Share Name Share Symbol Market Type Share ISIN Share Description
Medoil Plc LSE:MDL London Ordinary Share GB00B04M7K05 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 22.50p 0.00p 0.00p - - - 0 06:36:16
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
- - - - 12.16

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Date Time Title Posts
20/11/200716:50Medoil - A sure way to oil you riches2,694
26/3/200713:41MDL - Another oil stock heading for the bin9
11/1/200714:37Medoil (MDL )starts trading on the AIM today.2,484
11/1/200708:31COULD MDL FOLLOW MOG !5

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romin: Cairn's shares are up by 72p today - 4% (while the Oil & Gas sector is broadly flat - up 0.5%). The market certainly believes that these acquisitions are a steal. That 72p is worth appx £90m. If you divide that windfall between MedOil and Plectrum according to market cap.... approx £30m would accrue to MedOil. Add £30m to MedOil's current market cap and you have a share price of c80p. The bid would have to come somewhere between 19p and 80p, but at 23p the lion share of the benefit goes to Cairn. I would have thought 50p would have been 'fair' but the price agreed clearly reflects the balance of power between the parties.
duplicate book: Don't know bout that labatie, but I have noticed that when the share price drops, it doesn't drop as far as it had previously :o))
duplicate book: Another morning of steady buying which would normally have seen a rise in the share price. I feel there is another large T sell in the system holding us back at the moment.
knowing: 21 June 2007 Contact: Monisha Varadan 0207 562 3370 Buy MedOil* at 22.5p - Target Increased to 100p Key Data EPIC MDL Share price 22.25p Spread 21.5p – 23p Market cap. 12.03 million pounds 12 month range 14.75p – 23.75p Market AIM Website Sector Oil and Gas Contact David Thomas 0207 921 0001 Medoil, the AIM listed Mediterranean focused oil explorer, yesterday released results for the six months to 31 March 2007. The accompanying statement announced the completion of the 3-D seismic survey at the company's principal Louza Permit in Tunisia , which has resulted in an increase in the estimate of the permit's aggregate oil-in-place estimates within the seismic survey area to 1,483 million barrels of oil (MMBO) from 1,297 MMBO. The financial results while not relevant to the wider investment case, revealed a loss of £233,079, up from £176,257, and a loss per share of 0.36. Cash balances at the end of the period were £902,927, down from £2,489,306 as a result of significant exploration work. The successful 3D programme at the company's Louza Permit has prompted an increase in the estimated potential oil reserves in two (M'Aila East and M'Sela West #1) of the four identified prospects adjacent to the M'Sela-1 oil discovery. Medoil is currently seeking potential farm-in partners to participate in a drilling programme for 2008, subject to jack-up availability. Elsewhere, the company's applications for three offshore Spanish permits have been accepted by the Ministry of Industry, Tourism and Commerce, whilst the company's application for two permits offshore Sicily, adjacent to the Vega Oil field, have been accepted by the Italian Government, subject to Medoil's environmental impact study. The company's environmental reports were submitted to the authorities in April 2007, meanwhile it has started gathering technical data on these permits. In Albania in the Joni-5 licence, existing 2-D seismic data sets indicate good to excellent data quality. An initial overview of the data has confirmed a number of potentially exciting geological plays, which the company aims to pursue further. The seismic data survey follows the Petroleum Sharing agreement over the Joni-5 licence signed in 2006 and which is valid for seven years. Under the terms of the agreement Medoil is obligated to conduct a 400 square kilometre 3-D seismic survey within two years. We continue to attribute no value to the Albanian, Sicilian or Spanish acreage as the licences/applications are in very early stage of exploration. The company's largest and most advanced prospect is the Louza permit in Tunisia . Our most recent valuation valued the M'Sela structures, consisting of the main, west #1 and #2 structures at 61p per Medoil share, based on a conservative risk weighting. As a result of the increase in potential reserves announced today we believe that the M'Sela structure alone is worth 70p on a fully diluted basis. The other two structures, M' Aila East and Ourata are, we believe, worth up to 29p on a fully diluted basis. The new valuations are based on conservative drilling probabilities (a risk weighting of 97.5%) and a barrel of oil value of $3.50. Any further exploration progress could cause us to increase these estimates significantly. Equally, any progress on the Albanian, Spanish and Sicilian prospects would also invite a revised upwards valuation. Our new valuation for Medoil is 100p on a fully diluted basis. At 22.25p, our stance remains unchanged. Buy . Medoil Plc Oil Explorer in the Mediterranean VALUATION MODEL TEMPLATE Region Estimated Gross Medoil Estimated Gross Risk Probabilities Estimated Oil mmbbl Potential Potential Risk-weighted @$3.50 Recoverable Recoverable Recoverable Reserves interest Reserves in place Reserves in place net to Medoil net to Medoil Valuation Tunisia mmbbl % mmbbl Pre-drill Drilling mmbbl $m Lousa Permit Award M'Sela Award 532 95% 505.4 0.10 0.25 12.64 44.2225 M'Aila East Award 273 95% 259.35 0.10 0.25 6.48 22.693125 M'Sela West #1 Award 387 95% 367.65 0.10 0.25 9.19 32.169375 Ourata Award 171 95% 162.45 0.10 0.25 4.06 14.214375 M'Sela West #2 Award 120 95% 114 0.10 0.25 2.85 9.975 Total 1483 35.22125 123.27438 £m 63.22 Fully Diluted no of shares (m) 64.056 Valuation per share (pence) 98.69 (Medoil Plc estimates) Year to 30 September Sales (Million of pounds) Pre-tax Profits (Million of pounds) Earnings per share (pence) 2005A 0.00 (0.23) (0.48) 2006A 0.00 (0.51) (0.89) 2007E 0.00 (0.48) (0.75)
