# BFE - Black Fire Minerals



## bhutos (12 February 2008)

Thought i'd start a bit of a thread on BFE giving they're due to spud Moriary in the next day or so. EGO is going to attract most of the attention, but it'll be BFE/BFEO sitting on the sidelines with better leverage (BFEO at any rate) that could be very interesting to hold through to Lake Macleod. LGO has great leverage on the heads, but with 141k cash on hand it's not quite as sturdy. 
I'm not overly concerned with Moriary, but it's a good time to position for Macleod's April/May drill. Director just bought shares.

Moriary: 3.5-11mmbbl - 10% BFE
Lake Macleod: 150mmbbl - 7.5% BFE

Cash on hand: 3.174M
Shares on Issue 61.5M: 30,750,000 BFE | 30,750,000 BFEO (EXP 2010)


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## surfingman (12 February 2008)

*Re: BFE - Blue Fire Energy*



bhutos said:


> Thought i'd start a bit of a thread on BFE giving they're due to spud Moriary in the next day or so. EGO is going to attract most of the attention, but it'll be BFE/BFEO sitting on the sidelines with better leverage (BFEO at any rate) that could be very interesting to hold through to Lake Macleod. LGO has great leverage on the heads, but with 141k cash on hand it's not quite as sturdy.
> I'm not overly concerned with Moriary, but it's a good time to position for Macleod's April/May drill. Director just bought shares.
> 
> Moriary: 3.5-11mmbbl - 10% BFE
> ...




I think it's Black Fire Energy not Blue  

Empire has a 40% exposure to Moriary, I am sure there will be a few supporters there also posting once it spuds.


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## bhutos (26 May 2008)

*Re: BFE - Black Fire Energy*

Nice, trading halt for a proposed aquisition, on top of the activity at Lake Macleod within the next month we should start to see a bit of a fire lit under this one.


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## bhutos (28 May 2008)

*Re: BFE - Black Fire Energy*



bhutos said:


> Nice, trading halt for a proposed aquisition, on top of the activity at Lake Macleod within the next month we should start to see a bit of a fire lit under this one.





Nice. Up 233% on open, close at 150% on BFEO, heads closed 40% up. Personally I think the direction is a little opportunistic but it's always been a nicely leveraged punt so I'm not going to argue.. provides a good floor in the event of failure at Lake MacLeod.


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## YOUNG_TRADER (16 July 2008)

*Re: BFE - Black Fire Energy*

Guys just a quick heads up,

These are dirty markets and there are bargains galore, BFE is one I liked primarily as an Iron ore play in Africa, search through the ann's you'll find it,

But just realised they also offer massive leverage to the upcoming EGO Lake Macleod well

Also Steinpris bought 250k shares yesterday on mkt at 18c which clinched it for me


More info to come


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## YOUNG_TRADER (16 July 2008)

*Re: BFE - Black Fire Energy*

More info as promissed,

Like I have said I am sticking with my strategy of buying dirt cheap (or at least what I think are dirt cheap, resource stocks  in Iron Ore, Coal and Oil n Gas,

BFE fits the bill as an African Iron Ore play but also has its hooks in a very large upcomng Aust Oil well,

*Chart wise 18c looks like support  *

But what has me really imoressed is that the famous Ascent Capital/Stienpris group who founded this company (like many others) are still buying on mkt, as if you read the ann you'll see they bought 250k yesterday at 18c, I see that as a real vote of confidence, what do they as directors and deal makers know that we as mug punters don't? 

*Also most importantly it says to me at these levels they are buyers and not sellers* which in current mkts is very reasssuring as they are putting their oney on the line with mine


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## smurfette (16 July 2008)

*Re: BFE - Black Fire Energy*

Hi YT,
I like the mix of ironore and oil. I'm sure everyone will agree that you can't really go wrong putting your hard earnd in these areas. Director buying on market is healthy. You don't see that sort of thing that often any more. 

Comsec shows market cap as $5million. Looks light if it's got the backing of these big wigs as you say it does.


Smurfette


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## YOUNG_TRADER (16 July 2008)

*Re: BFE - Black Fire Energy*

Smurfete where you been hiding during all this carnage? Don't hide in caves, bears live there! lol 

BFE has 35M shares on issue with 20M to be issued as consideration for the project = * 55M so at 18c the Mkt Cap is closer to $10m with $3m cash = EV of $7m *

The company has acquired a project with a historical *400-600Mts averaging 30-35% Fe = 120-210Mt's of Magnetite * 

*At 25c/t EV = $30m - $52.5m = 55c - $1 undiluted as a minimum value *

All in all the company looks very cheap however so does the whole of the ASX, for me this is a buy and hold and wait for proper value/re-rating

No doubt EGO's upcoming Lake Macleod drilling in a few weeks will create alot of interest


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## Sean K (17 July 2008)

*Re: BFE - Black Fire Energy*

Yeah, looks a little undervalued LN.

