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Broker RFC Ambrian said Azonto Petroleum (ASX:APY, LON:AZO)

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Broker RFC Ambrian said Azonto Petroleum (ASX:APY, LON:AZO)

Post Wed Jul 01, 2015 11:03 am

Azonto Petroleum We look forward to benefitting from his experience as we move forward
Azonto's operations offshore West Africa.zoomAzonto’s operations offshore West Africa.
Azonto Petroleum, a London-based oil and gas company focused on West Africa, has appointed Glenn Whiddon, who stepped down from the board in 2012, as Non-Executive Director.
The company says that Whiddon, formerly a Non-Executive Director and Executive Chairman of the company, stepped down from the Board in March 2012 to pursue other interests. He is based in Australia, where the company has a corporate office in Perth.
Chairman of the Board, Andrew Sinclair said: “We are pleased to welcome back Glenn onto the Board. He is a significant shareholder of the Company and already has a good understanding of the Company from his previous involvement. We look forward to benefitting from his experience as we move forward.”
According to Azonto’s press release, Whiddon was formerly Executive Chairman, Chief Executive Officer and President of Grove Energy Limited, a European and Mediterranean oil and gas company that was acquired by Stratic Energy Limited for C$150 million ($120.8 million).
Broker RFC Ambrian said Azonto Petroleum (ASX:APY, LON:AZO) (AZO)
Broker RFC Ambrian said it remains confident Azonto will proceed to Gazelle project sanction in 2015, given that Vioco has been consistently reassured of the political importance ascribed to the project by the authorities in Côte d’Ivoire.
“We believe that the main near-term stock catalyst will be news on the development of the Gazelle gas/condensate field ,” the broker said, as it reiterated its ‘speculative buy’ rating on the stock.
SP Angel
We believe that his appointment is a positive first step in the Company’s rehabilitation, and in the process of unlocking the value inherent within its asset base.
While Whiddon’s appointment is in a non-exec capacity, we believe that the more time that the Company can call upon, the better its outlook will be, and if Andrew Sinclair can be convinced to swap his non-executive role for an executive one, and Andy Bartlett can be convinced to stay, then Azonto’s future would start to look very bright indeed.
The appointment of Glenn Whiddon is a significant step as it places more control in the hands of the shareholders and of a group that has a demonstrated track record in generating value.
What would really transform the Company would be the management “Trinity” of Messers Bartlett, Sinclair and Whiddon, but in the absence of Bartlett the dynamic duo of Sinclair and Whiddon is a pretty close second. As such, we believe that positive things should now start to happen, and while there is a long way to go before value can be restored, this is a timely first step.
CEO.
“As we indicate in our corporate presentation and as also highlighted in external research available on our website, the value of Azonto’s interest in Gazelle is significantly in excess of our current market capitalization.,the economics remain fully robust even though the price of oil has fallen significantly in recent months.
We look forward therefore to working with Vioco towards project sanction and unlocking full value for shareholders.”
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Re: Broker RFC Ambrian said Azonto Petroleum (ASX:APY, LON:A

Post Wed Jul 01, 2015 11:03 am

Sirius Minerals (LON:SXX) 23.5p, Mkt Cap £503.2m – Planning Approval for the York Potash Project

• Sirius Minerals has received approval from the North York Moors National Park Authority for the development of the York Potash Project.

• The approval of such a major underground mining project within a National Park may come to be seen as a landmark decision by both pro and anti-mining groups and is a credit to Sirius Minerals which has worked patiently and in great detail to address the real issues and mitigate the concerns of local communities, local governments, and local and national special interest groups.

• The company will now need to proceed with a complex financing and mine development project involving a mine-shaft to a depth of 1500 metres and an underground conveyor tunnel to the coast at Teesside.

• This decision comes as an Australian company, Wolf Minerals, is in the process of commissioning a new tungsten mine at Hemerdon in Devon on time and within budget. With its own Australian connections, we hope that drawing on international project development expertise will produce a similar beneficial outcome for the York Potash Project.

