full-time investing; total portfolio up over 130% in 2009; but 2010 sucks!
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
MMT.v ... What's the latest rumor to explain why we haven't heard UMU10 status? They should be at TD by now. As for Q2 earnings, I assume they could be no worse than half of Q1 earnings. So I will guess six cents/sh.
PEC.v also being suggested by Cl001, particularly after he found out recently that Soros's Quantum Fund was selling out their positions.
An Excerpt:
"Last Friday monthly warning report was filed that Soro's main Quantum fund was selling PEC. They sold about 5 million last month and has about 23 million to go as of 7/31. 29 million shares traded so far this month, I think and hope he is almost done here".
Unfortunately the terminology about timing is very nonspecific:
"In an effort to resume trading in our common stock, the Company filed a registration statement on Form 10. Once the registration
statement is cleared, Tara Gold can apply to have its stock relisted on the OTC Bulletin Board. The Company hopes to have the registration statement cleared in the near future. "
I mean ... hasn't it been about 2 years now?
"effort to resume trading" my ass!
CEN.to quarterly results and ops update:
http://finance.yahoo.com/news/coastal-energy-announces-second-quarter-211843874.html
TRGD shares, as it turns out, were printed on worthless paper.
Q1: Has anyone heard any progress reports on management's claims that they will get TRGD re-listed.
Q2: Has anyone heard any progress reports on management's claims that they can continue to distribute TARM shares to TRGD shareholders, even while TRGD is not traded?
Ladies and Gentlemen, IMHO, we have been lied to repeatedly by TARM/TRGD management, so there is no longer a good reason to believe anything they say.
like pissin in the wind.
After the close today, GORO announced reduced production for the latest quarter and reduced estimated production for 2012. Also implied 2013 and 2014 estimates may be too high.
Down a couple of bucks after the news in afterhours trades.
10:27 VVUS
Vivus: Obesity experts bullish on both Qsymia and Belviq; thesis on VVUS remains unchanged - Cowen (28.21 -0.81)
Cowen says following the approval of Vivus's Qsymia on Tuesday night they hosted a consultant call with two well-known obesity specialists yesterday. The key takeaways from their call were tThere's real demand for this new group of obesity drugs, Qsymia and Belviq are seen as fairly similar, with Qsymia's stronger efficacy counterbalanced by its more "aggressive side effect profile". Firm says both agents are expected to be widely used, given that neither provides a complete solution for patients. Their thesis on VVUS remains unchanged: avoid the launch (and thus the shares), unless you have high conviction on big pharma stepping in for an acquisition. They continue to view the US launch of Qsymia by Vivus as a difficult one to pull off successfully, and eventually expect pressure on the stock at the current valuation of around $3 bln, which they believe assumes fairly hefty launch and sales expectations.
MMT.v/MAUXF.pk suddenly had a large volume pop. Not sure what the particulars are but looks like over 6.8 million shares traded, most late in the day.
My guess is that this volume pop was all about a pre-arranged, well-orchestrated insider sale (to be followed by exercise of options, perhaps tomorrow, just in time for them to earn the $.10 dividend).
???
Well, doesn't the otcpiedpiper of Hamlin know how to use a telephone?
Sorry, my mind isn't linear ...
I do own CDOC and like their business. Haven't piled into any of the others yet.
09:43 ET VVUS
Vivus: Color on today's Qnexa decision -- ARNA likely to be a big mover as well (25.80 -2.82) -Update
The FDA will make a decision on VVUS's Qnexa weight-loss drug today, which will be a major volatility event for VVUS and its weight-loss drug peers ARNA and OREX. VVUS just saw a sharp downward move on heavy volume, but the news doesn't appear to be out yet. VVUS will likely be halted ahead of the decision news.
For some background, VVUS submitted an NDA for its weight loss drug Qnexa on October 17, 2011. In late February, 2012 an FDA Advisory Committee voted 20-2 in favor of recommending Qnexa for approval. On April 9, 2012 the FDA announced an extension of the PDUFA date to July 17, 2012 to provide more time to review the submission. Additionally, the Committee for Medicinal Products for Human Use has rescheduled the decision process on the Marketing Authorization Application for Qnexa to September, 2012... VVUS is +200% on the year ahead of today's FDA decision.
Today's decision on VVUS follows the June 27 approval of ARNA's weight loss drug lorcaserin (trade name Belviq). Lorcaserin is currently under review with the European Medicines Agency (EMA)... ARNA would benefit from a VVUS delay or decision not to approve at this time, but may see a negative response to a VVUS approval due to competitive concerns.
Earnings Anxiety (Briefing.com)
S&P futures suggest an up open of about two points. It is just a bounce after yesterday's sell-off. Anxiety persists about upcoming earnings reports.
Yesterday, engine maker Cummins and semiconductor equipment maker Applied Materials warned of weaker than expected earnings, sparking intra-day selling. These were late-in-the-cycle announcements, and there are legitimate concerns that other companies have earnings problems that are not yet fully recognized by stock market participants.
There have only been a few companies reporting earnings so far, and most have been small companies. Nevertheless, the number reporting earnings below estimates is startling. Our earnings calendar shows 13 companies that have reported, and 10 have posted earnings below the average analyst forecast. Typically, close to 65% of companies will beat forecasts.
