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Penny Share Review 373

Monday 29 January 2007

The Times from Saturday reported that a wave of consolidation is about to hit AIM’s oil and gas companies. Industry experts believe half could disappear over the next 12 to 18 months, with some running out of cash or being taken over by a predator or merging with a rival. EnCore Oil (EO.L) receives a mention in the article and is categorised as a predator, after its acquisition of four companies last week to take its tally of North Sea blocks from 6 to 30. Of the twenty seven companies listed in the ‘Desperate for Deals’ section, Desire Petroleum (DES) and Meridian Petroleum (MRP) are listed as ‘potential targets’. Encore is listed in the ‘Survivors, predators’ list and no companies of note make the ‘Strugglers’ list. The market seems to have warmed to the ‘potential targets’ so far this morning, with Desire nudging up 0.25p to 29.75p and Meridian half a pence to 22.50p, whilst ‘predator’ EnCore fell back 0.25p to 23.00p

In Derek Pain’s ‘No Pain – No Gain’ column in Saturday’s Independent, Access Intelligence (ACC) is listed as one of his laggards that produced an upbeat trading update last week, saying it is on target to meet profit estimates of £500,000 when it reports in March. Derek believes more acquisitions could be secured in the coming months, following the recent ‘shrewd and well-timed’ acquisitions. The stock traded unchanged this morning at 6.50p

The prices were taken around 9.19am on Monday 29 January 2007.

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.

Air Music & Media (AMU) – Trading Statement.

Appian Technology (APN) – AGM Statement.

CCH International (CCH) – Agreement.

Corpora (CP.L) – Trading Update.

EMED Mining (EMED) – Exploration Results.

Empyrean Energy (EME) – Testing Program.

Medavinci (MVC) – Holding.

Mediwatch (MDW) – Final Results.

Supporta (SOR) – Directorate Change.

Totally (TLY) - Trading Statement.

Zambezi Resources (ZRL) – Resource Estimate.

Look out for this week

Monday 29 January – Mediwatch results & Eurozone finance ministers meeting.

Tuesday 30 January – Consumer credit and mortgage lending.

Wednesday 31 January – GDP, HICP and unemployment figures.

Thursday 1 February – Nothing of note.

Friday 2 February – Insolvency figures and US non-farm payrolls.

The next Penny Share Review will be posted on Monday, 5 February 2007.

Compiled by Jason Robertson.

Penny Shares Online - penny shares research and information service.




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