smudgeroo: Agreed GD. I too thought the AGM statement was very positive. These things take time but those people willing to be patient will see very handsome rewards I believe. For now I shall pop the certificate back into the bottom drawer and will look to add to my holding further should the share price drop below 20p.
duplicate book: I was wondering if MDL would have to issue an RNS prior to the AGM if they were going to announce any information that would have an impact on the share price? If we were going to receive a positive update on the 3D Seismic tomorrow, would the market need to be informed before the AGM? Maybe our update is more to do with the progress thats being made on the preperation of the findings, and not the result of the findings themselves, which would come at a later date. Thoughts anyone?.......................
smudgeroo: Many thanks duplicate book. Am looking forward to hearing more detail on the interpretation of the 3D seismic survey undertaken in Tunisia. I wonder if it is the expectation of these findings that is driving the share price currently?
duplicate book: All......the following is not intended as a ramp, and could be taken with a pinch of salt, however; I was invited to an Investors Forum tonight by a colleague of mine. We have a common interest in a particular Company and there was going to be a guy there talking about it. All very dull and boring really with lots of it going way over my head!!! One bloke though was extolling the virtues of Imperial Energy, explaining just what an amazing Company it was and how it had done this and done that and blah blah blah....He ended his talk with a recommendation of a Company to watch over the coming months. Said it had a very small market cap, had only 50million shares in issue with over 60% held by Institutions and Company Directors and was therefore very illiquid. He went on to say that news was expected shortly regarding exploration licences in Sicily, and that further 'exciting' news was expected regarding an existing oil field that would bring the Company to the attention of a much wider audience and give a good return based on its current share price. The Company is of course.... Medoil :o)) There would've been probably 150 people attending and my colleague reckons that in the past, these 'tips' have sometimes been acted upon and the Companies named have seen a bit of an increase in volume. Be interested to see if his mention creates any buying interest in MDL over the next few days or so. I see another 50k was taken out again today. Wonder if its somebody taking a stake on the run upto the AGM?
knowing: 1st November 2006 Editor-in-Chief Monisha Varadan 020 7033 9389 Medoil Plc - Buy at 16.25p Key Data Share Price 16.25p Spread 15.5p - 17p Market Cap 9 million pounds 12 Month Range 15.25p - 29.5p Shares issued 53 million shares Market AIM Cash 1.15 million pounds Website Contact David Thomas 0207 921 0001 Medoil is an early stage oil and gas exploration player, focused on the Mediterranean and North African regions. It owns a portfolio of assets in Tunisia, Albania and Sicily with near term production potential, offering significant investment upside. The company stands apart from a string of AIM listed exploration minnows for a few reasons: Key Points: It has strong portfolio of projects in the Mediterranean region Independent analysts believe that its main prospect, the oil discovery M'Sela at Tunisia, contains 109 million barrels of recoverable reserves. The group has 1.15 million pounds in cash and is actively pursuing an acquisition strategy with the intention of adding to its portfolio over a short period of time. Medoil is fully funded to deliver on its stated strategy over the next 12 months. On the basis of our conservative valuation, we believe the shares should be worth 61p. This is based purely on the company's single well discovery at Louza. The price does not take into account upside offered by surrounding prospects, or any of Medoil's other acreage. This report cannot be regarded as impartial as GE&CR has been commissioned to produce it by Medoil Plc. RSH, the ultimate owner of GE&CR also owns Bishopsgate Communications, the PR adviser to Medoil. However the opinions and valuations contained within are those of GE&CR. Background Medoil was formed by David Thomas and Joseph McKniff in 2004 as a vehicle to acquire exploration assets in the Mediterranean region. The company floated as a cash shell in January 2005 with several licence applications pending. In the same year, it was awarded two licences - Louza in Tunisia and Area 3 in Malta. The company has, since the IPO, carried out a focused technical analytical