Share Name Share Symbol Market Type Share ISIN Share Description
Europa Oil & Gas LSE:EOG London Ordinary Share GB00B03CJS30 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 4.625p 4.50p 4.75p 4.625p 4.625p 4.625p 276,436.00 07:50:01
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 1.3 -1.9 -0.7 - 11.33

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Date Time Title Posts
08/12/201609:07Europa Oil & Gas - Moderated5,082.00
12/7/201621:06 Europa Oil & Gas (LON:EOG) exploration and production company focused on Europe1.00
21/7/201514:52Europa oil&gas Hugh Mackay speaking live at 6pm....-
14/5/201518:39Europa Oil and Gas4,115.00
20/6/201311:50EOG Charts4.00

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DateSubject
08/12/2016
08:20
Europa Oil & Gas Daily Update: Europa Oil & Gas is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker EOG. The last closing price for Europa Oil & Gas was 4.63p.
Europa Oil & Gas has a 4 week average price of 4.68p and a 12 week average price of 4.80p.
The 1 year high share price is 6.38p while the 1 year low share price is currently 2.38p.
There are currently 244,888,011 shares in issue and the average daily traded volume is 217,993 shares. The market capitalisation of Europa Oil & Gas is £11,326,070.51.
22/8/2016
06:35
cgod: All this and the share price is only 4.75p? Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas 22 August 2016 Europa Oil & Gas (Holdings) plc ('Europa' or 'the Company') Technical Update on Licensing Option 16/22, Offshore Ireland Europa Oil & Gas (Holdings) plc, the AIM listed oil and gas exploration, development and production company focused on Europe, is pleased to provide detailed technical information on the recently awarded Licensing Option ('LO') 16/22. Europa has a 100% interest in, and is operator of, seven licences in the Atlantic basins offshore Ireland including LO 16/22, which covers 992km2 in the Padraig Basin. Highlights * Gross mean un-risked indicative resources in the range of 300-600 million barrels of oil equivalent * Padraig Basin is a remnant Jurassic basin on the eastern margin of the Rockall Trough * Most relevant analogue is the conjugate margin play offshore Newfoundland in the Flemish Pass Basin * Good quality 1998 2-D seismic suggests structures of significant size * Multiple leads mapped in water depths ranging from 800-2,000m in both Pre-rift and Syn-rift hydrocarbon plays * Strategy to expedite exploration by securing a farm-in partner with which to reprocess historic 2-D seismic over LO 16/22 and to mature leads to drillable prospect status Europa CEO Hugh Mackay said, "Following Statoil's exploration success at the play-opening Bay du Nord oil discovery in the Flemish Pass basin offshore Newfoundland there is considerable industry interest in Flemish Pass analogues being found offshore west Ireland. Whilst most of the industry is currently focused on exploring for this play in the South Porcupine basin our restoration of the conjugate margin prior to Atlantic seafloor spreading suggests the possibility that the Padraig basin may be a better fit with the Flemish Pass basin. "The potential of the Flemish Pass play in Ireland is currently being pioneered in the South Porcupine basin by the oil majors. If they achieve exploration success we expect there will be clear technical read across to, and potentially de-risking of, our Padraig licence and in due course this might encourage a second phase of drilling in the perched basins on the Rockall margin. Whilst the Padraig Basin play is currently at an early exploration stage and at the higher risk end of the exploration spectrum, we have a work programme to de-risk this evolving play. In particular we are hopeful that successful reprocessing of historic 2-D seismic might allow us to mature existing leads to drillable prospect status at comparatively low cost and without the necessity to acquire new seismic data." A map can be found on Europa's website detailing the location of all seven of Europa's offshore Ireland licences. Please click on the link below or copy and paste this into your browser: hxxp://www.europaoil.com/documents/ 160607EuropaIrishLicences_002.pdf. An updated concession map can be found on the Department of Communications, Climate Action and Environment (DCCAE) website at: hxxp://www.dccae.gov.ie/ natural-resources/SiteCollectionDocuments/ Oil-and-Gas-Exploration-and-Production/A0_Concession_Map_Jul2016.pdf. Further Information LO 16/22 was awarded to Europa as part of Phase 2 of the 2015 Atlantic Margin Licensing Round (see announcements of 3 June and 8 June 2016). The duration of