Again, these are small companies and not too much should be read into the limited data. Shaw Group, Wolverine World Wide, PriceSmart, and Helen of Troy are the largest of these 10 companies, and they aren't very big. Nevertheless, earnings season is off to a very poor start.
At 2:00 ET, the minutes from the June Fed meeting will be released. The minutes will be scrutinized for any hint of a leaning towards implementing another round of quantitative easing (Fed buying bonds to increase money supply). Quantitative easing is widely seen as supportive to stock prices.
Various Fed officials have been on record since the meeting representing a mixed view towards whether more quantitative easing is needed, and the minutes should reflect disagreement. The minutes often cause volatility in the markets regardless of expectations and that can not be ruled out for today.
The May trade balance improved to -$48.7 billion from -$50.1 billion in April. That is good news and provides a small boost to GDP from current expectations, but won't have much market impact. There are no earnings releases this morning.
There is a chance that the Fed minutes boost stock prices, but otherwise the market's anxiety over the heavy slate of earnings due the next few weeks is likely to weigh on sentiment in the days ahead.
BCC.ax/BCGYF.pk: Buccaneer has a bunch of shares out, almost a billion with another 272 million exercisable at about $.10, according to Bell Potter's recent recommendation with a $.20 target. As you mentioned there's another recommendation out there with a $.34 target. Pretty ambitious targets with all those cheap options to hold it back.
For now I expect it's upside is limited, assuming bigger houses don't start recommending it hand over fist as the jackup rig begins its voyage to Buccaneer's field offshore Alaska, which seems like it could be the next catalyst.
Details about share structure:
Total Issued Capital (Undiluted) 992,176,566
Total Issued Capital (Diluted) 1,264,590,956
Total Issued Options 272,414,390
BCGYF/BCC.ax Buccaneer Energy (BCGYF currently around $.06US as a pink sheet version of the Australian stock) is an Australian company pursuing oil and gas in Alaska with some holdings in Gulf of Mexico.
They have recently been recommended by Shaw Stockbroking.
http://www.buccenergy.com/uploads/res/BCC_AC_20111012.pdf
Bobwins and Hegotgame actually deserve the credit for finding this one. Searching their recent posts will show a recent presentation and the recommendation from Shaw. I will add excerpts later after more DD.
Regards,
'peeker
Nouriel Roubini getting pretty pessimistic, talking about perfect storm in 2013 that could be worse than 2008:
Collapse of Eurozone,
Recession in US, Hard landing in China,
Other emerging markets slowing down,
War in the Middle East.
Doubling of oil prices.
He says, "There are more banking conflicts of interest now than 4 years ago".
He even threw in a few comments like, "Bankers are greedy, they have always been greedy", and "they are bigger now than in 2008 when they were too big to fail".
http://www.bloomberg.com/video/roubini-says-2013-storm-may-surpass-2008-crisis-HCAjTp9VTD~gm6Ux8jnQvQ.html
Might say your hedgie became a wedgie!
Hank, did you really sell all your Mart before this latest move? Ouch! Sorry to hear that, but enjoy a well-deserved vacation.
PVG: 26-Jun-12 05:20 ET More bonanza grade gold intercepts
Pretium Resources reports bonanza-grade gold continues to be intersected in the Valley of the Kings (14.05 )
Co provides results from the second phase of drilling at its high-grade gold Brucejack Project in northern British Columbia, where bonanza-grade gold continues to be intersected in the Valley of the Kings. The bonanza-grade intercept from hole SU-376 noted above was intersected ~78 meters down-hole in the central corridor of the Valley of the Kings, and is part of the same high-grade chute as the bonanza-grade intersection in hole SU-115 of 18,755 grams per tonne gold uncut over 0.6 meters. The bonanza-grade intercept from step-out hole SU-349 noted above was intersected ~5 meters from surface in the northwest area of Valley of the Kings.
ARNA / VVUS / OREX ...
Preview of Arena Pharmaceutical's upcoming PDUFA date
Introduction
This Wednesday, June 27, 2012 is the Prescription Drug User Fee Act (PDUFA) date for Arena Pharmaceuticals' (ARNA) weight loss drug lorcaserin. The FDA will approve, delay, or reject the drug for marketing approval in the U.S. This highly anticipated event could have a dramatic impact on Arena's stock. Competitors Vivus (VVUS) and Orexigen Therapeutics (OREX) could also see volatility. Below we will review lorcaserin, its regulatory history, and provide trade ideas based upon possible outcomes.
Lorcaserin Info
Lorcaserin is intended for weight management, including weight loss and maintenance of weight loss. The CDC estimates that more than one-third of U.S. adults were obese in 2009-2010. A weight loss of 5-10% of body weight has been shown to improve cardiovascular health and quality of life, and reduce the risk of type 2 diabetes. There are currently few pharmaceutical treatment options to help patients lose weight. Lorcaserin acts as a selective serotonin 2c receptor agonist. The serotonin 2c receptor is expressed in the brain and is involved in the control of appetite and metabolism. Lorcaserin has been evaluated for safety and efficacy in 19 clinical trials, including three Phase 3 double-blind, randomized, placebo-controlled trials: BLOOM, BLOSSOM, and BLOOM-DM.
