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Penny Share Review 361

Monday 30 October 2006

Shares in Encore Oil were rated as a “BUY” in The Sunday Telegraph. The article extolled the virtues of the management’s track record and reported that its first prospect, Golden Eagle, is due for drilling in December. The drilling costs will be carried by a partner and the piece concluded that the Company has good long-term potential even if Golden Eagle proves unsuccessful. Following this positive press attention, the share price added 2.25p to reach 28.75p this morning.

The recent strong performance of shares in Formjet (FMJ) was attributed to the software deal with Tesco by the Express on Saturday, which commented that the price improved further on news that Bluhone, the boutique investment house, had taken a 13.9% stake. However, Monday morning saw a dip in the shares, which dropped by 0.125p to 4.625p.

The Daily Express on Saturday reported a fall in the share price of Oxus Gold (OXS), as its 50% owned Amantaytau Goldfields was hit with claims for over $220m by the Uzbekistan government. This development was also picked up by The Independent on Saturday, which reported that Oxus’s share of the back tax bill would be $110, roughly 30% more than its market cap and that the subsequent appeal is likely to be a long process. Nevertheless, the share price added 0.25p to reach 9.75p during this morning’s session.

A rise in the share price of Pentagon Protection (PPR), following news of a deal with Singapore’s international airport last week, was highlighted buy the Daily Express on Saturday, although the share price remained unchanged at 1.50p this morning.

Stanelco (SEO) was the focus of The Times’ “Rumour of the day” section on Saturday. The piece noted suspicions that French partner Sphere could be building its stake ahead of the vote on refinancing on 6 November, after an 8.5% stake was placed by Kaupthing, although the official line was that Howard White, Director, had sold stock to pay for his open offer uptake. The shares were unchanged at 1.19p this morning.

The prices given above were taken between 9.20am and 10.00am on 30 October 2006.

Announcements

The following companies, in which City Equities customers may have an interest, released announcements to the market this morning. These can be found by entering the relevant company name or ticker code in the search box on this site.

African Eagle (AFE): Deputy Chairman Appointment and Drilling Results.

Claims People (CLM): Trading Statement.

DDD Group (DDD): Re Agreement.

Encore Oil (EO.L): Asset Exchange Agreement.

e-pay Asia (EPY): 3rd Quarter Results

ID Data (IDD): Trading Update.

Knowledge Technology (KTS): KTS offers MiFID solutions.

Thor Mining (THR): Quarterly Operating Report.

Look out for this week

Monday 30 October – UK Stern Review of the Economics of Climate Change and Consumer Credit (September).

Tuesday 31 October – UK Nationwide House Price Survey (October) and Inflation (October).

Wednesday 1 November – UK Manufacturing PMI (October)

Thursday 2 November – US Weekly Jobless Claim (September).

Friday 3 November – UK Services PMI (October).

The next Penny Share Review will be posted on Monday, 6 November 2006.

Compiled by Chris Richards.

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