These 2 slides from their last presentation sums them up.

The steel plants nearby are a little bonus. Just a little. 

I personally don't care about the O&G potential, got no idea about O&G. 

Agree with the .18 support, but under that it's looking dodgy.


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## YOUNG_TRADER (17 July 2008)

*Re: BFE - Black Fire Energy*

Well finally a positive day in the US, hopefully sentiment clears up a nd people start looking for bargains,


It will be interesting to see if Steinpris continue to buy on mkt, I was thinking about this before, Steinpris/Ascent Capital, have hundreds and hundreds of deals and are worth hundreds of millions of dollars, now correct me if I'm wrong but I am pretty sure I haven't seen them buy stock on mkt for any other deals for a long time

Anyway, if there happy to be buyers at these levels thats good enough for me


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## Sean K (17 July 2008)

*Re: BFE - Black Fire Energy*

Hard chart on this one LN.

After it started down the fe way (spike) I'm not sure if you can include anything from before. Some residual investors from the oil days maybe, but they are probably happy with the new priority.

So, yes, .18 is current support, but under that, who knows. No mans land really. 

If it hadn't have done the recap thing, then it's a tasty looking flag and pennant with a target around the 45c mark, but I don't think it's really valid. Not enough psychology vested in it. 

Looks undervalued to me on the numbers. People won't be happy with W Africa, but having the King on the board might be an advantage. eeeek


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## grace (17 July 2008)

*Re: BFE - Black Fire Energy*

Market doesn't want to give much value to lower grade stuff at the moment unfortunately.  Actually, market doesn't want to give much value to higher grade either. 

As a comparison

Holding Brockman  BRM
MC of $130 mill (excluding cash of $120mill).

1.1 billion jorc resource (50 mill DSO, balance upgradeable)
MC = 12 cents / tonne  (before benefication)

After benefication 680 million tonne grading +59%
MC = 19 cents / tonne

Seems all of the iron ore juniors in the same boat at the moment.


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## smurfette (17 July 2008)

*Re: BFE - Black Fire Energy*

I took a deeper look last night

It has held up quite fine when one looks at its share price against the All Ords

19c seemed like a good level so I'm in just hope the markets have bottomed.


P.S, What King are you talking about Kennas The King Of Queens?


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## YOUNG_TRADER (17 July 2008)

*Re: BFE - Black Fire Energy*

Hey Grace,

Yeah Mkt just isn't recognising value, along with the BRM comparison if you compare to DMM its even crazier,

However SDL ACS and NSL have all managed resonable EV's 25c+/t so there is still hope,

I thing the big+ here is as Kennas has pointed out readily available infrastructure ie rail and more importantly *2 Steel Plants in need of feeder ore*

Still mkt cap is so damn small you can't go to wrong and these guys are notorious for pulling off excellent deals


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## Sean K (17 July 2008)

*Re: BFE - Black Fire Energy*



smurfette said:


> P.S, What King are you talking about Kennas The King Of Queens?



The King becomes the No 1 holder once the company reaches it's targets and issues shares to the principles. 

He may have some influenece in getting things moving along.


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## YOUNG_TRADER (17 July 2008)

*Re: BFE - Black Fire Energy*

We all know Africa is corrupt,

And so you either work against them or work with them,

I much prefer to *align shareholder interests with that of management and in situations like this vendors of projects*

How you ask? Well instead of paying $5m cash or $10m cash up front for a project, you give the vendors shares (what BFE is doing) *further you escrow those shares for at least 12 months so they can't just dump those shares on the mkt* (what BFE has done/will do)

That way in 12 months time the only way Mr King here will make money is if we too as shareholders make money, his interets are directly aligned with us as shareholders and thats the way it should be, if he wins we win, ie we all win, this also ensures he will try hard to make the project work and being the *King and Soverign Ruler* of the area I'd say BFE shouldn't have any political or country risk


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## YOUNG_TRADER (17 July 2008)

*Re: BFE - Black Fire Energy*

In addition to aligning our interests with "The King" by having him as a major shareholder,

BFE has also ensured that we get first right of refusal of other projects, now considering BFE started off as an Oil explorer and Nigeria is one of the most prolific Oil provinces in the world I wouldn't be surprised to see some Oil related projects bought in


Oh and Kenaas, as I said don't discount BFE's 7% interest in Lake Macleod, EGO will grab the mkts attention leaidng up to spudding and this will rub off on BFE given its a partner


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## smurfette (17 July 2008)

*Re: BFE - Black Fire Energy*

Just read the asx release on the Iron Ore, so this King is he gonna be like Elvis? Seriously though I thought they had presidents now not Kings.... then again Mugabe is a dictator.

