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

[spangle93] 14/3/2018 19:06

Got to say I kept drifting out of the video - it's not gripping and there are no dancing girls as I was promised - but I'm sure he said that in following the Corrib path, we mustn't drop the porcupine balls. Tough to argue with that!! ;-)

The way I see it, the company is far too wee to be messing around in the deepwater plays with high equity. The deal with Kosmos was the way to go, but clearly that's now history, and realistically, the way a company of EOG's size can realise gains is to add value, interest big players who then farm in (or just buy the damn company) and keep a small portion where they can meet their share of the costs. Think Cove in East Africa. So I'm OK with that approach - finish the current work and hand responsibility to someone else.

The Corrib approach sounds credible, and I thought the newsletter was well written, setting out the investment case factually for folks to grasp. The $120k/day is the lowest end of rig rates, so it's a bit optimistic, but not nearly as optimistic as suggesting you might drill in 2019; only if you get a partner with bigger pockets and more ambition could I see that scenario playing out, particularly as the final legacy ocean bottom seismic won't be available until December. OBS is transformational in terms of quality improvement, so any work before then will be modified once that is around.

UK onshore - who knows.

So, when you're pitching EOG against companies that are drilling exploration wells and growing production, it's hard to identify timing of any short and medium term drivers of share price performance with which to enervate the investment community. Maybe good levels to get in at, as jusmasel was saying, but only with patience to wait for paperwork to finally turn to reality

It doesn't seem that you'd miss much if you went away for 18 months and then came back.

[dunderheed] 14/3/2018 17:23

Hi jus agree but this was a shareholder newsletter plus Irish update.
As I have continually criticised mgt for, they have taken their eye off the ball when they shoukd have been looking to their other income incremental assets which would strengthen their negotiating position elsewhere.
I again am concerned about this messaging and hope they have chosen this strategy because they can pretend their onshore mess hasn't happened and surprise on the upside?
All imho of course!

[cheek212] 14/3/2018 16:11

It's as if they have forgotten all about Holmwood and Wressle! You get more news from Drill or drop than you do from the BOD!

[currypasty] 14/3/2018 14:48

3.3 to sell 3.5 to buy

[christy41] 14/3/2018 14:37

C.P....Beginning to wish I hadn't posted it now myself.

[cheek212] 14/3/2018 14:24

Share price is having a laugh!! Was better when no news!!

[christy41] 14/3/2018 13:01

Latest from Hugh....

[dunderheed] 14/3/2018 12:37

I was joking CP Hugh has had a lot to 'say' in the past that didn't quite crystallise as one might expect.
The irony is this Corrib prospect might actually be the one and unfortunately share holders have been exhausted by all the jam tomorrow talk now!!

[currypasty] 14/3/2018 12:14

"We are now seeking to fast track technical work on LO16/20 Inishkea with the
intention of delivering a new prospect inventory in H1 2019 and, subject to
meeting technical and commercial criteria, identifying a firm drilling target
for an exploration well in 2020. "

[joestalin] 14/3/2018 11:42

"I guess there are no more than a couple of hundred people living in the area!"

and about half of them get their heating oil delivered by truck - Hmmmm indeed!

[cheek212] 14/3/2018 11:26

Well the RNS did little to ignite the share price anyway! A few more share traded than usual so far but not much else, The drill and drop article posted last night re the EA refusing to accept the Holmwood petition was more exciting and got more comments, mostly from pretend locals to the drill site! Actually having been to Holmwood to check the site out, it amazes me how they managed to get 100k locals to sign the petition especially when I guess there are no more than a couple of hundred people living in the area! Given the population of Surrey is only 1.1m, they did well to get almost 10% of the population of my county! Or perhaps they didn't! Hmmmm

[dunderheed] 14/3/2018 11:10

6709 err CP where do you get that 20 from, lol, better to state if at all matey?!

[currypasty] 14/3/2018 10:22

yes, but they are hugh's 2 years...

[guesswhosback] 14/3/2018 09:40

Oh good only another 2 years to wait.....

[rogerlin] 14/3/2018 08:49

In 1908 on Rusheen, a tidal island at short distance away from Iniskea South, a Norwegian company built a whaling station, which operated until 1922. The whaling station had a pier, two dams and some corrugated iron buildings, where blubber was boiled and potted. It is said about 50 whales were caught each year, mostly Finn, but also Humpies and Sperm.

If the development plan for Iniskea involves a tie-in to the previous infrastructure I don't think it will go down too well with the environmentalists.

[4sta] 14/3/2018 08:45

I agree with peaky blinder2 on the lse forum, his post just about sums it up. I too have been here for what seems like an eternity waiting for them to do something other than 3d mapping and more and more technical work on our prospects. We need action and we need it soon, no good having all these prospects if all they're going to do is keep re-evaluating them.

[jusmasel99] 14/3/2018 07:39

Have a look at my post #6663 ..... Mmmm .... Vermillion are after all our partners in France ... I wonder if we are in bed with them in Corrib already and perhaps this announcement is testing the water / setting the scene for the need to extend the life of Corrib and extend it quickly as well ...

Market Cap here £10m ??? ridiculous ...

[jusmasel99] 14/3/2018 07:39

Have a look at my post #6663 ..... Mmmm .... Vermillion are after all our partners in France ... I wonder if we are in bed with them in Corrib already and perhaps this announcement is testing the water / setting the scene for the need to extend the life of Corrib and extend it quickly as well ...

Market Cap here £10m ??? ridiculous ...

[jusmasel99] 14/3/2018 07:22

As always with EOG - good news comes in 2s and 3s ..

Well Well Well ...

Newsletter / Corrib Update very very interesting.

A well in 2020 indeed ... seems to tie in with Vermillion's CAPEX plans .. !

[spangle93] 14/3/2018 07:16

New Corrib-based philosophy is explained well in the document inssued this morning



Step away from the Porcupine

[jusmasel99] 14/3/2018 06:48

Pretty exciting news there Rogerlin. Oil reservoirs don't conform to licence area boundaries so the best case scenario for us is a target prospect that extends over the two licence areas and they choose to drill just inside the boundary of 16/18!

"Looking for partners" !!! I sense the next drill coming our way ... early days though.