Trading in both Minmet and Gold Oil shares was suspended on Thursday as they await news of a transaction. Gold Oil (tipped here three years ago), has a 24.67 per cent stake in Minmet (tipped here in August), while the latter has a 4.99 per cent stake in Gold Oil. The two companies are also jointly involved in an oil exploration venture in Cuba.

The market is speculating that the two newcomers at Minmet, Brian Gibbs and Peter Maddocks, are about to relieve Gold Oil of most of its stake (taking their own holding up to close on 30 per cent) while Gold Oil takes over the Cuba prospect. There is likely to be a significant flow of cash to Gold Oil, but then Minmet is flush with cash right now – as I reported here at the end of September.

Gold Oil shares were suspended at 6.35p, which compares with a recommendation level here of 6.88p (the shares have been up to 16p in the interim). Minmet was suspended at 9.5p, which compares with a recommendation level of 12p.

Minmet	AIM	0pm	p	p
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Other company articles:
Exploration Insights			03/03/2008
Gold Oil winner from Minmet deal			02/11/2007
Minmet and GOO both suspended			12/10/2007
Minmet underpinned by assets			28/09/2007
Blood on the floor at Minmet			23/08/2007