$NorthSea - North Sea Energy (OJ) - $NorthSea - InvestorVillage
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Msg  1653 of 1654  at  8/23/2013 2:13:53 AM  by


North Sea Energy (OJ)

Saw your post on North Sea Energy - I have looked at them in the beginning of the IAE days as I thought they might get taken over by IAE as they own a part of Jacky.
They don't have a lot of money and Jacky can't be flowing much longer for them anymore but they do have a tight share count:
You must have checked the website as I saw  you used the picture on Bagpuss but if you scroll through the other ones you will also see they're in bed with PMO on a number of other projects and with our friend Alan Booth:
They did originally have 40% actually of Bagpuss & Blofeld as Groliffe held 20%. Both Groliffe & EnCounter have farmed out parts. Encounter and North Sea now still hold 15%:
 If you take the mean case of both prospects 250 mln BO would be recoverable:
If you take a conservative $ 8 per barrel. That would be 15% of 250 over 58 mln shares = a staggering $ 5 + per share. If you take the lowest prospect on success (100 mln. BO = $ 2+ per share on a $ 0,27 share price  now.
Also the 2nd appraisal well is paid for 50% by Maersk in NUK's case:
Couldn't find a quote on Encounter oil - is it not listed yet?
Normally i don't do exploration but in this case I might consider. Not now though, it'd be hard for me to pay $ 0,27 for NUK with INA being at $ 0,55 and the catalyst still 18 months away. We still have time in my view - best entry next summer prob.  

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