Chairman's Message 2014

Well, I won’t dwell on the performance of the markets in 2014 as there has been sufficient coverage already so let’s hope 2015 brings a much brighter and happier future for all as we look forward to strong equity performance from the Natural Resources and WA Industrials sectors. I would like to take this opportunity to thank our clients for their continued support during 2014 and wish all clients, our dedicated staff and their families a Merry Christmas and a Happy and Prosperous New Year!


Morning Notes

The big news overnight was the European Central Bank’s (ECB) decision to buy 60 billion euros (US$69 billion) a month of public and private debt until September 2016 in an attempt to ward off a deflation spiral in the region, causing global stocks to rally. In the US stocks rose for the fourth consecutive day with the S&P 500 gaining 1.5% to 2,063.1, the highest since Dec. 30. The Dow Jones Industrial Average climbed 259.7 points, or 1.5%, to 17,814.0.

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Latest Research

Empire Oil & Gas (EGO) has released a 1P, 2P & 3P reserves update for its flagship Red Gully asset. The reserve increases are significant with 1P Gas & Condensate up 35.4% & 18.6% and 2P Gas & Condensate up 46% & 21.2% respectively. This increases our 2P development valuation to 0.43cps and is a clear demonstration of EGO’s new management putting the Company on the right track with its turnaround strategy. Our base case evaluation is premised on 2C volumes which we understand will be updated with the quarterly next week. We maintain our BUY recommendation.

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