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

[guesswhosback2] 23/8/2019 08:09

Thanks Jus. Appreciated.

[jusmasel99] 23/8/2019 07:31

Hugh knows all about it and was talking to CNOOC yesterday as he was in Dublin for an IOOA meeting ...

Remember what CNOOC said in the quote - looking to mature opportunities ....

[guesswhosback2] 23/8/2019 07:15

Nothing from the company then? Its bank holiday maybe they dont know yet. I will give them a call and tell them after the weekend, dont want to upset their time off.

[jusmasel99] 22/8/2019 17:28

ANother million delayed trade

[bountyhunter] 22/8/2019 16:33

Yes, like is he still expecting the phone to ring at any moment from that major's HQ?

[currypasty] 22/8/2019 15:59

I think we need a statement from Hugh

[jusmasel99] 22/8/2019 14:51

I get the feeling that the large buyer has got lucky and is building a position now on a lower share price than he thought he would have to pay. Trades say it all. Guess he/she didn't anticipate the news to be made public in this way. There is after all no detail in the announcement/quote. Druid/Drombeg was dry but Exxon immediately afterwards exercised option to farm in.

Waiting game now I think - again

[currypasty] 22/8/2019 14:31

the large buyer should have waited a few days, hes either very unlucky, or knows something we don't!

[dunderheed] 22/8/2019 13:23

Adna I assume u are referring to the mega fields in the 60s which were (commercially) discovered after about the 9th well I think with considerably less sophisticated seismic tech.?
That is not to say "mavericks" have not made incredible discoveries in the most unlikely of places, whilst "dreamers" have also wasted lots of money as well when a bit of (timely) diversification may have helped?
Best of luck all.

[adnatrob] 22/8/2019 12:18

It's exploration, there were many many dry holes in the North Sea before they found oil. Price action of the last few days still suggests something is brewing.

[ngms27] 22/8/2019 12:13

No ones going to farm in with any drill commitment to be sure.

[jusmasel99] 22/8/2019 12:12

Well look on the bright side - that will be two site surveys we don't need and we were fully funded for them...

[guesswhosback2] 22/8/2019 12:09

So what now. Give up on our licences in Ireland I guess.

[cheek212] 22/8/2019 12:02

And back down we go!

[jusmasel99] 22/8/2019 11:27

Grasping at straws here but a) well 18/20-7 drilled by SHell near Corrib (our Corrib North prospect) was reported at the time to be P&A and dry which it wssn't. Nothing in the above report includes a direct quote from CNOOC saying that the well was dry.

SO they are still going to mature 'opportunities' in the region! I like that quote

[dunderheed] 22/8/2019 11:23

GWB2, Just carry on with all those site surveys and hopefully he can pick up even more "world class" Ireland acreage and keep on putting even more eggs in one basket?
Oh sorry forgot about the next "gravy train" - good old Morocco - here's hoping EOG have stolen another march on the market again - a la Ireland?!

Will the stooge club be as easily persuaded this time though?!
In all seriousness best of luck all and as ever imho and dyor!

[jusmasel99] 22/8/2019 11:18

SO muh for them declaring that the result would be kept 'tight'. And also releasing market sensitive news to a journalist. Smelly ... very smelly

[guesswhosback2] 22/8/2019 11:09

So what now Mr Hugh?

[jusmasel99] 22/8/2019 10:55

CNOOC Petroleum Europe and ExxonMobil have plugged and abandoned a high-profile wildcat on the Iolar prospect off the west coast of Ireland as a dryhole.
Following the disappointing results, the Stena Drilling-owned drillship Stena IceMax has now departed from the FEL 18 well, 232 kilometres offshore in the Porcupine basin.
Ray Riddoch, CNOOC Petroleum Europe's managing director, confirmed the well was dry.
"The Iolar post-well results are being analysed and, once complete, will help inform our future activity in the basin. We have high-quality prospects offshore Ireland and are looking to mature opportunities in the region,” Riddoch said.
The Stena IceMax began drilling on 27 May.
CNOOC Petroleum Europe, a subsidiary of Chinese state-owned company CNOOC Ltd, was operator in a 50% partnership with the US supermajor.
Iolar was in an adjacent block to Providence Resources’ Druid and Drombeg prospects, which yielded disappointing results when drilled in 2017.
Jamie Collard, senior analyst at consultancy Westwood Global Energy Group, said 29 exploration wells have now been drilled in the Porcupine basin without any commercial success.
"In the southern Porcupine, the failures at Dunquin and Druid/Drombeg shifted the focus away from the Cretaceous and Cenozoic stratigraphy, back to Jurassic plays," he said.
"The dryhole at Iolar would seem to have downgraded the Jurassic, and the potential of adjacent acreage, assuming it was a valid play test.
"The Porcupine basin appears likely to remain frontier until risks regarding source effectiveness and reservoir quality can be reduced

[oxs] 22/8/2019 10:47

No you're right it doesn't make any sense

[bountyhunter] 22/8/2019 10:36

They can't nick our gas? Trying to find a positive! :)

[guesswhosback2] 22/8/2019 10:34

Doesnt make sense with the share price

[bountyhunter] 22/8/2019 10:33

Typical! :(