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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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| Bullion Res | LSE:BLO | London | Ordinary Share | ORD 1P |
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| Date | Time | Title | Posts |
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| 01/4/2005 | 10:27 | Bullion Resources close to a change in direction? | 300 |
| 14/12/2004 | 21:01 | Bullion Resources: Charts & Fundamentals | 85 |
| 26/4/2003 | 11:34 | Bullion Resources... | 11 |
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Posted at 14/3/2005 00:47 by greenspamster 10.03.2005 Nautical Petroleum Hones In On North Sea Heavy Oil Because It Has The Technology To Make It Viable One of the latest arrivals on London's Alternative Market is Nautical Petroleum. The group holds the upstream and non-trading assets of Masefield AG, which is a global trader of crude oil and refined oil products. Nautical has got its listing through a reverse takeover of the desultory mining stock Bullion Resources which had become a cash shell, in a deal worth over £20 million. Like other oil groups Nautical has honed in on the North Sea. These groups have become known as scavengers picking up parcels of assets which the big boys BP, Shell and Chevron Texaco deem too small or immaterial to their interests. Without the vast overheads of the majors smaller groups can put together various blocks and squeeze extra output from the mature fields. With commodity prices high, groups like Paladin Resources and Venture Production have flourished in recent years by scavenging. Nautical is different in that it has decided to go for discovered heavy oil in the United Kingdom Continental Shelf in the North Sea. " Heavy Oil!" I hear you say. "Surely that cannot be a good idea. Recovery rates are low?" The heavy oil sells at a discount to Brent Crude, the benchmark for North Sea production. Many groups, having discovered heavy oil, have decided to leave it there. Chevron Texaco is a case in point - it has never developed the discoveries in the Mariner field in the East Shetland Platform. Critically, through its association with Masefield and through a key acquisition, Nautical has acquired exclusive technology to process the heavy oil and market it for power generation at economically viable prices. Britain's Department of Trade and Industry (DTI) has been encouraging investment in the North Sea where it says there could be 14 billion barrels of unexploited oil in various pools and pockets. However, after several years of scavenging the smaller groups are finding it increasingly expensive to pick up new fragments. The larger groups are tending to hold on to their little bits and pieces to gain a couple of years more revenue while oil prices are sky high. If they do sell, it is at top prices. The first thing to be said about Nautical's operation is that because it is heavy oil, which for all intents and purposes is "stranded" and unloved, the price of entry is low. While not revealing exact figures, Nautical has gained acreage by buying the existing 2D and 3D seismic at minimal cost and has committed to drill and develop the block. There are no expensive exploration costs. As a start Nautical has acquired a 100 per cent interest in two licences in the United Kingdom Continental Shelf, namely Licence P1077 over block 9/2b and Licence P1203 over block 3/27a. Licence P1077 contains the 9/2-1A oil discovery and is contiguous with licence P1203. Both are located on the East Shetland in the vicinity of the well-documented Bressay and 9/3 heavy oil discoveries. The valuation by Landmark Eame (a subsidiary of Halliburton) of the North Sea proven and probable reserves for licence block 9/2 is 51 million barrels of oil, with risked upside potential in block 9/2 of 295 million barrels in place. Licence P1203 (Block 3/27a) is contiguous to the north with block 9/2b.Seismic data purchased by Nautical on the wells in the vicinity of the block have generated several leads at the Heimdal Sandstone member level, and one significant lead at the Upper Jurassic Humber group in the north of the block. Although the oil discovered at 9/2-1A is 15 per cent API, Nautical is convinced it will flow, and that, with water injection, recovery rates of 30 per cent can be achieved. But it is what comes afterwards which looks to be Nautical's ace in the hole. As a third asset the group has been able to acquire ownership of specialised heavy crude oil production and processing equipment designed and supplied by Halliburton for the Extended Well Test (EWT) programme undertaken successfully on the Mariner oilfield by Chevron Texaco in 1997. This equipment is suitable for use in testing heavy oils down to 10 per cent gravity. The equipment can currently handle up to 40,000 barrels of oil and liquid production per day, of