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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Anzon Energy | AEL | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
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|---|---|---|---|---|
| 0.00 | 0.00% | 62.00 | 00:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 62.00 |
| Top Posts |
|---|
Posted at 23/10/2007 13:36 by stephenwilson From the Oz BB courtesy of Esoter1c on III:ARC wins race for for Anzon oil, gas Nigel Wilson ,Energy writer October 23, 2007 ERIC Streitberg's ARC Energy has won the tender for Anzon Australia and rocketed to the third tier of listed oil and gas companies, with a combined market capitalisation of more than $1.1 billion. ARC and Anzon yesterday announced they were negotiating the final terms of a proposed merger - the outcome of a tender process begun by Anzon earlier this year. They requested a trading halt in the shares of both companies. ARC is understood to have beaten off proposals by Santos, Origin Energy and Australian Worldwide Exploration - all eager to pick up Anzon' key asset. Anzon is a 40 per cent stakeholder and operates the Basker-Manta-Gummy oil and gas project in Bass Strait in a joint venture with Beach Petroleum (40 per cent) and the Japanese giant trading house Itochu, which earlier this year paid $226 million for a 20 per cent stake. ARC is an equity partner in the BassGas project based on the Yolla gas field, also in Bass Strait, and has equity in the Cliff Head oilfield near Dongara in Western Australia, both of which were acquired earlier this year when ARC bought the Mitsui offshoot Wandoo Petroleum. ARC is currently undertaking an extensive exploration program in WA's onshore Canning basin underpinned by a $40 million investment by Alcoa. ARC and Anzon expect to release details of their merger to the market tomorrow, but progress may depend on Anzon rival Nexus Energy. Nexus has proposed a merger with Anzon, but was excluded from the tender process, and Anzon's data room, after it was revealed that Nexus' major shareholder, Norwegian company Viking Shipping, was buying Anzon shares. "We've been disciplined in seeking a way forward for Anzon Australia by a tender process, but Nexus never did submit a tender proposal or sign a confidentiality agreement," Anzon founder and chief executive Steve Koroknay said. "We could not let them into the data room in all honesty to the other tenderers and while Viking was buying our shares." Anzon Australia is owned 53 per cent by London Alternative Investment Market-listed Anzon Energy. But Anzon Energy had not been prepared to provide funding or dilute its stake, as Anzon Australia sought to move away from being a single project investor, a situation Mr Koroknay said financiers regarded as a negative. Last year, Anzon Australia made an acrimonious and ultimately unsuccessful $171 million all-scrip bid for Nexus Energy, which left it with a 12.4 per cent stake. Nexus has reported that it holds 16.4 per cent of Anzon. It was the failure of Anzon's bid for Nexus that led to preliminary discussions with ARC. -------------------- |
Posted at 09/10/2007 08:11 by karlos885 Taken from bb in ozAnzon investors sit on sell-off windfall Nigel Wilson, Energy writer | October 08, 2007 WHATEVER the wash-up concerning the future of Anzon Australia, some investors are going to make a lot of money. Anzon Australia is owned 53 per cent by London Alternative Investment Market-listed Anzon Energy, which pumped around $6 million into the initial float of Anzon Australia. That investment is set to be worth around $400 million if Anzon succeeds in selling itself to the highest bidder. While much interest is centred on a creeping share market raid by Nexus on Anzon and the possibility of a merger, Anzon founder Steve Koroknay remains committed to continuing the process begun earlier this year which has resulted in a shortlist of four unidentified groups looking at Anzon's data room with the aim of delivering a tender sale. But Koroknay is a realist. And that means he won't rule out Nexus winning. The four on the shortlist are thought to be Santos, Origin Energy, AWE and ARC Energy but Nexus has put the view that an Anzon/Nexus merger makes sense in creating a substantial independent Australian energy company with complementary assets, particularly for the eastern states energy market. Koroknay says there is no bad blood between him and Nexus chief Ian Tchacos even though the market has tended to play up the acrimonious and ultimately unsuccessful $171 million all-scrip bid by Anzon for Nexus last year. That left Anzon with a 12.4 per cent stake in Nexus - which has clearly irked Mr Tchacos. The possibility that an unwelcome player might emerge on Nexus's register is one he's prepared to repel, which is the defensive part of the Anzon share raid strategy. Nexus has now picked up 16.4 per cent of Anzon and the latter's share price has hit an all-time record of more than $1.81, valuing the company at more than $750 million. Koroknay says that even at this price there are others around that value Anzon more. Anzon is the originator and now 40 per cent owner of the Basker/Manta/Gummy development in Bass Strait. Basker is a field that no one in Gippsland Basin operator Esso Australia, with the exception of