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

[dunderheed] 07/3/2018 09:44

FB not saying it would ever come to this but can you imagine if they dud have energy black outs how quickly the government would get voted out!!
I was amazed someone like Cher simply didn't get told to butt out of their affairs but that is the irony!!
These bloody intellectual pygmies (Bono et al) who live a lifestyle powered (incredibly wastefully and selfishly!) by all the gas and oil they hate so much!!

[dunderheed] 07/3/2018 09:15

FB thats what you call business mate.
Providing services that they either don't want to or like to do!!

[fardels bear] 07/3/2018 08:58

In my opinion if the Irish for some misguided reason elect to prevent exploration in their waters then they should be denied the opportunity to buy oil and gas elsewhere. Why should other countries run the environmental risk for them?

[cheek212] 06/3/2018 17:59

It says on the website once they update it - usually about two weeks ahead of the meeting so expect to see it appear any day now. Will check again tomorrow.

[joestalin] 06/3/2018 17:09

You can ask here:-


Case officer:- Samantha Murphy


Telephone:- 020 8541 7107


Email:- [e-mail]

Planning Technical Support Team Telephone [phone]

[cheek212] 06/3/2018 14:05

Starting to get busy on volume again - might even see some upward movement on the midprice one day! Only two weeks until the Surrey planning meeting but no mention yet as to whether Holmwood will be discussed this time - fingers crossed.

[jusmasel99] 06/3/2018 12:00

Thanks Spangle - lot of hypotheticals and suppositions involved but one thing there is no doubt about is that while Shell were the operator and committed to staying the course with Corrib, they were keen to explore additional nearby resources. That same commitment will surely come with the new owners. In 2010 when 'our' well was being drilled Shell were presuming production at Corrib would start the following year. In 2010/11 the Irish planners stepped in again and insisted on a £100m tunnel which delayed production by 6 years. I am very confident that Vermillion and CPP will engage (if they have not already) with the nearby operators of exploration licences.

Why would Nexen be so keen as are Faroe? Why wouldn't Nexen be in bed with EOG now if there wasn't some sort of agreement in place with Vermillion already? It is March - news on this promised before the end of June. Not long to wait.

[spangle93] 06/3/2018 11:13

Good post, Jusmasel99

If you were doing an Environmental Impact Assessment for Corrib, to submit with a field development plan for the government, then you'd need to include all areas containing sources of hydrocarbons, whether produced from Day 1 or at a future stage. Maybe Shell had intended to appraise the field before committing to a tie-back development, but considered the results positive enough to spend some seed money on the survey so they were covered for that case.

[guesswhosback] 05/3/2018 16:43

Interesting post in tough times thanks Jus. Keeps the investment alive for now.

[jusmasel99] 05/3/2018 15:29

Interesting from UJO and EDR this morning. You would assume that EOG was offered an interest and no doubt turned it down so hopefully reassuring for me that they are looking elsewhere for new potential investments (not Onshore UK). Also the premium paid for the farm in is less than normal so EDR keen to start offloading. That is only my interpretation - could be wrong - but yet another day without one of the new directors buying in at a present Mcap of £10mm?

Just one of our licences (16/20) - one of the original Corrib licences - has a well on it that was drilled by Shell in 2010 which must have cost at least 3 times our present market cap. That well wouldn't be worth much if it had been dry but it wasn't. The results were kept confidential until last Summer when it was revealed that the well had instersected a gas reservoir down to TD. My separate research found that a year after Shell drilled they went back to carry out a subsea environmental study around the well - EXACTLY what you would do if you were planning to develop the discovery and tie it back into Corrib.

BUT you wouldn't go ahead with that until a) Corrib was in production and b) that production was due to diminish.

Which would have been about now but in the meantime Shell had decided to leave Ireland so CAPEX would have been hard to get to expand Corrib. Shell though have sold out to Vermillion (our partner in France) who don't currently have an operator's licence in Ireland so wouldn't have been able to bid for the licence when it became available. Vermillion and CPF wouldn't invest so much into Corrib if the potential for additional production was not there.

Until such time as Vermillion take over and are free to discuss their plans for Corrib then EOG are sitting on a potential gold mine. This supposition of mine could be pipe dreams of course but it all makes sense the way I describe it I think.

IN the meantime EOG has current production of about 100bpd which they said at 55$ would meet their overheads plus the imminent Holmwood exploration well plus Wressle which will surely be allowed to produce at some stage.

DYOR - not facts - etc ect etc

[dunderheed] 03/3/2018 00:02

Reserved for pram.

[jpodtrading] 02/3/2018 18:51

With this recent cold spell and the publicised demand for gas, hopefully Europa are doing something to raise awareness of this frustrating production situation we're in?! And how silly all this red tape is. All we're trying to do is help the UK be self sufficient.. and if we make a few pence on the side well so be it! :)

[tommy241] 01/3/2018 20:29

Very interesting. Presumingly, Vermilion's Capex would be 20% of total cost, with Statoil and CPPIB having 80% ownership between them?

