Hmm, divergence or to many people sitting at the station, watching the ship sail past.;) ( or watching their T\A screens) :confused:
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Well, it would make a nice change if they did do a takeover for cash rather than adding to the mountain of shares on issue. Drillsearch is only a tiddler but Beach is offering shares here - and struggling to make progress.
:D
Yes AA, but somehow I do not see it going back under 80 cents.
When the fund managers do the numbers, it will soon be back over $1.00
Its trading range will need re-addressing. :confused:
But hey, up until now the range has been awesome. :p
Beach have announced a fully franked special dividend of 2cps, a distribution of part of the profits from the Tipton West sale.
It's also a nice incentive to DLS shareholders to get a move on and accept BPT's takeover offer.
;)
BPT - Update on Geothermal Project (with PTR & TRU Energy)
http://www.stocknessmonster.com/news...E=ASX&N=173059
I hope BPT completes the farm in & pays the $30m to increase there share from 21 - 36%, the JV has already received $7m in Govt funding for the drilling program, & having the South Australia State Governor show up, tells me that Australia is serious about Geothermal, clean, green energy.
I might email BPT & suggest they look into taking out PTR.
PTR @ 30c is worth $27.7m, so 40 - 50cps cash or a 3:1 scrip offer should do it.
Allowing TRU Energy to farm in to 30% for $57m, almost funds the deal!
What would BPT be getting by taking over PTR?
http://www.stocknessmonster.com/news...E=ASX&N=172447
This has far more promise & upside to BPT shareholders than DLS!
Will advise what response i get, i believe PAX & PTR would compliment BPT's portifolio, especially if the Australian Govt signs up to any looney left ETS (Emission Trading Scheme).
PS, Have a look at PAX (Market Cap < $30m @ $0.14), talking about an inferred resource of 11,000PJ!
Kinda dwarfs the CSG minors reserve targets, & it's a cleaner, greener energy source!
Hi shasta.
Judging from Reg Nelson's remarks yesterday I'd be very surprised if they hadn't already had a hard look at PTR.
The expertise required there is a bit outside BPT's area of experience. I reckon they might be happy to remain JV'd in the project for the meantime.
;)
Actually, PAX claims to have two 11,000 PJ inferred resources, Tirrawarra and Penola.
I must try to get my unscientific brain around this geothermal thing, especially the method used to calculate ( certify?) resources. It seems that no Australian geothermal resource has become a "reserve" yet. Might this be expected in due course or are we talking about a different system to that applied to oil and conventional/csg gas?
To my mind it's a no brainer, Geothermal will simply be the biggest benefactor of any ETS implemented by the Australian Govt.
Uranium won't have the universal appeal (some states still wont allow it), & nothing else comes close to a cleaner, greener energy source.
I'm not so sure PTR are more advanced in that area of expertise?
Thing is $30m would buy PTR at current prices, so either PTR is vastly undervalued, or BPT are paying an outrageous premium of $30m to increase it's stake in the JV from 21 - 36% (Nb, BPT hasn't indicated it will take up this option as yet.)
Take for example, TRU Energy's farm in arrangement is $57m for 30%
$57/30 * 100 = $190m project value? (TRU Energy's farm in deal)
$30/15 * 100 = $200m project value? (BPT's farm in deal)
Beach already holds 21% of the JV, but you can see the value in this for PTR.
For a current market cap of $30m - yet they could farm down to 34% & receive $87m cash
(Using the above farm in data, it equates to $1.95m per 1%, so PTR's stake @ 34% would still be worth $66m!)
OK, the project will require a large supportive company to fund it into commercial production, but surely BPT sees this inherent value in PTR?
In fact BPT could pay 60cps for PTR (double current SP) & farm out 30% to TRU Energy for $57m to fund the deal!
What have i overlooked here Macduffy?