25 May 2012

Turkish cheer for Niche Group

27/10/2011 Robert Tyerman

New estimates value resource investor Niche Group's indirect stake in Turkey's Hatay gas blocks at £60 million, three times its £21 million stockmarket value.

The latest 'Competent Person's Report' by consultant Senergy (GB) has lifted best estimates for the four blocks in question 269 per cent to 93 billion cubic feet of gas, with a net present value of $583.4 million ( £365 million).

Another company, Oman Resources has built up a 50 per cent stake in the Hatay blocks. AIM-quoted Niche (NGP), chaired by ex-stockbroker Nigel Little and with well-connected entrepreneur John McKeon playing a useful role, holds a loan note convertible into a 35.7 per cent equity stake in Oman Resources.

Highlighted Growth Company Investor at 5.93p in June, Niche Group's volatile shares have fallen back to 3.03p. The new Hatay report could bring fresh support.

Tags: AIM market, John McKeon, Nigel Little, Oman Resources, Penny shares, Turkish gas

Sector: General Financial

Companies: Niche (suspended on 13 December 2011)

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