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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Europa Oil & Gas (holdings) Plc | EOG | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 0.90 | 07:30:54 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 0.90 | 0.90 | 0.90 | 0.90 | 0.90 |
| Industry Sector |
|---|
| OIL & GAS PRODUCERS |
| Top Posts |
|---|
Posted at 06/5/2024 22:25 by tommy241 In June 29, 2005, the Rossport Five were sentenced to a prison term that would end up lasting 94 days. Escorted from the High Court under a pale Dublin sun, the five men were found to have repeatedly breached an injunction to stop protesting at work being carried out by Shell.For more than four years the group had fought against the route of a high-pressure pipeline pumping gas from the Corrib field off Co Mayo and through their land in Rossport. Shell had bought into the Corrib field in 2002. Its plans would be knocked back twice, spark national protests and be contested by Archbishop Desmond Tutu before the first gas was pumped in December 2015. With much less fanfare, Shell sold its 45 per cent stake in the field to the Canada Pension Plan Investment Board (CPPIB) in 2018, booking a near €1 billion loss. Corrib has been operating in the background ever since. Last month Europa Oil & Gas, a London-listed explorer, announced that it was looking to drill a new prospect off Corrib, restarting the debate around the country’s gas resources. Europa estimates the site could hold significant reserves and is looking to attract investment partners for exploratory drilling. The move is timely. The existing Corrib field is jointly owned by CPPIB, through its subsidiary Nephin Energy, and Vermilion, a Canadian energy group. The well today provides 25 per cent of Ireland’s gas needs but resources are slowly depleting. By 2030 just 10 per cent of Ireland’s gas will flow from Corrib, eventually falling to zero when the resource runs dry in about 2035. With the remainder of Ireland’s gas imported from Scotland via the twin Moffat pipelines, the country is facing the real prospect of becoming entirely reliant on the UK for its gas. The minister for the environment Eamon Ryan spearheaded the ban on new gas licences Despite European Union energy security concerns following Russia’s invasion of Ukraine and a growing acceptance that gas will be the transition fuel of choice for the move to a renewable grid, the state seems to be grappling with the idea that it wants a new domestic source of gas. The first hurdle will be whether Europa actually finds anything. The company’s Inishkea West prospect beside the existing Corrib field has a “one-in-three chance” of success, according to Will Holland, chief executive of Europa Oil & Gas. “We believe we could be producing this out until 2050, although the economic cut-off might be sooner than that.” Europa’s estimates, based on seismic data, suggest there could be 1.55 trillion cubic feet of gas in Inishkea West. In real terms, Europa said this could supply 75 per cent of Ireland’s gas demand until 2035. To make this happen, the company is pitching for investors to fund the €50 million cost of exploratory drilling, which it hopes could start next summer. Nephin and Vermilion are obvious candidates for a tie-up given Europa will be looking to link in with Corrib’s existing infrastructure. All going well, the site could be pumping gas before the end of the decade, Holland said. The market, on the other hand, is less convinced. Industry sources suggest the success rate is likely to be far lower, probably topping out at one in five. “Europa’ The industry is also sceptical whether it would attract another oil major for a long-term partnership in the wake of Shell’s exit. Following the government’s ban on new gas licences in 2021, spearheaded by Eamon Ryan, minister for the environment, the prospects for a new indigenous supply are looking increasingly slim. Only companies with existing permissions, including Europa and Predator Oil & Gas, can progress licences, which have been beset by delays when seeking extensions from the government. The area around Corrib might have a proven track record as a viable gas prospect, but this is no guarantee of future success. From an energy security standpoint, the implications of Corrib running dry and no alternative emerging are stark. Across Europe, countries have scrambled to wean themselves off Russian gas and build up their own domestic supplies. Within ten months of the invasion of Ukraine, Germany had connected its first floating gas terminal. Since then it has added two more. Across Europe, 17 floating storage regasification units (FSRU) are being built or in planning, to receive gas shipped from America or the Gulf. As Ireland transitions towards a renewable-led grid, gas demand will also come down GETTY IMAGES Most European countries would crave a domestic gas supply; Ireland is turning its back on exploring for one, according to Don Moore, former managing director of ESB International and fellow at the Irish Academy of Engineering. “No other country in Europe has adopted this policy,” he added. “The No 1 way of actually securing your gas supplies is to have active gasfields in your own territorial area. And