CPS International is a marketing arm of CPS Securities in Mongolia. CPS Securities is a Perth, Western Australia based AFSL License Holder. To trade ASX and international stocks, feel free to contact me at mogi@cpsinternational.mn or +976-99996779.
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Close: Mongolia Related ASX Listed Companies, April 12, 2010 | ||||||||
Code | Last | $ +/- | Bid | Offer | Open | High | Low | Volume |
0.064 | -0.001 | 0.063 | 0.064 | 0.065 | 0.066 | 0.063 | 3,948,053 | |
1.690 | -0.060 | 1.670 | 1.690 | 1.715 | 1.715 | 1.625 | 2,833,758 | |
0.490 | 0.000 | 0.465 | 0.490 | 0.490 | 0.495 | 0.480 | 627,630 | |
1.035 | -0.045 | 1.030 | 1.045 | 1.090 | 1.090 | 1.035 | 1,298,690 | |
0.600 | 0.050 | 0.425 | 0.700 | 0.515 | 0.600 | 0.515 | 254,333 | |
0.023 | -0.003 | 0.023 | 0.024 | 0.026 | 0.026 | 0.023 | 5,386,963 | |
0.008 | 0.000 | 0.008 | 0.010 | 0.008 | 0.008 | 0.008 | 494,335 | |
0.185 | -0.020 | 0.185 | 0.195 | 0.200 | 0.210 | 0.185 | 751,500 | |
1.090 | -0.105 | 1.080 | 1.100 | 1.200 | 1.200 | 1.075 | 2,200,483 | |
0.280 | -0.010 | 0.280 | 0.290 | 0.295 | 0.295 | 0.280 | 304,559 | |
0.570 | 0.010 | 0.570 | 0.575 | 0.560 | 0.570 | 0.555 | 129,941 | |
28.940 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0 | |
87.000 | -1.300 | 86.880 | 87.040 | 87.630 | 87.870 | 86.650 | 3,557,909 | |
48.890 | -0.660 | 48.650 | 48.900 | 49.070 | 49.330 | 48.620 | 32,194,484 | |
Source: asx.com.au
Petro Matad starts to make significant waves
April 12 (Proactive Investors) Mongolia-focused oil explorer Petro Matad (LON:MATD) delighted its growing fan base with a bullish operations update in March.
The firm, run by Australian veteran Doug McGay, announced a meaty upgrade to its own reserve estimates after re-working the data on its core exploration prospect, Block XX, in the far east of the country.
Petro Matad shares hit an all-time high on the back of the news, but with the next 12-18 months set to be an exceptionally active time for the company, the hope is that in-fill testing, additional seismic work and more drilling on the huge acreage within its Mongolian licences will identify a major new oil producing area.
Mongolia itself is in an “embryonic” stage according to the company, both in its economic development and also in exploiting its own natural resources.
That includes its largely untapped oil fields. At present, it imports all of its oil requirements and is keen to substitute home produced for imported. As a result, it has established a reasonably benign regime for oil companies to explore. Politically it is also stable.
Even so, interest has been patchy compared with the frenetic activity offshore Brazil, Africa and the Gulf of Mexico. Indeed, Petro Matad can claim the title of the only internationally-listed firm operating in the country, with the exception of a subsidiary of Ivanhoe Energy (TSE:IE), which operates one PSC.
Its principal asset is the 100 percent owned production sharing contract for 14,250 square kilometre Block XX. It also has two other Blocks, IV and V, located in central Mongolia and which jointly cover 71,040 sq km.
In Block XIX, next door to Block XX, Chinese-owned PetroChina has drilled extensively and is inching forward towards meaningful commercial production, but infrastructure still remains primitive with any oil produced shipped out by road.
Petro Matad still has some way to go to reach even that stage. So far, it has drilled only three complete wells on Block XX, on the prospect it now calls Davsan Tolgoi (or DT), and any meaningful production remains a way off, though it is a testament to the potential that even with the limited drilling so far the current market value is nearly £370 million.
A fourth well on Davsan Tolgoi was suspended three–quarters of the way downjust before the end of 2010 as the Mongolian winter really kicked in. Temperatures can dip below minus 20 degrees centigrade and Petro Matad took the decision to avoid reaching a critical stage of drilling just as temperatures plunged to potentially dangerous levels.
Using a reassessment of the information from the wells drilled last year, Petro Matad raised its forecast of the amount of recoverable oil in Block XX by nearly 200 percent. It also increased its targets for possible additional discoveries to 18 prospects and three leads.
According to the March statement, the data led to a much greater understanding of the target area’s geological characteristics, while, as a huge bonus, it also made a potentially significant new discovery.
As a result, DT is now estimated to contain total unrisked recoverable resources of 293 million barrels, with a risked recoverable resource of 225 million barrels. In terms of unrisked recoverable resource, it represented an “approximate tripling of what was previously postulated for at Davsan Tolgoi,” the statement said.
