announcments are due soon, stock price moving should hit 1.80 easily, very interesting story with new field linked in with an indian oil company joint venture and I understand good results from one area, looks great

Cynic,

Hope you didn't buy yesterday, bid price as touched 307p today and people are still selling.

no i didn't, and price is off quite significantly again ...... clearly a lot of frothy money taking their profits or, now the price has fallen back, being badly squeezed ..... still not had time to research properly, but unless i am much mistaken, yesterday's annoncment was all extremenly positive ...... a trend line looking back over the last 1/3 months may give a clue as to "value"

unless there is a bounce bringing the price above about 263, and holding there, then this looks a share to avoid ...... price has now dropped significantly and precipitately and especially below 200 DMA.

Now go the AFR thread

Well there is the bounce, looks like bit of MM manipulation and shorting been going on, hope thats us inon an upward trend once more......

Hold your breath time if you are a holder ...... Shares closed at 265 which is just about spot-on 200 DMA ...... Only down from about 300 today!

and i am such a greedy bastard that i have taken a punt this morning, being lucky enough (I hope!) to buy at 261 ..... Greed rather than logic tells me that perhaps the fall is overdone and that at the least there should be a dead cat bounce back to an arbitrary but convenient 300 ...... God will probably punish me!

Nice punt Cynic . The fall was manifestly massively overdone . l have a substantial core holding ; but it didnt stop me from having a wee punt {CFDs } on EEL yesterday @ the sub 200 day m/a level . Sold at 290 level today ,,,,Love banking unexpected beeeeg profits on Fridays. .Makes my weekends more drink sodden and my Sundays more sedate ,,hehe ,,,,and brings a spring to my step on Mondays on journey to work ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, . Anyway Cynic , 261 was a nice price to lock into ! .....Hope you bought a shedful and sold today at 291/292 .....But in saying that i am convinced EEL will be back to its trading parameter of 320/380 within the timing of a T+10 or 15 trade. ....Wait and see ......a'bientot et faires attention .@+ J... ........................................................................................................ Branleur ??? ...Not a word you will find in your old school French dictionary ....l,ll give u a clue ,,, .lt rhymes with the very instrument in which oil is transported for the main part ,,,hehe .But it was but a mere joke ! .

Pipes are also a musical instument, or it could be types rhyming with pipes.

JON .... trust you mean 3.80 and not 1.80!!!

ADWICKK ...... pay not attention; it was just a little laugh at my expense on the basis that I might be trying to ramp the shares ..... branleur is derived from the se mettre en branle = to put in motion

Aldwickk, I think we're talking about a type of maritime vessel, actually.

Cynic - "branleur is derived from the se mettre en branle = to put in motion" excellent bit of French deduction - almost!! Un petit coup de poignet - c'est tout ce qu'il faut. ;o)

Amities mes amis / ..Branleur - lt is Parisian slang for w**k*r ..... l can imagine many of you are concerned about the fall in the s/p ......l have seen it all before . Many times . Played the game too many times . EEL await a statement or rather an RNS from Chevron reg drilling statement and the potentially recoverable hydrocarbons from the OML#1 well and in the meantime shreholders sweat . So enter the mms and shorters to spice up everything and initially start a programme of Tree shaking on this past months T traders who bought overweight on a T+10,15,20 rolling settlement .And this past month has seen a big rise in volume . Observing such losses newbies lose thier nerve and sell . ln cutting their losses traders closed and set stop losses bells set of everywhere @ the magical 200mda of 265/270 level ,,and while the market didnt really react the mms did with a vengeance . lnterday volatility of 30% . Obvious the market has been played like an old record ,,,. lts pure scaremongery. ..l note institutions havent sold .l have Noticed buyers of 2 million opening their pockets to the tune of over 6 mlln in enetering this market ....Every day buyers exceed sellers by large margins . Out of hours trading in EEL is 336 ! . Buys have been large yet sells have been small ..yet the bears carry the day by a fair margin ........Work it out for yourselves . lts not logical or rational . ..lts not even well disguised . .....EEL have the goods ..and merely await a statement from the massive beaucracy that is Chevron .....ln a month or so this will appear as a mere bleep ...........So as not to deceive anybody i state for the record i have a position in these myself ,,And it goes without saying ALWAYS and I MEAN ALWAYS DYOR b/n ...Right im off to clubland .....China Whites ,,et dispondable,, { hmmm..lol },,@+ J

I guess EEL is dropping fast because it is operating in high-risk Nigeria whence only 2 days ago there was a sabotage/explosion where at least 200 people died.

I don't agree that is the reason for the falling share price , read the TheFrenchConnections post.

