Encore Oil Share Discussion Threads

[ingylad99] 30/12/2011 12:27

I`m with the share centre,the`ve given me until 12/01/12.

[p@] 30/12/2011 08:57

af-I have certificates and I thought I had until 10-1-12

[afcal1972] 29/12/2011 22:45

my broker is telling me I have to mnake my mind up on whether to take 70p cash or .20674hares by the close of business tomorrow.

no response would default to cash.

I thought there was more to come before the deal was closed up.

Is this premature or does this appy to other holders too

[mikesnr1] 23/12/2011 17:13

Three cheers to that - many thanks CNF

[huttley] 23/12/2011 17:01

Merry Christmas to you all, have a good one.

[cashandcard] 23/12/2011 15:52

CNF,

Entry of strategic Asian investor announced after close of trading on AEX - see you on that board.

Merry Christmas all EO'ers (or should I say PMO'ers) ;)

ho ho ho ho....


Cash

[p@] 23/12/2011 15:19

Me too CNF.

[geordy2] 23/12/2011 13:03

CNF The very best wishes to you too.

Really appreciate your postings over the last year.

G2

[captainnelsonforties] 23/12/2011 12:45

Merry Christmas PMO'ers hopefully we'll get a prosperous new year from these and others!

Captain Nelson Forties

[onlysmartieshavetheanswer] 22/12/2011 22:33

Well Chaps that's me completely EO.L free for the first time in 8 years, its been emotional along the way. (thats not to say i wont be a PMO holder)

Spurs v Chelsea was a 1 all draw tonight, i feel i've come out of EnCore at a draw but in reality i've made a profit.

Goodluck to you all! Henry and Del and Curry- Thanks

Back under another name some time in 2012.
COME ON CHELSEA

[wbodger] 22/12/2011 17:38

Distraction for Encore, perhaps, surely not for NPE. They have good hopes for Kraken, kept a small part of their interest in Mariner and advertise themselves as heavy oil specialists. They have 20% of TR. Their share price has suffered a bit on the news and a broker has reduced the target price. Their reaction to the Appraisal is to report non-commerciality and talk about Buffalo seismic. NPE may be playing coy, to be able to deal with PMO, who won't want the hassle of a marginal heavy oil field.

The well has been drilled, which presumably satisfies DECC commitments. It must be of some interest to NPE.

[cashandcard] 22/12/2011 16:15

CNF,


Tudor-Rose was a distraction, I agree. However, the Buffalo prospect inside the Tudor-Rose license area (which is on-trend with PMO's Rochelle fields) is not. They may just keep that license for Buffalo and allow someone else to take on the T-R discovery or just leave it dormant.


Cash

[captainnelsonforties] 22/12/2011 15:57

I dont believe for a second that there is anything that isnt above board going on here. The heaviest oil produced in the NS at present is around 18 degrees api. there is a reason for that. Its incredibly difficult to keep heavy oil flowing in many fields, it has its own problems very different to intermediate or light oils. Its one thing getting the stuff flowing its another to keep it flowing. That's fine when you're onshore and can get in a small wo unit in to clear the well and replace the screen. To do that offshore you're gonna need a jackup/semi sub, high day rates, no guarantee of success and its likely to be a temporary fix. Many of the large operators avoid anything below intermediate api in the NS like the plague (statoil being the rare exception). TR perhaps didnt have the pressure regime to sustain commercial flow rates, perhaps not high enough oil saturation either. Management here are shareholders too, it would be shooting themselves in the foot to categorise a commercial field as non-commerical for any outside party. Imo TR was non-commercial case closed. PMO will likely drop the licence like a stone when they get it. TR was always a distraction in my book, they should have sold it and used the cash on Catcher, but that will be for us to look forward to as PMO'ers.

Captain Nelson Forties

[leedskier] 22/12/2011 15:37

Options cashed in today ...