that’s what we had, first of all with Kinsale and then with Corrib.” Across Ireland, more than 700,000 people rely on gas for their energy or heating. Half of the country’s electricity and a third of its total energy come from gas generation. As an island nation at the end of the European gas network, Ireland’s reliance on the UK pipeline is a particular point of weakness in the supply chain. In its current state without any contingencies, the government is “taking an extraordinary risk”, Moore said. “You have to prepare for high-impact, low-probability scenarios. If, for any reason, the gas interconnector to Scotland was to be interrupted, we would be absolutely devastated.” The alternative is to follow other EU countries. Last year the American energy group New Fortress submitted plans to build an onshore liquefied natural gas (LNG) storage facility and powerplant in Shannon. The plans were knocked back by An Bord Pleanala, which said the development would be inappropriate pending the as-yet-unpublished energy security report. When the report was eventually released last November, nearly a year late, it recommended a state-owned FSRU facility delivered by Gas Networks Ireland. Paid for by a public levy, the government facility would be used only for emergency generation as opposed to continuous private use, which would drive up emissions. Now that the process is in state hands, though, there are doubts about its delivery. Aside from having to go through the lengthy design and planning processes which New Fortress had all but completed, the government will also need to get hold of a floating storage unit at a time when all of Europe is racing to do the same. “A floating LNG is a high-risk strategy,” Aoife Foley, chairwoman in net zero infrastructure at Manchester University, said. “It will need engineering infrastructure, studies, planning and investment to get up and running. This will all take time. So, the immediate prospects may be a photo op, another MoU [memorandum of understanding]. But filling that energy security risk in the medium term of five to seven years is unlikely.” More than 700,000 people in Ireland depend on gas for their energy or heating An emergency-only use of the FSRU would also leave Ireland economically vulnerable, according to Shaun Davison, chief development officer at the Texas-based Pilot LNG. “If things do go south and there’s a rush out to the global market — say, if something happens to the interconnector or there’s a shortage, be it weather-driven, geopolitical, something disruptive in the market; if Ireland requires the commodity and they are having to buy spot volumes — the prices will be punitive,” he says. Last year, in the shadow of the continuing European energy crisis, the state moved to secure the future of the UK interconnector, with Ryan signing two memorandums of understanding with Claire Coutinho, the UK energy security secretary. Foley remains unconvinced. “Ireland needs to have plans to meet its energy security needs in concrete guaranteed terms in the event of any shortfall. The back-up plans are built on understandings,̶ Part of the government’s delay in rolling out a solution has undoubtedly been driven by a desire to plot a path through the situation that has the lowest climate impact. The shift away from indigenous gas resources and insistence on retaining state ownership of any new gas asset are a key part of this strategy. Jerry Mac Evilly, head of policy at Friends of the Earth Ireland, said the threat of “gas lock-in” and stranded assets was central to the need to avoid new fossil fuel infrastructure. “The announcements from the likes of Europa and others simply ignore that there are legally binding [climate] obligations on the state, which mean that we can’t lock ourselves into ongoing fossil fuel use in the long term,” he said. As Ireland transitions towards a renewable-led grid, which will require back-up gas generation, gas demand will also come down, Mac Evilly said. “Ireland is going to be significantly decreasing its reliance on oil and gas in the 2030s. And that is not only down to renewables, but also down to storage, increased interconnection and a real focus on demand reduction,” he added. “These types of discussions tend to just flow back to gas as a transition fuel, or that we need gas for when the wind doesn’t blow and the sun doesn’t show up, which are the same old tropes that the industry was throwing out 10 or 15 years ago,” Mac Evilly said. “The reality is that gas plants are going to be running substantially less, even though there might be potentially more gas plants developed.” Questions remain over the source of the gas. A third-party report commissioned by Europa last month said that gas imported from the UK had a carbon intensity 12 times higher than indigenous supply from Corrib. Paul Griffiths, chief executive of Predator Oil & Gas, said there was an element of wilful ignorance in the current situation. “On the one hand, you don’t want fracked gas and you ban fracking. But on the other hand, you import gas which nobody can be absolutely certain where it comes from,” he said. The present government has made its stance clear on the future of domestic gas exploration. Across the aisle, however, Sinn