(ENEG) Enegi Oil

Should be in chambers now......if its bad news the sp will pan further and the chamber pots will be needed by those with excessive holdings!!!!

Bad news will drop it to Bobby's 5p unquestionably...while good news will provide a launch pad to break through 9p???


Enjoy the sunshine.....tomorrow is going to be awful, weather wise.

MD

Last week you alluded to expecting news in hours or days and that news would impact on the SP. Are you still expecting said news and are we getting warmer?

Lod

I think if the pump you are refring to is the "pump and dump" variety it will be after the 12 Jujy.

If it is the "downhole pump" to boost production, God only knows nothwithstanding Mr. Minty ofcourse.

KR dif

I knew I should have been a bit more suspicious when it was easy to top up at 8.5p the other day.... Oh well, brought my average down to about 12 p so there maybe a chance to get out at break even sometime in the next couple of years.

Anyone got any ideas when this much needed pump is going to be fitted ? Or is that any day now ?

If it can get over 8.6 then 9.2 and 10.2. Otherwise 7.5 initially. But that's just what the chart looks like to me so it's a pretty fair bet it will be something different.

If it can just trade sideways for a while then it could get above the daily down trend middle of next week and then the upside might be back in view.

Doesn't seem to be a lack of news just everytime there's an RNS it just poses more questions. Back to where we were last year when the Garden Hill licence area was reduced, no Jordan, No DECC, no farm ins. Lets see some confidence buying from the board, if its good enough for my SIPP it should be good eneough for the BOD.

Finally crossed the 8p barrier, where will it stop without news?

To dismiss opposition as a ....green lobby...utterly misses the point by WF earlier.

The other key point is also made by WF and Benaud. The amounts of gas are in fact not that great and in my view its hardly an amount of gas that suggests that numierous fracc points should be established in Fermanagh. But that's up to them. Their tourism industry is far more sustainable in the long term.

I watched Town as well as its been a fascinating series. The item on shale gas wasn't the main part of the programme bit was highly illuminating.

Nothing against fracking, however it is where the fracking takes place that is the concern. To drill holes and place rigs slap bang in the middle of a tourist destination would be to cut off ones nose to spite ones face. Just unlucky that Clare is an area of outstanding natural beauty.
Programme on fracking this evening on the beeb.

The punters and I include myself are stuck in the other oil companies sitting on losses and high averages.

There is no wall of money available to drive up prices, so they continue to drift lower.

Maybe I have just been unlucky but when it comes to planning applications be it for private or commercial purposes I have found a lot of people have a capacity for unlimited hypocrisy. Some of the objections I have faced have been based on rumours not provable facts, exagerations and blatant falsehoods.

All of the above it seems to me are practised with considerable skill by some members of the green lobby. In their minds fracking = fossil fuel therefore it is taboo, a thought crime that must never be mentioned let alone discussed or evaluated.

As far as energy costs go, on the one hand people constantly moan about their heating bills and how much it costs to fill up the tank in their car but as soon as a way of helping to deal with the problem is proposed they don't want anything to do with it. I suggest a lot of people would be quite happy to use cheap gas produced by fracking just as long as none of the mess is in their neighbourhood.

Enegi = multi assets, multi well programme, multi media coverage, multi news flow, multi income streams (ok, so I may be stretching that last one slightly but is technically true if counting GHF and Jordan).

Market = no punters, no interest, no sign of SP moving

Feels like the City boys have switched off their PCs and left for Portugal to play golf for the summer already.

In the words of Green Day, ‘wake me up when September comes’

Regards

Highwire

Yes those are my maths - 1,200,000 divided by 8p.

Yes those are my maths - 1,200,00 divided by 8p.

I agree to a large extent, Heth. If you have big concerns about shale gas, Enegi should maybe be considered an 'unethical' share for you. I can see both sides. I can see the potential in the short term for extraction by what I *think* is a safe method. But unfortunately these things have a habit of coming back to bite us on thearse. In the longer term, though, I think all governments are kicking the can down the road as regards energy consumption. Each time a more efficient way of extracting, or a new type of reserve is found, government is prevented from making the painful switch to genuinely green energy. Fossil fuels may or may not actually run out any time soon, but however they are used, the carbon will continue to be churned out. I'm no hippy, but I am concerned!

I think there is possibly at least the potential to minimise visual impact (though it will impact no doubt on processes and costs and therefore affect feasibility).

We do, in this country, have onshore developments in environmentally significant areas and areas of outstanding natural beauty - though a number have also failed to get permission.

Visual impact may be manageable.

I watched the Nick Crane Town & referred on here to the greenness of the county.

Although Crane was not balanced in his views.
I had my doubts as to the possibilities for shale gas in that environment, & said so here last week.