The new discovery provided most of the upgrade in reserves and will also form the basis of the 2011 drilling programme, chief executive Doug McGay added. "The discovery and definition of the new UvganGol paleovalley prospects are very exciting and add a new dimension to resource definition in this region,” he said.
Total oil-in-place estimates for this eastern corner of Block XX now stand at 1.87 billion barrels, a figure that includes the recent drilling plus estimates for an adjoining area of 228 sq km immediately to the east.
House broker Westhouse Securities increased its target price from 250 pence to 341 pence per share, based on the higher reserves estimate and higher oil prices generally this year. Brent crude this week hit a new all time high of US$123 per barrel.
It is the fourth time Westhouse has upped its target price since July last year. It bases its new target on the net present value of Davsan Tolgoi and the expected monetary value of the leads and other prospects.
Financially, Petro Matad is also solid enough. It raised US$54 million last year through a placing. That has given it cash enough for the immediate plans. How quickly it burns through it depends on how quickly the drilling programme and other in-fill work accelerates.
In addition to appraisal work, there is also a possible fifth well on DT while an initial seismic survey is planned for Blocks 1V and V with possible drilling here later in the year if those results throw up some interesting results.
To fund all that may mean Petro Matad has to come back to shareholders again for more money, but a major plus is that institutional support so far has been very solid.
All of its major shareholders took shares in last year’s placing including Mongolian oil products importer Petrovis, which has a 20 percent stake, and also the European Bank for Reconstruction and Development (EBRD), which owns 17.3 percent.
The key in the next few months will be the appraisal test results for the flow rate and quality of oil at Davsan Tolgoi, which should follow once drilling resumes at DT-4, which is expected to occur fairly quickly now that the weather has improved, and further testing is carried out on the three previous wells.
Westhouse expects the newsflow over the next few months to narrow the gap between its 341 pence target and the current share price of 199 pence, but the company itself is keen to emphasise that it has only had one season of drilling and while the results so far have been all it could have asked, it is still very early days.
Redwood Capital Announces the Acquisition, ASX Listing and $10 Million Public Offering for Mongolian Resource Corporation
Chairman/CEO Jim Bickel is Appointed as Director of the ASX Listed Company
DANVILLE, Calif., Apr 12, 2011 (GlobeNewswire via COMTEX News Network) -- S3 Investment Company, Inc. (Pink Sheets:SIVC)/Redwood Capital today announced the completion of the acquisition transaction, ASX listing and a $10 million Public Offering capital raise for Redwood Capital client Mongolian Resource Corporation (MRC). As a result of the acquisition, Alamar Resources Limited, which is traded on the Australian Stock Exchange under the ASX Code ALG, will change its name to Mongolian Resource Corporation Ltd. Redwood Capital acted as the Asian merchant banking financial advisor for MRC.
Alamar Resources Limited announced that it has completed a capital raise of 40,000,000 shares at $0.25 per share. These proceeds will be used to fund the acquisition, exploration and development of the MRC Mongolian assets and for general working capital purposes. Information regarding the exploration and development 2011 plans for the assets of MRC will be announced when it becomes available.
Jim Bickel, Chairman and CEO of S3/Redwood, is one of three new directors appointed to the Alamar Resources Limited board as part of the transaction. In its announcement regarding the appointments, Alamar Resources Limited noted that the new directors "bring a wealth of international and Mongolian business experience to the board and will be critical in managing the growth of the Company in the future.
"We are very pleased to announce this closing and financing for MRC, the first Redwood Capital Mongolian client to be listed on the Australian Stock Exchange," commented Mr. Bickel. "Our staff and partners in the UK, Mongolia and Australia, have worked tirelessly on behalf of this client, and to see the hard work of all of the parties involved culminate in a successful close is extremely rewarding. I look forward to continuing our work with MRC as a company publicly traded in Australia, as well as continuing to expand the reach of Redwood Capital with new partners, clients and new markets."
Redwood's Managing Director Matthew Totty stated, "I am extremely excited about Mongolia and working full time in country on a number of new projects with our local partners. We feel the ASX is a natural place for Mongolian mining companies to list and MRC has been well received."
MRC is a diversified mining company engaged in the acquisition, development and operation of resource properties in Mongolia, particularly late stage or current producing mines. MRC's objective is to build shareholder value by maximizing the potential of its current properties and leveraging its financial strength and experience to acquire new long-life, low-cost projects. The company's current assets include gold, coal and iron ore.
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GTSO PRESIDENT PLANS INSPECTION OF NEW MONGOLIAN RARE EARTH PROPERTIES
President and CEO John Shearer will Travel to Ulan Bator in May
April 11 (Business Wire) Green Technology Solutions (OTCQB: GTSO) President and CEO John Shearer will travel to the nation of Mongolia next month to inspect several mineral-rich properties that the company expects to acquire the right to develop into rare earth mines.
Shearer’s site inspection will be another step in the company’s due diligence in the region. Earlier this year, GTSO formed a joint venture with Rare Earth Exporters of Mongolia (REE) to procure and develop rare earth mining claims and operations inside the developing Asian nation. The joint venture signed letters of intent to develop four rare earth properties there, and last week, GTSO announced it is in talks to make REE a wholly owned subsidiary. If GTSO’s acquisition of REE is successful, Green Technology Solutions could potentially own the sole rights to those properties.