I agree when operating in such a corrupt area its very good to have the corrupt officials with you. As they say if you can't beat them join them...... or at least let them join you hey? 

Also agree and like the fact that he is not getting paid cash but rather shares like you and me and like the fact that he can't just dump them and take his money and run.

So now I say we sit back and let the "King" build us an empire!!!!!


Smufette


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## YOUNG_TRADER (18 July 2008)

*Re: BFE - Black Fire Energy*

lol so Elvis "The King" is alive and living in Nigeria? : lol

Yes Smurfete like I said what BFE have done is *align shareholder interests with that of the vendor of the project (Elvis)* by paying him in shares rather than cash and escrowing his shares for 12 months

*18c is imo good support * and after seeing Steinpris buy 250k at 18c a few days back it would not surprise me if some of those large orders at 17c are them


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## YOUNG_TRADER (19 July 2008)

*Re: BFE - Black Fire Energy*

This stock is sooo tight 

Only 25k traded yesterday, sooner or later those buyers below 18c will have to realise that no one is selling below 18c and if they want volume they will have to pay up, heck the Steinpris directors realised that and hence they went up at 18c, not sure why the others don't

I suspect this will trade in a tight range of 18c-20c but will break out on the back of news/update of the current project, a new acquistion or even in the lead up to the spudding of Lake Macleod, 

Also of interest are some of the substantial shareholders that have been buying on mkt,

*EQT* is a listed trust on the ASX and quite large by the looks of things, I wonder why or how a small micro cap like BFE caught their attention

http://www.eqt.com.au/home/default.asp

*Adam Liernet* is  (according to my broker) a senior guy over at Bell Potter Stock Broking, again why or how BFE caught his attention and caused him to buy even in the 20's on mkt is a mystery to me

However the fact that all these groups are buyers and not selles at current levels explains why 18c is a floor on the stock,

I expect big things from this little one once the mkts settle


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## smurfette (19 July 2008)

*Re: BFE - Black Fire Energy*

I Agree. It looks to be holding tight with 'The King' and Steinpris holding a lot, never heard of this EQT mob nor the other group.... will have to look into them.

Certainly makes me think I haven't looked into Blackfire deep enough.


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## enigmatic (19 July 2008)

*Re: BFE - Black Fire Energy*

hey guys i was wondering if any of you know how to find out what percentage of shares are held by the top 20 share holders


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## YOUNG_TRADER (19 July 2008)

*Re: BFE - Black Fire Energy*

Company's sometimes have their Top 20 on the web and keep them updated, I only had a quick glance but could find nothing

Company's nearly always publish a Top 20 in their annual report, the Top 20 as at June 30th *2007* was 45%

Howevewr I think that this is very unrealiable for a number of reasons, firstly its over 12 months old, secondly BFE is no longer a spec oiler with minority interests in high impact oil wells but is now a serious Iron Ore player with a decent looking project,

This is a company changing event and is evidenced by the fact that Steinpris driectors, along with EQT and Adam Liernet have been buying shares to become or increase their "Substantial Holder" positions

http://www.blackfireenergy.com.au/Docs/BFE.Press.280508.pdf


If I had to guess I'd say somewhere between 60%-80% is held by the Top 20


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## ans25 (19 July 2008)

*Re: BFE - Black Fire Energy*

I think for me this goes in the watch list because at this stage the market hasnt woken up yet abt it, and the volumes are low, so rather than get sucked in like DMM, I may wait for a while until volume is better.


