Paternoster Resources Share Discussion Threads

[sweepie2] 01/5/2015 12:09

MXO news

MX Oil plc ('MX Oil' or the 'Company')

Update on Mexico's Energy Bid Round



MX Oil plc, the AIM quoted oil and gas investment Company focused on the re-opening Mexican energy sector, notes the recent comments made by the President of the National Hydrocarbons Commission (CNH), Juan Carlos Zepeda, with regards to the prequalification criteria for the third phase of Bid Round 1. This is focused on the tender for mature onshore conventional fields in Mexico, in which MX Oil intends to participate in, and is the latest step in Mexico's move to allow foreign companies to own and produce oil, ending a 76-year-old state monopoly.



For the third phase of Bid Round 1, those companies that can demonstrate extensive experience in either working with PEMEX, the state owned oil company, or a proven track record of developing onshore fields will be prioritised. This differs from the first two phases of Bid Round 1 where the main criteria were technical and financial. The third tender is focused on 20 and up to 40 onshore fields in the oil strip around the Mexican SouthEast, a number of which have already been discovered and will be put out for tender for development. In addition mature fields will be included which require the application of secondary recovery methods to enhance recovery rates from the basin.



MX Oil is primarily focused on securing onshore conventional acreage in Mexico which remain attractive at current oil prices due to having low production costs. As well as participating in Bid Round 1, the Company is also working alongside its partner Geo Estratos, a leading local oil and gas services provider, to secure existing fields operated by Pemex, the state-owned national oil company, via farm-out agreements.



MX Oil's Chief Executive Officer Stefan Olivier said, "We are highly encouraged by the news that the pre-qualification criteria for the tender for conventional onshore fields, which is our main area of focus, is prioritising relevant experience, expertise and working relationships with Pemex. With over 17 years of experience in working with Pemex and other operators on onshore fields in Mexico, our local partner, Geo Estratos, ticks all the boxes and more. I look forward to providing further updates on our progress, as we look to secure acreage on these large conventional fields, and in the process build a leading Mexican focused oil and gas company."

[marab] 30/4/2015 16:54

sweepie2 - PRS bought 2.5m shares at 10cents each. Current price appears to be 1.4 pula which is US14 cents so in theory worth $350,000.

[sweepie2] 30/4/2015 15:36

Further to the cautionary announcement dated 10 April 2015 and the subsequent communiqué
dated 16 April 2015, this announcement serves to provide additional detail relating to the
private placement of 19,695,856 new shares at P1.40 each, approximately equivalent to
USD0.14 each, (“Private Placement”) in Shumba Coal Limited (the “Company”;).
Authority
for issuance
of new
shares for
cash
Constitution of the Company
At the Annual Meeting of shareholders held on 16 December 2014, the
requisite majority of shareholders voted in favour of waiving their pre-emptive
rights over the issuance of new shares for cash during the period 01 January
2015 to 31 December 2015.
Botswana Stock Exchange (“BSE”)
The BSE has confirmed that the Private Placement complies with the
provisions of the BSE Listing Requirements.
Stock Exchange of Mauritius (“SEM”)
No specific approval is required from SEM given that the fund raising exercise
for the Private Placement is being done in Botswana.
Date of
listing
The new shares will be issued and listed on BSE and SEM with effect from 30
April 2015, following which the Company’s total number of shares in issue
will be 216,654,418.
Issue Price The Private Placement is at P1.40 per share, representing a 27% premium to
the weighted average traded price of the Company’s shares on the BSE in the
30 days prior to the Private Placement.
Subscribers All of the subscribers to the Private Placement are institutional investors from
Botswana which are Public Shareholders, as defined by the BSE Listing
Requirements.
Substantial
shareholders
The table below provides details of those beneficial shareholders owning in
excess of 5% of the issued share capital post the Private Placement.
Beneficial Shareholder Shareholding Percentage
Black Phoenix Limited 76,475,850 35.30%
Botswana Public Officers Pension Fund 30,389,197 14.03%
Jarvis Investment Management Limited 19,210,692 8.87%
BAI Co (Mtius) Ltd 16,666,666 7.69%
Ramnauth Munesh Sharma 14,414,894 6.65%
Financial
impact of
the Private
Placement
The Private Placement will raise BWP27.57 million (approximately USD2.76
million) in cash for the Company. The net asset value prior to the Private
Placement was US cents 2.33 per share as at 31 December 2014 and on a proforma
basis at 31 December 2014, following the Private Placement, is US cents
3.39 per share.

