Thx for your reply frmen This was a tip passed on by a friend and the nice combo of U and gas caught my eye. My quick assessment earlier this week was as follows:- Backing of the Hungarian govt - Hungary has uncomfortably heavy reliance on Russian gas. Nearby power station to take the gas. Other existing and planned power stations for the U. Looks like a top class team - Mark Hohnen (Kalahari) & Matt Swinney along with good UCG technical team. Apparently 25% of shares held by prof money managers & soph inv with Capital a substantial holder. Looking to gain first mover status in Europe with UCG and wanting to tie up good 'stranded' coal resources across Europe before too much interest generated. Have 12-13MEuro in bank but will need est 100M for 1st production in 2013. Maybe access to some funding from Hungarian govt so maybe less equity funding reqd. Rumours of AIM listing - likely with Mark H & Matt S involved. Went to $3.48 four years ago on U assets only. U assets est value $1.20 alone. Broker target $1.70 to $1.90 risked. Current price 0.48 (beginning of week) and 22% off very recent high of 0.67. Strong offshore(??) interest recently with 10:1 buy / sell ratio. Will put on watch list. Good to hear you consider Middlemas a good operator as well. My recollection was the German reference was re underground carbon sequestering / storage. I'm not sure how much underground UCG expertise the ex-Sasol technical team has. Is Sasol's plant extracting syngas from underground or from burning coal aboveground? Anyone know how how much underground UCG Sasol has done?
SO4 Price at posting:
58.0¢ Sentiment: None Disclosure: Not Held
