Argonaut | The Natural Choice in Resources

Argonaut is a full service advisory, stockbroking & research and investment house with offices in Perth and Hong Kong. Argonaut is technically driven & focused on natural resource companies & businesses that service the metals, mining, energy and agri-business sectors. Argonaut has an established track record of creating significant wealth for clients.

Morning Notes

U.S. stocks tumbled into the end of the trading week, wiping out much of the gains they had accumulated during a string of upbeat corporate earnings reports. Major indexes struggled for traction after the opening bell, then extended losses in afternoon trade, with the Dow Jones Industrial Average shedding nearly 300 points at its session low. To some, the slowdown in the stock rally this year shows investors have already largely priced in solid earnings growth. The Dow industrials fell 201.95 points, or 0.8%, to 24462.94 for its third straight daily loss.

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Latest Research

Sino Gas and Energy (SEH) announced a strong increase in production which averaged 25MMscr/d for the March Q, up 16% Q-on-Q. Operating margins increased by 35% to US$4.8/Mscf driven by higher production and higher natural gas prices. SEH has now received Overall Development Plan (ODP) approval in-principle for Linxing (LX) and Sanjiaobei (SJB) with final finalisation for both expected in H1 2018. The only cloud looming over the ODP process is the ongoing negotiation with LX SOE partner CUCBM regarding profit and cost allocations under the Production Sharing Contract (PSC). We believe SEH should emerge from this process with an equivalent or better economic standing than at present.

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Latest News

Argonaut advised 88 Energy Limited (ASX: 88E) (“88E”) on the refinancing of its outstanding loan of US$16.5 million with Bank of America.
Whilst the commercial terms of the agreement remain confidential, the transaction was completed on substantially similar terms to the original loan agreement.

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