25 May 2012

Niche Group’s Turkish delight

10/06/2011 Robert Tyerman

Resources investor The Niche Group sees ‘immediate cash generation’ and ‘significant upside’ from the Turkish operations of Oman Resources, a company guided by Niche’s consultant and prime mover, Irish entrepreneur John McKeon. AIM-quoted Niche, whose chairman, Nigel Little, was vice-chairman of stockbroker Canaccord, has loan notes convertible into a 35 per cent stake in Oman Resources, which has 50 per cent of four promising licences in Turkey.

In one, Konya, testing is starting on a gas and oil discovery well, Gulhanim-2, containing potential hydrocarbon-bearing zones. The company says a pilot bottling plant there should be ready to start selling gas in a few weeks, with pipeline construction expected to begin later this year.

Niche reports that drilling at the Hamam-1 well in the Hatay Block 4396 has confirmed a ‘commercial discovery’, while drilling proceeds apace at Hatay Block 4395 and testing begins towards the end of 2011 at Hatay Block 4394. The well-connected McKeon, a founder of Moroccan gas producer Circle Oil and chairman of Mozambique titanium play Pathfinder Minerals, has played a key role in opening the doors needed for access to these licences.

Shares in Niche Group surged from 0.6p to 8.08p last year, but have more recently settled back to 5.93p, valuing the company at £41 million. If Oman Resources does generate the hoped-for cash, they could have more mileage left, while the sector stays in vogue.         

Tags: Irish entrepreneurs, John McKeon, Omar Resources, Turkish commodities

Companies: Niche (suspended on 13 December 2011) , Circle Oil , Pathfinder Minerals (suspended on 11 November 2011)

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