campaign on both licences. Independent analysts have looked at both properties and found the results to be highly encouraging. While the focus remains on the M'Sela discovery in Tunisia, the company is actively adding licences to its portfolio. Assets Tunisia On 30th March 2005, three months after Medoil's AIM listing, the company announced news of its first prospecting permit - the El Louza Block. Louza lies offshore to the east of Tunisia and covers 4,100 km2. The permit was awarded to Medoil in partnership with TGS -Nopec, an international geophysical services company. The Louza block is adjacent to the Isis oil field and 60 kilometres away from the Miskar gas production facility, operated by British Gas International. Approximately 10,700 of 2D seismic was shot on the block between 1968 and 2000. The licence was previously explored by operators including AGIP, Total, Shell and Union Texas, which conducted seismic, gravity and magnetic surveys across the permit and drilled four wells. Of the four wells drilled, one well encountered a 150 metre gross oil column which lead to the discovery of M'Sela. M'Sela, classified as an existing oil discovery, flowed 1,200 barrels of oil per day from one reservoir and 118 barrels of oil from a deeper horizon. The geologists from Medoil believe that there are four other undrilled prospects surrounding M'Sela. The licence has a term of two years (starting September 2005) and allows both Medoil and TGS-Nopec the exclusive right to enter into a seven year exploration permit and a production permit covering 30 years. Medoil and TGS Nopec have committed to carry out a 600 km2 seismic campaign within the two year period. While TGS Nopec will remain operator and own a 5% stake, Medoil will own 95% of the block. However, it is liable for only 2/3rds of the cost of the seismic campaign, the remainder being paid by TGS. When the licence is converted to an exploration permit, Medoil has an agreement with TGS to become operator with a 100% interest, TGS at that stage will only retain an overriding net profit interest. Medoil announced its intention in September last year to shoot 600km2 of 3-D seismic. On 26th October this year, the group issued a statement confirming that the 3-D seismic survey had been completed. The data is yet to be processed and interpreted but results are expected in January 2007. The results should confirm the exact structure and formation, economic viability of the well, surrounding prospects and reserves contained in the lower leg of M'Sela. In November 2005, Medoil published results from an independent report. Merlin Energy, the independent consultant, completed a scoping study of the area and concluded that the M'Sela 1 prospect contained high levels of good quality oil. The oil in places volumes range from 260 million barrels to 850 million barrels, with indicative recoverable reserves ranging from 48 million to 225 million barrels. The Merlin data suggests that the main source of production appears to come from fractures within the volcanic reservoir. The report also identified four other exploration targets in the immediate vicinity of M'Sela 1. These structures are believed to contain between 480 and 1,110 million barrels of oil. M'Sela alone is believed to contain 109 million barrels of recoverable reserves and the surrounding prospects together with M'Sela are believed to contain 262 million barrels of recoverable oil. Malta Following the Tunisian acquisition, in May 2005, Medoil signed an Exploration Study Agreement with the Maltese authorities for offshore permits Block 3, Areas 2 and 3. The permits span 4,000 km2 and are located north of the island of Malta. The agreement was valid for a year and was subject to mutually agreeable work programmes. At the time of signing the contract, Medoil believed that this high cost but potentially high impact exploration play contained at least three oil bearing structures. Over the one year allocated, Medoil planned to consolidate the work already done on the block, verify the integrity of these structures and carry out further seismic to evaluate the potential on Areas 2 and 3. In December 2005, ECL, the independent exploration consultants issued a report on the company's Maltese permits. It identified 24 prospects of which 2 looked particularly promising. Prospect D was estimated to contain anywhere between 580 and 1,080 million barrels, on an unrisked basis. Prospect M is believed to contain between 1,100 and 1,960 million barrels of unrisked oil. ECL recommended further investigation, Medoil was planning to carry out a 2D seismic study to firm up ECL's estimates. However, the exploration study agreement expired in May 2006. Medoil is still believed to be negotiating a renewal with the Maltese authorities. Albania In September 2006, Medoil announced the latest addition to its portfolio, a Petroleum Sharing Agreement with the Ministry of Economy, Trade and Energy in Albania. The agreement has been presented to the council of Ministers and subject to approval from the Council. Medoil expects to hear from the government over the next few weeks. The Joni - 5 offshore permit covers 2500 km2, is located in southern Albania and extends to the northern boundary of Greece. Medoil has a permit for seven years, a drill or drop decision will be reviewed after the second and fifth years. The