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| ACOL | 10:20am EST | 0.0062 | +0.0007 | +12.73% | 0.0055 | 0.0078 | 4,524,041 | 1,566,290 | 28.1853M |
| PROP | 10:25am EST | 0.1790 | +0.0040 | +2.29% | 0.175 | 0.179 | 11,500 | 174,020 | - |
ilprice.com reported on the Russian billionaire Roman Abramovich investing $15 million into Houston-based Propell Technologies Group, Inc. (OTC:PROP) and its new fracking technology from wholly owned subsidiary Novas Energy.
It appears that Abramovich…who made most of his billions investing in Russian oil company Sibneft (now Gazprom)…is excited about what PROP's patented Plasma Pulse Technology means for "clean" hydraulic micro/nano fracturing of oil reservoirs—that is, without injecting huge amounts of water and polluting chemicals.
First, who is Roman Abramovich? He is Russian oil & metals magnate now living in London/New York/Miami who also happens to also own the Chelsea football club (soccer ok?). He is the 143rd wealthiest person in the world and is worth about $9 billion, according. He is the main owner of UK-registered Millhouse LLC, a private investment company whose assets have included major stakes in stakes in Sibneft, which is now Gazprom Neft. In 2005, Millhouse sold a 72% stake in Sibneft to Gazprom for more than $13 billion.
Key Point: His investment vehicle Cyprus-registered Ervington Investments Limited does NOT do small deals. When you are worth $9 billion you need $billion deals to move the needle.
So why does Abramovich mess with a (relatively) puny $40M market cap company like Propell? His two homes in NYC (he is buying the house in the middle too) and his mega-yachtEclipse investments make the PROP deal look like pocket change.
As Oilprice.com reported, "This will not merely be a $15 million investment," said one source close to the deal. "You have to read between the lines here. Abramovich doesn't do anything small. He'll get the infrastructure in place and then look to acquire a significant position in the US oil sector at today's fire sale prices. We'll probably be looking at hundreds of millions in investment at the end of the day."
For Abramovich, this deal is not merely.....More: http://bit.ly/1AL2G6A
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| SPEX | 03:00pm EST | 0.9359 | +0.1577 | +20.26% | 0.9006 | 1.02 | 1,726,675 | 325,844 |
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