LO 16/22 is three years, effective from 1 June 2016. Following the completion of a work programme, Europa has the option to apply to the Irish authorities for their consent to convert the LO into a full Frontier Exploration Licence ('FEL'). During the period of the Licensing Option Europa will further mature the prospect inventory and will seek a farm-in partner with which to convert to an FEL, reprocess a 2-D seismic survey and in due course drill an exploration well (subject to a positive technical and commercial outcome from the 2-D seismic reprocessing, prospect mapping and prospect inventory). The licence lies on the eastern margin of the Rockall basin. It contains a number of exploration leads in water depths of 800-2,000m. The licence is some 300km west of the Irish coast and some 150km to the west of the Spanish Point and Burren discoveries. Whilst the location offers some logistical challenges these are considered no more difficult than the western flank of the South Porcupine basin where substantial exploration activity is already taking place. The Pre-rift oil play comprises Lower and Middle Jurassic sandstone reservoirs in large tilted fault block structures with Jurassic source rocks. It is also possible that the Triassic gas play could be developed, however, oil would be the preferred hydrocarbon type in this location. The Syn-rift play comprises Upper Jurassic source rocks that provide the pre-eminent source rock around the North Atlantic hydrocarbon province commonly charging both Pre-rift reservoirs and Upper Jurassic shallow marine, fan, and slope apron sandstone reservoirs. Traps are tilted fault blocks. There are a number of relevant historic 2-D seismic surveys available over the licence. The most important data set was shot for Phillips Petroleum in 1998. These data are of good intrinsic quality and would, the Company believes, respond well to modern reprocessing. It is hoped that a successful outcome to seismic reprocessing of the 2-D data could mature leads to drillable prospect status without the necessity for acquisition of new seismic data. In due course Europa will seek a farm-in partner with which to reprocess seismic, mature leads to drillable prospect status and, if justified, drill a Padraig basin exploration well. The immediate priority is to farm-out Europa's South Porcupine licences FELs 2/13 and 3/13 and LOs 16/2 and 16/19. Flemish Pass Basin The Flemish Pass basin is located in the Atlantic Ocean some 400km east of St John's in Newfoundland, Canada. It is adjacent to the Jeanne d'Arc basin which hosts oil production from the Hibernia, White Rose and Hebron fields in shallow water depths. Water depths in the Flemish Pass basin range from 500-1,500m and environmental conditions are considered harsh. The Flemish Pass play comprises Syn-rift Jurassic sandstone reservoirs in structural traps with closely associated contemporaneous source rocks. Whilst exploration drilling has been conducted in the basin since the 1980s it was not until Statoil's Bay du Nord oil discovery in 2013 that exploration activity substantially increased. In 2013 Bay du Nord was reported as potentially holding resources of 300-600 million barrels of oil equivalent and was considered to be the largest exploration discovery in the world that year. This exploration success stimulated further exploration activity. Statoil undertook a nine well drilling campaign including exploration and appraisal drilling. Two new discoveries were made at Bay du Verde and Baccalieu and it was reported that the volumes at Bay du Nord were within the original volume estimate of 300-600 million boe but potentially toward the lower end of the range. During 2015 new exploration licences were awarded to mostly major and super-majors including Statoil, Exxon, Chevron, BP, BG and Nexen. Work programmes to the value of C$1.9 billion were committed to and including cash payments of C$450 million. Some of these companies have also recently been awarded licences in the South Porcupine Basin in Ireland and it seems reasonable to assume that their technical insights from Flemish Pass may have influenced their applications in Ireland. Prior to seafloor spreading and the creation of the North Atlantic, Ireland and Canada were joined together and formed part of the same conjugate margin. As the North Atlantic began to spread open, various sedimentary basins were created and into which were deposited sandstones reservoirs and mudstone source rocks. In some of the basins such as Flemish Pass the combination of reservoir, source and trap has been found by exploration drilling in the right