Egdon Resources Share Discussion Threads

[nash81] 17/10/2020 01:04

agree,CURRYPASTY16
I am in EDR, EOG and UJO. though i am more confident with UJO and EOG. EOG cash should be enough and Wressle will be online by Christmas, so money generated will be enough to cover operations. bonus IF they can get updates /farm out on irish and morroco. I decided to buy more EOG next week as share price is crazy low at 1p




On EDR, a bit of gamble but I do hope we will get uplift on EDR share price soon on the Wressle. news should be next couple of weeks.


CURRYPASTY 16 Oct '20 - 10:11 - 4115 of 4120

Ive bought a few more this morning, to get my average down. In my opinion its gamble on will they get Wressle producing, before the cash runs out. If they do, and if initial indications were good for the 500bls, then it should be worth a penny on the shareprice.
If the costs of wressle are high, and the payments for all this work and services are pressing, or first oil is delayed, they may be forced to look for immediate short term funds. The Company is not helping much as there is no update on exactly where they are up to...
On the positive side is a comment in Europas finals that they have enough cash to fund wressle to first oil, and they only had half a mil cash on the balance sheet a couple of months ago.

[guesswhosback2] 16/10/2020 17:13

Be a great buy for UJO then, they are the only fully funded O&E out there as far as I can see.

[anley] 16/10/2020 16:41

Only well funded O&E businesses will survive between now and the end of 2021.

The only use for EDR is as a small quoted shell company on AIM but that to could create problems so its best taken over for its tax losses and a small income which it gets at the moment.

[likeawalrus] 16/10/2020 10:45

during the summer I got the impression first oil would be end October or early November, recent comments say Q4, true to form everything in O&G takes longer than expected including cost cutting it seems. although not happy with the insider trading, at least UJO is well funded

[currypasty] 16/10/2020 10:26

"All this cost cutting should have been done months ago"

agree, along with some pay cuts, inline with EOG 50% director salary cuts

[anley] 16/10/2020 10:14

All this cost cutting should have been done months ago. However how can one be sure that it is a cost effective cut..........I doubt if any work by EDG was being done.

What is more of a concern is where does the company get the cash from to pay for the 3D Seismic Survey due for survey in early 2021?

The comment below is from today's statement from the company........

"and acquiring a marine 3D seismic survey over the Resolution and Endeavour gas discoveries during the coming period."

More on this topic soon................

[currypasty] 16/10/2020 10:11

Ive bought a few more this morning, to get my average down. In my opinion its gamble on will they get Wressle producing, before the cash runs out. If they do, and if initial indications were good for the 500bls, then it should be worth a penny on the shareprice.
If the costs of wressle are high, and the payments for all this work and services are pressing, or first oil is delayed, they may be forced to look for immediate short term funds. The Company is not helping much as there is no update on exactly where they are up to...
On the positive side is a comment in Europas finals that they have enough cash to fund wressle to first oil, and they only had half a mil cash on the balance sheet a couple of months ago.

[currypasty] 16/10/2020 08:37

probably a good think to try and keep a lid on costs at the moment, imo

Note that in EOG recent final results, directors have taken a 50% pay cut and have given notice on their HQ, and will be working from home..

[currypasty] 16/10/2020 08:32

"PEDL143 Update (UKOG 67.5%)

A detailed study examining the viability of drilling the A24 (formerly Holmwood) Portland prospect's centre from selected sites outside the Surrey Hills Area of Outstanding Natural Beauty, each over 3 km from the target, concludes that the required long-reach/shallow target-depth wells are neither technically viable or economically feasible. Consequently, UKOG and its partners have now relinquished their interests in the licence. It remains a great disappointment to the Company that the licence's former operator, Europa Oil and Gas, whilst in possession of planning consent, failed to drill the prospect from the Holmwood site, around 1 km from the target."

[anley] 15/10/2020 13:13

But CURRY.......... they are a dull lot - never made a decent company and that leads me back to the 2 big holders.........

Make them an offer for cash and they will sell which means you could close the office - sack everyone and move to one room and wait for a decent North Sea oil/gas deal to come along...........which they will as reorganisation is now ongoing.

Looking at a sector of the market which has prospects but the small players have no capital and the boards consist of people who want to look after their positions and sod the shareholder...............down in the City they stuff the small shareholder with a poor story..................

Rant over...............

[currypasty] 14/10/2020 12:59

UJO looks to me like they have changed their tune a bit from first oil in October to ""North Kelsey sits within our focus areas of the East Midlands, Humber Basin and East Yorkshire and is on trend with our Wressle oil development project which is on-track to produce first oil later this quarter. "


I make that this quarter is oct, nov, dec, and so 'later this quarter' could mean as late as December now for oil. Come on egdon, get a wiggle on

[anley] 14/10/2020 12:48

It gets tighter and tighter for the company but they hang on...........

[currypasty] 14/10/2020 08:10

£100k to keep the wolves at bay

[currypasty] 13/10/2020 09:48

they wont want to wait 100 days for their £400k

EOG results out today, says little on Wressle, other than production late 2020

[kim_clay] 13/10/2020 09:03

They owe 400k payable on first oil.How long do you think it would take to generate 400k from 150bbls per day at $40 per bbl less opex of 10 per bbl. it's 4500 dollars per day net, so that's about 100 days assuming it flows at 500 per day.

[nash81] 07/10/2020 22:23

why would they "need" 400k?. they can use revenue from first oil for payment//

--

"they need £400k on first oil. So best raise money in combination with positive news..."

[currypasty] 07/10/2020 19:12

They own 14.1% of EDR, but why would the merger with Chrysaor result in them having to 'do' anything?

[anley] 07/10/2020 18:31

I wonder what Premier Oil will do with its holding in EDR?

[sparkyboy1] 05/10/2020 21:05

I sold 500K as I needed the money but holding tight with the rest6

[kim_clay] 05/10/2020 20:50

Has to be a placing... they need £400k on first oil. So best raise money in combination with positive news...

[nash81] 05/10/2020 20:27

Wressle news next few days....

EOG and EDR both are very low mcap and very cheap exposure to Wressle

[currypasty] 05/10/2020 12:48

market makers moving that down on tiny sell, perhaps they are just generating some business.. You would guess an update on Wressle shortly, as UJO have repeatedly said first oil in October


edit 500k sell just shown, and reason fro initial drop

[nash81] 05/10/2020 12:14

why we down again? with news coming on Wressle, was expecting this to be above 2p by now. placing was done recently in May !