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

[currypasty] 29/8/2018 09:27

During the period Europa Oil & Gas Limited, the operator at Holmwood (PEDL143), announced the submission of an application to vary the existing planning consent and extend it by three years. They further announced that the OGA has extended the initial term of the licence until 30 September 2020 and that the Environmental Permit for the proposed drilling operations had been issued by the Environment Agency. The Holmwood prospect has an estimated Mean Prospective Resource of 1.14 million barrels of oil net to Egdon and is considered geologically analogous to the nearby Horse Hill-1 discovery.

[currypasty] 29/8/2018 09:26

from edr rns

Turning finally to the Wressle project, in early July 2018 we announced the submission of a new planning application for the development of the oil discovery to North Lincolnshire Council ("NLC"). Egdon strongly believes that this new application comprehensively addresses the reasons for the refusal of the original planning applications and the subsequent appeals as set out in detail in our announcement of 5 July 2018.

Whilst we will maximise our efforts to convince the planning officers and, more importantly, members of the NLC Planning Committee of the clear merits of our new application, our recent experiences with NLC means we have to remain fully prepared to take this new application through another appeal process. As the most recent example of their apparent intransigence, on 1 August 2018 the NLC Planning Committee refused our application to extend the existing consent for the Wressle site despite a recommendation for approval from their own professional planning officers. The reasons cited were conflicts with paragraph 205 of the NPPF and policy M21 of the North Lincolnshire Local Plan even though in his decision of January 2018 the Inspector found in Egdon's favour on our appeal against the same reasons. We are now in the process of appealing this latest refusal decision and are increasing our lobbying and engagement efforts in respect of the Wressle project.

Notwithstanding, and demonstrating our commitment to and confidence in the Wressle field development, in June 2018 we announced the acquisition of an additional 5% interest in PEDL180 and PEDL182 from Celtique Energie Petroleum Limited for a deferred cash consideration of GBP0.417m payable on commencement of production.

[currypasty] 28/8/2018 12:57

coming up shortly...



Reference
PA/2018/1316

Valid Date
11 July 2018

Comments By

07 September 2018 (9 days from now)

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Site Address
Wressle-1 wellsite, Lodge Farm, Clapp Gate, Appleby

[jusmasel99] 28/8/2018 07:42

By the way .. some unreported news from the Majors in the Porcupine .. nearly all converted their Licence Options to FELs in March ... which represents a commitment and a timeframe to move to FEL 2 which requires a drill commitments

[jusmasel99] 28/8/2018 07:39

Predator Interims out this morning .. I get the feeling that DCCAE are starting to put some pressure on companies that don't fulfill the commitments they made when taking on Licence Options in the last round. Pretty clear, given the scoring mechanism that DCCAE uses to rate applications for licences that Predator were the only applicant for their licence EOG on the other hand score very highly given the work they have done in the Porcupine promoting the basin so it is possible that they beat the likes of Faroe and Cairn to our Corrib LO - then again we could have been the only applicant too.

Interesting stuff about Ram Head though .. with several companies (allegedly) asking DCCAE to intervene in the decommissioning of Kinsale Head as they think there may be more gas around ..

With regard to the article from ONS above ... CPPIB are quite an interesting outfit .. they have made a staggering amount of money this year and are not risk averse to investing in exploration ... once the deal is confirmed we might hear more ..

[tommy241] 27/8/2018 21:31

Thanks Jus

A couple of mentions re Corrib here but nothing we didn't already know:

www.theoilandgasconference.com/togc-webcast/vet/

[dunderheed] 27/8/2018 21:09

I wonder when Jussys going to apologise to me for accusing me of writing drivel when I questioned the time lines and absolute banged on certainty of this Corrib deal that he used to post about but has gone a 'little quiet' on now?
Was it May then June, July, early sumner mid summer, now when Jussy, lol I must be talking drivel again?
I realise he has me filtered (but not really) but one thing though, I hope all your ultra positive posts, which were with banged on certainty, didnt convince some punters to buy here, expecting mega deals, what months ago now?
All imho, dyor and genuine holder of EOG.

