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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Solana Res | LSE:SORL | London | Ordinary Share | CA8341281001 | COM SHS NPV |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
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|---|---|---|---|---|---|
| 0.00 | 0.00% | 132.50 | 0.00 | 01:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
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| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| - | O | 0 | 132.50 | GBX |
Solana Res (SORL) Share Charts1 Year Solana Res Chart |
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1 Month Solana Res Chart |
Intraday Solana Res Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 06/9/2010 | 02:39 | < - Solana Resources - > | 471 |
| 23/5/2008 | 09:43 | GedW's hotties | - |
| 29/1/2007 | 20:08 | sorl | 195 |
| 30/6/2006 | 18:50 | SORL - another stock going nowhere | - |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
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Posted at 28/11/2008 16:59 by sg31 Hi Mr 1,The SORL shares are now GTE shares on AMEX currently US$2.58.Do not confuse with GTE on TSX which are the same company but quoted in C$.There is also GTX on the TSX which are a special Exchangeco share for Canadian holders so they do not have to pay CGT.The reason the AMEX shares have gone up a lot today is because the US markets were shut yesterday when the TSX shares rose nicely.So in effect the AMEX shares are just playing catch up today. Current Sterling equivalent price for your shares is around £1.68 ignoring currency charges. Hope this helps. |
Posted at 26/8/2008 09:37 by cwa1 Yes, seems decent enough. I assume that will knock the price back then? |
Posted at 26/8/2008 07:32 by bronek1959b not invested in sorl myself but this seems a fantastic company that is continuosly finding oil. |
Posted at 29/7/2008 19:36 by sg31 The merger looks to be good news for holders in Canada but I'm not so sure for UK holders.We know the there will be no listing for the new company on AIM so I presume we will either have to sell our shares in the market or open accounts which allow us to deal in US stocks.My SORL holdings are currently in accounts with Barclays and Halifax,I know that holding foriegn stocks with Barclays is inordinately expensive,I am not sure about Halifax but can't imagine they will be much use in this situation.Has anyone any experience of this type of situation or can anyone offer any advice. |
Posted at 29/7/2008 14:50 by norman the doorman we should be looking at getting 95% of the GTE closing price once the deal has been approved. so at $5.60 for GTE currently we should be looking at £2.70 ish for SORL. If the C4 and C5 well data is good then SORL should track the hopefully higher GTE price. i will be watching the action across the pond closely over the next few days. |
Posted at 29/7/2008 10:32 by tuckswood8 I am on holiday at present so not able to fully analyse the terms of the merger.Solana closed last night on TSX at around a 1-month low, the RNS talks of a 14% premium to the 20 day weighted average price, so why has the price fallen so sharply on AIM today? Also why did the price slump yesterday? The situation is further complicated by the GTE price having fallen 32% over the last month whilst that of SOR has only dropped 24%. Will have to wait for TSX to open to see the reaction there but it appears to me that our MMs have over-reacted in dropping the AIM price, and that anyone selling in the market today is getting shafted. As there is not going to be an AIM listing for the combined company it would seem that SORL holders have little alternative to selling in the market at some point, but I would hope to see a more fair price than 201p. I trust that someone better able than me to analyse the deal will post their opinion in the next few days. EDIT: Somewhat peeved as I added 2000 yesterday! |
Posted at 12/2/2008 22:57 by norman the doorman With RE: to test rates.8000 barrels would be good fortune! Over the long term, that rumour should add a couple of dollars to the share price, and perhaps increase the chances of success for Costayaco -3. Solana was trading at $2.20 on Dec.11, when Costayaco -2 was spud, and has added $.60 / share on speculation of Costayaco -2 success. With Solana trading at $2.80 this equates to specualtion that Costayaco -2 will add production of 1,600 bopd gross (800 bopd net to Solana). Value of Costayaco-2 from production in bopd. $70 net price x 800 bopd x 360 days / 126 million shares FD = $.16 net revenue x 4 times multiper = $.60 share . $70 net price x 2000 bopd x 360 days / 126 million shares = $.40 net revenue x 4 times multilper = $1.60 share $70 net price x 3000 bopd x 360 days / 126 million shares FD = $.60 net revenue x 4 times multipler = $2.50 share. Nicked off architect again off the Investors village site. Dont forget though that production rates are often only 40% of the test rates. Im fairly positive the results will be good but the longer the wait the more nervous I get. The real deal will be the size of the prize with C-3 and the detail in the 3D seismic they have shot. |
