Member Info for Wiggly

75 and rising...

Iran getting ready to strike back at Israel.

Oil spiking

The drop below £200m MC does not make any sense to me.

Can anyone explain?

Israel now bombing Yemen!

A major escalation by Israel will focus minds. The risk of a wider conflict leading to supply disruptions has definitely never been higher. Coupled with the Chinese stimulus, there is a bullish view of Brent crude’s direction.

Even with the most pessimistic outlook, Enquest at 10.5p, sub-£200 million MC, seems ridiculous.

-Expect b sands 2C to be revised down perhaps to 450-500 range which will steer next steps-

With the Gas price set at the right level this would still be a highly attractive development.

100% certain a 2c resource at 400-500 bcf is not something that ENOG would just walk away from, after all associated farm-in costs, drill costs etc. Would be madness to do so.

The ENOG CEO stated last week that he would update the market fully with the results following completion of the well.

If we were told the well was P&A on Monday, is it not strange that ENOG has not yet communicated to the market?

Are they perhaps still interpreting the results of the B sands or are they sanctioning the immediate next steps e.g. flow test at A2? Does the immediate next step require the Morocco Gov to play ball on the gas price?

Very curious. I think the likelihood of ENOG exiting Morocco after 1 bad appraisal is very unlikely.

The valuation is absolute madness.

Sub 20m MC, with +15m of cash.

The value of Anchois 1 and 2 remains much much greater than current market cap. Worth remembering, A3 did confirm the extension of the B sands.

Also, OBA1 gas discovery also has value.

Etana is certainly not a zero value, not is the JV with Total.

We must be at rock bottom share price now. I would go as far to say, when you consider the reality, it is impossible to drop further. If it does, absolutely it will trigger a bid.

"ENOG will not proceed with this licence. That is CERTAIN"

I would be amazed if, after just the 1 appraisal well, ENOG pulled the plug on Achois.

From their Morocco Country Entry RNS, they stated the following:

Highlights:

· New country entry in Energean's core Mediterranean region with acreage underpinned by an attractive gas development

· Farm in to 45% of the Lixus licence, with the option to increase to 55% post drilling results, and 37.5% of the Rissana licence and assumes operatorship of both licences

· Includes the commercial 18 Bcm (gross) Anchois development, located near to infrastructure for supply of gas to domestic and international markets

· Up front cash consideration of $10 million

· Appraisal well planned for 2024, targeting an additional 11 Bcm of gross unrisked prospective resource to be commercialised through the Anchois development

· Energean to carry Chariot for its share of pre-FID costs, which are recoverable from Chariot's future revenues

· Significant additional near-field, near-infrastructure prospectivity that is expected to add attractive, balanced-risk growth potential

Mathios Rigas, Chief Executive Officer of Energean, commented:

"This is an exciting step in the next stage of our development, one that can only enhance our position as the pre-eminent independent natural gas producer listed in London. These assets are particularly attractive as we understand the core geological, commercial and political drivers of the region, we have a track record in developing material gas resources prioritised for the domestic market and they are a complementary fit with our broader portfolio, not least the potential for surplus supply to other markets. We look forward to working with our partners Chariot and ONHYM, and developing an outstanding resource for the benefit of all parties, including Morocco and its people."

Same pattern as yesterday where the dips are bought.

Hopefully, some positive news is driving this momentum.

Well, it's worth reading what ENOG stated in their Morocco entry RNS.

Note they mention the 'commercial Anchois development'

Highlights:

· New country entry in Energean's core Mediterranean region with acreage underpinned by an attractive gas development.

· Farmed in to 45% of the Lixus license, with the option to increase to 55% post-drilling results, and 37.5% of the Rissana license and assumes operatorship of both licenses.

· Includes the commercial 18 Bcm (gross) Anchois development, located near infrastructure for the supply of gas to domestic and international markets.

· Upfront cash consideration of $10 million.

· Appraisal well planned for 2024, targeting an additional 11 Bcm of gross unrisked prospective resources to be commercialized through the Anchois development.

· Energean to carry Chariot for its share of pre-FID costs, which are recoverable from Chariot's future revenues.

· Significant additional near-field, near-infrastructure prospectivity that is expected to add attractive, balanced-risk growth potential.

Would explain the confidence from AP to go with $700k at 6.5p

ENOG may be heading back to A2 sooner than those who panic-sold assumed.

We have yet to hear from ENOG. Undoubtedly, they will have had a number of targets lined up.

Zahra,

The market has also overlooked the recent OBA-1 Gas discovery.

Zero value attributed to OBA-1, Zero value attributed to Anchois 2, Zero value attributed to ETANA, Zero value to the huge Namibia data set and 10% back-in = massive opportunity.

OBA-1 comments:

- Following comprehensive evaluation of the well data, including wireline logs, cuttings and gas data, preliminary interpretation:

o confirms the presence of reservoirs over an interval of approximately 200m gross thickness, corresponding to the pre-drill targets; and

o within which an approximate 70m gross interval of primary interest has been identified containing elevated resistivities coincident with elevated mud gas readings, indicating potential gas pays, with no water-bearing reservoirs identified.

· Further post-drill analysis will be conducted in preparation for well flow testing which will determine the well productivity and the gas resource potential of the discovery.

· The well will now be suspended to allow future rigless flow testing operations and potential use as a producer well and the rig will then be demobilised.

Current market cap is 16m and they have circa 9m in the bank. G&A cost will now be slashed giving some time.

A2 discovery did not disappear, and I doubt ENOG will disappear. ENOG CEO stated intention to engage with Morocco Gov.

AP is under more water than any of us, so I am sure he will come out fighting.

This is a buy at 1.4

In my experience with CHAR, it does not take much volume to see a big move upwards.

Very exciting, multi-objective drill.

Looking at the graphic shared bottom of the RNS, the drill will intersect multiple proven Gas bearing sands - so I expect positive commentary as progress is made through each operational phase. The prospective sands are also low risk, so real potential for huge upside.

What is fair value here ? Was sidara planning to pay over the odds? The drop seems overdone

TA is pointing towards a monster move - 140p.