27% MORE THAN SP, surely PRS are well in profit on this investment

[marab] 28/4/2015 20:55

Zoltav went from 31.5m shares to 15m on 6 February 2015. There was a sale of 15m on the 12 February at 0.22p followed by another trade of 10m at 0.23p which could have been a buy. Not including Zoltav sells there has been another 106m sold in 2015 in round multiples of 1m. Some of them may well be smaller shareholders but there has been about 90m sold in amounts of 2m or greater so the overhang from the 95m placing could nearly be gone which would explain the lower prices today. The buying has basically dried up so whoever is selling may be inclined to just get rid of the last few at whatever price they can get.

As long as the seller persists the share price will obviously stay low but the NAV is rising all the time although greatly dependant on the price of PPG. With a share price of 0.2p it looks like PRS is trading at a 54% discount to NAV. Even if you strip out everything that is not listed on UK markets there is still a discount of 41%.



SUMMARY
£


BISON, SHUMBA, ANDIAMO (PRS VALUATION)
346,579


ELEPHANT OIL (PRS VALUATION)
300,000


QUOTED AIM AND ISDX
1,611,852


RIO TINTO, CAIRN, OPHIR, BG, JLP (ESTIMATE)
493,008


CASH IN HAND (AFTER H1 2015 COSTS)
128,377


TOTAL
2,879,815


 
 


SHARES IN ISSUE
672,857,956


TOTAL - SHARES AND CASH
2,939,925


MARKET CAP
1,345,716


DISCOUNT
54.23%


NET CASH END JUNE 2015 ESTIMATE
188,377


INVESTMENTS VALUE
2,751,438


SHARE PRICE
0.20


 
 


QUOTED AIM AND ISDX
£


METAL TIGER
£242,799


MX OIL
£344,000


PLUTUS
£848,700


RED ROCK
£1,200


NORTHCOTE
£175,153


TOTAL
£1,611,852

[barnetpeter] 28/4/2015 15:16

Added more below .2...PPG well up today and I thought it could soar soon.

[rdl1] 28/4/2015 14:39

Apologies if this has been mentioned already but is that a new PRS website I see??

[sweepie2] 28/4/2015 13:01

#PPG Plutus Powergen a maximum of 6 trading days for planning permission which could propel share price to double. I'm loading up now :-)

[maytrees] 28/4/2015 08:30

Greetings Sweepie
There's been no recent announcement about a reduced PRS hldg so I suppose the selling hasn't finished yet. Meanwhile imho seems like good value if patience holds.

[sweepie2] 28/4/2015 08:23

Doesn't stop the seller though!!!!!!!

[sweepie2] 27/4/2015 17:03

Bloody seller back,can't blame him as if you didn't know everything going on with this company you would feel it's a shell with the amount of news re!eased

[sweepie2] 27/4/2015 15:25

Like watching paint dry,surely some sort of update coming this week

[sweepie2] 24/4/2015 23:17

Once again not BLOODY reported and how big a material effect so under valued its crazy but no hint of promoting by the two main directors means PRS will continue to go unnoticed

Shareholders are advised that Shumba Coal Limited (“the Company”) is involved in negotiations for a private placement of new shares for cash in terms of the authority provided by Shareholders at the Company’s last Annual General Meeting which, if successfully concluded, may have a material effect on the Company’s share price…

[sweepie2] 23/4/2015 13:59

Not long to go now, expecting Mexico news soon, the level of buying them should clear out the rest of the seller or so you would have thought

[maytrees] 23/4/2015 12:57

Surely those 1m+ sells must dry up soon?

