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

[jusmasel99] 02/10/2019 05:50

Any doubters out there that a £30m drill in to a 1.5TCF targett at Inishkea is not going to happen here is an idea of the risk reward ratio view-

[jusmasel99] 01/10/2019 07:50

Beat me to it Spangle

[jusmasel99] 01/10/2019 07:25

News from EDR this morning on Wressle. Decision expected, as we know, at the turn of the year, but EDR state that they hope to start production after meeting all planning conditions by summer next year.

There should be a further update soon as the inspector cannot adjust the timetable for the hearing until it is confirmed that the council will offer no evidence or witnesses. Obviously there will be the ODD environmentalist wanting to make a speech about climate change and fracking. Inspector has already ruled that no fracking will take place at Wressle and while the previous one made comments about climate change the obvious one is that producing oil locally instead of importing it has a benefit to climate change.

EDR also state that their results will be delayed until after the hearing so perhaps teh same applies to EOG

[spangle93] 01/10/2019 07:18

From Egdon update this morning

Wressle
The Wressle oil development has the potential to add 150 bopd to the Company's production. Egdon's extensively revised development proposals for the Wressle oil discovery were refused planning consent in November 2018, with that refusal appealed in February 2019.

The public inquiry in respect of Egdon's appeal against this refusal will be held between 5 and 13 November 2019. Egdon's case will be presented by a QC supported by expert witnesses. The timing of the public inquiry has resulted in the company delaying its preliminary results announcement to 19 November 2019.

As advised in July 2019, North Lincolnshire Council will no longer present evidence at the public inquiry having withdrawn its case in respect of this appeal following agreement of acceptable planning conditions during August 2019. A decision is expected around the turn of the year. Should approval be forthcoming Egdon will need to discharge all conditions prior to commencing operations and would hope to have first production some six months after a decision.

[bountyhunter] 28/9/2019 17:03

If it's 'another' no doubt we will hear nothing but pigs might fly and so I'll be looking out on Monday just in case!

[hermana3] 28/9/2019 16:31

He "doing a hughie" once again.....

[funtimejonny] 28/9/2019 16:24

His monthly paycheck?

[dunderheed] 27/9/2019 15:42

When has anything he said crystallised on time?

[currypasty] 27/9/2019 15:09

Hugh quote..
"Regarding Farmouts, Things should come to a conclusion sometime in September, one way or another."



RNS Monday then ?

[jusmasel99] 27/9/2019 07:18

“If we are not going to replace the Corrib, our energy security has been compromised,” he says.

He also stressed to the politicians present that we would continue to need gas for the foreseeable future, even as we stepped up renewables’ contribution. A year ago, he indicated that we should continue the search to replace Corrib, which will run out in 2025.

It (gas) will be sole fossil fuel that the Irish electricity system will use, making us very dependent on it, Foley notes. “It would be very wise to have as much of that as possible coming from Irish waters,” he says.

“The more you drill, the more likely it is you find something,” Teeling explains. He argues that if this does not hold true in the Republic’s case, there is no downside. It costs taxpayers nothing to let exploration companies spend money to drill here. “But the benefits of the industry could be significant,” he says. “People are going to consume hydrocarbons anyway: if it’s not going to be Irish hydrocarbons, it’s going to be Siberian hydrocarbons.”

[dunderheed] 27/9/2019 07:16

Jussy. Good old Hugh, he's said an awful lot about these Irish licences and spent an awful lot of our money on them has he not?
Can you ask him when we are actually going to see some financial return on all this excellent work and delivery (according to bod in recent results presentation and rns statements) as I must have missed that quite important part of e&p "investment"?
Thanks buddy.

[jusmasel99] 26/9/2019 08:19

Rogerlin - I agree, I think it would be surprising now for further investment by the majors into the Porcupine. One thing though that has escaped much attention from the recent announcement is that there will be further offshore licencing rounds and these will be made available for gas exploration only.

CNOOC are still sitting on the results from Iolar though and Hugh has stated that the farm outs are still on two of which are into Iolar related prospects and of course the other is Inishkea. CNOOC, Vermilion and EOG still looking for consent for site surveys in and around Corrib.

