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

[itsriskythat] 21/3/2018 14:59

Those are quite large sells that have gone through. What triggered this, I wonder?

[currypasty] 21/3/2018 14:49

another tick down, now 3.0-3.3, mcap £9.5m

[jusmasel99] 21/3/2018 13:46

Spangle - the planning inspectors decision is in the public domain and it all revolves around ground water. The main question to be answered in the courts if they go down that route is why the inspector did not approve the application and detailing his objections to it as conditions.

[spangle93] 20/3/2018 23:35

Caters - ref #6742, good post

Ref Wressle, the reason for planning refusal was not publicly shared. But IMHO it's not the ol' fracking chestnut or else they couldn't give a rationale against which Egdon could re-submit.

My bet would be that they aren't keen on x tankers per day rumbling past their constituent's front doors for years to come (I haven't done the maths, clearly!) or something similar to do with quality of life (emissions, noise, light pollution, ...).

[cheek212] 20/3/2018 16:39

You never know, a few more days like this and we might even see a tick up in price!! Won't hold my breath though!

[volkswag] 20/3/2018 16:30

Well there have been some sizeable buys today, normally the spread would have been far wider, so someone has been fortunate not to pay a premium for purchases over 100k shares.

[caters] 20/3/2018 11:16

Perhaps the new directors are waiting for a better entry point ;-)

You're right, though, a MCap of £10m is low.

[jusmasel99] 20/3/2018 11:05

Caters - I agree totally with you - I see the upsides here just not when it is likely to happen.

The only inkling I have - and almost clutching at straws here - is that despite this ridiculously low share price the new directors haven't bought yet. So maybe there is a closed period with imminent news. These two new directors/chairman are closely connected to Corrib and will have a vast amount of inside knowledge about what transpired there. It will be good to hear them talk when they get the chance.

[joestalin] 20/3/2018 11:00

" With the LHAG running circles round the oilers"

and they seem to be on first name terms with the county council.

[caters] 20/3/2018 10:55

There are quite a number of oil shares to invest in where the news pipeline is fairly visible - both in the 'what' and the 'when', in rough terms. Often, though, the 'what' can be disappointing.

But no so with Europa as the timing is not visible:

(i) Holmwood - With the LHAG running circles round the oilers, I can't be sure of when this will get drilled, so I discount it completely as it's taken soooo long already.

(ii) Wressle - Hopefully, Egdon can 'join the dots' provided by the Planning Inspector and get this past planning. Entries have to be submitted by 28/4/18 and then it will take a while to chug through North Lincs planning office before it's put in front of the Planning Committee. It could be Autumn before that happens. Then there will be an appeal by the locals scared of (non-existent) fracking, and the delay continues.

(iii) Corrib - I really like the proposition here but it's all 2019 at the earliest and my money could be growing/shrinking elsewhere before then.

(iv) Rest of Atlantic Margin - I'll believe it when I see it and that seems to be the view of the market and EOG itself given the latest ops update!

I may miss out on the low and the creep back up, but that's the risk I have to take by sitting on the sidelines here.

[jusmasel99] 20/3/2018 09:55

That is the problem we don't know when - we don't even know if either is imminent although there will be more than one item of news when either starts to progress.

Yes 0 it may well drift down in the interim - will certainly jump up though when the news comes ...

[caters] 20/3/2018 09:06

But when?

And in the mean time, more risk of drift down.

[jusmasel99] 20/3/2018 08:23

£10m Mcap this morning ... what are people waiting for? I suppose a timeline would help but there are two definites that WILL happen eventually that WILL probably triple the current MCap.

Holmwood will be drilled. We are FULLY carried on the cost of the drill. It is almost certain that when the drill intersects the Weald Kimmeridge there will be Hydrocarbon shows. The COS for the conventional target is very high. So no matter the result of the well when it spuds the share price will rise.

Wressle will produce Oil. The inspector told Egdon everything they need to do in order to obtain planning permission next time round. Wressle will produce enough oil from the FIRST zone to double our current production. When that happens our share price will rise.

I don't know when these two things will happen but I do know they WILL happen. Slam dunk in my opinion.

[jusmasel99] 19/3/2018 06:46

Thanks for that IRT - good to see our new directors 'networking'. Hope to hear that they have dipped their hands into their pockets to buy some shares in their company soon. Given the delay in doing so we can only imagine that they are in a closed period for some reason.

Monday morning thought .... the new partners in Corrib, CPPIB, Vermillion and Statoil have no financial interest in any other field at Corrib other than the producing fields which are delimited by their extent now. It is as much in their interests to extend the life of Corrib by exploration as it is the Irish Government's. The clock is ticking .. the prospect of a decline in production at Corrib linked to the threat of action by Russia to limit supplies of Gas to the west is real.