which 25,000 barrels can be oil. Although Heavy Acidic Crude Oils can sell at a discount of around US$3 a barrel to Brent Crude, this so called Multi Phase Super Fine Atomised Residue (MASR) process allows Heavy Acidic Crude Oils to be used for power generation and make them competitive with gas, coal and fuel oils. The sums are complex but to put this another way, and briefly: if you assume a model of a US$24.75 a barrel for Brent Crude, then once the Heavy Oil is put through the "cracker" and separated into light products - oil for upgrading and heavy fractions - then the compound overall price which can be realised is US$26.50 meaning Nautical can add value and make heavy oil production commercially viable. We say Nautical has made a start with its two blocks. There is scope for plenty more. The UKCS is thought to contain large discovered, undeveloped oil in place of 5 billion barrels. There is large potential additional oil in place of 5 to 6 billion barrels. This is capable of producing 250,000 bopd plus by 2008 |
Posted at 13/3/2005 19:00 by huntie2 Buy Nautical Petroleum Suggests Stewart Dalby of Oilbarrel.com The latest turnaround of Malcolm Burne, mining and oil entrepreneur at natural resources investment group AIM-quoted Golden Prospect, is the desultory mining company Bullion Resources. Bullion became a cash shell with some 1.5 million pounds in the kitty. The upstream oil and gas interests and non-trading assets of Masefield AG, which is a global trader of crude oil and refined oil products have been injected into Bullion. It has become Nautical Petroleum in this reverse takeover in a deal worth over 20 million. Bullion Resources was suspended at 6p. When Nautical shares went live recently they immediately rushed up to 10.5p. But there could be a lot more to come. It is interesting story with plenty of upside. The value of investments can go down as well as up. Investing in equities can lose you part or all of your capital although the potential returns are theoretically unlimited. Smaller company shares can be relatively illiquid and thus hard to trade. And that makes such investments more of a high risk than larger company shares. Like other oil groups Nautical has honed in on the North Sea. These groups have become known as scavengers picking up parcels of assets which the big boys BP, Shell and Chevron Texaco deem too small or "immaterial" to their interests. Without the vast overheads of the majors smaller groups can put together various blocks and squeeze extra output from the mature fields. With commodity prices high, groups like Paladin Resources and Venture Production have flourished in recent years by scavenging. Nautical is different in that it has decided to go for discovered heavy oil in the United Kingdom Continental Shelf in the North Sea. " Heavy Oil!" I hear you say. "Surely that cannot be a good idea. Recovery rates are low?" The heavy oil sells at a discount to Brent Crude, the benchmark for North Sea production. Many groups, having discovered heavy oil, have decided to leave it there. Chevron Texaco is a case in point - it has never developed the discoveries in the Mariner field in the East Shetland Platform. Critically, through its association with Masefield and through a key acquisition, Nautical has acquired exclusive technology to process the heavy oil and market it for power generation at economically viable prices. Britain's Department of Trade and Industry (DTI) has been encouraging investment in the North Sea where it says there could be 14 billion barrels of unexploited oil in various pools and pockets. However, after several years of scavenging the smaller groups are finding it increasingly expensive to pick up new fragments. The larger groups are tending to hold on to their little bits and pieces to gain a couple of years more revenue while oil prices are sky high. If they do sell, it is at top prices. The first thing to be said about Nautical's operation is that because it is heavy oil, which for all intents and purposes is "stranded" and unloved, the price of entry is low. While not revealing exact figures, Nautical has gained acreage by buying the existing 2D and 3D seismic at minimal cost and has committed to drill and develop the block. There are no expensive exploration costs. As a start Nautical has acquired a 100 per cent interest in two licences in the United Kingdom Continental Shelf, namely Licence P1077 over block 9/2b and Licence P1203 over block 3/27a. Licence P1077 contains the 9/2-1A oil discovery and is contiguous with licence P1203. Both are located on the East Shetland in the vicinity of the well-documented Bressay and 9/3 heavy oil discoveries. The valuation by Landmark Eame (a subsidiary of Halliburton) of the North Sea proven and probable reserves for licence block 9/2 is 51 million barrels of oil, with risked upside potential in block 9/2 of 295 million barrels