Quindell trading at the start of the year being at record levels
Quindell has issued its detailed rebuttal of a report from US group Gotham City Research, but despite this its shares are still under pressure.
The company has already said it is taking legal action against what it called a "co-ordinated shorting attack" and it has published its response to Gotham City on its website.
Its shares, however, are still down 5% at 23.75p having fallen as low as 20p, despite directors promising to buy stock once they receive regulatory clearance. Before the Gotham City report issued on Tuesday they stood at 39p.
In a statement Tony Bowers, senior independent director and vice chairman of Quindell said:
It is disappointing that my executive directors have been forced to spend time responding to these allegations.
I hope with this extensive response to the Gotham "research" that investors will be reassured as to the company's transparent approach to investor relations.
It is the intention of a number of the directors to purchase shares in Quindell once they receive clearance from the appropriate regulatory bodies.
I have personally taken the time to ensure that the level of detail of our response meets the needs of all of the investors, including those with whom we have personally spoken. The board continues to target the company's move to the Main Market, as stated previously, and is looking forward to our US investor roadshow next week.
With trading at the start of the year being at record levels, the board remains confident for the prospects of the group.
Great Western Mining Corp. (GWMO) Target:20p
Investors who take a stake in the company at this stage could expect the company valuation to increase
by a significant factor if the target resources are proven. A regular flow of information on the
exploration should be helpful to share prices, and gives rise to our 12month target price of 20p.
Low-cost Nevada Mine Key to Success
A Competent Person's Report published with the move to AIM identified the presence of potentially bulk quantities of copper and silver across the Company’s claims. To this end, the Company began their extensive programme of exploration across its assets; with the goal of delivering shareholders a series of resource estimates leading to a bankable study.
The Company has just announced the appointment of a new Chairman, Brian Hall, who was previously a Non-Executive Director, and recently appointed David Fraser as Chief Executive. This is the first development in a planned ramp up in activities for the Company.
“Great Western has the potential to deliver significant value to shareholders, subject to proving up its mineral claims. The Company is operating in one of the safest mining jurisdictions possible, in an area well known for mineral discoveries. We look forward to assisting the Company as it looks to ramp up its City activity, and engagement with shareholders around increased news flow.”
Great Western Mining completion of detailed analysis for a drill programme to establish a JORC resource over GWM’s wholly owned M2-Smith copper target in the first half of 2014. A programme of 20 reverse circulation (RC) drill holes has been planned, while further ground geology, surface mapping and sampling would run simultaneously. The company expects to submit the drilling permit applications and started the preparatory groundwork.
Our view: Great Western Mining continued to deliver tangible value for its shareholders, with further progress of its operations in Nevada. Previous results at the project include: 12.2m at 0.2% copper at M2-001, 9.1m at 1.13% copper at M2-004 and 9.1m at 0.84% copper at M2-005. The mineralisation in Nevada is up to 120m wide and is believed to extend over 1200m of strike. The planned follow-up work is likely to increase the current estimated potential of the project. Given the huge upside offered through this latest round of drill programme, we assign a Speculative Buy rating to the stock.
Seftons Resources fortunes are about to change with 30% cash injection in return for JV partner with major resources.
It's time to compile a list of oil stocks to watch.
One reason: Crude oil futures hit near a six-week high in mid-April.
Moreover, U.S. crude oil production is booming, averaging around 3.22 million barrels at the end of 2013 according to the U.S. Energy Information Administration (EIA). When offshore production is added into the equation, the average number of barrels produced per day has risen to around 7.84 million.
That makes the U.S. accountable for 10% of the world's total oil production right now.
Teg Oil & Gas USA Inc /
Sefton Resources (SER.LSE)
Rumour has it Seftons fortunes are about to change with 30% cash injection in return for JV partner with major resources.
An independent oil and gas exploitation and production company Sefton Resources (SER:AIM) is focused on developing three independent revenue sources – enhanced oil recovery (EOR) in California, oil and gas exploration and production (E&P) in Kansas and gas transmission in Kansas. By operating 100% of all its assets and owning most of them, Sefton controls its own destiny.
Reserves #
The Group’s estimate for proven reserves in California, is 3.74 mmbbls. The report classifies 0.44 mmbbls (12%) as PDP, 1.22 mmbbls (33%) as PDNP and 2.08 mmbbls (55%) as PUD – giving an indication of upside. Sefton’s reserve report includes nothing for either probable or possible reserves.
ANDERSON COUNTY AREA
Anderson County Squirrel oil resources Prospective Oil : 1.97 MMBO : $105.98m * $68.79m **
Anderson County Warner Sand gas resources Prospective Gas :17.23 BCF : $31.89m * $18.73m **
Anderson & Franklin CountiesCBM gas resources Contingent Gas : 35.51BCF : $110.23m * $25.98m **
LEAVENWORTH COUNTY AREA
Leavenworth County CBM gas resources Contingent Gas : 2.51 BCF : $6.25m * $1.55m **
Leavenworth County CBM gas resources Possible Gas : 0.53 BCF : $1.93m * $1.02m **
PIPELINES
Anticipated pipeline revenue Gas : Net Vol > 10 MMcfd - $60.37m * $23.89m **
Total $316.7m * - $140.0m ** Revenue Key > > Cumulative Cash Flow * NPV 10 **
Its 52-week range is 0.155p-1.25p uk pounds
Sefton our list of oil stocks to watch. |
