Eton Park Capital Discloses Cove Energy Stake, Reduces Sable Mining Position ~ market folly

Tuesday, May 22, 2012

Eton Park Capital Discloses Cove Energy Stake, Reduces Sable Mining Position

Eric Mindich's hedge fund Eton Park Capital has just disclosed activity in two positions in UK markets.

Cove Energy

First, Mindich's firm has disclosed a new position in Cove Energy (LON: COV).  Due to trading on May 16th, the hedge fund has disclosed a position of 3.09% of outstanding shares in COV via equity swaps.

Per Google Finance, Cove Energy is "engaged in the exploration for and the development and production of oil and gas reserves. The Company operates in two segments: oil and gas exploration, and mineral exploration. The Company properties include Rovuma Offshore, where it has 8.5% working interest; Mozambique Onshore, where it has 10% working interest; Tanzania Mnazi Bay, where it has 16.38% working interest in production and 20.475% exploration interest; Kenya Offshore (L5, L7, L11A, L11B and L12), where it has 15% working interest, and Kenya Offshore (L10A and L10B), where it has 25% and 15% working interest."

Sable Mining

Second, Eton Park has significantly reduced their position in the London listed African miner Sable Mining (LON: SBLM).  Their disclosure shows they've gone below the threshold of a 3% ownership stake.  Market Folly originally flagged when Eton Park bought Sable back in April 2010 at a placing.

Sable Mining is still owned by Audley Capital who hold 7.1% of the shares outstanding.

Per Google Finance, Sable Mining is "formerly BioEnergy Africa Limited, is a mining company. It focuses on investing in early stage exploration and development mining businesses or assets located in sub-Saharan Africa."

In other activity from this hedge fund, we've detailed Eton Park's new position in Teekay (TK).

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