GGG (The Gold Company) was never a gold company, BOM was never looking for copper and neither was CHZ. This is generally one of my ploys in seeking companies who backdoor companies in ala OVR, SSC, MKY, TVN etc etc....BOE is no different and the 1c options are IMO proof of this. More specifically:
Boss owns the Latrobe oil shale project in Tasmania, which features an estimated JORC-compliant indicated resource of 42 million tonnes of Tasmanite oil shale, of which about 6 million tonnes is at less than 20 metres depth and amenable to open-cut mining methods.
An additional JORC-compliant lesser category inferred resource of 30 million tonnes of Tasmanite oil shale is estimated.
How many boxes?
1. The Board is transparent and have a strong history of increasing shareholder wealth. 2. Management don't simply hype their stock in press releases. 3. The company files reliable financial statements. 4. The company have conference calls individual investors can listen to. 5. The balance sheet has oodles of cash. 6. The CEO is tenured and is a joint founder who holds a substantial ownership stake in the business. 7. The Top 20 is very tightly held - upwards of 70% owned. 8. Boutique funds and banks are on board.
Furthermore:
Top 20 has 77% plus with a Director holding a substatial interest (5m).
Boss Energy to list following A$3.5m IPO Tuesday , 24 Jul 2007 The company will trade under the ASX code BOE.
Boss Energy raised a total of A$3.5m via its IPO, which closed oversubscribed, offering a total of 17,500,000 shares at 20c per share. The options will have a strike price of 20c and will be exercisable by 30 November 2010.
Upon listing the company will progress an aggressive exploration program to upgrade the resource at its Tasmanian Latrobe oil shale project which currently has a JORC Code compliant resource of 72 million tonnes of Tasmanite oil shale.
Boss Energy Chairman Robert Grover said the company had rapidly progressed its exploration program at the Tasmanite oil shale and upon listing planned a significant drilling program to upgrade the resource at the project and determine recovery rates of shale oil from the bulk sample.
"Upon listing we will be continuing our ongoing drilling campaigns at the Tasmanian Latrobe oil shale project. We remain focused on progressing a very aggressive exploration program to upgrade our resources as soon as possible," Mr Grover said.
"Upon the success of our exploration the company will undertake a feasibility study to further develop the project towards production with the mining of oil shale and extraction of an oil product.
"The Tasmanite oil shale deposit is unique to Tasmania and has the advantage over other Australian oil shales in that it can be used as a source of bitumen as well as oil, so the company looks forward to unlocking the potential of the project as soon as possible.
Mr Grover said the Tasmanite oil shale project had already produced 1.13 million litres of oil from underground mining operations and had excellent road and port access being located ten kilometres south-west of the port of Devonport in Tasmania.
The board of Boss Energy is very experienced and brings together technical and corporate experience in the fields of exploration, production and project evaluation and development. The company intends to use this experience to actively review and assess other acquisition opportunities in the resources sector in Australia and overseas which have the potential to add value for shareholders.
Directors are brilliant and have enormous history in creating shareholder wealth:
Boss Energy Management
Mr Robert Grover - Executive Chairman
Mr Grover is a Fellow of the Australian Institute of Company Directors, member of the Australian Society of Certified Practicing Accountants and holds a Bachelor of Business. Mr Grover's expertise is in corporate and financial management, and he has been involved in the listing of a number of public companies on the ASX, the London Stock Exchange's AIM and the Vancouver Stock Exchange. Mr Grover is also a director of Contact Uranium and Cervantes Seafood Limited. Previously Mr Grover was a director of Redport Limited.
Mr Ross MacLeod - Technical Director
Ross MacLeod is a member of the Australian Institute of Geoscientists and currently serves as a consultant geologist for researching and field prospecting for a variety of commodities including oil shale, nickel, uranium, gold and copper.
Mr MacLeod has extensive global experience in exploration, logistics and project and total operations management within the oil industry spanning more than 35 years. After gaining initial experience within the Australian mining industry he moved offshore to head up several successful consultancies in the United Kingdom, the Middle East and South East Asia working in the oil industry and across a range of other commodity industries.
Mr Joseph Obeid - Non-Executive Director
Mr Obeid has extensive business development, operational and management experience across a wide range of industries. He has particular expertise in identifying business opportunities together with development and implementing effective business strategies to ensure optimum profitability.
