Forte Energy
Forte Energy NL is an Australian-based minerals company focused on the exploration, evaluation and development of uranium and energy-related projects worldwide.
The Company changed its name from Murchison United NL on 25 November 2008.
Forte Energy has secured an extensive portfolio of uranium projects in the Republics of Guinea and Mauritania in West Africa, where it is pursuing intensive exploration programs. The Company also holds copper and cobalt interests in Queensland and Western Australia, Australia.
Forte Energy initiated as ‘buy’ at Hanson Westhouse, target 10.6p
Hanson Westhouse has initiated coverage on Forte Energy (ASX, AIM: FTE) with a ‘buy’ rating and a first price target of 10.0 pence, following the company’s maiden inferred JORC compliant resource for the Firawa uranium project in Guinea.
Forte’s estimate of 11.6 million pounds contained triuranium octoxide was well above the broker’s expectation of 10 million.
Firawa has always been viewed as a poor cousin due to the company’s co-operation agreement with Areva for Forte’s Bir En Nar project, it said. “However, Firawa is looking attractive in its own right and with a maiden resource for Bir En Nar due in in the second half of 2009, we believe that Forte is becoming an attractive target.”
“With Areva’s current 12.5 percent stake in Forte and Areva stating yesterday (July 2) that it could look at buying mining or renewable energy assets, you do not have to look to far to see who the potential suitors might be. In view of this, we are initiating coverage with a ‘buy’ recommendation and a target price of 10.0p,” Hanson Westhouse said.
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Other Forte Energy articles
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01/02/10 Forte Energy nears completion of additional drilling at Bir En Nar uranium project, tests in Guinea encouraging
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26/10/09 Forte Energy: strategically positioned in Africa’s emerging uranium districts
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27/07/09 Mark Reilly, Managing Director and CEO of Forte Energy Audio Transcript
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01/07/09 Forte Energy delivers maiden uranium resource at Firawa Project in Guinea
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01/06/09 Forte Energy raises A$10 million, expects maiden resource statement for Firawa Uranium Project soon
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04/07/08 Murchison United moves into the big league with AREVA deal
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02/10/07 Murchison United is looking to score with uranium
Other Forte Energy news
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04/03/10 Forte Energy pleased with realised value from Australia JV disposals as it advances uranium exploration in Africa
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23/02/10 Forte Energy reports high-grade uranium assays in Mauritania, maiden JORC estimate due in March
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04/02/10 Forte Energy to complete diamond drilling at Bir En Nar uranium prospect
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15/01/10 Forte Energy signs A$2 million Maroochydore JV Copper Project Sale Agreement
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04/01/10 Forte Energy expands RC drilling programme at Bir Moghrein uranium project, expects Bir En Nar JORC resource in Q1 2010
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02/11/09 HansonWesthouse encouraged by Forte Energy’s assay results from Mauritania, ups price target
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30/10/09 Forte Energy soars on news of encouraging assay results from Mauritania uranium projects
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01/09/09 Forte Energy commences drilling at Bir En Nar Uranium Project
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18/08/09 Forte Energy takes first step in divestment of Millenium Copper Project
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03/08/09 Forte Energy to start diamond drill programme at Bir En Nar in Mauritania in August 2009