RE:Good Morning!Dirk, you are close but not accurate. Your basic equation of Assets =Liabilities + SH equity is correct. Therefore Equity = Assets - liabilities. So think of your house. You bought the house for $1M and you borrowed $700k from the bank and therefore the equity you have in your house is $300,000.
The concept of Enterprise Value is the Value of the Equity plus the value of the debt. Therefore, in the scenario above, the Enterprise Value of your house is $1M (what the market is willing to pay for the house).
Now lets, say in 2 years you can sell your house for more than what you paid for it and the debt is still at the same level. So assume you can sell it for $1.2M. That is now the enterprise value, the value of the debt plus equity plus unrealized equity(intangible).
As a result, Enterprise value is not an intangible asset, but the intangible asset is a component of enterprise value. The intangible asset are things like goodwill, customer lists, compentent management team, estimated future cash flows, oilfield prospects (things that you cannot put a hard number on). Many people interchange intangible asset and goodwill. So going back to your original equation A=L+E, when the goodwill or intangibles are factored in, it is an asset and therefore your assets go up and the offset has to go to equity. As your equity goes up so does your enterprise value and therefore the price/share also goes up.
In CGX case, people are factoring the goodwill of future oil discovery, value of the port etc so it increases assets and therefore increases Equity which increases the share price someone is willing to pay. Therefore, the share price x outstanding shares is what someone is willing to pay for that bucket of assets and liabilities. If the hole they are drilling is a duster, the prospect of future cash flow (intangibles) goes down, equity goes down and therefore, the price someone is willing to pay for the shares goes down.
Hope that makes sense.