Fein has been meeting oil and gas executives throughout the past year, according to industry sources. Behind closed doors, the soundings have been receptive, yet a public drive for new gas infrastructure is a reach. Europa’s plans may have passed without notice but, 20 years on from the Corrib protests, Ireland’s relationship with natural gas is still fractious. Last month Europa Oil & Gas, a London-listed explorer, announced that it was looking to drill a new prospect off Corrib, restarting the debate around the country’s gas resources. Europa estimates the site could hold significant reserves and is looking to attract investment partners for exploratory drilling. The move is timely. The existing Corrib field is jointly owned by CPPIB, through its subsidiary Nephin Energy, and Vermilion, a Canadian energy group. The well today provides 25 per cent of Ireland’s gas needs but resources are slowly depleting. By 2030 just 10 per cent of Ireland’s gas will flow from Corrib, eventually falling to zero when the resource runs dry in about 2035. |
Posted at 18/3/2024 14:58 by tommy241 “To attract foreign investment in domestic gas opportunities, the Ministry of Mines and Hydrocarbons is in the process of implementing a series of measures to strengthen the business climate for oil and gas companies. Various fiscal amendments are poised to come into force this year, including a reduction of Corporate Income Tax from 35% to 25% – translating into a reduction of 10 points – and the reduction of Dividend Tax from 25% to 10% – a reduction of 15 points. AEW 2024 will showcase upcoming opportunities and competitive investment terms, connecting investors to Equatorial Guinean projects.Speaking during the 2023 edition of AEW, Minister Ondo said that “We are open for business, we are open to host new investors and we are inviting you to be very pragmatic when you approach Equatorial Guinea,” and ease of doing business in the country has already led to several developments being made.” |
Posted at 28/2/2024 08:48 by currypasty I cant see anything new, suetIt looks to me a presentation for new investors, rather than tempting long term holders to 'average DOWN' |
Posted at 18/2/2024 09:41 by likeawalrus EOG webinar 27.02.24 6:30pmRBD 27.02.24 pm Edinburgh - Reabold presentation at Investors evening ...probably just a coincidence but I hope Europa is not planning a farm-in with West Newton, it's a money-pit run by snake-oil salesmen |
Posted at 02/1/2024 19:53 by tommy241 Thanks Curry, more from Malcy below:“The comments I have made above for UJO apply to Europa just as much and the discount to potential NAV indicates a highly attractive risk reward proposition and there is much more to EOG than just this onshore part of the portfolio. But for those other parts that I dealt with in the last RNS from Europa the news today is without doubt the icing on the cake. With the changes that the CPR makes that add the value I mentioned above the guidance appears to be that revenue from Wressle will more than cover ‘ any capital requirements across the portfolio’ and the company brokers imply a current enterprise value of just $9m today. This should make for happy reading for Europa shareholders and with a really decent addition today to the portfolio which has upside in a number of areas the shares are also phenomenally cheap, the risk/reward proposition as I said is excellent.A presentation with further details can be found on the Company’s website. In addition, the Company is holding a webcast for retail investors tomorrow, Wednesday, 3 January 2024 at 2.30 p.m. (GMT). The presentation will be hosted on the Investor Meet Company (“IMC”) platform and is open to all existing and potential shareholders. Questions can be submitted pre-event via your IMC dashboard up until 9.00 a.m. the day before the meeting or at any time during the live presentation. Investors can signup for free and add to meet Europa via: I looking forward to the IMC presentation at 2.30 tomorrow which I will be on primarily to hear chapter and verse on the recent EG asset I mentioned above. The new asset has a huge amount of upside and the broker report I mentioned sees all the upside there.” |
Posted at 02/1/2024 16:41 by currypasty CEO Will Holland and Chief Geologist Jamie White are holding an@InvestorMeetCo webcast for retail investors on Wednesday, 3 January 2024 at 2.30 p.m., which includes an opportunity for Q&A. #EOG |
Posted at 29/12/2023 09:16 by genises Not sure if this has been posted.An oil discovery in the North Sea has long held the attention of two British companies, although another deal for a nearby discovery has failed. The British company Europa Oil and Gas and the British company i3 Energy are considering plans to acquire the Tyne discovery, which was abandoned by the Spanish company Repsol earlier this year (2023), according to what I learned. It is a specialized power platform. Europa's chief executive, William Holland, said the North Sea Transition Authority (NSTA) had indicated the two companies might make an off-round bid to discover oil in the Moray Firth. This comes at a time when the two companies were seeking to join the nearby Serenity discovery with Tyne, via the floating production, storage and