[sweepie2] 23/4/2015 07:08

Metal Tiger (LON: MTR), the natural resources investing company is pleased to advise that the Company has raised £175,000 through a strategic placing and subscription of shares in the Company.

Highlights:

· Placing and subscription of 19,999,996 new ordinary shares in Metal Tiger at a subscription price of 0.875p per ordinary share raising gross proceeds of £175,000;
· Placing and subscription undertaken at the market mid-price of Metal Tiger at the point the transaction was agreed;
· Issue of 19,999,996 warrants to subscribe for 19,999,996 new ordinary shares in Metal Tiger at an exercise price of 1.75p per warrant, within a one year exercise period (i.e. one warrant at 1.75p for each ordinary share purchased at 0.875p);
· Placing undertaken with high net worth individual investors who expressed an interest in directly supporting Company activities;
· Additional funds enable a further expansion of the Company's investing activities, including an acceleration of Direct Project ground operations.

Cameron Parry, Metal Tiger CEO commented: "Metal Tiger is in the fortunate position of having a material amount of working capital with which to pursue its investing activities through both its Direct Equities and Direct Projects divisions. As announced previously (23 March 2015) the Company has, through its Direct Equities division, generated sufficient working capital to be currently self-financing given planned investments and operations.

The Company was however approached by a group of investors who were interested in Metal Tiger's value proposition and wishing to directly support the Company with further funding. The Board considered that it would be beneficial to add these investors to the Company's share register and that, subject to acceptable terms, the additional funding would enable Metal Tiger to expand and accelerate its plans.

As a result we have agreed a placing at the mid-price at the time the transaction was agreed, and structured this in a similar manner to which Metal Tiger has itself invested in other AIM companies, namely with a share and warrant (at twice the original share subscription price) package.

Metal Tiger is delighted that in an environment where share placings are commonly undertaken at a considerable discount to the prevailing market price, we have been able to secure funding at the market price. We trust this demonstrates the Board's resolve to protect the interests of existing Metal Tiger shareholders whilst rapidly growing the Company. Furthermore this placement demonstrates the confidence from the new investors in the potential of Metal Tiger's strategic plan.

Metal Tiger is now working on a number of additional initiatives in the Direct Equities and Direct Projects divisions to apply this further funding, and where possible additional information will be provided to market promptly in respect of this."

[sweepie2] 22/4/2015 09:56

Another small add on to bring up my holdings to a whole number

[sweepie2] 22/4/2015 09:32

1m add by me, PRS far too under valued and if any news from MXO and NCT breaks I will certainly be spreading the word over on the traders threads even if NL doesn't care LOL

[sweepie2] 22/4/2015 09:05

NCT from the threads, if true big re-rate coming there
NCT
From a broker lunch in the City yesterday moreforus it appears that MAJOR news is indeed on the way at NCT
moreforus 22 Apr'15 - 08:51 - 505377 of 505382 0 0
lol LM not another weasel????
NicosEvos 22 Apr'15 - 08:52 - 505378 of 505382 0 0
lol!!!!!
Liquid Millionaire 22 Apr'15 - 08:52 - 505379 of 505382 0 0
No moreforus more along the lines of a MAJOR oil deal....

[maytrees] 21/4/2015 08:31

Good morning

The 1m+ seller seems to be back with a vengence today - s/he must stop soon surely though then presumably there would need to be an RNS declaring the below 3% holding?

[sweepie2] 21/4/2015 07:08

PPG Strong trading update especially on the corporate side, another update which could have been included in a trading update from PRS

Plutus PowerGen plc ('PPG' or 'the Company')
Trading Update

Plutus PowerGen PLC, the AIM listed power company focused on the development, construction and operation of flexible stand-by electricity generation in the UK, is pleased to provide a trading update highlighting the solid progress made in delivering on its original strategy to develop 200MW of flexible energy generation in the UK over the three years since the Company was re-admitted to AIM in August 2014.