“Mongolia is the next frontier in rare earth exports,” Shearer said. “By acquiring mining rights there, we feel GTSO will be well positioned to capitalize on the skyrocketing rare earth demand and prices in the U.S., Japan, South Korea and elsewhere.”
The trip will be Shearer’s first to Mongolia, which is the key locale in Green Technology Solutions’ plans to develop new sources of rare elements outside of China, the world’s dominant rare earths producer. China currently supplies more than 95 percent of the world’s rare elements, but new, strict rare earth industry regulations instituted by its Communist government have led to worldwide fears of a supply shortage. Shearer said on Friday that Mongolia, China’s neighbor to the north, contains enough rare earth reserves to keep the U.S. and its allies well supplied in the race to create new green technology innovations.
While in Mongolia, Shearer also plans to meet with the joint venture’s transportation office staff in the capital city of Ulan Bator. The city serves as a major transportation hub in the region and is connected by rail to the Trans-Siberian Railway in neighboring Russia. GTSO and REE plan to utilize that transportation infrastructure to convey Mongolian rare-earth mining products to the international Russian seaport of Vladivostok for export around the globe. The transportation office will bring together the joint venture’s executive management, geologists, transportation schedulers and mining operations personnel under one roof.
“I’m excited to meet our Mongolian agents at last, particularly since we expect to acquire REE very soon,” Shearer said. “We’ve already received inquiries from companies including 3M, and GTSO has every intention of beginning to mine and export rare earths from these sites in Mongolia as quickly as we possibly can. Our transportation office will play a large role in making that happen.”
NAR: Annual Report 2010
April 12, North Asia Resources Holdings Limited (61:HK) --
Notice of Annual General Meeting to be held on May 18 and Circular
Asia-Pacific Landlocked Developing Countries Policy Dialogue opens in Mongolia
April 12 (Xinhua) The Landlocked Developing Countries Policy Dialogue jointly organized by the Mongolian government and UN Economic and Social Commission for Asia and the Pacific (ESCAP) opens Tuesday. Mongolian Prime Minister Sukhbaatar Batbold and UN Under-Secretary-General Noeleen Heyzer attended the meeting.
Batbold highly valued that ESCAP is a powerful solid platform for promoting regional cooperation to achieve inclusive and sustainable development in Asia and the Pacific, and it has contributed a lot to the regional connectivity to enhance trade, transport and ICT networks, energy security, social protection and financial cooperation during the last few years.
He also said although the Aisa-Pacific region had made a considerable progress with the implementation of the Almaty Program of Action (APA) adopted in 2003 which aims to resolve the special needs of landlocked developing countries, but problems with uneven implementation still remain.
He proposed the landlocked developing countries should have specific economic and ecological vulnerability indicators to evaluate their geographic disadvantages and transport-related costs relative to the rest of the world, and asked for a assistance from transit countries on concessional terms and conditions of bilateral and regional agreements for transit traffic.
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<Mogi & Friends Fund A/C>
2.3% MtD
Mogi & Friends Fund is a tiny fund of A$20.8K I created in late September with a few friends to put my own (and a few friends’) money where my mouth (just mine) is.
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Mogi
Disclosures
· I personally and through my “Mogi & Friends Fund” hold 75,000 HAR shares in aggregate.
· Jason Peterson, CPS Securities Director, holds shares (approx. 6,500,000) and options (1,000,000) in HAR.
· CPS holds 500,000 options in HAR for corporate advice provided to HAR – Jason Peterson is a 33% shareholder in CPS.
· CPS and CPSI directors and employees hold shares in HAR and may buy and sell these shares as and when they see fit.
· CPS has received an IPO management fee of $250,000 and a 5% fee for any funds placed to its clients under the prospectus.
· HAR has paid for Jason Peterson’s travel and accommodation expenses to and in Mongolia – this must be disclosed as a soft dollar commission.
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"Mogi" Munkhdul Badral
Executive Director
CPS International LLC
Telephone/Fax: +976-11-321326
Mobile: +976-99996779
Email: mogi@cpsinternational.mn
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Suite 1213 · Central Tower · 2 Sukhbaatar Square
Sukhbaatar District 8 · Ulaanbaatar 14200 · Mongolia
CPS International is a marketing arm of CPS Securities in Mongolia. CPS Securities is a Perth, Western Australia based AFSL License Holder. To trade ASX and international stocks, feel free to contact me at mogi@cpsinternational.mn or +976-99996779.
Disclosure/Disclaimer
CPS Securities, its directors and employees advise that they may hold securities, may have an interest in and/or earn brokerage and other benefits or advantages, either directly or indirectly from client transactions mentioned in correspondence from CPS International.
CPS International advise this email contains general information only and does not include advice. In preparing this communication, CPS International did not take into account the investment objectives, financial situation and particular needs of any person. As with any speculative mining company there are significant risks.
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