Just bought into this share, I think its cheap at the current price. I think in time this could be another BUR.

Anyone else holding this and what are other peoples opinions on it?

Thanks

EEN made 3.6 million on turnover of 1300 bpd. With production now above 3 times that level and the price of crude predicted to hit $69 in the short term, then can we expect profits of around 15-18 million for the year?

went up 11p now its 7p..........down, down, down, down.

Could be another field of operations for SEY or EEN!

GENEVA (AFX) - Kazakhstan's energy minister Vladimir Shkolnik said he hoped to export 130 mln tonnes of crude oil mainly to Europe within a decade as production is tripled every year.

Speaking on the sidelines of a regular United Nations meeting on Caspian Sea energy supplies, Shkolnik said the country currently had about 8 mln tonnes on tap but reiterated that it was aiming to expand that to 150 mln.

'In 10 years we are aiming to deliver to Europe, maybe not only to Europe, 130 mln tonnes of crude oil per year,' he told journalists.

Kazakhstan is regarded in the West as a potential alternative to traditional producers in the Middle East.

The Kazakh government is also aiming to put some of the blocks of offshore oil reserves it holds in its part of the Caspian up for tender open to foreign companies next year, the energy minister indicated.

'Part of the blocks will be developed together with our national oil and gas company. Part of the blocks will be put on open tender. This procedure I hope will start next year,' Shkolnik said.

Syd een finished up 13.5p on the day, with any decent coverage in
tomorrows papers could break 2 barrier again.
Best wishes with goil but prefer a proven producer.
Interesting article on chinas growing demand for oil.
http://www.resourceinvestor.com
cyril

yeah but its nearly down 5p this morning.

glad i took profits when i did.

Current MM tree shake, stick with these as improved production rates for this year, sp will rise accordingly.

SP also reacting to retracement on oil price below $60 - all short term stuff - stick with it.

sd

adiem - 28 Jun'05 - 10:55 - 5590 of 5773


I have just bought another 77,500

The order has been open for 3 days now and has been filled primarily by EVO.

I am extremly bullish on these and will be re highhlighting them on my next newsletter.

Fundamentals alone should give this a minimum value of 267p according to my valuation model, which is why I am currently increasing my holding.

Another thread here refers to this share being 10 in 12 months, that seems hopeful, I would suggest somewhere between 5 and 7 is more realsistic.
-----------------------------------------------------------------------------

The mms walked Emerald down to fill the above order which took 3 days to fill.

looks like they have another to fill

EVO thought they were worth 232p based on 5000 bpd average for 2005 at $35 a barrel clearly plenty of upside as about to deliver 6-7000 bopd in july and oil prices will be $60 before to long and the winter price could be 70-80 if not careful have bought more recently but stuck with some where I paid over 200p
can see 300p before too long but not getting enough exposure anywhere

sharemagazine have mentioned EEN 3 time in 15 months if you search the archive
and they didnt even both to mention them after the april results I think there
is some sort of conspirecy ???

This was the initial flow rate from the new Vigia field announced back in April. The significant bit was "440 bpd under natural flowing conditions".

Drilling news prompts Emerald spurt
Date: 13 April 2005

LONDON (ShareCast) - An upbeat drilling report had oil explorer Emerald Energy gushing higher today after reporting good news from its Vigia exploration well in Colombia.

Under natural flowing conditions the well produced at a rate of 440 barrels of oil per day from the Une sand and at a rate of 260 bopd from the Lower Gacheta sand, the group said.

Emerald will now seek approval for a long term production test of Vigia that will permit early production from the well, it added.

Chairman Alastair Beardsall said, The discovery of the Vigia field, just 11 km away from the producing Campo Rico field, will give Emerald a significant increase in oil production.

01/07/05 14:29 Holding(s) in Company

Emerald Energy PLC
01 July 2005


EMERALD ENERGY PLC

DISCLOSURE OF NOTIFIABLE INTERESTS UNDER SECTIONS 198 - 202 COMPANIES ACT 1985


Emerald Energy was notified on 30 June 20005 that Resources Investment Trust Plc
hold 1,975,000 ordinary shares representing 3.99 per cent of the Company's
issued share capital.


