|Petroworld Change of Name
PetroWorld Corp. to Commence Trading as "Coastal Energy Company" on October 3,
/THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR
THROUGH UNITED STATES NEWSWIRE SERVICE/
GEORGE TOWN, Grand Caymans, Oct. 2 /CNW/ - PetroWorld Corp. (the
"Company") (TSX-V: PWD; London AIM: PWC) announces that it will commence
trading as Coastal Energy Company on Wednesday, October 4, 2006. The Company's
new trading symbol will be "CEO" on both the TSX-V and AIM, and its new ISIN
number will be KY G224041007.
The change of the Company's name is being undertaken in connection with
the Company's completion of the acquisition of NuCoastal (Thailand) Limited
and the acquisition from PH Gas LP of certain shares of APICO LLC, each of
which closed on September 25, 2006.
Particulars of these acquisitions and the Company's related $40 million
public offering of its common shares are set out in the Company's
September 25, 2006 news release, and in the July 25, 2006 information circular
and September 8, 2006 short form prospectus and AIM Admission Document of the
Company. Each of these documents is available under the Company's profile at
|I was going to buy on relisting. Is this still a good stock to get into - now that it is a much larger organisation!|
|PetroWorld to hold EGM on Aug 30 to approve NuCoastal deal
LONDON (AFX) - PetroWorld Corp said its will hold its AGM and an EGM on Aug
30 to approve, amongst other items, the merger deal with NuCoastal (Thailand)
Ltd and the change of the company's name to Coastal Energy Company.
|no - still suspended on AIM.|
|can i sell them if i hold them in TD Waterhouse Nominee account???
& why is there no news from the nominee holder on this???|
|dropped from 70c to 55c in Canada since resumption (approx 27p).|
|whats happened o this share??
it got transfered to TSXV, i bough tsome shares before they transfered but haven't heard anything??
any news would be a help
|Best to buy in Canada!|
14 June 2006
AIM: PWC June 14, 2006
PetroWorld Corp. Resumes Trading on TSX-V
PetroWorld Corp ('PWC' or 'the Company') will resume trading on the TSX-V
exchange at the open June 14, 2006 after the Company's shares were suspended on
March 31, 2006 when PWC announced it had signed a Letter of Intent ('LOI') with
Nucoastal (Thailand) Limited ('NuCoastal') to merge both companies' assets in
Thailand by PWC acquiring all of the outstanding shares of NuCoastal in exchange
for PWC shares. Completion of the acquisition, which is subject to shareholder
approval, is expected before the end of July. The enlarged company on completion
of the acquisition proposes to undergo a name change from PWC to 'Coastal Energy
Company'. The Company's common shares will remain suspended from trading on AIM
until an admission document is published and posted to shareholders of the
NuCoastal, a private company based in Houston Texas, has a substantial portfolio
of onshore and offshore assets in Thailand. Offshore the company retains a 50%
interest in the G5/43 Block located in the Gulf of Thailand. The other 50%
interest in the Block was acquired by PWC last year in a farm-in deal in which
PWC contributed US$5 million towards a three well drilling programme on the Bua
Ban oil discovery. All three wells successfully encountered hydrocarbons and
engineering and feasibility studies initiated earlier this year are currently
evaluating field development options. A competent persons report completed by
Petrotech Engineering Limited dated December 31, 2005 estimates proven, probable
and possible reserves in the Block at 18.62 million barrels recoverable.
In addition to the offshore assets, NuCoastal holds a significant acreage
position in the Korat Plateau area in north east Thailand. The onshore portfolio
which is held via a 25.5% interest in a private company, APICO LLC, includes a
net 8.925% in the Phu Horm gas field which is currently under development and
due to come on stream late 2006/early 2007. The field has proven, probable and
possible reserves of close to 1 trillion cubic feet (176 million barrels oil
equivalent) according to a Gaffney Cline Report dated August 1, 2005. NuCoastal
also retains a net 25.5% interest in two exploration blocks adjacent to the EU1
and E5N blocks which contain the Phu Horm gas field. Block L15/43 surrounds the
Phu Horm gas field and based on current mapping by NuCoastal could contain the
southern extension of the gas field. An exploration well is planned for later
this year in the Block and if successful could add several trillion cubic feet
of gas reserves. Block L27/43 is located south east of the Phu Horm field and
contains the undeveloped Dong Mun gas field. An exploration well on Block L27/43
is planned for late 2006 or early 2007. A third exploration Block L13/48, which
also contains several gas discoveries, is currently awaiting ratification by the
Government of Thailand.
