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

[dunderheed] 01/6/2020 09:53

Curry look at the new team and their relevant experience/ connections.
I'd say Morocco was their "contribution" to this "mess".
You must be familiar with the incredibly embarrassing PCI debacle?
Some cynics may say they over estimated the markets appraisal of their "asssts"?
Hope they don't do that again here.
All imho and dyor.

[currypasty] 01/6/2020 09:45

With Brent looking a lot better and the world slowly getting back to normal, now would be the time for any mergers or sales in the micro cap oil and gas sector..

Id be happy with EOG selling Wressle, and paying out a dividend. Then cutting overheads even more and just wait in case of Irish asset interest. Morocco is surely a complete distraction, what was Hugh thinking?... imho

[tommy241] 01/6/2020 09:39

Brent now trading at $37.5.
Great help to existing production revenues and new production revenue at Wressle later this year

[christy41] 29/5/2020 09:10

Things appear to be moving at PVR...Spot On energy making another payment yesterday. Will be interesting to see who the consortium is made up of.

[dunderheed] 27/5/2020 23:05

Isn't it incredible that the mess created by the last BOD makes companies like UJO with their respective "mgt" seem a better proposition?
I'd never thought I'd say, that with hindsight, I'd have preferred to invest in a Brammers vehicle than that of a company I actually chose to invest in, in the first place lol!

[currypasty] 26/5/2020 16:43

it does seem daft these two bit companies with shares in same project drifting along.. with high overheads in egdon case..

perhaps a kind soul will buy us out for wressle. 5p a share (dreaming)

[ohisay] 26/5/2020 16:37

Why not an Egdon/Europa merger?
Similar market caps - circa £5m each/Similar employee no's (11/13).
Similar assets these days with Europa in all probability out of Irish Oil.

Must be some significant savings to be made - HO/employee rationalisation.
Times have moved on....so should they.

[currypasty] 26/5/2020 10:34

market makers reluctantly moving bid up now

still cant buy any decent amount

seems cheap now on wressle, with Irish assets a free punt

imo

[jusmasel99] 21/5/2020 13:48

Irish Offshore Operators Association and Tom O'Brien of Nephin Energy are doing all they can to promote EOG without actually naming the company.

[currypasty] 21/5/2020 11:07

market makers not interested 0.2 spread on 0.9 mid is pathetic

[christy41] 21/5/2020 10:37

Looks like you may have timed it well Tommy, can't even buy 25000 on Barclays so far this morning.

[tommy241] 21/5/2020 09:44

Thanks Curry, I hope so too!

Wressle production together with existing production and an increase in OP, will make a 4mil mc look very cheap here.
Especially against EOGs reduced running costs, which were already low before recent salary cuts, and not having to pay a CEO salary for the period.
I wouldn’t be surprised if EOG look at sharing Wressle costs with existing production capabilities (Crosby Warren and West Finsbury) as they are both in close proximity to Wressle and thus bringing EOGs costs down further.

It appears that the market has given up on Inishkea. However EOG and possible farm in’s just need clarity on the political situation which (hopefully) should be soon.

Interesting read, and the connection between GP leader Eamon Ryan and Corrib.

[currypasty] 20/5/2020 12:42

lets hope you make a packet on that buy!

It does seem that some pi's have just given up on eog, and not looking at the value of wressle, as a cash cow, or sale, with the rest of the projects as a wildcat punt

[tommy241] 20/5/2020 12:33

Bought some more this week as I see the risk reward compelling just on first oil at Wressle and the recovering oil price (Brent crude now just over $35).

Hopeful we will soon have clarity in regards to Irish politics and the consequence to the Inishkea prospect.
To my understanding the political situation is the main driver on holding up the farm out.

[christy41] 19/5/2020 16:28

D.B from a previous interview did also say he'd like a few more percent of Wressle.

More volume but not much change in the huge spread that's around 18% looking at the buys/sells

[currypasty] 19/5/2020 08:44

you would think so! Looking forward once wressle pumping you could be looking at £3m+ sales from production. (the 6 months production in the accounts was £778k)

If oil improves to say $45 a barrel, which is possible if you look at the forward futures pricing of brent contracts, as an indication, £4m mcap will be very cheap.


I wonder if the three main listed wressle owners ujo, edr, eog will sell it. UJO MD last week said they could look at selling '1 or 2 projects' in an interview.


All the three are tiny exploration companies, not really production and development

[suetballs] 18/5/2020 15:20

Curry - thanks for your analysis.
Based on the Wressle potential income this must be cheap - surely.
Suet

[currypasty] 18/5/2020 13:49

ive just been going through latest results on edr, eog, and ujo just to see how important wressle is to them all..


eog latest results currently 90bopd production, gives 778k sales, 701k costs, 456k admin, and 125k finance expense (?) End of period cash (31/1/20) was £1.5m. Add to that £121k from nlc


so it looks like current production just covers costs, plus 70k

costs going forward (6mth) if not much extra work due to c19 about £600k, so hopefully cash should last just over a year but depending on wressle spend.


when pumping (UJO say back end of the year) eog have 30% of the projected 500 bopd

looking at todays brent at $32, that gives about 1.7m, less costs at around $18/bl

so about £750k profit, depending on oil price

all in all, IMHO a slightly better bet at £4m mcap than edr

[tommy241] 16/5/2020 10:37

Info on the ongoing political situation in Ireland:



“Energy modellers at the MaREI centre in UCC say, however, that natural gas has to feature for some time to maintain national energy security.
Though some in the Green movement will disagree vehemently, they will probably have to hold their noses and nod approval.”

[dunderheed] 13/5/2020 17:17

I think this really shows the level of interest they have in the assets that actually pay their salaries.
I always got the "feeling" the Hughie saw these as an "inconvenience" from the "real" g&g work as well.
All imho of course.

[currypasty] 13/5/2020 16:51

4.14 RNS





asleep at the wheel?

[dunderheed] 13/5/2020 12:23

I really don't think so - it seemed he was always on the phone or engaged in interested parties or "the Major" up until his "sacking"?