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

[tommy241] 29/7/2020 12:44

When I spoke with Europa a couple of weeks ago, first oil at Wressle was mentioned as possible in September / October

[currypasty] 29/7/2020 10:37

from rns

"FEL 3/19, which lies 18km east of the producing Corrib gas field, was formerly the LO 16/23 block which DNO acquired following the acquisition of Faroe Petroleum. Europa is acquiring a 100% interest in the licence from DNO for a nominal upfront fee and the granting of a 5% Net Profits Interest (“NPI”) over future production of gas and liquids from any accumulation on FEL 3/19 to DNO. FEL 3/19 lies close to Europa’s own FEL 4/19 which is home to the 1.5 tcf Inishkea prospect. Located near Corrib and associated gas processing infrastructure, the Company classifies FELs 3/19 and 4/19 as lower risk “infrastructure-led” exploration."


then on gov website



CNOOC Petroleum Europe Limited (formerly known as Nexen Petroleum U.K. Limited) who currently hold Licensing Option LO 16/23 and PPL7/16.



An application for consent for a seismic survey and a geophysical and environmental site survey was received by the Petroleum Affairs Division of the Department of Communications, Climate Action and Environment on 10 May 2019. The survey application was received from CNOOC Petroleum Europe Limited within licensing option LO 16/23, granted by the Minister for Communications, Climate Action and Environment pursuant to Section 8 of the Petroleum Act 1960.



This application was posted on the department's website on 29 May 2019 and the public are invited to make submissions in relation to this application up to the close of business on 30 June 2019.

Update 27 July 2020 - Application Withdrawn

application for consent to conduct a seismic survey and a geophysical and environmental site survey proposed by CNOOC Petroleum Europe Limited is now withdrawn.




does that mean its withdrawn as eog now have the licence?

[currypasty] 29/7/2020 09:35

insignificant in the scheme of things then.. begs the question why isn't it booked and details submitted to council?

permission was granted 17 th January...

[spangle93] 29/7/2020 09:10

somewhere in the region of £10k a day tops

[currypasty] 29/7/2020 09:05

Indeed, surely post lockdown, you would have thought there should be a choice of rigs, and crews waiting.. In any case even when the details are submitted, you would think the sign off isn't going to be at the top of the councils list of things to do...

are idea what workover rig for a week will cost?

[spangle93] 29/7/2020 08:55

They only need a workover rig, which is less intrusive than a drill rig, so if they'd approved drilling there, I don't think a workover rig for a week at the most will be an issue. They probably need the exact spec of the actual rig, implying it's not yet contracted, but I'm not sure why that would be the case.

[currypasty] 29/7/2020 08:08

thanks to wba1, on ujo for finding this freedom of information request by Ruth Hayhurst to N. Linc council





wba1 suggests "condition 5, which requires details of the drilling rig to be approved by the council, is not yet submitted."


Seems a poor show if we have not even got this far

[adnatrob] 23/7/2020 09:44

Expecting soon an update on Wressle from the operator. Three months of bore hole monitoring should be almost complete and we are one month into H2 2020 when first oil is promised.

[currypasty] 21/7/2020 17:27

"We do not currently include any value for Morocco within our risked-NAV"

