Encore Oil - currently 23.75p mid (market cap c£70m with £22m in the bank). Operates in teh North Sea and was floated last year by the team that discovered the Buzzard field (one of the largest in the UK). They sold that company for c.$1bn.
They are due to drill their Golden Eagle prospect in January (they have a 15% stake and the drilling is being paid for by their US partners). They have also recently signed some significant deals, including one the week before Christmas with Star. Star are going to assess an abandoned gas plot Encore have in the North Sea to ascertain whether it is suitable for gas storage. If it is (and Star have to complete this by the end of June) then it is estimated it could be used to provide storage for up to 5% of the UKs needs. Encore also hold two other similar sites very close by.
Quite simply, Encore have one of the best and most respected management teams out. Watch out for them in Jan as they get closer to drilling the Eagle prospect. It has its risks but if it comes in we will see Encore at multiples of the current price. Note - a placing went through to raise £7m at 24p a week ago.
Not one for widows or orphans, or to lump the farm on (although I have), but worth a closer look.
OilBarrel article here for some general further info:
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