Posted at 17/1/2008 11:11 by norman the doorman Sold 10% of my holding as well, wanted some cash for PET. Noticed SORL has done 244% YTD and is the 8th highest % riser on the LSE. Still only 274 posts though. Stolen off the Investors village site by ARCHITECT. GTRE 'netbacks" speadsheet includes operating costs, so it's net revenue (price/net revenue) if the operting costs were not deducted a multiple of 3.5x, might be more appropriate. Since operating costs are deducted, a multiple of 4x seems reasonable as general guidance, for a "back of the envelope" valuation. Solana spends $4 million a year in operating overhead, $4 million in G&A and averaging 3500 - 4000 bopd they should be profitable. At say 5000 bopd, Solana might turn an annual profit of .50 / share then a price/earning (PE) mulitiple of 10x would yield a $5 share price. Dahlman Rose recent report uses a 7.9x price-to-2009 net cash flow multiple, which is derived from the E&P peer group average. Dahlman Rose projects their $4 price target (GTRE). The Dahlman Rose report estimates $0.51/share in 2009 cash flow. 7.9 x .51 equals $4. I'll assume Solana's operating overhead and G&A will increase 125% from $8 in 2007 - $18 million in 2009. $18 million added to $67 million (.51 x 133 FD shares) = $85 million in net revenue. Assume operating margins improve significantly about 70% - 80%, as production increases. Working backwards from Dahlman Roses report, $85 million net revenue / 360 days / $60 "netbacks" requires production of 4000 bopd 2009 to support their price target of $4. I used $60 netbacks, assuming operating costs will increase 125% from $4 barrel in 2007 to $10 barrel in 2009 (due to increased rilling and infrastructure investment in the Putumayo basin) and oil prices will average $90 / barrel thru 2009E. $10 / barrel in production costs x 1,000 bopd x 360 days supports a field operations budget of $3.6 million. $10 / barrel in production costs x 10,000 bopd x 360 days suports a field operations budget of $36 million. Costayaco -1 generates net revenue of $80 million /year ( $40 million net to Solana) compare that to Solana's net revenue in Q3 2007 of $3.1 million. Solana could continue to grow revenues expondentailly, with a succesful 2008/2009 drilling program. I use a 6.5 x multiplier for "price/net cash" flow ratio - 4 x multiplier for "price/net revenue", and 3.5 x multiplier for "price/gross revenue". Either way it yields approximately $1 / share for 1000 bopd, discount the $1 8% to service the debt and increase the discounted percentage if Solana draws on debt for field operations and doesn't discover oil. Petrominerales PMG is good one to look at- Q2 2007 PMG reported 2850 bopd production with $6 in production cost and + .13 / share in profit with the average price of oil WTI $58 / barrel, Q3 2007 they reported 4500 bopd with $7 in production costs and +.11 / share profit with an average price of oil WTI $68 / barrel. Petrominerales' PMG operating margins were better than Solana's and Gran Tierra's on 2800 bopd, as PMG reported a +.13 profit on 2850 bopd, and SOR and GTRE are "breaking even" on 2800 bopd. When Solana's Q4 2007 financials are reported, compare to PMG's Q2 2007 report, to see if Solana is " on-the- path to profitibility. I believe PMG and PBG share some G&A and or personnel expenses, in any case, PMG was "lean and mean" to turn a .13 quarterly profit on 2850 bopd. Given the current share price, there are four conclusions: 1) the market hasn't priced in much, if any, forward production growth above 3000 bopd thru 2009, or 2) the market expects Solana's production costs will increase above $10 / barrel, ie. Solana and Gran Tierra will incur significant capital investment cost in the Putumayo - building pipelines, flowlines and increasing the capacity of the processing facility, and then not discover a significant amount of new oil. The same analogy could be applied to the Llanos basin. 3) the investment for field operations plus capex cost for costayaco 2-7 are significantly more than $72 million / year ($36 million net to SOR) 4) The markets are wrong on this one, or expecting the price of oil (WTI) will drop to $60. I believe Tristione uses $57 as the average price of oil (WTI) thru 2009E. Take your pick from the above options. I prefer No.1. :) ( although a short crude hedge may be sensible. ) |