Progress continues to be made on all fronts in respect of each of the four crucial pre-construction phases required before delivering a 20MW flexible generation site. These stages are as follows:

1. Source sites
2. Secure viable connection offer
3. Obtain planning
4. Secure funding

Source Sites

The pipeline under consideration by PPG represents over 500MW of generation capacity. The capacity in the pipeline will change from time to time as new sites are identified and others are discovered to be impractical for such reasons as, inter alia, having a punitively expensive grid connection or extended upstream reinforcement timescales.

Secure Viable Connection Offers

PPG currently holds connection offers for 180MW of capacity on five sites.

Obtain Planning

Of the sites where connection offers are already secured, PPG continues to progress towards securing planning permission on each. Further updates will be made as these advance.

Secure Funding

PPG entered into agreements with Flexible Power Generation Limited ('Flexible Power') and Balance Power Limited ('Balance Power') on 17 April 2015 to provide advisory and plant management services. Accordingly, PPG has now been engaged to provide advisory and plant management services to three companies, including Attune Energy Limited. These companies have now raised equity capital totaling £10.6 million in the last six months to build three 20 MW flexible generation plants. Under the agreements, PPG will be paid £150,000 per annum by each company for these services and, in addition, PPG will be entitled to an equity stake of 45% in the capital of each company.

PPG is negotiating two further management contracts with Rockpool Investments LLP ('Rockpool') for Precise Energy Limited and Equivalence Energy Limited on the same basis as the foregoing agreements with Attune Energy Limited, Flexible Generation and Balance Power and expects to be able to update the market soon.

In addition, PPG has negotiated two offers for £2.5 million of asset finance funding for consideration by the Board of Attune Energy Limited, the first 20MW flexible power company to have received equity funding from Rockpool.

Finally, PPG management continue to negotiate other sources of finance to secure direct ownership of flexible generation facilities.

Phil Stephens, CEO of PPG said, "Our numerous achievements over the past eight months are testament to our solid business model and our experienced and well-connected management team. Each core area of activity identified within our business model has seen progress, with our pipeline developed to facilitate flexibility; connection offers for 180MW received; and, assuming we successfully conclude the two management contracts under negotiation, we will be in a strong financial position with positive cash flow. We continue to view the future with confidence and will update the market accordingly over the coming months."

[sweepie2] 20/4/2015 21:00

27% premium to current sp, really should have been RNS


SHUMBA COAL RAISES BWP 27.5 M (approximately USD 2.75M) FINANCING FOR
COAL PROJECTS IN BOTSWANA
Shumba Coal Limited (the “Company”; or “Shumba Coal”) is pleased to announce, further to
the waiver of pre- emptive rights passed by the majority of shareholders at the last Annual
Meeting, such waiver to be valid until 31 December 2015 and under which authority the
Company has proceeded with this Private Placement, the receipt of subscriptions from
Botswana institutions, in a non-brokered private placement financing for aggregate gross
proceeds of BWP 27.5 million. The Private Placement consisted of 19,695,856 Shares of the
Company (“Share”) at a price of BWP 1.40 per Share. These new Shares will be admitted for
listing by the Botswana Stock Exchange (“BSE”) and the Stock Exchange of Mauritius Limited
(“SEM”) following completion of regulatory approval processes. The funding shall be used to
accelerate the development of the Company's energy projects in Botswana.
Shumba Coal is a Botswana focused local Coal Mining and Energy Development Company
listed on the Botswana Stock Exchange and the Stock Exchange of Mauritius Ltd and has over
260 shareholders. Shumba Coal intends to develop one or more 300MW or larger power
stations in addition to producing coal for domestic and regional consumption.

[sweepie2] 20/4/2015 19:53

Kibo Mining Plc ("Kibo" or the "Company") (AIM:KIBO; JSE AltX: KBO), the Tanzania focused mineral exploration and development company, is pleased to announce that the Company has now signed a Joint Development Agreement ("JDA") in respect of the Rukwa Coal to Power Project ("RCPP").

