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

[currypasty] 09/9/2022 07:03

We should be grateful they haven't done another placing... perhaps the stick they got sank in ?

[suetballs] 09/9/2022 07:02

Yes curry info here is always limited - we shouldn’t have to read between the lines. Once again something doesn’t smell right.
Suet

[pro_s2009] 09/9/2022 07:00

Could well have been a final requirement.........we shall see in due course whether consent is now given today and things start to move.

[bomfin] 09/9/2022 06:57

Thank you mynameiskhan

[currypasty] 09/9/2022 06:54

perhaps the Serenity sidetrack is expensive.. perhaps there is more to the plan than they are letting on ?? who knows

[4sta] 09/9/2022 06:51

Why is UJO awash with cash when they have only 10% more of Wressle than EOG and EOG have other producing assets too? They raised to cover the Serenity drill so surely there should be surplus cash in the coffers by now? Where has all the income gone?

[bandflex] 09/9/2022 06:50

The rig has not moved. As of 5am today Petrofac don't have consent for work at Serenity.

Though I wonder if that is because the NSTA may have required EOG to be fully financed for the drill and side-track.

Can't see them spudding this weekend.

[mynameiskhan] 09/9/2022 06:44

Tain discovery has flowed oil of over 2000 BOPD from thin 5 feet sand. The quality of reservoir in captain sand is excellent.

[suetballs] 09/9/2022 06:41

Eog is safe now - I hope you’re right.
Prudence is not a word I would I use for the eog board.
Suet - still sceptical!

[bomfin] 09/9/2022 06:41

They mentioned a well tested close by from only a 10ft reservoir at good rates. Anyone got the info ? Guess it`s the quality of the sands then. I still think there`s potential that the sands are a lot thicker further west and south.

[bomfin] 09/9/2022 06:40

OK. 40FT. Thanks for the correction.

[mynameiskhan] 09/9/2022 06:38

Eog already making decent cash from their existing oil production. Currently, EOG is producing 300 BOPD, or cash revenue of $10m a year under current oil pirce environment. I believe, payback won't be an issue.I believe, the reason for the loan facility is the safeguard, as EOG may need capital for future operational activities such as serenity sidetrack, Wressle gas monetisation, or Wressle production facilities and possibly production from other reservoirs (P flag), which May required sidetrack.So, EOG is safe now, without risk of future placing

[jagzoil] 09/9/2022 06:35

40ft - not meters

[bomfin] 09/9/2022 06:32

Oh. I was sure I heard 40 metres mentioned. Will have to check back over presentation.
Apologies for any misrepresentation. All imho dyor

[cinques] 09/9/2022 06:31

If push came to shove, EOG would raise the money to repay the loan rather than let 10% of Wressle go

[mynameiskhan] 09/9/2022 06:30

40 feets (not meters).The discovery well intersected 10 feet thick sand, and the appraisal well is looking for 30-40 feet sand to confirm their geological model of 200 mbbls OiP

[bomfin] 09/9/2022 06:27

Such a find will indeed make Wressle look inconsequential.

[bomfin] 09/9/2022 06:26

So, EOG paying 43% of the initial well but will only be 25% of any sidetrack. Surprised they did not plan for this during the initial capital raise. I do think Serenity is a big prospect. If it pinches out to the West it could be big. It can pinch out west or south. They don`t need to be very lucky to get a big find. I`ve seen the 40 metres differential on sand thickness mentioned elsewhere as possible with seismic interpretation. If they get sands anything near 40 metres thickness going west or south then it`s hundreds of millions of barrels. imho dyor

[glennborthwick] 09/9/2022 06:23

Good old bramhill eh currypasty ;)

[pro_s2009] 09/9/2022 06:22

.....Simon Oddie, CEO of Europa, said:

"We are pleased to have secured this source of debt financing from UJO, which is one of our joint venture partners at Wressle. The loan will provide us with additional liquidity and reflects the prudent cash management philosophy that we adopt at Europa when looking at the various development settings that we could face in the near term. One of these scenarios includes a success case side-track that may be drilled in the upcoming Serenity appraisal well. The side-track could prove up further volumes in addition to those proven by the main wellbore and these additional funds will ensure that we have sufficient working capital to progress all of our assets under the potential growth scenarios that we are modelling."

[bomfin] 09/9/2022 06:22

Put up 10% of Wressle as security.

[cinques] 09/9/2022 06:21

Did EOG search through all the commercial banks and lenders? Those lenders would have wanted large arrangement fees, possibly warrants, etc. I don't see any mention of arrangement fees with UJO. It's got more of a partnership feel to it.

[mynameiskhan] 09/9/2022 06:19

In the near term, capital May be required to drill side-track in Serenity on success case. This is, where capital May be required

[bomfin] 09/9/2022 06:18

If it`s a sidetrack further west then they're in the money if it`s a sidetrack further east then it will be a small development if lucky.