Member Info for berniemadoff

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

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

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?

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.

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

placing price was 8p for circa 25m shares. a few good volume days on here will see the back of them no sweat

i agree, march, april will be massive. when the rig starts moving anytime now from houston in preparation for the first of 2-3 drills in newfoundland in which eneg have a 50% free carry this will motor

Do you have a link for the $20m figure?

Good price to be in at, anywhere near 8p is a bargain for this stock. Chart looks good for breakout in short term, lots of potentailly massive newsflow, placing out of the way

Some serious money coming in which leads me to believe the WG discussions are going well. The 90 day option closes on fri or Mon so there should be an RNS coming

Just been revisiting the ABTOG stuff and it really is an exciting prospect. The numbers are simply mind boggling. What I find assuring is that the buoy technology is not based on any new science, it's simply using existing technology. That makes it a very credible proposition for an oil major like WG who have the cash to develop the solution. Even 90% of 20m barrels at an average of $100 per barrel is absolutely huge given a capex of $100m. For Eneg which has a 50% stake in ABTOG this would mean the equivalent of one million barrels of oil. Since WG have been helping ABTOG develop the technology from 2011 onwards, they already know a lot about its feasibility and the fact that they entered into the 90 day option to expand their role suggests to me they are keen on striking a deal. Let's not also forget that the solutions can be applied to stranded fields worldwide, not just the north sea. If it can be shown to work in the north sea the potential is just massive.

Cheers. Aren't the NF drills dependent on the fundraising that Foothills were going to do for the whole drill programme? Any idea how they are getting on with that?

Thanks for that. Have you any info regarding when the rig will move? That lot over on iii seem to think there's some smoke and mirrors going on.

On 23 December the company said the rig modifications required would be expected to take 8-10 weeks. I reckon we're about there now with that deadline. According to an email that was posted on iii the permitting isn't yet complete and that seems to be the reason for the rig not heading off to NF just yet

Was gonna ask you the same question? I know the BSE investment covers multiple drills over many prospects but have never seen a figure. What makes you think WG deal will be worth hundreds of millions? I was under the impression that they would perhaps fund each marginal venture to the tune of X% but again this is pure speculation.