Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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So True..Into. You & myself have always been positive with this Comp..especially on iii. What's happened to the WG deal..where's the BSE update..rig still in Houston...beggars belief. DNR..dragging feet again ??? Another DLMC ??. Hopes & promises. ??? Though even i am beginning to wonder if they are just another Aim tiddler of BS. (Eneg) I hope not...... but you are right 5 yrs of promises..it's time to deliver,not more stalling RNS's. I see property prices are shooting up...but not "Enegi. Carry on Waiting..starring Sid Minty James.
As I said previously have we as shareholders been all duped by an imaginative concept that never had any hope of being developed but the hope value kept the sp from collapsing and Mintys chance to issue shares dilute and pay himself 170k in wages along with other large incomes the board has received. Yes very skeptical the only way now to gain respect from investors is to release an rns that will actually give reason for investors to buy into the company after 5 years. We have never had a positive rns that will drive the sp up that has content which adds value to the company. If this is not forthcoming we have all been screwed well and good that is the long termers. My hope is I am wrong and something positive for once will be delivered and not just delays and procrastination..
I'm sorry but if the ABT project comes off that will be no overnight fix for ENEG's fortunes, once the dotted line is signed there is a lot of work to be done before any oil will flow, we will still be looking at a couple of years to get that going, ENEG has had the chance of a steady income abate not a huge income but an income none the less out of NF and let it slip the market doesn't forget that so quickly.
ABT project,and a lot is dependant on its success which i'm sure will be seen in the near future.Its something "Rather special" I believe,and also helped by the Governments committed role it ensuring every last drop of the black stuff can be taken out of once seen as un-profitable wells.
Aye Peter has played the game well, he could put manys a fraudster to shame. BSE is worrying with lack of any sign of the rig being shipped, no news on whether the rig has been modified to specification, and no updated drill start time. As you say its as well we're not in the lime light or it would be a bit of a quadmire here for sure.
Yep, Pretty easy to set up a AIM company now days and then just dilute the fook out of it with promises of jam tomorrow. We could graduate from the Peter Landau Dilution Academy. Nothing concrete on anything here. Lets hope their DECC submission is a bit better than the one that lost them some serious acreage in New Foundland back in 2012. The lack of commitment from BSE providing a drilling rig (with no factual timeline updates) is a bit worrying. Some serious rotation going on at the moment in AIM. Glad no one gives too hoots about ENEG otherwise we would be getting drilled like the famous 3.
Hope all is well with you, a bit fed up waiting on Minty and co to prove themselves up while drawing their salaries and a little dilution here and there, little but often thinking we wouldn't notice,but a fair bit since we started trading these back in the day ;)) ENEG delivery always seems to get lost just when things start to look promising if you believe their rns's , but keeps the boys in the life they have become accustomed to for a while longer, ah life on the AIM, its great if your on the right side of the board table.
' jam does go moldy after a time' LMAO....Best quote from you in a long while. Hope you are well bud. If Minty does not deliver soon then I will go up to Manchester, cover him in 'Eneg' Jam and lock him in a room full of wasps. Not fair that he is kicking back in that 8 bed mansion in Cheshire when he has delivered naff all.
