Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
There was a predatory feel this morning to Sterling Energy’s (SEY) announcement. For no additional money, Sterling has increased its interest in the Odewayne Block in Somaliland by an additional 15%, to 40%. The counter party, in this deal of great largesse, is Australian-listed Jacka Resources (ASX: JKA). Regular readers of ShareProphets will know that poor old Jacka has been in dire straits, since the disastrous conclusion of Tangiers Petroleum’s (TPET) failed takeover earlier in the year (read here). Sterling’s board was certainly aware of this and they have swooped like falcons, seizing their valuable prey without a fight.
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