[jusmasel99] 27/8/2018 19:23

From UpstreamOnline at ONS

Duo extend Corrib deadline Asset: the Bellanaboy Bridge Gas Terminal handles gas from the Corrib project Photo: SHELL SHELL and the Canadian pension fund that is planning to buy the Anglo-Dutch supermajor’s 45% interest in the Corrib gas field off Ireland have agreed to extend the deadline to complete the deal after failing to hit a target to conclude the transaction by the end of June. The Canada Pension Plan Investment Board (CPPIB), Canada’s biggest public pension fund, and Shell said in recent days that they are now working to conclude the deal before the end the year. Neither party revealed any reasons for the delay. It was announced in July last year that a CPPIB subsidiary, CPP Investment Board Europe, had agreed to buy Shell’s interest for up to $1.23 billion, heralding the end of a troubled 15-year period of involvement with the asset for the oil company. Under the plans, existing partner Vermilion Energy is set to become operator on behalf of CPPIB and Norway’s Equinor, the other remaining partner. CPPIB said this week: “Closing has been extended by mutual agreement between Shell and CPPIB. “Completion will occur once the ministerial and partner approval process has concluded, which is expected later this year.” A Shell spokesperson said: “We are working hard to complete the sale of our upstream business in Ireland, comprising the Corrib gas project, and much of the work necessary to ensure a smooth transition to the new operator has been done. “We expect completion of the transaction to conclude later this year.” Ireland’s Competition & Consumer Protection Commission confirmed to Upstream that CPPIB filed on 7 August for regulatory approval for the deal, in line with the country’s mergers and acquisitions legislation. Vermillion said recently: “We continue to work closely with CPPIB and Shell on the transition of ownership and operations of Corrib from Shell to CPPIB and Vermilion. Transition has proROB WATTS London Shell and CPPIB now working to conclude sale of supermajor’s stake in Irish project to Canadian pension fund before end of year gressed well with all technical aspects being ready. We now anticipate receiving final approvals from the necessary authorities and closing of the transaction in the second half of 2018. “Although this closing date is later than our original expectation, and will have a modest impact on our booked production, Vermilion will still benefit from all interim period cash flows between 1 January 2017 and closing as a reduction of purchase price.” The deal includes an initial consideration of $947 million and additional payments of up to $285 million between 2018 and 2025, subject to gas price and production. At closing, CPPIB will transfer 1.5% of the 45% interest it is acquiring to Vermilion, leaving it with a 43.5% non-operated interest and Vermilion with 20%. Equinor retains its stake of 36.5%. According to Vermilion, Corrib production averaged 57 million cubic feet per day in the second quarter, down 7% from the first quarter due to natural decline and minor plant downtime related to external electricity supply issues. CPPIB said last year it was attempting to diversify beyond domestic markets, which included an investment of up to $1 billion to acquire US oil and gas assets. Avik Dey, CPPIB’s head of natural resources, said when the deal was announced: “Ireland is an attractive destination for a longterm investor like CPPIB and, through this investment in the Corrib gas field, we are able to further our strategy of investing in high-quality natural resource assets alongside highly regarded and experienced operating partners such as Vermilion.” First gas from Corrib flowed in late 2016, almost two decades after the field was discovered in 1996 by UK independent Enterprise Oil, which was acquired by Shell in 2002. The project hit severe delays amid long-running disputes with local residents and environmental campaigners. The development comprises six subsea wells, with gas transported along a pipeline to an onshore terminal at Bellanaboy Bridge.

[tommy241] 27/8/2018 15:19

Edit: anyone have a subscription?

[dunderheed] 22/8/2018 11:01

Not appropriate for update yet but I'd say some of the amazing opportunities have leaked out from data room already eh CP, bwtfdik lol?!

[currypasty] 22/8/2018 10:47

40 days since farmout launch... any update Hugh?

[bountyhunter] 22/8/2018 07:45

here's the link

[itsriskythat] 22/8/2018 07:35

Google "ft nord stream 2 pipeline against" for an interesting article today.

So the UK is concerned about security of supply of Russian gas to the EU. Something the Irish should also take note of and drop the exploration ban.

