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EGO - Empire Oil & Gas

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Re: EGO - Empire Oil

Hi EGOers.

Tomorrow should be an interesting day as we should have a reasonable idea of LM. Still too early to know with any certainty at this stage. Tomorrow will probably tell the story.

There is always a chance for early hc shows in these types of drills. None present for LM...disappointing.

Given the market at present, I have taken 80% off the table mid-last week. If LM is a flop, the SP will dip - Stokes Bay won't hold it although it will recover somewhat as SB becomes more definite IMHO. Carrying a loss on this one but got to protect capital.

If LM is a hit, then profits on remaining 20% will hopefully cover the losses comfortably. If LM is a duster, then an opportunity might exist for this one as a BOBN for Stokes Bay? Hard to know in this market but a chance...

Good luck to all holders. Get the feeling that Bee-Eater might be delayed, so Stokes Bay is the next big hope.

BESBS Player
 
Re: EGO - Empire Oil

yer, i am only holding about 50% of what i originally had...
hoping for good news this week to cover my losses...:eek:
 
Re: EGO - Empire Oil

Decided to take another 15% of my original holding off the table (so now 95%exited). Not impressed with Stokes Bay announcement and not convinced that Bee-Eater will be drilled this season. From the latest on LM, the odds seem 1:20 at best, so decided to take a hit and go.

This puts a dent in a good 2008/2009 to date. Did well from CTP x 2 (Blamore & CBM 93001), MOG (Bazzard) and EGO (Star Finch) :), then EGO on Lake Macleod has been a dud. :banghead:

Looking to get set in a few new BESBS plays. Some longer term, some more medium plays. Although the market will no doubt have some bad days in the near term, I am starting to feel that we have been close to the bottom already.

Time will tell...
 
Re: EGO - Empire Oil

I did the opposite, my guts telling me LM got oil.

I accumulate a bit more in the last couple of days at .009, hopefully it pays off.
 
Re: EGO - Empire Oil

Todays drilling report announced they've hit the sands but without any hydrocarbon indications, not a good sign. They do need to drill further in order to get deep enough in the sands to run a wireline log - there may be oil yet, but odds just lengthened in my opinion.

I'm a bit surpised the price hasn't dipped on this news, suppose the logs will be the critical piece of news.
 
Re: EGO - Empire Oil

Can someone give me one good reason why i should hold EGO any longer?
I have my finger on the red button to jettison and i don't often turf out losses, but this one has just p!$$ed me off.

Just one GOOD reason.
 
Re: EGO - Empire Oil

Hi Family Guy, I am in the same boat wondering which way to go on this one. I have made some big losses in the past and I am hoping this one isnt going to be another. If I bail I will be over $50K loss on this gem!!
I dont know why call me nuts but I think I might wait for the 1 in a trillion chance they find oil. I hope I am wrong but I believe they should have had some readings by now.

:mad: :mad: :banghead: :banghead:
 
Re: EGO - Empire Oil

........and here i was spewing i'd turned $1k into $500

Call me crazy, but if i had the money you are talking, i'd be buying top shelf, turning it over in a few ticks and then get out of bed and go play a round of golf......but thats just me.
 
Re: EGO - Empire Oil

Any loss is hard to take regardless of the amount.
I did the biggest mistake with this company, I can not explain why I have become emotionally attached (perhaps I should save what I have left and see a professional about my situation).
I bought into ego back in August 2007 and paid top price around 4.9c. and since then have kept throwing more and more into it to reduce my buy price. BIG MISTAKE!!!!!!
Everytime I tell myself the next drill will be the one. Star Finch to Stokes Bay now Lake MacLeod. I know I am a sucker and will stay in till Gingin. Lets hope they dont go belly up.

:hammer: ...this is so what I need to wake up.
 
Re: EGO - Empire Oil

MaryPoppins
i'm down about the same
i'm holding y sell at .7
there are 9 drills on the way all pay for !!
ego are not going to go belly up got 6m in the bank


hold if u can
 
Re: EGO - Empire Oil

Hi EGOers
I am sitting on this one, I am about 7k down I think the way the market is at the moment is having an effect, still got plenty of drills coming up in 2009 Im sure the s/p will pickup :rolleyes::rolleyes::rolleyes:
 
Re: EGO - Empire Oil

DavidB1 said:
MaryPoppins
i'm down about the same
i'm holding y sell at .7
there are 9 drills on the way all pay for !!
ego are not going to go belly up got 6m in the bank


hold if u can
Click to expand...