Posted at 24/9/2007 20:16 by someuwin Part of Broker coverage found on stockhouse.com... September 19, 2007 Summary Note Please See Full Report for More Detail Energy Foreign Producers SOR, TSX-V C$1.85 12-Month Target: C$2.75 SORL, LSE-AIM 87p Rating: Overweight (Speculative) Potential Return: 49% Market Cap (F.D.): C$204 million All values in US$ unless otherwise noted. Key Metrics (2008E) Production (Boe/d) 2,695 EBITDA (MM) $24.1 FDCFPS $0.18 EPS $0.08 Capex (MM) $40.6 Net Debt (MM) $17.0 Investment Thesis Solana Resources Ltd. (Solana) is a Canadian-based energy company with a focus on acquiring and developing oil and gas properties in Colombia, South America. A new senior management team took control of Solana in October 2006 and refocused company efforts on high-working-interes in Colombia. As a result, a six-well exploration program was initiated in Q1/07. The company has drilled five wells to date, resulting in two significant new field discoveries and one potential new discovery. The new field discovery wells (Costayaco-1 and Juanambu-1) tested at a combined rate of 6,782 Bbl/day of medium-gravity oil (20°33° API). The company expects to be producing from both wells in Q3/07. The potential new discovery well (Tres Curvas-1) indicates reservoir-quality sediments in six separate zones that will be tested over the coming month. By our estimation, the full value of the company's recent discoveries is not being recognized in the current share price. We believe that there is the potential for significant near-term value addition as the company continues its drilling and testing program. Valuation We model a FDNAVPS range of C$2.32C$3.12 and set a 12-month target price of C$2.75, based on C$1.94/share (FD) for our base-case valuation plus C$0.38/share (FD) for the Tres Curvas and Cocodrilo prospects and C$0.40/share of upside value from the Costayaco Field. Catalysts Events that could act as catalysts for share price appreciation include: − Testing results for the Tres Curvas well in the Catguas Block (October 2007) − Drilling results for the Cocodrilo well in the Catguas Block (November 2007) − First production from the Juanambu field (September or October 2007) − First production from the Costayaco field (October 2007) − Additional drilling and testing in the Costayaco field (November and December 2007) − Future exploration success in the Putumayo, Llanos and Catatumbo basins Conclusion Drilling and testing over the next three to six months should provide additional clarity on the recoverable reserves in the Costayaco field and the Catguas prospects. We recommend that investors take a position in Solana before news is released, as we believe there is significant near-term upside that is not currently priced into the stock. We are initiating coverage of Solana with an Overweight (Speculative) rating and 12-month target price of C$2.75. |
Posted at 03/5/2007 20:59 by littleredrooster Bridge Resources Corp. (BUK)Industry Shares Outstanding Market Cap Independent Oil & Gas 36,791,682 43,414,185 "With the current award and the previously owned blocks, Bridge now holds 100-per-cent interest in 11 blocks, covering a total of 1,710 square kilometres or 422,000 acres. "Bridge is very pleased with the awards from the 24th bid round. They will allow the company to develop a very strong portfolio of prospects in the southern U.K. North Sea gas fields," stated Edward Davies, chief executive officer of Bridge. Bridge will begin the evaluation of the new blocks along with the continued work which is being performed on the existing acreage. Initial drilling is expected to begin in July, 2007." SUBJECT: Three NRs that spell it all out... Posted By: Tinmann Post Time: 9/14/2006 19:26 In the near term, the results of their bids in the 24th licensing round seems to be the next bit of business that we'll hear about... In chronological order... Transco enters LOI to merge with Bridge North Sea 2006-05-24 16:25 ET - News Release Mr. Dave Antony reports TRANSCO AND BRIDGE NORTH SEA LIMITED AGREE TO COMBINE Transco Resources Corp. and Bridge North Sea Ltd. have entered into a binding letter of intent dated May 15, 2006, to combine the businesses of Transco and Bridge by means of the acquisition of all the outstanding shares of Bridge. The proposed acquisition is at arm's length. As part of the transaction, Transco will change its name to Bridge Resources Corp. (BRC). Description of Bridge and Transco businesses Bridge is a private company incorporated in 2005 under the laws of the Scotland. Bridge is owned equally by Edward J. Davies and Thomas J. Stewart, both of whom are United States