re: ENER.OL - Ener Petroleum ASA 163NOK
I think I found another great independent E&P opportunity without much political risk attached .. again on the Nordic OTC, where Interoil ASA (now IOX.OL) was initially listed, too.
The metrics appear almost too good to be true: ENER Petroleum ASA, Ticker: ENER.OL (otc), marketcap of around $20m USD (!!)producing 6000-8000boepd net to them offshore NORWAY. Government approval was recently received for the underlying transaction. I had a very nice talk with their CEO, Mr. Loege. Like Interoil (IOX.OL) recently. Initially listed this spring, this firm is an Oslo OTC company.
This is the best bargain I ever saw in the last year on any play without political risk attached (North Sea, US, Europe, Australia). Why ? Because only 1.1m shares outstanding, $20m (=$170m NOK) marketcap. They acuired a 45% stake in the ExxonMobile operated Jotun field.. at the time of acquisition their share was 5400boepd, now they drilled some development wells, it should be running at 7000-8500boepd now..
The recent news release sort of cleared the last formal hurdles (government approval) and finally confirms their production of around 7000boepd net to their interest.
otc.nfmf.no
you can get the current quote on ENER Petroleum ASA:
norma.netfonds.no
Right now it's around 160 NOK .. and the "OM Ener ASA" button tells you that only 1.1m shares do exist and a coouple of other goodies (like the ISIN number, lot size etc..)
norma.netfonds.no
Informasjon om Ener Petroleum ASA (ENER)
Ticker ENER
Navn Ener Petroleum ASA
Børs Unoterte
Papirtype Aksjer
Er aktivt Ja
Kan handles Ja
Forrige omsetningsdag 08/11-2006
Referansekurs 155.00
Antall aksjer 1 100 000
Markedsverdi 170 500 000
Lot-størrelse 1
ISIN NO 001 027 5506
Valuta NOK
Website: www.1petro.com
1petro.com
1petro.com
1petro.com
Now the best is this: Marketcap is a meager NOK 200M, as there are just 1.1m shares out, costing around 160NOK each.. there are 0.6m warrants out with a strike price of north of 800NOK.. very nice valuation .. 6000-8000boepd and marketcap is a meager $20m USD. P2 Reserves around 15-20MMBO
Newsfeed
otc.nfmf.no
this is a brownfield company and they bought their first asset from Shell.. Shell bought Enterprise Oil last year and now is shedding properties peripheral to them, one of them being Shell's 45% stake in the Jotun field, operated by Exxon Mobile..
1petro.com
1petro.com
what is more, they are pre-qualified to participate in upcoming North sea block auctions. Their interest being OIL not GAS, targeting acreage in Norway, Sweden, Denmark and the UK
1petro.com
best rgrds,
CROSSY |
