Oil, CSM, Natural Gas play.
Has had a great run to date. It has quite a few irons in the fire.
1. miniscule market cap ($16m). It's assets appear massively undervalued by the market.
2. Duncan Hardie being the majority shareholder; although I'm sure his 27.5% stake is small change; Over half the shares are held by Hardie and management. 60m shares on issue. Hardie is not a director.
3. The QHGP connection -
Duncan Hardie is the Newcastle businessman behind the deal for QGC to take a gas pipeline from Wallumbilla to the Hunter Valley.
4. The prospectivity of the exploration sites.
5. Sesimic and drilling activity is farmed out to companies with a vested interest in RAW permits;
6. ATP873 is next to Lacerta (see Sunshine Gas)and is on the RBP. It is free-carried by TRUENERGY earning a farmin of 85%. TRUenergy also have a 5% stake in Eastern Star Gas. Adjacent to proposed QHGP hence Hardie popping up on register.
7. ATP 983 and 901 in Surat Basin (Energetica 25%, Hardie Energy 50%) to be managed by RAW - prospective for oil and gas.
8. Pedirka Basin - 2b bbl oil - see Central Petroleum farmin.
9. Pedirka Basin - farmout to Great Southern Gas. Unlisted. Here is the excluded offer term sheet: http://www.mpsecurities.com.au/Publi...ril%202008.pdf
The proposal is to assign the rights for non-conventional resources (Coal Seam Methane and tight gas) in the northern portion of EP 97 for an initial 16m shares in Great Southern Gas plus a 3pc royalty.
10. Once the Great Southern farmin is finalised RAW will own 23.5% of the co.
So basically it has a good spread of oil, natural gas and CSM plays. I like it, a bit of a punt, but I am a big fan of the Pedirka basin and it's future. Untapped