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EGO - Empire Oil & Gas

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Re: EGO - Empire Oil

LRG said:
still holding s..t stocks like AOM, CAG, LOD etc that have gone south and no one talks about with enthusiasm anymore!!
Click to expand...


Don't get too down about holding stocks that aren't doubling every week or so. Remind yourself why you bought in the first place, check to see if the reasons are still true, if yes hold if no reevaluate.

One general rule that I always keep in mind, SP's are highest when the future looks brightest, and vice versa. Obvious - but if you don't keep that in mind you can end up buying everything based on market hype and sell for a loss when the hype disappears.

Your comment above is a symptom of the market herd mentality. Sometimes it can be better to sit down and wait for them to return than to run with them.

Not far from finding out the truth about LM and Stokes Bay. I'm keeping a close eye on EGO, good news should be a good opportunity - todays news says that opec are cutting production to match demand, I think they like the 100+ USD a barrel price they've been getting.....
 
Re: EGO - Empire Oil

hopefully find out something soon or start to see a SP rise when spudding starts.
Out of interest, i just checked my sell trigger and for some reason it had disappeared! so glad bad news didn't come before i noticed this or it could have been really bad.

are you holding these guys datsun?
do you see the current 1.6c as a strong resistance point at the moment or could it drop much lower than the current level before spudding starts?
 
Re: EGO - Empire Oil

bowseruni said:
are you holding these guys datsun?
Click to expand...

No not holding now, but watching very closely. It's been trading b/w 1.7 and 1.8 with support looking like 1.6c, but I've given up applying the rules these days. It does seem to be holding OK around this level, but there is a pretty big moment of truth coming up. It hasn't run up at all given how close we are to LM and I'm not expecting much to happen before we get the definitive wet /dry annoucement either. Seems the market is not happy with ego atm. But I'll wait and watch and look at setting a rising buy the day or so before hitting depth.

The interesting one for me is gingin - scheduled for next year. Have a look into that one - I reckon that's a besb opportunity in what will hopefully be a more favorable market.
 
Re: EGO - Empire Oil

EGO should be about to announce the spudding of Lake Macleod any day now. Potential reserves are estimated conservatively at 30mmbl (150 mmbl if filled to spill).

To follow this drill, EGO have the following:

Testing at Stokes Bay
Drilling at a smaller Bee-Eater-1 target

Playing this as a BESBS play but watching for any early positive news as a signal to hold a bit longer as the drill bit turns.

I'm in at 1.6c.
Holding
 
Re: EGO - Empire Oil


RIP shirl. A visionary, no doubt.

While no-one seems interested in jumping in now, this should move with a strike. BESBS, I'm not sure the spud announcement is going to get you more than a few ticks - support for EGO seems to have evaporated... Maybe it is a dirty word....
 
Re: EGO - Empire Oil

G'day Datsun.

30mmbl targets are not that common around Australia (esp. 150mmbl at the top end).
Greed shall play a part (better odds than a tatts ticket) for the traders. If the market holds in together for a week or so, I suspect that we will see some northward movement in the SP.
Even a few clicks (say 2.5c) is 50% profit!

Time will tell..
EGO has been a wonderful friend to me in past BESBS action.
 
Re: EGO - Empire Oil





Hi folks,

EGO ..... as per post above, we will be looking for a lift over the next
couple of days and a strong finish to October 2008, as a couple of
positive time cycles come into play, around each new moon .....

Updated EGO chart, attached.

have a great weekend

paul



=====
 

Attachments

  • EGOupdate26092008.pdf
    45.8 KB · Views: 26
Re: EGO - Empire Oil

Looking at your graph Paul, to me it looks possible we will see 3 cents again which would be great. What are your thoughts?
 
Re: EGO - Empire Oil

G'day EGOers.

From a non-chart perspective, I reckon 3c+ is a real chance in the next week or two.