Conclusion: Sirius Minerals has achieved a major milestone and the receipt of Planning Approval initiates a £1.7bn development project for a major, long life mine.
timing40
 
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Re: Broker RFC Ambrian said Azonto Petroleum (ASX:APY, LON:A

Post Wed Jul 01, 2015 11:07 am

EMED Mining (LON:EMED) 4.375 pence, Mkt Cap £153m – Quarterly Statement
• There was little new news in this update with the quarterly focussed on achievements to date to re-start the project.
• The Rio Tinto project is now fully funded and permitted not only for the 5 mtpa initial production but to an expanded production of 7.5 mtpa.
• For the quarter the company reported a loss of €10.6m with cash and cash equivalents of €4.3m.
• Post period the company completed a capital raise of £64.9m at 4.75 pence – £54.7m through a subscription with investors, £6.8m through a placing and £3.4m through an open offer.
• Funding will be used to finish the Phase 1 development to 5 mtpa and for expansion to 7.5 mtpa as well as working capital and a contingency budget.
• US$38m will be used to complete Phase 1 with US$58m earmarked for Phase 1 expansion.
• The US$11m Environmental Bonding has been replaced with an insurance bond with no cash backing and no longer needs to be funded.
• The project has achieved US$62m of cost reductions with US$24m saved through revised exchange rates from €/$ of 1.25 in the technical report rebased to 1.10.
• Post the placing Trafigura will own 22.01% of shares, XGC 21.93%, Orion 14.56% and Liberty 13.98%.
Conclusion: The company is now all set to continue work towards first phase delivery of 5 mtpa around 22 kt in Q1 2016 of payable copper concentrate rising to around 28 kt of payable copper concentrate with an all in cash cost of $1.73/lb or US$3,812/t. This should enable the company to generate cash flows at the current copper price of US$5,764/t. With the deal now equity funded, there is currently no legal obligation to pay the deferred consideration of €53m due to MRI as previously expected. A lower €/$ exchange rate has also been helpful to capex and opex. The requirement for environmental bonding is now replaced with an insurance bond which does not require cash backing.
A number of steps have been taken to improve the cash flows of this project which should be helpful to the base case against a lower copper price environment with upside to come from the potential to expand reserves and/or higher copper prices.

IronRidge Resources (LON:IRR) 4.125 pence, Mkt Cap £9.8m – Appointment of Country Manager for Gabon
• Len Kolff joins IronRidge to work as a Country Manager for Gabon.
• Len previously worked as Technical Director at the Mofe Creek Iron Ore project in Liberia owned by Tawana Resources.
• Prior to that Len worked at Rio Tinto where he worked on the Simandou iron ore project and the NorthParkes copper/gold mine.
• He brings experience of running mining projects from design of drilling and feasibility studies to mine planning and development functions.
• He holds a BSC from the Royal School of Mines and a Masters of Economic Geology from CODES.
• Barry Stoffell and Amanda Geard who were key in establishing the iron ore projects in Gabon, are to leave the company.
• Barry and Amanda were also responsible for the initial exploration initiatives which will be taken forward by a team from SRK.
Conclusion: Len Kolff takes over country responsibility with a formal work programme to be run by SRK in place. An exploration budget of US$12.8m has been set to conduct exploration at both the Tchibanga and Belinga projects with a 10,000m drilling programme planned at Tchibanga. The exploration programmes are based on geophysics, mapping and sampling to date. Geophysics data is mainly from previous airborne surveys over the licences by BHP Billiton
We look forward to news flow from these projects as the work programme is implemented.
*SP Angel act as Nomad and Broker to the IronRidge Resources and a SP Angel Analyst has visited the Tchibanga Project.

Kefi Minerals* (LON:KEFI) 0.85p, Mkt Cap £14.8m – Q2 Update highlights Tulu Kapi development to produce gold by 2017
• Kefi has issued an update on its operational activities in the months to 30th June.
• At the flagship, Tulu Kapi gold project in Ethiopia, the Government has signed a Mining Agreement for a 20 year licence and has delivered an updated ore reserve estimate of 15.4m tonnes at 2.12 g/t gold (1.05m oz of contained gold).
• The Definitive Feasibility Study for Tulu Kapi indicates 960,000 oz of gold over 13 years at an all in sustaining cost of $780/oz.
• The company is in discussions with contractors and financiers to “optimise development funding on schedule in Q3 2015.”
• At the Jibal Qutman project in Saudi Arabia, the company has delivered an updated resource estimate of 28.4m tonnes at an average grade of 0.8 g/t gold ((733,000 oz).
• Preliminary economic assessment suggests that a heap leach operation ant Jibal Qutman could produce around 139,000 oz of gold over an initial 4.5 year life at a cash cost in the region of $600/oz.
• Elsewhere in Saudi Arabia, the recently acquired Hawiah licence, which Kefi Minerals secured in December 2014, has been shown to contain a six-kilometre long mineralised gossan.
• Surface sampling and geophysical surveying at Hawiah has highlighted a large drilling target over 2 km of lateral extent and up to 300 metres vertically which is thought to overlie volcanic hosted massive sulphide mineralisation. Kefi Minerals plans to start drilling during the second half of the year.
Conclusion: The development financing for Tulu Kapi is expected to be finalised during the current quarter and the company intends to start construction of the mine before the end of 2015 with a view to commissioning the mine late in 2016 and producing its first gold in 2017.
*SP Angel act as Nomad to Kefi Minerals. An SP Angel analyst has visited the Tulu Kapi mine site with Kefi Minerals.