Enquiries:

Helen Manning

Emerald Energy Plc

020 7925 2440

Monday July 4, 01:09 PM
Oil prices steady in London trading after pre-weekend surge

Click to enlarge photo

LONDON (AFP) - World oil prices steadied in London, after making huge gains the previous Friday on expectations of a big rise in petrol consumption during the United States' long holiday weekend.

The price of Brent North Sea crude oil for delivery in August eased two cents on Monday to 57.52 dollars per barrel after finishing 1.96 dollars higher on Friday.

New York's main contract, light sweet crude for delivery in August, was not being traded Monday owing to the Fourth of July holiday. It had surged 2.25 dollars to close at 58.75 dollars per barrel on Friday.

A week ago New York futures struck 60.95 dollars -- the highest level since it was first traded in 1983 -- on concerns of a possible global supply shortage of heating fuel during the fourth quarter.

Brent crude hit a new record level of 59.59 dollars also on June 27, meaning prices had leapt by about 45 percent since the start of the year.

In between striking record highs and surging on Friday, prices slumped by more than four dollars per barrel after last Wednesday's unexpected rise in US crude inventories.

With prices below record peaks, the Organisation of Petroleum Exporting Countries decided last Thursday to suspended talks on a fresh rise in its crude production quota.

"This backs up the feeling that OPEC are happy with the high prices," analysts at the Sucden brokerage firm said Monday.

"However this is not to say that it is OPEC pushing prices higher. The reason remains the high demand and the lack of spare refining capacity," they added.

Oil issues outperformed as crude prices remained strong, with BP up 19.5p at 613.5p ahead of a trading update due tomorrow, Shell 11.25p ahead at 564.75p and BG rising 6.75p to 479.25p.

Also pushing the stocks higher was a report in the Observer which claimed oil prices could rocket to $100 within six months, citing the controversial Texan oil analyst Matt Simmons. Meanwhile, The Sunday Times wrote that the soaring price of oil will lead to Shell and BP returning more than 34bn to shareholders over the next two years.

EEN must be making a fortune at present. Crude has averaged over $50 per barrel over the last quarter according to BP. The latest price has also passed over the psychological $60 again today.

From BP's results today.

Resources Business: Exploration and Production

Marker Prices
2Q'04 3Q'04 4Q'04 1Q'05 2Q'05

Brent Dated ($/bbl) 35.32 41.54 43.85 47.62 51.63

WTI ($/bbl) 38.28 43.88 48.29 49.88 53.08

ANS USWC ($/bbl) 36.99 41.82 42.62 45.07 50.01

US crude futures stayed firmly above 60 usd a barrel as tropical storms caused production shutdowns in the Gulf of Mexico and hampered the importation of oil products.

quote news LondonDublin-------------United StatesFrankfurtParis-------------AmsterdamBarcelonaBerlinBilbaoBremenBrusselsCopenhagenDusseldorfHamburgHanoverLisbonMadridMadrid (M.C.)MilanMunichOslo>StockholmStuttgartValenciaViennaVirt-XXetraZurich Symbol Lookup





Wednesday July 6, 09:04 PM
Tropical storms drive oil market to new highs

Click to enlarge photo

NEW YORK (AFP) - Oil prices broke through 61 dollars for the first time as tropical storms shut down over one-tenth of US crude production in the Gulf of Mexico, dealers said.

New York's main contract, light sweet crude for delivery in August, ended 1.69 dollars higher at 61.28 dollars a barrel, just off an all-time high of 61.35 reached shortly before.

That smashed the previous peak of 60.95 reached on June 27.

In London, the price of Brent North Sea crude oil for delivery in August climbed 1.56 dollars to 59.85 dollars a barrel, beating its historic high of 59.59 reached also on June 27.

The onset of tropical storms Cindy and Dennis has forced the evacuation of 96 platforms and rigs in the Gulf of Mexico, according to the US government's Minerals Management Service.

That equates to 12.7 percent of daily oil production in the region, which is currently about 1.5 million barrels per day (bpd), it said.

Cindy was downgraded to a tropical depression after making landfall early Wednesday, but authorities were keeping a weary eye on Dennis, which they warned could hit the Gulf of Mexico this weekend at hurricane strength.

