with a major find and partners/jv/farm out all in place for a massive recovery.200p down to single figures expect a major recovery to 50-70p and rns states more news soon

going mental....now this one.........looking like a definite recovery play IMHO.......
14-14.25

Got in this am @ 12p,pure recovery play,did not do much research,so fingers crossed.

Is this one now a buy?
Market cap of 3.92 million.
Came to the market in 2008 at 1.80 per share, currently 13.75p.

Enegi Oil Plc
01/10/09 - 07:00
Resumption of Operations

Enegi today announces that its wholly owned subsidiary, PDI Production Inc ('PDIP'), intends to resume operations at the PaP#1-ST#3 well at Garden Hill South within the coming weeks.

On 3 January 2009, the PAP#1-ST#3 well was brought on line for clean up prior to undertaking a flow test. The well was choked back to assist in the clean up and initially flowed at 500 bopd and 1,690 mscf per day. However, the wellbore pressure and flow rates subsequently declined. The well was subsequently shut in as the well was unable to sustain continuous production and also due to the high costs of operating during winter conditions; which made further operations uneconomic at that time. Over the three week period that the well was online 6,146 barrels of high quality 51o API crude oil and 3,100 boe of sweet gas were produced.

The wellbore pressure has since recovered to levels similar to those before the well was brought on line. The performance of the well indicates that it is in contact with a large volume of oil but that the connectivity to the wellbore is poor. The data also indicates that the well is capable of producing on an interval basis, whereby the well may be flowed, then shut-in, to recharge the in-contact reservoir pressure, before repeating the process.

It is now the intention to flow the well on an interval basis when operating costs would be low enough and flow rates high enough for the operation to be economic. In addition to giving PDIP revenue, flowing the well will also:

provide an understanding of how the well performs in periods where heating the annulus is less critical;

provide an opportunity to purge approximately 50m3 of water that was not flowed out when the well was on line in January. If purged, flow rates may improve as a result of improved connectivity to zones near the toe of the well; and

provide more data on how the wellbore pressure declines and recharges over time.




Alan Minty, CEO of Enegi Oil commented:




'We are delighted to re-commence operations. When we originally drilled the well earlier this year the prevalent conditions and high costs associated with winter operations made the well uneconomic at that time. Flowing the well now will not only provide us with some revenues, but will also provide further technical information about the well.'

At this price it is for me,and still not too late for others to get in,steady climb towards at least 30p in my book.

Thanks capetown!

What a great start today,its continues it journey north,the phoenix is rising,lots of news on the way,if all good..............

grevis did you buy or were you already here?

http://www.avirgintrader.com/index.php/archives/enegi-oil-grabs-the-news-with-an-exciting-burst-of-energy

personally i wouldn't touch this one
with a cap of just over 9m, it can't be traded as a CFD anyway, but that apart, there is barely 25% of the shares truly on the open market, so liquidity will be very tight indeed.

to be honest, there are (imo) so many better E&P companies out there carrying far lower risk - even the likes of the falkland island clique - that i really do not see the sense of trying to pick out an amoeba company that just might grow in to a minnow

Ok,thanks for your input,will stay with it for now.

i lied ..... to my surprise i found it on IG's list ...... nevertheless, my reaction is still the same, not least because the spread is 15.50/17.25 which is too juicy for my liking especially as it is MM stock only

the EMS of only 5000 (750/1000) also tells you plenty

I am loving it so far Cynic. Thankyou.