Europa Oil & Gas (holdin... Share Discussion Threads

[hpotter] 26/10/2017 10:00

CP,
And the price of crude has halved since 2011.

I've spent many weeks on Ravenspurn North over the years and I've even got a model of it in an acrylic block somewhere. Used to be operated by Hamilton Bros., which became BHP Billiton Petroleum.

[guesswhosback] 26/10/2017 09:59

DH I'm glad you asked those questions I didn't realise what a great job Hugh has. As you say options for doing their job seems incredible. What are the options for failure? 15% for Wressel is a disgrace especially.Try ringing the company the phone just rings out. Not even sure why they turn up.they don't seem to have much to do.

We had an RNS per day when they pumped the price for the dilution.

What's Hughs salary?

[currypasty] 26/10/2017 09:44

Hugh took over 10/10/2011

[dunderheed] 26/10/2017 09:37

Jus I am sorry and I dont want to appear to crticise but you really really are missing the bloody point. you dont have to do any work you have to ask the question I have!!
1. Unfortunately, staff have to take pay cuts if their business model isn''t working or it collapses and they lose their jobs full stop.
2. where are they cutting salaries from in teh first place? If too high anyway and normalising - so what?!
3. So you think it is fine to pay cut then option reward later for merely doing their jobs - lol!
4. Farm out Ireland - yes good point but if this farm out does not add value to the share holders by increasing the share price in comparision to their peer group - what is the incentive to farm out on a good deal or just farm out at any deal - and you get 35% of your options for this - lol!!
5. 15% options for delivering on tehir jobs - how is this a pay cut then - based on the option price could even be a bonus!!
6. Share price above 10p for 30 calendar days - fine - but what was share price when these were issued? If significantly lower - I suuport this but feel the other 50% is merely for job delivery!! All imho.

[jusmasel99] 26/10/2017 09:22

Perhaps I could ask you DH to tell me which if any peer group companies management and head office staff took a 20% pay cut in return for having to invest in the company at 6.5p a share up to 10p a share? To be honest I think that answers your question with out me doing lots of work .. bearing in mind that it would be extremely difficult for Hugh to sell any of these on without the entire company being sold.

Europa Oil & Gas (Holdings) plc, the AIM listed oil and gas exploration, development and production company focused on Europe, announces that it has today awarded a total of 3,560,000 options to buy Ordinary Shares of 1p each in the Company. The options are granted in recognition of the 20% salary cuts taken by the Board and office based staff while oil prices have been depressed. Together with the 11,885,000 options outstanding prior to this award the total of 15,445,000 represents 6.3% of the current issued share capital.

Options Awarded
Hugh Mackay 1,600,000
Phil Greenhalgh 1,200,000
Roderick Corrie 150,000
Other staff 610,000
Total 3,560,000
All of the options have an exercise price of 6.5p (a 73% premium to the current share price) and are exercisable after 12 months, with a 10 year life.

The options awarded to Mr Corrie only vest if the share price is above 10p for a continuous period of 30 calendar days.

The options awarded to Mr Mackay & Mr Greenhalgh vest as follows:

50% if the share price is above 10p for a continuous period of 30 calendar days
35% on successful farm-out of the Company’s Irish acreage
15% on successful start-up of Wressle production

[itsriskythat] 26/10/2017 08:47

Just an observation:

In the last couple of days three different book-builds for a share placing and open offer have been announced: President Energy, Jersey O&G and Victoria O&G. The market was told by RNS that a placing was proposed and that the book-build was being conducted.

I just checked Europa's placing presentation from May and on slide 25 it indicates the timetable for a book-build for their placing and open offer. The share price fell sharply, during the investor roadshow and book-building, but there was no RNS about the book-build until after it was completed.

Conclusion: insiders had the chance to sell before the news.

[currypasty] 26/10/2017 08:46

Just looking at the holdings, it doesn't look like we have any institution, or large private shareholders with more than 3%.. All in the list are nominee accounts.