NDA Submissions
Arena submitted a New Drug Application (NDA) to the FDA in December 2009, incorporating data from BLOOM and BLOSSOM. In October 2010 the FDA issued a Complete Response letter (CRL) for a number of reasons, including what appeared to be an increase in the rate of mammary tumors in rats, increased rates of heart valve problems, and uncertain evidence of efficacy. Arena resubmitted the lorcaserin NDA in December 2011 with additional data and analysis that were not incorporated in the original NDA, including the results of BLOOM-DM. In January 2012 lorcaserin was assigned a PDUFA date of June 27, 2012 and granted a review by the Endocrinologic and Metabolic Drugs Advisory Committee on May 10, 2012.
Endocrinologic and Metabolic Drugs Advisory Committee Meeting
Arena went to great effort to address safety issues at the Advisory Committee meeting. The largest concern from the CRL involved the incidence of malignant mammary adenocarcinoma or fibroadenoma in rats given various doses of lorcaserin. The initial submission data showed an increased incidence of malignant mammary adenocarcinoma (relative to placebo) with greater doses of lorcaserin. Placebo treated rats had a tumor rate of 43.1%, whereas rats treated with 10, 30, and 100 mg/kg/day of lorcaserin saw rates of 52.3%, 53.9%, and 80.0%, respectively. There appeared to be a clear connection between lorcaserin and mammary tumors. For its resubmission Arena convened a pathology working group, or PWG, that consisted of five independent veterinary pathologists to re-evaluate the female rat mammary tumor diagnosis. The PWG report showed placebo treated rats to have a tumor rate of 40.0%, as seen in the previous study, however, the 10, 30, and 100 mg/kg/day lorcaserin treated rats showed tumor rates of 32.3%, 36.9%, and 68.0%. The PWG concluded that increased rates of malignant mammary adenocarcinoma were only associated with the highest dose, far more than any person would ever realistically take. This was a key point in gaining the panel's favor.
The inclusion of BLOOM-DM data in the resubmission also helped ease a number of other efficacy and safety concerns. The FDA has a set of guidelines, outlined in a document named "Developing Products for Weight Management," that are used in evaluating weight loss drugs. Regarding efficacy, the guidelines suggest that a weight loss drug must show that (1) the difference in mean weight loss between the active-product and placebo-treated groups is at least 5% and the difference is statistically significant, or (2) the proportion of patients who lose at least 5% of baseline body weight in the active-product group is at least 35%, is approximately double the proportion in the placebo-treated group, and the difference between groups is statistically significant. A pooled analysis that included the BLOOM-DM data was found to satisfy the second efficacy criteria. Additionally, the increased rate of heart valve problems was found to be within the FDA's safety guidelines after the incorporation of BLOOM-DM data in a pooled analysis.
After a full day of intense debate the panel voted 18-4 in favor of approval.
The Case for Approval
There are a number of reasons to believe lorcaserin will be approved. Arena has made a strong case that the drug is both safe and effective. Being overweight has been shown to have serious health implications and there are no other approved weight loss drugs on the market. While the placebo adjusted mean weight change (the difference in the average percentage of weight lost between the treatment group and the placebo group) was not shown to be higher than 5% in any of the trials, the percentage of patients losing 10% or more of their body weight was consistently 10 to 20 percentage points higher for lorcaserin than for placebo. The drug seems to work well for some and not for others. It would be possible for a doctor to quickly discontinue treatment if it does not appear to be working, thus minimizing the potential health risks. If viewed as tool in a doctor's repertoire of obesity management strategies an approval seems likely. These sentiments were expressed at the FDA panel, whose 18-4 vote bodes well, though the FDA is not obligated to follow the panel's advice.
The Case for Rejection
The most likely reason for rejection is of course safety. While Arena addressed many of the safety issues noted in the CRL, concerns involving mammary tumors and heart valve issues are likely to remain. Lorcaserin does not appear to increase the rate of malignant mammary adenocarcinomas, however, it clearly increases the rate of benign mammary fibroadenomas. It is uncertain if this will be a cause for concern to the FDA. With more than one third of all U.S. adults considered to be overweight it is possible the FDA will be extra-careful in granting approval. Recall, in 1997 a popular weight loss drug combination, often referred to as Fen-Phen, resulted in abnormal heart valve findings in nearly 30% of users. The FDA surely does not want to repeat the mistake of allowing another dangerous weight loss drug to reach the market. Another concern is Vivus's weight loss drug Qnexa. While Qnexa has its own set of safety issues, it appears to be more effective than lorcaserin. Qnexa received a 20-2 vote in favor of approval and had its PDUFA date extended by three months after the submission of new data to the FDA, often viewed as a signal of eventual approval. It is possible the FDA may only want to approve the best weight loss drug under review, which some would argue is Qnexa.
Where Arena Stands Now
Shares were hovering around $2.00 prior to the March, 2012 announcement of acceptance of its Marketing Authorization Application by the European Medicines Agency. The stock traded up to $3.00 and hovered in a range until the panel meeting on May 10, 2012. The strong panel result sent shares soaring over 100% to $6.50, where again the stock settled into a range. On June 8 the stock broke through resistance and steadily rose nearly another 100% over the next few weeks. On June 22, 2012 the stock sold off sharply on heavy volume from 52-week highs of $12.40, losing nearly 20% in what was mostly likely profit taking.
The stock has a sizable short interest, with nearly 40 million shares (approximately 22% of float) short as of May 31, 2012.
