Creon Share Discussion Threads

[share_shark] 28/8/2013 07:12

Waket Wakey RNS !!!!!!!!!!!





28 August 2013

Creon Resources Plc

("Creon" or "the Company")

Creon ready to "strike steel" in China

Rig construction commences



Creon, the Aim-listed resource and resource infrastructure focused investment company is pleased to announce that, Jiangsu Yangzijiang Offshore Engineering Co. Ltd. ("YZJOE"), in which Creon has a 18.6% stake through its joint venture with China's third largest ship building group, Yangzijiang Shipbuilding (Holdings) Pte Ltd (SP:YZJ), is ready to "strike steel" on the construction of its 350ft Le Tourneau "super enhanced 116e" design self-elevating Mobile Offshore Jack-up Drilling Rig.



This follows seven months of detailed technical engineering work, carried out by YZJOE in conjunction with Explorer 1 Limited (100% owned by Mena Offshore Investments Limited (MENA) and managed by Offshore Logistics (Asia Pacific) Pte Ltd (OLAP)). The rig is expected to be ready for commissioning within two years.



"Striking steel" in offshore marine construction parlance means that the detailed engineering phase has been successfully completed and execution of the underlying project can now begin at its joint venture yard based in Taicang, outside Shanghai.



Glen Lau, CEO of Creon, stated:



"Self-elevating jack up rigs such as this, built to the most modern and stringent international engineering standards are in short supply and high demand, particularly with the oil majors. They also have the capability to deliver a valid 'working life' of up to 20 years.



"With ever more demanding technical and accommodation specifications, the rig has to be at least semi-automated and have the ability to meet today's deeper drilling requirements, whilst of course at a highly competitive price".



Creon is pleased that this joint venture with China's largest non-governmental shipyard has helped it diversify into the offshore marine oil and gas industry which has strong prospects as the deeper basins are now generally all ocean-based. The offshore marine industry also encompasses the offshore wind farm market and the consortium is already in discussion with some prospects on how best to capitalise on this further market opportunity.

[oilbuy] 27/8/2013 16:33

Lots to come here !! Nice to see us tick back up. Solid foundation from here !!

[xcap] 27/8/2013 13:29

substantial business here, and I agree SS once we get the news coming through can honestly see well over a 1p, another major deal or second jack up rig order 2p (on the basis that we have a winning management team in YZE off shore who can deliver)

[napoleon111] 27/8/2013 11:22

lol, still a long long way to go to get to the levels where i first invested :)
leg results out aswell if you wish to have a look

[share_shark] 27/8/2013 09:39

If folks think PGR are doing well wait till they see the share price performance on this.........soon !. INMHO of course.

Its ok Nap I will forgive thee.

Our PRG at long last is motoring now towards where we fisrt invested there eh Nap ?.

[napoleon111] 27/8/2013 09:37

change ss, sorry long nights :P

[share_shark] 27/8/2013 08:11

Nap. Chance or change ?. I dont mind which !.:-)

[share_shark] 27/8/2013 08:11

UNBELIEVABLE quiet I would say.

wait till news hits us and then ?!!!!!!!! :-)

[napoleon111] 26/8/2013 20:42

peace and quiet, its nice for a chance :P

[oilbuy] 26/8/2013 18:26

All quiet here !!!

[share_shark] 23/8/2013 08:12

Many thanks guys for contributions.

[napoleon111] 23/8/2013 07:41

130823 Yangzijiang Shipbuilding: VLGC orders for Chinese yards?
Summary: According to Platts, a number of Chinese firms are seeking older VLGCs, as the country seeks to build its own VLGC fleet. There is talk that China Oriental Energy may look to order more VLGCs, with YZJ as a potential beneficiary, but we note that while the latter's Xinfu yard has plans to build large vessels and has an annual production capacity of up to 10 VLCCs, YZJ's capabilities remain primarily in containerships and bulk carriers. As China seeks to reduce its shipbuilding capacity, what is imperative for YZJ is to continue its smooth execution, secure orders (albeit at almost breakeven levels), scale up the value chain by building green vessels and developing its offshore capabilities, while waiting for the industry consolidation to run its course. Should it be one of the few large yards left standing when the dust has settled, YZJ would then find itself in a stronger position than before. Maintain HOLD with S$0.99 fair value estimate. (Low Pei Han)

[oilbuy] 22/8/2013 17:24

2 x 6.5m trades reported late. Interesting ??

[ddav] 22/8/2013 16:43

In addition, many policys mentioned coming but not all upheld.

New policy to support 'capable' shipyards
Thursday, 22 August 2013 | 13:30
[New policy to support 'capable' shipyards]
Amid the harsh shipbuilding market, the Chinese government will offer favourable tax policies and technical assistance to 'capable' shipyards to help them develop greener ships.
"The capable shipyards are to receive tax incentives and technical support for greener ship ships," Chen Bin, official from the National Development and Reform Commission said.
The development of offshore engineering products will be treated as a priority as well to diversify the Chinese shipyards' products, Chen added.
Source: Sino Ship News.

[oilbuy] 22/8/2013 08:35

Will we hold today ?

[ddav] 21/8/2013 09:14

Well I get blamed for a lot but it wasn't me!

[xcap] 21/8/2013 08:42

no worries
someone determined to get out

[oilbuy] 21/8/2013 08:36

Steep drop on the back of a small sell. Lets hope we recover later in the day !!

[share_shark] 21/8/2013 08:08

errrrrrr red !.

[share_shark] 21/8/2013 07:30

Hopefully and fingers crossed............oilbuy/xcap/Nap.

[oilbuy] 21/8/2013 07:27

xcap. We await the next leg up, Possibly today ?

[xcap] 20/8/2013 19:17

oilbuy/Nap/ss
holding up well at .7p

[napoleon111] 20/8/2013 14:07

Offshore vessels utilization continues to remain at elevated levels with utilisation for drillship and jack-up perking up considerably in July 2013. "Going ahead, we believe the trend will continue with a marginal improvement, thereby supporting charter rates,'' it said. - See more at:

[share_shark] 19/8/2013 22:21

Hi Oilbuy,

There cannot be a better JV partner for BOD that Alrosa; their technology secret has been so well guarded for rough diamonds.

No the news has not quite sunk in yet, I agree.

I have watched Metminco and Hawk also.

Seems as if the markets are quite, quite mad.

Thanks for any chart you may do for us oilbuy.

SS