Ortac Resources* (LON:OTC) 0.09p, Mkt Cap £2.5m – Funding and directors subscription
• Ortac Resources have raised £600,000 through the placing of 706m new shares to investors at a price of 0.085 pence per share.
• Three directors also subscribed for some £50,000 worth of news shares
• The funding should enable the company to exercise a call option to acquire a total of 19.35% of Zamsort in Zambia.
• Zamsort holds license over a small, alluvial style, copper mining operation where drilling and mining to date suggests potential for a significantly larger mining operation.
• Zamsort also hold substantial exploration tenements in a region which appears to be of interest to other copper mining companies.
• It is worth noting that Kirawa, which held similar tenements within the region was sold to First Quantum Minerals for $260m in late 2009.
• First Quantum have since started development of the Trident project, consisting of Sentinel which is targeting 270-300,000tpa of copper and Enterprise which is planned to produce 38,000tpa of nickel in concentrate rising to 60,000tpa
*SP Angel acts as broker to Ortac Resources

Sirius Minerals (LON:SXX) 23.5p, Mkt Cap £503.2m – Planning Approval for the York Potash Project
• Sirius Minerals has received approval from the North York Moors National Park Authority for the development of the York Potash Project.
• The approval of such a major underground mining project within a National Park may come to be seen as a landmark decision by both pro and anti-mining groups and is a credit to Sirius Minerals which has worked patiently and in great detail to address the real issues and mitigate the concerns of local communities, local governments, and local and national special interest groups.
• The company will now need to proceed with a complex financing and mine development project involving a mine-shaft to a depth of 1500 metres and an underground conveyor tunnel to the coast at Teesside.
• This decision comes as an Australian company, Wolf Minerals, is in the process of commissioning a new tungsten mine at Hemerdon in Devon on time and within budget. With its own Australian connections, we hope that drawing on international project development expertise will produce a similar beneficial outcome for the York Potash Project.
Conclusion: Sirius Minerals has achieved a major milestone and the receipt of Planning Approval initiates a £1.7bn development project for a major, long life mine.
timing40
 
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Re: Broker RFC Ambrian said Azonto Petroleum (ASX:APY, LON:A

Post Wed Jul 01, 2015 2:38 pm

Sirius Minerals gets green light,watched by the likes of BHP Billiton and Rio Tinto

Four years of dogged persistence finally paid off for potash prospector Sirius Minerals (SXX) this week, after the company received approval for its polyhalite project in the heavily conserved North York Moors National Park.

The park’s planning authority narrowly voted through Sirius' plans for the largest potash mine in the world, having decided the long-term economic benefits at a local and national level were "transformational", and outweighed the environmental harm caused by the construction. York Potash, the subsidiary of Sirius responsible for the project, says it will contribute 1,000 long-term skilled jobs in the local area, £233m in tax receipts and £1.2bn in annual exports.

Sirius must now publish a bankable feasibility study (BFS), outlining the colossal sums needed for the project to move ahead. As of September 2014, Sirius' cash pile stood at £27m, though a previous project study in 2012 put the cost to first production at $1.7bn.

The BFS will in turn inform the fundraising package, which could include a mixture of debt, equity or agreements with major miners. This week's news is likely to have been closely watched by the likes of BHP Billiton and Rio Tinto, both of which previously employed Sirius chief executive Chris Fraser as a strategic advisor.
timing40
 
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Re: Broker RFC Ambrian said Azonto Petroleum (ASX:APY, LON:A

Post Wed Jul 01, 2015 2:42 pm

Azonto Petroleum Ltd LON:AZO Wood Mackenzie 42 times

Azonto Petroleum Ltd LON:AZO

Azonto Petroleum Ltd are currently in discussions with CI-Energies in relation to the planned independent power plant (“IPP”) which is to be co-located in Grand Bassam, next to Vioco’s onshore gas processing plant. An announcement is expected by the end of May 2015.

Azonto Petroleum Ltd LON:AZO is an Australia-based oil and gas Company. The Company’s assets include CI-202 – Cote d’Ivoire, Accra Block-Ghana, WA-399-P-Australia. It holds a 35% interest in Vioco, the operator of the CI-202 block offshore Cote d’Ivoire with an 87% working interest.