Projected Outcomes and Trade Ideas
One of three events will happen on or before lorcaserin's June 27, 2012 PDUFA date. Lorcaserin will 1) receive approval, 2) have its PDUFA date extended, or 3) receive a Complete Response letter. Below we will speculate the possible outcome of each event and suggest possible actions one might take:
Approval:
Shares would most likely see immediate gains on approval. Returning to at least the 52-week highs of $12.40 would be a safe bet. How high shares could go is uncertain. Beating Qnexa to the market and being the only approved weight loss drug for at least a month would be viewed as a strong positive. How well Arena would be able to sustain any gains is highly questionable, however. A number of factors could lead to a sell off after an initial pop following approval.
First, Arena is already highly valued. An $11.00 price values Arena at nearly $2 billion. While the market for a weight loss drug is huge, reaching over $2 billion in sales would be a challenge if past weight loss drug sales are used as a rough guideline. On top of this, Arena is only due to receive approximately one third of lorcaserin sales revenues, the other two thirds of which go to its marketing partner Eisai. While it is certainly possible lorcaserin sales could take off, one would not expect to see this reflected in the price until sales data becomes available over the course of the year.
Second, Arena shareholders will be looking to take profits. Shareholders have endured a sizable amount of pain, having watched the stock drop from around $8.00 to below $2.00 in September of 2010 and stay there for over a year and a half. Those who have managed to hold on through the stock's recent resurgence will be looking to take some profits if the drug is approved.
Arena certainly feels like a classic "buy the rumor, sell the news" story. If long into approval, it would make sense to take some shares off the table. If flat into approval and looking to make a play we would suggest selling out of the money calls, buying near or at the money puts, or simply shorting the stock after allowing the stock to gap up.
Three month delay of PDUFA date:
A three month delay would cause the most confusion for Arena shareholders. While some view delays as an eventual sign of approval that is not always the case. In fact, most delays are simply standard procedure following the submission of additional data to the FDA. The explanation for the delay will be critically important. One already known problem with a delay would be that Qnexa would beat lorcaserin to the market by approximately two months if approved. We would not take any action in this scenario as the outcomes are too unpredictable.
Complete Response Letter:
If lorcaserin receives a Complete Response letter for safety or efficacy issues the stock will surely take a devastating hit. Lorcaserin is Arena's only drug beyond Phase 1 trials and is responsible for nearly all of the stock's value. While European approval would still be possible, a decision is not expected from regulators until early-to-mid-2013. Shares would return to the $2-3 range if not lower. If looking to make a play in anticipation of a CRL we would suggest simply shorting the stock or buying out of the money puts.
Impact On Other Companies
It's difficult to predict how an approval or rejection would impact competitors Vivus and Orexigen Therapeutics. Clearly an approval for Arena would mean increased competition in the marketplace and be seen as a negative. On the other hand, an approval would signal the FDA's willingness to approve weight loss drugs despite concerns regarding efficacy and safety, both of which are issues for Qnexa and Orexigen's drug Contrave. Opposite arguments could be made in the case of a rejection: less competition would be favorable for Vivus and Orexigen, but the FDA's unwillingness to approve lorcaserin may have broader implications towards the potential approval of other weight loss drugs. If looking to make a play, buying shares of Vivus on any weakness seems like the best bet given it's 20-2 panel vote and the strong efficacy of Qnexa.
Read more: http://www.briefing.com/DisplayArticle/Article.aspx?ArticleId=NS20120625142023SpecialReports#ixzz1ypjEtFVQ
POE.v/POEFF.pk to issue $.75 special dividend as "return of capital". Vote associated with reorganization meeting to be held in August for payment in September.
http://finance.yahoo.com/news/pan-orient-energy-corp-0-123000888.html
ARNA: BBOTCS, congratulations on your nice profit and timely exit.
15:29 SARA: Saratoga Resources files for ~10 mln share common stock offering by selling shareholders (6.57 -0.13)
NKL.v/PNIKF.pk trading halted at 11:57 ???
Any ideas ?
07:01 PZG: Paramount Gold and Silver discovers continuity of high silver values between San Antonio and La Veronica on its San Miguel Project (2.40)
Co reported that results from four new shallow core holes on its 100%-owned San Miguel Project in Mexico confirm the continuity of mineralization along the 7.5 km. long Guazapares Megastructure. These holes were drilled into the 1.2 km untested gap separating the San Antonio and La Veronica deposits. The results demonstrate that San Miguel's Guazapares is one of the longest continuously mineralized structures in the Sierra Madre Metallogenic Belt. Paramount will continue to drill these areas on a more systematic pattern to define and model the mineralization.
POE.v/POEFF.pk completes sale of POET.
http://finance.yahoo.com/news/pan-orient-energy-corp-completion-130600644.html
Mart may have gross revenues of $15million a month now probably, now that drilling costs for UMU-9 have been recovered. We should probably bank on receiving revenues for 5,000bopd (net to Mart) as a minimum for at least part of the current quarter. Using simple math, assuming 5000bopd volume and $100/b price, it still amounts to 5000x100x30=$15million gross revenues per month.
However, we must deduct expenses, taxes, and royalties from that. Monthly/Quarterly profit is still immense, but I'm not sure how much royalty and tax expenses reduce that figure in order to come up with monthly/quarterly profit. DigiTech/Oullins did some good spreadsheet work on this at one time, but it's not current.
Starting UMU-10 by early July will probably cause high drilling expenses for the next six months (which are initially borne by MMT then reimbursed thru oil percentages from the JVs).