in place. Licence P1203 (Block 3/27a) is contiguous to the north with block 9/2b.Seismic data purchased by Nautical on the wells in the vicinity of the block have generated several leads at the Heimdal Sandstone member level, and one significant lead at the Upper Jurassic Humber group in the north of the block. Although the oil discovered at 9/2-1A is 15 per cent API, Nautical is convinced it will flow, and that, with water injection, recovery rates of 30 per cent can be achieved. But it is what comes afterwards which looks to be Nautical's ace in the hole. As a third asset the group has been able to acquire ownership of specialised heavy crude oil production and processing equipment designed and supplied by Halliburton for the Extended Well Test (EWT) programme undertaken successfully on the Mariner oilfield by Chevron Texaco in 1997. This equipment is suitable for use in testing heavy oils down to 10 per cent gravity. The equipment can currently handle up to 40,000 barrels of oil and liquid production per day, of which 25,000 barrels can be oil. Although Heavy Acidic Crude Oils can sell at a discount of around US$3 a barrel to Brent Crude, this so called Multi Phase Super Fine Atomised Residue (MASR) process allows Heavy Acidic Crude Oils to be used for power generation and make them competitive with gas, coal and fuel oils. The sums are complex but to put this another way, and briefly: if you assume a model of a US$24.75 a barrel for Brent Crude, then once the Heavy Oil is put through the "cracker" and separated into light products - oil for upgrading and heavy fractions - then the compound overall price which can be realised is US$26.50 meaning Nautical can add value and make heavy oil production commercially viable. We say Nautical has made a start with its two blocks. There is scope for plenty more. The UKCS is thought to contain large discovered, undeveloped oil in place of 5 billion barrels. There is large potential additional oil in place of 5 to 6 billion barrels. This is capable of producing 250,000 bopd plus by 2008. That is a lot of oil, particularly if you can sell it profitably. The shares are attractive. Stewart Dalby edits the definitive source of information and comment on oil exploration stocks - www.oilbarrel.com - for more details of this free to access site click here. These are new to me - think I'll watch them! |
Posted at 09/3/2005 09:26 by stevea171 From Oilvoice yesterday. Of interest in particular is the company strategy, detailed at the end of the article.Bullion Resources plc Announce Acquisition of Nautical Holdings Limited Tuesday, March 08, 2005 -------------------- Bullion Resources plc has announced that the Company proposes to acquire Nautical Holdings Limited, a specialist energy company focussed on production of heavy crude oils from discovered reserves in the United Kingdom Continental Shelf ("UKCS"). The acquisition of the entire share capital of Nautical Holdings Limited will be effected by the issue to the Vendors of 697,500,000 Consideration Shares, for a value in the transaction of £20.93 million. The Acquisition constitutes a reverse takeover for the purposes of the AIM Rules. The Company intends to seek admission of the Enlarged Share Capital to trading on AIM following completion of the Acquisition. To align the name of the Company with the business to be acquired it is proposed that the name of the Company be changed to Nautical Petroleum plc. An Extraordinary General Meeting of the Company is to be held at 4.00 p.m. on 30 March 2005 at the offices of Stringer Saul, Fifth Floor, 17 Hanover Square, London, W1S 1HU, to approve the Acquisition. Insinger de Beaufort is the Nominated Adviser and Broker to the Company. Background The Directors of Bullion believe that the oil and gas upstream (exploration and production) sector of the energy industry offers promising growth potential for shareholders. The Directors of Bullion have been pursuing opportunities to acquire interests in the resources sector, with payment to be effected by the issue of shares. Nautical Holdings Limited is a subsidiary of Masefield Energy Holdings AG ("MEHAG") which itself was created in 2004 to hold the non-trading, asset based business interests of the Masefield Group. Nautical Holdings Limited has a 75% shareholding in Nautical Petroleum AG, which has a 100% interest in two licences on the United Kingdom Continental Shelf ("UKCS") namely: Licence P1077 over Block 9/2b and Licence P1203 over Block 3/27a Licence P1077 was awarded to Nautical Petroleum AG by the Department of Trade and Industry on 1 October 2003 and Licence P1203 was offered to Nautical Petroleum AG on 17 October 2004 and it received the licence for signature on 9 February 2005. Licence P1077 contains the 9/2-1A oil discovery and is contiguous with Licence P1203. In block 9/2b and surrounding area Nautical has purchased and interpreted 