ha ha neither do we

[tommy241] 21/7/2020 16:51

Finncap

Europa Oil & Gas*
Corporate update
Europa’s FD of 12 years is retiring and his responsibilities will be reassigned within the team. Europa is deepening cost-cutting efforts, but remains funded to bring its Wressle development on stream in H2 2020. Initial technical work on its Moroccan licence has shown significant prospectivity, although as yet we include nothing in our valuation. We are, however, including the new Edge prospect, offshore Ireland, in our valuation for the first time, which raises our risked-NAV and price target from 5.3p to 6.3p.
FD to resign. Europa’s Finance Director of more than 12 years, Phil Greenhalgh, is to retire. He will remain on the board until October to ensure an orderly handover and Europa will reassign his responsibilities to existing members of the Europa team – Alison Fuller will become Financial Controller and Murray Johnson will become Company Secretary. Executive Chairman Simon Oddie will continue as Interim CEO for at least another six months. Chariot’s board and staff had previously taken a 20% reduction in remuneration. From August, this will be increased to 50%.
Wressle on track. Existing cash reserves are still seen as sufficient to finance the Wressle (EOG 30%) development, which remains on track for start-up in H2 2020 and is expected to more than double Europa’s production to over 200bopd. This low- cost project has a breakeven oil price of just US$17.6/bbl and will materially boost Europa’s production and cash flow.
Edge raises NAV. Europa recently announced the acquisition of 100% of licence FEL 3/19, offshore Ireland, containing the 1.2 tcf Edge gas prospect. This lies close to its existing FEL 4/19 licence, which holds the 1.5 tcf Inishkea gas prospect. Once regulatory approval is received, Europa intends to undertake a comprehensive technical evaluation of FEL 3/19 and then launch a farm-out process for both licences. Europa is already in discussions with several interested parties for these low-risk “infrastructure-led” exploration opportunities. We are raising our risked-NAV and price target from 5.3p to 6.3p/sh to take into account the Edge prospect.
Moroccan potential. Technical work on the large Inezgane permit offshore Morocco continues, focussed on the reprocessing and interpretation of 3D seismic to de-risk the Lower Cretaceous exploration play. So far, 14 prospects and 16 leads have been mapped. The identified prospects alone have combined mean resources in excess of 5bn boe with chances of success between 20-35%. Further technical work will focus on de-risking these prospects and leads ahead of any pursuit of farm-in partners. We do not currently include any value for Morocco within our risked-NAV.

[tommy241] 21/7/2020 16:51

Cheers gents :)

Fingers crossed....

[hermana3] 21/7/2020 15:59

Spice it up baby!

[guesswhosback2] 21/7/2020 15:58

Go on Curry round it up to 100m

[currypasty] 21/7/2020 15:52

ive got enough thanks

[guesswhosback2] 21/7/2020 15:51

Go Tommy looks like your buys changed the fortune of the company!Currypasty will be spitting feathers, he loves to catch the bottom. All buys today has our seller gone?

[christy41] 21/7/2020 15:39

Well done on your timing Tommy..

[tommy241] 21/7/2020 12:11

Topped up today. Further EOG overheads cost reductions against an improving oil price (currently $44.5) makes this, IMO a very attractive bet in preparation for Wressle coming on stream.
Current mc of £4mil against revenues of $4mil when Wressle comes into production?

[dunderheed] 20/7/2020 15:08

Lol. Toon I was thinking the same thing recently and cringing, lol.
For someone so "limited" he has done surprisingly well actually and I NEVER thought I'd be considering him a better alternative to any mgt team I bought shares in.
Althiugh I think he was at nighthawk was he not and, I must admit to holding them many eon's ago!

[hermana3] 20/7/2020 14:49

Oh no not de dreaded DB!!! Did you see Alan Linn presentation at Providence AGM today?

[thetoonarmy2] 20/7/2020 14:45

As much as I hate to say it maybe Bramhill can buy it on the cheap!

[suetballs] 20/7/2020 12:02

Dunderheed - very good point about the FD.
Can't wait for Wressle cash to start coming in.
Remaining board - please please please don't waste it.
Suet

[dunderheed] 20/7/2020 10:25

suet tend to agree with you but, this FD patently failed in his duty to protect the share holders interests when he gave "Hughey confetti man" free rein, to do what he liked? Didn't "anyone" ask whether this "Irish" strategy was right - considering the "real" mkt. response to it?
Hence maybe not so bad, they probably have two safe pairs of hands looking after the "operational finance" stuff?
Let's be clear, it wasn't just Hugh who f'ed things up - it was the collective BOD - so let's wait and see regarding how much the FD will be (truly) missed?

My only concern is that in theory this should see revaluation to (what?) 8 or 9 mill, when wressle on board, hence all this "generous" 50% drop in salaries may well be offset by generous zero cost options at current share price which should be quite easy to uplift - so again would prefer the options to be at a fair uplift from current price.
Very under impressed with Morocco update by the way.
Perhaps RBD or whatever they are called will make a company / merger offer anyway?

All imho and dyor folks.

[hermana3] 20/7/2020 09:34

Not easy to sell owt currently!

[suetballs] 20/7/2020 09:30

Might as well put us up for sale whilst we have Wressle.
I can't see this board making any other meaningful progress.
ceo and fd - two pretty important chaps usually!!!!!!!!!!!!!
Suet

[dunderheed] 20/7/2020 09:23

Exactly Hugh really should be proud of what he has "done" here.