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

[christy41] 19/12/2023 11:40

Sale of our share of Wressle?
Then push ahead with West Africa,Ireland and Serenity.

[currypasty] 19/12/2023 11:27

malcy's blog

"Obviously the same asset but with a slightly lower interest this will deliver for EOG as it will for UJO and Will Holland and team will also have the luxury of a potentially bigger payday with which to build up Europa. With a number of projects in mind I think that it will be an interesting ride for shareholders."





wtf does that mean ?

[spangle93] 19/12/2023 11:22

Suet - some companies are better at RNS's than others, but it does seem increasingly so that investing skill relies more on trying to identify what they haven't said in an RNS (cf post 16102), and understand why, than on the actual content.

It seems to me that because investors only have RNS's and other company-sourced material to go on, they remember the contents of these documents far better than management and advisers do. So investors take an RNS, and immediately set it in the context of historical guidance from the company, but it feels to me like a company does not ever think to refer back to previous RNS messages when crafting an update for market. As a result, so many unfathomable non-sequituers creep in.

[suetballs] 19/12/2023 10:15

It's a shame that we always seem to be reading between the lines here.
IMO good rns's should be informative and leave no unanswered questions. As regards any uncertainity that should be included too.
Ah - but we are gonna get the cpr in EARLY January.
Suet

[greypanther2] 19/12/2023 09:34

Interesting Wressle RNSs from EOG and UJO this morning but I really wish they’d told us something about the current water cut. I’m reading between the lines here but, IMO, the well should be able to produce at an even better rate than this. According to the NSTA’s data there was negligible September production but the previous three months of June, July and August averaged 778, 619 and 241 bopd respectively. The average water cut was 2.3%, 3.9% and 7.6% while the gas / oil ratio showed a significant decline from 675 to 545 to 461 cu. ft / barrel. If the water cut was 7.6% at 241 bopd and we’re now producing 680 to 700 bopd, one might expect the water cut to be between 15% and 20% by now. This won’t do much for the operating costs but I suspect it’s not a very serious matter. Let’s assume a 17.5% water cut and a disposal cost of about $1 / barrel to put the water into a nearby non-producing well, perhaps at EOG’s Crosby Warren. We might have about 150 barrels of water to dispose of costing about $150 / day for its disposal. Divided by 700 barrels of oil, this represents only about 21 cents per barrel of oil. In conclusion, I’m hoping for closer to 750 bopd going forward, and I also suspect that Egdon might not have used the micro-generators lately as the produced gas is probably nowhere near the 10 tonne / day limit.

[suetballs] 19/12/2023 08:30

Well I suppose 200 bopd generates in excess of £4m of income pa.
Suet

[spangle93] 19/12/2023 07:44

The UJO version of the RNS does note
Jet pump is capable of handling up to 1,440 barrels of fluid per day

Clearly just because it can doesn't mean to say it will, but why would you go for something that can do 250% more than you believe is needed

[currypasty] 19/12/2023 07:38

18 December 2023 was 680 bopd (net 204 bopd to Europa). In order to determine the best rate for the jet pump to optimise oil production rates and for reservoir management, the well is being carefully monitored as the pump rate is gradually increased. It is expected that it will be a few weeks before the well stabilises and an optimised production rate is achieved.

The updated Competent Person's Report for Wressle is now being finalised and will be released in early January 2024.



as expected really

[bomfin] 19/12/2023 07:17

I mean. This is just rubbish isn`t it. Last reported rate was 950bopd which was clearly for a minimal time period which was not explained. Glad I didn`t jump in at that.

[suetballs] 18/12/2023 19:18

Better praise the uptick today.
CPR imminent maybe.
Suet

[mortal1ty] 18/12/2023 13:43

There is no bid coming here... management are probably lining up their next deal. Probably spend most of the cash on a random exploration play somewhere. They have to justify their fees and execute on their 'strategy'.

[christy41] 15/12/2023 11:59

Curry..They kept Mark Abbott and everyone used to moan about him.

[suetballs] 15/12/2023 11:24

At what stage would Will need to advise shareholders of an approach?
If they've had some tentative talks and Will has said no if he doesn't get offered a job - would the shareholders need to be advised of this?
I have no idea what the rules are.
Suet

[christy41] 15/12/2023 10:19

I am still surprised we haven’t had a bid.At the last set of results we had £5.2 million in cash and now likely to be increasing with Wressle back online.Market cap £9 million.

[suetballs] 15/12/2023 09:52

We somehow need to get this GM organised. IMO it is the only way to stop them.
I don't know how these chaps can behave like this - I certainly couldn't.
Suet

[talkman2] 15/12/2023 09:44

Curry pasty , it wasn’t their money they were gambling with it was our shareholders money . They hardly hold any shares so they could give a toss . It’s a plaything to them and their ego’s . As long as their salaries and bonuses come in . Shameful and disgusting.

[talkman2] 15/12/2023 09:41

It is beyond comprehension and logic that the company has not initiated a share buy back at these levels , given its cash position. Just imagine if it stepped in this morning and purchased 5 million shares ( costing a mere £50,000 put of a cash pile of over £4 million ). It just shows how out of touch the BOD is with genuine shareholders and value .

[currypasty] 15/12/2023 09:33

looking back at the serenity deal



" Europa is acquiring a 25% interest in Serenity by paying 46.25% of the appraisal well cost, equating to a 1.85 to 1 carry (the "Carry").

-- The Carry is capped at a gross well cost of GBP15 million, of which Europa's interest will be GBP6.94 million. Thereafter, each party will fund its interests proportionally"



We are now a £9m MCAP Company

We gambled up to £7m on Serenity, which Will now says was 50/50


does that sound a sensible plan to you?
Do you trust them on the next 'must do' deal, at any cost to us

[talkman2] 15/12/2023 09:23

The market is completely disinterested in this dog whose BOD own less than 1% of the company . It’s purely a lifestyle company for the directors. I would be happy just to get out of this dog at 1.5p . This BOD are never going to get the share price up.

[jedc1] 14/12/2023 08:03

AIM is indeed the exchange where the vast majority of people have lost money, except the BODs running them.

[currypasty] 13/12/2023 09:22

MCAP now £9m

[christy41] 13/12/2023 09:21

Won’t be long at this rate until we’re valued at cash.

[suetballs] 12/12/2023 11:07

From lse - PB has a template for nominees regarding the GM - maybe there is a way forward.
Suet