videodawn
19 Jun 2015
Re: Fracking If you look at the website of for Irish EPA, you will see that the 24 month research programme into UGEE (otherwise known as fracking) commenced in August 2014 and the publication of the output is expected at the end of 2016.There will follow a period of political review of this publication and no recommendations to allow or to ban fracking for shale gas can be realistically expected before 2017 or 2018.If anyone thinks that Irish shale gas will be the saviour of this company, they must be inhaling nitrous oxide.Next week the company will have to repay Shard Capital the outstanding loan of £1.54 million in cash or shares. Shares are out of the question now, because it is not permissible to issue new shares below par without a capital restructuring and EGM. Par in this company is 1p, and the shares are trading at 0.75p at last transaction.Where is this money coming from?Next week will be marvellous to behold how Minty magic will on display.
hethersett62
17 Jun 2015
Fracking [link] climate is changing very quickly, other applications will follow.The next up is in N. Yorkshire, already applied.Ineos / I-gas will be along with others in the N.West in the next 12 months.London even may have an application in the near future. Yes in the GLC region, nr the A40.{ That will raise the profile & shock a few Guardian readers. }Drilling near Gatwick has produced startling results & sp. speculation.Even in France there is more interest, & Poland leads the way.Eire has a 2 yr. cool off period , but this must expire very soon. As I have explained, first mover position is gold dust in the long term.
videodawn
15 Jun 2015
Re: Fracking Where Blackpool leads, Lisdoonvarna follows eh?They'll be dancing in the streets tonight and Willie Daly will be rubbing his hands, waiting to mug someone from Manchester in the matchmaking ball.
SierraBravo
15 Jun 2015
Fracking Possibly indicative of a softening of attitude in the UK at least. Maybe other areas will follow.[link] directly relevant of course, but with the Irsih interests may become relevant in the future.
videodawn
10 Jun 2015
Re: RNS This consortium idea has all of the hallmarks of previous North Sea industry reactions to low oil prices - " Something must be done".........let's form a committee.You remember CRINE, CRINE Network, LOGIC, PILOT, ITF and so on. This is Minty trying to steal the the idea and make a quid out of it. All those previous initiatives frankly achieved very little, but anyone who took them forward was seen by the industry CEOs as folks on the make for their pension pots.No-one will refuse to take part in an "initiative" which is consistent with the policy of the Oil and Gas Regulator. It's easy to commit some manhours and office space to consortium committees when business is quiet, because you can say you are doing something and hope for an OBE.ENEG has never delivered a successful oil development in its entire life, but Minty is putting himself up as the Chairman of a 21st century version of PILOT.He reminds me of another Mancunian - my grandpa, who worked at Trafford Park after WW2. He was a mechanical fitter on factory construction. He bagged the job of working the mechanical hacksaw and assembled a team of labourers to bring lengths of angle iron which he would cut into different standard lengths for the labourers to stockpile.At the same time he had a bookies runner going to place bets on horses and bring back bacon butties to sell. At the end of the day, all of the angle iron product was thrown into the scrap heap, and next day, grandpa would repeat the exercise all over again.Spot the similarity? GHS efforts 1,2,3,4, Jordan, ABT, Buoys in Dundee, MDC, RMRI, Irish Shale, North Sea, Fyne, Dandy, Phoenix, Wood Group.... every one a metaphorical discarded piece of angle iron.Today a new day and more angle iron delivered from AGR and Frames.The missing bit is "where is the money coming from?" There is a big ENEG debt to deal with in a couple of weeks, and none of these consortium partners will be paying it off and that is for certain.
Push2Gush
10 Jun 2015
Re: RNS Can't disagree that at least "something" is going on,,,I would expect it to take a few more additions to the "consortium" to get sufficient all round needs covered though.. Kind of odd to me though, SIFT is not Minty's, it's GMC's, I would have thought that much of the topside is covered under their provision, leaving site prep and other associated preparations to be done through other channels..Anyway,,, it remains a guessing game with Minty and he makes it impossible to get a reasonalbe picture of potential to investors and spoils demand by doing so.
SierraBravo
10 Jun 2015
Re: RNS Push,I reckon they won't be operators in any meaningful sense of the word. They will be flogging/licencing the IPR and charging fees for design work etc in my view. And taking a royalty from somebody elses operating.At least that seems to be the way it is evolving to me. How that potential revenue stacks up against required expenditure I don't know. But it seems fairly clear they are not spending lots of cash, "just" time. They haven't got any cash for cap ex at the moment.Still, it's progress. More things happening. It's not exactly substantive, and unsurprisingly the market is ambivalent. But it is something going on.GL to holders.
