- formed to operate in the USA to re-work shut-in oil wells. A re-working programme on areas in Oklahoma has commenced and other areas are being acquired.
Longreach now has a 25% equity interest in Austex Oil Limited and can increase that interest by further investment.
Some initial seed capital for Austex Oil has been raised at ten (10) cents per share. Professional and/or sophisticated investors can still participate by way of seed capital in Austex Oil Limited.
It is proposed to proceed with an I.P.O. for Austex Oil in the near future and shareholders in Longreach Oil will have priority rights to apply when the Prospectus is issued.
was incorporated in July 2006 to acquire oil production licences in Indonesia, in joint venture with Singaporean and Indonesian companies.
It is proposed that Austar Petroleum Limited will proceed in due course with an I.P.O. when licences are granted and petroleum production commences in Indonesia. Shareholders in Longreach Oil will be entitled to priority application when the Prospectus is issued.
Professional and/or sophisticated investors can participate by way of seed capital in Austar Petroleum.
Longreach currently has a 25% interest in Austar Petroleum Limited.
Longreach's share price continued to fluctuate around very low levels, probably due to lack of drilling activity. The volume of shares traded in the first nine months was still quite low.
However, a largish turnover occurred in May 2006, when about 22,000,000 shares traded over a few days at up to 3.8 cents, which was a 100% rise from the previous few months. The cause of that increased market activity was probably due to an article written by David Haselhurst in his “Speculator” column in The Bulletin at that time.
This sudden surge in activity should demonstrate the potential upside with speculative “penny hopeful” stocks.
Longreach’s shares have recently been trading at around 3 cents and with the proposed operations in the USA and Indonesia, through Austex Oil and Austar Petroleum, and especially if any drilling activity on the Australian areas takes place, the upside in the share price should be much greater than the downside. Shareholders should bear this in mind whether buying or selling shares.
Bell IXL Investments Ltd 21,337,854
B Ganke (including deemed relevant interests) 34,300,446
Southern Cross Exploration N L (group) 22,650,000
Sunvest Corporation Ltd 22,170,000
Shares held % Shares held %
Sunvest Corporation Ltd |
22,170,000 |
9.3 |
Cramm Nominees Pty Ltd |
3,737,064 |
1.6 |
Southern Cross Exploration N L |
20,400,000 |
8.6 |
Bonds & Securities (Trading) Pty Ltd |
3,703,600 |
1.6 |
Bell IXL Investments Ltd |
14,957,619 |
6.3 |
C & R Thurecht Pty Ltd |
3,600,000 |
1.5 |
Efimii Shteisel |
8,053,753 |
3.4 |
G Zuber |
3,539,950 |
1.5 |
Formula Company |
6,666,666 |
2.8 |
Happy Enterprises Pty Ltd |
2,410,939 |
1.0 |
Tavistock International Ltd |
6,600,000 |
2.8 |
Northern Star Investments Pty Ltd |
2,250,000 |
0.9 |
Xining Ltd |
6,600,000 |
2.8 |
Chapmans Ltd |
2,175,000 |
0.9 |
Austex Oil Ltd |
6,000,000 |
2.5 |
Etranz.com Pty Ltd |
2,147,000 |
K Pagnin Pty Ltd |
5,950,450 |
2.5 |
ES Investments Pty Ltd |
2,024,000 |
0.8 |
Emeritus Pty Ltd |
4,030,446 |
1.7 |
Millennium Corporate Services Pty Ltd |
2,000,000 |
0.8 |
|
