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

[dunderheed] 10/1/2018 12:16

Jus during my long and varied 'free bb career' I have had direct access to a lot of 'tin-pot' oil/gas/pharma companies bod's due to being an 'interested/excited investor'.
I used to hear so much 'jam' from these guys I never bothered repeating on free bb's!

I also learnt (to my cost!!) a lot of these members of bod's were no more than snake oil salesmen or at best were very 'excited' about their own company prospects.

I 'hear' the corrib story and it does seem compelling but I've also 'heard' about all the other Irish upside and industry interest and look at this with a more 'jaded' viewpoint now?
Isn't it coincidental 'everyone' is looking and talking of the next jar of jam during these low share price times?
EOG could have stolen a march on all the other E&P companies (stopped watch correct twice a day), invited to the same data rooms or, equally it could be looking just like another 'massive industry interest coming to nothing' scenario?!
Me 'I'd' take the gamble because it sounds a good story but I simply do not know enough of the facts behind the story and really expect to be disappointed.
Once again all imho and meant in the best way possible.

[bountyhunter] 10/1/2018 12:08

Ineos to challenge Scots fracking 'ban':

[currypasty] 10/1/2018 11:25

great post Jus.. an argument for dumping all UK onshore?

[jusmasel99] 10/1/2018 10:48

Corrib Gas Opportunity Summary

In my opinion the next big 'thing' for EOG will be Corrib. We own two Licence Options in the immediate vicinity of the field one of which (LO 16/20) is the remainder of the original FEL licence that contains the Corrib Gas Field.

The development history of Corrib is well documented and remains contentious for all prospectors seeking boardroom approval for hydrocarbon exploration in Ireland. It led to Shell withdrawing and they now await transfer of their share in the project to the Canadian Pension Fund with Vermillion taking over operatorship. The last part is relevant in that in order for Vermillion to take over they have to obtain approval to become an operator as well as open an office in Ireland. The absence of those two items has meant that Vermillion could not have applied for licences in the last round.

We have two anomalies to consider at Corrib:

a) Well 18/20-7 drilled by Shell and partners in 2010 which, up until recently, was classified as 'tight' meaning that the results of the well remained confidential. Notwithstanding that, Shell at the time decided it was worthwhile going back the following year to undertake a subsea survey which could have included looking at potential tieback to the Corrib subsea infrastructure. We now know that the well was not dry and contained gas shows to TD. Why did Shell not extend the well down to a fluid interface we may never know but certainly a strange decision. We also know that in 2011 the straw that possibly broke the back of Shell's continued interest in Corrib/Ireland was delivered by the planners who insisted a tunnel be built to accomodate the pipework across Sruwadaccon Bay for £40m. The decision to exit Corrib/Ireland would have been taken privately long before they put Corrib on the market which they could only do realistically after Corrib went live. So there is I think a reasonable and logical explanation as to why Shell did not invest in further exploration in and around Corrib. As a note of interest (I think) when I asked Vermillion about 18/20-7 last SUmmer, I got an immediate response indicating that they knew about the well and that the result was still confidential - although they would have known certainly.

b) the second anomaly is why EOG got these licences. Were there no other bidders? Were other bidders put off by the fact that Shell had relinquished 16/20? In my opinion Shell did not relinquish 16/20 because it did not contain prospects they relinquished it as part of their decision to exit - retention of any area would have incurred additional costs. I suspect in all of this Statoil at the time had a similar opinion about Corrib = no more investment period. so that would have ruled them out as likely bidders.

So Corrib is THE likely company maker for EOG. How this develops is anybody's guess but the significant next milestone happens when Vermillion take over operatorship. That will free them up to start making strategic decisions on prolonging the plant through exploration and maintaining maximum production capacity. We also have EOG's interpretation of what is down 18/20-7 to look forward to. Surely they will have some industry sources to enlighten them about what Shell thought they found - note Hugh's remark about porosities being even better than Corrib. Very very intriguing and one that could produce a result for EOG with a farm in this year - I would be most surprised if that didn't happen within weeks of Vermillion taking over .....

[currypasty] 08/1/2018 12:41

Egdons RNS last week...

"We will now take the opportunity to consider in detail the reasons for the refusals as contained in the decision notice and review the options available to us. We will provide a further update in the next few days."

[grannyboy] 05/1/2018 21:36

Thanks Great full Dead for your thoughts(6371)...But I've found a little cracker, still in the O&G, which is MYN, under valued with plenty of potential!!.

