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

[enfranglais] 08/3/2022 15:51

All the i3e rampers leave aside that this is an appraisal well & even if it does produce (coin toss), we would still be a minnow minority partner, dependent on the whims & priorities of i3e?!!! Also to turn this into a producing asset (if of course, the coin toss works out), we would be looking at further massive dilution & at what discount to any share price (half again?)!!!!!!!!!!!!
However, i am still with CURRY that this changes EOG`s risk profile, has damaged the coming realisation of the importance (for a minnow) of Wressle & is not in the interests of many LTH`s!!!!!!! Some of the new rampers have mentioned the Irish & Moroccan licences & that they are high risk. Of course they are high risk but they would only ever proceed if they were taken up by a major or much larger Company & EOG would be looking for a free carry, with limited further risks to shareholders.
The main problem to LTH`S, especially with those with averages near to 6p, is that massively diluting at 1.8p hands a large part of potential gains to brokers, bankers & day traders (with very little risk, as there are always mug punters to give them a profit on their cheap shares - just see the newbies here!!!)!!!!!!!!!!!

[p@] 08/3/2022 14:48

Remember the huge stone bonk "oportunities" of ECO HUR etc.

[currypasty] 08/3/2022 14:28

WASHINGTON – President Joe Biden will announce a ban on the U.S. import of Russian energy in the latest effort to ratchet up sanctions over Russias invasion of Ukraine, a source familiar with the announcement told USA TODAY.



good time to be an oil / gas producer, with a 'high impact' drill in a couple of months

[hoper1] 08/3/2022 13:45

Does anyone know if there is a Telegram group for EoG?

[edgein] 08/3/2022 12:54

Mr Pasty,

According to the latest Vox market interview (I think pretax posted it on here) there are still some companies in the Data room now after this EOG farmout. If EOG shareholders vote against the deal they'll likely be replaced, providing the other companies would take similar terms. Its possible that the surrounding companies wanted an operational control and majority holding in the asset. I wouldn't totally rule out further farm out of Serenity before August/September, but personally I'd rather not. Majid did say if its big enough they'd farmout for development etc.

Look there are some on the I3E thread that would also like to see more money going to Canadian assets and not Serenity, each to their own. Same here its up to EOG shareholders to weigh up the pros and cons of Serenity with all of the available information. There's plenty of info out there in presentations, surrounding wells, interviews etc. In fairness though there's likely more multibag potential here for Serenity than I3E, but its a different kind of company now to the small caps. That as discussed gives EOG a higher level of risk exposure. If all goes to plan I reckon I3E is about x2 and EOG about x6 on a large outcome on the current oil price.

Regards,
Ed.

[currypasty] 08/3/2022 12:23

agree with alot of that dunders.

I would say though that Morocco and Irish are technically high risk, but we only move forward on a jv, which would (if oddie can negotiate) reduce that considerably.. I would expect a free carry and back costs.

It is a concern that i3e. went for EOG, rather than a bigger player.. perhaps they just wanted cash and no input from oddie.. but why didnt players bordering serenity want a cut, afterall if its commercial then their field will be impacted and some complicated development agreements would have to be drawn up. Was there any other interest?

[dunderheed] 08/3/2022 12:19

Ah cross post with Edgy - apologies seem to be repeating much of what he says.


Re Wressle 2p - agree fully - it's all very well getting the oil out with increased production profiles as this effectively increases NPV of project but unless there is more 2p reserves it also brings for ward the day the oil runs out!!
Let's see some increase in 2p by operator as well as getting the stuff out!

[currypasty] 08/3/2022 12:08

cheers, thanks for that post

[edgein] 08/3/2022 12:06

Mr Pasty,

Apologies I didn't realise you still hold I3E, but don't contribute. So you'll be well aware of the merits of the target then. I'm not sure how Serenity increases the risk profile of EOG as their main assets are exploration offshore Ireland/Morocco very high risk and so far not attracted a farmout that stuck around (Kosmos barely counts). I would personally say the Serenity target derisks EOG and makes them more balanced as they now have a large offshore appraisal target with near term drilling and now potentially fully funded (unlike Morocco or Offshore Ireland). You guys talk about Wressle as if its some company maker that will drive the company to £100m+ Lets just say there's not many 200bopd producers with about 1-2mmbbls of 2P valued at over £30m. In fact the recent £20m cap looked about right.

Also as for share tipsters etc and the view of some lth here, how many placings do you see at the top of a spike? Look at the long term chart. Most of those that will have taken place in that placing/primary bid will be looking at what happens during and after Serenity. If Serenity is a success EOG could farm down or sell their interests and perhaps be able to fund offshore drilling rather than rely on the hope that some day some one might eventually farmin and stick around to drill.

Again puzzling why you would stick around here for so long and invest so much money in a company that's largely an explorer with pretty stranded assets. Apart from little wressle of course.

As for Liberator, most wells in the north sea are non-commercial. Of course appraisal wells and developments wells can be a different matter entirely.

Regards,
Ed.

