welcome to east energy resources, page-2

Kate Haycock
Wednesday, December 19, 2007

THE flood of pre-Christmas listings continued today with three new resource plays, Bathurst Resources, Global Geoscience, and East Energy Resources, hitting the Australian Securities Exchange running.


The stand-out of the day was coal hopeful East Energy Resources, which opened at a 60% or 15c premium this morning to its 25c issue price.

The company, which is focused on exploring for coal mineralisation in Queensland, reached a high of 43c in intraday trading.

To fund the work, East Energy raised $4.5 million via the issue of 18 million shares at 25c each, and on listing today the company had 90.5 million shares on issue.

The company's key projects are the Norwich Park tenements in the Bowen Basin and the Blackall prospect in the Adavale Basin. At Norwich Park, East Energy intends to start a drilling program next year while also carrying out a desktop review of historical exploration carried out at Blackall in the 1970s.

The Perth-based company has allocated $3 million towards its capital raising for exploration.

Heading East Energy's board is non-executive chairman Terry Byrt, who last year also oversaw the successful listing of coal-focused junior RMA Energy. Joining him on the company's board is Mark Basso-Brusa as managing director and Clive Triplett will be stepping up as executive director, who is also the managing director of RMA.

Also Perth-based, Bathurst Resources opened at a 5c or 20% premium to its 20c issue price after raising $3 million in its IPO.

The junior explorer is earning up to 75% in the Mount Clifford project in Western Australia's Eastern Goldfields from Cazaly Resources. The project hosts a number of gold, nickel and base metal targets, which the company plans to test via geological mapping and rock chip sampling, along with satellite data, and aerial and ground geophysical surveys prior to drilling.

Joining the company's board as non-executive chairman is John Hannaford, who founded Ventnor Capital in 2004, and executive director Richard Monti, also founded Ventnor Capital, and now sits on the boards of Poseidon Nickel, and Whinnen Resources. Frank Ashe will be filling the role of non-executive director while Morgan Barron is stepping up as the company secretary.

Shares in the company closed at 25c after reaching an intra-day high of 26c.

Finally, Sydney-based Global Geoscience had a modest first day after its $3.3 million IPO. The company's shares opened at 21c, a 1c or 5% premium to its 20c listing price, before closing at 22c.

Global has a portfolio of 15 greenfields gold, silver and copper prospects in Peru, Mexico, Nevada and Queensland, which the company said it identified through previous exploration work.

The company, which now has 31.43 million shares on issue said it hopes to begin drilling at targets across its projects in the near future. Its primary focus is the Mancha Pampa project in Peru, where high silver, gold and copper values were found in soil sampling.

The company's board is filled out by Bernard Rowe, a geologist with 17 years experience, who is joining the company as managing director, and Robert Reynolds, a chartered accountant, who will be serving as the company's non-executive chairman.

Patrick Elliot is the company's new non-executive director while geologist Peter Nicholson will join the company as technical director.


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