I've just picked up some Northern Petroleum (LON:NOP) and Regal Petroleum (LON:RPT) .
Gulf Keystone Petroleum (LON:GKP) is getting to a level where I might be tempted...
What takes your fancy?
db
PS I have enough Soco thinks...
IF the tax happens it would be affected, but a) The tax would only impact in 2012; b) There are severe doubts whether it will materialise (similar suggestions have been made in the past & fended off). Impact might be around 10% of future net profits long term (at worst), AIUI.
The SP, however, is off over 30% since 27th April, coking coal prices look strong, management remain confident of 700kT of saleable production this year (FWLTW ;0)) and the proposed merger with Polo would give the strong balance sheet needed to really develop Caledon's assets. On an annualised basis, I'm expecting Caledon to get their costs down below the latest US$110/t figure, as production rises and prices are now around US$180/t. The maths looks attractive, unless you fear a collapse in the steel market, or a big disappointment in Caledon's production.
The sell off is way overdone IMO - and if the merger goes ahead (as I expect it will) the current SP relationship to Polo gives a nice discount to the Polo shares you'll get (11.4 Polo per Caledon) - so an arb opportunity there, if you're confident the merger will proceed on the stated terms.
Cheers,
Mark
Well plenty more "knife catching" opportunities today. I've dripped a little cash into the following:
Busy day...
Cheers,
Mark
Oh - forgot one: a few more Dana Petroleum Plc (LON:DNX) @ 1107p
That leaves a Soco shaped hole in my ISA waiting for it to get cheap enough (if it gets there), to add to the ones I already hold... ;0)
:)
Looking at adding to several of those myself, next week.Waiting to see how the horse trading plays out before plunging in.
Encore, Aminex, MUBL and MML (been waiting for Mubl to cheapen for a while) and MML is a favourite :)