772 km of 2-D seismic data; purchased 192 square km of 3-D seismic data; purchased and interpreted the digital well data for 9/2-1A and completed an extensive assay of a sample of oil from well 9/2-1A. The programme to date confirms that there is an oil column of at least 33 metres. The area has the potential for a large structural closure up to 18 km long and 5 km wide which could contain up to 490 mmbo. Immediate plans are to reprocess the 3-D seismic before a detailed interpretation is carried out. Licence P1203 (Block 3/27a) is contiguous to the north with Block 9/2b. 476 km of 2-D seismic and the data on wells within and in the vicinity of the block were purchased by Nautical Petroleum AG. The interpretation of these data generated several leads on the block. The Licence P1203 was secured with a small work programme which includes the reprocessing of some of the existing seismic. The third asset currently held is specialised process equipment specifically designed for the Mariner discovery extended well test (EWT). The equipment is suitable for use in testing of heavy oils down to 10° gravity and will be used on the testing of 9/2b discovery and on any other Nautical development programme. The primary goal of Nautical is to acquire, develop and add value to further heavy oil reserves initially in the UKCS. Nautical intends to take full advantage of the current business environment namely the rationalisation of the UKCS assets resulting from industry consolidation, and limitation on major oil company resources, along with the existence of significant identified discoveries, which have been appraised but remain undeveloped. Strategy The New Board's key strategic objectives for the Enlarged Group are: initially to become a production operator and develop the 9/2b discovery generating cash flow and increasing proven reserves within the next 2 years. The application of heavy oil production technology has proven the viability of producing heavy oil at commercially attractive rates in the nearby Mariner Field. As reservoir characteristics (such as oil quality and reservoir geology) in both the Mariner Field and the Block 9/2b discovery are broadly similar, the Directors and Proposed Directors believe that it is reasonable to expect that the 9/2b discovery can be successfully developed by the application of the technology proven at the Mariner discovery; concurrently to acquire targeted reserves from third parties while participating in future licence rounds to acquire discovered oil and exploration acreage with modest work commitments. This reserve acquisition programme will be achieved by issuing ordinary shares, using its available financial resources and bank or other funding as appropriate, as well as by the drilling of development, appraisal and exploration wells; to continue to enhance liquidity in its ordinary shares through these acquisitions whilst offering the prospect of capital growth rather than dividend yield; and to develop Bullion into a well regarded oil production company, with a clear focus on a defined class of assets in geographic areas where the management can add value. |
Posted at 08/3/2005 21:05 by macca28 steveathis is how i see it, companies like tiger resources,who own 9 million blo shares and maybe a few others, will not be able (i dont think)to cash them in for a while,under the buying terms agreement so quite a percentage of the 70 million shares in issue will be untouchable, hence the shortage, that is perhaps why they sent out the persuaders, who will say what they can to get you to sell, also companies like gol will want to hold on to theirs as it cost them a packet to keep blo afloat in fact a sizeable percentage of the shares are held by just business men involved in the company colin bird and the board etc,etc |
Posted at 07/3/2005 23:28 by stevea171 Date: March 08, 2005 The Sad Saga Of Bullion Resources Ends And A Bright Future Opens As Nautical Petroleum. It has taken a while, but the long suffering shareholders in Bullion Resources can look their bank managers in the face once again. Credit has to be given to Malcolm Burne of Golden Prospect who was determined not to take a loss on his holding and he was supported by Colin Bird of Lion Mining and Jubilee Platinum. Without wanting to dwell too much on the past, Bullion Resources' shares performed badly after the IPO in 2002. An independent report by Lion Mining the following year concluded tht the South African assets of the company were not economically viable and the South African mining regulators criticised the Competent Person's Report on which the listing was based. In due course four of the directors resigned and their shares were acquired by Golden Prospect. Litigation again the Competent Person is still under advice and the Nomad - our old friends at Grant Thornton - was replaced. In October 2004 Bullion Resources sold its