Push2Gush
10 Jun 2015
Re: RNS All very good for the "possible" Marginal field stuff, but they have yet to tell invstors just HOW this "consortium" is planning to fund their part & more importantly just how & what that leaves Enegi shareholders as a potential final %.They don't state this because it will result in just a nominal royalty or % left to Enegi/Abtog/MFDco, who the he''l l knows, so how can you base an investment on this,, you can't.. therefore it remains uninvestible.Typical Minty to only give selective information.P2G
rich-cardiff
10 Jun 2015
RNS I like the part about in discussions with a number of O&G firms with regard fields that meet the criteria for development (thums up) . Something that also gets me thinking, is all this networking might lead to some action in Newfie 10 June 2015 Enegi Oil Plc("Enegi" or "the Company"
AGR and Frames join the Marginal Field Delivery Consortium The Company is pleased to provide a further update on the development of the Marginal Field Initiative by ABT Oil and Gas Ltd. ('ABTOG'), the Company's joint venture with ABTechnology Ltd. ABTOG has signed collaboration agreements with AGR Well Management Ltd. ('AGR') and Frames, who become the latest members in the Marginal Field Delivery Consortium (the 'Consortium'). AGR and Frames join ABTOG, Kongsberg Maritime, Apollo and Braemar ACM in the Consortium. ABTOG has been progressing the Marginal Field Initiative for a number of years and has assembled a Consortium of established industry partners focused on the delivery of marginal field projects. The Consortium members all bring complementary expertise with the objective of providing the broad range of skills required to deliver field development projects. AGR is one of the largest independent services and technology companies in the world and have an impressive record delivering subsurface studies, training and drilling wells, covering the entire oilfield lifecycle from exploration through appraisal to development, production and abandonment. AGR will provide a range of services to design and deliver well engineering and well project management elements of marginal field development projects. AGR's focus on maximising safety, cost-efficiency and performance excellence is perfectly aligned with the core values of the Marginal Field Delivery Consortium. Frames provides the vital link between the well and the pipeline in the international oil and gas industry. Frames designs, delivers and constructs separation, treatment and control and monitoring systems, as well as total plant solutions and modules. Frames is already working closely with ABTOG and Kongsberg Maritime to design and deliver offshore process and utility systems that can be operated on a normally unattended basis, a key component in enabling marginal offshore fields to be economically developed. ABTOG is in discussions to add further specialists to the Consortium, based on the same principles, and expects to announce additional members of the Consortium in the near future. As with Frames and AGR, new members will invest time and resources into securing future opportunities for the advancement of the Marginal Field Consortium and Initiative. Since establishing the Consortium, the members have been working together to pursue suitable projects and, having identified a number of marginal field opportunities which meet the development criteria, ABTOG is in discussions with oil and gas companies to advance these further. Alan Minty, CEO of Enegi, commented: "With Frames and AGR joining our Consortium, we have secured two organisations that bring a wealth of experience and knowledge that enhances the Consortium's ability to deliver marginal field development projects. This is an exciting time for the Consortium as the industry seeks new solutions to the severe challenges it is facing. As a Consortium, we are able to provide a coherent vision of how marginal field projects can be transformed and delivered on time and within budget." Ian Burdis, AGR's Executive Vice President, UK & West Africa, said: "We are delighted to be working alongside ABTOG in the Marginal Field Consortium. AGR have many years' experience in the design, engineering and project management of well and drilling activities for the international oil and gas industry. ABTOG and AGR believe that their approaches and objectives are aligned and look forward to working together in order to secure and de
rich-cardiff
03 Jun 2015
Re: Just bought a wee bit more - O/T Caz... Not sure with Caza SB at the moment . I still have a nominal amount in . Caza have been good to me , but the huge apollo loan note and reimergence of yorkville are putting me off... and whilst they are not currently drilling out the the curve, the wells will be currently declining as shale does . Will have a look further into them when i have some spare time
hethersett62
03 Jun 2015
Irish shale To continue to plough my furrow ![link] 7,8,9 & 14 are relevant.The Irish situation will not be for ever blocked.We know from recent comments we still have the irons in the fire.These slides give important background information as to the likely future of Minty's master stroke of being first mover.This could be of great value to the company, someday !
SierraBravo
03 Jun 2015
Re: Just bought a wee bit more - O/T Caza I think you came out of Caza some time ago ?I am starting to think it might be worth another go though would be waiting for around 3. It's pretty difficult to wade through the numbers though. Certainly undecided at the moment but keeping an eye out.
rich-cardiff
02 Jun 2015
Re: Just bought a wee bit more Agree with you SB. Shard i think will roll it over and extend the paper, it pretty obvious a lot of work is going on in the background , they would have had an inkling in January to the future plan and direction and were happy to extend then . It wouldn't have been extended originally on blind faith and in December when oil was a swear word to the markets
SierraBravo
02 Jun 2015
Re: Just bought a wee bit more "I believe Mr Minty has used his own money in the past to help things along."Sort of. He put his salary on hold (it is not clear to me whether he actually didn't draw it or merely delayed it).He took paper through RMRI after extending the credit terms. (Subsequently of course the paper was sold in the market and to another Minty - where strangely it has not been hear of since).But yes, you could argue he has been supportive. Especially a few years ago when Eneg would certainly have faced liquidation had he not done so.Though since then he seems to have recouped this.
SierraBravo
02 Jun 2015
Re: Just bought a wee bit more Video,I suspect there will be some sort of roll over for a fee of more paper. What choice do shard have ? Force liquidation ? That won't get the money back.Minty might be able to find yet another new investor. Though they must be getting pretty thin on the ground.There is a more positive possibility. Maybe GHS is producing some ? Enough to keep a bit of cash trickling in. It was, according to the accounts, producing a bit.But, it's tricky to see how shard could get paid, without major dilution. And that will be a challenge finding somebody to take the paper.
