RE:RE:RE:RE:RE:North Energy has dumped over 1 million shares to .39With a little more patience, you may even make a substantial profit on your 1.50 bought shares !
180MUSD Market Cap valuation, peanuts if this is what it looks to be.
Just got reminded of Cove Energy when I read my local newspaper this morning.
As it`s "Area-1" field was mentioned by the present owner PTTEP in that they plan to "soon" make a FID on that field.
For those of you not aware of Cove Energy, it was bought by PTTEP in 2012 thus acquiring Cove`s 8.5% stake in the Area-1 field (net to Cove 2.9-5.5tcf of NatGas-In-place) Offshore Mozambique.
Now here we are 8 years later on and still not even a FID on the project !
I`m not saying Ortoire will host as much gas as Area-1 or anything, but the fact that Ortoire is onshore and close to O&G infrastructure and with a local market in need of that Gas should make it much faster and cheaper to put into production than Area-1 and therefore be valued higher than an offshore field that also must liquify the gas before it can be exported to East Asian customers across the ocean.
PTTEP got into a bidding war with TXP`s next door neighbour Shell and came out on top and bought Cove Energy for 1.2B GBP (2.1B CAD).
Just some food for thought.
Cheers