Northland Capital Partners View on the City: President Energy, Kibo Mining, Bloomsbury Publishing and Alexander Mining

MINING: ()

PATENTS AWARDED IN SOUTH AFRICA: CONTINUED COMMITMENT TO PROTECT IP

• has been granted two patents in South Africa.
• The first is for a method of oxidative leaching of sulphide ores and/or concentrates, and is the core patent for the company?s HyperLeach? technology.
• Patents for this technology have already been granted in Australia and Mongolia.
• The second is for a method of leaching cobalt from oxidised cobalt ores that has previously been granted in Australia.
• No change to forecasts, BUY rating or price target.

?

NORTHLAND UK VIEW: With the award of a further two patents in South Africa, is continuing to demonstrate its commitment to protecting its most valuable asset, its intellectual property. The company is working with JV partner Metalvalue to secure an existing treatment plant in the DRC that can be retrofitted with ?s technology. The partners will use this upgraded plant as a toll treatment plant to initially produce copper cathode metal. would receive a 2% gross sales royalty on the production from this plant. We maintain our BUY rating and price target of 6p.

?

MINING: ()

HANETI PROJECT: SOIL SAMPLING ON SCHEDULE

• The current soil sampling programme is on schedule.
• Geological mapping has commenced.
• A second field team has been deployed.
• Forecasts and price target under review.

?

NORTHLAND UK VIEW: has commenced soil sampling at the Mwaka Hill target, an altered serpentitite body that is around 2km by 1km. Previous sampling in the area returned some anomalous nickel and gold grades and the current programme is intended to refine targets for drilling. From the 25th June 2013, 238 samples had been collected at the project and first assay results are expect towards the end of August.

?

TMT: BLOOMSBURY PUBLISHING ()

IMS: GOOD START TO THE YEAR

• Trading YTD (y/e February) in line with management expectations with revenue +19% and growth across all divisions. Adult +21% with early success of ?And the Mountains Echoed? by Khaled Hosseini. Other good performances from Paul Hollywood?s ?Bread? and ?How to Bake? and other cookery titles plus the anniversary Wisden.
• Print revenue +16% and the majority of the YoY increase but digital +31% and rights and services +25%. The two acquisitions, Fairchild and Applied Visual Arts, contributed 1% of the growth.
• First Bloomsbury Activity Apps in the Children?s and Educational division launched in H1. New adult editions of Harry Potter are published this month.
• Subscriptions to Drama Online are significantly ahead of expectation and in July Bloomsbury is launching Actors and Performers, a professional networking site for the acting community.
• Net cash at end of June of ?8.5m (30th June 2012: ?10.0m).

?

NORTHLAND UK VIEW: ?Good start to the year with growth contributions from each of the divisions. Although management has plotted a course to create a diversified trade and academic publisher, the company will always benefit from bestsellers and in H1 Khaled Hosseini has delivered his third bestseller. Shares are trading on 9.5x FY14 and 9.1x FY15 and yielding >4% - an undemanding rating.

?

OIL & GAS: PRESIDENT ENERGY ()

FROM YESTERDAY: OPS UPDATE: IMPROVED RATES IN LOUISIANA, ENCOURAGING ARGENTINA WORKOVER & PARAGUAY REMAINS GREAT HOPE

• In Paraguay, 780 km2 of 3D and 100km2 of 2D has been completed a month ahead of schedule with results already said to be showing highly prospective drilling targets.
• In Louisiana (US), production has risen to 300 boepd generating net cashflow of $600k per month. This is an increase from under 200 boepd at the start of the year.?
• Argentinian well DP1001 continues to perform well after workover, with the results of two further wells to be reported in coming months.?
• Shares initially responded strongly to yesterday?s news rising over 10% intraday but settled at 16.875p, a modest 2% increase. On a one year view, shares have lost 34%.

?

NORTHLAND UK VIEW: President is an interesting story. Its Argentinian exposure is an area of concern given the country?s censure from the IMF and capital controls but the prospective for the Paraguayan assets looks compelling. These are located in a largely unexplored area of the Pirity Sub-basin of Paraguay contiguous to the Olmedo Sub-basin of Argentina just across the border that contains a number of active oil fields that have produced more than 150MMbbl to date. If successful, the Paraguayan assets provide transformational potential. Key targets are to be drilled in 2014 following seismic acquisition (completed) and interpretation this year. The CPR includes three Paraguayan prospects at potentially more than 100MMbbl. On 27th June, President announced the results of its work over programme on well DP1001 in the Dos Puntitas Field in Argentina. The well was flowing without pump at 343bopd (490 bopd including injection water). This was a fivefold increase on pre-stimulation levels. It was too early to draw firm conclusions but this was an encouraging response ahead of two further workovers starting with well PE-8 (which we believe is underway). The reiteration of encouraging rates in yesterday?s statement (though we don?t know if these are of the same magnitude) is positive. The company had net cash of $14.7m as at December 2012 and is producing reasonable cashflow of c. $600k per month from its US assets to offset capex in Paraguay and Argentina. An interesting story, President is clearly not without risk but offers significant upside potential in light of the recent poor share price performance.?

?

Source: http://www.proactiveinvestors.co.uk/columns/northland-capital-partners-view-on-the-city/13514/northland-capital-partners-view-on-the-city-president-energy-kibo-mining-bloomsbury-publishing-and-alexander-mining-13514.html

flag day man of steel man of steel phil mickelson Jason Leffler us open 300 Rise Of An Empire