circumstances to deliver potentially commercial hydrocarbon discoveries. In other basins such as the South Porcupine whilst the "ingredients" of reservoir, trap and source are known to exist individually the lack of exploration drilling means than they have not yet been found combined in a potentially commercial discovery, were these to exist. Atlantic basin portfolio Europa has seven licences in three basins in the Atlantic basins offshore Ireland. The combined gross mean un-risked prospective and indicative resources of more than 4 billion boe and 1.5 TCF gas. gross mean un-risked prospective and indicative resources Licence Europa area km2 Basin Term Oil millon Gas TCF equity boe FEL 2/13 100% 768 South Phase 595 operator Porcupine 1 of 15 yr FEL 3/13 100% 782 South Phase 1,500 operator Porcupine 1 of 15 yr LO 16/2 100% 523 South 2 yr 895 operator Porcupine LO 16/19 100% 976 South 2 yr 700 operator Porcupine LO 16/20 100% 945 Slyne 3 yr 1 operator Basin LO 16/21 100% 832 Slyne 3 yr 0.5 operator Basin LO 16/22 100% 992 Padraig 3 yr 500 operator total 5,818 4,190 1.5 * *S * * (targeting production start-up in H2 2016 at up to 500 bopd gross) in the UK; 100% owned gas exploration prospect (107 bcf) and appraisal project (CPR 277 bcf) in onshore France, a joint venture with Vermilion Energy also in onshore France; and seven licences offshore Ireland with the potential to host gross mean un-risked prospective and indicative resources of more than 4 billion barrels oil equivalent and 1.5 tcf gas across all seven licences. Qualified Person Review This release has been reviewed by Hugh Mackay, Chief Executive of Europa, who is a petroleum geologist with 30 years' experience in petroleum exploration and a member of the Petroleum Exploration Society of Great Britain, American Association of Petroleum Geologists and Fellow of the Geological Society. Mr Mackay has consented to the inclusion of the technical information in this release in the form and context in which it appears. END (END) Dow Jones Newswires August 22, 2016 02:00 ET (06:00 GMT) 1 Year Europa Oil & Gas Chart 1 Year Europa Oil & Gas Chart 1 Month Europa Oil & Gas Chart 1 Month Europa Oil & Gas Chart
30/7/2016
20:17
jpodtrading: CWAL purchasing so many shares, as someone quite rightly said, it's very difficult to offload that amount in the open market without destroying the share price. I believe he'll be in for the long term, as he has been so far. Assuming that, I doubt he'll be concerned with short term share fluctuations. I think he believes he's topped up at at a very reasonable price, as I do. I also would have expected the share price to race back closer towards 6p after his huge share purchases, hopefully that will happen in the coming weeks. I believe we'll be on the rise on the back of his share purchases and the upcoming news. Unfortunately I'm a pessimist at heart and always look for the bad things! :/ In an interview I believe Hugh said there wouldn't be any placings as Wressle would keep the company ticking over once production started. It's one of the reasons I was so confident to pick up more shares. At that point I think he estimated Wressle to be producing any time now. So for me this casts a bit of doubt on their cash in the short term. By the way I really enjoy reading your thoughts on EOG Jusmasel99 :)
18/7/2016
10:37
tadtech: Spoke with Hugh Mackay at the O2 investor event last Thursday. Very pleased I did, he pointed to the fact that the devaluation of the £ makes Europa close to operationally break even with current production levels in excess of 100 boepd. He said this had been reflected in the major companies share prices but as of yet has not filtered through to the smaller companies. He said EOG are operationally break even around $58 a barrel right now, they have also cut costs. He was very confident that both Wressle and Holmwood would be drilled on-time and once Wressle came into production break even for Europa would only be $38 a barrel. Regarding Ireland, somewhat coy, said that the 3D seismic had cost Cosmos $8m and would expect a proportion of that back if a JV concludes. Confirmed that the data room had been very busy with majors and mid caps, given the interest shown he has not ruled out the ability to set a timeline for interested parties to bid, not quite on a put up or shut up basis but something close I concluded from his comments. He re-iterated it had never been cheaper to drill a deep well and given the likes of Woodside, BP, Shell etc are in the area he would not rule out a 1st exploration well late next year. I concluded that a JV could come at anytime, that means next week or in 12 months time, I felt he wanted to do a deal and may pressure entities by various routes. He seemed to think the overhang had been cleared, suggested he had no idea who was selling until M&G came clean, it started around mid April he implied and he thinks lumps of stock may have been placed off market. It was 8% of the equity so given the size the share price has held up well. In all a worthwhile chat and I am confident the shares will come back up, especially with so much news due. DYOR and no advice intended
