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

[edgein] 18/8/2017 14:10

JonnyT,

"Lack of source for Drombeg sitting right below what's thought to be the basin source WILL without doubt lower the COS of current drill ready prospects in the vicinity."

Eh? Drombeg sitting below what's thought to be the basin source? Drombeg is a cretaceous target, source is Diablo ridge Jurassic. Cretaceous is above the Jurassic.

Regards,
Ed.

[currypasty] 18/8/2017 14:04

"Hugh cant cut a deal and/or doesn't realise the 'true' situation."

perhaps its time to strengthen the board?

[ngms27] 18/8/2017 13:54

guesswhosback, I never said they will give up but it will undoubtedly make them less likely to drill in the shorter term IF Drombeg has no sign of Hydrocarbons.

Lack of source for Drombeg sitting right above what's thought to be the basin source WILL without doubt lower the COS of current drill ready prospects in the vicinity.

I'm sure all parties will want to understand fully why Drombeg had no source in this event and try and establish a localised reason prior to committing to drills as otherwise they could be totally pointless.

[guesswhosback] 18/8/2017 13:23

Yes agreed, all in the mix. I bet Hugh will be disappointed though having bought a LOT of shares at the last placing. He probably bought more than most?

[7russell] 18/8/2017 12:56

I agree -a lot rides on Drombeg, EOG even released a note highlighting the read across to EOG licenses -Lets hope Drombeg comes in!

[dunderheed] 18/8/2017 12:54

Oh btw I aint got a clue about pvr well but the extra time it appears to be taking could be 'technical' issues or, (optimistically) it could be something more 'interesting'.
I know which I would hope for of course!!
I can remember making the same assumptions for a serica operated well previously and was most disappointed having bought right in at the (intra-day!) top (!) to find the 'delays' were technical and not hc finds!!

[currypasty] 18/8/2017 12:34

market makers knocking us down on a 170k rollover

[guesswhosback] 18/8/2017 09:12

There are bigger operators that need to find oil. They won't give up just cause Ngms says so...Actually reading his posts on PVR makes me think he's turned into a wind up merchant along with the rest of em? For a respected poster on another web site hes sounding a little foolish.

[jusmasel99] 18/8/2017 09:08

THat's a question you would have to put to Total, Cairn, Nexen, Statoil etc ... sure there may be reviews based on what they find at Drombeg particularly if no sniff of Hydrocarbons .. but one dry well (two if you count Druid) doesn't extinguish hope .. just look at the number of wells drilled in the Northern Porcupine that came up empty.

Still different play types to go for and remember Dunquin and the BP well both found hydrocarbons.

[currypasty] 18/8/2017 08:29

if dromberg is duff, is there any point spending the money on 3d seismic in Irish Atlantic?

[tommy241] 17/8/2017 15:28

LSE PVR bulletin board is reporting that the Ice Max supply vessels charter has been extended?

[currypasty] 17/8/2017 07:58

send that to the CEOs' ?

[jusmasel99] 17/8/2017 04:44

The amount of literature available to Planning Committee members warning about the probability of costs being awarded against them is astounding. The fact that NLC chose to refuse Wressle twice, the second time in the knowledge that an appeal was in process is bordering on Misconduct in Public Office based on wilful waste of public funds.

This is an extract from a Powerpoint presentation to Bath and NE Somerset Council

Reasons for substantive awards against LPAs

Preventing or delaying development which could clearly be permitted having regard to the development plan, national policy statements and material considerations

Reasons for refusal that cannot be substantiated by evidence with reference to the development plan, national policy and material considerations

Vague, generalised or inaccurate assertions about a proposal’s impact, which are unsupported by any objective analysis

Persisting in objections to a scheme or elements of a scheme which the Secretary of State or an Inspector has previously indicated to be acceptable

Statements made at Committee
Many applicants and appellants make copious notes of what is said at Committee

Can sometimes be used against the Council at appeal and lead to costs, so beware

Examples are appearing to give weight to an immaterial consideration or to refuse just to let objectors have their say at an appeal

Think carefully about what can be defended later rather than what the public want to hear – better a refusal on one defensible ground with nothing risky said than a refusal encompassing everything the residents say but leading to a large award of costs against the Council

[rogerlin] 16/8/2017 19:47

“Let's go." "We can't." "Why not?" "We're waiting for Godot.”

But maybe this time he will come.

[ngms27] 16/8/2017 14:24

I wouldn't be so Shaw. I'm not Wilde about the prospects if Drombeg has no trace of oil.

In fact I'd say EOGs Porcupine assets would have kicked the Beckett.

[edgein] 16/8/2017 14:03

Dunder,

Yes it was the lack of oil shows and inaccuracy of the pre-drill model and analysis that caused me to sell PVR. Without shows no oil has migrated through Druid, even if it had biodegraded it would still be there as residual. So the theory of the fluid analysis and migration into Druid were wrong, also not uncommonly the AVO as a DHI was showing a false positive (just like Namibia lighting up like a Christmas tree for TRP etc). A combination of the above makes Drombeg high risk.

JonnyT,

Not necessarily, there were a number of dry wells in the North sea before the first discovery was made. Of course they'll be more eager after the first commercial discovery. There is already evidence of a source in the Porcupine with the oil shows at Dunquin. What it may show is that there is a lack of source in the western basin if there isn't at least shows in Drombeg. Doesn't mean no source in the central basin or eastern flank at Shaw.

Regards,
Ed.

[ngms27] 16/8/2017 13:41

Agreed no source for Drombeg and the entire South Porcupine is set back years for more drilling as the whole basin becomes considerably more risky.

[dunderheed] 16/8/2017 13:14

pvr getting a little attention - gamblers buying in or word is out?
Could be correct either way timing wise.
Let's hope not a 'bad' rns Friday morning? Me, Im sticking with the pos and my hunch that this could be an awful well with regard to hcs? No mention at all of hcs on last rns so if continued this 'could' be bad re a lot of prospectivity in this area?
Which is not good because there aint many frontiers left!!
All imho.

[ngms27] 16/8/2017 10:20

guesswhosback, no, bought at 12p sold some at 18p and bought some back at 12p. I'd have quit pre-drill given 25p but the plan didn't work!

[currypasty] 16/8/2017 10:19

im underwater at PVR, average 16p, only a punt though, mate of mine has 2mil of them.

[guesswhosback] 16/8/2017 10:17

So I guess you must be pretty much underwater in PVR?

[ngms27] 16/8/2017 10:05

Well you all know my thoughts on AVO without corresponding well data. Even then the empirical evidence suggests it can work very well in say the Paleozoic and a total wipeout in the Jurassic in the same well!

So to me at Druid/Drombeg it's a chocolate teapot to me. More a tool to get investment than anything else.

I still think Drombegs likely to fail despite the markets reaction today. No real volume coming through that I can see.

[edgein] 16/8/2017 09:16

Mr Pasty,

Hope so! At least their share price is heading in the right direction at the moment, fingers crossed. You never know, the odd frontier well still does come in. Personally with their pre-drill prognosis being way off for Druid I would class a 1 in 4 as a tad optimistic. Who knows perhaps the false positive AVO and fluid response of Druid was a one off. :)

Regards,
Ed.

[currypasty] 16/8/2017 09:09

hope they have found something, other than water