assets, such as they were, and underwent a restructuring to become a cash shell. As part of the restructuring the company raised £625,000 through a non-brokered placing and the directors evaluated a number of deals to make the best use of its listing and funds. The decision in the end was to carry out a reverse takeover of a company called Nautical Holdings by issuing shares to a value of £20.93 million. The name is going to be changed to Nautical Petroleum and the shares started trading again today, once the deal had been announced. Bullion Resources shares had been suspended at 6.25p after a quick advance in the share price a few weeks ago and they started trading again today at 10.5p, a rise of 68 per cent. Note to Phil the Spin and the nomads and brokers involved with his companies, the suspension of Bullion Resources was requested after the shares had risen by 30 per cent, not thirteen fold as in the case of White Nile. Nautical Holdings is a subsidiary of Masefield Energy Holdings which was created last year to hold the non-trading , asset based business interests of the Masefield Group. The Group also has an energy trading company, Masefield AG, which is involved in global trading of crude oil and refined products in major oil trading hubs and its clientele includes most of the participants in the global crude oil, gas and refined products markets. As a result of this business it has been able to identify and secure assets and interests which benefit from synergies with energy trading, while offering intrinsic viability and competitive advantage through application of oil process technology. This is an important point as Masefield Energy has identified and acquired heavy oil reserves in the North Sea as a prime supply source for the downstream processed fuel business. The two licences are contiguous and are situated on the East Shetland Platform in the vicinity of the well-documented Bressay and 9/3 heavy oil discoveries. Key to this whole operation was the acquisition by Masefield Energy of specialised heavy crude oil production processing equipment designed and supplied by Halliburton for the Extended Well Test programme undertaken successfully on the Mariner oil field by Texaco in 1997. Nautical Holdings has a 75 per cent interests in the licences and full ownership of the specialised oil production process equipment. The aim of the company is to lead a new phase in the development of known heavy oil reserves in the North Sea by applying advanced oil recovery technology, according to Ian Williams who will take over as chairman of Nautical Petroleum following the change of name. Mr Williams spent over 27 yrs with Royal Dutch/Shell Group before joining Masefield and ended up as Head of Strategy and Consultancy (Downstream) at Shell International Petroleum Company in London. He knows a bit about oil as does the proposed CEO, Stephen Jenkins who has 20 years technical and management experience in exploration and production world-wide with a range of oil and gas companies behind him.. The future of the business is therefore in experienced hands and Minesite can now hand over to Oilbarrel.com to follow it. The past can now be forgotten, but it was a salutary experience for London's junior mining sector. Hopefully the AIM regulators will take on board the fact that mining companies are not the same as widget manufacturers , food processors or transport companies. Advisers have to have more than a working knowledge of mining and be able to assess reports from Independent Consultants with competence. Only then will investors be confident that another Bullion Resources cannot slip through the gate. |
Posted at 07/3/2005 15:26 by stevea171 Licence P1077 contains the 9/2-1A oil discovery and is contiguous with Licence P1203, both located on the East Shetland Platform in the vicinity of the well-documented Bressay and 9/3 heavy oil discoveries.In block 9/2b and surrounding areas Nautical has purchased and interpreted 772 km of 2-D seismic data, purchased 192 square km of 3-D seismic data, purchased and interpreted the digital well data for 9/21A and completed an extensive assay of a sample of oil from well 9/21A. The programme to date confirms that there is an oil column of at least 33 metres (the base was not encountered in the well and is probably located down dip) in the Heimdal Sandstone Member of the Lista Formation (which is Palaeocene, Tertiary in age). This member consists of a major sandstone unit (15 metres thick) with 2 shallower, thinner units (3 metres and 1 metre thick). Only the thickest unit was tested and this flowed 15 API oil on a drill stem test (DST) (confirmed by assay). The area has the potential for a large structural closure up to 18 km long and 5 km wide which could contain up to 490 mmbo, as evidenced by the Equipoise 2D seismic interpretation and published literature. Immediate plans are to reprocess