The CI-202 block contains the Gazelle gas field, which is the focus of development. The Company also holds a 57% interest in Azonto Petroleum (Ghana) Limited (formerly Rialto Energy (Ghana) Limited) (Azonto Ghana), which has an effective 45% participating interest in the offshore Accra block (subject to Government approval).

The Block covers an area of approximately 2,000 square kilometers and water depths vary between less than 50 meters and over 2500 meters.
Azonto Petroleum Ltd LON:AZO / ASX:APY has told DirectorsTalk about the appointment of Mr Glenn Whiddon as Non-Executive Director effective 02 June 2015.

Mr. Whiddon, formerly a Non-Executive Director and Executive Chairman of the Company, stepped down from the Board in March 2012 to pursue other interests. Mr Whiddon is based in Australia and is a significant shareholder in the Company, representing an aggregate 7.3% of the share register.

Commenting on the Board change, Chairman Andrew Sinclair said: “We are pleased to welcome back Glenn onto the Board. He is a significant shareholder of the Company and already has a good understanding of the Company from his previous involvement. We look forward to benefitting from his experience as we move forward.”
Additional information on Glenn Whiddon (age 51)

Mr. Whiddon has an extensive background in equity capital markets, banking and corporate advisory, with a specific focus on natural resources. Mr Whiddon holds a degree in Economics and has extensive corporate and management experience. He is currently Director of a number of Australian and international public listed companies in the resources sector.

Mr. Whiddon was formerly Executive Chairman, Chief Executive Officer and President of Grove Energy Limited, aEuropean and Mediterranean oil and gas exploration and development company, with operations in Italy, Romania, Slovenia, Tunisia, and the UK and Dutch North Seas. In 2002 Grove’s market capitalization was less than C$5 million. In April 2007, Grove was acquired by Stratic Energy Limited, a TSX-listed oil and gas company, for C$150 million.

As the ASX form says that the sole director of 6466 Investments Pty Ltd is Jane Valentine Whiddon, who is the wife of Glenn Ross Whiddon who’s holding is believed by the company to be 34,654,486 shares, the aggregate holding of Mr Whiddon is accordingly 110,853,467 shares.

According to a report published in September 2013 by Wood Mackenzie, their estimated potential value of “good technical” fields (i.e. discovered undeveloped) in Africa amounts to some US$ 125 bln (20% of the global total ex Middle East). › To put that into perspective, 0.5% is US$ 625 mln (42 times AZO current market cap).
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Re: Broker RFC Ambrian said Azonto Petroleum (ASX:APY, LON:A

Post Wed Jul 01, 2015 2:43 pm

Independent Resources (IRG)traded as high as £1.50 per share
Post Wed Jul 01, 2015 9:15 am
Independent Resources has taken a bit of a bashing since 2011, with the earthquake in the Po Valley having seriously put into question the value of the Rivara asset, but thankfully all looks set to change and investors can either grab a great long term hold or profit short term.

Jumping straight in with fundamental analysis, historically Independent Resources has traded as high as £1.50 per share and mostly within the 40-60p range. Cantor have even placed a 67p target on these shares, which I expect is based on pending news from the Ksar Hadada project, which has the potential to generate positive cash flow within nine months of a confirmed farm out (Independent Resources have already scored highest with the awarding body and most analysts expect this award to be confirmed ).


From a purely asset based valuation, Independent Resources still stacks up well with a Net Asset Valuation per share of 30p, making it very undervalued in the market. Adding to all of this, no news on major projects has been heard for more than four months now and combined with this final results are expected soon.

Although, the question over the award of the flagship Rivara asset may still trouble some investors, I personally don't think it's as relevant to the company as a whole than it used to be. With the expansion into Tunisia and other such countries to accumulate assets, Independent Resources looks set to rise up from these low levels.

Now, the placing of this exploration permit is very important, because Tunisia has some very good geographic advantages when compared to other oil rich countries. Whilst I could spend all day writing about these advantages (such as not being landlocked), the main one is that it's next door to Libya. With the heightened levels of civil unrest in Libia, many people are undoubtedly questioning this advantage, but the advantage comes in the potential to get cheap and high quality outsourcing of oil extraction from a country that also has deposits of light oil.

This is one of the many factors that adds to the long term prospects of Independent Resources plc as a whole, because whether these high quality assets lead to an increase in positive cash flow

For short term traders, the current prices may seem a little high and from a technical perspective the RSI and stochastics may suggest that you ought to hang on for a cheaper price, but obviously if (as expected) positive news comes out soon you won't want to be left at the starting line.