I have however been in I Gas for over a year & followed the story of the shale gas, very closely, as it is also in my back yard !

I have taken a balanced view on here, about the Irish shale, I think there is strong opposition.

However I have no doubt as to the advantages of the shale gas & that fracking is not the problem that the greens have been allowed to claim.

Perhaps the best news is that Leeds & Manchester Universities are working on new methods of Shale gas extraction, although we know nothing of this.
The Manchester shale gas conference starts this week ?
Perhaps we shall know more.

Have no doubts though that the Irish shale could be a fantastic & very valuable asset for Eneg.
If you do not like the prospect of fracking then, do not own Eneg, it is considered by those who know the industry a shale gas share.
This aspect will gain more publicity as time passes.

Regards Heth.

Supreme Court application in the morning. Same guy going down there as last time for Enegi.

/LV

Personally WFargo, I am dead against shale gas and oil exploration for the reasons you highlight. It already appears that the UK is committed to going down this route, despite the very high exploration costs, possible groundwater contamination issues and the potentially rampant industrialisation of the countryside. Now, clearly I am not against fossil fuel exploration per se, but would prefer to focus on using up conventional reserves while increasingly decarbonising the economy. Now that is a market the UK and particularly Ireland should be prioritising, as opposed to concentrating on what amount to fairly insignificant reserves of shale oil/gas. Anyone seen the effect the Bakken Field has had on the rural landscape in North Dakota?

So, for me, I hope that Ireland retains its ban on fraccing and Enegi do not pursue this venture, if it is even prospective to do so in the Clare Basin.

Wf, good points. It does show that there are a lot of different interest to be satisfied. The wisdom of solomon would be needed to solve the differences.

"If the big boys move into the patch & take on the Green lobby, they would clearly have more clout than eneg. The politico's would seem to be keen to industrialise, even if the rural folks are not."

You know this statement is wrong on so many levels. But Hethersett if you really mean it then I hope your children and grand-children thank you warmly for the legacy they will inherit from you and your ilk.

So funny that no-one is mentioning that great TV programme Town with Nick Crane. It was on last week. He was in Enniskillen in Co Fermanagh.

He got on to the issue of shale gas. He had a chat with a top guy from the BGS and he went to a public meeting to talk to people who didn't want their fantastic countryside obliterated. They weren't greenies or lefties or tree huggers...well maybe they were. Because they were everyone; a huge cross section of society and all united in opposition.

They understood that there could be jobs created and that the extraction could go on for years. But they don't want it.

So, Co Fermanagh has a huge theoretical shale gas reserve (as in they have an idea how much is there but not how much can be extracted). Do you know how much gas is there? It was nicely put in to perspective.

If every bit of gas was extracted it would be an amount that is equivalent to one years supply for the UK. That's it. One years supply.

So you wonder why the Green lobby (sic) are opposed. Id suggest you watch the programme.

Keep posting the headline though 'Irish Shale' roll up, look at all these links look, look ! And wow The Daily Mail. Top link from the previously Adolf Hitler supporting paper.

Watch the programme and understand who is opposed to shale gas extraction. But then there will be conspiracy loons on here that will grumble about leftie BBC editing no doubt.

well Beachnsurf, I can not totally say it is the right way to go or that they may even be considering it, but my take on it is that anything accumulated of worth around Port au port seems to be towards & around the Roundhead Thrust, I would expect it likely of the deeper conventional play to, which if I recall correctly was the direction of the last Shoal directional drilling efforts, so I would expect it possible to kick off directionally further back in the 3K well and dog leg down to the deeper potential play.

Ted may well also have some strength in his post too, we are just second guessing before we are told but I believe they would utilize any potential to facilitate any original wellbore to probe other potentials if in range, at the end of the day Enegi believe all potentials are drillable from shore so it ain't a million miles away to achieve target, it may result in a less than ideal well design but if anything is proven then it is of little consequence.

P2G

ted,

during last week spirits were lifted slightly with the suggestion, and I'm not knocking you P2,
that BSE may, due to convenience, deepen the current 3K-39 well to target the deep rights.

I immediately thought that would be a wild stab in the dark, P2G explained the feesability
of such a venture and so I was convinced and after consideration, it seemed like a good
route to achieve many goals with a single, efficient, relatively cheap drill.

I get the impresion you would not support such a plan.?, and would your research suggest
that it is 'common knowledge' to those who make the decisions, that the deep oil is in a
distinctly different location to the shallow expectations.?

You also state that siesmic would probably be required to drill 1070deep, do you consider
there any possibility that a drill could be placed using only currently available data.?

i think his maths are £1,200,000.00 divided by 8p but i could be wrong.

