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I would say anyone who wants a position here to get in this week, next week things will start moving very rapidly, a lot of news and updates are about to break on projects that have been worked on for many months and years. A heck of a lot of work has been put into these projects regarding there feasibility and overcoming the environmental issues that have held things back. But significant progress has been made and a new phase in enegi oil s progress is about to be revealed. Wait for the update!
aka simon cawkwell posted this last week: courtesy of tuaca on iii: "Enegi (ENEG) have extended the option period with Wood to 31st March. I am not sure what this portends but I doubt it's bearish. I bought again at 8p. I am a goer-on since consummation of this buoy technology deal could give Enegi reserves of 50m barrels (worth £250m+) as against a current capitalisation of c. £15m."
$9m not £ !!!
For me the downside is potentially (a) if we don't get a good deal with WG by the end of the month which from what I've heard seems extremely unlikely and (b) the newfoundland drilling programme is put back. At the moment I can't only see that happening in extreme circumstances such as refusal of permits. Bse have the rig, they have the money and from what I am hearing they are keen to crack on asap. I don't think they would have specified a new drilling schedule of Q2 in their latest presentation if they weren't confident. Also I have contacts in NF who spoke with a senior exec in BSE just last week and was told the rig will move around April. So let's wait and see what happens. GL
Couple of months although been in and out a couple of times. I got a tip off riddler, did some research and saw the company's ambition and prospects and decided it was a good investment.there are some people on here and especially the iii board who are bitter that the drilling programme didint commence as planned last autumn, but personally I think this was because our jv partner bse didn't have enough funds to proceed. Now they have raised about $30m dollars which is sufficient to get started and drill 2 or 3 wells this summer. They have put back the timetable from April to June which imho isn't sucha big issue, as long as they get the rig moving soon and start drilling this summer. By the way correction is in order, best estimate for the reservoir we are targeting in garden hill and st georges bay is 51million barrels unrisked
About 15m placing shares crossed into the market a feww days after the placing. They will be drip sold into any rise above 8.07 placing price but I wouldn't get overly flustered about them. A handful of high volume days will shift them like sheit off a shovel. Sit tight, wait for the anticipated newsflow and the start of the drilling programme when all the excitement will build up. Remember, the attraction here is that we have proven reserves at garden Hill, which is where the first drill is to take place in June. The best estimate is 49m barrels of high quality crude. We know its there because Eneg drilled there a couple of years ago and although we struck the black stuff we didn't quite hit the sweet spot of the reservoir. Now 2-3 years and lots more analysis later (including from our jv partner bse and independent sources) the management believe they have the knowhow to bring this field into production. We're already producing from the first well but its not in the quantity we would like. Anything over 500 bopd (our stake is 50%) would be a good result although there is every possibility that the rate could be several thousands bopd. Just 250 bopd would give us revenue of £25000 per day or £9million per annum. After garden hill we are due to drill the ST georges Bay prospect followed by another drill by the end of the year. For a company with a market cap of just £13m any good drill result would be transformational. Don't also forget that by the end of the month we will also know the terms under which Wood Group will increase its involvement with ABTOG (50% owned by Eneg) to exploit the north Sea marginals. A good deal will be massive for the sp, since not only will it signal that Eneg isplaying with the industrys biggest players but will pave the way for the manufacturing of the buoy technology that will bring stranded uncommercial oilfields into production. This is a very exciting time for the company and a very tasty time to be a shareholder
Not yet princess......not yet. One will have to deffer the Bently upgrade for another few weeks.
Ad equals as lol
Yes Bern I had the same prob as you any mention about on going events was met with derision and abuse. There are a few genuine investors such ad last throw 007 danpoe kmack amongst others the rest are there to keep the board ad negative ad possible. Keep standing yr ground m8
They're well riled on iii that I inruded on their shenanigans and spoiled their little party. I'm surprised iii hasn't picked up on what's happening and banned them. From the looks of it all the posters seem to know each other so they are obviously in direct contact
Rapter has been one of the most aggressive de rampers on the ii blog for the last year or two as he trades the share. Bern 2000 bpd with the present data will give us a m cap well in excess of 100 mill and that is conservative.
Jog on and join your mates over at the last chance saloon on iii.look at the market caps of companies such as TRP, CHAR and FOGL who have no proven resources. We know we have oil in NF,best estimate 49m barrels of it at 50% and we are due to drill in Q2 . That will be just the first of a multi drill programme with the subsequent drills targeting potentially larger reservoirs. Now tell me, why is it ramping to say that if we can get 2000 bopd from one of the wells we should not be sitting at a market cap well in excess of £50m. We have a deal with WG imminent which will position the company way ahead of the crowd to exploit the NS marginals with a solution that relies on conventional technology and could easily book us millions of. Barrels of reserves. If you don't believe in these prospects then why are you invested here?