company's initial obligation to acquire 400km2 of 3D seismic with a minimum financial obligation of $2.05 million. The permit lies adjacent to an onshore oilfield where the estimated oil in place is around 3.4 billion barrels. If approval is received, the acreage clearly offers excellent exploration upside. Other outstanding applications In an interim statement published in May this year, the company alluded to new and exciting opportunities and confirmed that it had applied for offshore exploration licences adjacent to the Vega oilfield in Sicily. Medoil is waiting for government approval on the Sicilian acreage but is also looking at onshore projects in Italy, Spain and North Africa. Strategy and Drilling Intentions Medoil's strategy is no different from various oil exploration plays on AIM. Since its listing on AIM, it has sought niche opportunities which it hopes to develop to a drill ready stage through extensive exploration. On appraisal success, Medoil seeks to realise shareholder value by negotiating further carry of development costs to first production or the sale of the asset or company. This method offers potentially high upside with minimal cash spend. The challenge is to find the right opportunities. With a strong focus on the Mediterranean region, the group has already acquired acreage in Tunisia, Malta and Albania, is seeking to add to its portfolio of properties and has made applications in Sicily and Spain. In Tunisia, results from the 3D seismic survey just completed will decide whether Medoil will drill its first well. In Malta, negotiations with the authorities continue and in Albania, the company is waiting for a final sign off to begin initial exploration. Most recent set of results and cash The last set of results covering the six months to 31st March 2006 show a loss of 193,801 pounds. This reflects the technical expenses incurred in Tunisia and Malta. Administrative expenses for the half year came in at 208,019 pounds, which suggests that the company's monthly cash burn is just over 30,000 pounds a month. With a step up in overheads in the current year, group costs are forecast to be around 340,000 per annum. Medoil listed on 7th January 2005 with 1.2 million pounds in the bank, cash that had been raised at the pre-IPO financing at 7.5p (valuing the business at 2.7 million pounds). The acquisition of the Tunisian and Maltese acreage resulted in a reduction of cash levels and by September 2005, Medoil was left with 930,000 pounds in the bank. The 3D seismic in Tunisia was estimated to cost just over 2 million pounds (net to Medoil) while a limited 2D seismic program in Malta was estimated to cost 500,000 pounds. In March this year, the company successfully placed 18.05 million shares raising 3.25 million pounds for the company at 18, above the current share price. 2 million of the proceeds have been used towards exploration in Tunisia. The remaining will be used to acquire further interests in the Mediterranean region and for general working capital. At present, the company has 1.15 million pounds in the bank. Over the short term, Medoil has to cover costs of seismic processing in the fourth quarter which is estimated to be around 90,000 pounds. In the first quarter of next year, Medoil has set aside 30,000 pounds to cover costs of reinterpretation and integration of 3D seismic data recently acquired. Once the government signs off on the Albanian permit, Medoil is committed to spending $2.05 million to complete a seismic acquisition program. Therefore, the company has just enough cash to cover overheads for a year and take it through its current projects - Tunisia and Albania. If the Sicilian and Spanish permits are secured, the group will need to raise further equity. Risks Political - At least three contracts are subject to successful negotiation with various governments. A decision by the local authorities to decline the application could result in a significant change in the fundamental business. As seen with Malta and the delay caused by the authorities, much is dependent on local government's decision. Geological - Independent analysts have warned that M'Sela contains a fractured system. Fractured reservoirs with little porosity are known to produce oil at great initial rates with a rapid drop off as the fractures empty. Medoil has to prove the economic viability of M'Sela and other surrounding discoveries. Financial - The group has net cash of 1.15 million pounds. This is following costs incurred at M'Sela to complete the 3D seismic survey. Once authorisation is received at Malta and Albania, the group will be ready to launch its first drill campaign at both prospects. As we pointed out earlier, the group has resources to take Tunisia and possibly Albania to the next stage. However if Medoil continues acquiring prospective acreage with the intention of building data towards a planned drill campaign, it will need to raise further funds. Board and Directors The management team bring over 100 years of combined experience to the board. John Lander - Non-executive Chairman - has a proven track record in adding significant value for shareholders. He started his career as a geophysicist with Shell. In 1982 he became Exploration Director of RTZ Oil and Gas Ltd, which was subsequently acquired by Elf UK. John Lander has also held board level responsibilities at