Also price reflective to at least 20 other junior oils I watch who are neutral to 1-2% down regardless of FTSE +movements and similar low volumes, Aim is just not in flavour and has not been for about 18 months now...

P2G

Personally do not see anything odd with the trades, very low volume, 5 trades total, equating to less than £25k total, what makes you think placing, if so I doubt 8p, most likely 10% less that that if it were true, even if there was how do you establish 15mill.

P2G

http://www.nohotair.co.uk/index.php?option=com_content&view=article&id=3014:centrica-cowboy-ups-on-european-shale&catid=199&Itemid=417

http://www.dailymail.co.uk/money/markets/article-2343778/SMALL-CAP-FOCUS-IGas-jumps-20-oild-majors-circle-102m-Cuadrilla-deal.html#ixzz2WZFpg6R2

Do the maths : Eneg valued @ the odd £22m. just for the Irish shale gas ?

If the big boys move into the patch & take on the Green lobby, they would clearly have more clout than eneg.
The politico's would seem to be keen to industrialise, even if the rural folks are not.

There seem to have been several large sells since the last RNS. Somebody has a very stange investment strategy or they want the price kept down.

I think that was always the case. Especially as the buys were going through as sells from the very start after news hit. Manipulated!!

With thanks to :Dibs61 on ADVFN.
hxxp://www.thewesternstar.com/News/Regional/2013-06-17/article-3282397/Deer-Lake-Oil-and-Gas-acquired-by-Black-Spruce-Energy/1

Reference to more equipment is relevant ?

Looke like we are heading for dilution to BSE with about 15 million new shares at 8p each.

Hetherset.

I do think the pros will win out. In many ways it is not about the money in terms of the potential value of the whale resources. They are not particularly significant in national terms.

What is in my view more important is how it can be leveraged. More cost effective energy can provide greater mobility of industry and be an engine towards more general economic expansion. This could be of huge benefit to Ireland.

Both the pro and the anti camp have valid arguments. Some sort of viable compromise will be found but the antis probably have access to more seasoned campaigners.

The case to be put by the pros will need to emphasise that the long term benefits are indirect and can be leverage many times. Ireland needs industry. To do this with stability it needs more reliable and easier energy supplies. Shale could play a significant part in kick starting that process.

Whilst it may seem to some, chiefly myself , that the Irish Shale could yield an interesting J/v very soon.
Based on the Centrica purchase on drilling alone.

Further digging on the internet can easily dampen the enthusiasm.

It seems those dastardly folk at Eneg claim to have more knowledge of the shale than the local achedemic community, who may not have looked down the hole for years?

There is certainly evidence of the gathering of the clans against the development, with papers by the agricultural lobby, urging a green Ireland will be more profitable, & talk of the Eneg holding being the NO1 holiday destination for Ireland..


https://5e0b000f-a-62cb3a1a-s-sites.googlegroups.com/site/shalegasbulletinireland/cfc%20pr%205feb2013.pdf?attachauth=ANoY7cqd3yGhAPbPv2iBICUG_weQzL3mkCVOgAJkt8tmThJYjWT9UpuRRBDMZUbqgM4831OUT0ZDGdJfzgnki5IRMl1Q2wxH62oo4ROPi_zQOHRL7e9SZcT4pOhLRASeImAUElX-Wbdd622w49Mh8Ga2BgLrRe7z3phPIhTh9KkSj1ZyD4QLzgkF3Z2XZz5ZCi-z4r7fnXqGBgTCPQjJG6lrPOdrsoTzrvYGFujp8NDNJwwAUbAIA9s%3D&attredirects=0

This would seem to be the publication of the main opposition groups.
https://sites.google.com/site/shalegasbulletinireland/all-previous-issues/issue-no-10---june-15-2013

The world renowned USA anti- frackers are also at the party.

It may not then be as simple an early J/v.
Although I still think that the big boys will be sniffing around.

Ted,

Plenty of food for thought in your post.

The next month or two could be very interesting if this all goes ahead and BSE start communicating their plans.

Hopefully the DNR won't provide too many obstructions and that things move on relatively quickly. The use of the rig that could well be sat idle may even mean this moves quicker than any of us expect.

Could all be very interesting and definitely worth the wait!

Cheers,

BB63

As has been pointed out many times, Eneg have favoured Stockma, Waldren et al's interpretation of the seismic data. According to this, 3K39 would have been drilled in the wrong place to reach the deeper conventional reservoir. I believe the theory is that this lies further west and could be more easily targeted from the Long Point side of Port au Port Bay.