Highlights

· Joint Development Agreement signed for the Rukwa Coal to Power Project;

· Development partner confirmed as SEPCO III of QingDao, China, one of the world's largest and technically most experienced EPC (Engineering, Procurement and Construction) organisations;

· SEPCO III to contribute up to US$3million towards completing remaining Definitive Feasibility Study work by October 2015;

· Upon successful completion of the Definitive Feasibility Study, the RCPP will be transferred into a Special Purpose Vehicle in which Kibo Mining will hold a minimum equity position of 85%, protecting and retaining maximum shareholder value in the RCPP as it develops;

· Under the agreement Kibo is also able to further release value in the SPV by part disposal of its interest. This will generate cash which can, if required, be used to fund any ongoing RCPP cost contribution, allowing the project to be operationally self-financing for Kibo;

· Financial Close for RCPP expected by December 2015, with construction mobilisation commencing during Quarter 1 of 2016

· Construction work expected to commence in Quarter 2 of 2016, with completion and first power delivered into the grid, expected by Quarter 1 2019.

Louis Coetzee, Chief Executive Officer of Kibo Mining plc, commented: "Kibo Mining is delighted to confirm that we have concluded a Joint Development Agreement with Sepco III one of the world's largest, most technically capable and financially robust EPC providers.

This agreement aligns the Kibo team with the technical capability of Sepco III, ensuring the finalisation of feasibility work and the ultimate design, construction and delivery of the RCPP will be undertaken in accordance with world class standards.

We are also extremely pleased that Sepco III is contributing funding that is required to complete the remaining RCPP feasibility study work, which defrays costs for Kibo and demonstrates a strong belief in the commercial viability of the RCPP.

The structure of this transaction means the original cost of acquisition of the Rukwa Project and all Kibo's expenditure thereafter will be fully recognised in the Special Purpose Vehicle that will ultimately hold the RCPP asset. Kibo will get full recognition for the value that has been created in the RCPP to date, as opposed to a mere recognition of direct expenditure. As a consequence the RCPP will generate optimal returns for Kibo from any value created going forward. This is the very reason why the Company held out for so long before it signed a Joint Development Agreement, since we had to make sure that a Joint Development Agreement on the RCPP rewards shareholders appropriately for current value, but most importantly secures shareholders' position for maximum returns on the RCPP's future value.

Kibo and its shareholders will therefore retain a significant interest in the RCPP throughout all stages of development and thereafter during power revenue generation, providing exposure to the substantial project valuation upside. The additional optionality in the JDA means that Kibo can transact over its remaining holding interest to release value in the project, including to cover feasibility costs or to provide a commercial return for the Company and shareholders.

Engaging with a highly respected EPC partner adds technical capability for project delivery, providing considerable reassurance for all stakeholders. It also initiates the Company's commercialisation of the RCPP for shareholders and marks a key point in the RCPP development for the Tanzanian government and local communities, who will benefit from the life-changing enhancement of living standards and opportunity this project will provide.

We look forward to working with Sepco III who we have found to be a highly capable, practical and proficient team."

Joint Development Agreement Overview

A JDA has been signed between Kibo Mining and SEPCO III ("the parties") wherein the parties have agreed to jointly develop the Rukwa Coal to Power Project. Further information in respect of the RCPP is provided separately below. (NOTE: Please follow the following link for extensive background information on SEPCO III: hxxp://www.sepco3.com/profile/columnsId=1.html )

The JDA is subject to finalisation of Due Diligence, including a site visit which is scheduled for week commencing 20th April 2015.

Subject to the two companies' required internal approvals as well any required governmental approvals, SEPCO III will invest in equity in respect of the RCPP to a maximum of 17% of total equity in the SPV which will ultimately hold the RCPP asset as detailed below. This investment will take the form of a contribution toward the completion of the Definitive Feasibility Study and all related activities leading in effect to the point of financial close.

Subject to reasonable conditions with regard to the selection of any additional operational or financing partners, this JDA enables the introduction of new parties to fund, amongst other items, feasibility study work. Both companies will also be able to dispose of an additional proportion of its project holding in the SPV in order to raise capital.

SEPCO III will retain specfic responsibility to lead the Power Generation component of the Definitive Feasibility Study and Kibo Mining will lead the Mining component. It is expected that the Definitive Feasibility Study across both Mining and Power Generation compents will be completed by October 2015.