It looks like EGO recently hit rock bottom (post Star-Finch) at 1.4c for a brief few hours but 1.5c was the general low price for a day or three. Below I have listed EGO's recent drills, potential reserves on offer and corresponding SP run during drills:

Moriary Drill- 11 mmbl Potential
1.0c - 2.8c (Difference = 1.8)

Star Finch- 50BCF or 25 mmbl Potential
1.3c - 3.2c (Difference = 1.9)

Lake MacLeod, with Stokes Bay retesting and Bee-Eater- 30 mmbl Potential, 200BCF or 10 million mmbl Potential, and then 5mmbl.
1.5c- current (Difference = ?)

Clearly Lake MacLeod is a much bigger target than either Moriary or Star Finch so this is a big drawcard.
The market is still dicey, so that adds a wildcard to the pack, although it was dicey at the time of Star Finch as well.
Stokes Bay and Bee-Eater provide some floor to the share price although the SP will fall significantly if Lake Macleod is a duster.
Even a similar response to Moriary or Star Finch might bring 3 - 3.5c.
Hoping for take-off very soon. Hold on to ya seats...

Holding EGO,

BESBS PLayer
 
Re: EGO - Empire Oil

Lake MacLeod has spudded.

From the O&G conference: (thanks to PLM for this)

"Lake MacLeod is the main prospect in EP 461 / EP 439. It is a large structure where Devonian sediments drape over an older Silurian fault block. Unlike Quobba 1 to the northwest, which was drilled on a Miocene compressional structure, the Lake MacLeod structure has been present since Late Devonian times. Thus, the timing for oil migration from the Gneudna Formation source rocks into the Lake MacLeod prospect is excellent. The Devonian section in Quobba 1 is mostly shale, indicating the likelihood of adequate seal at Lake MacLeod. There were good oil and gas shows throughout the Gneudna Formation in Quobba 1 and in particular a dolomite at 1,170 metres. This dolomite was open hole drill stem tested and flowed some 1,000 barrels of water per day from about 5 metres of porosity. This test indicated that the permeability of this reservoir at Qobba 1 was quite adequate to produce liquids at commercial rates.

The Lake MacLeod prospect (EP 439, EP 461) is a Devonian four-way dip closure draped over a Silurian fault block. The structural timing of this prospect is ideal to trap migrating hydrocarbons from the Gneudna Formation. The prospect is of large areal extent (275 km²) and high relief (150 metres), with the major risk being adequate reservoir development. A thin net pay section of 5 metres, as encountered in Quobba 1, some 20 kilometres to the northwest, would allow a potential recoverable oil resource of the order of 150 million barrels to be contained in this prospect."

Lake MacLeod: 30million BBL Potential.
Stokes Bay retesting- 200BCF or 10million BBL Potential
Bee-Eater to follow

Holding plenty of EGO
 
Re: EGO - Empire Oil

I'm out guys, hit my trigger today taking a 10k loss. Good luck to the people still holding and i hope for your sake they get something this time.

watching from the sideline now
 
Re: EGO - Empire Oil

hey sorry to hear

pulled my stop today i was not going to take a 20k loss

if i just get my money back ill be happy

what did u sell out at ?
 
Re: EGO - Empire Oil

Sorry to hear that things have not worked out, Bowser & David.

I'm still in but down a little. I'd like to be able to say that with drilling about to re-commence at LM - and with Stokes Bay & Bee-Eater to follow - that things should look up in the next few days, but no one can say that in this current market. Hopefully the market will remain positive for a week or two and maybe some sentiment will change.

Watching...
 
Re: EGO - Empire Oil

Hi BESBS - was the drilling suspended at LM? I didn't realise that - it would explain why we haven't had any progress reports I suppose. I was getting ready to hear the results, but it sounds like I have to wait a little longer.
 
Re: EGO - Empire Oil

Looks like EGO is back on track. Any thoughts?