the 3-D seismic to better image the reservoir before a detailed interpretation is carried out. The aim will be to confirm the large structural closure and define the distribution and architecture of the reservoir. The volumes in place will be refined and optimal well location identified, leading to an appraisal / development well being drilled in the second half of 2006. It is expected that this will initially be a vertical well which will be converted into a horizontal well which will be tested and retained as a future producer. Licence P1203 (Block 3/27a) is contiguous to the north with Block 9/2b. 476 km of 2-D seismic and the data on wells within and in the vicinity of the block were purchased by Nautical Petroleum AG. The interpretation of these data generated several leads at the Heimdal Sandstone Member level and one significant lead at the Upper Jurassic Humber Group in the north east corner of the block. Encouragingly, one of the Heimdal Sandstone Member leads is analogous to the 9/2b1A discovery and reservoir thickness at this location should be thicker than at 9/2b1A since the Heimdal Sandstone thickens to the north as evidenced in wells 3/272 and 3/222. Hydrocarbons have migrated into the block since oil shows were recorded in the Heimdal Sandstone in well 3/27-2 in the north west of the block. Deeper in the geological section at the Jurassic, Humber Group the seismic shows a potential pinch out of the reservoir. There are seismic anomalies at this location, which may indicate evidence of gas (gas chimneys) which can be an indicator of liquid hydrocarbons deeper in the geological section. The Licence P1203 was secured with a small work programme which includes the reprocessing of some of the existing seismic. It is the New Board's intention that the seismic be re-interpreted in 2005 to firm up the various leads and the New Board intends to farm out an equity share in the block prior to drilling any well (which will be in 2007 at the earliest). The third asset currently held is specialised process equipment specifically designed for the Mariner discovery extended well test (EWT). The equipment is suitable for use in testing of heavy oils down to 10° gravity and will be used on the testing of 9/2b discovery and on any other Nautical development programmes. When not being used by Nautical, the equipment will be hired to third parties for well testing in order to generate revenue. The equipment is easily deployed since the 12 skids can be transported in 6 x 40 feet containers and it is fully compatible with most semi submersible drilling rigs. Minimal refurbishment is required which will reduce lead time in a deployment to a few months (a new build normally has a lead time of up to 12 months). The equipment can handle up to 40,000 barrels per day of liquid production of which 25,000 barrels per day can be oil. The resultant export stream has 0.5 per cent. BS & W. Full details of RNS: |
Posted at 07/3/2005 10:42 by wole The new shares will form 90% of the issued shares. The new holders are locked in for 12 months therefore there can't be much liquidity in the stock for a while. That said they may issue shares to institutional investors to improve liqidity.At 3p the new company will be valued at roughly £23m. At 10p the mkt cap will be something like £78m. If they stick to the proposals and start drilling and producing 25000 barrel per day the share price would probably be above the £1 mark. |
Posted at 07/3/2005 08:39 by stevea171 RNS Number:3802JBullion Resources PLC 07 March 2005 Embargoed for release at 07:00a.m. 7 March 2005 Bullion Resources plc ("Bullion" or the "Company") Acquisition of Nautical Holdings Limited ("Nautical") Approval of Waiver to be granted by the Panel on Takeovers and Mergers Admission to the Alternative Investment Market Change of Name to Nautical Petroleum plc Summary Bullion Resources plc today announces that the Company proposes to acquire Nautical Holdings Limited, a specialist energy company focussed on production of heavy crude oils from discovered reserves in the United Kingdom Continental Shelf ("UKCS"). The acquisition of the entire share capital of Nautical Holdings Limited will be effected by the issue to the Vendors of 697,500,000 Consideration Shares, for a value in the transaction of #20.93 million. The Acquisition constitutes a reverse takeover for the purposes of the AIM Rules. The Company intends to seek admission of the Enlarged Share Capital to trading on AIM following completion of the Acquisition. To align the name of the Company with the business to be acquired it is proposed that the name of the Company be changed to Nautical Petroleum plc. An Extraordinary General Meeting of the Company is to be held at 4.00 p.m. on 30 March 2005 at the offices of Stringer Saul, Fifth Floor, 17 Hanover Square, London, W1S 1HU, to approve the Acquisition and other related resolutions