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Real-Time news about Grove Energy (London Stock Exchange): 0 recent articles
|afcal1972: GRV shares have apparently stopped trading according to the stockhouse.com posters. Not tried myself today.
News due out next week on Monday / Tuesday so it should be an interesting week coming up.
Just speculation but is it possible that this whole merger has been created in order to shape the company for a incredible annoncement over Abbadesse and the share price of the new entity is going to rocket ? After all it has been quiet on that front and news about agreements with ENI are way overdue.
I can dream I guess. ;)|
|chelseapaul: LOL - your not about to be bought out by Encore, rather Encore has purchased Virgo, this was the JV company Grove formed alongwith Nigo etc.
Virgo contained your North Sea assets.
As the deal involves shares and not cash, Grove and its share holders have a vested interest in Encore's share price.
Hope this clears this up.|
|rrogans: Don't know what is worst ... the well is a duster, or that the price moved north before it was officially announced. I do not like leaky companies, and that is the impression I got from the recent share price action.
|alwaysbanking: With all this positive news flow or antcipated release of good news why is the share price being marked down.|
|afcal1972: A good summary of things as they stand was posted on the fool site earlier today -
Grove is a nice little value play right now. Their Abadesse well flowed 15000mcfd from only three of six intervals. Grove will receive 80% of production. Bluegas farmed into this acreage and will be paying 70% of future drilling costs for a 50% cut. They have a few Abadesse drills on deck. Their first Abadesse well alone can support the current share price.
P-8 is a Dutch off shore heavy oil accumulation which they will develop in 1Q07. They are saying P-8 holds 10mm bbls and will produce 7500bpd with 45% net to Grove. I'm thinking they could be up and running with 20mmcfe/d in early 07 with Abadesse and P-8 alone. Should be enough for a double from here as their market cap is about $100mm U.S.
Yet there is more. Italian San Marco permit, Sambucca offshore Italy maybe a 200mm bbl play, Onshore Tunisia blocks, Romania and a 27% interest in Virgo which plans an AIM listing.
The price is right.|
|ged5: Does anybody have any comments about the 2 very conflicting price targets or the potential very strong share price from the Sicily project?
Did they recover across in Canada? These graphs give conflicting stories.|
|afcal1972: GRV price up from 0.76 to 0.84 today on TSX-v.
Rumours are a company called Byron are buying heavily.|
Excellent portfolio, large acreage position in proven geological basins.
Active exploration drilling program planned for 2006 in Italy, Romania and Slovenia. Rig availability confirmed.
First Gas Sales scheduled for Abbadesse during 2006.
Imminent booking of reserves. Awaiting Eni results for Longanese - 1
High working interests - Grove has substantial share price leverage to drilling success and commencement of production.|
|ged5: darwar, stuart, curry, empire, mike, spiv, dangreg, ariesr and jumbo[hd], have a very merry Christmas and let's hope we'll be very prosperous next year.
With any luck ENI and Grove will be able to put something to the Italian Government in this next quarter and the share price will at least double. :)|
|darwar: This post from Canada may help in your question
Posted 29/8/05 i seem to remember
Although I very much like the high oil and gas prices, especially as it pertains to several other O&G stocks that I hold, until Grove goes into production, the high price doesn't really have a great benefit at this point other then the potential.
There should be some positive announcements coming out over the next couple of months, most notably the exploitation license for the Abbadesse field in Italy.
This should give a definitive timeline for the start of production in Italy and the drilling of up to 3 more wells from this field.
As I have stated before, I believe that GRV is worth $1 just based on the 1 Abbadesse well drilled so far and is a very undervalued stock at current prices.
Also negotiations to partially farm out the Pantelleria in the Sicily channel should commence sometime in early September, with the potential here quite significant. Deepening of the D-14 is also to happen in Sept. and we could have some news for other acquisitions in the North Sea as Grove has submitted several bids in this area. Another well in Romania should also be drilled prior to the end of this year.
Early 2006 is the expected start-up of production in Italy and the drilling of additional wells as well as the North Sea block shared with Sterling should also be drilled in early 06.
All in all, things are still looking pretty promising with GRV.
Can't take advantage of these prices until Grove starts producing. When Grove gets the exploitation license from the forever slow Italian government, I would expect a nice pop in the share price as this would give a definite timeline for production to begin and more drilling to occur in the proven Abbadesse field. Although nothing is a sure thing, I can't foresee a problem in obtaining the license. It is just taking a painstakingly long time but this was expected to take about 6 months from the application date, so about 4 to 6 more weeks to wait.
Grove Energy share price data is direct from the London Stock Exchange