ASX ANN.
20 October 2008

The Manager
Australian Securities Exchange Limited
Company Announcements Office
Level 4
20 Bridge Street
SYDNEY NSW 2000

RE:
LAKE MACLEOD, EP439 AND EP461, GASCOYNE SUB BASIN, CARNARVON BASIN, WESTERN AUSTRALIA


Empire is pleased to announce that operations at Lake MacLeod-1 have recommenced with the retrieval of stuck pipe and the running and cementing of 9 5/8" (244mm) casing to 155 metres.

The current operation is installing the Braidenhead and installing Blow Out Prevention equipment prior to pressure testing.

The Future Operations is to drill out (244mm) 9 5/8" shoe with 8 ½" hole and drill ahead to the reservoir objectives.

The participants in the Lake MacLeod-1 well are:

Empire Oil & Gas NL (Rough Range Oil Pty Ltd * Operator) * 30.356%
Longreach Oil Limited * 9.352%
Indigo Oil Pty Ltd * 4.676%
Falcore Pty Ltd * 2.596%
Vigilant Oil Pty Ltd * 0.52%
Jurassica Oil & Gas Plc * 35%
Black Fire Energy Limited * earning 7.5% by Farmin from the J.V.
DVM International Limited * earning 10% by Farmin from the J.V.

Regards

J L CRAIG MARSHALL
Managing Director
EMPIRE OIL & GAS NL
 
Re: EGO - Empire Oil

G'day Datsun & NYO,

Yes, drilling is finally underway again at Lake MacLeod. Given it is a shallow drill, we could easily be getting results from the first zones of interest early next week.

Also interesting to read the update on Stokes Bay...

As far as predicting the share price movement, we could get a small rally as we approach the end of this week if the traders are keen to get back in before the results start to emerge at LM. Hopefully... Of course, if the market suddenly has another shocker, any run for EGO might be wrecked.
Still, we have seen the share price rise from a low .009c to now around a high1.3c today. Still holding and watching with interest...
 
Re: EGO - Empire Oil

ASX Ann says drilling to start tomorrow.

Mondays ASX ann should be very interesting.


24 October 2008

The Manager
Australian Securities Exchange Limited
Company Announcements Office
Level 4
20 Bridge Street
SYDNEY NSW 2000

RE:
LAKE MACLEOD, EP439 AND EP461, GASCOYNE SUB BASIN, CARNARVON
BASIN, WESTERN AUSTRALIA


Please find attached the status of drilling Lake MacLeod-1 as of 24 October 2008.

The current operation is complete pressure testing.

The future operations: Drill out (244mm) 9 5/8" shoe, conduct formation integrity test, then drill ahead with 8 ½" hole to the reservoir objectives, anticipated Saturday 25 October 2008.

The participants in the Lake MacLeod-1 well are:

Empire Oil & Gas NL (Rough Range Oil Pty Ltd * Operator) * 30.356%
Longreach Oil Limited * 9.352%
Indigo Oil Pty Ltd * 4.676%
Falcore Pty Ltd * 2.596%
Vigilant Oil Pty Ltd * 0.52%
Jurassica Oil & Gas Plc * 35%
Black Fire Energy Limited * earning 7.5% by Farmin from the J.V.
DVM International Limited * earning 10% by Farmin from the J.V.

Regards
J L CRAIG MARSHALL
Managing Director
EMPIRE OIL & GAS NL
 
Re: EGO - Empire Oil

The Lake Macleod 1 well located in the onshore Carnarvon Basin has drilled into the Cretaceous Birdrong Sandstone without any indications of hydrocarbons.

Is it to early to assume that Lake Macleod has no oil? Thanks.
 
Re: EGO - Empire Oil

Yes ....Objectives are Primary: Devonian Gnuedna carbonate
Secondary: Silurian Nannyarra Sandstone Should know by Monday though
 
Re: EGO - Empire Oil

what is the worst case scenerio if they don't find oil again? where does everyone think they will drop too?

not holding anymore but hope all goes good for those who are
 
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