For the long term holders, these levels would be a great buying time and you never know, if the spot price rose up to £1.50 again you could profit more than 3000%
timing40
 
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Re: Broker RFC Ambrian said Azonto Petroleum (ASX:APY, LON:A

Post Thu Jul 02, 2015 5:12 pm

Otto Energy Ltd. of Australia has rejected the offer of Pryce Corp. to acquire a 10-percent stake in service contract 55 off southern Palawan.

Otto disclosed to the Australian Securities Exchange “negotiations are incomplete and the current offer by Pryce is not capable of acceptance.” “Otto is fully funded for the drilling of Hawkeye 1,” it said.

Pryce, through unit Pryce Gases Inc., made a firm offer to acquire from Otto a 10-percent participating interest in SC 55 for the exploration, development and exploitation of petroleum resources.

“The offer is essentially subject to the condition that PGI is to receive 20 percent of the Filipino Participation Incentive Allowance under the service contract and will be entitled to 10 percent of the cost recovery pool,” the company said in a disclosure to the Philippine Stock Exchange on Monday.

Pryce said the offer had not yet been accepted and might “still be subject to amendments and counterproposals.”

“There is likewise no certainty or assurance that any agreement will be reached relative to PGI’s offer,” it said.

Pryce, formerly Pryce Properties Corp., is a property holding and real estate company incorporated in 1989.

Its lone subsidiary Pyrce Gases produces and sells industrial gases and engages in the importation and distribution of liquefied petroleum gas under the Pryce Gas brand name,

Otto, meanwhile, said it issued a formal notice to Maersk Drilling to mobilize the Maersk Venturer drillship to the Hawkeye-1 exploration well location.

It said mobilization of Maersk Venturer to the oil prospect would start on July 31.

Otto, meanwhile, said the expression of interest from PNOC Exploration Corp. to acquire a 15 percent stake in SC 55 was still valid. Malacañang has not approved the transaction yet.

Otto owns 73.18 percent of SC 55 while Palawan55 Exploration & Production Co. holds 6.82 percent. Red Emperor Resources NL of Australia has 15 percent.
timing40
 
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Re: Broker RFC Ambrian said Azonto Petroleum (ASX:APY, LON:A

Post Fri Jul 03, 2015 9:27 am

It's Not Too Late To Buy Sirius Minerals plc!

Shareholders of Sirius Minerals (LSE: SXX) have had a good week. On Tuesday, the much anticipated planning meeting took place.

And the outcome was positive; planning permission was granted and work can now begin on a project to mine high grade potash in the North York Moors. It is predicted a thousand jobs will be created to provide a mineral which is a highly valued fertilizer and thus commands a high price. This would provide many well-paid jobs in what is still one of the poorest regions of the UK.

I used to be sceptical about this company
I have to admit, I was sceptical when I heard about this company. How many times have we talked about small cap mining companies which sound like the bee’s knees but which end up being a flash in the pan?

Many of these startup businesses are carried higher on a wave of optimism, only to crash when people realise they aren’t profitable. But I think Sirius Minerals is different. This is now a genuine mining prospect.

It says something about the ‘can-do’ mood in this country that planning permission was granted so quickly. This is a beautiful part of England, but the company will aim to keep the disruption to the environment to a minimum. And this is the largest and highest grade deposit of polyhalite in the world. Reserves of 2.66 billion tonnes of potash, which is 85.7% polyhalite, means that the world’s farmers can be supplied for many years to come.

A growing global population means there will always be demand for this high quality fertilizer.

But this is a business which is clearly worth a punt
Not surprisingly, the mining firm’s share price has stormed ahead, more than doubling in the space of a week. Many Sirius shareholders, and anyone who followed my tip of last week, will be sitting on a tidy profit.

It is estimated that the firm could sell 30 million tonnes of polyhalite per year, at $110-170/tonne. If all goes well, analysts have estimated that Sirius, which is currently priced at 22.88p, could eventually be worth between 40p and 120p.

This means that, even if you don’t yet own shares in this company, it is not yet too late to buy in. But, as is always the case with small caps, it is better to buy in early, and sell early and once you are making a good profit.

I would say this is still a risky share, because small caps are inherently riskier and more volatile, but Sirius is undoubtedly a company which is on the up. It is worth a punt – just choose your moment and buy in on the dips. And remember, there is no such thing a perfect share, just a profitable one.
timing40
 
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