If anything the government announcement is really good news for gas exploration in Irish waters.

[rogerlin] 25/9/2019 16:25

But the chance of majors farming in to existing licences is now much diminished, they will fear a change of policy in the future, better to spend their money elsewhere. But at Corrib, Vermilion and Equinor are already there, they might as well pursue add on opportunities, surely Inishkea will be drilled.

[bountyhunter] 24/9/2019 22:29

Surely that will make existing licences more valuable?
Of course they still have to be drilled and find gas/oil which seems to be our main problem here!

[tommy241] 24/9/2019 18:53

Statement by the Irish Offshore Operators’ Association

“The Irish Offshore Operators’ Association (IOOA) welcomes the clarification today from the Government of Ireland that existing exploration licenses will be unaffected and the Government announcement at the United Nations Climate Action Summit only relates to future licenses not those granted in the 2015 Licence Round.
The clarification is clear that the Government’s proposals ‘will relate to future applications’ and that ‘existing licences will remain valid’.
As part of its ongoing commitment to engage with stakeholders to ensure energy transition and energy security for Ireland IOOA has written to the Minister responsible for offshore exploration, Sean Canney TD, seeking a meeting on the implications of yesterday’s announcement.
IOOA, Chief Executive Officer, Mandy Johnston added:
“The clarification that the announcement in the Taoiseach’s speech does not affect existing licences is welcome. However, it is important that further clarity is given on how the Government’s proposal for future licencing rounds will be implemented. With this in mind and as a representative body investing considerably in offshore Ireland we are seeking a meeting with Minister Canney at the earliest possible opportunity.”

[dunderheed] 24/9/2019 15:39

Jussy honestly buddy u need to look at your maths how can £100MM be a 20 bagger lol?!
purple11 and grannyboy can you please stop posting absolute drivel on here - ahem lol!!

[grannyboy] 24/9/2019 14:32

The only thing they have going for them is Wressel, all the other 'assets' are just pie in the sky...If the share price should spike up on Wressle being sorted, that will be the time to get out..

[purple11] 24/9/2019 14:30

you do now you can pick up these licenses for around 30 grand on the market these days.

being awarded them is a curse unless youre a director peddling dreams on the aim casino that is...….

[jusmasel99] 24/9/2019 14:25

GoM that reasoning is exactly why the move into Morocco happened and I think it might turn out to be a very smart move but I won't be around for that (I may keep a few shares for old time sake) because Inishkea will be drilled. I was hoping for this year, then next and now down to the delay in processing the site survey applications it could be 21 before it is drilled but it will be drilled and before that a farm in will take place. There is no longer any political risk in exploring for Gas offshore Ireland and only the extreme environmentalists are arguing against it. Wressle really does look like a shoe in to get permission and that will lift the share price for sure.

As for the porcupine basin I can't see that progressing now although I am assured that the farm in for all three licences is still on the table waiting for sign off.

A successful Inishkea drill into 1.5TCF would see Europa with a saleable asset of some £100m or more .. thats a 20 bagger from here but more likely a 10 bagger once the share price recovers on Wressle news. Depends which comes first ...

[gunsofmarscapone] 24/9/2019 14:13

Unfortunately Curry this company is now well and truly in gambling territory which is why it interests me. Even with forthcoming positive news re Wressle and the greatly delayed farm-in announcement for FEL 4/19 the new Morrocco licence award implies a significant funding requirement.

My take is that farm in companies require a solid base in law in order to proceed and that may be the reason for delay, perhaps they have regraded geopolitical risk and are looking for a lower cost deal?

[currypasty] 24/9/2019 14:11

and so.. for Wressle

EDR have 30% mcap £15.9m
EOG 30% £9.4
UJO 27.5% £30.9
Humber 12.5%


on UJO latest interview,

he mentions wressle worth £2.5 million per year when on production


so, imo, wressle 'should' made the biggest difference to EOG shareprice!

[currypasty] 24/9/2019 11:50

"I’m in for a large punt on the successful landing of a farm in deal for Inishkea along with a very useful revenue increase at Wressle."


that about sums it up!