OTCPK:ATGYF - Post by User
Post by
Golongagainon Oct 26, 2013 1:10pm
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Post# 21851469
CHUM in the WATER...
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.