i know this has been written about previously, but this is a...

i know this has been written about previously, but this is a quiet thread, so here goes.

A listed Australian company since 1954 - ie, not likely to go anywhere soon.

Experienced and long term directors. Get this - only $24,000 expended each year on Director fees. Just $8k each per year. Probably amongst the lowest director fees for a listed ASX company. Not only that, they pay themselves less than the amount approved at their AGM! Last quarterly expenditure was just $62k.

After placement, 50m shares at 1.3c, there will be 500m shares on issue - market cap just $3m. Cash at hand will be about $650k. Total assets valued at over $7m, (conservative IMO), with holdings in ASX listed companies valued at $400k+. On assets alone, a value of about 1.4c per share, which gives us an idea as to why the placement is at 1.3c.

What do they do? This is like an old school showbag inventory - but with better stuff.

Onshore Carnavon Basin - Drilling 2011 - 11% royalty interest in three areas (Major interest held by EGO)

20% interest in unlisted company Brisbane Petroleum - they are a small producer, but have a 50% interest in leases with recoverable oil in the range of 3.9m - 6,8m barrels.

Brisbane Petroleum will be seeking a listing on the ASX - an opportunity will be given to LGO shareholders. More importantly that 20% interest is likely to come in the form of shares for LGO.

50% working interest in an oil and gas field in Queensland, previously found oil, and the well exists, closed when oil prices were low, recoverable reserves estimated between 600k and 1.4m barrels. Other 50% is held by Brisbane Petroluem, of which LGO has 20%.

Uranium - 20% interest in a site in Burkino Faso. Canadian operator has withdrawn due to high costs of licence - unlcear on future direction here.

50% interest in a hot rocks geothermal site in the Sydney Basin - farm in, investors and government grants will be sought.

15% interest in a private company with coal interests in New South Wales (holding set to be increased)

An investment in a coal mining company in Kalimantan, Indonesia. Mining is set to commence, with royalities payable to LGO. (Investment increasing)

and then the big one. In conjunction with Southern Cross (SXX) and other partners, LGO has a 37% interest in Offshore Oil, a company seeking an IPO, Has the intention of acquiring oil/gas and other energy assets, or joint ventures. The planned IPO is for $250m. Priority entitlement for LGO holders and again, the 37% interest will be a huge boost for the company. Its a big plan - but the director is known for getting things done. And at his current salary, without all the bells and whistles of other listed entities.

Director has over 13% interest in the company and top 20 holds over 50%.

Lowest SP in last 5 years has been .005. Even during the GFC, SP traded over 1c. At the very least based on Assets, this is seriously undervalued IMO. If they were to get the Offshore Oil IPO off the ground, the potential here would be massive. Even with a succesful IPO of Brisbane Petroleum, this could be very big.