[lanaken] 21/12/2011 18:07

The majority of oil fields developed in the UK sector of the North Sea have an in situ oil viscosity less than a few centipoise (cP) and can be said to be conventional developments. Although at the time these fields were beginning to be developed in the 1970s and 1980s they did present considerably challenges. Now, in as far as it is ever possible to say, the development of these fields is routine.

The new challenge is to develop a relative modest number of remaining discoveries where the viscosity is greater than 5 centipoise (corresponding to about 25°API). This has in fact begun with the development of Alba (7 cP), Captain (88 cP), Gannet E (20 cP), Gryphon (6 cP), Harding (8 cP) and Clair (up to 20 cP). Development planning is well underway for Mariner (up to 540 cP) and, reportedly, for Kraken (>110 cP) and Bentley (627 cP, according to the Competent Persons Report). Bressay (up to 1000 cP) has been studied extensively but no development plan has been forthcoming. There are a variety of definitions of heavy oil and in a world context these viscosities are relatively modest but one can perceive a sensible 'queue', the lower viscosity fields being developed first. The maximum viscosity in the UK database is around 2000 cP.

I agree with red rook above. It seems some people are playing games here.

repo

[mikesnr1] 21/12/2011 18:00

And like some others,I suspect,I've 'lost' over £100K in profit so far! But we make our own luck n'est ce pas? Happy Christmas

[guesswhosback] 21/12/2011 17:34

My sentiments exactly we have been hoodwinked and booth has lost credibility.

[red rook] 21/12/2011 17:06

Re: Operations Update

It was always expected that TD would be a heavy oil play. The results indicate this, and it would appear from the initial results that the oil grade is similar to Bentley's. XEL are continuing into production and seem confident that the technology is available to flow at these viscosities.

So it seems unwarrented for Booth to claim, at this early stage, that the results are 'likely too viscous to be commercially exploitable'. It was not necessary to make this statement in the Update. I am not in favour of BODs spinning or exaggerating results, but all through this year when Booth has issued an RNS it seems if anything he puts a negative spin on things, which has not done the share price any favours.

I also think that PMO (who have now effectively taken over) will not be interested in developing the site. However, I would not be surprised if a few more appraisal wells are drilled, the site proved up and sold off at a premium.

[idleduck] 21/12/2011 17:03

I'm a tad surprised that Nautical hasn't been noisier than EO on this one. Perhaps the above observations should be directed at those guys, given their interest in heavy oil

[geordy2] 21/12/2011 16:27

Red Rook

to give you a comparison

SAE40 Motor Oil has a viscosity range of 650Cp to 900Cp

You seem to be on the right track

[geordy2] 21/12/2011 15:40

PMO will now sell on Tudor Rose to ANother who will successfully develop the field. PMO will therefore have generated more cash from EO assets making the cost of aquisition even less !!!

[ranald] 21/12/2011 14:11

Okay, that's me off to pastures new - +463% in 30 months cannot be argued with - wish everyone well in your new venture with Premier - I will miss you as this has been a sensible, knowledgeable, and informative board and I thank you for that.

The compliments of the season to you all.

[red rook] 21/12/2011 13:32

Re: Operations Update

...'Initial wellsite analysis of the samples suggest a viscosity of 600-800 Centipoise, which is likely too viscous to be commercially exploitable. Further onshore analysis will be required before this provisional evaluation can be confirmed'.

I do not claim to be an oil expert. However, in terms of viscosity, the Tudor Rose samples obtained are not that different from XEL's Bently heavy crude. So I don't understand the negative outlook given in the update for Tudor Rose.

I checked out the XEL site for comparision and obtained the following extracts from the documents provided:




XEL docs state that:

'The most representative sample obtained from Bentley gives a viscosity of 627cp at reservoir conditions, however a dead oil sample from the test gave a viscosity of 1,111cp, while a dead oil sample from the 9/3-2A well yielded a viscosity of 1,000cp'.

'The Bentley heavy oil field has a viscosity of approximately 600cP (in situ) and an oil gravity of 10.5°-11° API, which makes it one of the more heavy and most viscous fields in the North Sea, but still well within the limits of technology in bringing this field into production'.