Good support David and I agree. Mary if you are down that much it is better to hold on especially with further drilling activity to come.
 
Re: EGO - Empire Oil

next is Bee-Eater


Bee-Eater-1 (Empire) – 33.36%

Empire has estimated recoverable oil reserves in the Bee-Eater structure, which also extends
into the Company’s EP 435 Permit, to contain up to 5 million barrels.


but the one we want Gingin west
Empire Oil Company (WA) Limited – 62.5%

Following is a brief summary of the discovery gas wells in the EP 389 Permit that flowed gas naturally at
economic rates without the requirement of fracture stimulation.
 
Re: EGO - Empire Oil

DavidB1 said:
MaryPoppins
i'm down about the same
i'm holding y sell at .7
there are 9 drills on the way all pay for !!
ego are not going to go belly up got 6m in the bank


hold if u can
Click to expand...


Thanks DavidB & everyone for your support, sorry about my hissy fit, I had a bad week on the market this week, as I am sure many others did too. (Poor ego thread copped it).
I will definately be staying in as long as possible. I have a good feeling about Gingin, and you never know Lake Macleod might just suprise us this week. Everything is crossed at my end.
Hope all ego-ers have a great weekend.
Cheers
Mary Poppins
 
Re: EGO - Empire Oil

Yeah Im suprised there was no sell off either.

Oil falling etc.
Isn't the next prospect Honey eater or something like that?

In this climate if I had spec money to play with, i have a buy order at .005 -006.

I reckon this will fall back to its trading range from 2005-06.
 
Re: EGO - Empire Oil

not good news for the guys still holding.

I am happy to take my 8k loss and glad i sold out at 1.6cents.

do i buy any for the upcoming bee eater.......
 
Re: EGO - Empire Oil

G'day all,

Sorry to hear that some lost big money, some a little and some carrying paper losses on this LM drill. From a personal perspective on EGO, I won on Star Finch but lost some on LM. As this is the one dud I have had this financial year, LM sucked!

I don't think Bee-Eater will be drilled shortly. My gut feeling in the wet season will halt any chance of drilling before 2009 for this target. Remember though, Bee-Eater is a smaller target.

GinGin is the next big target, and provided that you get an entry into EGO around 0.005-0.007c, I would think that there would be trading opportunities to make some money (based on previous trading patterns earlier on and more recently with Moriary, Star Finch). Knowing EGO, they will raise more cash prior to GinGin (and possibly a director will sell a few in the SP run before drilling!) hece the need for a low entry point. Some traders will have been burnt on LM, so they may be a little shy with EGO next time. Again, a reason for a low entry point as an extra insurance.

All that said, don't despair. EGO do have other drillings coming up in 2009, they have some cash...hang in there.

Cheers,
BESBS Player

PS. Not holding but will return.
 
Re: EGO - Empire Oil

Thought that this might be of interest for EGO followers:

Empire Oil and Gas, which is one of the largest acreage holders in the Perth basin, has near-term potential to add to the state’s gas supplies at Gingin West in EP 389, which has estimated potential recoverable reserves of about 200Bcf.

Managing director Craig Marshall says the company plans to drill Gingin West early in 2009, based on encouraging results from a 45 square kilometre 3D seismic survey in the first quarter of this year.

He said the survey showed Gingin West to be a broad anticline intersected by Bootine-1 in 1981, which flowed gas at rate of 2.25 million cubic feet per day.

“Gingin is not a tight gas prospect. Three wells have flowed gas to the surface, despite being drilled with very basic mud systems that were not suitable for the formations being drilled. Reservoir engineering and well completion methods have come a long way since then and we think Gingin West is a very encouraging prospect.”

http://www.latentpet.com/_content/documents/540.pdf

For those interested in similar plays, the Warro Gas project with TSV has some similarities.

Holding TSV; not holding EGO
 

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