re: announcment..
speaking about oil specs... anyone remember Kalrez (KRZ)... ran to 7c before taking a hit to 1/2c. Changed their name now LIO 1.2c... JUst looked them up now and saw announcement 8/10/04
The Directors have noticed that the share price of the company has increased substantially in the past two days and that there has also been a marked increase in the volume of shares traded. In order to maintain a fully informed market the directors advise that two unrelated parties (one of which is listed on an overseas stock exchange) are presently conducting Due Diligence in relation to the possible purchase of the company’s Bula assets. These assets encompass the Bula oil field, and the related service company which owns the drilling rig. The parties have indicated that if they are satisfied with the Due Diligence process they may make an offer to purchase these assets. The price indicated is a number of multiples in excess of book value. The consideration that may be offered would consist entirely of cash. The Directors stress that no offer has been received as yet but if an offer were received at the price currently indicated then the Directors would in all likelihood accept the offer. Any offer to purchase the company’s Bula assets would not include the company’s 2.5% in the Oseil Joint Venture. The Directors will keep the market fully informed of developments as they occur.
Anyone keeping a eye on them?? how is their oil/gas production??
NWE Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
