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Eureka Mining Share Discussion Threads
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well worth a read!|
Turkish weather and business climate improve
Tuesday, 23 January 2007
IMPROVED weather has let Turkey-focused juniors Eureka Energy and Incremental Petroleum resume work at their respective operations. Meanwhile, Incremental is also lauding changes to Turkey's petroleum legislation, which it says will enable the company to earn higher revenue from its Selmo oil field.
Incremental's Selmo operations in Turkey
Earlier this month, Eureka and Incremental said heavy snow and extremely cold temperatures had forced them to halt their activities.
But today Eureka said its operator was preparing to test the Koyunlu-1 well, now that weather and road access in the area had improved. The acidising and testing operations are expected to take about a week.
In addition, Incremental has returned its 100%-owned Selmo oil field to full production, when the last remaining well with frozen flow lines was put back online.
Due to the weather, about 7500 barrels of Selmo oil were deferred.
"In contrast with much of Europe, night-time temperatures at Selmo have remained substantially below zero for over a month, with daytime temperatures often also below zero. The ground is still frozen in many areas," the company said this morning.
"The application of new equipment purchased over the last year, plus continued efforts from our Selmo staff have minimised the disruptions to production."
Sunny outlook for explorers in Turkey
Following five years of consultation between the industry and government, the Turkish parliament passed the Petroleum Law last week.
Of particular interest to Incremental is the new royalty regime, designed to encourage operators of older, smaller oil fields such as Selmo to re-invest to increase production.
Under the old legislation, Incremental was required to pay the Turkish Government 12.5% in royalties. Now the Government will collect 1.7% of royalties on the first 1000 barrels of oil produced per well, increasing to 5% for the next 4000bbl.
This means that Incremental will pay a net royalty of about 3.2%.
As well as the new royalty regime, Incremental said other legislative changes include:
Production licence tenure extended by 10 years;
Five-year tenure on exploration blocks (plus four years with extensions on onshore exploration acreage (previously four plus four);
Requirement to lodge a bond of 2% of proposed exploration program for new applications or renewals|
see CER rns out a few minutes ago.|
|MM manipulation towards the cer price today me thinks? Is takeover day tomorrow? If so anyone know when I will see CER shares in my portfolio to replace the EKA ones?|
red river 1
try YAU yamana gold. projected cash flows in 2007 amazing. Obviously linked to the price of gold so if you are expecting the gold price to increase then YAU would be a good bet. I own shares so my opinion is biased. Buy if you do your own research on the company I am sure you will agree with me.
|Last day to buy eka shares is tomorrow!
Hope to see a good rise in CER sp,will give it a while and try to be patient but am looking for better homes for my cash.|
|The end / Koniec!!!!!!!!!!!!!!|
|Post removed by ADVFN|
|May look to buy again tomorrow if this continues to drop and cer continues to rise. Only a week to go of share trading if the offer goes ahead.|
red river 1
|Aton was a bit of a pain with their EGM request. Hopefully things should progress a bit better now!|
|Once they realised just how EKA holders had been mugged and how good it was therefore for CER holders, could they not be happy ?|
|I think the above cer rns is a positive sign regarding the future of cer/eka.
Aton must be happy with what was discussed.|
|Celtic Resources Holdings PLC
05 December 2006
Celtic Resources Holdings Plc ('Celtic' or the 'Company')
The Directors of Celtic can confirm that on 13 November 2006 the Company
received a requisition to convene an extraordinary general meeting ('EGM') of
the Company's shareholders ('Shareholders') from Aton International Limited
('Aton') on behalf of a group of shareholders, who in aggregate have reported
holding 11.6 per cent. of the issued share capital of the Company.
The purpose of the suggested EGM was to allow Shareholders to discuss and vote
on certain aspects of the Company's strategy, its proposed acquisition of Eureka
Mining Plc and to propose the payment by Celtic of a dividend to Shareholders.
In the intervening period the Directors of Celtic have engaged in a constructive
dialogue with representatives of Aton to discuss these issues. Aton has
subsequently agreed to withdraw its request for an EGM.
5 December 2006|
|Hi susiebe and konil.
Well thats interesting news konil, and certainly explains why some with a hint inside knowledge perhaps, were selling out and the price was falling, if this is the case.
I certainly did not hear about Barcalays pulling out any earlier, but it would explain many things if they did.|
|i have it on good authority that subsequent to the egm on 30 nov, the cer takeover is a done deal, it is not dependent on a vote by cer shareholders.
another little titbit that has come to my attention is that subsequent to the results of the chelyabinsk pre-bfs in the summer, barclays had pulled out of the financing because the numbers were not as positive as originally anticipated and it is for this reason that eka didn't pursue alternative funding...am i alone in not having been aware of this until very recently??|
|I know that its not brilliant to be holding eka but is anyone still here?Very quiet board these days!
I was enjoying watching CER head upwards but see its taken a tumble this pm.Any ideas why?|