29/4/2016
14:38
tadtech: I would strongly urge readers to ignore the above poster, the unvalidated entity was calling for 2p a few months ago and the share price moved to 6.5p bid recently. With oil rising the share price will start to attract buyers as EOG are producers, in the meantime we can look forward to more License news concerning Ireland. Lots of talk from Lenigas that majors could be getting involved with Horse Hill where Europa have a 40% interested via Holmwood. Remember the company themselves have stated that there is more than a 50% chance the share price will exceed 20p
22/2/2016
07:36
tadtech: So much excitement about Horse Hill (UKOG etc 100%+ share price rise) yet few investors seem to have latched on to the fact that Europa's Holmwood prospect is just down the road. With a well expected to be drilled later this year the chances of success have improved significantly. EOG remain below radar but not for much longer. Remember EOG's 5 year average share price is circa 7.75p
15/2/2016
21:25
tadtech: Some decent posts recently and a few buyers appearing. Here are some bullet points from the Malcy interview in late December..... Ireland (massive blue sky potential) Starting Farm Out process now - Opening Data Room 11th January Data room full in January and nearly full in February EOG very positive on securing JV partner $15m of 3d seismic completed CPR of gross mean prospective resources 1.5 billion barrels - 100% interest worth $7 billion If well was a success EOG would become next Cove Energy Even at $50 oil massive exploration spend continues by majors Europa applying for more licences Best licencing round ever in Ireland just closed - Significant interest from majors inc Exxon etc 80% of applications are near EOG, in Porcupine Basin News of awards start mid February 2016 100% interest unrisked worth $7 billion to EOG - 640 TIMES PRESENT MARKET CAP - On a risked basis worth $1.1 billion - 100 TIMES PRESENT MARKET CAP UK production (pays the bills) Wrestle expected to produce 500 bopd Wrestle will more than DOUBLE Europa's production and make the company PROFITABLE Production from Wrestle 2nd half 2016 Current production 120 bopd - production cost $33 barrel Finance £2m cash Production revenues Potential of significant back cost recovery from Ireland if JV concluded NO PLACING - GOOD CASH POSITION 50% chance of the share price exceeding 20p per share !! (see slide on web-cast) http://www.tiptv.co.uk/finance/ceo-interview-europa-oil-gas-loneog-enthusiasm-intact-looking-to-boost-production/
08/12/2015
21:28
tadtech: Is Europa the next Pantheon Resources in the making??? A number of folks close to the junior O&G space have been acquiring shares of Europa over recent weeks I hear - Looking for a major share price move ! Key points from the recent Malcy interview.......... Ireland (massive blue sky potential) Starting Farm Out process now - Opening Data Room 11th January Data room full in January and nearly full in February EOG very positive on securing JV partner $15m of 3d seismic completed CPR of gross mean prospective resources 1.5 billion barrels - 100% interest worth $7 billion If well was a success EOG would become next Cove Energy Even at $50 oil massive exploration spend continues by majors Europa applying for more licences Best licencing round ever in Ireland just closed - Significant interest from majors inc Exxon etc 80% of applications are near EOG, in Porcupine Basin News of awards start mid February 2016 100% interest unrisked worth $7 billion to EOG - 640 TIMES PRESENT MARKET CAP - On a risked basis worth $1.1 billion - 100 TIMES PRESENT MARKET CAP UK production (pays the bills) Wrestle expected to produce 500 bopd Wrestle will more than DOUBLE Europa's production and make the company PROFITABLE Production from Wrestle 2nd half 2016 Current production 120 bopd - production cost $33 barrel Finance £2m cash Production revenues Potential of significant back cost recovery from Ireland if JV concluded NO PLACING - GOOD CASH POSITION 50% chance of the share price exceeding 20p per share !! (see slide on web-cast) http://www.tiptv.co.uk/finance/ceo-interview-europa-oil-gas-loneog-enthusiasm-intact-looking-to-boost-production/
