I see a window of opportunity here for investors that will be closed forever on 31 August 09
The chance to take a slice of an oil/gas minnow with world class assets at bargain prices.
NGE set to begin partnership with a major international oil/gas major, rumoured to be Talisman energy
Heads of agreement is on the table and over the next 4-5 weeks i can only see this playing out in 2 ways
1) NGE accepts the current deal that is worth approx $120m
2) An alternative and higher bid is thrown into the mix by a competing major- the list of active suitors in the neighbourhood is exstensive.
Current market cap of NGE is approx $55m
Current HOA is for up to 6 wells + seismic + reimbursement of costs for up to 70% of 2x permits, with negotiations ongoing for a farmin on a third permit which could add around $30m to the current deal
NGE will have approx $15m cash post transaction
The stock seems to be still flying under the radar despite some good publicity in the AFR and a short flurry of activity here on HC
Perhaps investors are watching for a final acceptance of the offer and the naming of the mystery major before commiting to the stock ?
Regardless i believe this little minnow is about to make its presence felt in a big way and an outstanding opportunity exists for those that DYOR and make themselves familiar with the assets to get set before the window closes on 31 August 09
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$1.16 |
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Mkt cap ! $41.24M |
Open | High | Low | Value | Volume |
$1.16 | $1.16 | $1.14 | $4.551K | 3.938K |
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1 | 2999 | $1.14 |
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1 | 20000 | 1.125 |
1 | 2000 | 1.060 |
1 | 500000 | 1.050 |
1 | 3108 | 1.025 |
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1.160 | 7830 | 1 |
1.200 | 100000 | 1 |
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