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## YOUNG_TRADER (20 July 2008)

*Re: BFE - Black Fire Energy*

Ans,

What exactly do you mean by "sucked into DMM" ??? DMM's chart is no different to that of SDL, ROY, JMS, AGO or GBG (or really all other resource stocks at the mid to micro end)

 SDL for example rose from 25c to 50c and has since retreated to 23c on the back of this savage mkt, ROY rose from sub 20c to 40c and is now back at 20c, JMS rose from sub 20c to sub 40c and is now back at 20c, AGO rose from $2 to over $4 and is now back below $3 closer to $2.50 from memory, GBG rose from 70c to $1.80 and is now back at 80c-90c, what I'm saying is that most if not all Iron Ore stocks (if not all resource stocks) have given back all of their recent gains, so DMM is no different

DMM is one of my favourite Iron ore exposures and I firmly believe in time it will be a $1.50 - $3 stock, only time will tell if I'm right, its just a shame that we the entire mkt were sucked in by SUBPRIME/CREDIT Crisis


Back to BFE, I have been watching it for a few weeks and the catalyst for me to become BULLISH with a capital B was seeing Stienpris buy $50k worth of shares at 18c along with Adam Liernet who was buying up to 20c but avg I think was 18c, these guys are much more informed than the average punter and if they are buyers at current levels then so am I, it also explains why the stock has consistantly held support at 18c

I am not a mkt guru, I can't say when mkts will bottom (though for me I think we have hit it or at worst are very close) I like to buy in the Gloom which is where we are

For me this is  dirt cheap Iron ore company with a tiny undemanding mkt cap, just the kind I like, I think whats sanity returns to the mkts these sub $10m EV companies will be re-rated, also if you look deep into BFE there's a lot more depth to it than you'd expect from such a tiny cap

Cheers


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## Datsun Disguise (20 July 2008)

*Re: BFE - Black Fire Energy*



ans25 said:


> I think for me this goes in the watch list because at this stage the market hasnt woken up yet abt it, and the volumes are low, so rather than get sucked in like DMM, I may wait for a while until volume is better.




Hi Ans - be careful you don't label some potentially great stocks as dogs at the moment. Given the incredible purple patch equities have had - and in particular resources, I've had to check myself a few times on labelling a stock as a dud as it wasn't performing to what I expected. My expectations have been formed during what has been an unbelievable period - need to re-adjust for a new environment. It is savage on the ASX at the moment - i think we've lost about 8% over the same period the dow has dropped 1%....

I suppose this is advice for anyone who is feeling a little beaten up at the moment - re-adjust your expectations and be patient, if you believe in your research and are happy with your risk levels then this really is a waiting game at the moment.

Anyway, as for BFE - sounds like an interesting story, the main risk - as I see it - is being in bed with the King - while it would be a story to tell the girlfriends about, I understand he was a particuarly selfish lover...... 

Having worked in 'corrupt cultures' the Kings (Sovereign ruler type) interests will only ever be aligned with him - not us, BFE or even Elvis. I think one to trade as it progresses, not neccesarily to hold for ore production (does anyone do that anymore?) Don't know if it will run up on spudding Lake Macleod or not, depends on what the market sees as their focus - a discovery though should heat things up a bit!!


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## ans25 (20 July 2008)

*Re: BFE - Black Fire Energy*

I dont know guys, this is Africa after all.

I think at times like these its better to watch than jump in, never catch a falling knife.

Sure it has potential, but I could argue a lot of IO stocks have potential, you just have to calculate the risks involved as well as market sentiment, AND the fact this has v low volume depicts the current market sentiment, be it that we are going through a tough time.

For me its all about volume otherwise than its just too volatile and subject to manipulation too frequently.

I'm not saying BFE wont increase (it has to there's only one way up) but at the moment I think there are other better bargains out there.

Happy Buying!


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## YOUNG_TRADER (20 July 2008)

*Re: BFE - Black Fire Energy*

Hey Datsun,

Totally agree, alot of people need to understand just how hard our mkts have been hit of late, most if not all micro to mid resource stocks are off 50%, even the mighty BHP is down at $36

So having said that I found it very re-assuring to see BFE hold 18c for a few weeks now during these very very difficult times






Datsun Disguise said:


> Having worked in 'corrupt cultures' the Kings (Sovereign ruler type) interests will only ever be aligned with him - not us, BFE or even Elvis.




lol I love how we're calling him Elvis, I wonder what he'd think if he read it, lol 

On a serious note though, the King hasn't made any money from this deal yet and can't as he is only being given shares which are escrowed for 12months, 

The only was the king can make any money from this deal is by selling his shares in 12 months time

Now through all the payments etc etc, the king stands to own between 60%-70% of the company, making him by far the biggest share holder,

Now if you were this king and you were going to end up owning 60%-70% of BFE and you had just vended a project into the company wouldn't you do everything in your power to make the company the next FMG or PDN? 