"Some offshore rigs and refineries are closing down already because of Cindy. So production is being shut down, and people are going to take a bullish view on the back of that," Bache Financial trader David Nesbitt said.

"Dennis has a good chance to be raised to a hurricane before it hits Jamaica, and it's heading towards the Gulf Coast," Nesbitt added.

"That's what's pushing the market at the moment."

Fimat Futures analyst John Kilduff said that Dennis is now "churning out in the Caribbean and threatening to become the first significantly dangerous storm of the season".

"Murphy Oil (NYSE: MUR - news) , Total (Paris: FR0000120271 - news) and Marathon have all removed non-essential personnel from rigs and the LOOP (Louisiana Offshore Oil Port), the largest import dock in Louisiana, is now closed," he added.

On its projected path, Dennis will go over some key oil and natural gas fields off the coasts of Louisiana, Mississippi and Alabama.

At 1800 GMT, the center of Dennis was 565 kilometers (350 miles) east-southeast of Jamaica, according to the Miami-based National Hurricane Center, which said the storm could strengthen into a hurricane later in the day.

In September 2004, a series of hurricanes including Ivan devastated Gulf of Mexico production, causing oil prices to rise sharply.

This time round, the market has already been trading at all-time highs given robust demand for petrol (gasoline) and fears that refineries will struggle to pump out enough heating oil during the northern hemisphere's winter.

"A considerable amount of gasoline production is in the direct path of the storm, which is why it is running ahead of heating oil," Kilduff said.

Thursday could see volatile trade when the US government publishes weekly data for US crude inventories, brokers said. The report is normally released on Wednesday but was pushed back owing to the Independence Day holiday on July 4.

The Department of Energy reported last week that crude oil reserves in the United States, the world's biggest oil consumer, rose by 1.1 million barrels to 328.5 million barrels in the week ended June 24.

Gasoline inventories climbed 300,000 barrels to 216.2 million and distillates including heating fuel increased by 1.7 million barrels to 113.2 million.

thought een was going to trouble the 200p mark soon clearly when update comes out in july will pass that level as the 6000 bopd is only matter of time anyone been watching ged too they are een's neighbours and theyve had some good rises recently

EEN's chart reminds me of Shell and BP only a matter of weeks ago. Oil was going through the roof and yet their stock was behaving as though little was happening. Then suddenly they are 20% higher. The market will wake up to EEN and when it does you may need to hold onto your hats. Bags of upside at these levels!

The FTSE 100 heads for 5,500
Says Zak Mir of Zaks-TA.com
It may not be the best of times in the wake of last week's horror in London to think of the stock market. But perhaps thinking about a new leg up for leading UK shares could be something to provide cheer in the face of events that have been so dark. While it may not be appropriate for a chartist to get too heavily into the fundamentals of the UK economy, it is generally accepted that the upward interest rate cycle is at an end. This should let off many of the sectors dependent on the High Street and the property market. However, the main driver for the FTSE 100 is unlikely to be either area in the near term.

The biggest influence on where the UK index is trading comes down to just a few stocks led by its biggest constituent, BP (BP.). From what is evident on the daily chart of BP, above 600p it is heading for at least 720p. Given that well over 10% of the FTSE 100 is made up of BP, you would not be surprised to know that this should mean that even though the oil price is supposed to be a negative influence on leading shares, considerable upside is likely for the FTSE 100 in coming weeks.

As can be seen from the support and resistance lines drawn on the daily chart of the FTSE 100, it would appear that the UK index is headed for much higher levels. This is said not only on the basis of the swift rebound from last week's shocks but also on the basis that the RSI at 67 is by no means overbought.

It also helps that the UK index is only in the middle of a wide two year ascending price channel whose resistance line projection is pointing as high as 5,550. This may sound like quite an ambitious target, but as long as the 50 day moving average at 5,010 is not broken on an end of day close basis, such a substantial target is very much on. Those following the price action of the FTSE 100 on an intraday basis last week will have noted that at its worst point on Thursday the UK index came to within nearly 20 points of the 50 day line. This looks like it was the final test for support before what should be quite a sharp rebound.