offloading vessel “Plio Holm” belonging to Repsol. However, these plans appear to have collapsed, when Repsol and its partners abandoned the Tyne project. An attempt to save an oil discovery Europa and i3 insist that the discovery still needs to be saved, even with the exit of Repsol and its partner Viaro, according to what was reported by the “ Energy Voice ” platform. “There are a number of options we can do,” Europa CEO William Holland said. “There is a discovery adjacent to Serenity called Tyne, which is an open square.” He added: "The North Sea Transitional Authority indicated that we can apply for it through an application outside the round... Therefore, we are currently analyzing the matter with our partner i3, and looking for ways to develop it, and there are a number of options." Holland also said: “If Serenity had succeeded, we would have discovered 70 million barrels of crude oil, and our share price would have been much higher. We are in the oil and gas game, and we have to take risks.” He expressed his regret that the discovery failed, saying: “It is unfortunate that it did not work out, but it was a calculated risk... We, along with i3, thought it was a very good opportunity... A lot of investors thought it was a good opportunity, because they invested "There too, and it didn't work out...it's the nature of the game." Floating production, storage and offloading vessel "Pleo Holm" The floating production, storage and offloading vessel “Plio Holm” - photo from “Energy Voice” platform Options for developing oil exploration Europa Oil & Gas had revealed - in October 2023 - that it was continuing to move forward to acquire a minority stake (25%) in the Serenity discovery, despite the setbacks that occurred last year (2022). Operating company I3 Energy (with a 75% stake) praised the discovery for its potential to produce 100 million barrels, but disappointing evaluation results indicated that hydrocarbons were “non-existent& Despite this, the partners confirm that there is still a way to move forward with the project, perhaps by unifying it with neighboring fields, according to what the energy platform has seen, quoted by the “ Energy Voice ” platform. Seismic data showed that the Blake, Tyne and Serenity fields share a common reservoir, with I3 and Europa seeking to merge the latter into a single development project with the Tyne project. The matter may be further complicated by Repsol's decision not to pursue the 10 million barrel Tyne project, given that it is "no longer an active project, and the joint venture partners no longer hold the licence". For its part, Europa indicated that developing a single well in the eastern area of Sereni CEO William Holland said the company is working with I3 Energy to determine “the best strategic direction for the discovery, with a variety of development scenarios being seriously considered, including development that includes a discovery that could be linked to the Blake field, or that could be developed using reduced infrastructure.̶ |
Posted at 19/12/2023 11:22 by spangle93 Suet - some companies are better at RNS's than others, but it does seem increasingly so that investing skill relies more on trying to identify what they haven't said in an RNS (cf post 16102), and understand why, than on the actual content.It seems to me that because investors only have RNS's and other company-sourced material to go on, they remember the contents of these documents far better than management and advisers do. So investors take an RNS, and immediately set it in the context of historical guidance from the company, but it feels to me like a company does not ever think to refer back to previous RNS messages when crafting an update for market. As a result, so many unfathomable non-sequituers creep in. |
Posted at 01/12/2023 13:05 by jedc1 Kim Clay, did you read ShareSoc link on thishxxps://www.sharesoc Rights not Exercisable Although in theory investors via nominee accounts have rights to vote, attend meetings and receive information under the Companies Act, those rights are in practice not exercisable, and are not exercised, by the vast majority of private investors. In addition many rights that are otherwise available to shareholders who are on the register of a company are lost. Europa has used a legal loophole to deny shareholder rights, it is immoral to use this and their corporate governance has been completely disregarded. |
Posted at 29/11/2023 17:54 by spangle93 @grey Panther, ref your comments about the share price decline under Paul Barrett and Erika Syba.The main difference is that they together held about 25% of the company shares in issue (I don't have documents going back that far but in Jan 2011, Paul Barrett held 16% personally, and I recall that Dr Syba had a comparable holding). Ironically one of the reasons that they were "encouraged" to step down was the perception among larger investors that because of their large stake, it was just a lifestyle company for them. At least they were aligned with the investors then. Contrast that with the meagre holding of the current omnishambles - they have no meaningful skin in the game, and therefore no driver to add shareholder value |
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