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

[gunsofmarscapone] 15/4/2020 11:56

In for a few here, the huge potential (relative to EOG Mcap) of Hardstoft is being missed by PI’s and the general market. What a shame we cannot drill a first rate deviated conventional well over there while the woke, flower crowner rabid nutters are locked down!

Buy to the sound of cannons, sell to the sound of trumpets: hoovering energy shares left right and centre.

[currypasty] 15/4/2020 11:54

look for new ventures, write off the old ones, round and round we go

"A pre-tax loss of £3.5m was reported after a £3m write-off relating to the relinquishment of four Irish oil- prospective licences."

[mesquida] 15/4/2020 11:54

Good question Spangle !

[gunsofmarscapone] 15/4/2020 11:53

Ireland and Morocco are in fact one leg: both exploration acreages, UK is the production leg therefore the acquisition of a late stage appraisal asset is the third leg.

Think Star Trek, a left ear, a right ear and a final frontier.

[spangle93] 15/4/2020 11:46

I was confused

"In parallel with this we continue to evaluate new ventures, specifically late stage appraisal opportunities, to add a third leg to our portfolio "

Well, if they have UK (including Wressle), Ireland and Morocco, which of these isn't a leg

[christy41] 15/4/2020 10:34

Thanks from me as well Tommy...

[currypasty] 15/4/2020 10:01

thanks tommy

[tommy241] 15/4/2020 09:59

Finncap:

Straight forward, robust results from Europa underline that it is well positioned to ride out the current storm while continuing to progress its strategy, albeit at a slower pace. Some difficult decisions have been made, including cost reductions and licence relinquishments. But these ensure that Europa has the funds to develop the low-cost Wressle oil development onshore UK while still pursuing farm-outs offshore Ireland and Morocco, with both regions continuing to attract interest from a number of potential partners.
Robust interims. H1 production was flat at 90 bopd, but a 9% reduction in realisations saw revenue fall by a similar amount, to £0.8m. A pre-tax loss of £3.5m was reported after a £3m write-off relating to the relinquishment of four Irish oil- prospective licences. The main focus for investors, however, will be on the balance sheet, with cash at end-January of £1.5m and no debt.
Work programme funded. Europa recently announced a cost-cutting programme to ensure it has sufficient funds for its ongoing work programme. This included salary cuts and cancellation of non-core contracts. These actions plus its existing cash reserves are expected to be sufficient to fund the Wressle development, ongoing farm-out activities, and reduced work programmes offshore Ireland and Morocco, without the need for additional external funding.
Additional Irish licences dropped. Europa has announced an application to relinquish a further two Irish offshore licences – LO16/22 and FEL 2/13 – in addition to LO 16/19, which it dropped in February. This comes as a response both to Ireland’s intention to phase out offshore oil (not gas) exploration and the COVID-19 pandemic, helping to reduce annual licensing costs. It has also applied for a two-year extension and merger of FELs 3/13 and 1/17 to further cut costs. A £3m non-cash write-off has been taken relating to the historic spend on these licences. Following these changes, Europa’s Irish portfolio consists of three licences still with very material gross prospective resources of 3.9 bnbbls oil and 1.5 tcf of gas.
CEO search suspended. Europa’s search for a new CEO has been suspended due to coronavirus. In the meantime, Simon Oddie (Interim CEO and Executive Chairman) will remain a safe pair of hands at the helm. Europa recently appointed Stephen Williams, Co-CEO of Reabold Resources, to the board as an independent NED. His extensive E&P new venture experience will help Europa’s ambition to bring a late- stage appraisal project into the portfolio.

[dunderheed] 15/4/2020 08:10

* Licence attracting interest from a number of operators looking to farm in

Blimey where have I heard that before?

[currypasty] 15/4/2020 08:09

at least they have a bit of cash left, to hopefully get us to Wressle production..


"Cash balance at 31 January 2020: GBP1.5 million "

[currypasty] 15/4/2020 08:05

Onshore UK

* Wressle Development granted planning consent on appeal
* 90bopd produced from Europa's three producing UK onshore fields during H1 -
matches H1 2019 and FY 2019 performance
* Net production on course to more than double to over 200bopd when the
Wressle oil field comes on stream later this year at an expected initial
rate of 500bopd

Offshore Ireland

* Refocus of portfolio towards the proven gas play in the Slyne Basin -
follows the Irish Government's recognition of gas' key role in the
country's transition to renewable energy and its intention to phase out oil
exploration
* Discussions ongoing with prospective partners to farm-out 100%-owned FEL4/
19, which is home to the 1.5tcf Inishkea prospect
* See post period reporting events below

Offshore Morocco

* Awarded large Inezgane licence covering 11,192 square km in the Agadir
Basin offshore Morocco in September 2019
* Shell, ENI, Repsol, Hunt and Genel currently active in the area
* Data tapes received from ONHYM in preparation for seismic reprocessing
* Large prospects with resource estimates in excess of 250mmbbls have already
been identified in the Lower Cretaceous fan sand play, a prolific producer
in West Africa
* Licence attracting interest from a number of operators looking to farm-in

[dunderheed] 15/4/2020 07:21

Stunning results.
Can't understand at all why Hughie was sacked last year.
Superb strategy over last 5 years and well done mgt team for taking the massive 20% pay cuts.
Well done again, team!

[mesquida] 14/4/2020 16:25

Can't think that tomorrow's results will have any pleasant surprises, so it is interesting to see price moving up today on a dull day for oils in general.

[tommy241] 14/4/2020 13:58

Results due tomorrow I believe CP

[currypasty] 14/4/2020 13:56

count me in, and my dog as finance director!


Results were out on 12th April last year, so should be any day now.. At least we will see whats been written off, what the costs and cash flow have been and how much Hughie has taken the last year while presiding over a 6p to 1p slump!


edit, a few more buyers about and level 2 strengthening, now 3 bid, 2 on the ask


edit, edit, now ticked up 1 bid .9, 1 ask 1.0, but last trade at 1.10...

[suetballs] 14/4/2020 12:56

Curry - let's just keep the uk onshore assets and forget about anything else.
Then you and I can run the company - easy!
Suet

[currypasty] 14/4/2020 12:49

yes mate, doubled recently..

[christy41] 14/4/2020 12:13

Interest also in Ireland for Providence over the last week or so.

[currypasty] 14/4/2020 12:05

I wonder if the project will attract buyers before it actually produces.. There must be larger companies out there looking for reserves/ future production,now Wressle is almost good to go!

[suetballs] 14/4/2020 11:47

Almost money in the bank from Wressle then - even with poa at $30.
Suet

[currypasty] 14/4/2020 11:17

The net proceeds of the fundraising receivable by the Company will be used primarily to:

Progress key near term cash generative projects such as Wressle and General working capital



Egdon raise 500k today to progress Wressle

[dunderheed] 09/4/2020 15:44

Good old Hughie! (PLUS BOD team at the time).

[suetballs] 09/4/2020 15:40

Yes curry - my breakeven is 5p - doh.
Suet