18/7/2013
17:55
dlg3: What will success at dunquin add to EOG share price????? That's because seismic data suggests the Dunquin licence contains some gargantuan gas-condensate targets in the Atlantic Margin area of the frontier South Porcupine basin, offshore Ireland. Estimated to hold around 14 trillion cubic feet of gas and 500m barrels of condensate (1.7bn boe), the Dunquin project would be one of the biggest fields in the world if drilling were to be successful. Granted, it probably won't be. The average chance of success ascribed to the well by analysts is one-in-six or even one-in-ten. But that's no worse than most other frontier exploration wells and the upside potential on offer is huge. Broker Jefferies estimates a positive drill result would add a whopping 1,864p to Providence's net asset value, fully derisked (ie, should the field be successfully commercially developed). That's more than triple Providence's current share price.
05/7/2011
23:26
dalesman: I believe that was explained on Countryfile :0) or was it here! From three pages back! The main problem stemmed from the over optimistic projections made by the BOD with regards to West Firsby production. This was exacerbated by one particular poster who spammed the board with what appeared to be very optimistic projections of his own increasing the expectation from 450-500bopd up to a possible 800, many were burned. This kind of inflated production was never on the cards but anyone who tried to inject a bit of caution was effectively shouted down. The share price was then at 42p. Subsequent delays and eventual revelation of production at 250bopd disappointed many PIs and this combined with the concerted attack on commodity Aim stocks, Greece and unsettled markets have led us to this ludicrous position and a 66% decline from the highs. Unfortunately the company is now tarred with the over promise under deliver brush. Confidence in the management has to be rebuilt and this can take time - look at LGO. All of which ignores the fundamentals which are stunning and given the unexpected opportunity that the share price has now afforded a value seeker like yourself Rhu, a quick review of what EOG still has needs to be undertaken. Looking back at the Finncap report little has changed. We have had a placing at 13p - unfortunate but necessary and I was very pleased to see the BOD taking part in this fund raising, it does show commitment! We now have to take off any rosy glasses and review the pros and cons relating to this company. Lets look at the current years activity. Firsty we hear that: Since the operational and weather related issues reported in early March, group production has increased some 100% to a current average of 260bopd. Gross revenues are currently running at $750,000 per month. 500bopd would have been better but the UK assets are still throwing off cash. How many microcap E&Ps with a current market cap of £15.4m have production and are debt free? The UK production looks as if it will be increased by Crosby Warren: There is significant potential for additional production from Crosby Warren by repeating the highly successful 1987 stimulation of Crosby Warren-1. This is would increase planned for August and is anticipated to provide incremental production of between 50 and 150bopd. Given the past poor performance in predicting increases in production (I do think they have learn't from past mistakes!) lets take the lowest prediction. An extra 50bopd would increase the monthly revenues to just short of $900,000 or around $10.7m for the year - compare this figure with the current market cap and the share price is a nonsense! I'll leave you to work out what the revenue would be if CrosbyWarren increases production by 150bopd. The planned appraisals The Romanian appraisal well Voitinel-2, anticipated to be spudded in September, is to be a relatively conservative appraisal stepout to prove up to 35bcf of gas-in-place which would allow for the initiation of a pilot production project for the northern part of Voitinel. The extended field has a much higher GIP fig but working from the above figure of 35BCF this translates to 5.83mboe. Gas prices in Rumania are fairly high at around $8/mfsc. I think we can expect at least $40/boe for the gas which given EOGs entitlement is 1.68mboe is a substantial asset to have on the books. Using a NPV 15 calculation I still get 5p risked at 50% The NPV figure comes out at around $10boe so the calculation is realistic and conservative given