Enegi Oil (ENEG.L, 7.75p) - Speculative Buy Yesterday, Enegi Oil released interim results for the six months ended 31st December 2013. Revenues from continuing operations were nil as against £84,000 in H1 2012, mainly due to the suspension of activities on the Garden Hill Field. Loss from operations narrowed 11.9% to £1.3m and loss per share contracted 27.3% to 0.8p. During the year, the company farmed-out its PL2002-01(A), EL1116 and EL1070 licenses in western Newfoundland to Black Spruce Exploration (BSE) for development. As per the deal, BSE would fund the development costs of the work programme for as many as 12 wells to earn a working interest therein. Enegi continued to work towards development of its 50% joint venture named ABT Oil and Gas (ABTOG) with Advanced Buoy Technology (ABT) to secure and develop interests in stranded, offshore oil reserves with the use of ABT's technology. Enegi is focused on the project acquisition, delivery capability, industry endorsement and project delivery for a proper implementation and delivery of marginal field initiatives. The future work plan of Enegi includes commencement of drilling programme in western Newfoundland, application for further assets in the 28th Seaward Licensing Round for the UK Continental Shelf (UKCS) by ABTOG, etc. During the period, Enegi raised additional funds of £825,000 and £960,000 (net of expenses) through a share placement and a loan, respectively. These funds are directed towards the marginal field initiatives and to facilitate the repurchase of 12.3 million shares from BSE. Our view: Enegi Oil is making good progress towards the use of ABTOG’s production buoy technology to commercialise some of its marginal fields. Through its participation in the 28th Seaward Licensing Round and ongoing negotiations with various third parties, ABTOG is likely to add further low risk marginal field projects to its portfolio. The recent round of funding has placed the company in a good position to proceed with multiple work programmes, including the work over the Fyne field and for participating in other lucrative marginal fields. Besides, the farm-out of Newfoundland assets to BSE is likely to facilitate a smooth progress of those assets. With these positives and the recent extension of its exploration licence EL1116 in Canada for 12 months, we are optimistic about the future growth prospects of Enegi and reiterate a Speculative Buy.
I wouldn't say that nothing in the interims we haven't heard before , adds nothing to the sp and still doesn't give the market any confidence that they are actually going to be able to pull any thing out the hat and start to make some money. They could have spent a bit of money put a pump down that well and been producing from it at a steady rate which would have at least covered the company running costs, then perhaps the market would have taken them a bit more seriously. Looks like more jam tomorrow and jam does go moldy after a time.
Just scanning through the interim, GH is producing at high rates post shut in and recovering pressure the company say they are highly encouraged and the data shows a minimum of 100 million barrels recoverable. Also they have identified a target of greater connectivity that BSE will target their drill. They confirmed 4 wells short term and another 8 schedule d. Looking good for upside now and the marginal field initiative they believe has greater upside. Looks a good hold and add at sub 20p with a piddly 13 mill mc.
At least the DECC submission is in. Looking forward to the WG update tomorrow
Interim Results for the six months ended 31 December 2013 Enegi, the independent Oil and Gas Company today announces its interim results for the six months ended 31 December 2013. Highlights: · Farmed out western Newfoundland assets to Black Spruce Exploration ('BSE') · Development costs of a work programme that may include as many as 12 wells to be funded by BSE · Enegi continues to focus on the development of ABT Oil and Gas, ('ABTOG') its marginal field initiative with ABTechnology Ltd. · Focus of the Company's resources has been on developing the foundations on which the marginal field initiative can be successfully implemented and delivered · Foundations include: o Project Acquisition: Leveraging solutions to gain interests in projects with two secured (Fyne Field, UKCS and Helvick and Dunmore, North Celtic Sea) o Delivery Capability: ABTOG range of solutions increased through strategic partnership with GMC Ltd for the Self-Installing Floating Tower o Industry Endorsement: Completed transactions provide element of endorsement but expect to enhance through future activity o Project Delivery: Fyne project advancing; environmental statement submitted to DECC. The intent is to submit final FDP late summer. Outlook: · Focus remains on development of marginal fields initiative through ABTOG · Commencement of drilling programme in western Newfoundland · Negotiations ongoing with further marginal field studies/projects anticipated to be added to portfolio · ABTOG applying for further assets in the 28th Seaward Licensing Round for the UKCS · Continue to investigate opportunities to acquire production assets · Fyne field FDP to be submitted to DECC in late Summer Alan Minty CEO of Enegi commented: "Having farmed out the development of our assets in western Newfoundland to BSE, the Company has focused on the development of the marginal field initiative through ABTOG. Our belief is that ABTOG will create a new sector of the oil and gas upstream market in which stranded or marginal hydrocarbon accumulations, previously considered to have little or no value, will be subject to large increases in value because of the solutions that ABTOG provides. We have expended considerable effort in laying the foundations for ABTOG's development and the business model is generating a lot of interest and gaining considerable traction. The scale of the opportunity should not be underestimated but considerable work will be required to access it. That is not to say that we do not believe that western Newfoundland still provides a significant opportunity only that, in terms of our efforts and the potential returns for Enegi shareholders, we consider the marginal field initiative to offer greater potential."
