Gulf starts at Sheikh Adi-2 25/05/2012
Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
Copper deal for Weatherly
Minerals hopeful Weatherly International plans to buy copper play Puku Minerals for £3.25 million in shares and raise £2.3 million.
Dr Wolf Martinick, chairman of former financial services flop Weatherly and director of antipodean oil and gas explorer Sun Resources, and Rod Webster, Weatherly's Australian chief executive, are two of the three vendors of Puku, a speculative venture with two Zambian prospecting licences covering a decommissioned copper mine and a tailings dam at Luanshya in Zambia's Copperbelt. The third vendor is Australian-quoted Ezenet, where Martinick is chairman and key shareholder.
Weatherly directors, two of whom are thus selling their own company to Weatherly, claim Luanshya could be one of Zambia's largest copper deposits, holding a potential 1.4 million tonnes of copper and capable of producing up to 60,000 tonnes a year. The timing and cost of reopening the mine will first need to be subject to a feasibility study.
Because of Martinick's and Webster's holdings, the proposed deal, which counts as a reverse takeover under AIM rules, is thus a 'related party transaction’. Since the takeover share issue would leave directors with 44 per cent of the enlarged Weatherly, the company must call a special shareholders' meeting to agree to waive the Takeover Panel's 'concert party' rules which would otherwise force it to make an offer to all shareholders.
Libertas Capital is acting for Weatherly, previously an unsuccessful financial group that was rebuilt after a Creditors' Voluntary Arrangement with a £250,000 re-financing a year ago. One director, stockbroker and serial small company board member Richard Armstrong, is stepping down as Weatherly embarks on its new role.
The £2.3 million placing accompanying the Puku deal is priced at 8p, against today's 8.25p share price, valuing the company at £6.1 million. Gamblers only.
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