Shareholdings in the company greater than 3% as at 19 June 2017

HSBC Global Custody Nominee (UK) Limited <898873> 11.39%
Hargreaves Lansdown (Nominees) Limited 7.80%
Barclayshare Nominees Limited 7.54%
TD Direct Investing Nominees (Europe) Limited 6.06%
Hargreaves Lansdown (Nominees) Limited 4.55%
HSBC Global Custody Nominee (UK) Limited <800757> 4.38%
HSDL Nominees Limited 4.24%
HSBC Client Holdings Nominee (UK) Limited <731504> 3.27%
HSDL Nominees Limited 3.16%
Huntress (CI) Nominees Limited 3.10%

[dunderheed] 26/10/2017 08:33

Jus - serious question can you go back to your 'pals' over at eog and ask for the peer group comparator for relative share price pfmce, that they will use (at least in part - and the percentage of this would be good as well) for the long term incentive schemes as I cannot see how this part of their respective incentive schemes will be released based upon recent - mid term share price pfmce.

You keep on talking about cheap G&A - well let's see some of the 'other' potential costs that are not as 'openly' shared?
All imho of course!

[jusmasel99] 26/10/2017 08:25

Ravenspurn Deep continues ...

In the UK, the contract end date with Perenco for the jack-up Rowan Gorilla VII was pushed from August to November 2017 due to well in progress. The contract has a priced option to extend for a period of 15 to 110 days. The dayrate has not been disclosed.

[itsriskythat] 25/10/2017 18:31

I've been caught out by the last two RNS's at Angus.

First the OGA approval, which wouldn't have been given, if planning permission for the sidetrack was not considered to be watertight. Second the letter from SCC.

What Angus proposes is as follows:

"After a careful and considered review, the Management team and Board of Directors of Angus Energy will, as Operator of the licence, submit a normalisation application for the continued surface activities of the production plant required for well BR-X4 and notably, its inclusive sidetrack BR-X4Z."

"The Company reiterates it has all the required permissions from all of its regulators to continue production at the Brockham Oil Field including the Kimmeridge layers. ."

It's a fresh permission for the continued surface activities that is being sought.

I suppose that amounts to the same thing in the end.

[mrphiljones] 25/10/2017 17:44

The traders here buying back in?.....:-))

[dunderheed] 25/10/2017 17:43

5984 - Change in mgt / merger of sort - all peer companies are probably way 'over-valued' now?
Jus - did you get the peer compartor group list with ergard to options crystallisation. I would be very upset to see any of this mgt team get any options based upon pfmce to date this year.

[currypasty] 25/10/2017 11:12

we seem to have been sold off even more than the last three 'fails'..
still all to play for, IMHO, with TMP likely to be passed next time, provided EOG get their finger out and satisfy residents, planning, councillors etc, even if we are in the right!! Wressle hearing starts in a couple of weeks, and I would hope we get an update on how the last placing money is being spent soon. Results also due any time, if last year is anything to go on.

oversold, imo, should be no lower than 6p, while we wait

[jusmasel99] 25/10/2017 11:04

Nice guesstimate of GIIP

Plattendolomit 600 Bcf
Hauptdolomit 220 - 420 Bcf
Carboniferous 50 - 100 Bcf (Cloughton, proven, conventional)
40+ Tcf GIIP (No reserves estimated at this time)

[jusmasel99] 25/10/2017 10:49

hxxps://www.spe-aberdeen.org/wp-content/uploads/2017/06/DEVEX-2017-Arenite-Cleveland-Basin-Gasfields.pdf
It seems that Arenite are continuing to develop this prospect and confirm my own belief that result from Ravenspurn Deep will be significant. Well if BP and Perenco have continued drilling for 10 months then I would hope that the results will be highly encouraging. A little gem on the horizon ....


hxxp://www.oilandgastechnology.net/news/bp-announces-start-drilling-new-carboniferous-prospect-southern-north-sea

24th January 2017 1
inShare
BP have announced that drilling has commenced on a potential carboniferous gas play in southern North Sea block 43/26a that, if successful, could open a new phase of development in the region.
Ravenspurn ST2 platform
Ravenspurn ST2 platform
The well, being drilled with partners Perenco and Premier, will test the potential of a deep carboniferous age horizon several hundred metres beneath the mature reservoirs produced by the Ravenspurn ST2 platform.