Now I'm not saying under any circumstances that this is the next FMG or PDN, not by a long shot, I'm just using it as an exmaple to illustrate a point,


My thoughts are he will do his best to help progress this project along to production as quickly as possible and will also try and vend other projects into the company, so in 12 months time its a $250m or $500m mkt cap company and not $10m and that way his interest is worth $175m or $350m and not $7m

Everythign is a risk, this is a spec stock nonetheless, but it is cheap and has a very undemanding mkt cap and thus fits my profile for an investment, people should do plenty of research and make sure they are comfortable with the stock the risk the upside everything before they invest


Cheers

p.s. Elvis lives!!!!!!!!!!


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## smurfette (21 July 2008)

*Re: BFE - Black Fire Energy*

Very interesting guys. I can see both sides to this...

YT I think Datsun is right in that Africa is definitely corrupt and so are its leaders/rulers.

However, Datsun I think YT is also right in that it must be in the kings interest to make the company as large and valuable as possible because as the company values increases his personal holding or wealth increases.

Very tight stock though so I believe it would shot up a lot on any single announcement.


Smurfette


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## bhutos (21 July 2008)

*Re: BFE - Black Fire Energy*

btw Lake MacLeod is more like 30mmbbl not 150mmbbl. 150 is the filled to spill amount, 30 is most likely the P50. My portfolio isn't bad at all atm, but BFE is certainly one of the standouts, wish I had more of the buggers.


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## YOUNG_TRADER (21 July 2008)

*Re: BFE - Black Fire Energy*

Hey Bhutos,

When I first saw Lake Macleod estimates of 150 M bls I thought yeah sure thats the target, but whats actually recoverable, sometimes a 150M bl target may only yield a recoverable 50M -75m bls if your lucky,

However from read EGO's presentations the * 150M Bl figure * is their actual estimate of * RECOVERABLE * Oil

Now this is as you said filled tot he spil, but I'd assume then a conservative estimate would be 50M bls, 

How did you get 30M bls? 


Also for interests sake,

*30M bls @ $30 a barrel = $900m Net 7% to BFE = $63m 

60M bls @ $30 a barrel = $1.8 Billion Net 7% to BFE = $125m *

Now note this is using an EV of $30 a barrel and not an I.G.V. of $130 a barrel


The current mkt cap of the company is under $10m with $3m in cash 

So a 4M barrel discovery would be suffcient to underwite BFE's current value and leave the large Iron ore project free!


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## Datsun Disguise (21 July 2008)

*Re: BFE - Black Fire Energy*



YOUNG_TRADER said:


> How did you get 30M bls?




EGO let that nugget slip in a recent announcement. I think the actual words were "a more conservative estimate is 30mbls". It was in one of the SPP announcements from memory.



YOUNG_TRADER said:


> The current mkt cap of the company is under $10m with $3m in cash
> 
> So a 4M barrel discovery would be suffcient to underwrite BFE's current value and leave the large Iron ore project free!




BFE is a good spot for LM exposure on your behalf YT, I'd say a duster at LM will have a relatively small impact on sp, but some texas tea would get this pony galloping! Still, EGO will get the adrenaline going.....


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## YOUNG_TRADER (22 July 2008)

*Re: BFE - Black Fire Energy*

Ahhh, thanks Datusn, I'll go have a read,

But like I said, I do admire the fact that they ar eputting forth the recoverable resource estimate and not just the toatl oil that my be there,

Its a shame when you think about how high the oil price is that we can't recover 90%-100% of the oil in the fields, just think of the daily wasteage, anyway the world does have to get ready to move on one day, so better now then later I suppose


But getting back to BFE, yeah I prefer it as my exposure to Lake Macleod, primarily because to me thats just a bonus, I see it as dirt cheap based on its Fe project, so Lake Macleod is really icing on the cake


Will be interesting to see how the SP performs leading intoi the spudding


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## smurfette (22 July 2008)

*Re: BFE - Black Fire Energy*

Looks like EGO are drilling ahead to the reservoir objective exciting times ahead

"RE: STAR FINCH-1, EP 460, CARNARVON BASIN, WESTERN AUSTRALIA
Please find attached the Empire Oil and Gas N.L. ASX Release dated 22 July 2008.
As of 2400 hours 21 July, drilling ahead in 8  ½” hole at 233 metres.
The current operations at the Star Finch-1 well at 0900 hours on 22 July 2008; drilling ahead in 8  ½” hole
at 295 metres to reservoir objectives."