Mr Obeid has been awarded an Australia Medal for Services and Diligence.
Boss debuts up 75% on ASX 25-July-07 by Andrew Hobbs
Nedlands-based oil company Boss Energy Ltd has commenced trade on the Australian Securities Exchange, debuting up 75 per cent in its first day of trade.
The company, which raised a total of $3.5 million in its initial public offer, of 17.5 million shares at 20 cents each, was trading at 35 cents at 1:40 pm WST.
The company had flagged plans to progress an aggressive exploration program upon listing, to upgrade the resource at its Tasmanian Latrobe oil shale project which currently has a JORC Code compliant resource of 72 million tonnes of Tasmanite oil shale.
Boss Energy Chairman Robert Grover said the company had rapidly progressed its exploration program at the Tasmanite oil shale and upon listing planned a significant drilling program to upgrade the resource at the project and determine recovery rates of shale oil from the bulk sample.
"Upon listing we will be continuing our ongoing drilling campaigns at the Tasmanian Latrobe oil shale project. We remain focused on progressing a very aggressive exploration program to upgrade our resources as soon as possible," Mr Grover said.
"Upon the success of our exploration the company will undertake a feasibility study to further develop the project towards production with the mining of oil shale and extraction of an oil product.
"The Tasmanite oil shale deposit is unique to Tasmania and has the advantage over other Australian oil shales in that it can be used as a source of bitumen as well as oil, so the company looks forward to unlocking the potential of the project as soon as possible.
Mr Grover said the Tasmanite oil shale project had already produced 1.13 million litres of oil from underground mining operations and had excellent road and port access being located ten kilometres south-west of the port of Devonport in Tasmania.
The board of Boss Energy is very experienced and brings together technical and corporate experience in the fields of exploration, production and project evaluation and development.
**THE BELOW IS VITAL MONKEYS**
The company intends to use this experience to actively review and assess other acquisition opportunities in the resources sector in Australia and overseas which have the potential to add value for shareholders.
BOSS Energy made a strong start to public life, with its shares finishing on its first day on the Australian Securities Exchange yesterday afternoon at double their offer price.
The rock that burns
Trading under ticker "BOE," the Perth-based oil shale hopeful successfully raised $3.5 million in its initial public offering, via the placement of 17.5 million shares at 20c each.
At 1pm (EST) yesterday afternoon, shares in Boss started trading at 30c. By the close of business, they were at 40c.
The company plans to use the IPO funds to pay for quantification and initial research to possibly develop the tasmanite oil shale deposit near Devonport in northern Tasmania.
Executive chairman Robert Grover, who is also a director of base metal, gold and uranium miner Contact Resources, told PNN previously that the company has already drilled 14 holes plus two diamond drill holes into the deposit.
He is joined on the three-man board by Perth geologist Ross MacLeod as technical director and experienced business management strategist Joseph Obeid in a non-executive capacity.
The company plans to develop the Latrobe oil shale project in Tasmania, estimated to contain 72 million tonnes (MMt) of the resource.
Of this figure, about 6MMt is at a depth of less than 20m and would be mined using opencut methods.
Grover said the company planned "significant" further infill and extension drilling, together with test work on a bulk sample, to upgrade the resource estimate and determine recovery rates.
"If these activities are successful, the company's aim will be to undertake a feasibility study to further develop the project towards mining of oil shale and extraction of an oil product," he said.
Oil shale is a fossil fuel but is not really oil. However, it contains kerogen, the organic matter from which oil and gas are formed.
Technologies involve a process known as "retorting", which involves super-heating the shale to 445-500C and removing the kerogen, which is then converted to oil.
Today, no oil is being produced from shale in Australia.
In Estonia, Russia, Brazil and China, oil shale is being mined but production is declining. In addition, Canada's vast tar sands have drawn much attention away from oil shale.
The US Energy Information Administration estimates the world supply of oil shale is 2.6 trillion barrels of recoverable oil, with almost half of that in the United States.
As I have stated before, IMHO, it is not necessarily the fundamental business plan that is advantageous in holding this one, but the tight register, clever and proven management, the director holding 5m etc. Give her a little bit of time and if you hold at current prices, you will make money IMO. This I can almost guarantee.
BOE Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
(20min delay)