PNG is not one of my favourite areas to invest (try & avoid it), but NGE has announced it hopefully should have a farm in agreement that is in progress, hopefully signed off by 12/9/2009.
NGE has a relatively low Market Capitalization at about $55m with $5m in cash. PPL -267 currently has about 5 barrels of oil a day seeping out of the ground & the company believes it has huge oil reserves associated with this lease (refer Annual report 2008). One of the close leases has reported I Billion Barrels of Oil next door Plus 15 TCF of gas, so the area is elephant country if successfully drilled.
Jeremy Towner, MD was originally associated with Sunshine Gas & his 77 million 9as disclosed in AR 2008) shares certainly makes him keen for NGE to be a success.
Chart shows a breakout in the last few days, & if the right partner farms into these leases, this junior explorer could run on such an announcement.
Not investment advice is given because this is a highly speculative junior oiler & everyone needs to do their own research.
Regards
Buffett
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Last
$1.26 |
Change
0.000(0.00%) |
Mkt cap ! $43.22M | |||
| Open | High | Low | Value | Volume |
| 0.0¢ | 0.0¢ | 0.0¢ | $0 | 0 |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 14099 | $1.23 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.27 | 2575 | 1 |
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| Last trade - 16.21pm 17/09/2025 (20 minute delay) ? |
| NGE (ASX) Chart |
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