This would mean drilling a new well, and would probably mean preceding seismic in order to properly target it. If successful it could secure a significant discovery licence, but not for the entire area, as would proving up the GPS. It would cover the area of the potential commercial area of the conventional reservoir rock projected to surface. This would be the same anticlinal structure in the St George's Group which is being tapped at Garden Hill. In 1070 this would certainly mean the Aguathuna, but might include the Watt's Bight or even lower strata which could lie above the oil water contact at this point. I believe there is a fair thickness of GPS overlying the conventional rock at this place.

On March 4, SHP announced that it had:

"been advised by its farmin partner,Black Spruce Exploration Corp. (BSE) that it is preparing to ship an oil rig, pipe and other essential drilling supplies to Newfoundland in the month of April. The oil rig, which was recently acquired by an affiliate of BSE, will be used in drilling 4 wells in 2013 on Shoal Point’s acreage in the Green Point Shale pending regulatory approvals. The rig is a Superior 700 UE D/D Drawworks 800 model."

We have heard nothing since. But it is reasonable to assume that if it is lying idle and possibly costing money, then Black Spruce will be keen to use the rig. It might be brought first to Garden Hill. Then, if the fracking debate looks as though it might drag on and delay the Shoal Point well, I could see BSE starting moves to spud a conventional well in 1070 while the drill is occupied on Garden Hill.

All my surmise, of course. Black Spruce will be operators if the agreement is finalised. They will then create their own sequence of operations and they might not share Eneg's preference for the Stockmal and Waldron interpretation. They might also hit similar delays to Enegi in the NF government's permitting process. But you would hope that BSE have proved they have the cash to give Western Newfoundland a real kick start and that the NF Government will want to take the shortest route to obtaining some serious revenue.

Regards
Tedules

Interesting stuff, HW. There's plenty of evidence that it's very much in the Jordan government's interest to develop the shale hydrocarbons and I think there will be far less opposition to fracking in the area than in Britain and Canada.

As for the timing of the Government's decision on KGRC/Eneg and the Wadi Araba Block - well Ramadan starts on July the 9th. If we haven't heard by then, I think we are going to have to wait until Ramadan ends in early August. This quote from a BBC article about Ramadan 2012: "Decisions and meetings will be postponed until the period of Ramadan is over, especially in governmental institutions."

Regarding the farm in with Black Spruce, it will be interesting to see what happens after the deal is finalised. Sidetrack 3 stopped short of the target depth because of a lost tool - and Enegi clearly didn't have the cash to drill around it when fishing failed. Something to correct this might be what is meant by a 'reworking' of the well. On the other hand it might mean a re-completion as it has been intimated that problems with the present completion have hindered getting the well into production. Permissions OUGHT to be quite quickly obtained for such work - if the NF government decides not to be obstructive, or to send those (or THE person) working on it off on holiday in the middle of the process.

Hopefully we will see BSE getting things moving on all fronts within the farm in contract - thereby allaying any fears that their strategy is likely to be geared towards gaining 100% of the licences. Personally I think Eneg management are savvy enough to ensure the farm in agreement is tight enough to allow them recourse to law if that looks to be happening.

As for 1070 - I've been having thoughts about that and will post tomorrow for what it's worth.

Regards
Tedules

A couple of Jordan related links that you may find interesting.

Is Jordan turning to alternative energy to avoid crisis? http://www.albawaba.com/business/jordan-energy-crisis-494307

Enefit Jordan have just been granted license to build oil shale power station https://www.enefit.com/en/jordan

Enefit's web site and more about the project https://www.enefit.com/en/jordan

Similarly Enegi Oil’s (down 1.5 per cent today at 8.5p) North Sea ambitions are becoming more central to its thinking, after it agreed a deal with Canada’s Black Spruce Exploration to take forward the company’s assets in Newfoundland. In the coming years Black Spruce will drill up to twelve wells, spending an estimated $120million, to earn a 60 per cent stake in the properties. This will leave the Enegi team free to focus on its other ventures, like deploying innovative un-manned buoy technology to unlock the commercial value of marginal oil fields in the North Sea.

http://www.thisismoney.co.uk/money/investing/article-2341766/SMALL-CAPS-MOVERS-Plenty-life-AIM-summer-lull.html

I suspect that Merce may be a wizz at the finance, with all the right shares at the right prices,

however I can recommend he digs a little deeper in his geological studies:

http://www.mun.ca/gazette/issues/vol40no12/irish_rock.php

Newfoundland and Ireland were once in proximity as part of the Gondwanan supercontinent. They were subsequently separated 180 million years ago with the opening of the Atlantic Ocean. Just like reconstructing human geography following the separation of Irish (and UK) people from their descendants in eastern North America, we will attempt to reconnect the family history of granites, and their associated mineral showings, in that ancient continent which existed before the forces of plate tectonic separated them,” said Dr. Wilton.