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.

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.

I sold them at 16.31p on Friday, guess difference of opinion, mm's were offering
stock at mid price afterwards, guess they found a seller, good trading stock if you can time it right, buyback in if it goes below 13p again.

Taken from another BB today:

...have a read of summary taken from iii bb courtesy of Ticker2000 & Dicko

"Summary for those of thinking of investing or just invested.

The weekend is along time to worry about this if you have bought in on a tip or unresearched speculation. I hope this helps.

1. The price was at 100p plus (peak 202p) and rising during the middle of one of the worst stock market crashes in our life time.
2. The reason being they have proven reserves of the finest crude oil.
3. Located in a politically stable and business friendly country- Canada.
4. They were sensible enough to realise that with the falling price of oil and the problems that they were encountering that there are options to insolvency. They closed the well and waited with the knowledge that the reserves/prospects could be revisited as the market improved.
5. They have not wasted this time. They have improved their technology, they have increased there funding without too much dillution and worked out better methods of retreiving their very valuable resource.
6. Their share placement was snapped up showing long term faith in the company.
7. A venture capitalist bought around 10% of the company soon after the placement at between 6.5-7.5p lending support to this price. This was pre the recommencement of operations.
8. When the economic climate had improved along with the price of oil (which is destined to move much higher) with new funding they have decided to recommence their extraction of their proven reserves. Utilising an increased understanding of the well and new technology with the blessing of their investors and no doubt the Canadian government.
9. They want to recommence "IN THE NEXT FEW WEEKS" - refer to RNS. ie. good news flow.
10. They will generate revenue from this and use to harness other prospects - from the MD's mouth. We are likely to hear flow rates and api's over the coming weeks (not months) as well - likley to be better with new farm in partner which is working for free and will ONLY be renummerated once the oil is turned into revenue. Great ensentive to get things moving very quickly.
11. List of prospects posted by me or available on company website. The two other main ones Garden Hill North and Garden Hill Cenral have the seimics carried out and I suspect will be tackled quite soon. More news.
12. The prospects are surrounded by production and shipping facilities specialising in oil - refer to website. ie. once it out of the ground it is easy to turn into revenue.
13. There is a serious shortage of shares in the public hands - at least 11m out of 20m were traded today(last Friday - around another 13m since). One poster that sold out thought the lack of share was an issue. I spend my life hunting for good share prospects with limited shares in the pubilc domain. I hope that they do not regret their decision Monday morning. Share shortage/high demand = laws of economics = price goes up no matter what the mms's do.
14. There must of been around 600 -800 transactions over the last two days and a handful of sales. Out of these tranactions there will have been around 200-300 yesterday who have all sat on around 40%/50% profit today and not sold. They have waited for the well to be opened up again and have bought into the share as a recovery play. Well done.
15. Any of you that have l2 will know how few sales there were today. In comparison to the amount of purchases the sales were a drop in the ocean. Demonstrating that this rise was based on fundmentals and what will happen in one month, three months, 1 year... not tomorrow. Those of you that are now worried and dont have l2 get it as it will give you so much more knowlege. Those of you that bought on the fundamentals of the company dont need as you know that it very good recovery play with good very good propects.
15. The MD is approachable, ambitious and is the MAJOR shareholder.
16. The farm in partner is likely to be local the area and will have intimate knowledge of the terrain, environment, and climate. They will also have the contact and facilities to turn the oil into revenue quickly.
17. Fox Davis is likley to resume coverage very soon which will add impetus.
18. Most Pi's that have invested over the last week have very high price targes around 1 before they may top slice. This further reduces the tradable shares.
19. Massive press coverage.
20. We are only recovering. When we get back to a 1 I would think we would have more news about the other prospects.
21. Comprehensive email sent to Minty - great name for a man that going to make money for us. Will post again shortly. Awaiting reply.

Addition From Dicko -

ticker I'd add this to the bottom of the summary to, please bear in mind its only for GHS well...

"The Company commissioned two external reports and one internal report on the horizontal sidetrack which forecast that the well should produce between 2,000 and 2,500 barrels/day plus associated gas for the first year. Taking into account these levels of production and long term price estimates, Enegi expects to be self-financing. "

2000 bopd x $70 = $140,000 renvenue per day

$140,000 x 365 = $51, 100, 000 (32,138,364 PER YEAR)

or

2500 x $70 = $175,000 per day

$175, 000 x 365 = $63,875,000 (40,172,955 PER YEAR )

currently market capital 10million.