Pict Petroleum, Premier Oil, British Borneo Petroleum Syndicate Plc and Tuskar Resources. He was more recently Managing Director of Tullow Oil UK Ltd. John brings direct exploration and commercial experience in North Africa, notably in Tunisia, a country where Medoil has its key asset. David Thomas - CEO - is a geologist with 30 years of experience in the oil and gas industry, mainly in North and West Africa. He spent the late 1970's and 1980's working in Libya for Occidental Petroleum and then in Tunisia for Tenneco. He returned to London as International Chief Geologist for Kuwait Petroleum . In the late 1980s, he formed a consulting company offering a broad range of petroleum advisory services, clients included major oil companies and foreign government agencies. Graham Wrafter - Finance Director - has worked in Corporate Finance since 1987. He started off with ICC Corporate Finance, specialising mainly in oil and gas companies. He was an early adviser was responsible for floating companies like Tullow Oil and Dana Petroleum. He moved on to working with Bloxham Stockbrokers where he established two funds and brought companies like Celtic Resources and Premier Oil Plc to market. Wrafter went on to leading a team which acquired Petroceltic Resources from Dana Petroleum and negotiated Petroceltic's acquisition by Ennex International. He is also a founder director of Smart Telecom. Joseph McKniff - Executive Director - has held positions as a geophysicist with Esso Exploration in Denver, Barcelona and London and has served as a production geologist with Occidental Petroleum. He was also regional manager for all exploration activities in Europe, Africa and South America. Since leaving Occidental in 1996, he worked for several Canadian, South American and US companies establishing exploration projects and offices in Morocco, Tunisia and Egypt. McKniff has extensive experience of the Mediterranean and Africa. Shareholdings Total Number of Shares in Issue - 53 million John Lander - 4.92% Joseph McKniff - 8.48% David Thomas - 8.48% Gerard Walsh - 10.79% Michael Faherty - 5.5% Graham Wrafter - 2.8% Glasgow Investment Managers - 4.62% University Super Annuation Scheme - 8.18% Credit Agricole Asset Management - 3.14% Valuation and Conclusion The value of Medoil's portfolio, should ideally be determined by a sum of parts asset based assessment. However, given the various stages of application or renewal of the permits in Albania and Malta, it is best if we limited our valuation to the company's largest and most advanced asset to date - the Louza permit. The permit contains one oil discovery, M'Sela 1. According to independent analysts, the main discovery is said to contain 109 million barrels of recoverable reserves. Applying what we believe is a conservative risk weighting to this prospect (90%), and using a valuation of 3 pounds a barrel for oil in the ground, M'Sela alone is worth 32.7 million pounds or 61p a share. This figure does not take into account the lower oil horizon which flowed 118 barrels of oil per day and as yet has no resource estimate attributed to it. Medoil shares currently trade at 16.25p valuing the business at 9 million pounds. If we strip out the cash, the company is valued at 7.85 million pounds. We must stress that we have not included the upside offered at M'sela by its surrounding prospects which are believed to contain higher quantities of estimated reserves. We have attributed no value to the company's Maltese or Albania acreage. Therefore, on the basis of its Tunisian acreage alone, the shares are significantly undervalued. It is worth comparing Medoil to some of the recent floats on AIM, companies that have minimal cash, a few early stage licences in the North Sea and a market capitalisation significantly in excess of their net asset value. In comparison, Medoil trades at a steep discount to NAV. We have used an extremely conservative valuation model for its Tunisian prospect. The upside is presented by projects at Albania and Sicily, thus any exploration success could see our valuation increase dramatically. But even on our current, conservative valuation, and ahead of possible drilling and evaluation, we recommend the stock as a buy at 16.25p.
duplicate book: I've got to say that I never thought for a moment that we would be back down at these levels! I think that the lack of news from MDL, a downturn in the markets in general, and in the mining and oil sectors in particular of late, has caused the drop. I am surprised though that we have had not had any buyers at this level. Had I not secured a chunk more a few weeks ago, (sods law!!), I would certainly be buying into MDL at this price. Nothing has changed that I am aware of, indeed, each day that passes is another day closer to MDL releasing news that will drive the share price northwards again. The MM's have taken on a bit of stock of late. Even today we see 15k sells at this low price. They may even drop it lower to attract buyers and interest again, but as we are all well aware, MDL is not an ideal share to try to day trade!! Still have high hopes for this one. The next six months will be interesting. DaveTheChef....can you give us a quick summary of what was said re MDL, or were you refering to SCR having a bit of a write up? Thanks in advance >>>>>>
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