|Subject: Father & Son make A$20 mil from A$2000 in New Guinea Energy
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Date Posted: Sat, Apr 28 2007, 01:39:44pm
Send the word out to as many people as you can.
This is no different to Noah Musingku's Money Rain
Father & Son make A$20 mil from A$2000 in New Guinea Energy
Father, son to make 10,000 times outlayEmail Print Normal font Large font Jamie FreedApril 18, 2007 CONTROVERSIAL Sydney resources promoters John and Jeremy Towner are at it again.The father-and-son team behind Sydney Gas, Sunshine Gas and Ord River Resources are offering the public shares in their latest venture, Papua New Guinea oil and gas play New Guinea Energy, at 10,000 times their own purchase price.The Towners yesterday announced they were seeking up to $60 million for a listing of New Guinea Energy on the Australian Stock Exchange, which has six prospects ready to be drilled in PNG.As the Towners bought in at 0.005c a share, a successful offering at 50c a share would allow them to convert their $2000 initial investment into $20 million overnight.T
he issue follows a failed push to list the Papua New Guinea explorer on London's Alternative Investment Market last year.The Towners have so far raised about $20 million from unnamed institutions and high net worth individuals in Australia, London and PNG in 20c and 50c a share placements.Executive chairman John Towner was paid a $261,000 salary last year, while his son, managing director Jeremy Towner, earned $197,000.Although both have departed Sydney Gas and Sunshine Gas, they are still involved with Ord River, which shares an office in Sydney with New Guinea Energy.Ord River last year gained public notoriety - and attention from the Australian Securities and Investments Commission - when it announced the discovery of "potentially … one of the most significant discoveries in Australian copper mining history" in the East Kimberley without drilling a single hole.The company also claims to have a world-class bauxite project in Laos and is attempting to negotiate with the autonomous government of Bougainville to re-open the closed Bougainville copper mine in PNG.
Although Ord River only held one board meeting in 2006, chairman John Towner was paid $261,000, and Jeremy received $197,000 - identical salaries to those paid by New Guinea Energy.When asked how he and his father would have enough time to focus on Ord River's projects after the New Guinea Energy float, Jeremy Towner yesterday said he would focus more on the new venture while his father concentrated on Ord River.In November, Mr Towner told New Guinea Energy investors the attempted AIM listing was cancelled due to "a lull in investment for new exploration stocks due to an oversupply of new listings, the drop in oil price and disappointing results from previous listings this year."But he expected the ASX attempt would prove successful."The size and scale of our operations and the depth of our portfolio is more akin to a major oil and gas operation,"
Mr Towner said."These are large prospects. Tarim has estimated undiscovered petroleum initially in place (UPIIP) of 41 to 66 million barrels of oil equivalent (MMBOE) and Lake Murray, our largest drillable prospect, has a UPIIP of 199 MMBOE," Mr Towner said.According to New Guinea Energy's prospectus, the Towners will own about 15 per cent of the company after it lists.
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