Users' Company Ratings

SELL IGAS by keith4 on 12 Mar 2014 18:21

Price at rating: 117.80, now:

droping droping long live green peace and friends of the earth

Score: 100.00

BUY ACP by 3Dimensional on 12 Mar 2014 16:16

Price at rating: 0.14, now:

Armadale Capital: is Mpokoto too good to be true?r BY BEN TURNEY — WEDNESDAY 12 MARCH 2014r r Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.r r An RNS this morning from Armadale Capital (ACP) made me sigh. The company announced a placement at 0.14p to raise £525,000 for the development of its Mpokoto gold project in southern Democratic Republic of Congo. “Oh well”, I thought, “here we go again...another member of AIM’s zombie club with 3.65billion shares soon to be in issue”. “How do these companies keep raising money?” I mused. But was I being unfair?r r Closer inspection of Armadale’s announcements and results suggests I wasn’t.r r One of the things I immediately look for, when analysing a company for the first time, is how much the directors pay themselves. One of my greatest bugbears with reporting on AIM is that accessing this information is unnecessarily troublesome and, much more crucially, nearly always out of date.r r Take Armadale as a case in point. The most recent and definitive declaration of director remuneration can be found in the last annual report. Obviously, this covers the period to December 31st 2012. In that year, Peter Marks, now Chairman of Armadale, was paid £190,000, including a £90,000 payment for “assumption of executive duties” over the period. In light of Armadale’s share price performance over that period, you might very well ask yourself whether or not this represented good value.r r It is then anyone’s guess what Mr Marks paid himself in the first half of last year. Here’s the latest half yearly report and let’s just say its “unaudited condensed consolidated statement of comprehensive income” isn’t exactly the clearest expression of a company’s costs, which I have ever come across. Helpfully Armadale also hasn’t published its latest interims on its website.r r Given how important executive compensation is to help investors appreciate what a listed company is truly about, I don’t see why companies shouldn’t be required to provide a quarterly statement about director remuneration as part of the AIM Rule 26 declaration.r r I know I am whistling in the wind here. The authorities aren’t remotely interested in reforming AIM. It is, after all, “the world’s most successful growth market” (chortle, chortle). Private investors will just have to accept that they could unwittingly be putting their money into elaborate executive beneficiary schemes, which don’t stand an earthly chance of providing a tangible investment return.r r Anyway, I digress; back to Armadale. So what about all that vast potential at Mpokoto, the low cap-ex, low op-ex gold project, which is due to commence production in H2 2015?r r The fan club of this stock is bound to accuse me of being biased against it. I don’t like what I have seen so far, but for the sake of balance you can read all of Armadale’s Mpokoto propaganda here. I’ll admit I had a good old chuckle when I read this webpage.r r As far as hyped ramps of a project go, this has to be one of the most shining examples I have ever seen. According to Armadale, this project has everything, absolutely everything.r r There’s the 510,000/oz gold JORC resources, the $20million spent by three named previous operators on the project (which does make you wonder why they discontinued their involvement, but hey ho...), the close proximity to a national highway and railway to the Atlantic port of Lobito in Angola, the potential for expansion of the exploration target to between 20 and 24 million tonnes at 1.5g/t-1.8g/t AU (ahem, but which they must point out isn’t an official Mineral Resource estimate because of “insufficient exploration” – errrr... so what was that $20million spent on?!), the projected operating costs of $700-$900/oz and the slight matter of the $10million to $15million required to set up mining operations.r r Wow, I’m pretty breathless after all that lot. This really does look like a license to print money.r r So why then is such a gilt edged opportunity in the hands of an AIM tiddler like Armadale?r r Answers on a postcard please...r r

Score: 52.50

BUY SER by sharing on 12 Mar 2014 13:48

Price at rating: 0.22, now:

Sefton Resources – Kansas Assets Valued at $100 million. Speculative Buy with 9p Targetr Sefton Resources announced that Dr Nafi Onat had valued the majority of its Kansas assets at $100.1 million. The Independent Competent Persons Report was commissioned last year and provides transparency and an evaluation of the potential of the existing and newly acquired assets.r Dr Onat’s geotechnical review and economic evaluation covered both conventional (sandstone, limestone and dolomite) and unconventional (coalbed methane gas) prospects in Anderson, Franklin and Leavenworth counties, Kansas. The oil price and operating costs were kept constant throughout, but the gas price began at $4 per mcf and increased by 10% pa until reaching a ceiling of $6.50 per mcf.r Excluded from the report were the McLouth and Burgess formations in Leavenworth County, together with the transportation of 3 rd party gas through TEG Mid-Continent’s (100% owned subsidiary of Sefton) pipeline. TEG is commissioning a geologic study on McLouth and Burgess to allow for the inclusion of these prolific formations in any future updated economic assessment.r So on to the results and the Anderson County Squirrel / Bartlesville oil (prospective) resources were estimated at 1,747,897 barrels, producing cumulative cash flows of $73.2 million during its life and a NPV10 (net present value, 10% annual discount rate) of $48.4 million.r The Anderson County Warner Sand (prospective) gas resources were estimated at 15.7 Bcf (billion cubic feet), producing cumulative cash flows of $32.9 million and a NPV10 of $20.5 million.r The Anderson & Franklin Counties coalbed methane (contingent) gas resources were estimated at 32.5 Bcf, producing cumulative cash flows of $105.9 million and a NPV10 of $28.1 million.r The Leavenworth County Cholla coalbed methane (possible) gas resources were estimated at 0.53 Bcf, producing cumulative cash flows of $2.2 million and a NPV10 of $1.2 million.r The remaining coalbed methane (contingent) gas resources in Leavenworth County were estimated at 2.3 Bcf, producing cumulative cash flows of $6.2 million and a NPV10 of $1.9 million.r Combining these results, total oil resources stand at 1.75 million barrels, gas resources at 51.03 Bcf, cumulative cash flows at $220.4 million and NPV10 at $100.1 million. As the resource classifications confirm, confidence in these quantities is low (contingent, prospective, possible), but given this is only the first assessment, we would expect Sefton to lift its classification over time.r The two other pieces of news released on the 12th were the receipt of an Outstanding Oil Field Lease and Facility Award for Sefton’s 2010 operation of the Tapia oil field (California) and the partial completion of its acquisition of acreage (leases, wellbores, equipment and technical data) proximate to the LAGGS pipeline. Of the $200,000 purchase price for the acreage, due diligence has been completed on $108,681 worth, and this partial acquisition was completed on the 29th of April. In a separate acquisition, TEG Mid-Continent paid Cholla $35,000 for a computerised database of proprietary well data and shallow gas prospects in the Leavenworth area, print maps, cross sections and a proprietary report detailing all prospects, geology, and engineering in the area.r Without the existence of any previous third party analysis of Sefton’s Kansas assets, few would have attributed any value to them. However, as the spike in Sefton’s share price demonstrates, Dr Onat’s work has been well received and while the current resource classifications are on the speculative side, there is undoubted value in quantifying what has been found.r Having already valued Sefton’s Californian assets at £12.7 million, even if we attribute only 20% of Dr Onat’s Kansas valuation ($100.1 million) to our analysis, this adds another £12.5 million to our valuation and lifts our target price from 5p to 9p after factoring in the dilution from the equity issue on the 28th of March. Further upside remains in the enhanced recovery techniques being evaluated in California and of course the monetisation of its Kansas pipeline infrastructure and further resource finds.

Score: 26.25

BUY SER by 3Dimensional on 12 Mar 2014 12:52

Price at rating: 0.22, now:

profith 12 Mar'14 - 12:50 - 392936 of 392938 0 0 editr r email contact sefton resources party hats this week

Score: 30.00

BUY CTP by BuyBAO on 12 Mar 2014 08:22

Price at rating: 1.23, now:

News due

Score: 81.25

BUY BMR by ljchandler on 11 Mar 2014 09:25

Price at rating: 2.00, now:

Doom mongers are out...... Stick with scotchoverice price targets posted on advfn.

Score: 22.50

BUY AST by 3Dimensional on 11 Mar 2014 08:39

Price at rating: 0.68, now:

MAJOR news on the way

Score: 3.75

BUY AGQ by GoldenSachs on 11 Mar 2014 07:36

Price at rating: 42.75, now:

re-rating from explorer to mid sized producer over 2014-5

Score: 0.00