I presume that as MMT begins building the new pipeline to Shell facilities, Mart will also experience the costs initially and recover the cost from partners thru a share of their oil revenues.
All in all, no matter how you cut it, Mart is well-positioned for great production and revenue and profit over the next six months.
Bottom line is we have to expect Mart to bear the costs initially for UMU-10 drilling and the pipeline to Shell, and that's a lot of beans to a bean-counter. As the JVs pay Mart back for those costs by allocating a percentage of JV production to Mart, the JVs are probably taking ownership of all the facilities (wells, pipelines, pumping facilities, etc). In my mind the JVs have been building large amounts of equity in the UMU field.
One thing I don't know is how much equity Mart actually has vs. JVs in the UMU field (oil, facilities, etc.). If Mart does ever combine with JVs, we will probably be surprised about the equity that the JVs have relative to MMT.
My expectation is that current qtr (ending June30) profits will be down slightly from prior qtr record (due lower production percentage to Mart, plus the price of oil is certainly lower), but we shall see how all that shakes out over the next few months.
Mart does have a sweet deal in Nigeria, and it remains my largest investment.
GLTA MMT shareholders,
'peeker
DCO: Recent stuff on Briefing.com
24-May-12 07:47 ET
Ducommun initiated with a Mkt Perform at Rodman & Renshaw (8.82 )
Rodman & Renshaw initiates DCO with a Mkt Perform saying while the upside could warrant a Market Outperform rating, the firm would look for evidence that the company can deliver sustainable improvement in profitability before becoming more aggressive. Additionally, they believe "Street" estimates could be too high and may need to come down.
09-May-12 07:32 ET
Ducommun downgraded to Hold from Buy at BB&T (9.69 )
07-May-12 16:11 ET
Ducommun misses by $0.08, misses on revs (10.29 +0.04)
Reports Q1 (Mar) earnings of $0.23 per share, $0.08 worse than the Capital IQ Consensus Estimate of $0.31; revenues rose 85.0% year/year to $184.3 mln vs the $191.4 mln consensus. "Ducommun's adjusted EBITDA climbed to 10.3% of revenue from 9.1% in the first quarter of 2011, and we reduced our seasonal cash usage by $20.5 million versus first quarter 2011. With our backlog at record levels, the Company continues to benefit from increasing demand across its aerospace platforms, offsetting some near-term weakness in the industrial and natural resources end markets. We feel confident that margins will expand going forward, accompanied by solid cash flow generation, as we achieve operating synergies and pursue new business development initiatives."
Martguy, I was optimistic when I saw your post about the imminent dividend. Then I saw you were just as optimistic about an imminent dividend mid-April. Is there a particular source of information that you can cite which increases probability of a dividend being announced short-term?
That question may actually be rhetorical, since I think Mart mgt must announce a dividend prior to the AGM. It's the only way they could generate a party-like atmosphere vs. a mob lynching of the guy who referred to a dividend at the AGM a year ago.
I see Mart on the preliminary Russell Global addition list, but not the other two.
OT: Realtime datasource for US and Canadian stocks?
Don't need to use it for trading, just realtime quotes, news, etc.
Was using TradeStation but got tired of their high monthly rates for platform and US-only data. Want to find something more reasonable that includes both US and Canadian stock data realtime.
Would appreciate your favorite platform suggestions. I'm considering TMX Powerstream; is anybody here using it and happy with it?
TIA,
'peeker
OT: ... speaking of black gold, 22,000bopd > 300 kozuhs/sec ...
Ithaca Athena flow rate of 22,000bopd (4,950 bopd net to Ithaca).
(Note: Up about 7% thus far in London)
June 7, 2012
Ithaca Energy Inc.: Athena Production Rates
LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(Marketwire - June 7, 2012) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Ithaca Energy Inc. (TSX:IAE)(AIM:IAE) announces initial peak gross oil production rates from the Athena field of 22,000
barrels of oil per day ("bopd") (4,950 bopd net to Ithaca) as metered into the BW Athena's storage tanks. Oil export
operations have commenced.
The flow from each of the four oil production wells is being supported by electrical submersible pumps, the operating
parameters for which are being monitored to stabilise long term production rates. Water injection will be used to
support the reservoir pressure of the field and thereby maintain and sustain production rates.
An initial cargo has already been offloaded from the BW Athena to the shuttle tanker "Betty Knutsen". This and future
cargoes will be transferred to Ithaca's Nigg oil terminal from where Athena crude will be sold to the market under the
Company's marketing contract with BP.
At current oil prices, the project is anticipated to achieve payback within twelve months.
John Woods, Chief Developments Officer, commented:
"The successful start-up of all the Athena wells and completion of commissioning activities on the FPSO mark major
milestones for both the Athena development and the continued growth of the Company. These achievements are testament to
the expertise of our project team and contractors who have created an efficient and highly valuable development solution
for the field. Completion of the Athena project again demonstrates the Company's ability to deliver major North Sea
projects and we look forward to continuing to grow the Company with the ongoing Greater Stella Area development."
Joint Venture partners in the Athena field are: Ithaca, operator (22.5%), Dyas UK Limited (47.5%), EWE Energie AG (20%)
and Zeus Petroleum Limited (10%).
