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Hurricane Energy farm-in boosts Crystal Amber

A $367m farm-in for the North Sea oil explorer, and smart investments in mobile payment platforms, are just two of the catalysts driving investment gains at the activist fund manager

The investment managers of Aim-traded activist fund manager Crystal Amber (CRS:234p) are having a tremendous year, vindicating my decision to include the shares, at 207p, in my 2018 Bargain Shares portfolio.

By my reckoning closing net asset value (NAV) was 247p at the end of August, up almost 30 per cent from 190.6p at the start of 2018, with the top performing share being mobile payments platform Boku (BOKU:186p) which was up by 36 per cent last month. The news gets better because Crystal Amber’s largest holding, Hurricane Energy (HUR:56p), an oil explorer that has a huge resource base in a strategically important part of the North Sea, has announced a 50 per cent farm-in with Spirit Energy of its Lincoln and Warwick licences, covering the Greater Warwick Area (GWA). Spirit Energy is an independent exploration and production (E&P) operator formed by the combination of Centrica’s E&P business and Bayerngas Norge AS. News of the farm-in sent Hurricane’s share price surging 14 per cent, adding a further 8p a share to Crystal Amber’s spot NAV.

 

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