“This play warrants further exploration as we know the reservoir sands exist,” Mark Thomas, BP North Sea regional president, commented. “What we don’t know is whether, if gas is found, long-term production can be proven to be economic from this deeply buried reservoir horizon. We’re looking forward to working with Perenco and Premier to test this concept and better understand its potential.”

During the drilling and testing phase, Perenco - as operator of the existing producing Ravenspurn field - will act as substitute operator on behalf of BP and the other licence owners.

[guesswhosback] 25/10/2017 08:55

Curry - interesting link. Seems ANGS are very concerned about their shareholders interests whilst at the same time engaging with SCC.

[rogerlin] 25/10/2017 08:46

Exploiting the tight gas play doesn't seem entirely straightforward. Better for EDR and EOG to do this offshore I would have thought.

[jusmasel99] 25/10/2017 08:25

Thanks Rogerlin - Perenco is the name I was looking for and I believe they bought a bigger percentage and have operatorship of the drill as well.

Bloody long time to be drilling ...

[rogerlin] 24/10/2017 19:05

BP holds an 85% equity stake in the prospect alongside licence partners Perenco (10%) and Premier (5%). (Ravenspurn north).

Thanks for all your informative posts Jusmasel. We have had a bad run, perhaps there will be a change of fortune in time for Christmas!

[jusmasel99] 24/10/2017 17:08

Holmwood will be passed - it cannot be stopped - it can be delayed. Let's move on.

Holmwood lies right in the thick of the Kimmeridge belt. Angs have decided to go straight into production from a newly drilled sidetrack. No cores , no flow test, only state of the art ultrasound logging. Good results from that will be exciting to say the least for Holmwood and the talk will change from exploration to production as a near certainty.

Look back at my posts from the weekend. The very first one about Wressle gives an indication of the absurdity of the planning situation there. Not enough information in one sentence and far too much in the next so he decided to vote against. At the start of the meeting two Councillors notified personal interest as being sponsored by Unite and then went on to espouse their stance on fracking and voted against DESPITE EDR obtaining approval directly from British Steel. If the planning inspector votes against Wressle production then all hope is lost until the government decides to intervene.

So Wressle gets approved and comes on line - we get an immediate upfront payment from UPL then ongoing increased payments from UJO. We also receive a substantial amount of shares in UPL as a result and that little company will take off on the news of Wressle production and will hopefully stimulate increased work on Hardstoft.

BP have been drilling Ravenspurn for over 10 months now. They wouldn't be doing that if they hadn't found something. It is a direct correlation to our Maxwell field. If BP and their partner/operator whose name escapes me at the moment will reveal their results then Maxwell becomes a very attractive proposition.

Corrib is just around the corner. Vermillion can't do anything before the deal is approved and Nexen are currently processing seismic over a prospect near ours. It would be idiotic of them not to be interested in what we find on our Corrib licences if they have found something on theirs.

The East Midlands following on from Wressle is full of more opportunity - twe/three more zones to produce from at Wressle and Broughton North lies in between Crosby Warren and Wressle so good chance of success there.

And we aren't too far off finding out which of the majors will be drilling next year - rig contracts will be out soon if not already as I don't keep an eye on them - leave that too Rogerlin!!

News is coming and not solely from the Weald - but finally just to remind you if that is all you are interested in - the Kimmieridge is an acreage play and we hold more Weald Acreage than ANGS who are rated 5 times our Mcap .. So come on guys .. let's talk about the prospects and opportunity here rather than some idiotic planning authorities..

[guesswhosback] 24/10/2017 16:08

He can win Jus, he needs to get the permission through. That's his job! What is clear from the correspondence and the meeting is that EOG are NOT helping themselves. Its clear, its been stated by the committee.

It maybe unfortunate that they have come up with awkward stance but they have made it clear as to why.

Poor is debatable I'm sure his remuneration is way above the returns of the shareholders. Well certainly this one!

Also, we all know how management can spin a yarn or two to keep us all in the loop.

[jusmasel99] 24/10/2017 15:19

Poor guy just can't win. He got the fencing passed but was nailed on not being able to provide a traffic management plan for the M25...? and I repeat a chairman of a planning committee who allowed a motion to refuse to be voted on when they couldn't legally refuse it and who then proceeded to amend the words of the deferral motion AFTER it had been voted on to include a resolution that hadn't even been commented on in debate.