MHM
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VOR
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LCY Weekly
31 Aug 2011
30 Aug 2011
29 Aug 2011
26 Aug 2011
Daily charts 26/8/2011
LCY
MARKET UPDATE ON NMDC TRANSACTION
Legacy Iron Ore Limited (“Legacy”) wishes to announce that the board of National Mineral Development Corporation Limited (“NMDC”) has met and is currently progressing through the final internal processes necessary to approve any investment in Legacy.
The approval sought is in line with the requirements of a governmentcontrolled entity. Legacy is encouraged by the ongoing discussions with NMDC and as such, Legacy has granted NMDC an extension of time to finalise the necessary internal approvals to enable NMDC to present their formal offer for consideration by the Legacy board in due course.
It is anticipated that the approved formal binding offer will now be tabled to the Legacy board by mid September.
Legacy has also engaged a well-known independent mining consultancy group to provide an independent valuation on its projects. The final valuation will be used by Legacy in reviewing any formal binding offer it receives.
An update to the market will be provided in due course.
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XCD
13 Aug 2011
12 Aug 2011
11 Aug 2011
10 Aug 2011
Daily charts 10/8/2011
CEL
US acreage acquisition in two proven shale formations
• Challenger Energy has acquired an interest in a large unconventional resource with
interest earned via drilling and leasing activities, with Challenger acting as operator
MERCURY STETSON PROSPECT (Texas)
• Two proven shale formations – Barnett and Woodford
• Massive potential gas in place with OGIP estimated at 360 BCF/sq mile
• Large prospect area – potentially up to 55,000 acres(86 sq miles)
• Farm in to earn up to 50% in a 26,000 acres contiguous land position with three
pipelines across prospect with an initial target of 35,000 acres across the prospect
Consideration for 50% interest
Under the terms of the agreement, Challenger will:
• Act as operator;
• Pay up to US$2.2 million as and when required for the renewal and extension of
existing leases plus the acquisition of additional leases;
• Drill, fracture stimulate, and complete two vertical wells;
• Conduct a seismic program funded partially by revenue from the first well; and
• Connect the two wells to the nearby sales pipeline.
Following completion of this initial program, Challenger will have a 50% interest in the permit
leases which currently total ~ 26,000 net acres. The Joint Venture will target a controlling
interest of at least 35,000 net acres (~ 55 sq.miles) across the prospect area over the next 6
months.
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CGM
9 Aug 2011
Daily charts 9/8/2011
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XCD
taken from AFR investor presentation May 2011
Moabsvelden thermal coal project 55Mt JORC (74%)
Capital Structure
fully paid ord. shares 90,500,435
Cash: A$10,611,000
debt: nil
s/p: 0.11
current EV: -A$655,952
Based on the valuation using JORC resource
EV/Resources
Average: 0.34/t
Max: 0.79/t
Min: 0.14/t
XCD's valuation
Average 24cps
Max 45cps
Min 15cps
Capital Structure
fully paid ord. shares 90,500,435
Cash: A$10,611,000
debt: nil
s/p: 0.11
current EV: -A$655,952
Based on the valuation using JORC resource
EV/Resources
Average: 0.34/t
Max: 0.79/t
Min: 0.14/t
XCD's valuation
Average 24cps
Max 45cps
Min 15cps
PRR
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