Tuesday, February 14, 2012

Exoma Energy (EXE)

Exoma Energy Limited (EXE) is definitely one to watch in short to medium term. The company ticks many boxes in the fundamental and technical department of analysis. The stock price has seen a nice steady increase in volume and price of late unlike many stocks which have overcooked and received ASX price queries.

Interest in CSG in the Galilee Basin is on the increase again. Today, Westside Corporation (WCL) received a unbinding takeover bid of $0.65 per share. This company has projects both in the Galilee and Bowen Basins. Exoma Energy in the meanwhile has appointed a corporate adviser to handle further growth and advise "on appropriate corporate strategies in light of the growing interest in Exoma's portfolio of prospective hydrocarbon resources, including conventional oil, shale oil and associated gas and coal seam gas"  This statement is very suggestive.  It suggests that other companies are taking a close look at their assets and have been making enquiries.

Considering that EXE already has China National Offshore Oil Corporation (“CNOOC”), a highly regarded department of the China government, providing $50 million in funding for a 50% share in its ATP's they must have receive quite a lot of interest to appoint a corporate adviser.  After all, why would you make such an appointment when you are very much funded?  Why the need to promote your company to instituitions when you are at such as early stage?

It must also be noted that EXE is awaiting Queensland government granting of further tenements which could provide positive newsflow.

The stock closed down $0.005 to $0.195 today.

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