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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Adnams plc | ADB | Aquis Stock Exchange | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade | |
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| 0.00 | 0.00% | 1,850.00 | 16:29:38 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 1,850.00 | 1,700.00 | 2,400.00 | 1,850.00 | 1,850.00 |
| Top Posts |
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Posted at 09/7/2009 07:38 by jumpin_jackflasher Natural-Gas Vehicles Gain Senate Backing; Gas-Price Jump SeenBy Siobhan Hughes, Of DOW JONES NEWSWIRES WASHINGTON -(Dow Jones)- A plan to encourage more natural-gas vehicles in the U.S. got a new push on Wednesday, as the top Democrat in the Senate backed legislation to provide tax breaks and other incentives for the vehicles. But underscoring the trade-offs involved in turning the U.S. away from oil as a transportation fuel, one of the plan's biggest backers said that it would cause gas prices to double from current levels. That could be a problem for households that use gas to heat their homes or gas-fired power plants, though fueling vehicles would remain relatively inexpensive. "Will it bring the price up?" billionaire energy investor T. Boone Pickens said in a response to a question at a press conference on Capitol Hill. "It will probably." He estimated that prices would rise to about $7 per thousand cubic feet, compared with prices that would translate into about $3.46 per thousand cubic feet in recent trading. Pickens joined two senators at a press conference to promote the legislation, which is also backed by Senate Majority Leader Harry Reid, D-Nev. The plan would extend tax breaks for buying natural-gas vehicles, provide grants to develop light- and heavy-duty gas engines, and provide incentives to build refueling stations. Besides turning away from foreign oil, the goal is to turn to a fuel that produces fewer greenhouse-gas emissions. "Natural gas is not the ultimate solution at ending our dependence on foreign oil," said Sen. Bob Menendez, D-N.J., one of the sponsors. "But natural-gas vehicles must be part of the solution as well, because With new extraction techniques we now have 35% more accessible natural gas than we did two years ago." The plan has been promoted for at least a year by Pickens and a fellow gas man, Chesapeake Energy Corp. (CHK) Chief Executive Aubrey McClendon. The two got a boost last year, when Rahm Emanuel, who at the time was a lawmaker in the U.S. House of Representatives and now serves as chief of staff to U.S. President Barack Obama, introduced a natural-gas vehicle bill. Though the full measure never became law, it helped elevate the topic within the highest levels of the U.S. Congress. Behind the push is the discovery of vast new amounts of gas locked up in rock formations -- known as shale -- around the U.S. The gas fields in Texas, Louisiana and Pennsylvania led the nonprofit Potential Gas Committee to announce that the U.S. has 2,074 trillion cubic feet of natural gas still in the ground, or nearly a century's worth of production at current rates. That is up 35% from the previous estimate in 2007. For drilling in those regions to be truly economic, prices would need to rise. At $7, Pickens estimated that the cost of refueling a natural-gas vehicle would still be cheaper than using conventional gasoline, as a thousand cubic feet of gas contains the same amount of energy as eight gallons of gas, which would cost between $20 and $24 at current prices. Gas would also be cleaner: Cars that run on compressed natural gas generate 25% fewer carbon-dioxide emissions than cars that run on conventional gasoline, according to an earlier U.S. Environmental Protection Agency estimate. Separately, Pickens denied a report that he was scaling back a plan to build the world's biggest wind farm to five or six smaller farms. Speaking to reporters after the press conference, he said "I didn't cancel it." He said " it's going to be delayed about a year or two." |
Posted at 10/5/2009 16:07 by skiboy10 May 05, 2009Admiral Bay Resources Adds To Its Core Cherokee Basin Assets Through US$2 Million Acquisition One advantage of the current downturn is that producing assets are back on the market at realistic prices. With last year's premiums now looking increasingly silly and cash-strapped operators looking to make sales, this is a time when companies can bag some real bargains. Investors in Admiral Bay Resources are hoping it has made one such deal, having just spent US$2 million on a collection of producing assets in the Cherokee Basin of Kansas. CEO Steve Tedesco said the deal was "transformational" for the TSX Venture-listed firm. "It adds meaningful scale to both production and reserves in the Cherokee Basin," said Tedesco. The purchase, from an undisclosed private seller, comprises assets (known as the Thayer properties) that produce some 1.2 million cubic feet per day and contain proved reserves of 8.3 billion cubic feet of gas at the heart of its existing operations in the Cherokee Basin. This represents a 35 per cent increase in the company's current production base and adds almost 20 per cent to proved reserves. This works out an acquisition price of US$0.25 per proved thousand cubic feet. What's more, there is additional upside here. Admiral Bay reckons it could return production to 1.6 to 1.8 million cf/d through low-cost workovers and improvements to the gathering system and field compression. This is the level the assets produced at before the previous operator foreclosed on the field in 2008. Admiral Bay, itself no stranger to financial woes, will fund the acquisition through new equity and debt. The Colorado-headquarter Now the company is planning to build on this improved operational and financial performance. It has arranged a private offering of Common Shares and Warrants to raise C$2 million and its lender Gas Rock Capital will extend an additional credit facility of up to US$1.8 million for the asset purchase and development. It is a sign of confidence in Admiral Bay's turnaround and in the quality of the acquired assets that it has been able to raise equity and debt in the current market. "The Thayer properties provide strong current production, a solid base of proved natural gas reserves and plenty of running room for growth at a compelling price," said Tedesco. "We consider this to be not only a reaffirmation of our commitment to the Cherokee Basin but the beginning of a period of significant growth for the company." The Thayer deal in the Cherokee Basin comes as Admiral Bay also takes on a 50 per cent working interest in up to 6,000 acres in Cambria County, Pennsylvania, where the company is already targeting coal bed methane opportunities. The new acreage position provides exposure to the emerging Marcellus Shale natural gas play in Pennsylvania, which is attracting increased industry investment. Admiral Bay is positioning itself for growth in this emerging area, having successfully negotiated pipeline right-of-way and a tap site is in place. "Our ability to use our Appalachia Coal Bed Methane development as an opportunity to become a participant in Marcellus Shale development is also transformational for Admiral Bay and indicative of our opportunistic approach to value creation," said Tedesco. "As the Marcellus development evolves we will look to this asset to provide a number of attractive value-enhancing options to the company." |