$170K wage Mr Minty not judging you yet but prove you are not using share holders immorally as a cash cow and taken us all for the suckers of the decade. If nothing of value is delivered in the next few days its on your conscience. However I am hopeful that your skills will come through triumphantly. Your legacy will be failure or success its now in your court. You will have to live with either being known for screwing shareholders or being a successful respected highly respected entrepreneur. The jury is out! It now up to you.
250k buy
That AEY have said today in a roundabout way they are totally fooked. ENEG is to acquire 50% of their Fyne Licence once they get FDP approval by end of August. Question is: If AEY go under (looking likely) will that nullify the submission / approval or will ENEG be able of pick up 100% of the licence in the AEY administration process and FDP still be granted? More questions than answers as usual and no doubt more smoke and mirrors coming from Alan and Tej.
Yep, so 2 year give or take for Fyne production, at least the wood group wont let that date slip much if thats what they have agreed. ENEG have dealt with the NF authorities for long enough now to know how they work and how long to process takes so their in no real excuse for any delay unless someone along the line has not done what is required of them. Market confidence is of course reflected in the price here.
1. we have earmarked first oil production for Fyne for early 2016. but if WG get on board and we develop the kit, it may enable us to book the reserves much before that. bear in mind that once we get the kit up and proven it will also allow ABTOG to book reserves in all of the other licences in which we hold an interest. so the benefits of the WG deal arent as far away as some may believe 2. in relation to NF i believe it is just the NF authorities dragging their feet over permitting. BSE have got nothing else on their plate apart from Garden Hill and St Georges Bay so any delay is not in their interests. Besides I'm sure their investors, who have so far pumped $25m towards the NF programme, will be breathing down their necks to get cracking asap. and from everything i read about NF the province is crying out for someone to prove commercial oil there and kick start oil production, so it's not in their interests either to stall things. im sure everyone involved is aware of the time constraints
Some may well come of the WG deal but that will take a fair bit of time to come to fruition after any deal is signed, so we will get a bounce from that and in the event of no bad news may have a bottom of 7.5 -8.00. But what of the BSE drill, slowly slipping away, another deadline missed and no matter who's fault the delay is at the end of the day ENEG said April for the drill, their word broken yet again. Still no real production after all this time and no real income to speak of after throwing money down the hole time and again. Just being a realist going on past performance of the board.
Are you really saying that after 4 months of headbanging all we can expect is a disappointment? the last rns was very encouraging " In order to maximise the opportunities to develop marginal fields, Enegi and ABT are reviewing the structure of its JV, ABT Oil and Gas and expect to make an announcement on this in due course." That tells me that WG are looking to take a stake in ABTOG, and I would be staggered to see that 4 months of wrangling in which we have had a one-month extension to an option agreement hasnt produced an agreement. We also know that part of the reason for the recent placing was to allow us to put some skin in the game. Why would we put skin in the game if there was nothing concrete on offer from the counter party? And why would we continue to develop ABTOG's licence portfolio if a deal wasn't in the offing to allow us to develop the kit that will be used to exploit the marginal fields? as always trust your research. if we just made decisions based on companies' previous failures there wouldnt be any point in investing in most companies in AIM
running out once more, whats it going to be another disappointment from the board that has a good track record of failing to deliver, or some real meaning full news this time, the former will see 6.30ish followed by the mid to low 4s the later 10.5ish, we shall see shortly. As always its a gamble with ENEG.
Lets hope lods right on ii and a deal has been struck and they are tying up loose ends with the WG. We will know in a few day.Hopefully the big recent buys may indicate someone has picked up on some development and bought in before news is released. Twill be an interesting few days, watch the trades in the next two or three days if some more big buys come in we could be in for some major news of hopefully a positive nature at last.
more order filling MMs will take 200k shares off me for just shy of 8p
Felt very much today like MMs were filling an order, they were hungry for shares all afternoon. Warming up nicely