residents. Bridge's principal assets are located in the southern portion of the United Kingdom North Sea gas area. Transco is engaged in the exploration for, and the development, production and acquisition of, natural gas and petroleum interests. Transco's strategy for growth includes an active acquisition, exploration, exploitation and development program. Upon completion of the proposed combination, BRC will continue as an oil and gas exploration and development company, with focus in the gas area of the U.K. North Sea. Bridge holds a 100-per-cent interest in four offshore exploration blocks located in water depths of 15 to 50 metres in the Southern U.K. North Sea. In total, these exploration blocks cover 900 square kilometres. Bridge was awarded two licences comprising the four blocks in the U.K. 23rd bid round effective Dec. 22, 2005. All four blocks have work-commitment requirements. Since award of the blocks, Bridge has completed all work requirements to date. These include the purchase of 920 square kilometres 3-D, which is in excess of the 600-square-kilometre commitment, and the purchase of over 2,000 kilometres of 2-D seismic. Seismic reprocessing is currently under way to optimize drilling locations on both licences. The award terms require a commitment to drill one well on each of the two licences prior to Dec. 22, 2007, with the further requirement that the wells be drilled within four years from the initial award date by Dec. 22, 2009. The primary reservoir targets on all four blocks are Carboniferous sandstones that produce in several U.K. North Sea fields. As reported through the U.K. Department of Trade and Industry, the average field size is 200 billion cubic feet gas, with field deliverability in the 50- to 130-million-cubic-fe Degolyer and MacNaughton has been engaged to prepare to provide a National Instrument 51-101 compliant report on the prospects; additional information will be released related to the prospects upon completion of the report. A financial summary of Bridge North Sea for the periods indicated is as follows. FINANCIAL SUMMARY OF BRIDGE NORTH SEA (in U.S. dollars) Period ended March 31, 2006 Current assets 526,582 Petroleum and natural gas properties 524,055 Current liabilities 541,148 Operating revenues - Operating expenses 16,316 Shareholders equity (14,566) Terms of proposed combination Pursuant to the agreement, all the issued and outstanding common shares of Bridge will be acquired for eight million Transco shares at a deemed price of $1.10 per share. In addition, the current shareholders of Bridge shares will receive up to an additional 2.55 million Transco shares contingent upon BRC meeting performance milestones, which are expected to be met prior to the end of 2006. The proposed combination is subject to a due diligence period, which terminates on May 26, 2006, as well as standard conditions and approvals. At the time of closing of the proposed transaction, there are expected to be 31,601,682 BRC shares. Certain of the BRC shares issued pursuant to the proposed combination in exchange for Bridge shares may be required to be deposited into escrow and released on terms to be determined in accordance with the requirements of the TSX Venture Exchange. Stock options BRC also intends to grant incentive stock options for two million common shares in BRC at a price of $1.35, in conjunction with closing of the proposed combination, to certain directors, officers and employees, and consultants of BRC. New management upon completion of the proposed combination Upon completion of the proposed combination, the directors of BRC will be David Antony, Charles Selby, Mr. Davies, Mr. Stewart, George Watkins and Ken Yurkowski. The officers of BRC will be Mr. Davies (president and chief executive officer), Mr. Stewart (vice-president, exploration), Mr. Antony (chief financial officer) and Trevor Wong-Chor (corporate secretary). Biographies for the proposed new officers and directors of BRC are as follows. Mr. Davies -- proposed president, chief executive officer and director Mr. Davies holds a BSc in geology from the University of Wales; a PhD in geology from the University of Alberta; and an MSc in management from the Massachusetts Institute of Technology Sloan School. His previous experience comprises six years with Shell Canada, 20 years with Conoco Inc. and 10 years with Energy Corp. of America as senior vice-president. Mr. Davies has held diverse international management assignments, including president, Conoco Ecuador; managing director, Conoco Nigeria; and manager of exploration and development, for Conoco U.K. Ltd. Mr. Davies has been president of Bridge E&P Corp. since its formation in 2002. He is a member of the American