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EGO - Empire Oil & Gas

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Re: EGO - Empire Oil

Now on the sidelines but still interested in the outcome. You'll have to watch the announcements very carefully, if they intersect the D sands and the tone of the announcement is not clearly positive then I'd be getting out quick. Also look for a significant drop on unexplained news, that will be all the aunties, uncles, siblings cousins, neighbours and friends of the EGO directorship armed with 'special' infomration all getting out......
 
Re: EGO - Empire Oil

Hey Datsun,
looking at all the ASX announcements on this well they have all been optimistic rather than positive notwithstanding there have been both gas and oil shows once they reached the target zones. I'm becoming a bit guarded about EGO there's gas there but maybe not commercial otherwise why is the SP still limping along? Then on the other hand why did EGO increase your stake in the permit during drilling if the results are less than they expected?
It's one thing to make ASX announcements as required but maybe it's time to make then in plain English so that investors are properly informed. I for one really don't know the real status of this well. At least I don't have to wait long to find out. Monday is going to be make or break day. I'm hoping for the former as I've been a long term holder.
 
Re: EGO - Empire Oil


Fully agree with you philly, I to am a long term holder & these guys are pissing me off with there poxy announcements because I have no idea where they are up to on this well as the information coming out in the announcements is not clear at all, as you say Mondays the day lets hope EGO have got it together this time with there seismic survey & they hit the target or else this share price will go into the abyss -
 
Re: EGO - Empire Oil

This capping at 1.3c is relentless! Even 'very strong oil shows' the sp can't break the 1.3c ceiling.

Or does the market just not trust these guys? If this is a big holder selling out to make there 30% margin, then once those shares dry up the sp would have to fly (assuming the find is commercial).

I haven't been keeping track of the daily volume overe the last couple of weeks but 1.3c would have to be developing as a pretty strong floor on price. I'll caluclate tonight how many shares have been sold at 1.3c or above over recent times - I reckon it's going to be a decent chunk of total shares on issue.

Been at a chritmas lunch all day - still not in.......
 
Re: EGO - Empire Oil


Hey Datsun,
this is what EGO said today
Update 0600 hrs 14-12-09
drilled into Top D sands very strong oil shows between 3568m - 3573m. These very strong oil shows will be evaluated further on electric wireline logs

In line with your comment above I would say that "very strong" is clearly positive. The SP is up 0.002 today on volumes of over 152m. I'm feeling happier today.
What do you think?
 
Re: EGO - Empire Oil


Sold out my remaining EGO today, held at .013c again today, the "Very strong Oil shows" were only over 5 metres and no volumes, the gas they were expecting is either lower in the D sands or not there at all.
 
Re: EGO - Empire Oil

Putty7 said:
Sold out my remaining EGO today, held at .013c again today, the "Very strong Oil shows" were only over 5 metres and no volumes, the gas they were expecting is either lower in the D sands or not there at all.
Click to expand...

That's the risk, not looking so much like the sure thing that they've been talking up for a while now....

Philly - not sure what to think, and maybe that is as good an indicator to get out of it as anything. Surely second guessing the companies actions for their true intentions can't be a good thing. Putty makes good points (and backs them up with actions).

I'll continue watching...
 
Re: EGO - Empire Oil

I'm still in ... for now.

Not sure how much longer I'm going to stick it out though. Not a lot of confidence that I'm going to get very far with this one.
 
Re: EGO - Empire Oil

Ego Report today not looking to good no real mention on oil pooling & gas unit decreasing, which I would have thought should be increasing as they drill into the D sands, cant' help but feel another duster on the way. I think the company is trying to stretch this drill out I can't belive how long it has taken to get to this stage.
 
Re: EGO - Empire Oil


Yes I wondered about that to Dandyjac, seems very drawn out for a simple drill that should have been done by now, there is no need to run wirelogs every handful of metres, it just delays things for no reason and adds to the cost of the rig being on site (most companies may run one or maybe two logs depending on whether they will drill further but most wait until completion for this simple fact), not sure what drill bits they are using but it is either very hard going or they are reusing old bits to get the last life out of them because they are burning through those to, whether there is gas coming in the lower sands is anyones guess, in the meantime a lot of volume is still being cleared through the market.
 
