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As part of its strategic review of its currently on care and maintenance Mt Leyshon gold project in Queensland, Australia, Leyshon Resources (LRL) has announced the completion of a study into pumped storage hydro power generation.
Leyshon Resources (LRL) has updated that cash balances totalled $36.20 million as at the end of 2013, $2.15 million lower than three months prior after particularly $1.79 million of exploration and evaluation spending in the quarter. However, a demerger has subsequently been implemented – with shareholders receiving a share in Leyshon Energy (LEN) for each share held in Leyshon Resources.
Shares in AIM listed Leyshon Resources (LRL) perked up from 6.5p-6.75p at the end of last week to a 7.25p-7.5p yesterday on the back of the company’s announcement of General Meeting approval for its proposed demerger of its energy assets. Today the shares are down at 1.62p but panic not. There is more to come. Yes this is a share tip. Let me explain.
Leyshon Resources (LRL) has updated in its report for the quarter ended 30th September that “a detailed review is underway to understand which zones will be flow tested” as the analysis of logs and side core samples from drilling of the ZJS7 well on the Zijinshan gas project in China has largely been completed “and the results are consistent with those previously announced from the wireline logging.”
Leyshon Resources (LRL) is going through a transformation right now and unlike a Gok Wan sketch the buxom beauty has yet to emerge. It will. Like Michael Flatley it is down but not out. The shares are a buy at 7.25p – target 14p.
I met up for dinner on Wednesday night with Paul Atherley of Leyshon Resources (LRL). Paul needed no reminding of the share price but was not complaining. He is enough of a market veteran to know that there is no point bleating you just have to deliver. He is not allowed to give me inside information on the Chinese drilling but we sort of talked around it.
Leyshon Resources (LRL) has released a report covering the second quarter of 2013 - which emphasises that it remains “well placed” to continue advancing its exploration and appraisal of the Zijinshan gas project in central China. So are the shares a buy? Yes.
Leyshon Resources (LRL) has announced the commencement of drilling of well 'ZJS7' on the Zijinshan gas project in China – this at a location approximately three kilometres to the northeast of well ZJS5 after a recently completed formation pressure test there, following a three week shut-in period, “recorded 16.5MPa/2425psi on a single zone, significantly higher than that recorded in nearby wells in the same strata”.
Leyshon Resources (LRL) has announced that it has abandoned ZJS6, its second well drilled in the Ordos Gas basin. It states that it has encountered water in several zones and thus cites “technical problems” as its reason for pulling away. The well did discover gas so is not a total wipe out but technically this will be very hard work and so quite rightly Leyshon has cracked on with the third of its planned eight wells in Ordos.
Today we have the spectacular of massive gap to the downside for Leyshon Resources, a possible bear trap at Empyrean, and Summit finally ending an extended period of consolidation.
A frank talk by Paul Atherley of Leyshon Resources.
Last month, with its shares at 15.625p, I concluded here that the risk-reward trade off with China-focused, AIM and Aussie listed, gas explorer Leyshon Resources (LRL) continued to look attractive. The company has since announced what it emphasises as "a very encouraging early step in de-risking" its Zijinshan gas project.
Leyshon Resources has been tipped on a technical basis here on ShareProphets a couple of times already, with the implied target being as high as 22p. This may still appear to be a long way away at the moment even after today’s rise, but the shares have done nothing over the past few weeks which would suggest that substantial upside will not be seen in the near future.
While many Bulletin Board favourities have the reliability of a cheap deodorant, Leyshon Resources seems to be the exception that proves the rule.
It is rarely the case that progress either on a fundamental or technical basis runs smooth small cap resources stocks, and on this basis one can say that China focused Leyshon Resources (LRL) has been par for the course. However, while the price action has been rocky, at least since the great November spike for the stock, there has been what could be described as a method to the madness.
I know that it is Sunday but no day of rest for me. Well, sort of rest. I like cooking and so opened up the kitchens at Real Man Pizza to cook lunch for Paul Atherley and Lily Cong of China gas play Leyshon Resources.
Wednesday saw me enjoy lunch with Paul Atherley, the CEO and largest shareholder in AIM listed Leyshon Resources ( LRL) which at 11.5p is capitalised at £27.76 million. That is simply the wrong price. Other than the value in Leyshon, and the fact that Atherley is a Man United supporter who actually hails from the grim North rather than Esher, a number of other matters struck me.
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