The Company's petroleum and natural gas reserves are independently evaluated by Sproule ("Sproule") (www.sproule.com) in
accordance with the Canadian Oil and Gas Evaluation Handbook ("COGEH") reserves definitions and evaluation practices and
procedures as specified by National Instrument 51-101 ("NI 51-101"). Sproule's estimate of the initial gross production
rate from the field in the Company's last reserves assessment dated December 31st, 2011, was approximately 22,000 bopd.
Notes to oil and gas disclosure:
In accordance with AIM Guidelines, Hugh Morel, BSc Physics and Geology (Durham), PhD Hydrogeology (London) and senior
petroleum engineer at Ithaca Energy is the qualified person that has reviewed the technical information contained in
this press release. Dr Morel has 30 years operating experience in the upstream oil industry.
Excuse my saying so, but Hogwash. AAPL is doing fine; it's the market that's not acting well.
Haha, someone painted the tape with 100sh at .0069, but bid/ask is still .0052/.0069
MMT.v: Long Lead ? It's hard to take things at face value with Mart.
How about a permit to drill, or agreements with JVs on capex for the year? Maybe they all just figure they don't need to finish UMU-10 til late in the year for updating proven reserves by end of 2012. Think about it; there's no way to produce UMU-10 until a new pipeline is in place and hooked up to Shell's pipeline.
If there are any particular materials (pipe liners or larger drill bit, for instance) that have been ordered and not delivered for drilling UMU-10, I'd say mgt is using materials as an excuse for late start when good management would have had the materials ready on hand.
IMHO, it's more likely that UMU partners aren't ready to throw money at drilling costs yet since they can't get drilling costs back til UMU-10 can be produced (mid-late-verylate 2013, depending on the Nigerian clock and management focus).
NKL.v posts latest drill results:
http://finance.yahoo.com/news/prophecy-platinum-intercepts-wide-ni-123300441.html
John Lee, Chairman of Prophecy states: "2012 has been a very productive year thus far with 15 holes already completed. Wellgreen is gaining recognition as a premier Canadian Ni-Cu-PGE project for its location, size, and grades. We expect a very busy June with analyst site visits, continued infill and priority-target exploration drilling, and the delivery of first-ever Wellgreen PEA (preliminary economic assessment)"
Mart Resources, Inc.: April 2012 Operational Update
- Umusadege field production averaged 12,206 barrels of oil per day ("bopd") during April 2012. - Umusadege field net deliveries into export storage tanks were approximately 366,194 barrels of oil ("bbls") during April 2012. - Development drilling program will continue with spudding of UMU-10 well expected before the end of May 2012.
NKL.v/PNIKF.pk (Prophecy Platinum) posts good assay results.
May 25, 2012
Prophecy Announces Highly Encouraging Rhodium, Ruthenium, Osmium & Iridium Assays from WS11-188 of Wellgreen Project
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 25, 2012) - Prophecy Platinum Corp. ("Prophecy" or the "Company") (TSX VENTURE:NKL)(OTCQX:PNIKF)(FRANKFURT:P94P) is pleased to provide results of full spectrum 6E (Pt, Pd, Rh, Ru, Os &, Ir) analysis of PGEs on the first batch of samples from the Company's 100% owned Wellgreen PGM-Ni-Cu project, located in the Yukon Territory, Canada.
The Company enlisted Activation Laboratories (Actlabs), based out of Ancaster, Ontario to conduct a full spectrum 6E analysis of samples taken from the 2011 drill hole WS11-188. Adding Rh, Ru, Os and Ir to Pt and Pd increased the total PGE content (6E) by an average of 28%, based on a population of 90 samples, most of which are from disseminated sulphide-type mineralization.
Assay results with 6E exceeding 0.50 ppm (0.5 g/t) (excluding copper and gold assays) are tabulated below. Assay results from the entire batch of 90 samples can be downloaded at www.prophecyplat.com.
---------------------------------------------------------------------------
Analyte 6E
Symbol Os Ir Ru Rh Pt Pd Ni Pt+Pd 6E %
Sample ppb ppb ppb ppb ppb ppb % g/t g/t Increase
---------------------------------------------------------------------------
K918097 14 14.4 77 21.2 184 309 0.342 0.493 0.62 25.80%
---------------------------------------------------------------------------
K918110 38 17.3 53 14.6 113 241 0.432 0.503 0.592 17.70%
---------------------------------------------------------------------------
K918129 less 0.1 6 0.3 7 14 less 0.416 0.541 30.00%
than than
2 0.005
---------------------------------------------------------------------------
K918131 21 16.1 39 17.2 124 165 0.33 0.448 0.568 26.80%
---------------------------------------------------------------------------
K918132 23 22 56 23.8 181 235 0.34 0.411 0.525 27.70%
---------------------------------------------------------------------------
K918140 12 12.8 40 17.5 136 207 0.392 0.56 0.68 21.40%
---------------------------------------------------------------------------
K918141 8 12 38 16 148 229 0.359 0.522 0.648 24.10%
---------------------------------------------------------------------------
K918142 12 12.8 40 17.2 160 241 0.363 0.43 0.553 28.60%
---------------------------------------------------------------------------
K918143 23 19 54 23.5 229 331 0.41 0.626 0.75 19.80%
---------------------------------------------------------------------------
K918145 25 20.5 55 22.9 187 243 0.334 0.512 0.657 28.30%
---------------------------------------------------------------------------
K918146 23 21.1 55 24.6 269 357 0.379 0.567 0.733 29.30%
---------------------------------------------------------------------------
K918147 less less less less less less less 0.548 0.695 26.80%
than than than than than than than