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## YOUNG_TRADER (22 July 2008)

*Re: BFE - Black Fire Energy*

lol wrong well,

This current well has nothing to do with BFE, its an EGO well, once Star Finch is finished the rig moves to Lak Macelod which is in a completely seperate area to Star Finch, hence the result here hs very little influence on the prospectivity of Lake Macleod,

In doing my research I made a very interesting discovery,

*It looks like the same people behind the acqusition and management of SDL early days while it was transforming into what it is today by acquiring the Mbalam project are the same people helping BFE transform*

I found the info in the last few pages of the acquistion ann


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## smurfette (22 July 2008)

*Re: BFE - Black Fire Energy*

SDL management. v good.  If thats true that would explain why and how a listed equity fund bought BFE.

Can you please put up a link to this?


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## YOUNG_TRADER (22 July 2008)

*Re: BFE - Black Fire Energy*

Hey Smurfette,

like I said "I found the info in the last few pages of the acquistion ann"

It was the ann dated *28th May titled "Aquisition of Iron ore projects, Kogi State, Nigeria."*

Anyway I have copied an extract of it


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## smurfette (22 July 2008)

*Re: BFE - Black Fire Energy*

Hey thanks YT,

Funny thing is maybe 5 minutes after I asked for the link I ended up finding it, I was looking at the presentation release not the acquisition announcement.

Company credentials seem to look better the more we dig.

Interesting how that other guy Mr Joseph is a former executive of Nigerian Petroleum.

Do I smell oil projects in the wind?


Smurfette


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## YOUNG_TRADER (24 July 2008)

*Re: BFE - Black Fire Energy*

Hey guys,

EGO had a duster over at Star Finch, so now the rig is gonna begin moving over to Lake Macleod,

Although this oil well is now a side interest for EGO, a discovery here could be company making given the huge leverage the well offers


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## YOUNG_TRADER (24 July 2008)

*Re: BFE - Black Fire Energy*



bhutos said:


> btw Lake MacLeod is more like 30mmbbl not 150mmbbl. 150 is the filled to spill amount, 30 is most likely the P50. My portfolio isn't bad at all atm, but BFE is certainly one of the standouts, wish I had more of the buggers.






Datsun Disguise said:


> EGO let that nugget slip in a recent announcement. I think the actual words were "a more conservative estimate is 30mbls". It was in one of the SPP announcements from memory.




Hmm just reading over EGO's ann today and yep I now see it

150M bls = filled to spill

30M bls = more conservative

Even 10M bls recoverable = $300m EV value = $21m to BFE or 3x its current EV, so really don't need a huge discovery, just some texas tea as you put it Datsun

So cheap, with so many aces up its sleeve and yet so unloved by the markets but as I've seen time and time again that can and does usually change


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## Georgeb (24 July 2008)

*Re: BFE - Black Fire Energy*

YT, i am bullish on this one, I have been following it for a few weeks now and pending in market conditions over the next few weeks I can see it appreciating in level. These species can fly quick and hard and in this market i prefer to be in these rather then the blue chips...


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## bhutos (24 July 2008)

*Re: BFE - Black Fire Energy*



YOUNG_TRADER said:


> Hmm just reading over EGO's ann today and yep I now see it
> 
> 150M bls = filled to spill
> 
> ...




With 2.6 Billion shares on issues EGO needs the 150mmbbl a bit more. BFEO doesn't. I don't hold any heads, but my oppies I got at 3.8c avg.. EGO to trade, BFEO to hold.


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## Sean K (29 July 2008)

*Re: BFE - Black Fire Energy*

BFE lost that support at 18 a couple of days ago and have fallen back to 13 on really low volume. Surprised the Jewish boys didn't prop it up buy adding to their position which they were doing above 18. Maybe they're waiting for the market to settle, or dead cat bear rally, like the rest of us. Maybe there's no bear rally....eeek. Maybe approval of the company purchase at the AGM will provide some surities.


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## ans25 (29 July 2008)

*Re: BFE - Black Fire Energy*

Maybe they have made there profits already

Not a good day for most speccies, CAG, CFR, NSL etc


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## Sean K (30 July 2008)

*Re: BFE - Black Fire Energy*



kennas said:


> Maybe approval of the company purchase at the AGM will provide some surities.



Approval to acquire Aico Ado Ibrahim Mining Company Pty Ltd approved but it's gonna take something else for some interest to come back here. 

Any thought that the Nigerian oil and rebel problems are dampening this?