[currypasty] 08/3/2022 11:51

Ed, I am fully aware of I3E, having followed them from day one, and started the thread even. A little presumptuous of you to assume i am not already a long term holder of I3E. I would have thought as we have known each other for a decade or more you may be a little less condescending.

My gripe is not with I3E or its projects, but with Oddie for knocking £100k off my holding in two days by not getting a better price for the placing and so heavily diluting my shareholding.

Fortunately the price is recovering, and so hopefully this signals that the investment community think Serenity is worth a shout.

I think Wressle is a Company maker, but more importantly steady and safe. Serenity is high risk/high reward and so Oddie has completely changed the investment profile of the Company, without any shareholder input. He has little skin in the game, and quite frankly, on their salaries, chucking £75k in for the lot of them, is peanuts.

ps, perhaps you could comment on why they drilled Liberator in the wrong place and had to P&A?

[enfranglais] 08/3/2022 11:36

prelaxative - This is the EOG thread & not the Putin no opposition thread!!!!!!!!!!
The only people who can vote are existing EOG shareholders & they will be divided into lower risk but exposure to poo & higher risk with the chance of a gamble. It will be them who decide if they accept the change in the risk profile or not!!! It will not be the sewer rats who have now come to infest this board or the brokers & financiers who are the main beneficiaries of this throw of the dice!!!!!!!!!
TURKEYS DON`T VOTE FOR XMAS.

[edgein] 08/3/2022 11:34

Mr Pasty,

Have you even looked at the relevant information? Perhaps I3E holders may know a little more about Serenity than you do? For someone that claims to hold hundreds of thousands of pounds in an AIM punt wouldn't you like to know all the facts? Why here rather than one of the other material oil and gas producers? Puzzling.

Regards,
Ed.

[currypasty] 08/3/2022 11:32

absolutely, ill give you a tick for that pretax..

[edgein] 08/3/2022 11:30

Gclark,

Think of Serenity as a dartboard. Bullseye is the Serenity discovery well the trebles are the P50 like and the doubles are the P10 line. Risk will vary dependent on how far they move from the oil discovery well. So well placing is important. If the placing is on the western flank then it carries the highest risk, but also the potential highest rewards as that's where they think the thickest net sands are. If a well there came in its likely that between there and the updip discovery its likely to be continuous oil (oil migrates under normal conditions up any structure, but can be forced downward as a structure fills).

MS CEO of I3E suggested there may need to be two appraisal wells for Serenity before development, that suggests to me that the first appraisal will be a moderate risk P50 step out, about where the treble line would be on the dartboard. Drilling downdip on an oil discovery is much less risky than drilling EOG's exploration licenses that's for sure. With the discovery in place and surrounded by other large discoveries, Captain and Blake and thought to be connected to Tain, then risks such as source, seal, trap, migration are proven to some extent. They have modelled oil column and OWC (Oil water contact) so the appraisal well is to clarify that. No appraisal well is nailed on, but I've seen worse, its in an oil prolific area downdip from oil pay. If Serenity comes in as expected it'll be worth a lot of money st for August/September approx.

For example, when are EOG drilling Irish Atlantic margin or Morocco and at what cost, how much dilution? At what drilling risk? Otherwise its just little Wressle.

Regards,
Ed.

[pretax2] 08/3/2022 11:19

When we get to 3p (could be soon), I hope you're going to button it Curry.

[pretax2] 08/3/2022 11:18

gclark
Strongly suggest you listen to this old video from the i3e team when Serenity was discovered. What I take from this is that it's an oil 'discovery' and, upon drilling, the field appraisal was shown to be correct. In other words, they understand the geology. EOG have independently appraised the site and concur with I3e's appraisal.

[currypasty] 08/3/2022 11:12

I think previous shareholders are at least owed a full analysis of the Serenity project by EOG directors. Im not interested in rampastic naive throw away comments by new or i3e holders, but the actual facts about the project. Im hoping there is a compelling reason for Oddie to dilute existing holders to high heaven. Im hoping he and his 'team' have done their due diligence and will share that with us. Is that too much to ask when we are asked to vote on it?

[gclark] 08/3/2022 11:05

I would like a discussion about this prospect.
I've looked at the i3E website and read up about Serenity. It all seems well researched and analysed - can anyone tell me otherwise? I don't want to throw money away either.
Can we say that the oil is there?
In which case, when it is drilled, what are the risks of it being uncommercial?
We can keep it in layman's terms so I and others can understand.
That would be appreciated ...

[tommy241] 08/3/2022 11:00

Tic toc Ireland…..

[gclark] 08/3/2022 10:50

I can see where you are coming from pretax2, but all views on shares need to be heard. People have different ideas and have bought for different reasons.
But it is important to not let one point of view dominate at any time, and to put the other case, which I did.

[christy41] 08/3/2022 10:45

This board is fine, negative and positive comments can co exist. Lets keep it and share all info and views and approach it in an adult manner.

[pretax2] 08/3/2022 10:34

I think it's time to start a new positive thread to encompass the Serenity deal as we move forwards.
Any takers?