[tommy241] 05/1/2018 20:45

Courtesy of hewes62:

"I guess Egdon will rue the day they decided not to get a groundwater investigation report et al as per the decision. The oil remains in the ground available for recovery so I guess they will either walk away or address the planning issues noted. Sections 24 and 25.
On the other hand I note ( in section numbers )
16. Near well bore treatments would not result in material harm, fracking concerns dismissed.
30. That a fully effective groundwater monitoring system could be deployed, as a condition.
32. That there is no unnacceptable risk due to seismic activity.
33. The flood risk assessment and precautions are OK.
34. The affect on local air quality would be acceptable, Ie not unacceptable.
35. The amount of traffic would not be unacceptable, ie OK
36. The waste management plan was acceptable.
40. The argument that the development would impact global warming etc was not accepted.

So, Egdon and partners have to consider the 2 refusal issues, not the rest, but need to hurry up in order to extend planning permission further ( I guess, based on the inspectors comment re sunk cost etc in section 46…..if the appellants were to persue an alternative or revised scheme for the site)
As noted above, some quite interesting issues to inform future small oil drilling plans, including plans with small scale Well stimulation activity.
I think Mr Williams has done a fine job in clearing the air for future oil well developments. Well done that chap!"

[enfranglais] 05/1/2018 11:54

Nimby`s 1 - common sense 0!!!!
Hope that the nimby`s Range Rovers get an even higher tax bracket or the fuel suppliers make sure they run out when the want to heat their country piles!!! Barstewards!!!

[gclark] 05/1/2018 11:25

I don't know much about planning apart from basic experience. What happens next with Wressle? I must admit I was dubious of a planning officer going against a planning committee - wouldn't he/she just end up being sacked, even if they don't directly employ him/her? I know they may be tied by the 'law', but that is often a subjective view.
As you can see I don't know a lot about planning!
The positives for EOG include the price of oil, which must make EOG income generating, before capex. So we need to consider how this news will impact output and income. And there is the potential for the Irish blocks, of course.

[greatfull dead] 05/1/2018 09:30

grannyboy,

Have a look at miners like HMZ, great link to a video on the thread and also KRS, gold mining company in OZ.

Not ramping ladies and gentlemen. Just trying to help.....

I wish all investors here the best.
GD

[grannyboy] 05/1/2018 09:24

Another disappointment, the Irish sea looking riskier by the day...need to find other companies with lots more potential!!!

[rogerlin] 05/1/2018 09:20

UKOGs testing of the Kimmeridge at Broadford Bridge has so far been unrewarding, but the best layers are yet to come, if they flow as at Horse Hill the excitement could quickly return, UKOG's shares are very volatile and some of the frenzy would surely spread over to the Holmwood partners.

[itsriskythat] 05/1/2018 08:43

It'll now give them some time for further desktop studies, as Wressle's development would have been a distraction. Seriously.

[jusmasel99] 05/1/2018 08:38

6p placing looks like a stroke of genius now ... time to move on from UK Onshore. Sell up Holmwood as it stands and concentrate on Ireland.

Strangely though I would keep interest in Wressle as that will ultimately deliver cashflow and hopefully UPL will pull out of the deal.

Other than that I can't see much happening here this year.

[tommy241] 05/1/2018 08:23

Curry, that's my take on it also. At least EOG are making a small profit at current oil price, without Wressle.

Unlike UJO....

[currypasty] 05/1/2018 08:12

looks like they will re-submit, covering the points outlined

IMO ujo most exposed, time here for Hugh to get Irish moving

[dunderheed] 05/1/2018 08:07

It's ok guys don't worry. You've got a world class management team here, Everything will be fine.

[rayrac] 05/1/2018 07:57

Cant see you are right suet...just no fracking?

[suetballs] 05/1/2018 07:23

Drilling onshore looks a real no no.
Suet

[cheek212] 05/1/2018 01:03

Wressle appeal declined apparently according to drill and drop. Not what I was expecting to hear but not the end of the world. Interesting that they are reporting in this from Thursday evening but it doesn't appear to be in the public domain as far as I can see. Makes you think!!

[tommy241] 04/1/2018 20:04

Holmdale:

Monday 8 January 2018:
High Court hearing on Europa’s extended injunction. 11am, The Rolls Building, the Royal Courts of Justice,  Fetter Lane London EC4A 1NL

Wednesday 24 January 2018:
Next scheduled meeting of Surrey County Council planning committee. Hopefully Europa will be in the agenda

[cheek212] 04/1/2018 09:23

Not long till Wressle appeal results - on or before the 10th January. My bet is early next week as I bet the inspector has had a long Christmas holiday and back to work Monday.