Koroknay, thought could be made to work. But an innovative plan which saw initial development of an oil leg using an FPSO and a shuttle tanker to refineries, and subsequently confirmation of a substantial and market-significant gas field, has created an attractive asset. Certainly Reg Nelson of Beach Petroleum believes that theory, having picked up half of the project as part of a play to capitalise on the rising gas prices in the nation's southeast corner. Anzon and Beach have subsequently each sold down their interests to Japanese giant Itochu, which has paid $226 million for a 20 per cent stake. Tchacos says there are synergies between Nexus, with its 100 per cent owned Longtom gas project in Bass Strait, and the Basker/Manta/Gummy project, which would result in shareholders' interests being strengthened because of Nexus's operations in the Timor Sea. Tchacos says there is a compelling case for a merger, although he concedes Nexus's timetable might not suit Koroknay, who has indicated he wants to be clear of Anzon by early next year at the latest. According to the Nexus chief, key benefits to shareholders of both companies would include creation of a $1.5 billion ASX-listed mid-cap oil and gas company that would be included in the S&P/ASX 200 index. The merged company would have a unique profile of production and growth projects with complementary asset positions in the Gippsland Basin creating potential for synergies. |
Posted at 25/9/2007 14:25 by smudgeroo Anzon and Nexus in family feudJohn Durie September 25, 2007 WHILE investors were punting big time at the top end of the resources market, pushing the likes of BHP Billiton up 5.2 per cent to $43.14 a share, there was also plenty of action among the juniors. Anzon's Steven Koroknay and Nexus's Ian Tchacos are old sparring partners, with interests in the Bass Strait oil and gas business. Last year, Koroknay bid for Nexus but was rebuffed and now Tchacos is returning the favour, revealing a 10.9 per cent stake in Anzon yesterday. Anzon is 53 per cent controlled by Anzon Energy in Britain and it seems the latter's shareholders want to raise some cash, so a data room for the Australian arm is now open for business. It is said some big guns are having a look, including Santos and Origin, and some not so big ones such as Arc Energy and AWE. Anzon owns 12.5 per cent of Nexus so the battle is very much a family affair, but it is not a close family. Just to highlight affair's family nature, Nexus acquired some of its stake from Viking Shipping, a Norwegian giant that specialises in offshore drilling rigs. Under the latter deal, the Anzon shares were traded for Nexus scrip, which lifted its holding in Nexus to 18per cent. One could confidently predict that Ian Tchacos has lodged, or is about to, a bid for Anzon, apparently satisfied that its troubled Basker Manta project in Bass Strait is running better and offering plenty of value. Which is exactly what Koroknay told him last year. Just what role the big guys like Santos and Origin will play in the game, now that all the cross shareholdings are out for all to see, remains to be seen. But it is fair to presume it's game on. |
Posted at 30/8/2007 10:02 by smudgeroo I see Macquarie bank have issued an outperform rating on NXS.Bodes well for 70m share held in NXS by AZA. Highlights: Event * Outperform, A$2.25 target price: We initiate coverage of Nexus Energy (NXS) with an Outperform recommendation and A$2.25 target price. Impact * Nexus – a rising oil and gas profile: Nexus Energy (NXS) is an Australian based oil and gas explorer and developer. Growth assets include the Longtom gas development (100%) offshore near the Gippsland Basin, Crux condensate stripping project (85%) and Echuca Shoals (66%) condensate and gas appraisal opportunity, both in the Carnarvon Basin. * Currently developing Longtom – The first growth platform: With 350PJ and 4.2mmbbl of booked 2P reserves at Longtom, NXS (100%) is expecting to make first gas sales to Santos by end September 2008. Longtom is forecast to cost up to ~A$200m to develop and produce at an initial contract rate of ~25PJ/a. * Crux development expected to further catapult reserves: The early progress of the Nexus operated Crux field as a condensate-stripping project has been encouraging with FID anticipated by 2Q08, and first production by 2H10. It is anticipated NXS will book up to 55mmbbl of 2P reserves at Crux, nearly doubling the current 57mmboe of 2P reserves. *We estimate Crux (NXS, 85%) has the potential to produce at an average plateau rate of ~32,500bopd (gross) generating NXS up to A$645m in EBITDA pa in FY12. * Appraising Echuca Shoals with Shell: The much anticipated appraisal of Echuca Shoals (66%) has commenced with the Fossetmaker-1 appraisal well. The best estimate contingent resource for Echuca Shoals is 2.2Tcf and 135mmbbl, making the field's potential development significant for NXS. Shell (34%) has partially farmed into the acreage and is funding the current well. Appraisal results are imminent. Price catalyst * 12-month price target: A$2.25 based on a DCF methodology. * Catalyst: FID at Crux and positive appraisal results of Echuca Shoals Action and recommendation * Outperform: We highlight NXS is currently trading at a ~28% discount to our A$2.25 target price. With three gas and condensate projects