I was banned due to trying to set up a blog for serious investors you are banned if u promote a competitive blog for which the de rampers such as yourself picked up on. Yes £1.00 is easily possible if it was cert we would be there now. But they are slowly lining up the ducks, remember they are operating on a shoe string but with big assets that once they crack one and unlock some of those reserves then it will snow ball as the value of the company increases more investment is made and more assets unlocked.
I spoke to the company myself about valuations, a confident valuation of GH at 300 bpd was around 50 mill not my words 300 barrels a day is approx $10 mill a year enegi have 50% interest this would not just value the company on the one well as it will prove up the field which initial data shows around 100 mill recoverable. The asset will be then proven as commercial and the upside substantial with significant value priced in. The one well will just be the start of the start as more data comes in and further drills prove up the field. This is why this story is compelling, with such large assets for a presently a minnow of a company and we have 1070 and 1116 yet to add to this. A 50 mill valuation is nothing for a company with a well or two but it is the bookable reserves that could catapult this one to well of a quid short term.
Yes Bern keep it up by the responses you are getting it seems they are bent on keeping the blog negative. Why? Well why do they spend so much time de ramping if invested, they are just out to keep the sp suppressed as much as possible and think they could have some impact talking it down by trying to ridicule genuine investors such as yourself. As you say if three drills are completed this year and the marginal imitative gets approval the sky is the limit here with such a small market cap presently with so many assets working to prove up booked reserves. This, once it gets out of the blocks could be very lucrative for us. They need to get over a couple of hurdles approval from the d n r and a deal struck with the WG then this could fly. The market cap of a one well company with just 300bpd with a few mill recoverable is worth well over 50 mill. We have three drills this year and a potentially lucrative deal moving forward with implementing the buoy tech in proven fields. Approval for the fynn itself would value the company many times its current value and they are looking at several other fields. So we can see the upside from these levels is staggering. Ducks been lined up its been a long wait but this year is the year to be in this one it seems, news looks around the corner as we enter q2.
thanks for the support mate. i have no intention of giving them a free ride, it may be of interest to you that i have some contacts in NF who have their ears to the ground. things are looking good over there, the weather's still pretty bad with snowdrifts and even if the rig could move there is no way it could get there. so i think we're looking at april some time before it moves. they have said it will take exactly 3 weeks to reach NF, after which it will be commissioned and start drilling EARLY june. all BSE's top dogs are apparently in western NF at the moment and are keen to get Garden Hill drilled so they can get at least 2 more drills in before the end of the year. so plenty to look forward to this month, next month and the rest of Q2.
Keep up the good work on the ii blog bern, the traders there can be very aggressive,although they may infer they are invested most trade and can be very sinister. It got so crazy last year I tried to set up a blog for the genuine investors, I mentioned the blog on the site which viminal or GCtrader, highlighted it to ii which is an instant banning promoting another site, my mistake. It highlights how desperate these guys are. I have done a heck of a lot of research on the company which I posted. I posted one photo of a flare that hadn't been seen, which I was accused of being misleading. Anything unless the company is going to the wall they will deride. Just stand your ground when they try and abuse and ridicule its because it is in there trading interests to do that and not personal. Remember that. Specially now as they know big news is close and the sp still bottomed, they want to make the most of it while they can.
Bern, don't get to worried about the cases on ii. A few have been trading this for three or four years and either will go silent if good news hits or be on it like flies on excrement when there is weakness on the sp. As a long termer I hold in hope that after so long the ducks are getting lined up now in NF and the NS. For such a small cap the ambition is big. All we need is some booked reserves from one or both avenues which could take the m cap into mid tier territory. Perfect storm would be a commitment from the WG to develop the buoy tech and a couple of successful drills that could take the market cap well over 100 mill and with booked reserves from the marginal field initiative the sky s the limit. Exciting times for the company but we need a solid deal now with the WG which will signal the technology is going to be moved to the next level and implemented in the field.
If you Don't mind could you take a look at the ENEG board on iii. It seems to have become inhabited by a gang of shorters targeting the stock. I've been having a right old ding dong with them these last few weeks but its very obvious what they're trying to do. They've made the board into their own fiefdom and woebetide anyone who posts anything positive about ENEG's prospects. We need to get shut of them cos they're constantly trying to run down the sp
Yes out for the time bein although I know I might regret it
U out of WSG now ?
11-Mar-1414:15:258.0016,306Sell* 8.008.251,304 Just to advise - this is my buy in from earlier. Seems that only very small buys are being listed as buys today. Come on MM's play the game.
placing price was 8p for circa 25m shares. a few good volume days on here will see the back of them no sweat
Thanks guys.