Petroleum Institute 25 Year Society and the American Association of Petroleum Geologists Trustee Associates. Mr. Stewart -- proposed vice-president, exploration and director Mr. Stewart holds a BSc in geology from the University of Wisconsin, and completed all course work for the master's degree program in geology at the University of Houston (ABT). Mr. Stewart's experience includes six years with Conoco Inc. and over 25 years working for small independent oil and gas exploration companies, and as a consultant. In this capacity, he has worked from the U.S. Gulf Coast to the Rocky Mountains, developing and managing exploration plays. His international experience includes New Zealand and the North Sea. Most recently, Mr. Stewart was manager of geology for the Energy Corp. of America and, since 2004, he has been exploration manger for Bridge E&P Corp. Mr. Stewart is an active member in the American Association of Geologists and the Rocky Mountain Association of Geologists. Dr. Watkins -- proposed director Dr. Watkins holds a PhD in geophysics and a BSc in mining from Leeds. Dr. Watkins has over 35 years of experience in the international oil and gas industry, including 20 years with the Conoco group. Dr. Watkins was chairman and managing director of Conoco U.K. Ltd. from 1993 through 2002. Dr. Watkins is currently a director of Abbot Group PLC, a provider of drilling, well intervention and engineering services; Intermediate Technology Institute in Scotland; U.K. Defense Procurement Agency; and is on the board of governors of Robert Gordon University, in Aberdeen, Scotland. Dr. Watkins has been a member of the board of directors and advisory committee of numerous organizations, including Paladin Resources PLC, Gulf Indonesia Resources Ltd., and the U.K. Department of Trade and Industry. Dr. Watkins is the past chairman of the U.K. Offshore Industry Step Change in Safety Group, past chairman of the U.K. Petroleum Science and Technology Institute, and past president of the U.K. Offshore Operators Association. Mr. Antony -- chief financial officer and current director Mr. Antony is a chartered accountant with over 15 years of experience with both private and public companies. He is currently chief executive officer of Transco. As well, Mr. Antony is president and a director of March Resources Corp., and president and a director of Southern Pacific Resource Corp. From 1991 to 2001, Mr. Antony was a partner at Halpin Antony Owen Mayer Chartered Accountants. Mr. Selby -- current director Mr. Selby is both a lawyer and a petroleum engineer. Mr. Selby is currently vice-president and corporate secretary for Pengrowth Corp. Fund. As well, Mr. Selby is chairman and chief financial officer of AltaCanada Energy Corp., director of Qwest Energy Corp., a director of Interex Oilfield Services Ltd., and a trustee for EOG Saskatchewan Trust. Mr. Yurkowski -- proposed director Mr. Yurkowski has over 40 years of experience in the offshore oil and gas drilling industry. Mr. Yurkowski has been involved in the offshore drilling and in-country liaison for Exxon Mobil, Esso Resources and Petronas Carigali SDN BHD. Mr. Yurkowski has been involved in the offshore drilling of wells in Malaysia, Australia, Vietnam and in Canada, offshore Nova Scotia. Mr. Wong-Chor -- corporate secretary Mr. Wong-Chor is a securities and corporate commercial lawyer. Since September, 2004, he has been with Davis & Company LLP in its Calgary office. From October, 1998, to September, 2004, Mr. Wong-Chor was with Borden Ladner Gervais LLP and its predecessor firms. Mr. Wong-Chor obtained his undergraduate degree from the University of Victoria and his law degree from the University of Calgary. Approvals and conditions The proposed combination is subject to both shareholder approval and regulatory acceptance under the policies of the exchange. In connection with the transaction, Transco will pay an arm's-length finder's fee of 100,000 common shares of Transco at a deemed value at the transaction price. The finder's fee is payable upon the closing of the above-mentioned transaction. The finder's fee is subject to TSX Venture Exchange acceptance. We seek Safe Harbor. ++++++++++++++++++++ Transco provides overview of Bridge merger 2006-07-14 18:26 ET - News Release Mr. Dave Antony reports TRANSCO AND BRIDGE NORTH SEA LIMITED COMBINATION UPDATE Transco Resources Corp. announced in Stockwatch on May 26, 2006, that it and Bridge North Sea Ltd. have entered into a binding letter of intent (agreement) to combine the businesses of Transco and Bridge by means of the acquisition of all the outstanding shares of Bridge. The proposed acquisition is at arm's length. As part of the transaction Transco will change its name to