Pancontinental Oil & Gas (PCL) is a stock I mentioned on Thursday night as one to watch on Friday after it came up on my scan. The stock managed to hold it's strong gains from Thursday and finish even at $0.11 on Friday (03/03/2012), again on good volume. The stock hasn't gone unnoticed with the ASX as after market a price and volume query was issued and responded to. The company advised there was nothing that needed to be announced to the market.
Hartley's issued a research note on the company earlier in the week which may have prompted more interest in the stock. Hartley's rates the stock as a Speculative Buy and has a six month target price of $0.23 due to a number of catalysts.
It is interesting to note that Jacka Resources (JKA), a stock first mentioned in a July post last year (also $0.11 at the time), had it's shares up $0.01 to $0.165 on Friday on good volume. So the link? Both companies have a joint venture to pool resources to evaluate petroluem acreage opportunities in East Africa. I am wondering if JKA has started running as a result of PCL running and the market is simply guessing that they may have finalised an application for an onshore asset.
Considering PCL received a 'please explain' from the ASX on Friday it will probably take the wind out of it's sails. If JKA continues to rise there may be some news directly and only related to JKA around the corner. If JKA backs off then we know the market was only speculating on joint venture.
One thing is for sure, JKA technically looks great so if the rise is not broken then definitely keep an eye on it!
Showing posts with label Jacka Resources (JKA). Show all posts
Showing posts with label Jacka Resources (JKA). Show all posts
Sunday, February 5, 2012
Tuesday, September 20, 2011
Jacka Resources Trading Halt
It's been just over two months since I first posted about Jacka Resources (JKA). Since then there has been a lack of newsflow. A few days after I posted about the company the stock price hit a high of $0.14 before that price spike was arrested after a 'please explain' from the ASX. The share price since then has been weak along with the rest of the market.
The company went into trading halt yesterday and is due to release an announcement tomorrow regarding a 'Head of Agreement for a strategic asset transaction'. It will definitely be one to keep an eye on over the next few days.
The company went into trading halt yesterday and is due to release an announcement tomorrow regarding a 'Head of Agreement for a strategic asset transaction'. It will definitely be one to keep an eye on over the next few days.
Sunday, July 17, 2011
Back Ex-Hardman Directors on Jacka Resources
It was just over two weeks ago that Jacka Resources (JKA) announced that they were offered the exclusive negotiating rights over the Ruhuhu Basin (oil and gas) by the Tanzanian government. When this announcement was made it definitely caught my eye and whilst the share price did spike I was surprised there was not more volume behind it and that it wasn't a bit stronger. I decided to put the company on my watchlist.
We've had no news since. Friday's (15/07/11) share price action suggests something is about to happen. The stock price jumped $0.019 to $0.11 or 21% on strong volume of 3.8 million units. Infact, that's the largest volume on the stock since listing in July last year. From a technical perspective it breaks a downward trend that has seen the share price slide from $0.23 in october to a low of $0.067 in late June.
In the announcement that I refer to Jacka Resources mentioned that a product sharing agreement would be negotiated over the next few weeks so this may be coming to a conclusion soon. I do like the fact that they mentioned they would be the 100% owner and importantly the operator giving them good control. So is the stock price moving on the back of the pending agreement?
Well there appears to be a lot more to like to Jacka Resources. I am wondering if the market is starting to warm to the potential of this company? DJ Carmichaels covered the company in October last year in a research report titled 'Upcoming Exploration and Appraisal Activity in Africa' and quoted a $1.36 unrisked upside target for the company.
It is also worth noting that the company has a market capitilisation of $9 million, recently completed an entitlement bringing $4.6 million into it's coffers and the number of shares on issue/free float is reasonably low. The personnel involved with the company are also high profile with ex-Hardman Resources directors onboard including Richard Aden and Scott Spencer who built Hardman Resources into a $1.4 billion company before it was taken over.
Jacka Resources seems to tick many of the boxes.
We've had no news since. Friday's (15/07/11) share price action suggests something is about to happen. The stock price jumped $0.019 to $0.11 or 21% on strong volume of 3.8 million units. Infact, that's the largest volume on the stock since listing in July last year. From a technical perspective it breaks a downward trend that has seen the share price slide from $0.23 in october to a low of $0.067 in late June.
In the announcement that I refer to Jacka Resources mentioned that a product sharing agreement would be negotiated over the next few weeks so this may be coming to a conclusion soon. I do like the fact that they mentioned they would be the 100% owner and importantly the operator giving them good control. So is the stock price moving on the back of the pending agreement?
Well there appears to be a lot more to like to Jacka Resources. I am wondering if the market is starting to warm to the potential of this company? DJ Carmichaels covered the company in October last year in a research report titled 'Upcoming Exploration and Appraisal Activity in Africa' and quoted a $1.36 unrisked upside target for the company.
It is also worth noting that the company has a market capitilisation of $9 million, recently completed an entitlement bringing $4.6 million into it's coffers and the number of shares on issue/free float is reasonably low. The personnel involved with the company are also high profile with ex-Hardman Resources directors onboard including Richard Aden and Scott Spencer who built Hardman Resources into a $1.4 billion company before it was taken over.
Jacka Resources seems to tick many of the boxes.
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