2 0.1 5 0.2 5 2 0.005
---------------------------------------------------------------------------
K918148 27 26.6 65 26.7 216 296 0.38 0.425 0.522 22.80%
---------------------------------------------------------------------------
K918150 29 25.8 65 27 237 311 0.404 0.513 0.621 21.10%
---------------------------------------------------------------------------
K918152 16 12.8 36 17 148 223 0.31 0.442 0.538 21.70%
---------------------------------------------------------------------------
K918154 13 14.1 45 19.1 156 247 0.389 0.539 0.666 23.60%
---------------------------------------------------------------------------
K918155 18 15.8 42 20 171 271 0.362 0.593 0.705 18.90%
---------------------------------------------------------------------------
K918157 14 15.9 42 20.7 155 246 0.326 0.446 0.607 36.10%
---------------------------------------------------------------------------
K918158 27 20.1 51 28.8 209 330 0.394 0.607 0.713 17.50%
---------------------------------------------------------------------------
K918164 12 10.1 35 14.1 89 154 0.331 0.414 0.52 25.60%
---------------------------------------------------------------------------
K918166 13 10.8 34 15.8 85 148 0.305 0.438 0.541 23.50%
---------------------------------------------------------------------------
K918168 22 13.3 38 17.6 104 178 0.332 0.546 0.739 35.30%
---------------------------------------------------------------------------
K918169 31 15.1 39 17.7 181 257 0.307 0.45 0.589 30.90%
---------------------------------------------------------------------------
K918171 50 30.3 78 35 212 334 0.476 0.559 0.718 28.40%
---------------------------------------------------------------------------
K918172 32 21.7 58 27.7 177 273 0.432 0.534 0.666 24.70%
---------------------------------------------------------------------------
K918184 less 8.3 23 13.1 115 173 0.318 0.623 0.745 19.60%
than
2
---------------------------------------------------------------------------
K918186 14 8.2 23 10.4 117 170 0.288 0.559 0.665 19.00%
---------------------------------------------------------------------------
K918187 23 22.8 46 30 259 364 0.435 0.952 1.15 20.80%
---------------------------------------------------------------------------
1 ppm = 1 g/t
Following are the initial assay results from WS11-188 which were reported in September 26, 2011:
---------------------------------------------------------------------------
From
Length Ni Cu Pt+Pd+Au NiEq Surface
From To m % % g/t % m
---------------------------------------------------------------------------
7.53 464.91 457.38 0.29 0.18 0.72 0.47 7.07
---------------------------------------------------------------------------
268.38 389.29 120.91 0.36 0.30 1.26 0.67 252.19
---------------------------------------------------------------------------
280.72 298.55 17.83 1.03 0.75 3.14 1.77 263.79
---------------------------------------------------------------------------
6E assay results are still pending for an additional 260 samples taken from WS11-188, including samples from sections that showed higher Pt and Pd grades in the above table.
In 2007, 800 chip channel samples taken at 2 metre intervals along the underground workings were assayed for platinum and palladium at the ALS Chemex Lab in Vancouver, B.C. Of these, 174 samples where platinum or palladium grades exceeded 1 g/t were assayed for Rh, Ru, Os and Ir. The 2007 sampling program was overseen by Rory Calhoun, P. Geo., now a consultant of Prophecy. Subsequent 6E assay results were announced in a Prophecy Coal's press release on November 3, 2010. For comparison, assay results where Rhodium exceeded 500 ppb (0.5 g/t) are tabulated below. Concentrations of Rh, Ru, Os and Ir were present in all of the follow-up samples, and the total PGE content (6E) increased by an average of 114.8% over prior assay results which only included Pt and Pd.
---------------------------------------------------------------------------
Analyte 6E
Symbol Os Ir Ru Rh Pt Pd Pt+Pd 6E %
Sample ppb ppb ppb ppb ppb Ppb g/t g/t Increase
---------------------------------------------------------------------------
C509697 850 1770 660 729 2260 900 3.16 7.169 126.9%
---------------------------------------------------------------------------
C509698 680 1590 830 754 2030 1300 3.33 7.184 115.7%
---------------------------------------------------------------------------
C509701 540 1230 510 591 1500 760 2.26 5.131 127.0%
---------------------------------------------------------------------------
C509704 660 1450 670 677 1500 530 2.03 5.487 170.3%
---------------------------------------------------------------------------
C509811 500 919 730 567 1600 1000 2.6 5.316 104.5%
---------------------------------------------------------------------------
C509813 810 1110 1200 758 830 1100 1.93 5.808 200.9%
---------------------------------------------------------------------------
C509814 920 1060 1400 839 1900 2070 3.97 8.189 106.3%
---------------------------------------------------------------------------
C509087 1170 1410 1500 795 1600 660 2.26 7.135 215.7%
---------------------------------------------------------------------------
C509089 1320 1600 1800 1140 1400 2700 4.1 9.96 142.9%
---------------------------------------------------------------------------
C509092 970 1390 1400 971 1900 1400 3.3 8.031 143.4%
---------------------------------------------------------------------------
C509097 1270 1720 1900 895 3700 2240 5.94 11.725 97.4%
---------------------------------------------------------------------------
C509098 700 983 840 629 2150 3540 5.69 8.842 55.4%
---------------------------------------------------------------------------
C509101 730 876 1100 551 2000 850 2.85 6.107 114.3%
---------------------------------------------------------------------------
C509104 630 776 800 698 2250 2360 4.61 7.514 63.0%
