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  1. #1
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    Default GLL Galilee Energy

    Looks like the float of the South Is coal mines owned by GLL's subsidiary Eastern Resources has moved a step closer.

    Note that only an ASX listing is proposed at this stage although I would think an NZX listing would follow if there is a big uptake from NZ investors. I'll look at the prospectus but at this stage prefer Bathurst Resources' Buller project, which also gets a mention in this article.

    http://www.stuff.co.nz/business/indu...tralian-parent
    Last edited by macduffy; 23-10-2010 at 03:57 PM.

  2. #2
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    Hi Macduffy
    ASX announcement today, Bathurst have made $30m offer to buy all NZ assets. There's a turn up.

  3. #3
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    Quote Originally Posted by kiwitrev View Post
    Hi Macduffy
    ASX announcement today, Bathurst have made $30m offer to buy all NZ assets. There's a turn up.
    Indeed it is!

    At the moment I'm more interested in what effect this might have on BTU's SP, especially the current capital raising. From GLL's point of view it probably ensures that their NZ float will be more popular, having a back-up offer from BTU to fall back on.

    A lot of water yet to go under this particular bridge, I suspect!

  4. #4
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    GLL currently has a Market Cap of $31m and $39m cash in the bank (no debt).

    They have 2 main CSG projects.

    One of the projects, ATP529, is a JV with AGL Energy where AGL have farmed in by paying $37m for 50%. 3C Resources of 1090PJ have been estimated so far.

    Cheap stock if sentiment towards the CSG sector improves

  5. #5
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    Hi Mark
    Like the rest of the CSG sector SP has gotten very cheap. Interesting volume on single days each May and June 2m and 1.5m. Just for those not aware a wild card for GLL is that over 20% held by Campbell Smith former CEO who resigned when the deal done to sell NZ assets to Bathurst Resources. Also first Resource estimates (2C and 3C) recently announced for portion of ATP529 with a Reserve estimate due by December 2011.

  6. #6
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    CSG players will be showing a little more interest in the CSG sector following recent announcements, Santos with 25% of ESG and today Arrow (owned by Petrochina and Shell) takeover proposal of BOW. It would seem there are moves being made to secure acreage to boost reserves to support a bigger export terminal at Gladstone for export of LNG. This space appears to be hotting up so players need to be on alert.

  7. #7
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    Looked into this stock during the Xmas holidays and bought in. Great acreage, strong partner and very good cash position to market cap. Looking at convential oil/ gas and well as unconventional shale oil/gas. SP has dropped from 30 down to 14 cents the past year. Has work programme agreed for current year which is fully funded ($10 million v. $36 million in the bank).

    Is very unloved at the moment. Shares are resonably tightly held. Very happy to hold.

    DYOR.

    Gazprom

  8. #8
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    Hi Gaz
    According to some of the gossip on HC you might have timed your entry to a nicety. Have been holding for some time. Reserve estimate overdue so maybe not far away. The Campbell Smith holding of 20% will be key to any takeover offer as also is the AGL participation as 50% farmin of ATP529P leaving Galilee with 100% of ATP799P.
    If anybody knows how we need to get the thread corrected to Galilee Energy which is the company name.

  9. #9
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    Read my signature KT.

    The link shows the way to rename the thread accordingly but must be done only by the thread starter. (or a mod).

    --> Watch THRIVE 2011 a must watch Doco! --> Also watch ETHOS 2011 & share the Awareness~!

  10. #10
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    Quote Originally Posted by kiwitrev View Post
    Hi Gaz
    According to some of the gossip on HC you might have timed your entry to a nicety. Have been holding for some time. Reserve estimate overdue so maybe not far away. The Campbell Smith holding of 20% will be key to any takeover offer as also is the AGL participation as 50% farmin of ATP529P leaving Galilee with 100% of ATP799P.
    If anybody knows how we need to get the thread corrected to Galilee Energy which is the company name.
    Hey KT,

    Thanks for your post. Nice movement today. Is a T/O target IMHO. It is just a matter of what level would be acceptale. Happy to be along for the ride.

    Gaz

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