Seamfiend
I reckon some have cottoned on to what AJL are up to in the energy space..they have long said the market does not understand how their business works.
In the preso the other day they made it clear, there game is to use engineering and science to unlock unconventional gas/hydrocarbons and where it makes sense develop greenfield ops. Eg Gloucester . Once they have established the prospectivity they flog them quick.
Apart from 651 they are developing a US shale gas play and it sounds like they are setting up several projects in Europe.
Note 17 of the annual report..
'During the year, the Group acquired an 11.5% shareholding in Cuadrilla Resources Limited. The company was established to
search for shale gas in Europe and has applied for acreage in the UK, Spain, Netherlands and Poland.'
They said they hope of offload the US assets and 651 in 2010...so some more money in the kitty.
It also slipped out that there were two tenderers left for substantial drilling works on Barrow Island and in the next breath it was stated one left..so that sounds damn good.
Also the MOU's with state water utilities while not near term sounded very promising and they did say they might have some news on these agreements before long..
All in all I think it took a day for some funds to digest the news and decide the drilling business justified the current market cap and therefore all of the above offered some serious upside.
Got to be a takeover target to imo. A recapitalised BLY will be looking at them at current prices surely.
Cheers
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Mkt cap ! $12.38M |
Open | High | Low | Value | Volume |
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Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
3 | 2645110 | 0.8¢ |
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Price($) | Vol. | No. |
---|---|---|
1.0¢ | 272056 | 2 |
View Market Depth
No. | Vol. | Price($) |
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3 | 2645110 | 0.008 |
3 | 870000 | 0.007 |
4 | 1320124 | 0.006 |
3 | 600000 | 0.005 |
1 | 500000 | 0.004 |
Price($) | Vol. | No. |
---|---|---|
0.010 | 272056 | 2 |
0.011 | 1583896 | 4 |
0.012 | 90000 | 1 |
0.019 | 12500 | 1 |
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