I noticed EOG in Shares Magazine last week, and having done some research, think they may be a decent producer / exploration play.



Europa Oil & Gas (Holdings) plc, is involved in the exploration and production of hydrocarbons in Europe. The Company has a balanced portfolio of 12 European oil and gas exploration and production assets in the UK, Ukraine, Romania and Poland. The portfolio contains proven plus probable and development reserves of 7 million barrels oil equivalent (mmboe) net to Europa and exploration potential of a further 28 mmboe. Wellhead revenues are currently in excess of 200,000 per month from a volume of 340 barrels of oil equivalent per day (boepd). These figures are set to rise substantially by the year 2007 when projected production will be above 7000 boepd.


The Company has an active near term drilling programme with three wells scheduled to spud in the first quarter 2005. The drilling programme mimics the balanced portfolio with one appraisal well on the recent Bilca Gas discovery in Romania, one development well on the West Firsby Oilfield in the UK and one exploration well in Romania.



Europa is set to become a significant producer of hydrocarbons in the near future and intends to develop a substantial independent upstream oil & gas business. The management has a strong mainstream oil and gas background, which enables Europa to continue to identify, acquire and develop profit-making oil and gas assets.



Europa Oil & Gas (Holdings) plc was admitted to the London Stock Exchanges Alternative Investment Market on November 11, 2004 and trades under the symbol EOG.





Corporate website : Click HERE

zipped in for a quick 25000 warrants at under 8p this am. good price imho and when imminent good news breaks they should be in the money pretty quickly!!

Good morning Barclay,

The 50p share price "target" is my back-of-an-envelope calculation of how much I think the Bilca production plus existing production could be worth, using a P/E suitable for a growing oil co. I also came out with a similar figure using EOG's end-2006 production target of 1,000 boepd. It's purely conjecture on my part, although hopefully conservative enough to be realistic.

The bottom line for me is that I can see very little potential downside on this stock at present. All the indicators are pointing in the right direction, and the fact that one can get warrants on an underlying stock which in itself looks like a relatively safe bet is for me a stunning bonus.

I'm prepared to punt on these because I think that over the 18 months for which the warrants are still valid, they offer significant opportunity for growth with a comparatively low chance of losing out.

You're right about the potential, but I would be wary about reliance on charts to predict the warrant price at this early stage due to volatility issues. The share chart may offer some indication that the SP's floor is set around 30p - of which I have a fair degree of confidence given how close we are to seeing Bilca come on-stream - but again it's early days. However, I'm not a chart expert . . .

Anyway, WDIK, best of luck if you're thinking of climbing on board.

PS I took a look at Dana after reading your post - I infer from the chart that at some point the stock consolidated at least 10 for 1? You didn't miss a 100-bagger, surely??

Pommy, welcome aboard! Good to hear from you and am pleased for your sake that you managed to get under 8p (clearly I'm using the wrong broker!).

they still havent published my trade yet!!

Not sure where you might be looking, but MoneyAM's feed for these warrants seems to have stopped working after I looked at it last week. My own broker doesn't publish the movements and FT.com doesn't update them until the end of the day.

Sorry you won't be getting your name in lights but anonymity somehow seems to go with the secretive world of warrants!

surely a trades a trade tho, it should be reported like any trade of the underlying stock!

I agree, but trades of these warrants at least seem to have fallen between the cracks. I can also understand that possibly for reasons of cost there are fewer live feeds for warrants, which are in any case low-volume issues.

A quiet day for the shares - no trades so far. Seems everyone's buying the warrants :o)

Roll on, the end of July!

There it it ...nice price!!!!


12/05/06 08:06 7.5375 25,000 O 7.0 8.0 Buy 25,000 0 0

Morning all.

EOG getting hit a bit heavily right now. Barclay, I only hope you didn't jump on board with that share purchase yesterday. I'd be inclined to wait out some of the choppiness right now, maybe wait until a bit nearer the time of the production news. Anyway, WDIK.

Warrants are down too - wish I'd see that one coming as I could have had more for less money :o(

Best of luck everyone, am certain that this will come right in the end, but would certainly understand anyone who's feeling nervous right now.

ST, good news TD Waterhouse will let me buy by just signing a form saying i know the risks, i have to wait afew days to get my account open, hope the warrants are still down a bit by then, but it doesn't matter as long as i can get in around 8p.

ST, good news TD Waterhouse will let me buy by just signing a form saying i know the risks, i have to wait afew days to get my account open, hope the warrants are still down a bit by then, but it doesn't matter as long as i can get in around 8p.

