thread for a run down on my CSG thoughts so i will PM you.

Next time you are in Brisbane let me know and i will buy you lunch for the PES info.

 

[grace]

Looking at the size of the PES acreage and the preliminary data on the resource these guys will potentially be valued at around 65-70 % of QGC using the potential resource as the yardstick criteria. This will require other items to come into line such as management decisions, exposure, staffing etc and require that little bit of luck to go their way.

PES are a way behind QGC in proving the resource etc however are riding the wave of CSG sentiment so the hard yards have been done for them and the sector now has credibility. This will smooth the pathway for evolution to producer from explorer.

Like you, I see more upside for this one than the big guys (eg QGC) as a lot of the hard work has been done and infrastructure either there or about to be, but I think Arrow will take it over eventually. Perhaps Arrow will be taken out too though.

As for management, they have the ex-Arrow man who was in Arrow for a very long time (from the beginnings I thought). I will do some more research on this though...

Here is a chart, looking strong and with a fund buying more (Matthews...also in Arrow!).

Waiting for a pullback still to add to my holdings....

 

[grace]

I was unaware of the link between Arrow and Pure. Arrow shareholders received priority entitlement when pure floated with Dr Robert Day coming over from Arrow to take the reins as non-executive chairman. Arrow then got to farm in to certain acreage.

Robert Day was with Arrow for a long time, but here is his resume...

Dr Robert William Day
BSc (Hons), PhD, Grad.Dip.Bus.Admin, MAusIMM
Non Executive Chairman
Dr Robert Day was recently appointed a Director of Pure and was a Director of Arrow Energy NL (Arrow) since 1998 shortly after the Company was formed until 15 August 2006.

Dr Day contributed significantly to Arrow’s successful transition from explorer to Coal Seam Gas producer.

He was the Director General of the Queensland Department of Mines and Energy and Chairman of the Queensland Coal Board from 1996 to 1998. Prior to those appointments, Dr Day was the Director of the Geological Survey of Queensland. He is the senior author of “Queensland Geology” the standard text on Queensland’s Geology, Mineral and Petroleum Resources and has extensive experience in the assessment of the oil and gas prospectivity of Australia sedimentary basis.

Early in his career, he gained valuable experience as a petroleum geologist with Esso Australia. As Director-General he oversaw the substantial restructuring of Queensland’s electrical industry and ensured the regulatory reform that greatly enhanced the future for gas in Queensland’s energy market Dr Day is experienced in technical work, project generation and general corporate developments and is the former president of the Australian Geoscience Council.

Dr Day was appointed a director on 2 June 2006.

 

[Jimminy]

but I think Arrow will take it over eventually. Perhaps Arrow will be taken out too though.

New Hope Coal as a major shareholder in Arrow will be potential spanner in the works for any t/o of Arrow. They have a beneficial interest in AOE to progress NHC exploration acreage near AOE acreage.

 

[grace]

The chart is still looking strong, and thanks to this one, LNC and a few other coal seam gasers, the portfolio is quite healthy for once.

Any thoughts on who might be buying in? or more for Matthews? or general buying?