that gas is currently on sale for $8 /mmfc. As this is the first appraisal on Voitinel I don't think I can go any higher than a 50% risking. There is absolutely nothing in the share price for Voitinel - The UK assets fully cover the current SP A second appraisal-exploration well, likely to be on the Solca Prospect, situated between the Voitinel and Paltinu gas discoveries and designed to test the upside in the Voitinel trend play, is expected to be drilled in early 2012. Then we come to Berenx On Europa's flagship appraisal project, Berenx, work has been underway for several weeks on the engineering design for a Berenx-3 appraisal well in late 2012/early 2013. In the meantime, the highly encouraging results from the recent CGGV processing of the Lacq Ouest 3D volume has given sufficient encouragement to acquire additional 3D data over the western part of the Berenx structure. It is anticipated this survey will be acquired in Q4 2011 with a view to maturing contingent resource numbers and choosing a firm well location by Q2 2012. I was disappointed to see this pushed back but the seismic is positive and the acquisition of the 3D data must de-risk the project. The upside is huge but I suspect that the extended timescale has mean't that many have moved their money elsewhere. GRH is fond of saying you make your money when you buy! The EOG share price is a case in point for those with patience! The upside case is in the £2-£4.50 range - it's worth the wait given these prices Exploration I was interested to note that EOG have moved Barchiz into the exploration rather than the appraisal section of the recent Operations RNS. The risks have certainly increased as EOG goes it alone although a farmin partner is being sought. In Romania, the Company has lodged the required documentation with the government agency to appraise the Barchiz-1 oil discovery well by deepening it to up to 2,500m in order to penetrate the anticipated repeat section of the Oligocene Sandstone reservoir encountered in nearby wells. The Barchiz Prospect therefore remains only partially tested due to the premature cessation of drilling operations at 1,450m following technical problems. It is hoped that approval will be given shortly and that the well can be deepened in October. I am using a notional 30m OIP from the last presentation. At 100% entitlement and a COS factor set at 30% this gives a current risked evaluation of 27p for this project - unrisked £0.89 (This after a NPV15 calculation has been applied) . A real company maker! A farmin will of course reduce these figures but again none of this upside is in the current share price - its all in for free! So on reflection there is IMHO considerable upside at these sale prices! Does that help Rhu.... JohnCraven? As always DYOR and no advice given! Kind regards Dalesman
02/7/2011
13:21
dalesman: Hi Rhubarb I'm still here and still very committed to Europa. (Although well below water on this one :0( ) The main problem stemmed from the over optimistic projections made by the BOD with regards to West Firsby production. This was exacerbated by one particular poster who spammed the board with what appeared to be very optimistic projections of his own increasing the expectation from 450-500bopd up to a possible 800, many were burned. This kind of inflated production was never on the cards but anyone who tried to inject a bit of caution was effectively shouted down. The share price was then at 42p. Subsequent delays and eventual revelation of production at 250bopd disappointed many PIs and this combined with the concerted attack on commodity Aim stocks, Greece and unsettled markets have led us to this ludicrous position and a 66% decline from the highs. Unfortunately the company is now tarred with the over promise under deliver brush. Confidence in the management has to be rebuilt and this can take time - look at LGO. All of which ignores the fundamentals which are stunning and given the unexpected opportunity that the share price has now afforded a value seeker like yourself Rhu, a quick review of what EOG still has needs to be undertaken. Looking back at the Finncap report little has changed. We have had a placing at 13p - unfortunate but necessary and I was very pleased to see the BOD taking part in this fund raising, it does show commitment! We now have to take off any rosy glasses and review the pros and cons relating to this company. Lets look at the current years activity. Firsty we hear that: Since the operational and weather related issues reported in early March, group production has increased some 100% to a current average of 260bopd. Gross revenues are currently running at $750,000 per month. 