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

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.

Paul Ellis Chief Operations Manager of EEN, to join Serica Energy as CEO
from Sept 1st.
Could this lead to a RNS tomorrow? if so will we get updates on Vigia and
Campo Rico?
cyril

were all waiting again for the july monthly update which should confirm the 6000 bopd which is clearly not in the price EVO said 232p cannot see them staying at this level when confirmed

Monthly update due 25-27th and will indicate at least double the prevoius bpd.
Note investment fund involvement eariler this month and todays positive buying.
Been holding this share six months and topped up when recent drop at 140p,
those who have held on will gain soonest.

We should get an RNS sometime soon. The MMs certainly seem to think so, hence why this stock is holding up well and sells are being absorbed without much affect on the shareprice.

In an AGM statement, Emerald also said that the final assembly of production facilities at Vigia is underway and production from the discovery well Vigia 1 should also commence in July. After the initial testing period it this well is expected to produce at 1,000 barrels of oil per day.

Well Vigia 2 is being drilled and is less than 1,000ft from reaching its planned total depth. The drilling should be completed and the well logged during June with first production anticipated in August.

Elsewhere, Sulfide 1, the first exploration well on the Fortuna block will be drilled and evaluated before the end of 2005, while drilling of the exploration well on the El Algarrobo block will commence by year end.

Oil majors continued to perform strongly in today's market, buoyed by positive comment from UBS, which increased its price target on BP and Shell to 700p from 620p respectively. Shares in Shell rallied 4.25p to 549p, as in addition to bullish broker comment, the oil giant confirmed it would pay back between 13-15 billion dollars to shareholders, despite costs soaring at its Russian gas project. The company said its chief, Sakhalin-2 project was now set to cost twice the original estimates, with the development now set to cost in the region of 20 billion dollars. The first shipments of liqufield gas are now set to be delayed until mid-2008. Finance director Peter Voser said today that the company remained committed to returning between 3-5 billion dollars in buybacks and a further 10 billion dollars in dividends. Shell's FTSE 100 counterpart BP, saw its shares follow suit today, as the world's third largest company finished the session 4p higher at 625.5p.

Meanwhile, investors took heart from a further comment by UBS, as it hiked its oil price estimates for 2005/07 by 12%-20%.

I expect some news at the end of july around the same time as last month and
not sure the share is holding up with the slide likely to continue until some news
could be 160p by end of the month not sure why EEN holders so fickle the future
is certainly bright so why sell out now ??

Wall Street outlook - Stock futures turn higher after economic data - UPDATE 1
AFX


LONDON (AFX) -- Stock market futures turned positive Friday after yet another indication of both an improving economy and low inflation, despite a tepid response to General Electric's in-line second-quarter earnings.

U.S. producer prices were unchanged in June despite higher energy prices, the Labor Department reported Friday. The core rate of inflation at the wholesale level fell 0.2%, the agency said. Economists had expected the producer price index to rise 0.4% in June. Core inflation was expected to rise 0.2%.

Manufacturing activity in the New York area continued to rebound in July, the New York Federal Reserve Bank said Friday. The bank's Empire State Manufacturing index rose to 23.9 in July from a revised 10.5 in June. The index continues to climb after hitting a two-year low of -11.1 in May. Economists had anticipated a flat reading of the index.

S&P 500 futures rose 0.8 of a point and Nasdaq 100 futures added 1 point; both indicators were lower ahead of the data.

The S&P 500 closed Thursday at a four-year high, and the Nasdaq Composite ended at a 2005 high.

GE as expected posted second-quarter earnings of 44 cents a share on revenue of $41.6 billion. GE did lift the low end of 2005 earnings guidance, now seeing an EPS of $1.80 to $1.83 for the year; brokers have been expecting an EPS of $1.82.

GE shares edged 28 cents lower to $35.35 in pre-open trade.

Crude-oil prices rose 61 cents to $58.41 a barrel in electronic trade.

"With yet another hurricane coming through the Gulf of Mexico oil has put on a spurt to be trading at 59.44-59.52 in the September Nymex up some 20c overnight. Gold is following the slight weakness in the dollar by rallying $0.8 to 421.9-422.5."

Emerald Energy PLC
20 July 2005


Emerald Energy plc


Operations Update


Today, at a presentation to fund managers and analysts, Alastair Beardsall,
Emerald's Chairman provided the following update:

'Since our last report at the Company's AGM the following progress has been
made:


Vigia #1 well was put on production a few days ago and was tested at 700
barrels oil per day before being shut-in for a pressure build-up. Vigia #1
is expected to produce at 1,000 barrels of oil per day.


Vigia #2 is being prepared for production testing and is expected to be
on full production in August.


Vigia #3 is being drilled and should reach its planned total depth early
next month. First production is anticipated late August.


The workover of well Campo Rico #2 is now complete; the well has been put
on production and is currently cleaning-up.


The workover of Campo Rico #3 is underway and is expected to return to
production by the end of July.


