Oilexco Share Discussion Threads

[bountyhunter] 20/4/2020 21:36

And WTI has now turned negative for the first time in history! Unbelievable!!

This is partly for technical reasons and doesn't apply to Brent, and hopefully never will.

[bountyhunter] 20/4/2020 21:29

Unbelievable! Who could have ever foreseen that. Can't they just turn the wells off? Fact can be stranger than fiction.

Fortunately not applicable to Brent at the moment and hopefully it never will be!

[on target] 20/4/2020 21:10

Oil prices turn negative!

[bountyhunter] 20/4/2020 19:18

Not quite as bad for Brent as NYMEX today but still at a level I never thought I'd see again!

[bountyhunter] 20/4/2020 19:16

Cheers Curry, an incredible drop today!

[joestalin] 15/4/2020 09:03

Europa Oil & Gas (Holdings) plc (“Europa”; or “the Company”)
Interim Results
Europa Oil & Gas (Holdings) plc, the AIM traded Ireland, Morocco and UK focused oil and gas exploration, development and production company, announces its interim results for the six month period ended 31 January 2020.
Operational highlights
Onshore UK
Wressle Development granted planning consent on appeal
90bopd produced from Europa’s three producing UK onshore fields during H1 – matches H1 2019 and FY 2019 performance
Net production on course to more than double to over 200bopd when the Wressle oil field comes on stream later this year at an expected initial rate of 500bopd
Offshore Ireland
Refocus of portfolio towards the proven gas play in the Slyne Basin - follows the Irish Government’s recognition of gas’ key role in the country’s transition to renewable energy and its intention to phase out oil exploration
Discussions ongoing with prospective partners to farm-out 100%-owned FEL4/19, which is home to the 1.5tcf Inishkea prospect
See post period reporting events below
Offshore Morocco
Awarded large Inezgane licence covering 11,192 square km in the Agadir Basin offshore Morocco in September 2019
Shell, ENI, Repsol, Hunt and Genel currently active in the area
Data tapes received from ONHYM in preparation for seismic reprocessing
Large prospects with resource estimates in excess of 250mmbbls have already been identified in the Lower Cretaceous fan sand play, a prolific producer in West Africa
Licence attracting interest from a number of operators looking to farm-in
COVID-19
At the reporting date of 31 January 2020 there was no impact from coronavirus
Financial performance
Revenue £0.8 million (H1 2019: £0.9 million)
Pre-tax loss before exploration write-off / write-back £0.5 million (H1 2019: £0.4 million)
Pre-tax loss of £3.5 million including write-offs taken following relinquishment of Irish licences (see post period reporting events below) (H1 2019: pre-tax loss £0.4 million)
Net cash used in operating activities £0.4 million (H1 2019: £0.3 million)
Cash balance at 31 January 2020: £1.5 million (31 July 2019: £2.9 million)
Post reporting period events
COVID-19. Directors, London based staff and consultants have been home based since 16 March, and agreed a temporary salary/rate cut of 20% since 1 April. Operations continue at the three production sites.
Updated economic model confirms production at Wressle would be economically robust in the current low oil price environment - estimated break-even oil price (excluding Europa’s corporate overheads) of US$17.62 per barrel
Applications submitted for the relinquishment of three licences offshore Ireland where primary prospectivity is oil - LO16/19, LO16/22, FEL 2/13 - total non-cash write-off of £1.7 million
Application submitted for a 2 year extension and merger of FELs 3/13 and 1/17- should the merger not be granted then FEL 3/13 will be relinquished, and the Company has elected to write-off the £1.3 million intangible asset in these accounts

[slartybartfaster] 09/4/2020 21:24

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[currypasty] 09/4/2020 17:49

I just wanted to say thanks for keeping this thread going, very useful!

[bountyhunter] 09/4/2020 17:42

Header Brent chart rolled

[bountyhunter] 09/4/2020 17:40

Thread header updated, NYMEX rolled to June contract to future proof a little!
Brent charts updated to front month contract.

[joestalin] 31/3/2020 16:27

Hi Adam - check out Serica

no debt and announced a maiden divi in April

[adamb1978] 31/3/2020 13:42

Hello

I generally dont invest in oil companies - my style is usually GARP or contrarian. I'm now thinking that I might want some exposure to oil, or gain some exposure in coming months, whilst the oil price is beaten up. Can anyone recommend a decent, reliable tracker? Or alternatively, a company which has the lowest company-specific risk?

On the latter, I ran a quick search for oil E&P companies which had net debt, has (historically) paid a dividend in order to reduce the chance that the company goes under and the two which came out were GENL and RRE
Thanks

Adam

[pottsypotts] 09/3/2020 11:34

Normally we would all be piing in to airlines and haulage maybe? Airlines are a no due to the virus, chemical sectors down the line from crude will benefit but industrial demand down?
Suppose we will have a penny or two reduction at the pumps so we can all drive a bit further between supermarkets looking for toilet roll

[tomboyb] 08/3/2020 23:53

I'm afraid missed the first bit -

This is a whole concoction of massive negative news -

And it is not even funny -

[essentialinvestor] 08/3/2020 23:41

Tom, oil opened 30% down.

[tomboyb] 08/3/2020 23:38

20% down -

This is looking incredibly ugly -

[tomboyb] 08/3/2020 23:28

U.S crude down 19%!

[tomboyb] 08/3/2020 23:26

oil down 18% -

Wow!

[adamb1978] 08/3/2020 22:50

Welcome guidance from regular oil investors on the easiest and cleanest way to get exposure to the oil price. If its tanking and someone wanted to take a contrarian approach, what would be the simplest way?

I saw the USO oil fund mentioned somewhere, though someone else mentioning that it has a poor record of mimicking oil price movements.

Any views?
thanks in advance,

Adam

[bountyhunter] 08/3/2020 21:08

You could be right short-term tomboy but will recover post Coronavirus or earlier if the Saudis/OPEC & Russia can agree a substantial cut in production.