EEN - Undervalued & Oversold

Orvis,

From the RNS relating to Vigia 1 of 13th April 2005:

'During the initial drill stem tests, the well produced 16 degrees API crude oil from two separate zones. Under natural flowing conditions the well produced at a rate of 440 bopd from the Une sand and at a rate of 260 bopd from the Lower Gacheta sand'

and from the AGM statement of 27th May 2005:

'The final assembly of production facilities at Vigia is underway and production from the discovery well Vigia #1 should also commence in July. After the initial testing period this well is expected to produce at 1,000 barrels of oil per day'

It is interesting to note that whilst drilling of Vigia 2 was completed and notified on 28th June, and Vigia 3 on 16th August 2005, no details have been provided at all in respect of flow rates under either natural conditions, or estimated for production.

The company have stated however, that they are in the process of constructing larger gathering and separation facilities.

I agree that my November expectation is a tad optimistic. I'm not sure whether we might get a pleasant surprise with flow rates though

Tone