Bridge Resources (BRC). Resource and prospect report A report was prepared by DeGolyer and MacNaughton Canada Ltd., effective May 31, 2006, estimating the prospective resources of the four prospects in the 100-per-cent-owned North Sea blocks. The report on the initial prospect on the blocks generated a range of estimated unrisked gross prospective gas resources from 236 billion cubic feet to 645 billion cubic feet, with the best estimate of 420 billion cubic feet of recoverable gas. The report further estimated a geologic risk adjusted gross prospective gas resource of 86 billion cubic feet of gas for the prospects. The D&M North Sea report has been prepared in accordance with National Instrument 51-101 as it pertains to the evaluation of prospects and resource. The company filed the D&M North Sea report on SEDAR and encourages readers to review the report in its entirety for additional information. The report is subject to a number of qualifications and assumptions, and discloses no reserves of any nature. Prospective resources are those quantities of oil and gas estimated on a given date to be potentially recoverable from undiscovered accumulations. If discovered, they would be technically and economically viable to recover, there is no certainty that the prospective resource will be discovered. If discovered, there is no certainty that any discovery will be technically or economically viable to produce. Bridge holds a 100-per-cent interest in the four offshore exploration blocks located in water depths of 15 to 50 metres in the southern United Kingdom North Sea. In total, these exploration blocks cover 900 square kilometres. Bridge was awarded two licences, comprising the four blocks in the U.K. 23rd bid round, effective Dec. 22, 2005. All four blocks have work commitment requirements. Since the award of the blocks, Bridge has completed all work requirements to date. These include the purchase of 920 kilometres 3-D seismic, which in excess of the 600-square-kilometre commitment, and the purchase of over 2,000-kilometre 2-D seismic. Final seismic reprocessing is currently under way to optimize drilling locations on both licences. The U.K. Department of Trade and Industry require a commitment to drill one well on each of the two licences prior to Dec. 22, 2007, with the further requirement that one additional well on each licence be drilled by Dec. 22, 2009. The primary reservoir targets on all four blocks are Carboniferous sandstones that produce in several U.K. North Sea fields and the Permian Rotliegendes Aeolian sands and overlying Zechstein dolomites. It is expected that drilling will commence in early 2007 with the initial well having an estimated gross cost of $10-million (U.S.). The first well in the drilling program is expected to be drilled to a total depth of 9,500 feet with an estimated drilling time of 30 days. This target zone is closely analogous to the 73-billion-cubic-foo Transco will require additional financing of approximately $6-million to complete the drilling of the initial well and will require additional financing in order to meet its obligations related to the future work commitments it has in relation to the licences it currently holds. This additional financing will come in the form of additional equity or debt financing. A further announcement regarding the details of the financing will be made in due course. Sponsorship report Canaccord Capital, subject to completion of satisfactory due diligence, has agreed to act as sponsor to Transco in connection with the transaction. An agreement to sponsor should not be construed as any assurance with respect to the merits of the transaction or the likelihood of completion. UK 24th North Sea bid round Transco and Bridge jointly bid on an additional 14 blocks in the southern region of the UK North Sea. The 24th round blocks would be complementary to the program which has been developed from the blocks which were awarded in the last bid round, and which were evaluated in the above-noted report from Degolyer & MacNaughton. The companies are expecting to have the result of the bids announced by the UK Department of Trade and Industry in mid-September. Resumption of trading It is expected that the shares of Transco resume trading on July 18, 2006. Cautionary statements Completion of the transaction is subject to a number of conditions, including exchange acceptance and disinterested shareholder approval. The transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the management information circular to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Transco should be considered highly speculative. ++++++++++++++++++++ Transco acquires Bridge North, changes name 2006-09-08 14:22 ET - News Release Mr. Edward Davies reports TRANSCO RESOURCES CORP. 