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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Hephaestus | HEP | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 2.875 | 00:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 2.875 | 2.875 |
| Top Posts |
|---|
Posted at 04/7/2007 06:35 by jonno1 European Gas Limited Signals A Major Acquisition Could Be On The CardsCoal bed methane specialist European Gas Limited (EGL) has entered a funding agreement for �36 million (A$58 million) to help it buy a series of producing gas assets in Europe and for working capital purposes. No further details of the proposed acquisition have been released as ASX-listed EGL is still in the due diligence process and is bound by confidentiality clauses. The funding agreement involves two tranches of convertible notes, with a three-year term and a base coupon rate of 5 per cent. The notes would convert into 48.5 million shares, almost 19 per cent of the company�s current capital fully diluted. The notes will be secured against the assets and priced at �0.75, or A$1.20, a significant premium to the company�s current share price of just over A$1 a share. News of the funding agreement and the proposed acquisition, which if it proceeds is expected to complete within three months, came just over a month after EGL was forced by ASX rules to explain recent increases in its share price and traded volumes. The company could give no reason at the end of the May, explaining that it was pursuing its stated objectives of expanding its portfolio of assets in Western Europe and, accordingly, sometimes entered discussions with third parties about potential acquisitions or other opportunities. At that time, however, no such discussions were at an advanced stage to warrant any announcement. That has obviously now changed and investors will be keen to hear more details of the proposed acquisition. The fact that EGL is investigating producing assets will be welcome news. A steady revenue stream would be a welcome addition to the books as the company works towards bringing its Folschviller and Diebling CBM projects in the Lorraine region of eastern France into pilot production. It would also bring the comfort of diversity: at present, despite holding CBM permits and applications elsewhere in France and Italy, EGL�s fortunes are heavily weighted to the success, or otherwise, of the Lorraine CBM project. Fortunately, that project does look promising. The 460 sq km Lorraine permit lies on the Franco-German border in what used to be a major coal mining area, producing 850 million tonnes of bituminous coal. Enron spotted the potential here in the mid-1990s, coming up with a gas-in-place number of 7 trillion cubic feet of gas in an area of 680 sq km. EGL, mindful of its rather more limited resources, started small, focusing its initial efforts on the Saint Avold and Alsting sub-areas, which comprise 68 sq km. These sub-areas, which account for just 7 per cent of the project�s permit and application area, are thought to hold just under 1 tcf of gas. This is a tasty resource and, after it completed its acquisition of former partner Heritage Petroleum earlier this year, EGL holds 100 per cent of the acreage. Two test wells have been drilled to date, Folschviller St1 and Diebling St1, and EGL describes the results as �highly positive� with the potential to lead to a considerable upgrade of the estimated resource in place. Engineering design work and selection of contractors for a two-well pilot production programme is well advanced, with drilling work expected to get underway this summer. Multi-lateral drilling will ensure each well has maximum exposure to the coal packets, thus improving permeability and increasing production per well, reckoned to be as high as 1 to 2 million cubic feet per day. Seismic work is also planned at both the Folschviller and Diebling sites to help determine a full-scale development, which will target almost 1 tcf of gas. This is exciting stuff but it comes at a price: multi-lateral wells are a Rolls-Royce engineering solution and are not cheap to drill. If EGL can get some production and cashflows onto the books it will help with the financing of this promising CBM project. |
Posted at 09/11/2006 22:48 by lmhardy01 I agree they are buying off market, They are also an investor in EPGI think we will see a revaluation of EPG in around 4 - 5 weeks once they have completed the new wells. Basically they will publish their first 2P & 3P resource statement. This should put a firm initial value under the share price. |
Posted at 09/11/2006 20:01 by haydock No94 Buffin reproduced on APF bb.Many thanks Buffin. Re APF. Nobody has any real idea why they are buying, they need the technology for Canada & a link would be usefull , but they also very shrewd investors in other comapnies,& coal is the great driver of the share, in Ausralia & Canada. This will be joined up thinking, not a random hit I would think. |
Posted at 09/11/2006 19:40 by buffin Are you sure?No :). Admittedly it's just my impression that the numbers don't add up, especially when we would presumably be seeing buys as well. Over on unquoted, esteban has posted that they are an investor, not a counterbidder. |
Posted at 01/11/2006 08:32 by sranmal The webcast (although this strategy may have since changed) suggested that only St Avold would be reclassified as P2 (~200 bcf), and they wouldn't have to raise new money when they went to AIM, this was only being done to allow European investors to buy shares more easily. |
Posted at 17/10/2006 01:34 by lmhardy01 Ok I have had a quick look at Anglo it looks as if they are passive investors or looking to back in a coal asset to gain a royalty in the future. We know from the substantial share notices etc where 70% of the stock resides which includes the 24% held by directors + Golden Prospect. So In reality unless someone like Anglo has a plan then the takover by EPG is a done deal. The shares sold the other day ie 840K were possibly bought by Anglo. maybe Anglo they are a shareholder in EPG, however they are not shown as a sub shareholder or in the top 20. I hope that they will agitate EPG for a better deal ! Does anyone know any of the directors at Anglo to ask what the plan IS if their is one. |
Posted at 27/1/2006 09:06 by egoi Well done Ash. thanks allegedly, I am very much staying with HEP, any short term punters getting out is usually good anyway for the longer term share price as the serious investors are left: This is one reason i think we can expect further excitement in HEP in coming months: 'The GIP resource is based on an area comprising 68 Sq. km in total or approximately 15% of the entire Lorraine Permit of 460 Sq km. In addition, Heritage and Kimberley have a further 528 sq km under application adjoining the Lorraine Permit and covering the southern extensions of the Lorraine Basin. The Kimberley resource area forms a part of the area used in the Enron resource calculations. Based on this and the initial analysis of areas outside of Saint Avold and Alsting, it is expected that SIGNIFICANT INCREASES to Kimberley's GIP calculations are likely.' |
Posted at 21/11/2005 07:44 by egoi Encourage even non-Ofex investors to take a serious look. |
Posted at 12/7/2001 22:22 by shedloads.com BobDead right if you want to sell then you may not be able to do so. For many that is a real problem and rightly so, the attraction is speculating (posh for a gamble) at the very early stages of a company's life. Certain big name investors make a good living out of this especially with their warrants as these take a lot of the gamble out of the speculation and gear up any gains at the highest possible ratios (to the cost of Joe public) Myself? I tend to think OFEX is a bargepole job but offer me some warrants and I am yours : ) Shedloads |
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