[jusmasel99] 01/3/2018 14:54

and even more from Vermillion ... they certainly are a very open and upfront organisation .. I received an email from them detailing their current assets including NPVs of Corrib which also details the CAPEX they have planned to arrive at the NPV .. scheduled to spend CAD $20m in 2020 .... Mmmmm my thought plickens ... DYOR not facts etc etc etc

[jusmasel99] 01/3/2018 11:14

Latest from Vermillion ....

In Ireland, production from Corrib averaged 56 mmcf/d (9,372 boe/d) in Q4 2017, a 15% increase from Q3 2017. As reported in our Q3 2017 release, Corrib had an unplanned 31-day downtime period following a plant turnaround during September and October 2017. This downtime reduced Vermilion's Q4 2017 production by approximately 1,200 boe/d and annual production by approximately 900 boe/d. We continue to work closely with Canada Pension Plan Investment Board ("CPPIB") and Shell on the transition of ownership and operations from Shell to CPPIB and Vermilion, and anticipate closing the transaction in the first half of 2018.

[dunderheed] 28/2/2018 19:01

Spangle is that after the sweets Lol?
Agree with a lot of what you say but for sure 10 year exercise period is certainly what I'm used to with every company I've worked for?
I dont remember but Jus always was going on about how cheap this 'mgt" are and I think it was the bonus or options kpis that were quoted and to say they were stretching would be very generous indeed!!
A cynic may accuse this excellent value 'mgt team' robbing Peter to pay Paul but of course I'm no cynic Lol!!
All imho and dyor of course.

[spangle93] 28/2/2018 18:29

William is different kettle of fish, surely. He hardly needs remuneration from EOG to feed the bairns. The new guys come with a reputation.

As you suggested, I did my research :-)
Options have been set with a reasonable premium to the price at the time, though in both of the last 2 years, the share price had recently been significantly higher than the price at which the premium was calculated. In other words, if options were set now, it would probably be at around 5.5p ot 6p, which they'd be able to claim as a 62% premium on the share price even though it was at this level 2 months ago.

There is 7.3% of the share capital now in options, presumably this will rise in June this year, or before for the new guys. The remuneration committee LTSIP scheme isn't on the website, and the max. options as a percent of shares issued allowed under the scheme isn't stated in the annual report or the articles of the company, so I don't know how much more headroom there is left. Moreover, the bulk of the options have a 10-year exercise period after vesting. Both of these figures (the percent issued and the longevity of the option) are higher than industry practice.

Maybe you're right, and I'm jaundiced and sick by greed of company directors. Perhaps the key folk are genuinely committed as you say. I don't know them. I hope for Mr Mackay that he is successful, if he's as tied in as that, because we all would benefit. I just hope this helps him to understand that share price is of more interest to punters than market cap ranking in the pantheon of AIM oil producers ;-)

Good discussion, thanks

[jusmasel99] 28/2/2018 17:53

I think your cynical specs should help you have a look at how much of Hugh's own money he has invested in the company he runs. Consider how William shoved in an extra £360k to help us out not so long ago and have a look at the option strike prices that show the intention to deliver and the reward they will be offered. Compare the management of this company to their supposed peers and at least from a remuneration point of view they are doing their best for less.

[spangle93] 28/2/2018 17:38

Ha ha. All round ADVFN there are conversations about the potential of many companies, and we're resigned to allegories of non-ticking clocks and puppets (Thunderbirds, not Councillor Hall who I'm sure is his own man).

Are any of you as cynical as I am, in thinking that the falling share price must be welcomed by the board members who haven't yet got (enough) options, and by management when it comes to setting LTIP bonus schemes. If there was a blood pressure chart like our share price trend, doctors would certainly be motivated to do something, but apparently professional pride is so often left at the door of the boardroom.

[jusmasel99] 28/2/2018 14:54

Breaking News .....

In an unexpected twist to the resignation of Donald Trump as details of his involvement with the Russian Mafia emerged, Putin has closed off all gas supplies to the West. With the Beast from the East showing no signs of let up and the English Channel, Irish Sea and North Sea totally frozen over, oil and gas supplies are now at a crucial low. The government estimates that thousands will die from cold if Britain runs out of oil as will happen tomorrow. Step forward International Rescue. Speaking for IR, Scott Tracy said he knew that there was a supply of oil that would meet our needs until the expected thaw next week. He said IR could drill a well, using their 'mole' that they will ship in in Thunderbird 2 in less than a day. The government has responded saying that they are very grateful for the gesture and have asked IR to be on standby to proceed. In the meantime they will approach Councillor Hall of Surrey County Council with a Traffic Management Plan for Thunderbird 2 that they hope will be acceptable to him. Councillor Hall said that he hoped it would be OK and as long as T2 could arrange parking on the M25 then it might be approved by his council next month.....