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

I am not deramping EEN. I just have some comments which happen to be negative.

Do you only like to read positive views? That is a risky investment strategy.

I am neither short nor long on EEN and have no intention of being. EEN is a stock that I would avoid.

Haystack has never have any positive news on any shares...he is so pessimistic...can you name me one share that you are positive of, Haystack?

I have posted plenty of positive comments of stocks. That has not applied to EEN for years though.

Haystack

whats your opinion on EEN with the new pumps fitted, producing 10,000bopd from Colombia by year end

Haystack

whats your opinion on EEN with the new pumps fitted, producing 10,000bopd from Colombia by year end

Slight echo on this thread!

Still heading down

Still heading up!

I am inclined to say.

Still falling!

If charts were the only way of investing, it might make things a lot easier,
however that is not the case. Looking at the short term charts it does not look good for EEN,but as we all know what goes up, must come down and vise- versa.
A better guide is the long term chart which clearly shows a steady climb, with
each drop creating a lower bottom.
It is news,results and sentiment which drive the SP. Now anyone who has bothered to research EEN will understand some of the reasons for recent decline.
The ME conflict hasn't helped along with a poor result form the Souediieh North Well,but the main reason imho is the fall in production of oil from its Colombian
fields.This due intirely to rework of their wells, mostly new Electric Submersible Pump's and a new generator at Gigante( plus refurbishing of the downhole pipe) being fitted. These ESP's have replaced the old downhole pumps,which have been responsible for falling output. With production reduced from an average 4400bopd to a lowerly 3400bopd, already we can see a improvement in output via Gigante and with all the wells updated news of increased output is imminent and levels of perhaps 7000bopd will have be achieved.

So "What will the SP be then"? Or to repeat DFGO's question what price at years end when 10000bopd is reached, of which "i've yet to see an answer"?
cyril
P.S.Could be a great buying opportunity??

http://www.investegate.co.uk/Article.aspx?id=200605240701154806D

The above doesn't seem to be working, try
www.uk-wire.co.uk
cyril

DFGO - 4 Aug'06 - 12:37 - 18449 of 18466 edit


Mad,blueforce
all following as per company RNS.

2005 interim results Emerald Averaged 2,745bopd x 181 days = 496,845 barrels for half 1 2005.

1st qtr [Jan,Feb,Mar] 2006 Emerald average 4,400bopd x 90 days = 396,000 barrels.

April 2006 [4,400bopd minus 954bopd for Vigia#1 and 760bopd Campo Rico#1 ref 24/5/06 RNS = 2,686bopd x 30 days = 80,580 barrels for April.

May 2006 Ref 24/5/06 RNS average 3,400bopd including with CR#1 jet pump replaced x 31 days = 105,400 barrels.
Vigia#1 being worked over and ESP installed, V#1 expected to be in production by end of May.

June. no RNS to say Vigia#1 producing x amount so kept same as May nothing allowed for Vigia#1.
June 3,400bopd x 30 days 102,000 barrels.

1st qtr. 396,000 barrels.
April. 80,580 barrels.
May. 105,400 barrels.
June.102,000 barrels.
total 683,900 barrels minus 496,845 barrels 1st half 2005 = 187,055 barrels more than H1 2005 and not including production from Vigia#1 for June 2006.

@$50 a barrel = $9,352,750 more turnover than H1 2005

24/5/05 Colombia update rns
http://www.advfn.com/p.php?pid=nmona&cb=1154688293&article=15539777&symbol=LSE%3AEEN
2005 interims RNS
http://www.advfn.com/p.php?pid=nmona&cb=1154691033&article=12620250&symbol=LSE%3AEEN

blueforce - 4 Aug'06 - 15:03 - 18452 of 18466


DFGO - 4 Aug'06 - 12:37 - 18449 of 18451

Thanks for the figures, but is all that production attributable to een? Remember the Colombian national oil company have excercised their right to back into some of our production wells and may well do same for the likes of Gigante in the future

Felix
----------------------------------------------------------------------

DFGO - 4 Aug'06 - 15:33 - 18456 of 18466 edit


Blueforce

Emerald got 64% of production in 2005 for Camp Rico in 2006 Emerald get 69%
[75% before royalty] for Campo Rico so in fact Emerald are 5% better off than 2005

From 2005 final results page 12

2.b Entitlement production
Entitlement production is production to which Emerald is entitled in any
given period. Entitlement production excludes royalty petroleum and any
other production that belongs to Ecopetrol and other parties forming the
Associate under the terms of the association contracts.
In 2005, Emerald was entitled to 80% of production from the Gigante field (2004: 80%); 92% of production from the Vigia field (2004: no production) and to 64% of production from the Campo Rico field (2004: 92%).
On 28 December 2005,Ecopetrol granted the Campo Rico field the commerciality status.
Upon grant of the commerciality status, Emerald's entitlement to production from the Campo Rico field has changed to 69% (75% before royalty). This entitlement will continue until Emerald has recovered the allowable reimbursable costs,whereupon Emerald will become entitled to 46% (50% before royalty) of production from the Campo Rico field.

DFGO - 4 Aug'06 - 16:04 - 18459 of 18466 edit


bob
H2 2006 allowing 20% for ESP
Campo Rico#1#2##3 @ 800bopd each till year end 800bopd x 3 = 2,400bopd x 182 days = 436,800 barrels.
Vigia#1#2#3 @1,100bopd each - ditto -1,100 x 3 = 3,300 x 182 days = 600,000 barrels.
Gigante#1 1,000bopd x 182 days = 182,000 barrels
Centauro#1#2 1,000bopd combined output 1,000bopd x 182 days = 182,000 barrels

Campo Rico 436,800.
Vigia 600,000.
Gigante 182,000
Centauro 182,000
Total H2 1,400,800 barrels
plus total H1 684,580

2006 total for year 2,085,380 barrels against 2005 1.2million barrels

but as always dyor
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bobobob5 - 4 Aug'06 - 16:11 - 18462 of 18466


DFGO: I'd personally consider your H2 bopd assumptions (above) to be something like a 'low-end' forecast. But even so, the increase from H1 to H2 is strong, approximately 100% gain. bob

A nice steady rise in the SP of late, DFGO's posts give an insight to the true
potential. An RNS confirming the success of the recent work overs can't be
a very off, and what price then?
cyril

niceonecyril

not long to interims now 28/9 last year

DFGO, So about 6 weeks then, if thier past pattern of news flow is anything to go by, we could get an Operational update maybe coming with an announcement on
the spudding of Tigris? Looking for in excess of 6000bopd with perhaps the latest reserve position coming in the interims. Still no great time scale before we have
definate news, just a little more patience required.
cyril

Todays RNS of about 4100 bopd(from 8 wells)(6 wells in Nov were producing
4300bopd) is a great disappointment,not much short term regarding Colombia, The main hope must now be with Tigris which is expected to spud next month, although this is deep well, and will take several months to drill.
One consolation is of high oil prices which will help justify the SP
Not sure what interim results can add todays news? Perhaps an explanation of
the poor output figures, with Vigra producing only 650 bopd being the likely cause?
cyril

It looks like it might get to my 50p valuation sooner than I thought.

"it had to abandon a number of prospective wells after negative tests"

Haystock talking B*****ks again, 4100bopd is still not to be sneezed at.More
ESP's to be installed which probably means some wells are shut down short term?
Would be interested in your calculations which allows your of 50p?
cyril