In addition to the NuCoastal acquisition, PWC recently signed a Letter of Intent
('LOI') with PH Gas LP to acquire the PH Gas LP's approximate 10.65% interest in
APICO. The acquisition of the additional interest is expected to close
concurrently with the NuCoastal acquisition. The acquisition consideration will
be the issuance of PWC shares at the same ratio as the NuCoastal onshore assets.
Upon closing of the two acquisitions, the Company's net holding in the Phu Horm
gas field will be 12.635% and 36.1% in the two surrounding exploration Blocks,
L15/43 and L27/43.
Upon completion of the acquisition of NuCoastal and the purchase of the PH Gas
equity in APICO, the enlarged company, Coastal Energy Company, will have a
proven, probable and possible reserve base of 39.2 million barrels of oil
The enlarged company will also benefit from an expanded board of directors. The
proposed board of directors on closing will consist of Albert Whitehead-
non-executive Chairman, Frank Inouye - Chief Executive Officer and the following
non-executive directors: Robert Black former President of Worldwide Exploration
and Production division and Senior Vice-President in the office of the Chairman
of Texaco, Bernard de Combret former Deputy Chairman of Total Fina Elf S.A,
Olivier de Montal CEO of OOM Developpement in France, John Murphy formerly
Chairman and Chief Executive Officer of Dresser Industries, Inc., Lloyd Barnaby
Smith former United Kingdom ambassador to Thailand, Forrest Wylie Vice Chairman
of Pacific Energy Partners and John Zaozirny counsel to the law firm McCarthy
Tetrault LLP and Vice Chairman of Canaccord Capital Corporation.
Frank Inouye CEO is a qualified person as defined under the AIM rules and this
announcement has been prepared under his supervision.
The completion of the proposed transactions are subject to customary conditions,
including finalization of a Share Sale and Purchase Agreement and other
definitive documentation, due diligence, respective board and shareholder
approvals and relevant stock exchange and regulatory approvals and satisfactory
completion of a financing by PWC, the proceeds of which would be used to fund
further exploration, appraisal and development on the enlarged asset base of the
combined company. The amount and terms of such financing have yet to be
Some of the statements contained in this press release are forward-looking
statements, such as estimates and statements that describe the Company's future
plans, expectations, events, objectives or goals, including words to the effect
that the Company or management expects a stated condition or result to occur.
Since forward-looking statements address future events and conditions, by their
very nature, they involve inherent assumptions, risks and uncertainties. Actual
results could differ materially from those currently anticipated in such
statements. Given these concerns, investors and analysts should not place undue
reliance on forward-looking statements. Each forward-looking statement speaks
only as of the date of this press release, and neither PWC nor NuCoastal
undertakes any obligation to publicly update or revise any forward-looking
On behalf of PetroWorld Corp.
Chief Executive Officer & Director
For additional information, please visit our website, www.petroworldcorp.com.
For further information please contact:
Frank Inouye, Chief Executive Officer
Tel: +44 (0)207569 9000
Email: [email protected]orp.com
Weber Shandwick / Square Mile
Terry Garrett / Stephanie Badjonat
Tel: +44 (0)20 7067 0700
Email: [email protected]ick.com
Canaccord Adams Limited
Ryan Gaffney/Nick Clayton
Tel: +44 (20) 7518 7339/+44 (20) 7518 2777
Email: [email protected]rdeurope.com
'The TSX Venture Exchange does not accept responsibility for the adequacy or
accuracy of this release'
This information is provided by RNS
The company news service from the London Stock Exchange|
|Any idea when these will re-list they look very interesting?|
|31/03/2006 7:30 am
TEMPORARY SUSPENSION OF TRADING ON AIM
At the request of the company trading on AIM for the under-mentioned securities
has been temporarily suspended from 31/03/2006 7:30 am pending the publication
of an Admission Document.|
|Well, I thought Final result should be today BUT noticed a very good news!!! Merger with Nu Coastal that have lots of good assets under there belt! Going to go up on relisted.|
|FirstAfrica Oil (FAO) - found gross oil column of 168feet versus PWC -gross oil column of 570feet!!
FAO Market cap £70m
PWC market cap £14m. (very very undervalued)
EME (Empyrean Energy)discovered net pay of 14m (42 feet only) compared to PWC with TOTAL NET PAY of 230feet!!! Mind you that EME only has 38%interest on Eagle field compared to PWC which has 50% interest on Bua Ban field.
EME - market cap £38m
PWC - market cap £14.
I am very confident that the market will wake up to realize PWC true value
( more than £50m market cap at least)|
|Bua Ban field revealed a gross oil column in excess of 570 ft!!!