Addition From Mr Reliable:

Ticker2000 The stated intention of the company was to get the flow rate improved. Your comment: "The partner would not be stumping up more thatn $2.5m on hide to nothing". This is one of the reasons i bought in. Obviously the oil price trend upwards which makes this all ecomomically viable. Finally their partner would not have bought in unless they checked the following criteria:

The depth of the oil below the surface
The nature of the rock structure that contains the oil
The rate at which the oil will flow out of the ground
How close the oil source is to the proposed end
users or consumers
The attitude of the government that has granted the
initial exploration licence

---

I am sure there are more positives that I know and that I do not know.

I know that I am in gem here and look forward to coming weeks. Over the next 3-8 weeks I would like to see the price in the 30's. If the news flow is sound which it looks like it will be and the flow rates are improved upon which is highly likely considering the partner dimension then I think we could be in the 50-60p range. After that we will be dependent on the new prospects and the oils price.

Remember that this company pre this announcement was priced for potential insolvency. There is only upside now. This is still at the very lowest levels of a recovery play. Back to where it was with a year 100p. I am with Dicko on this one.

You sell with a share like this the mm's win and you lose out."

ENEGI's unnamed farm-in partner !?! http://www.canadianimperial.net/index-3.html

Shoal Point Area Profile

Interest:CIVIC Interest 22.5%

Location: offshore Port-au-Port Bay, Western Newfoundland

Water depth:15 meters, target can be drilled from onshore
Size: Exploration Lease 247,161
Structure: 2D/3D defined structure. Pool size between 5,183-35,628 acres
Reservoir depth: 2,600 meters.
Analog: 1995 discovery at Garden Hill
Reservoir Depth: 2,500 meters.

Target Horizons: The Aguathuna Formation. Dolomitation and fracturing are key to this reservoir development. A volatile oil reservoir with recover factor between 20%-40%. Also, the Shales similar to the Utica shale play in Quebec.
Estimated potential reserves: 55-661 million boe (unrisked).
Work Program: Drilled the 2K-39-Z well. Well cost $15,000,000 CDN.

Enegi Oil Plc is an independent oil and gas group whose objective is the identification, development and operation of hydrocarbon opportunities.

The Group's current operations are focused on assets on and around the Port au Port Peninsula in Newfoundland, which, although lightly explored, is in an active petroleum system with light oil having previously been discovered there.

The Group's assets include Garden Hill South, Shoal Point, Garden Hill Central, Garden Hill North and Lourdes.

Sep 10, 2009 4:47:00 PM

..... CIVC is now involved in two areas of Western Newfoundland - Shoal Point and Parson's Pond.

The areas of Shoal Point and Parson's Pond have had intermittent production between 1895 and 1925 with cumulative production of around 10,000 barrels of oil. The proposed Nalcor program would be the first program designed to test the deeper and larger prospects in the Cambrian Ordovician Carbonate Platform in the Parson's Pond area and according to an independent assessment, the Nalcor properties have the potential to contain an aggregate of 284 MMBbl of oil-in-place.

CIVC is currently working with its partners to design an exploration program that will test the Green Point Shale formation on EL1070 at Shoal Point. An independent assessment of the Green Point Shale potential on EL1070 states that the property could contain 1 to 2 billion barrels of oil-in-place.

Everyone - another roaring day for this stock, but the dangers of this stock remain, not least the minute EMS (currently just 5,000) ...... absolutely make hay while the sun shines, but have a sensible exit strategy so that it does not all turn into a nasty soggy mush

The words doh and bolx spring to mind, i just cant believe a load of bb ramping on other sites can make these type of shares do what this has done today...unreal !

as i said last week can only buy 600 quid worth.....and at high margins.....similar when selling........ok coulud make 400 quid or so but hardly life changing

marni .... this is terrible .... you and i agreeing, though for marginally diff reasons .... in fact, if you got the timing wrong, you could even have lost a (relatively) significant amount this morning

i never bought as i wanted much more shares and hated the margins offered

What soggy mush its consolidating around 24pl evel before the next bout of interest.