We would love to hear your thoughts about our site and services, please take our survey here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Dai, don’t remember exactly but 4 or 5 times between 9 and 3 and it was 1.40 to buy and 1.35 to sell each time and then 1.45 before it went down. I was only looking out of interest as I’ve got far too many already.
@Gerry, Out of interest how many times, and roughly when did you get those quotes?
I did'nt think the MM here played that game, wish I had checked now..
Gerry,yes buys imho
I asked for a quoted buy price on IG a few times earlier today and was quoted 1.40 and late afternoon was quoted 1.45 so correct me if I’m wrong but the “sales” today were likely buys. The 15196 @ 1.35 is possibly the only sell.
Serif,next week news of production would be good
@Copper. On the grounds that companies don’t usually issue positive RNSs on Fridays, I was hoping that they wanted to get this news out the way to leave next Monday free for Wressle etc! We will see. Btw - wouldn’t put too much trust in the assigning of buys/sells today - I suspect it was seen as a mildly positive/neutral move, much in line with GPS comments.
We can see the market reaction today. mainly sells. It may be another Holmwood project but at least it keeps them busy for a while. I hold EOG for Wressle which initially has been better than expected but we are hoping for better things, so where is the CPR and planning application for new wells. No news on that , I expected something this week, so I see todays RNS as a typical diversion. Hope I'm wrong. Come on EOG play fair with investors.
Thanks GP. Presumably that is why the asset hasn’t been developed to date and the EOG research will be about establishing what needs to be done to get the gas flowing at good commercial rates.
Europa Oil & Gas conducting internal assessment of "very interesting asset"
https://www.proactiveinvestors.co.uk/companies/news/1022055/europa-oil-gas-conducting-internal-assessment-of-very-interesting-asset-1022055.html
Europa's website has some useful info about Cloughton. The porosity and the
permeability are obviously going to be an issue as it says that porosities within the Carboniferous are 2-9% with permeabilities of between 0.1 and 1mD, which is very "tight" IMO. The full website entry says:
"PEDL 343 contains two adjacent blocks, TA09 and SE99a and covers 110 square kilometres. Block TA09 is located north of Scarborough running up the east coast and Block SE99a is located to its west. The Cloughton-1 discovery well was drilled by Bow Valley in 1986 and encountered gas throughout the Carboniferous section. Four zones were tested, three of which were in the Carboniferous, the other within the Permian dolomitic limestone. The Cloughton-1 well test achieved rates of between 2-40,000 scf/day on natural flow, however with the right completion and production optimisation techniques it is believed a well could flow at 6 mmscft/day. The gas is sweet good quality gas with >98% methane and ethane. Log and core data indicates that porosities within the Carboniferous section are 2-9% with permeabilities of between 0.1 and 1mD. The well was drilled crestally on the Cloughton anticline which is a NNW/SSE trending anticline with significant dip closure in all directions. Around 60m of Carboniferous net sandstone was realised with high gas saturations. Given the large column height (over 1000m), large areal closure and net sand present within the well there is a large volume of gas is in place. Europa regards Cloughton as a gas appraisal opportunity with the critical challenge being to obtain commercial flowrates from future production testing operations. A location for an appraisal well pad has been identified and following successful testing operations the field would be monetised by connecting to the nearby gas grid."
Hi Serif. I agree with youthat we need to look into Cloughton in much more detail. The Cloughton reservoirs, while also Carboniferous in age, aren't at all comparable to Angus's Saltfleetby reservoirs. Cloughton seems to me to contain older and much less permeable than Saltfleetby, and has only flowed gas at about 40,000 cubic feet per day, unlike the several million cu. feet at Saltfleetby, which has produced gas from rahter younger Westphalian and Namurian reservoirs. I suspect Cloughton might need fracking, or at least a series of "proppant squeezes", as at Wressle, to produce a commercial amount of gas on a daily basis. So I'm not getting too excited just yet. All the best, GP
“Should” get this next week, along with usual UJO $1m landmark rns - unless there are bigger moves re Wressle going on in the background.
Need a production update to get this moving imho
Excellent news about time!!
@Isdeer. Good point - this move should leave edr with more time to spend on Wressle - which will also benefit EOG. Think they will have plenty of income over the next couple of years to cover Cloughton if costs are in the region given by Gold below.
Must be a decent buy waiting in the wings for this jump in price.
Good news indeed, pointless sitting on cash, EOG have to grow, spend the money.
Cash they say is trash when the govts just print more and devalue your pound by 10% year on year as /and interest rates rise, sitting on a stockpile of the stuff isn’t good, it needs invested and spent on worthwhile projects, edr it seems have plenty on their hands to get on with, the Eog board can now get off theirs and push on with this, it’s a win win for both companies.
Maybe value will out eventually and we will see more buyers of the stock as at the moment cash in the bank and debt free isn’t helping, getting on with stuff and expanding the business even taking on loans might just be the answer.
I agree, definitely looks progressive for Europa. It's a job that can be done, given time and has been done by Angus energy with there saltfleetby site. It could well take a couple of years though and about £20M costs (£8M to Europa, hopefully funded from cash & wressle), depending on planning etc and distance to grid. Angus has 2 compressors doing about 10m gas units now where as Eog suggest 6m so definitely 1 compressor with a back up soon after should do it (suppose depends on size of compressor) along with all the other equipment needed.
All in all, its good news, it's not going to be instant success in a few weeks, but indeed its news and progress and looks great along with Inishkea potential and Serenity updates hopefully before 2024. Fingers crossed that this could be a second Wressle value producing asset.
It would be nice to have more than 40% eventually, but let's get it going.
Need to look into Cloughton in more detail, but looks like a very sensible way to increase our active development base without splurging a lot of money on a new farm in. Good to see that they are moving to exploit current assets and targeting gas.
News has arrived !! Great RNS.
Every year is going to be a big year here at EOG. Always much promise, but alas never so. its hard to percieve what these people actually do all day isnt it. But they must be worth it, look what they pay themselves.
True, perhaps he’s privy to news us peasants only get after the event??
Very poor on reporting any news imho ,still here just
Not many companies I've ever invested in where an ex director lumps in another 150k.
Especially a junior O & G company.
I have been investing in AIM oilers for 5 years, I have learn that RNS announcements are little more than company wish-lists, they all play fast & loose with reality, events rarely happen within the first time-line given, CEOs have more spin than a ballerina. 5 years ago I didnt know what people meant by a life-style company, what an education!