Re: EGO - Empire Oil

Another "nothing" ASX announcement today.The tone now is hopeful rather than positive. Just 2 days ago we were told they had encountered very strong oil shows over a 5m interval. Today no oil shows and deceasing gas. Please tell us where we are really heading! I'm afraid my patience is wearing out on this one. Any other views out there?
 
Re: EGO - Empire Oil

http://www.pesa.com.au/publications/pesa_news/oct_04/pesanews_7220.html

Some interesting history including the current location being drilled, with regards to the drilling timetable (35 days), they were 4 days ahead of schedule before they started ars*ing about just after the 2800m mark, they have earmarked 5 days at the end of the hole for testing, so why the need to test on the way down and interrupt the drilling when there is nothing to test ?
 
Re: EGO - Empire Oil

Hi any of you guys still on the Ego Express, interesting article putty7 I still don't have the confidence to climb aboard this train as i have a fear of a big crash at the end. I notice punters are very nervous on this drill & are quite eager to pull there money out on any slight negative when the daily announcements come out , can't say I don't blame them
 
Re: EGO - Empire Oil

Think you are a bit harsh boys, you dont pull the string out in a couple of minutes,
They drilled 75 odd metres from Tues Wed.
Maybe they are running the logs so often because they have a good result.
In the last ann....
"Correlation of intervals in the ‘D’ Sand place Gingin West-1 high to Bootine-1."
"Drill ahead to equivalent D Sand Gas interval that flowed 2.25 MMCFGD in Bootine-1 prognosed Top at 3750m-3755m."
So far the drill has virtually mirrored Bootine 1..and guys 2.25mmcf/d is COMMERCIAL!!
"Completion equipment being trucked to location."
Did you note that 1 line fellas??
P and A equipment would be on site from spud IMO.
"Completion equipment" may be to ready the the well for production.
I bought in at 2.2c about 3 years ago.............i HOPE so.:
 
Re: EGO - Empire Oil

dandyjac said:
Hi any of you guys still on the Ego Express
Click to expand...

Yes ... for now.

Got it at 1.4c a little while ago, but I haven't been too impressed with the SP performance in the last couple of weeks, for reasons already expressed in this thread.
 
Re: EGO - Empire Oil


Hey DAZT 49 well done spotting "Completion equipment being trucked to location."

In today's ASX announcement EGO adds
"completion equipment includes 4000m of 7 inch casing + 3.5 inch tubing being trucked to location."

IMHO I wouldn't think you need this sort of equipment to be trucked in if the well is a duster. P&A involves closing the well down usually by pouring cement down the hole. Casing and tubing might be useful if you wanted to bring something from the bottom of the well up to the surface. But I would only be speculating and I'll leave that to the traders.LOL
 
Re: EGO - Empire Oil

Well is tomorrow the day they finally hit the zone everyone is waiting for, time will tell, pretty hard going where they are at present so its a good indication it could hold back gas.

The Good - The mass dumping appears to have stopped, so they should run on a good result.

The Bad - I was wrong about the 225 million oppies already going through, so those are still waiting to go into the market at .01c.

The Ugly - Duster.

The info provided a few posts ago was historic from the 60's and 70's relevant to the area, I can only assume Bootine-1 was either worked over at a later date, or it didn't flow for very long at the commercial rate because I don't think it produced for very long.

Will be watching like an idiot in the morning in case I miss the boat but unless they run will hold back.
 
Re: EGO - Empire Oil

Well I'm going to miss the news today as I am off to my company christmas party - nice to have it back. I have a low ball bid in in the case of bad news, but will just have to accept that I won't bve part of any run on good news....

Good luck to everyone holding - what a ride, some valuable lessons learnt on this one I think....

And Merry Christmas & HNY to all - I'm out of broad band range from Saturday onwards!
 
Re: EGO - Empire Oil

Disappointing ann, but its about what I expected.
IMO not commercial.
Its not a duster, but it will do till one comes along.
 
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