...Mes amities ...Sorry R. but on occassion i cant understand peoples exact meaning . What are you suggesting as the reason behind the fall yourself ? Or are you agreeing with me ? ...All very confusing l know; but could you clarify . ..@+ J.......Hi Hlyeo MMs were marking the stock down come buy or sell; and on occassion absurdly disproportionally . THEIR JOB is to make a market . Not manipulate it . ...Very sad as it was the explosion a few days ago, l do not concur it was an act of sabotage ; morelike an awful accident as someone was in the daily act of attaining fuel for themselves .lt is common practice . . lf it had been sabotage a whole plethora of oilers in Nigeria would have felt the impact . Unfortunately theft of oil in Nigeria is nothing new .From humble impoverished simple people to warlords of vast swathes of the delta this is daily common practice Perhaps essential and thus the Nigerian millitary /police tow the unofficial govt line of turning a blind eye for the most part . .But not so the USA who has all manner of known destructive weaponry parked in the GOG ....Not so long ago Shell brought in independant assayers who soon illustrated in excess of 250,000 bpd were being stolen from thier pipes in remote areas and the cheeky sods had errected even makeshift highly volatile refineries in the these remotest of areas . ........and for what ? oil for guns ... Now the Chinese have agreed to invest over $4 blln into Nigerias infrastucture including the rebuilding roads,bridges,schools , and a new hi tec facelift to Nigerias own refinery at K on the Delta itself thus bringing work to the area where poverty is at its worst . Hopefully things will change . ...$4 blln pounds for the option of having first refusal on a number of blocks . Now thats BEEEEG money to anyone. And that is merely for FIRST refusal on prospects . ..The Chinese are far from stupid business men and they wouldnt strike a deal of that magnitude unless returns were substantial or100% essential . . Of course theres vast amounts of oil here. .....Likewise the USA knows and projects this area will provide 25% of its energy supply by 2020 Hence all its aircraft carriers and supporting frigates. ......On a final note i believe mms have totally abused thier position and have caused unacceptable volatility in relation to volume . ! .... One good thing was that EEL picked up on it immediately and issued an RNS . EEL trade @336 out of hours . Soon they will be back to that level and more but how many were well and truly shook from the trees from this past windy two weeks @+ J ,,,,,,,,,

Iam agreeing with you " J " and disagreeing with Hlyeo98.

Long and, as usual, well written and interesting article on today's oilbarrel.com ...... Far too long to c&p into here!

"Chevron Nigeria Deepwater B Limited and its partners have drilled the first oil discovery in Oil Prospecting License (OPL) 214, approximately 70 miles (113 kilometres) offshore Nigeria," a company statement said here."

I have no idea how close this may be to EEL's own blocks, but there may be some reflection in tomorrow's trading, hopefully (significantly) extending today's against the grain gain of 8p.

At last an RNS !!! lndependant assayers on EELs first well -BDX1 which is an oil leg and estimated to contain 130 mmbo and 0 .92 tlln scffs of gas .,,,,,,,,,,,,,,,, With oil sitting precariously @ 70 p/b and the HH price of gas fetching per scuff ( six thousand cm ) thats a kings ransom ............The second well @ Olenware has also struck gas upon which we are awaiting results ,,,,,,The deal being that EEL farmed into leads with "Big Oil " far bigger projects with the requirement of the spudding of 2 exploratory/discovery wells for 30 % of oil held therein ; and 40% of the gas receipts . !00% financed by EEL . .......So if my fag packet calculations prove correct EEL have from their first well-BDX1 earnt a payload of 35m mmbo ( constituting 30%% of oil recovery @ a conservative $50 p/b ) and worth approx $1.5 bn: , and 360 bn cf of gas which when equated to bbls of oil equates to the prof formula of 6000 cf = a bbl: and hence a value of a staggering 360 bn divided by 6000 which equals to 6mboe and a value of $300 million .{ @ a conservative $6 per million cu/f . lf my mathamatics are wrong please feel free to correct ...The second well at olenware is believed to be a pure gas play And what with being in a prolific envoronment of world class finds in gas it would not be unreasonable to expect great divergence from the norm ..... ...This RNS would usully have sent EEL soaring but this word " sentiment" and interest rates are in the driving seat of the market ....What a stinker ! ... BUT !! Quality always prevails & i fully expect the stock to recoup losses leading up to , and during , the USA " driving season Bonne Chance /bien amicalment . @+ J

there is something badly wrong her .... glad i am out, but see sp has slumped by 36p with no official news

although very low volumes and no significantly large sells to signify anything unusual. It looks very depressing at the moment but the same patterns are happening accross the markets. I am still holding, although this morning slipped into negative figures, because the fundamentals as far as we are all aware still remain as strong as 3months ago.