The Rats Rant If your not a subscriber get on board - good tips...

The Rats Rant
If your not a subscriber get on board - good tips and fair bit of humour in daily report

"TEG - Triangle Energy Limited today closed up another 23% to finish at 13.5c on $100k stock traded. The reason they are up today on top of the fact that they are drilling presently is they have announced to the market that they will be offering TEG shareholders a priority offer in an IPO called State Gas Limited that will be focusing on gas projects up in sunny Queensland.

I caught up with the MD of Triangle this morning Rob Towner and he was happy with how everything has been going with both Triangle and the State gas IPO.

Some highlights on the State Gas Limited IPO are listed below:

Initial Public Offering of State Gas Limited

HIGHLIGHTS

• State Gas Limited, until recently a wholly-owned subsidiary of Triangle, lodges Prospectus and seeks admission to ASX
• State Gas Limited holds a 60% interest in PL 231 (Reids Dome) in the Bowen Basin, south-east Queensland
• Triangle will hold the largest stake in State Gas with an interest of 35.47% ($9.577 million value at the completion of a successful IPO)
• IPO to subscribe for 26,250,000 shares at $0.20 per share to raise $5.25M
• Funds raised will provide State Gas with capacity to appraise the shallow, conventional gas target of the Cattle Creek Formation, and potentially develop the resource

Triangle Managing Director Mr Rob Towner said: “The spin-out of PL 231 has been carefully planned to ensure the asset is in the hands of a team focused exclusively on its development. Triangle shareholders will benefit from the success of State Gas through the meaningful equity stake that we continue to hold. The supply constraints in the east coast gas market presented an ideal time for Triangle to move on this opportunity.”