Following today's trading the 2 largest shareholdings have changed hands @ 1.6 cents (the first was at a premium to the then market price). Theses being the Holdings of Buttonwood Nominees (12.8%) and CS Fourth Nominees (6.44%). Therefore someone has just bought 19.2% of the company.
There are 850M shares in issue, the top 20 held 57% of the company (needed a 5M+ holding to be in it). There were only 786 accounts with over 100,000 shares in them making up 92.4% of the company.
The Company had A$17.4M in cash and only had a market cap of A$11.9M @ 1.4 cents. It has further earn-in clauses with Exxon & Santos (separate transactions) which could bring in up to A$28M more + a royalty interest on future production.
It also has 50% of a drilling rig & all that goes with it (mobile camp site etc) which is contracted out to someone at the moment. It has invested over $13M in the venture (the other 50% owner is one of NGE's directors).
New presentation out today for viewing ( board are looking for other oil & gas projects etc)
I Expect to see corporate action in the days ahead, following today's trading.
LOTM
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