Raven Energy Limited (ASX: REL)
On 30 November 2018, the stock traded flat on the ASX. Today, the company announced to provide its investor an update regarding its Tulainyo Gas Project. A previous announcement was made that Raven’s wholly owned subsidiary company Bombora Natural Energy Pty Ltd has received a notice from the operator (California Resources Production Corporation) that Gasfields LLC is unable to provide US$1,738,273, which was for the final well cost under Tulainyo 2-7 operations. It is in a suspended status.
Based on the original Farmin Agreement between Gasfields, Bombora and Cirque Resources LP, Bombora took the guarantee that it will bear all the obligations of Gasfields. Since, Gasfields in unable to pay the amount, now operators are looking towards Bombora to get the payment done.
However, the company discussed with the operator and they agreed for full settlement of the final well cost. An initial payment of US$1,000,000 is made to the operator. After the cash consideration, Raven’s will receive 6% interest in the in the South Block in Tulainyo Gas Project. After receiving the remaining amount, another 4% interest will be there in the South Block in Tulainyo Gas Project. The terms and condition of the settlement will be on the legally binding agreement. The cash consideration will be paid to the operators from the proceeds of the company through the placement of shares which is already approved by shareholders in the extraordinary general meeting.
There is also a confidentiality agreement between the operator and Raven to access the proprietary data so that they can identify and evaluate investment into various projects.
Kingsland Global Ltd (ASX: KLO)
On 30 November 2018, KLO traded flat at $0.095 on ASX under the real estate sector.
Today, the company announced its half-yearly results. The company presents an interim report for the period ended 30 September 2018. The revenue of the company from the ordinary activities was $ 953,451which is up by 184%. There is also an increase in the net profit after tax which is attributable to the owners of the company by 150% which is $486,593. The net profit attributable to owners is up by 160% which is $583,682.
The earnings per share (EPS) of the company is at - AUD 0.005 which is a negative. Further, the company has not provided any information about the interim and the final dividend per share. The net tangible asset reported for the period ended 30 September 2018 is $14,468,272. The ordinary share reported at the end of the period is 405,000,000.
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