[jusmasel99] 21/8/2018 09:45

This morning reviewing the comments on the Wressle Application on the North Lincs website, suggested to me that a more pragmatic approach to the planning committee members may be a better / more worthwhile idea.

Our argument is that the well is of national strategic importance and thus overrides most of the local concerns as well as falling under the national planning policy framework. However local Councillors in both North Lincs and Surrey do not see that as important enough to allow them to consider approving the matter citing local democracy as being most important yet secretly personal opinion and security of tenure of their position are the aspects they rate highest of all.

However the fact is that County Councillors are at least one step removed from 'local' planning democracy and have been placed in that position for obvious purposes so that they can debate, approve or deny, planning applications that are classed as Major within the County they control.

It is therefore incongruous that these very councillors can complain that there should be a higher authority that can override their decisions that are of National importance rather than at county level.

Perhaps the default on planning applications such as ours should be submit and approve or submit, deny and pass immediately to the Secretary of STate for a decision.

One of the things I noticed this morning is that at least one of the Parish or Town Councils reporting into the planning committee at Wressle offered no objection to our application therefore as and when the County councillors refuse this next application they are most definitely not representing the views of that particular local democracy. Hard not to be contradictory I would suggest.

So if it were me that were to address the planning committee in support of our applications it would to address these issues and encourage the councillors to realise that they can object all they want based on their personal opinions but sooner or later the well will be drilled and further unnecessary delay will be detrimental to county planning committees up and down the country if the SoS is forced to intervene.

[tommy241] 19/8/2018 11:09

Anyone have a subscription?

www.businesspost.ie/business/drill-baby-drill-423345

[dunderheed] 18/8/2018 12:36

Dream on Jus - you've been all aboard for how many years saying the same thing bruv?
Going a 'little quiet' when things don't go as they absolutely certainly should be - 100% nailed on like...
You need to look at respective mkt caps of companies not what happened to their bloody share prices lol!!

[jusmasel99] 18/8/2018 12:26

Weekend Dreams ...

Could EOG 10 bag from here?

That suggests a Mcap of £124m without dilution so what could get us there?

Wressle going into production will certainly get us some attention and add value to the share price but the most important thing is that it will underwrite our current Mcap for some considerable time and provide us with profitable income. It also remains a saleable asset for fundraising if and when required.

Holwmood if and when it is finally drilled will bring us considerably more attention from the Well Wishers of the Weald and will definitely spike the share price at spud through to TD results. Pretty inconceivable that some form of hydrocarbons will not be noticed as the drill penetrates the KImmeridge and that alone could sustain an increase in the share price for some time.

But the real driver for reaching a 10 bag will be in Ireland and Inishkea has the best chance of success. A farm out through a successful exploration well that leaves us with 15% of a TCF of gas readily connectable to a subsea production system would surely see us there and at a point where the future of EOG is likely to end in a sale ...

Timescale is another matter .. you have to be in it to win it and the later you leave buying in the less chance there is of the golden prize of a 10 bagger. Wressle and Holmwood could see the share price up to 10p in no time at all and in any event I would maintain that the current share price is distinctly undervalued and could easily return to 6p on fairly low buying pressure (with the proviso that what appears to be a major seller for some time now eventually blows his load)

So at 4p I think the 10 bagger is a real possibility especially comparing it to what happened with PVR and JOG as well as our exposure to the Weald Wonderland where Mcaps are generally ignored by the Well Wishers.

I am all aboard ... anybody else care to come along for the ride?

[rogerlin] 17/8/2018 08:38

There are great advantages to being offshore.

[jusmasel99] 16/8/2018 08:34

I think Predator are being a little guarded on the truth of the matter .. the fact is that they missed the deadline for the commitments they made when applying for the licence which actually expired on 30th June (our Licence Options with the exception of one all expire next year) .. they have not yet indicated whether or not thay have actually acquired the Seismic they need from Shell let alone start reprocessing it.

Also if you look at their IPO document it is full of factual errors and ommissions just as the statement above indicates "there is no other gas project off-shore Ireland that can compete with this timeline. " Europa is far ahead of them in terms of timeline and Inishkea is bigger than their prospect which incidentally carries a far higher chance of Oil rather than gas being found.