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## YOUNG_TRADER (30 July 2008)

*Re: BFE - Black Fire Energy*

Kennas and Ans, look at the chart, all the volume buying/selling was done between 18c - 20c,

I think like 50k has happened at these stupid 14c-15c levels

and Ans Stienpris have not sold any shares so how have they made any money? They were buyers at 18c

These mkts are carnage, everythingg is getting slammed, the banks are losing 5%-10% in a day I mean thats just nuts

If/When the mkts recover things should return to normal, its that simple, until then you will see stupid prices across the board

I made a fortune last time this happened buying selective great Iron ore stories such as ACS MXR and selling once the the mkts became crazy bullish and those stocks put on 200%-300%

I reckon I will be able to do it a gain with BFE, time will tell, but this is dirt cheap for me


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## ans25 (30 July 2008)

*Re: BFE - Black Fire Energy*

YT,

I know the Jews are involved and all but still this really smells like DMM to me, Im talking the volatility, only 45k volume and up 20%

Im itching to spend a few k to buy into this but would like to watch for a bit more.

I think it can go sub 15c again.


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## YOUNG_TRADER (31 July 2008)

*Re: BFE - Black Fire Energy*

Hmmmm maybe ease up on the "JEWS" bit Ans, Kennas I'm looking at you too

Ans this had no real volume under 15c so unless you were hoping to only buy 10k of shares you will get fark all at those levels

I have been picking stocks for a long time and right now I say with all my heart DMM and BFE represent the 2 best fundamentally undervalued re-rating Iron Ore stories on the mkt and so we will wait and see

As I said we will see, no point judging anything in these markets,

As I say this it looks like a few buyers have come out of the woodwork almost 400k, I really hope this is Stienpris


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## Sean K (31 July 2008)

*Re: BFE - Black Fire Energy*



YOUNG_TRADER said:


> As I say this it looks like a few buyers have come out of the woodwork almost 400k, I really hope this is Stienpris



You mean the Jewish boys LN? 

Yes, lets see another shareholder notice from them. If I had any courage at the moment it might have been me, but alas....


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## YOUNG_TRADER (1 August 2008)

*Re: BFE - Black Fire Energy*

Yeah those are the one's, the boys worth about a gagillion times what you and I are worth, the 'smart money' as they call it

Well for weeks and weeks they made 18c a floor, now it looks like 16c is the new floor they have set, considering how far other stocks have fallen a fall from 18c to 16c in this mkt doesn't seem to bad at all, 

its good to know that in these troubled times we're not alone


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## ans25 (1 August 2008)

*Re: BFE - Black Fire Energy*

Yes the JEWISH(not jews) must have known something we didnt.

But yeah it has been holding up pretty well.

Hey YT are there any pending ann's to be made on this in the near time future- because perhaps that then will spark a flurry on this


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## YOUNG_TRADER (5 August 2008)

*Re: BFE - Black Fire Energy*

Some more buying going thorugh the last few days

1 largish 360k order today

Considering most retail peeps are sh1tt1ng themselves lately I'm guessing it was either Steinpris, Leirnet/Bell Potter or EQT Thats the only smart money I can esee buying on weakness


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## Sean K (29 October 2008)

*Re: BFE - Black Fire Energy*

This will be good for the sp:

29 October 2008
Company Announcements Office
ASX Limited By e-Lodgement

Dear Sir / Madam

NOTICE OF TERMINATION OF SHARE SALE AGREEMENT

The Directors of Black Fire Energy Ltd (BFE) advise that they have terminated the agreement for the acquisition of all of the shares in AICO Ado Ibrahim Mining Company Pty Limited with regards to Iron Ore assets in Nigeria as the conditions to the share sale agreement have not been satisfied.

As a consequence of the termination, BFE has withdrawn from its activities in Nigeria.


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## Agent 86 (30 October 2008)

*Re: BFE - Black Fire Energy*

Hey kennas,

Why do you think its good that this has lapsed?

The only other thing BFE has on the go is a oil drill hole in WA.

Whereto for BFE after the WA drilling?


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## Sean K (30 October 2008)

*Re: BFE - Black Fire Energy*



Agent 86 said:


> Hey kennas,
> 
> Why do you think its good that this has lapsed?
> 
> ...



I was being sarcastic, or facetious, or both. 

I only intially bought it for the fe project.

Bailed with the rest of the lemmings during the panic selling a while ago. Saved me a few quid by the look. 

I never looked at any of it's other prospects.


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## Sean K (17 November 2008)

*Re: BFE - Black Fire Energy*

Great support from a Director buying big into BFE.

Acquired 20,000 shares!!!



HUGE!!!!!!!!!!!!!!!!!!

