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The shareholders are working on injecting the joint venture - VDH Biodiesel - into a Singapore-listed company in a reverse takeover, so that more capital can be raised. Another alternative is to seek a listing on London Stock Exchange's Alternative Investment Market, said Peter Cheng, CEO of VDH Biodiesel.
"A decision will be made in the next two weeks,'"he said. BT understands that the first option is the likely outcome.
VDH Biodiesel's first facility will produce 100,000 tonnes of biodiesel per annum in 2009, and then ramp up to its full capacity of 200,000 tonnes within two years, said Mr Cheng.
Mr Cheng said the joint venture can produce one tonne of biodiesel at US$500. Crude oil, meanwhile, is trading around US$420 a tonne. But mandatory requirements from the EU and other governments to blend biodiesel with fossil diesel in order to cut carbon dioxide emissions will ensure demand for biodiesel. Including government subsidies, one tonne of biodiesel can sell for US$800 to US$850, a company official said.
VDH Biodiesel formed a jv with the Institute of Environmental Science and Engineering (IESE) to build 2 biodiesel plants costing $40m each, using the Jatropha curcas nut. The non-food shrub can thrive on semi-arid soil.
The first, a 4.5 ha facility on Jurong Island, will be completed by Dec next year and will produce up to 200,000 metric tonnes of fuel. Plans for the 2nd plant, in Johor, are in the works.
Another 4 plants by other parties will be established by other parties here by next year, Prof Tay said, drawn by Singapore's "prime geo-political locale and excellent infrastructure".
He predicts that by the end of next year, S'pore will become one of the largest biodiesel production bases in Asia, churnining out some 1.5m tonnes annually.
CEO Peter Cheng said biofuel produced by the Jurong plant will be sold directly to local oil companies, as well as those in Cambodia and China.
Already, buyers from Europe - the biggest user of green fuels - are expressing interest.
Enzymes will replace chemicals in biofuel production, eliminating the need for high temperatures and pressures.
Van Der Horst Biodiesel (Interra) is building a $40m plant in S'pore.
this counter was a renamed co which used to be involved in scandal. Avoid at all cost..
Stay away from this counter, no sign of return yet.
It shed 2.5 cents after a block of 38.376m shares was crossed at 26 cents in an off-market transaction. Sources said the seller was the Amaranth hedge fund that was forced into liquidation after a series of wrong bets in natural gas futures.
Don't touch. Highly fragile and risky.
It's bottoming recent weeks.But only to buy when it boucing up.Who konws it will bottom down or up?
All the indiccators are pointing at buy.
It said it will be involved in drilling three wells in Myanmar through its 60% owned unit Goldpetrol JOC Inc.
Goldpetrol has signed two contracts with Myanmar Oil and Gas Enterprise, which will last for 20 years and expire in 2017, to operate the fields, Interra said in a statement.
The total cost of the three wells to be drilled is estimated to be US$8m, of which Interra will shoulder 60% of the costs. The remaining 40% will be paid by its partner Geopetrol Singu Inc, which owns 40% of Goldpetrol.
Locations for the first two wells - a deep infill well and a deep exploration well - have been identified. The location for the third well is still under consideration.
PS anticipates oil price in Q4 to fall sharply to the low US$50s per barrel from an average of US$80 in Q3. It thinks that central banks will be persistent in hiking rates. This will absorb excess liquidity, which will result in a steep depreciation of commodity prices. It thinks that there's still a risk Interra may have to take more allowance for doubtful debt for Myanmar in the second half.
At current price, Interra is extremely overvalued at 40x this year's earnings. Hence, PS has a target price of $0.26, not far away from Interra's book value of $0.25.
Depends on whether you want to believe PS or NRA.
The shareholders have approved the sale of Orchard Energy to Salamander. The disposal consideration of Orchard Energy includes US$20m cash and US$1m worth of shares in Salamander. This respresents an investment return of > 90%.
Given the cash hoard, it is now well placed to pounce on any acquisition that has a strategic and operation fit. With the continuing high oil price environment, a better performance can be expected for FY06.
It offers a niche exposure in the much-focus and attractive upstream petroleum industry. Being a small cap player and with the delistment of Pearl Energy, it is seen to have untapped potential to be realized and develop into a leading regional producer of oil & gas in the long term.
NRA has a fair value of $0.56, using a forward EV/EBITDA of 12x. The current share price has not factored in the earnings upside from the continued high oil price environment.
Three potential zones in well number CGP-03 at its Chauk oil field in Myanmar were perforated. In one zone, the existence of gas was confirmed. The other 2 zones haved produced no commercial hydrocarbons to date. Testing is till being undertaken on both zones with this process likely to continue for another month.
Drilling at well number CGP-08 has commenced. The results should be available in about 2 months' time.
It is going down to $0.405, will it further test a lower range, just wish it will not and hope not, don base on hope this stock is far from it recent gain that reach $0.60
It's even a long long road to recovery given that today mkt is even better then yesterday, just hope some vested players oredi has taken profit or cut it lost.
Interra Res test $0.43 B4 it closed unchanged at $0.415
Cap reduction mean to write off $$$ on losing business venture and other option like lost in continune current business due to poor.... what ever reason is given.....is like reducing from a not so small ship to become a smaller ship which still like to do it trading business as usual, so it is a long long road to recovery.
Interra....formerly Van Der Horst???? My opinion of the management is not too favourable. I would avoid it...
Better to place money into stocks with better management...and, in my opinion, there are lots of them on the SGX compared with IR. Just my personnal opinion....
Hope that some stake & vested holders can take profit and keep their money warn and safe, wish u all try to keep ur $$$, some while there is time b4 travelling into d long long tunnel not knowing end of it got light or not??.
Interra Res, heard that they r conducting captial deduction on CNA, ( to reduce losses) look like another long long road till end of d tunnel, just wondering will it see light at d end of it or still very dark...., giving that now mkt is some what improving but worst is not over yet.