outlined in the AIM admission document, copies of which were sent to shareholders today. Insinger de Beaufort is the Nominated Adviser and Broker to the Company. Background The Directors of Bullion believe that the oil and gas upstream (exploration and production) sector of the energy industry offers promising growth potential for shareholders. The Directors of Bullion have been pursuing opportunities to acquire interests in the resources sector, with payment to be effected by the issue of shares. Nautical Holdings Limited is a subsidiary of Masefield Energy Holdings AG (" MEHAG") which itself was created in 2004 to hold the non-trading, asset based business interests of the Masefield Group. Nautical Holdings Limited has a 75% shareholding in Nautical Petroleum AG, which has a 100% interest in two licences on the United Kingdom Continental Shelf (" UKCS") namely: * Licence P1077 over Block 9/2b and * Licence P1203 over Block 3/27a Licence P1077 was awarded to Nautical Petroleum AG by the Department of Trade and Industry on 1 October 2003 and Licence P1203 was offered to Nautical Petroleum AG on 17 October 2004 and it received the licence for signature on 9 February 2005. Licence P1077 contains the 9/2-1A oil discovery and is contiguous with Licence P1203. In block 9/2b and surrounding area Nautical has purchased and interpreted 772 km of 2-D seismic data; purchased 192 square km of 3-D seismic data; purchased and interpreted the digital well data for 9/2-1A and completed an extensive assay of a sample of oil from well 9/2-1A. The programme to date confirms that there is an oil column of at least 33 metres. The area has the potential for a large structural closure up to 18 km long and 5 km wide which could contain up to 490 mmbo. Immediate plans are to reprocess the 3-D seismic before a detailed interpretation is carried out. Licence P1203 (Block 3/27a) is contiguous to the north with Block 9/2b. 476 km of 2-D seismic and the data on wells within and in the vicinity of the block were purchased by Nautical Petroleum AG. The interpretation of these data generated several leads on the block. The Licence P1203 was secured with a small work programme which includes the reprocessing of some of the existing seismic. The third asset currently held is specialised process equipment specifically designed for the Mariner discovery extended well test (EWT). The equipment is suitable for use in testing of heavy oils down to 10degrees gravity and will be used on the testing of 9/2b discovery and on any other Nautical development programme. The primary goal of Nautical is to acquire, develop and add value to further heavy oil reserves initially in the UKCS. Nautical intends to take full advantage of the current business environment namely the rationalisation of the UKCS assets resulting from industry consolidation, and limitation on major oil company resources, along with the existence of significant identified discoveries, which have been appraised but remain undeveloped. Expected Timetable Latest time and date for submission of forms of proxy 4.00 p.m. on 28 March 2005 EGM 4.00 p.m. on 30 March 2005 Expected date for Admission 1 April 2005 Commenting on the transaction, Ian Williams, proposed Chairman said: "This transaction provides an exciting opportunity to create shareholder value by leading a new phase in the development of known heavy oil reserves in the North Sea. Nautical plans to apply advanced oil recovery technology to exploit secured reserves, and to use the anticipated cash flow to develop further reserves and acquire more assets. "There is growing interest and support within industry and government for additional crude oil production in the UKCS. The Nautical strategy is well aligned with these trends. The management team is confident of developing the Company into a significant specialised player in the North Sea energy arena." |
Posted at 15/2/2005 22:46 by stevea171 Macca .......... BLO current position:Shares in issue: 77.8m Market price: 6.25p Market Cap: £4.86m NAV at 30/9/04: 2.5p/share, (possibly plus up to Rand 5m.) Assets: £1.95m min, (plus possibly up to £0.44m) I imagine the two sides will agree a price for the unlisted business and BLO will issue new shares to pay for the acquisition (some of which may be deferred or conditional). There is no point using any of BLO's cash in payment as that is one of the attractions for the company being considered as the prospective acquisition. |
Posted at 15/2/2005 15:41 by greenspamster Aim would have made them suspend the share. Hopefully as being in talks for so long and the fact share actually began to move that the deal is a done deal. Just depends how good the project/company that is being reversed in. If a good oil exploration play (look at COP or MDL) then we could be in for a nice rollercoaster share price ride. |
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