at various stages of appraisal and development, Nexus Energy offers investors the potential for significant upside. * Near term catalyst: Appraisal results from Fossetmaker-1 are imminent. * Preliminary value attributed to Echuca Shoals: We currently value the company's net best estimate reserves at A$2.50/bbl (A$10 NPV per barrel risked at 25%) for the condensate resource and the sale of the gas for ~A$50m which is in line with the right to produce the gas resource from 2020 at Crux. This gives Echuca Shoals the preliminary value of A$273m or A$0.51ps to our target price and A$0.13ps to our valuation (risked at 25%). Un-risked, the upside to our target price could potentially be an additional A$1.24ps. Target price net Echuca Shoals: Excluding Echuca Shoals, our target price would be ~A$1.75ps. |
Posted at 12/7/2007 08:17 by wassapper Comment on the latest news by Fox-Davies Capital in their Daily Monitor at Oil & Gas Corporate News Anzon Energy (AEL LN, 57.5p, down 5.7%) announced that production at the Basker-Manta-Gummy project off the southeast coast will be cut by more than half through August 2007 because of damage to equipment at the field. Output at the project, which averaged about 10,000bopd in 2Q07, will be about 3,000bopd until the mooring system for the Basker Spirit shuttle tanker is repaired in the second half of August. |
Posted at 16/3/2007 09:56 by spacecowboy3 sranmalI think only the thread originator can put things in the header - is Ianwc still around?? I presume the share price weakness of AEL is due to the convertible bond I must admit that I don't really understand how these things work but I presume you mean that RAK have been shorting the shares as a hedge against their convertible bond? I know that this is what happened after Soco's convertible issue last year. In this case, however, I had seen RAK as more of a strategic partner, rather than just an investor/bond holder but I suppose that's not a reason why they wouldn't hedge as well? Err ... I think I'm trying to say that I don't know! I had just assumed that the AEL share price weakness was following the AZA share price, which in turn had been weak because of E&P being out of fashion, market disinterest in small caps, etc. - but again, I don't really know. My view is simply that the AEL share price is more than supported by AEL's holding in AZA and I'm trusting that a combination of AEL management and the RAK connection can add some significant value on top of that. So hopefully plenty of upside but not much downside - we just need some time to see whether they can can pull off some good deals. |
Posted at 28/2/2007 12:15 by sranmal The organisational structure of AEL/AZA appears to deter investors. May have to wait for Indonesia / RAK developments to see value come out. |
Posted at 10/1/2007 10:00 by spacecowboy3 Edgein/sranmalThe question of how much cash flow will be attributable to AEL is a good one. In the Investec note they consolidate all AZA's income and expenses into AEL's P&L and then 'remove' the portion attributable to AZA's other shareholders in a 'minority interest' line. This is what I understand to be the normal accounting treatment for subsidiaries - but I'm not an accountant! However Investec also show a Cash Flow statement for AEL which is said to be IFRS compliant. This shows an AEL FCF of A$149m for 2007. This isn't what I understood to be normal treatment - I thought cash could only flow from a subsidiary to its parent via a dividend. But as I said, I'm not an accountant! And the Investec note does say it's IFRS compliant. It would be good to get clarity on this. I must admit that the corporate structure is one of my 'con' points for AEL (there are plenty of 'pros' too). I don't think it's a real problem but it does make the proposition less easy to get to grips with for potential investors - I suspect a proportion of them won't make the effort. |
Posted at 23/11/2006 15:56 by garrymorrow I read recently (Article in interactive investor) that non exe director sales show very little correlation with share value. When a finance officer or CEO sell in quantity then you should take note! The shares are at a good price and the man simply wants some cash....so what. |
Posted at 03/10/2006 06:50 by zengas The AED 3 billion capital has been subscribed to by leading institutions from UAE, GCC and some international companies in addition to local and regional high net worth individuals and strategic partners. "The overwhelming response to RAK Petroleum reflects the confidence of investors in the emirate of Ras Al Khaimah under the visionary leadership of H.H. Sheikh Saud bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, and in the energy sector that the company is investing in", Dr Dajani added. The entire capital has been raised through private placements and a Private Placement Memorandum (PPM) has been issued to the subscribers. It is learnt from reliable sources that the company will be going public at a time that the Board of Directors chooses. The extraordinary general meeting approved a capital increase by a further AED 2 billion to make the total capital of the company AED 5 billion (£2.2B). The capital increase will take effect when the company decides to go public through an IPO. |
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