---------------------------------------------------------------------------
C509111 1030 1120 1400 966 3610 1100 4.71 9.226 95.9%
---------------------------------------------------------------------------
C509112 910 990 1100 853 2590 2880 5.47 9.323 70.4%
---------------------------------------------------------------------------
C509114 700 999 910 643 3670 3870 7.54 10.792 43.1%
---------------------------------------------------------------------------
C509131 880 1130 1300 675 4770 1800 6.57 10.555 60.7%
---------------------------------------------------------------------------
C509140 780 1120 1000 672 3010 3550 6.56 10.132 54.5%
---------------------------------------------------------------------------
C509145 940 1320 1500 653 1400 1200 2.6 7.013 169.7%
---------------------------------------------------------------------------
C509146 1390 2080 2000 827 1800 760 2.56 8.857 246.0%
---------------------------------------------------------------------------
C509147 760 1080 1000 725 3290 1200 4.49 8.055 79.4%
---------------------------------------------------------------------------
C509150 490 721 760 516 2890 3670 6.56 9.047 37.9%
---------------------------------------------------------------------------
Prophecy Platinum's Chairman, John Lee, notes: "The assay results suggest that 6E (Pt, Pd, Rh, Ru, Os & Ir) PGE composite grades increase by an average of 28% (disseminated sulphide) to 114.8% (massive sulphide) over grades previously announced when only platinum and palladium were considered. Today's results could potentially translate into a significant rare PGE resource addition to an already impressive platinum and palladium resource base(i) at Wellgreen."
(i) Refer to July 14, 2011 news release regarding Wellgreen 43-101 resource update.
Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Quality Control and Quality Assurance
Prophecy Platinum executes a quality control program to ensure best practice in sampling and analysis. Samples are cut and split for assay with the remaining sample retained for reference. Blanks, Standard Reference Material (SRM), and duplicates were inserted into the sample stream every 20th sample. A duplicate sample is taken every 20th sample of core. The selected sample is sawn in half and then sawn in half again. The quartered core is then placed into two different sample bags with different sample numbers and sealed. The SRM material comes from Natural Resources Canada and Analytical Solutions Limited. These were inserted into the sample stream immediately after the second duplicate. The SRMs used are WMS-1, WPR-1 and WGB-1. Sample Blanks are obtained from two sources: granodiorite from a local quarry and garden marble from hardware stores in Whitehorse, Yukon. A Blank sample is inserted into the sample stream after the SRM. Assayed samples are transported in sealed and secured bags for preparation at ALS Chemex Prep Lab located in Whitehorse, Yukon. Pulverized (pulp) samples are shipped for analysis to ALS Chemex Assay Laboratory in Vancouver, B.C. ALS Chemex is an ISO/IEC 17025:2005 accredited laboratory and registered under ISO 9001:2000.
Full spectrum PGE analysis was completed by Activation Laboratories (Actlabs) based out of Ancaster, Ontario. Samples from 5 - 50 g in size are fire assayed using a nickel sulphide (NiS) fire assay procedure. With this procedure, the Ni, Cu, Cr and S content of the sample is predetermined and each sample is fluxed separately with the flux adjusted for sample composition. The flux contains high-purity Ni produced by the carbonyl process, borax, sodium carbonate, silica and high purity sulphur. The sample is fused at 1100 degrees C in fireclay crucibles and allowed to cool in the crucible. The nickel sulphide button at the base of the crucible is dissolved in concentrated HCl and the resulting residue which contains all the PGE and Au are collected on a filter paper. This residue undergoes 2 irradiations and 3 separate counts to measure all the PGE and Au.
Quality assurance and quality control are monitored using scatterplots, Thompson-Howarth plots and statistical analysis to ensure duplicates, blanks and standard data are reliable and indicate robustness of overall results. ALS Chemex quality-assurance procedures are also included in this process.
This news release has been reviewed and approved by Danniel Oosterman, P.Geo., a Qualified Person as defined in NI 43-101.
About Prophecy Platinum
Prophecy Platinum Corp. is a mineral exploration company focused on developing platinum group metals (PGM) and nickel sulphide projects. Defining and driving the company is its flagship Wellgreen PGM Nickel property in Canada's Yukon Territory. Prophecy's further holdings include the Lynn Lake Nickel Copper project in Manitoba, the Las Aguilas Nickel PGM deposit in Argentina, as well as five prospective claims in Uruguay. In June 2011, Prophecy Platinum was spun off from Prophecy Coal (TSX:PCY). Prophecy Coal currently owns 22.5 million shares (approx. 42%) of Prophecy Platinum.
LVWD: Interesting company, KIK, but it's hard to say what gives them a competitive edge over other Facebook specialty companies.
I like their potential good metrics with backlog, revs, earnings, etc., but it's hard to know how well they can compete in what seems to be a new niche market space.
Do you see them as bringing some business advantage to large companies that want to advertise on social networks, that is, they help eBay and Walmart and JNJ put consistent messages across multiple social networks, like Facebook and Pinterest, etc.?
Ithaca (IAE.to) up strong in Canada today; trades don't show up on pinksheets (IACAF.pk).
Some minor news out last nite, but shouldn't make this much difference.
Anybody hearing anything about the status of bids for Ithaca?