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

[currypasty] 24/8/2017 07:41

its a bit early, but if ukog buy 1.235% for 323k, then their total 49.9% is worth £13m.. how do you get to mcap £255M ?

[jusmasel99] 23/8/2017 14:27

I don't know he can do much until drombeg result is known. After that he has a LOT to do whatever way it goes. We will have the perfect opportunity then to measure the cut of his suit... Please dont mention that suit he was wearing earlier this year on proactive....

[guesswhosback] 23/8/2017 14:14

I'm not sure what more can be done apart from find oil. Up against it with Holmwood and Wressel both of which would normally be further on. Its a sit and wait period im afraid. Or stick your money into UKOG 3 months ago.

[currypasty] 23/8/2017 13:54

JUS, over on LSE boards there seems to be a lot of disquiet and dissatisfaction, what do you think hugh can do to address their issues?

[jusmasel99] 22/8/2017 15:32

An interesting discussion could ensue NGMS. SO when UKOG next need funds do the potential funders do so on the premise that they can offload their discounted shares into the herd? or do they insist on a discount more comparable to the true value (if that could be calculated) of UKOG as it stands.

If either option is debatable then the current ridiculous Mcap is a severe handicap for a company with no income to finance debt. I suspect though that that will force them into selling off some of their assets which will have the secondary effect of valuing what they have sensibly unless of course it is to one of the other Crawley Crowd Pleasers.

Or perhaps a paper merger with one of the Billion Share club that has a bit of cash in the bank.

[ngms27] 22/8/2017 15:10

Material discount would be my bet!!!

[jusmasel99] 22/8/2017 15:07

Just had a quick look in to the LSE UKOG board and this was at the top ..

"If there were a placing, would that likely be at a premium to current SP?"

Sums them up really ... current Mcap of £250m ...

[jusmasel99] 22/8/2017 05:04

Ok - without sounding too disparaging to TRIN and AST I don't see them as being in our peer group but having said that you could put a case that they are undervalued at present as well. There are many differences of course to us but two that stand out to me are that they are both heavily burdened by debt and have offshore risk as well.

Also they don't appear to have any future 'company maker' prospects in the pipeline.

UJO are following us and EDR in strategy and are similarly underrated.

UKOG are the only one you list that are severely overrated IMHO. They have of course massive potential but only if their dreams come true .

I think our peer group in UK Onshore is more like EDR, Celtique and Third Energy. Last two not listed of course.

EDR has massive fracking potential and for the time being we have similar company making assets in Ireland (porcupine and corrib)

EDR and us have no debt.

EDR has significant shareholders and we have none.

We are either both underrated or are where we should be but the caveat is the amount of PI money available to invest in our company has been severely curtailed by the Surrey Silo merchants.

But I think both should be evaluated by the potential to return value to the shareholder. I don't know about EDR but EOG strategy is to be sold to the highest bidder and prior to that is to get the share price to a point where it reflects a significant return to investors.

Druid results have opened my eyes to the possibility of a future EOG without Porcupine potential and I still see value in EOG without that. CORRIB is our most exciting asset in my opinion. Vermillion have already stated that they will seek to increase the life of the project through additional resources and Nexen and Faroe are buying into that.

In the short term we can ride on the back of the Weald Wonderland at Holmwood and develop Wressle into production. EDR have similar aspirations.

Sorry bit disjointed reply this early in the morning.

[dunderheed] 21/8/2017 21:05

Edr trin ukog ast trin ujo. That kind of group jus.

[jusmasel99] 21/8/2017 20:12

Well there's the thing Dunderheed ... could you name some of the peer group you associate EOG with?

CP - it seems Hugh can't win .. I, like most, would have assumed that once you get planning for exploration it is highly likely that you will get further permission to extract the oil you find. A minor detail probably added by UPL's lawyers under due diligence has now possibly come back to undermine the original deal.

My bet is that if UPL walk away then Hugh will have a queue waiting for a piece of the action and I for one - if I had the money to do so - would not bother including a back out clause because planning permission is a certainty. For goodness sake if Wressle is turned down at appeal - a scrotty piece of land in the middle of nowhere - what chance has the Weald got?

[dunderheed] 21/8/2017 19:24

Exactly Curry. Not a great deal anyway really?!
When this is the kind of stuff delivered why does everyone think a humdinger is going to get delivered or just around the corner.
I'm most disappointed with eog share price performance compared to peer group to date.

[currypasty] 21/8/2017 17:57

I was meaning the deal with UPL. I don't understand the point of it.
Its like selling your garden to a builder to build a house on it subject to planning. He gets the plot at a discount, has no risk, and can walk away if it drags on a bit and he has changed his mind.

Why not wait till we had planning, then sell it?

[jusmasel99] 21/8/2017 17:39

Remember UPL are banking on Hardstoft (so far) and we have a few cards there to play if they make things difficult.

By the way - I just had a look at possible claims against the council - basically forget it - the law is quite clear and on the council's side. The only steps that could be taken would be to go to the Ombudsman and claim for maladministration and only then if that was successful would you have a very slim chance of claiming against them. Certainly not consequential damages.

As for how we got here - please - this is not Egdon's fault or Hugh's. If you think about it it has actually turned out quite nicely in terms of timing. A safeguard against Drombeg failure in some respects.

[currypasty] 21/8/2017 17:19

looks like upl have all the cards, come on hugh, how did we get to this?

[dunderheed] 21/8/2017 15:38

5562 So was that the pleasant surprise?
From my perspective I was lukewarm to it anyway and would prefer upside of future potential cash-flow.
However that is a 'failure' by Hugh surely (?) because potentially what is happening is not what he planned?
All imho of course.

[currypasty] 21/8/2017 15:06

agree jus, re-sell it after permission, may be worth a lot more.. or keep for cash flow

[jusmasel99] 21/8/2017 14:20

I personally wouldn't mind if UPL backed out ... don't know how it would affect cash flow .. but an extra 10% of Wressle would be pretty welcome with the OP on the rise.

[dunderheed] 21/8/2017 14:07

5553 - was that the pleasant surprise? (serious question)

[currypasty] 21/8/2017 14:04

are upland having second thoughts, or running out of cash to pay eog?

[currypasty] 21/8/2017 14:03

The Upland and Upland UK Boards are currently considering their positions in relation to the Wressle Farm-in Agreement (which will involve further discussions with Europa Oil & Gas Limited) given the timing of the appeal process and will issue a further announcement when a decision has been reached by the Upland and Upland UK Boards.

[westmoreland lad] 21/8/2017 11:59

Rayrac no dunderhead. He experienced :-)

[dunderheed] 21/8/2017 11:51

Rayrac we will have to agree to disagree!