Bua Ban 2 = oil reservoir with net pay of 70ft
Bua Ban 2A = oil reservoir with net pay of 78ft
Bua Ban 3 = oil reservoir with net pay of 82 ft ( flow rate of 2700bopd)|
|Drilling report in August 2005
The planned two well programme was designed to confirm the extent of the Lower
Oligocene sandstone reservoir that was originally discovered in the Bua Ban -1
well drilled by Premier Oil plc. in 1990 (Bua Ban-1 flowed 760 bopd). A
sidetrack to the Bua Ban-2 well was added to the programme to provide a better
understanding of the reservoir distribution. These wells were drilled deviated
from a single surface location and the results from the three wells, Bua Ban-2,
Bua Ban-2a and Bua Ban-3 have confirmed the extent of the Bua Ban field and
revealed a gross oil column in excess of 570 ft. The Bua Ban field has a mapped
structural closure of approximately 1880 acres.
Bua Ban-2, the first well in the programme, targeted the northern end of the
structure and was drilled to a total measured depth of 9403ft. The well
encountered the Lower Oligocene Bua Ban fan reservoir sandstones at 7387 ft. and
wireline logs indicate an oil bearing reservoir with an estimated average net
pay of 70ft.
Bua Ban-2a drilled as a geological sidetrack to the first well, penetrated the
same Lower Oligocene reservoir package 1476 ft. to the SE of Bua Ban-2
subsurface location and reached a total measured depth of 9595ft. Oil samples
were recovered using a Repeat Formation Tester ("RFT") from 3 separate
sandstones and net pay has been estimated at 78ft.
Bua Ban-3 was drilled to evaluate the southern part of the Bua Ban field and
penetrated the Lower Oligocene reservoir some 2.25 km south of Bua Ban-2 well
and reached a total measured depth of 9156ft. Two RFT samples were recovered
from the Oligocene reservoir and net pay is estimated at 66 ft. The well was
open hole tested using a non-perforating inflatable packer Drill Stem Test
("DST"). The first test (DST-1) over the interval 9018 - 9038 ft had an initial
flow rate estimated to have been 2537 bopd. The second test (DST-2) over the
interval 8993 - 9017 ft contained some 16 feet of net pay and achieved a flow
rate of 164 bopd on a 20/64" choke.|
|(a) Thailand Acquisition
In April 2005, the Company entered into a farm-out Agreement with NuCoastal
(Thailand) Limited ("NuCoastal") for block G5/43, offshore Thailand (the
"Block"). The Block is located in the Gulf of Thailand off the southern coast.
In consideration for a 50% equity interest in the Block, the Company has
contributed $5,000,000 towards the drilling of two wells. Any costs in excess of
this contribution will be met 50:50 by the Company and NuCoastal.
As of September 30, 2005, the Company had incurred $6,840,717 of costs relating
to its acquisition of the Block, including the $5,000,000 contribution noted
(b) Nevada Acquisition
In April 2005, the Company entered into a seismic option agreement with Cortez
Exploration LLC ("Cortez") to earn up to a 50% interest in certain oil and gas
leases located in Gabbs Valley, Nevada State, USA.
To earn its interest, the Company paid Cortez $100,000 for the seismic drilling
option and must conduct a 2-D swath seismic survey with a minimum cost of
$250,000. The Company commenced the seismic survey in early October, 2005.
After completing the seismic survey, the Company has the option to commit to
drill a test well. Should the Company elect to drill a test well, the Company
will pay Cortez $1,350,000 less any lease rentals the Company paid while the
leases were subject to the seismic/drilling option. Lease rental costs of
$80,292 were paid by the Company.
Another participant in the Lease area is Empire Petroleum Corporation which
holds a 10% working interest and whose Chairman is the Company's Non-Executive
|up again in Canada today.|
|Frank Inouye - Managing Director (B.Sc., MBA)
Former Head of Corporate Development for Premier Oil Plc. and previous General Manager of Premier Oil Pacific Limited. Responsible for developing Premier's Far East asset portfolio including the 2.5 TCF Yetagun Gas Field in Myanmar. Mr. Inouye also acts as Technical Director for a number of private investment groups both in the UK and overseas.
Well...at least we know the company is in the good hand!!|
|Yeah, but look whats happened since... but the chart is rounding off at the bottom at this level....
off to do some research...
|that is what I thought. After done my research, PWC have found significant oil. Market cap should be above £50m at least|
|I remember last time the share price moved very quickly up.|
|Ive just sent an email to the CEO... when I get the response i'll tell ya :-)
Im trying to get info on the gabbs valley 2-d seismic survey, and the gulf of thailand appraisal well status, or the actual status of the operation on the block.
MCAP looks low !!|
|used to have this on my monitor but couldn't really find anything out about.
Could somebody just give me a brief background update. Thanks.|