[itsriskythat] 16/3/2018 11:50

Having said that I see that O'Cathain served as the Managing Director of Enterprise Oil Ireland at the sanction of the Corrib Gas Field development.

[itsriskythat] 16/3/2018 11:46

Jusmasel99, we've all done a top-up in some company in the belief that the tide has turned. Hope it works out for you before long.

In Europa's case I will wait to see what Mr. Oddie and Mr. O'Cathain bring to the boardroom before buying. Spotted O'Cathain networking at the Oil Capital conference on Wednesday. There's an obvious connection there with Europa moving into "new jurisdictions".

The mood on Wednesday was more upbeat than for several years.

[jusmasel99] 16/3/2018 10:33

A point to reckon with about Corrib ...

By 2010 Corrib was a confirmed project. The facility was being built and the production wells drilled. Shell were assuming it would come into production the following year.

But they also were going ahead with an exploration well in what is now our Corrib North prospect ... they were actively looking for additional resources that would prolong the life of the plant even then. It was about that time that they decided to sell up and move on for a variety of reasons - financial crisis, drop in oil price as well as Irish planning problems ..

I think it is a real no brainer that the new owners or large oil exploration companies will seek to drill .. 2TCF more than doubles the life expectancy of an $850m purchase by CPIP ...

and our Mcap remains £10m ..... ridiculous and a bargain .. I topped up again this morning anyway

[itsriskythat] 15/3/2018 19:54

https://blogs.spectator.co.uk/2018/03/thanks-to-the-anti-fracking-lobby-britain-depends-on-russias-gas/

[cheek212] 15/3/2018 19:05

Crock of sh*t - heard of many other projects in the UK were the water has been affected? No, me neither.

[itsriskythat] 15/3/2018 18:50

STOP THE DRILL

New oil threat looms over England's national park land, campaigners warn

'To the west of Horse Hill is Holmwood, which Europa Oil and Gas plans to drill during the second half of this year. The site is in an area of outstanding natural beauty, which the company said planners had concluded would not be impacted by oil drilling.

Hugh Mackay, the company’s chief executive, said the well was similar to a dozen other discoveries made in the Weald over the last three decades. “There’s no new technology here, it’s a typical Weald basin oil prospect.”

The company has planning permission, and the Environment Agency has said it is minded to approve the project. On Thursday night at 7pm, campaigners against the drilling will hand in a petition signed by 102,000 people to the government body, urging the EA to block the drilling.'



The petition’s organiser, who did not want to be named, told the Guardian: “We are deeply concerned for the pollution risks this drilling proposal presents to our water supply.”

[adnatrob] 15/3/2018 14:43

And that is why I say for 2018 Europa’s focus should be on achieving planning permission and drilling both Holmwood and Wressle, quite frankly for me Ireland at this stage is a diversion, no one is interested, the share price and market reaction to yesterday’s RNS says that quite clearly. On the other hand, if Europa issue a positive RNS on Holmwood and/or Wressle, just watch the share price go, likely to treble almost immediately.

Let’s hope Hugh and team have read LHAG’s newsletter 58 and have prepared a robust response.

[jusmasel99] 15/3/2018 12:19

There will be more wells drilled in the Porcupine that is for sure.

Thinking about Wressle for a moment. Our share price took a hit (several times) because of the refusal of planning permission to extract the oil and gas that has been discovered there. The latest refusal was by the planning inspector who provided his reasons for refusal quite clearly. A question arose, could he not have granted permission and put his objections down as conditions. No answer has been given to that as far as I am aware but all his objections relate to surface works and there surely is no doubt that EGdon can submit a new planning application that covers all the areas objected to by the inspector.

If they cannot then that surely is the end for the UK onshore oil and gas industry.

So there is every reason to believe that at some stage this year hopefully we will finally receive planning permission to extract the oil and as a result of UPL pulling out we will add 170bpd to our production.

It seems on other boards they want the jam tomorrow and I can understand that long term holders with high average buy ins are impatient. But at this price the share price is a steal if you accept the fact that eventual production from Wressle is a given which I do. Maybe this year maybe next but as the newsflow comes a) planning application made, b) planning permission received, c) production started etc the share price here will surely double if not treble. 100% return on my money for just one small aspect of EOG's portfolio over the next year is fair enough for me......

I don't see this as a gamble at all given that we already have enough production to cover our overheads ...

[rogerlin] 14/3/2018 19:47

Sentiment is down because Druid/Drombeg didn't come in. If it had done all Porcupine assets would have become desirable including EOG's. We had the fun of watching the race, just the horse didn't win.

[dunderheed] 14/3/2018 19:23

Hugh has told the world about all the other Irish prospects as well Jus and what have we got?
Admittedly though this does 'seem' a slightly better story!!