Ah well .. very strange trading patterns over the last few months at Predator .. if I was suspicious I would say the same person is buying and selling just to keep volume up ..

[jusmasel99] 16/8/2018 08:34

I think Predator are being a little guarded on the truth of the matter .. the fact is that they missed the deadline for the commitments they made when applying for the licence which actually expired on 30th June (our Licence Options with the exception of one all expire next year) .. they have not yet indicated whether or not thay have actually acquired the Seismic they need from Shell let alone start reprocessing it.

Also if you look at their IPO document it is full of factual errors and ommissions just as the statement above indicates "there is no other gas project off-shore Ireland that can compete with this timeline. " Europa is far ahead of them in terms of timeline and Inishkea is bigger than their prospect which incidentally carries a far higher chance of Oil rather than gas being found.

Ah well .. very strange trading patterns over the last few months at Predator .. if I was suspicious I would say the same person is buying and selling just to keep volume up ..

[dunderheed] 15/8/2018 13:46

Yesterday's looked like a bed and isa but today's looks like 'seller' 'returning'?

Here's hoping for these booming deals that made Hugh so excited about, when the data room opened?! I mean the interviewer on video I saw, was bizarrely questioning deal expectation times for this - i.e. how long is a piece of string?

Imho at the end of the day if the data/information had been that compelling a deal would have been done out-side of data room anyway bwtfdik, we live in hope?!

[christy41] 14/8/2018 15:08

Just taken this from the Predator Oil thread...seems to be getting quite a bit of interest.

£3.5M micro cap targeting £3.5/£4Billion in gross revenues at Corrib South...

Q5: Can you discuss the reasoning behind the plans of implementing a well at Corrib South?

A5: Just for a background, very simply, there’s a renewed demand for gas in Europe as you know in the medium-term as gas is replacing less carbon-efficient fuels such as coal and oil. So, the European indigenous gas production is also declining from older mature fields and also the geopolitical deals for gas are now being done, you saw the deal recently between Germany and Russia for the Russian gas. So, all of this has put up the pressure on the European gas prices which we believe will be with us for some time to come.
Corrib South, if successful, could feed gas into the Corrib infrastructure by 2022, there is no other gas project off-shore Ireland that can compete with this timeline. So, that, again, puts us in a very strong position to develop Irish gas but in the high estimate case, Corrib South could create £3.5 billion to £4 billion worth of gross revenues even at a very conservative gas price, approximately 75% of today’s gas price.
So, it’s easy to see therefore why the fundamentals are attractive to our very select group that we have invited as potential interested parties and why this project dwarfs everything else we have in the company, in its portfolio.
The largest returns for our shareholders, it’s particularly in small-cap companies like Predator Oil and Gas Holdings, occur where such a company has exposure to what you could call ‘the big one’ and that’s how Cove Energy in East Africa and more recently, Sound Energy in Morocco.
So, the onus is on us to ensure that we do everything we can to put us in a position to drill in 2020 and win this potentially very large prize. So, for us it makes sense to progress the drilling plans in order to meet that timetable.

[currypasty] 14/8/2018 11:34

thanks fro the research Jus.. I guess everybody is having a peek in the data room, see what we have got, comparing it with other prospects

[dunderheed] 14/8/2018 11:26

I dunno Jus - why don't you ask all your 'mates' at Nexen?
Tick Tock.

[jusmasel99] 14/8/2018 11:23

Mr CP .. have been spending some time comparing Nexen Iolar prospect in LO 16/7 to our prospects in FEL 2/13 Not much to go on but Nexen did present their prospect at the PIP conference last year and it looks as similar as I can make out with my next to nothing knowledge of geology.

I believe Nexen are now waiting for the various government approvals to come through before they start to go out to tender for the equipment they need to drill next year and if they start surely it would cost them next to nothing (in their terms) to farm in to 2/13 now in order to protect against success at Iolar. I mean if Iolar struck it rich then our bargaining position would be huge ....

It takes time of course to get approval for a farm in and longer to negotiate I guess but maybe they have already started the process?