During completion of the Definitive Feasibility Study the partners will collaborate with regard to identification and review of construction providers and power plant operators to identify suitable organisations to build and operate the completed RCPP. The partners will also collaborate to identify, review and confirm the appropriate financing structure for the RCPP construction process and relevant financing partners. In addition, the Definitive Feasibility work will also include negotiation and agreement of a Power Purchase Agreement, Implementation Agreement and Environmental Impact Assessment.

After successful completion of Definitive Feasibility Studies, and assuming the project is deemed feasible, a Special Purpose Vehicle will be established into which the RCPP will be transferred. Kibo Mining will hold at least 85% of this SPV and SEPCO III up to 15% of total equity.

SEPCO III will be the sole EPC contractor for the RCPP, subject to the submission by SEPCO III of an EPC proposal at financial close, which, when independently evaluated, complies with the following:

· The EPC proposal must be price competitive against international benchmarks for similar EPC contracts; and

· The EPC proposal must demonstrate international industry best practice standards.

It is anticipated that financing for the RCPP will be available at a 70% debt to 30% equity gearing ratio. The specific providers of both debt and equity capital will be identified during the course of 2015 but only confirmed during financial close in December 2015. Standard Bank, financial advisors for the RCPP, will play an integral role in the financing discussions and process.

RCPP Background

Through the RCPPKibo Mining is seeking to mine a 109Mt NI 43-101 compliant thermal coal resource, utilising this coal for a mine mouth 250MW to 300MW thermal power station. This project is in the development stage, with Definitive Feasibility work ongoing. Various reports have been released on this project in the last quarter of 2014, as detailed below. The project has the support of the Tanzanian government at all levels as well as the local community, and is a key component of the Tanzanian National Strategic Energy Plan which is looking to resolve the shortage of power in the country, notably in the region where the project is located.

RCPP Technical Findings to Date

During Q4 2014 and following the extensive review and analysis of the RCPP by third party advisors, Competent Persons' Reports were prepared in respect of both Mining and Power Generation components of the RCPP. These technical findings are summarised below:

Mining Component
Completion of Concept Study Report (Stage 1, Phase 1 of the Definitive Mining Feasibility Study) for the Rukwa Mineral Resource by Minxcon Projects (Pty) Ltd. Report findings were announced on 9 December 2014, with highlights including:

· Four alternative options identified for project development with the project financially feasible for all four alternative options evaluated;

· Capital Investment of between US$46 million and US$89 million;

· Annual coal sale revenues estimated between US$37 million and US$44 million depending on the selected option;

· All-in in Cost Margin estimates of 38% to 45% (equates to an indicative annual margin of US$14.8 million to US$19.4 million);

· NPV of US$116 million to US$141 million at 5.7% discount rate with payback period 3.9 to 4.7 years

Thermal Power Station Component

Completion of Power Pre-Feasibility Report by Aurecon. Report findings were announced on 18 December 2014, with highlights including:


· Four thermal plant configurations were assessed with recommendation for 2 X 150 megawatt Circulating Fluidised Bed option to be evaluated at Feasibility Study stage;

· Total capital cost estimated at between US$640 million to US$760 million depending on plant configuration;

· Indicative annual power generated (dependent on plant option selected) between 1,841 gigawatt hours per annum and 1,877 gigawatt hours per annum;

· High level environmental risk analyses identified no major obstacles to development;

· Additional Rukwa Mineral Resource sufficiently large enough to potentially double the current design size to 600 megawatts or to be used in alternate energy conversion technologies.

Completion of preliminary base case financial model for RCPP by the Company as announced on 18 December 2014 with highlights including:

· Estimated indicative Life of Plant revenues of approximately US$7.8 billion to US$8.4 billion;

· Indicative project NPV of between US$230 million and US280 million (at a 15% discount rate);

· Indicative pre-tax equity IRR > 23%; and

· Indicative post-tax payback of 8 to 9 years"

End of Kibo Mining RNS extract