500bopd would have been better but the UK assets are still throwing off cash. How many microcap E&Ps with a current market cap of £15.4m have production and are debt free? The UK production looks as if it will be increased by Crosby Warren: There is significant potential for additional production from Crosby Warren by repeating the highly successful 1987 stimulation of Crosby Warren-1. This is would increase planned for August and is anticipated to provide incremental production of between 50 and 150bopd. Given the past poor performance in predicting increases in production (I do think they have learn't from past mistakes!) lets take the lowest prediction. An extra 50bopd would increase the monthly revenues to just short of $900,000 or around $10.7m for the year - compare this figure with the current market cap and the share price is a nonsense! I'll leave you to work out what the revenue would be if CrosbyWarren increases production by 150bopd. The planned appraisals The Romanian appraisal well Voitinel-2, anticipated to be spudded in September, is to be a relatively conservative appraisal stepout to prove up to 35bcf of gas-in-place which would allow for the initiation of a pilot production project for the northern part of Voitinel. The extended field has a much higher GIP fig but working from the above figure of 35BCF this translates to 5.83mboe. Gas prices in Rumania are fairly high at around $8/mfsc. I think we can expect at least $40/boe for the gas which given EOGs entitlement is 1.68mboe is a substantial asset to have on the books. Using a NPV 15 calculation I still get 5p risked at 50% The NPV figure comes out at around $10boe so the calculation is realistic and conservative given that gas is currently on sale for $8 /mmfc. As this is the first appraisal on Voitinel I don't think I can go any higher than a 50% risking. There is absolutely nothing in the share price for Voitinel - The UK assets fully cover the current SP A second appraisal-exploration well, likely to be on the Solca Prospect, situated between the Voitinel and Paltinu gas discoveries and designed to test the upside in the Voitinel trend play, is expected to be drilled in early 2012. Then we come to Berenx On Europa's flagship appraisal project, Berenx, work has been underway for several weeks on the engineering design for a Berenx-3 appraisal well in late 2012/early 2013. In the meantime, the highly encouraging results from the recent CGGV processing of the Lacq Ouest 3D volume has given sufficient encouragement to acquire additional 3D data over the western part of the Berenx structure. It is anticipated this survey will be acquired in Q4 2011 with a view to maturing contingent resource numbers and choosing a firm well location by Q2 2012. I was disappointed to see this pushed back but the seismic is positive and the acquisition of the 3D data must de-risk the project. The upside is huge but I suspect that the extended timescale has mean't that many have moved their money elsewhere. GRH is fond of saying you make your money when you buy! The EOG share price is a case in point for those with patience! The upside case is in the £2-£4.50 range - it's worth the wait given these prices Exploration I was interested to note that EOG have moved Barchiz into the exploration rather than the appraisal section of the recent Operations RNS. The risks have certainly increased as EOG goes it alone although a farmin partner is being sought. In Romania, the Company has lodged the required documentation with the government agency to appraise the Barchiz-1 oil discovery well by deepening it to up to 2,500m in order to penetrate the anticipated repeat section of the Oligocene Sandstone reservoir encountered in nearby wells. The Barchiz Prospect therefore remains only partially tested due to the premature cessation of drilling operations at 1,450m following technical problems. It is hoped that approval will be given shortly and that the well can be deepened in October. I am using a notional 30m OIP from the last presentation. At 100% entitlement and a COS factor set at 30% this gives a current risked evaluation of 27p for this project - unrisked £0.89 (This after a NPV15 calculation has been applied) . A real company maker! A farmin will of course reduce these figures but again none of this upside is in the current share price - its all in for free! So on reflection there is IMHO considerable upside at these sale prices! Does that help Rhu? As always DYOR and no advice given! Kind regards Dalesman
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