CHUM in the WATER???From another board...
Will new CEO Les Thomas (Ithaca) look to hit the ground running by going for a modest acquisition of a cash strapped North Sea Junior with producing assets and a large pool of tax allowances ? In contrast to previous guidance, Ithaca's recent decision as Causeway operator to delay the water injection facility until H2 2014, can only put further pressure on Antrim Energy (AEY), our 35.% partner in the Causeway Field, which over the last 12 months has seen the market hammer down it's s/p by more than 90% to a market cap of just £8m. At their present valuation, AEY with production from two fields and around $280m of tax allowances, currently looks like a sitting duck for a low ball takeover offer from a North Sea mid cap looking to shield more production from the 62% UK tax rate.