Production from Emerald's fields for 2nd quarter 2005 averaged 2,796
barrels oil per day and currently production averages 3,000 barrels of oil
per day


We plan to spud 2 more exploration wells this year, one on El Algarrobo and the
other on the Sulfide prospect within the Fortuna Bock'


The Company expects to announce its Interim Results for the 6 months to 30 June
2005 on 28 September 2005


Contact
Emerald Energy plc
Helen Manning Tel 020 7925 2440

any thoughts ??? going in the right direction but is it at the pace people expect or is this a delay and a problem with viagra? and cleaning up on CR2 ?

why bring this out with only half the facts why not wait till eo july or was it just leaked from the presentation this could be the big thing that they are actually presenting to fund managers and analyst's

overall unsure if good or bad ?

On the whole the RNS is recieved by most as positive, production date vigia3
with new drilling program at el algarrobo and sulfide.
the market is neutral and i feel in the short term will remain so.
cyril

i disagree wasnt that well received as everyopne was looking for some numbers nearer 6000 bopd and all we got was 3000 still sure it will get there in the end
but not so confinvence to buy more third lot of shares with my average price around 200p at the minute

will contact een as still hoping for update at end of july with CR2 sorted and Vigia
so perhaps 5000 bopd ?

21.07.2005
Emeralds Persistence In Colombia Starts To Pay Off With Production Now Averaging 3,000 Bpd
London-listed Emerald Energy has stuck with its exploration and development projects in Colombia through good and bad times. And that perseverance now appears to be paying off, with current production averaging 3,000 barrels per day - and climbing.

In the parlance of management consultants, this represents a real step change for Emerald, which in 2001-2 was mired in the financial fall-out from a devastating blow-out at its Gigante-1a well in the Matambo contract area in the Upper Magdalena Basin, then the companys sole source of production.

However, following a rescue rights issue and board clearout in August 2003, Emerald has got itself back on track. Gigante-1a has been rehabilitated and production stabilised at around 700 bpd of 32-degree API oil.

And it seems theres still more to play for on this project, which four years almost dragged the company under. Independent consultants reckon the field holds proven, probable and possible reserves of 18 million barrels. Emerald has recently obtained new well and seismic data from a nearby exploration block that is directly relevant to Gigante and this data is being integrated with the latest Gigante production data in order to finalise appraisal drilling plans in the Matambo contract area.

In recent years Emerald has diversified its holdings in Colombia, moving away from the complex geology of the Upper Magdalena Basin to focus on the prolific Llanos Basin. Here the company holds the Campo Rico Contract, where it now has two fields in production.

The Vigia field was put on production a few days ago via the Vigia-1 discovery well, which tested at 700 bpd. The well has now been shut-in for a pressure build up and is shortly expected to resume production at a rate of 1,000 bpd. This is heavy crude about 16-degree API and requires the use of a downhole pump to maintain production rates. Vigia-2 is being prepared for production testing and should start pumping next month while the third well on the deposit is still drilling ahead. First production from Vigia-3 is expected in late August.

Production from the nearby Campo Rico oilfield is also on the rise with the imminent completion of workovers on Campo Rico-2 and Campo Rico-3 to eliminate water ingress. Campo Rico-1 came onstream in May 2004, within 11 weeks of discovery, and pumps around 1,500 bpd of oil. Its expected that wells 2 and 3 will, following the successful workovers, produce at a combined rate of more than 2,500 bpd.

Emerald holds 50 per cent of Rancho Hermoso's El Algarrobo Association Contract area, also in the Llanos Basin. The block lies some 40 km from the Campo Rico field. An exploration well here has been delayed due to unseasonably poor weather between December and March, which hampered construction work on the well site, and will now spud later this year.

The second half will also see the company spud its first exploration well on the Fortuna block, in the Middle Magdalena Valley. The contract area includes the Totumal oil field, which, until it was abandoned in 1993, produced over 800,000 barrels of oil for state oil firm Ecopetrol. Emerald plans to target the Lisama sands that lie on the flanks of the Totumal field and which have produced in fields to the south of the Fortuna block. This is shallow drilling and wells can be sunk for less than US$1 million. The Silfide-1 well, targeting the Lisama sands, will be drilled later this year.

Meanwhile, Emeralds one-country focus may continue for the near time as its plans to expand into Russia have been thrown into disarray - as so many plans in that country do. In November 2004, Emerald entered an all-paper deal to acquire 25 per cent of JSC Krasnoyarskgazprom (KGP) of Russia from Star Capital Research Limited for a consideration of 12 million ordinary shares.

KGP holds exploration rights to the Sobin, Omorin and Beryambin licence areas in Eastern Siberia, where the reserves potential could transform Emerald Energy. The Sobin licence, where more than 50 wells have been drilled to date, is estimated under the Russian system of reserve classification to hold the equivalent of 575 million barrels of oil. The Omorin licence area is currently being explored and, to date, four wells have encountered hydrocarbons. Beryambin is virtually unexplored.
When the proposed transaction was announced, Emeralds chairman Alistair Beardsall said the company, which can boast a board with 30-odd years of experience in Russia, would proceed cautiously with the new venture. That caution is now being demonstrated on news that Gazprom, the Russian gas giant and 75 per cent owner of KGP, plans a capital restructuring of its subsidiary. Until the details of this restructuring are known Emerald, wisely, will not proceed with its investment.

For now, Colombia definitely looks the safer bet...

Emerald's interims are due in 6 weeks. This was the date of last year's announcement:

02/09/04 07:00 Emerald Energy PLC (EEN) Interim Results RNS