Sorry guys my message has been repeated and i can't delete it.

Good ol' TDW - I'm with them too. With the prices the way they are it looks as if this incident may now might work in your favour.

By the way, you won't see on your trading/account screens that your account has been upgraded. (I checked this by phoning TDW). Inputting a "dummy" trade for a live quote will show you when the account has been set up for warrants trading. If in doubt, give TDW a call.

Bounce this morning, on both shares and warrants, reversing most of the dip from Mon and Tues.

ST, i read about Northern's placing, not happy we wern't warned. They say they aim to produce 1000 barrels per day in 2007 which is good.

Which brings me to my comparison of Europa, Valued at 4 times less and aiming to produce the same output as Northen by the end of this year, it must transform the mkt cap.

Nice to see them bounce back this morning,everyone knows this is good.

Good comment, Barclay. Definitely there should be good news in store for EOG's SP. I think, however, that NOP's current and near-term SP strength is on valuation of the underlying assets as 1,000 bopd is tiny compared with their mkt cap and their potential, IMO. EOG probably has a way to go to hit the kind of valuations we've seen on NOP recently - NOP's portfolio is quite big now and has very much larger audited resources/reserves, although EOG is also adding prospects and generally heading in the right direction.

It would have been nice to have been told about NOP's placing - there's a suspicious part of me that thinks some of the recent SP drop was due to big boys clearing out existing holdings on the market and replacing them with cheaper shares from the placing. WDIK though.

I read on Tom Winnifreths website that something like this might have happened and that the FSA might look into it. Isn't that illegal?

It probably ought to be - thought this kind of thing was subject to lock-ins, but maybe someone forgot to add the small print!

PS - I see the warrant price has dropped again - looking good for your purchase!

The warrant price skids again! Barclay, whatever have you done to make that happen?

EOGW Bid: 5.5p Offer: 6.5p Change: -0.75


Although if they get any cheaper I shall have a hard time restraining myself from buying some more.

(If anyone knows of a branch of Gamblers Anonymous near Frankfurt then perhaps they ought to arrange to have me kidnapped and delivered there for some treatment :o)

Somehow the SP managed to drop today in spite of what appears to me to be very encouraging news about future drilling.

Anyway, judge for yourselves; here's the RNS:


For immediate release: 31 May 2006

Europa Oil & Gas (Holdings) plc

Romania Seismic Update

The Directors of Europa Oil & Gas (Holdings) plc, the production and
exploration company, are pleased to announce the completion of the planned 300
km seismic acquisition programme on Brodina, Cuejdui and Bacau Blocks in
Romania. The partnership acquired 200 km of new seismic on the Brodina Block,
which contains the Bilca Gas Development, and 50 km of new seismic on each of
the Cuejdui and Bacau Blocks.

Preliminary results have highlighted the appearance of a number of significant
new seismic anomalies in the eastern part of the Brodina Block. Several areas
are prone to high amplitudes in the Sarmatian sequences similar to, but
potentially larger than, those which led to the group's successes in the Bilca
area. Consequently, the partnership has approved the acquisition of 62 km of
new infill seismic over these areas in order to select a drilling location.
This infill seismic will be acquired as soon as possible this summer.

In addition, the group will look to acquire up to 40km of new seismic data over
the Voitinel area, a large structural lead in the central part of the Brodina
block.

Preliminary results over the Cuejdui and Bacau Blocks are also very encouraging
with the all of the initial leads confirmed and in some cases larger than on
the previous interpretation.

Work will commence on the seismic interpretation over all three blocks when the
final processed data are received in the next month or so. It is believed that
the seismic interpretation mapping will lead to several drilling locations for
the 2007 drilling programme.

Paul Barrett, Managing Director, said, "We are delighted the infill survey to
the south of the Bilca Development has identified further areas of significant
potential in the Sarmatian gas play. So much so, that in order to properly plan
a 2007 drilling campaign, additional data will be acquired this summer. We look
forward to a fruitful drilling campaign on these licences in the next 12
months".

Note for Editors:

Europa has a 28.75% working interest in the Brodina and Cuejdui Blocks,
situated in the northern part of the prolific East Carpathian oil and gas
province. The Brodina Block contains the Bilca and Fratauti Fields, a gas
development resulting from discoveries made by the group and due onstream in
summer 2006. In the third block, Bacau, Europa holds a 47.5% interest. All
three blocks are operated by Aurelian Oil & Gas.