Today, the Daily Mail has run an article speculating that Sinochem may launch an hostile bid for Gulfsands Petroleum (GPX), Emerald Energy's 50:50 partner in Block 26 in Syria.
Contrary to what the article says, Gulfsand shas 120.22m shares in issue and 129.05m shares after options are exercised. This fully diluted number of shares in issue would place a value of ~£419m on Gulfsands @ 325p/share.
One might assume GPX's Gulf of Mexico assets are worth very little and with gas prices trading near multi-year lows, the assets being cash consuming this year, and seemingly accident prone from hurricanes that does not look unreasonable.
Of course, the full bid value for Emerald Energy is 750p/share or £532m. Then if the rumoured GPX deal werer to go ahead, it would effectively put a value of ~£113m on EEN's Colombian assets (or 161p/share, compared to Jeffs RENAV of 557p/share for Colombia).
It is certainly looking like the Emerald bid was agreed at too low a price.
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Emerald Energy is a mid-cap Oil Exploration and Production company listed on the Main List of the London Stock Exchange in the FTSE-250 index. It has a variety of assets in Colombia, Syria and Peru. This blog has been set up to track the bid approach and any takeover that follows.
Summary of Emerald's Assets
News Links
- US-Syrian Relations Thawing Paving the Way for Oil Deals
- Speculation on Hostile Bid for Gulfsands
- Recent Emerald Broker Note
- Recent Gulfsands Broker Note
- Chinese Media pick up on Emerald Approach
- Guardian speculates on Gulfsands Bid Approach
- Telegraph suggest Gulfsands also a target
- Telegraph says bidder is consortium of Chinese and ONGC
- Previous Sinopec-ONGC deal in Colombia for Ominex
- Gran Tierra rule themselves out of bidding for EEN
- UPI suggesting Chinese Interest from Sinopec or CNOOC
- FT Alphaville with MK quote
Links to Websites
- Emerald Energy Website
- Link to ADVFN thread for EEN
- Link to Gulfsands (50% Partner in B26)
- Link to Canacol Energy (10% owner of Ombu)
- Link to La Cortez Energy (20% owner of Maranta Block)
- LSE Page for Emerald Energy
- Link to Colombian Hydrocarbon Agency
- Link to Colombian Exploration Maps
- Stockopedia Blog
My Blog List
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Blog No Longer Maintained13 years ago
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Disclaimer
The posts in this blog are taken from a variety of sources and are posted in good faith. However, no investment advice is intended and this blog is no substitute for doing your own research. Investments can rise as well as fall and also fall and fall some more.
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