Enegi Oil is newly listed on AIM.

Enegi Oil Plc is an independent oil and gas group whose strategy is to identify,
develop and operate hydrocarbon opportunities initially focussed on the proven
petroleum region of western Newfoundland, Canada. The Company is pleased to
announce its admission to trading on AIM and the Bourse de Luxembourg today.

Enegi will be admitted to trading at a placing price of 181p and is raising
approximately 15.0 million. On Admission the Company will be capitalised, at the placing price, at approximately 55 million.

On the move again.

yes but try buying some!


i can only buy 600 quid worth......and that was at huge margins offered.
even 800 quid and not allowed to buy unless negotiated so aint doing that.

theres hardly any shares and its obvious mm's been playing games in rying to obtain shares as they must be well short
anyway good luck to all on this as i'm sure many want to buy these but cant

said it before .... this is a damn dangerous stock to play, as the bulk of the shares are very tightly held and the spread is usually 10%+ ..... with a tiny EMS (as you pointed out), it's not so much the buying that would be a prob (you can leave orders to be part filled etc), but if you want or need to unload in a weak market .... in that event, you will be flayed alive

CYNIC i would have done just as well putting it into AFR,
next tip you give me i will listen.

bloody fool!
still not too late for AFR, but would be inclined to wait to see if sp stumbles at 90 .... if so, buy cheaper; if not buy on upward break ..... i think this may prove to be a cracker over the next year or so

NOTED.

Your getting very personal cynic..... you call cape a bloody fool and me to F.... off the other day.........

Balerboy,i do not take offence at CYNIC,thats his style,and i admire his upfront attitude,if you want to take exception on your behalf thats up to you,but leave me out of it.
Good rise @ eneg today,but i would have made much more at afr,and its much easier to trade.

CT ... thanks for the defense, but i think you'll find BB was just joshing

Clearly its me that needs to chill then.

You know me toooo well cynic...lol it's ok cp.

that's the prob when you can't read the body language in the written word

Balerboy, cheers.
Look at engen GO GO GO!!!!

Nice one capetown!

depends how much u got on them

i could only get response for 600 quid yesterday so never bothered........even if it doubled which no guarantee its a trivial amount.......and margins are massive too.

the big boys have most of the shares to themselves.....noses in trough, oink oink

for reasons given previously (and as marni also says), this is def a stock for fools and horses

ok rodney, this time next year we will be millionaires

wheres trigger

Shares in issue 66.79 million
Major shareholders:

Rapid Realisations Fund 10,794,210
Alan Minty 7,483,911
BlackRock Investment Management (UK) Limited 5,800,000
RMRI 4,636,904
Majedie Asset Management Limited 3,552,486
HJ Heinz Trust Limited 2,479,500
Henderson Global Investors Limited 2,038,939
Barath Rajgopaul 1,764,851
PDI Production Ltd 1,702,863
BEL Valves Ltd 1,610,445
Michael Hibbert 1,608,038
Pacific International Management Inc. 1,519,890
BCM Partners LLP 1,000,000

Informative posting taken from another BB:

kevin definitely 66.7m shares in ENEG for a Mkt Cap of 10.84m.
Hi Cube boss. ENEG definitely has one thing in its favour; its in a politically low (or even nil) risk area In Newfoundland. Shares placed at float in March 2008 for 181p!! Valued at 55m at float. Raised 15m. One onshore (100%) licence and stakes in 2 offshore licences. First bad news was on 22/7/08 when Shoal Point offshore well (32% interest) found nothing. 2nd bad news 9/2/2009 when sidetrack well (expensive well 4000m deep then sidetrack) at Garden Hill South (100% interest) was deemed sub-economic, this after news 6/1/2009 that the well had flowed at 696boepd on 1st day. sp fell off a cliff!! Its 100% operating subsiduary PDIP had to be bailed out and its debt restructured. ENEG had a placing to raise 1.5m (30m shares @ 5p) 28/8/09 to continue operations. 2 previous vertical wells had been drilled on GHS (expensive to drill at GHS because wells 4000m deep like MTA). 3rd party farmed in to PAP No1 well GHS. C$2.5m for 30%. sp really took off with the announcement of resumption of operations at the shut in sidetrack well at GHS. Evidently 6,146bbls of very high quality 51 deg API oil and 3,100boe of sweet gas were produced during 3 week period the well was online. Well bore pressure has increased during shut in period. 24,000boe were produced from the 2 previous wells at GHS (one the subject of a farm in as previously mentioned).
Estimated resource for GHS estimated at 8.6mmboe. I dont know what debts its 100% subsiduary PDIP has got (complicated structure) but they were re-scheduled. ENEG only had 600k cash at 31/12/08. Placing for 1.5m in August was just as key for ENEG as the placing for 5.35m in July was for MTA!! Both placings roughly doubled the shares in issue.
In conclusion ENEG is very speculative though the company thinks there is oil in this GHS field as it proved during 3 week trial production. Need to overcome the problem of drop in well bore pressure. Very good quality oil and gas. I think it would be wise to ferret around in the accounts to see what debts its 100% operating subsiduary has. The company is quite opaque in that respect. Resumption of production at this sidetrack, on shore, well seems to be key to short term sp. It has managed to attract a 3rd party to farm in for 30% of another onshore well (for C$2.5m = roughly 1.4m). Do the potential rewards justify the risk? It was valued at 55m at float on the same assets though obviously 2 disappointing wells since then. Doesnt look to be any serious resistance until 50p on the chart. I'm not tempted bwtfdik? Best of luck with your investment Cube boss; hope it does very well!! Drilling costs are high onshore (deep wells) but around 40mmboe to go for. So I suppose its cheap when one compares the Mkt Cap to potential resource but need to check for any debt in subsiduary and will the sidetrack well at GHS produce sufficiently to make it economic.
EDIT: originally put down wrong info on wrong info on resources. More than one Garden Hill!!. Have adjusted my post accordingly.
GHS is 8.6mmboe
GH Central is 24.6mmboe
GH North is 8.3mmboe.
So the reserves position is a lot better than I originally thought. Dont know the offshore potential resource. Probably no value ascribed to offshore interests because only well so far was a dud. Have edited my post. I apologise for my previous errors, now corrected, as regards resource. Its very easy to make mistakes when there are more than one Garden Hill (S,C and N) and with only limited time to gen up. It doesn't look like any wells have been drilled on GHC or GHN so far. Hence the only resource that has been shown by the drill bit so far is the 8.6mmboe at GHS. Roughly 2bbls of oil to 1bbl (equivalent) of gas. Compare that with MTA's estimated 65mmbbls of oil estimated in SOKO as shown by A-12. Mkt Cap of MTA 3 times that of ENEG.

I am in @16p this week very undervalued imo.