East Energy Resources soars on Noble Group holding Michael Bennet From: The Australian April 30, 2010 11:24AM
MINING minnow East Energy Resources soared 70 per cent this morning after Hong Kong's Noble Group bobbed up as a substantial holder with 19.99 per cent.
Perth-based East Energy jumped 14 cents in early trade to 34c on heavy volume of about 3.8 million shares after Noble emerged as a substantial holder late yesterday.
East Energy started drilling the northern field of the Blackall coal deposit in Queensland in the first quarter of 2010, with early results indicating a continuation of the coal seams from the already drilled southern field.
Noble has recently been involved in the takeover battle for Queensland?s Macarthur Coal, issuing a series of colourful press releases venting its anger at rival suitor, US-based Peabody, and Macarthur itself.
Peabody is in the process of conducting due diligence on Macarthur after it increased its bid to $4.1 billion.
EER Price at posting:
43.5¢ Sentiment: ST Buy Disclosure: Held
