Argonaut congratulates Sino Gas on raising $53 million
Argonaut has been successful in the Placement of A$53 million (before issue costs) for Sino Gas & Energy Holdings Limited (ASX: SEH) (“Sino Gas”) via a two tranche Placement of 265 million new ordinary shares at an issue price of A$0.20 per share, together with joint lead manager, Euroz Securities. Argonaut congratulates Sino Gas on raising $53m. This is a tremendous milestone for the Company.
U.S. stocks extended losses ahead of the close of trading, as investors found it more likely that, following a congressional budget deal, the Federal Reserve will next week decide to pull back on its easy-money policies. The Dow shed 130 points, or 0.8%, to 15,844 while the S&P 500 slipped 20 points, or 1.1%, to 1,782.More >
Beach is the standout investment opportunity of the mid cap Cooper Basin players. It is the biggest, owns part of the strategic infrastructure, has the largest Reserves and production, is leveraged to the plays of others through joint venture, is partnered with Chevron on its unconventional acreage (where it is leading the charge with excellent initial results), has the strongest balance sheet / cashflow and is also the cheapest on a comparative basis over key metrics. Conventional production from the Cooper Basin is accelerating from both the Western Flank Oil Play and improved recovery from existing gas fields. We interpret that BPT is only two years into a ten year cycle that will result in continued growth in both production and Reserves, bringing the basin in line, in terms of maturity, to similar regions in the USA. Beach is also on the cusp of flow rates from its first multi stage fracked horizontal well, Holdfast-2, in addition to six fracks on vertical wells over the next 6-9 months. We rate BPT as a BUY with a price target of $1.90.More >