Total consideration.....$600


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## Miner (18 November 2008)

*Re: BFE - Black Fire Energy*



kennas said:


> Great support from a Director buying big into BFE.
> 
> Acquired 20,000 shares!!!
> 
> ...




You are right

Probably that huge investment to ensure that shares are liquid and not taken out of ASX failing  listing requirement. There are few like them CXG, GCS, IRL etc:


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## Miner (19 February 2009)

*Re: BFE - Black Fire Energy*

No one seems to be interested in BFI and there was no posting since mid Nov

However look at today  BFE has gone up by more than 56 % even on a smaller volume. Another Chinese Invasion now strategically out of Australia ?
:
Code  Last  % Chg  Bid  Offer  Open  High  Low  Vol  
BFE 0.050 *56.25%* 0.050 0.065 0.049 0.050 0.049 150,999 

Any one's radar on IO could add to this phenomenon ?


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## Bluebeard (13 November 2009)

*Re: BFE - Black Fire Energy*

Current depth levels are really interesting. Today this went up 2.5c to finish at 16.5cents. 

Sellers are very very light on at the moment. Buying depths seem good at the close. Theres only about 250,000 shares left up to 17c. Beyond that theres little resistance. One announcement thats positive or just some positive sentiment for this stock and it could go on big runner.


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## springhill (10 July 2012)

MAIDEN JORC RESOURCE EXCEEDS EXPECTATIONS PILOT MOUNTAIN TUNGSTEN-COPPER PROJECT

HIGHLIGHTS
● Significant maiden JORC resource estimate for the Desert Scheelite Deposit completed by independent consultants, Golder Associates, exceeds guidance by 36%.
● Indicated and Inferred Resource of 6.79Mt @ 0.31% tungsten trioxide (WO3), 22.8g/t silver and 0.17% copper
reported at a 0.2% WO3 cut-off with 90% of this resource in the “Indicated” category. Resource contains;
• ~2.1 million MTU’s of WO3
• ~25 million pounds of copper
• ~4.9 million ounces of silver
● Broader Indicated and Inferred Resource at a lower cut-off grade of 0.1% tungsten trioxide (WO3) of 12.99Mt @ 0.23% WO3, 17.2g/t silver and 0.12% copper represents a potentially significant bulk tonnage target with 84% of the resource in the “Indicated” category.
● Desert Scheelite deposit remains open in all directions with the most easterly drill hole (DSDD-15) of the recent diamond drilling program returning an exceptional down-hole intersection of 13.9m @ 0.89% WO3, 1.75% copper and 31g/t silver.
● Updated combined Exploration Target* across the three primary deposits of 10.8 – 12.5Mt @ 0.32 –0.35% WO3. This includes 3-4Mt @ 0.36 – 0.41% WO3 at the Garnet & Gunmetal Deposits.
● Eleven other prospects within the project area are yet to be assessed.
● Metallurgical reviews of historic Union Carbide Feasibility Study data in addition to new test work has commenced to investigate modern processing and blending alternatives to increase historical recoveries above the reported 76% - 86%.
● Scoping Study planned to commence in current quarter.


*Base Metal Resources – Potential Significant By-Product Credit Metals*
While tungsten is the primary commodity focus for the Project, significant copper & silver mineralisation and lesser zinc and lead mineralisation has been identified by drilling. Within the 0.2% WO3 cut-off resource estimation more than 4.9moz of silver and 25 million pounds of copper mineralisation has been defined.
In addition to the tungsten resource estimation, Golders were asked to provide resource calculations specifically for copper and silver so that the potential significance of these metals within Desert Scheelite could be determined.

Copper Resource – 0.2% Cu cut-off
Indicated & Inferred - 2.00Mt @ 0.48% Cu, 0.31% WO3 and 27.7g/t Ag.
Silver Resource – 20g/t Ag cut-off
Indicated & Inferred – 2.83Mt @ 54.7g/t Ag, 0.29% WO3 and 0.26% Cu.


Based on the highly successful resource definition program at Desert Scheelite, the Company has updated the “Global” resource potential for the Project.
The new combined Exploration Target*** across the three primary prospects, including the Desert Scheelite 0.2% WO3 JORC resource, is 10.8 – 12.5Mt @ 0.32 –0.35% WO3
In addition to this Exploration Target, a total of 11 other prospects within the project area are yet to be assessed.

** *This targeted tonnage and grade is conceptual in nature and there has been insufficient exploration to define a Mineral Resource under the JORC Code and it is uncertain if further exploration will result in the determination of a Mineral Resource


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