Posted at 04/5/2009 18:31 by skiboy10 May 04, 2009 09:39 ETAdmiral Bay Resources Acquires Cherokee Basin Assets, Arranges Common Stock Offering and Updates Activity in the Appalachian Basin and Marcellus Shale - Admiral Bay acquires 1.2 mmcf/d of production and 8.3 Bcf of proved reserves for approximately $2.0 million (US). - Company arranges a private offering of Common Shares and Warrants to raise up to $2.0 million (CDN). GasRock Capital LLC extends an additional up to $1.8 million (US) in credit for asset purchase and development. - Admiral Bay announces a 50% working interest in up to 6,000 acres in Cambria County, Pennsylvania, prospective for Marcellus Shale development. CENTENNIAL, COLORADO--(Marketwir Admiral Bay paid approximately $0.25 per proved thousand cubic feet (mcf) of natural gas reserves and approximately $1,900 per daily producing mcf. In addition to existing production, Admiral Bay believes there are opportunities to enhance existing production through low-cost workovers and improvements to the gathering system and field compression, providing an opportunity to return production to 1.6-1.8 mmcf/d, levels realized prior to the ownership of the assets which results from its foreclosure on the field from the previous operator in 2008. The company has also identified approximately 70 additional in-fill drilling locations. Admiral Bay believes additional natural gas producing coals and shales may be accessible from existing wellbores to enhance current production with only modest expense. This acquisition should immediately increase Admiral Bay's current base production by approximately 35% and proved reserves by nearly 20%, with additional production enhancement possible through existing well remediation and new development drilling. "This acquisition is transformational for Admiral Bay as it adds meaningful scale to both production and reserves in the Cherokee Basin," Steve Tedesco, President and Chief Executive Officer of Admiral Bay noted. "Moreover, our ability to complete and fund this acquisition with both new equity and debt demonstrates the confidence our equity investors and lenders have in the future of Admiral Bay." Tedesco continued, "The Thayer properties provide strong current production, a solid base of proved natural gas reserves and plenty of running room for growth at a compelling price. We consider this to be not only a reaffirmation of our commitment to the Cherokee Basin but the beginning of a period of significant growth for the company." FIG Partners, LLC Energy Research and Capital Group served as Admiral Bay's financial advisor in the transaction. To fund the LV Neodesha transaction, Admiral Bay has commenced a non-brokered private placement of units, to be sold to accredited investors. The placement, to be priced at $0.064 (CDN) per unit, will raise up to $2,000,000 (CDN). Each unit will consist of one common share of Admiral Bay and one-half warrant which will entitle the holder to purchase one additional common share at $0.09 (CDN) per share for a term of twelve (12) months and one-half warrant which will entitle the holder to purchase one additional common share at $0.128 (CDN) per share for a term of twenty-four (24) months. Further details of the offering can be found in the official Subscription Agreement available to accredited investors from the Company. The Company may pay a finder's fee on a portion of this private placement. The private placement is subject to conditional acceptance of the TSX Venture Exchange. In addition, GasRock Capital LLC, will provide up to an additional $1.8 million (US) of availability for the purchase and further development of the acquired assets. FIG Partners, LLC Energy Research and Capital Group served as Admiral Bay's global administrative agent in the equity offering. In addition to the activity in the Cherokee Basin, Admiral Bay also announced that it has taken a 50% working interest in up to 6,000 acres in Cambria County, Pennsylvania, providing exposure to the emerging Marcellus Shale natural gas play. Along with its partner in the Revloc Appalachia Coal Bed Methane project, Admiral Bay's acreage appears to be in the fairway for Marcellus prospectivity as other major public and private exploration companies are leasing areas contiguous to the Admiral Bay leasehold. To secure take-away capacity, Admiral Bay has successfully negotiated pipeline right-of-way and a tap site is in place. Pipeline construction could begin as early as late 2009. "Our ability to use our Appalachia Coal Bed Methane development as an opportunity to become a participant in Marcellus Shale development is also transformational for Admiral Bay and indicative of our opportunistic approach to value creation." Added Tedesco, "As the Marcellus development evolves we will look to this asset to provide a number of attractive value-enhancing options to the company." Admiral Bay Resources Inc. (www.admiralbay.com) is an emerging unconventional gas production company focused on the development of projects in the Cherokee Basin in southeast Kansas and the Appalachian Basin in Pennsylvania. Admiral Bay is listed on the TSX Venture Exchange under the symbol ADB. GasRock Capital LLC is a mezzanine project debt and project equity financier that invests in high quality E&P and midstream companies in the Oil & Gas industry. GasRock provides capital for development and acquisition opportunities, and their offices are located in Houston, Texas. Statements in this release that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those in these "forward-looking statements". The TSX Venture Exchange does not accept responsibility for the adequacy of this release. |
Posted at 08/2/2009 23:13 by skiboy10 JAN 2009 INVESTOR PRESENTATION |
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