'NOW BRIDGE RESOURCES CORP.' ANNOUNCES COMPLETION OF THE ACQUISITION OF BRIDGE NORTH SEA LTD. AND A $6,750,000 PRIVATE PLACEMENT Transco Resources Corp. (now Bridge Resources Corp.) has completed the acquisition of all of the issued and outstanding securities of Bridge North Sea Ltd. on Sept. 8, 2006. As a result of the acquisition, the corporation has issued eight million common shares of the corporation and 2.55 million rights to acquire common shares to the Bridge shareholders on a pro rata basis. Each whole right entitles the holder to acquire one Transco share for no consideration upon certain blocks in U.K. bid round 24 being obtained. The rights vest as to 850,000 rights for each additional block obtained in U.K. bid round 25. The corporation has also closed its previously announced private placement. A total of 4.5 million units at a price of $1.50 per unit were issued for gross proceeds of $6.75-million. Each unit consists of one common share and one-half of one common share purchase warrant. Each warrant entitles the holder to acquire one common share at a price $1.75 per common share until Sept. 8, 2007. The securities issued in connection with the private placement are subject to a four-month statutory resale restriction. The proceeds of the private placement will be used for exploration on the corporation's assets in the U.K. North Sea. As a result of the acquisition, the corporation now holds through Bridge a 100-per-cent interest in four offshore exploration blocks located in water depths of 15 to 50 metres in the southern U.K. North Sea. In total, these exploration blocks cover 900 square kilometres. All four blocks have work commitment requirements. Since award of the blocks, Bridge has completed all work requirements to date. These include the purchase of 920 square kilometres 3-D, which is in excess of the 600-square-kilometre commitment, and the purchase of over 2,000 square kilometres 2-D seismic. Seismic reprocessing is currently under way to optimize drilling locations on both licences. The award terms require a commitment to drill one well on each of the two licences prior to Dec. 22, 2007, with the further requirement that the wells be drilled within four years from the initial award date by Dec. 22, 2009. The primary reservoir targets on all four blocks are Carboniferous sandstones that produce in several U.K. North Sea fields. At the shareholders meeting held on Sept. 8, 2006, all matters placed before the shareholders were approved, including the election of new directors in contemplation of the closing of the acquisition. The new directors and management are Edward J. Davies (president and chief executive officer), David Antony (chief financial officer), Thomas J. Stewart (vice-president of exploration), Charles V. Selby, Kenneth J. Yurkowski and George E. Watkins. Biographies for these individuals are contained the press release in Stockwatch dated May 24, 2006. The corporation has also changed its name to Bridge Resources and will commence trading under that name and the symbol BUK on the TSX Venture Exchange in the near future. In addition, the corporation has issued two million options to purchase common shares to eligible participants, of which 1.5 million were granted to officers and directors of the corporation. The options to purchase common shares are exercisable at a price of $1.50 per common share for five years from the date of issuance. After giving effect to the acquisition, private placement and related transactions, the corporation now has 36,164,870 common shares issued and outstanding. The corporation engaged Canaccord Capital Corp. to act as its agent on the private placement. Canaccord received a corporate finance fee of 25,000 units, a commission of 5 per cent of the gross proceeds payable in cash and agent's options to acquire that number of units equal to 5 per cent of the number of units sold. Canaccord also acted as sponsor to the acquisition. As a result of the acquisition, Mr. Davies now owns four million common shares (11.1 per cent), rights to acquire a further 1,275,000 common shares and options to acquire a further 350,000 common shares at a price of $1.50 per common share. As a result of the acquisition, Mr. Stewart now owns four million common shares (11.1 per cent), rights to acquire a further 1,275,000 common shares and options to acquire a further 350,000 common shares at a price of $1.50 per common share. All of these common shares and rights are held in escrow in accordance with TSX Venture Exchange policy as surplus securities. A finders' fee of 100,000 common shares was paid in relation to the acquisition to arm's-length parties. SUBJECT: New asset Posted By: Tinmann Post Time: 10/31/2006 09:20 They're putting things together piece by piece. Not a bad deal here. OCTOBER 31, 2006 - 09:00 ET Bridge Resources Corp. Announces Memorandum of Understanding to Acquire Additional United Kingdom North Sea Gas Assets CALGARY, ALBERTA--(CCNMatthew The Gas Field Asset comprises the Dudgeon Field discovered by Placid Oil in 1967. The discovery well 48/21-1 encountered 19m (62 feet) of pay in the Rotliegendes Leman Sand at 2,250m (7,500 feet) that flowed at 20.9 million cubic feet gas with 628 barrels condensate per day. The P50 reserves estimated by a well-known independent UK-based engineering and consultancy group in March 2006, classified as contingent resources, are 36.2 billion cubic feet of gas and 720,000 barrels condensate. These reserve estimates are consistent with earlier reservoir modelling estimates of 51.8 billion cubic feet of gas by a separate independent engineering group in its report dated March, 2004. The reserves data were prepared in accordance with SPE standards but without reference to National Instrument 51-101. Dudgeon Field has been inactive since discovery but the increase in oil and gas prices and the maturity of infrastructure in this area of the North Sea now make Dudgeon Field attractive for economic development. Bridge plans to drill the first production well in the first quarter of 2007 with an estimated drilling cost of US$12,000,000. The Proposed Acquisition is subject to a number of conditions, including contractual due diligence, regulatory acceptance, and the completion of the definitive documentation. The Proposed Acquisition is expected to be completed in November, 2006. "This acquisition adds an attractive new core asset to our portfolio with proven undeveloped reserves" said President and Chief Executive Officer, Edward J. Davies. "It's an excellent fit with our growth strategy, since it builds on our existing licence base in the UK North Sea Gas Area. Bridge holds a 100% interest in analogous exploratory prospects in three blocks contiguous with Block 48/21 that will be commercially upgraded through development of Dudgeon." After giving effect to the Asset acquisition, the Corporation will have 40,616,682 Common Shares issued and outstanding. About Bridge The Corporation is active in the exploration for hydrocarbons in the Southern Gas Area of the UK North Sea where it holds 100% interest in four offshore exploration blocks located in water depths of 15 to 50m. In aggregate, these exploration blocks cover 900 square kilometres and Bridge is currently reprocessing existing 3D seismic surveys to finalize drilling locations. The TSX Venture Exchange has in no way passed upon the merits of the Proposed Acquisition and has neither approved nor disapproved the contents of this press release. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this information. SUBJECT: News !! BUK wins 5 blocks North Sea bids Posted By: Niteshift58 Post Time: 2/1/2007 14:49 Bridge Resources wins five U.K. North Sea blocks Bridge Resources Corp (C:BUK) Shares Issued 36,741,683 Last Close 1/31/2007 $1.04 Thursday February 01 2007 - News Release Mr. Edward Davies reports BRIDGE RESOURCES CORP. ANNOUNCES AWARDS ON UK 24TH BID ROUND Bridge Resources Corp. has been awarded five blocks by the U.K. Department of Trade and Industry (DTI) in the 24th bid round. Bridge is very excited about the additional acreage that was awarded. The five new blocks comprise a total of 699 square kilometres, which equate to approximately 172,624 acres. Of particular interest is award of Bridge's two highest-rated blocks 44/14 and 44/15. A third block, 47/20a, completes coverage on the Adeline prospect, on trend with and complementary to the prospect that Bridge is acquiring through the previously announced acquisition from Century Exploration (U.K.) Ltd. and Warwick Energy Ltd. With the current award and the previously owned blocks, Bridge now holds 100-per-cent interest in 11 blocks, covering a total of 1,710 square kilometres or 422,000 acres. "Bridge is very pleased with the awards from the 24th bid round. They will allow the company to develop a very strong portfolio of prospects in the southern U.K. North Sea gas fields," stated Edward Davies, chief executive officer of Bridge. Bridge will begin the evaluation of the new blocks along with the continued work which is being performed on the existing acreage. Initial drilling is expected to begin in July, 2007. With the award of more than three blocks, the conversion rights held by Mr. Davies and Tom Stewart can now be converted into common stock of the corporation. © 2007 Canjex Publishing Ltd. |
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