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  • Cott Oil And Gas Managing Director Leads The Way With On-Market Share Purchases 0 comments
    Feb 4, 2014 1:28 AM

    Cott Oil and Gas (ASX: CMT) managing director Andrew Dimsey has acquired 250,000 shares in the company in on-market trades.

    Dimsey acquired the shares at an average price of $0.139 each, or a total consideration $34,750, over a period from 29 January to 3 February.

    He now holds 4,093,139 shares, 4 million unlisted options and 35,294 listed options.

    PNG interests

    Listed on the ASX in January 2013, Cott holds four licenses in Papua New Guinea, one with gas discoveries with farm-out/sale opportunities to fund exploration and appraisal.

    The company had last month assigned a 5% interest in PRL 38 in Papua New Guinea to Kina Petroleum (ASX: KPL) for 10 million Kina shares. Cott retains a 40% interest in PRL 38.

    PRL 38 hosts the Pandora gas field, Pandora A was tested by the Pandora 1X well drilled by International Petroleum Corporation in 1988.

    The well intersected a 278 metre gas column and flowed dry gas at a rate of 57 million standard cubic feet per day.

    Pandora B was tested by the Pandora B‐1X well in 1992. This intersected 110 metres of gas and flowed 43.1 million standard cubic feet of gas.

    The Pandora license acquisition (40% of PRL 38) is potentially tranfomative for Cott. The company now possesses gas resources in a region where there is a demand for gas to feed new and planned LNG plants.

    Floating LNG platforms may hold the key to the viability of gasfields and Cott's future.

    This is one to watch.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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