Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Good on WH for coming out to talk about it and pretty plain that the pump in place is a positive step to maintain control of production as the well continues. Re next steps he seemed to be saying that any delays were down to planning, but as far as I’ve seen no planning application in yet. Are these earlier preparatory permissions that Itsawrap referred to holding things up - the ones the council seems not to know what they’ve done with? Can’t Egdon just put in the formal planning request?
More Press:
Europa Oil & Gas offers catalysts and potential on multiple fronts
https://www.proactiveinvestors.co.uk/companies/news/221144/europa-oil--gas-offers-catalysts-and-potential-on-multiple-fronts-221144.html
When they start quoting figures and they know how much gas is imported, would it not be better to take a snap shot. Ie in April 2023 we imported x amount of gas which produce x amount of co2 , if we had produced our own we would have produced x amount. Surely the mind blowing difference would have a bigger impact than basing it on one barrel of oil.
Yes very well written and you certainly cannot argue with anything he says but does imply they are still struggling to get a major to take this on with the clock ticking
It is ridiculous that the greens are blocking what would be the perfect short term solution. The world is so uncertain, it makes no sense whatsoever.
Bit left field this, but if they sold Wressle for £25m perhaps i3e would pay a promote farm in for 50% of Inishkea. Risky but would put a rocket up the share price given the market seems unable to value Eog much above cash.
Well composed article from WH.
There is this https://apps.northlincs.gov.uk/application/pa-2023-1101
I emailed the council regarding this EIA screening request as there are no documents attached and no end date. After a month I emailed again as I had no reply, they said they could find no application under this reference so I emailed again with a link to their own website - yet again they havent responded! anyway, it's my understanding that the screening request is a pre-cursor to a planning application. What bugs me about the pipeline element is that Egdon could have applied for planning well over a year ago - if they had we might have permission by now, it's always the same with Egdon, delay after delay, thank goodness Heyco is taking over
Hi itsawrap - thanks for posting the link, I wonder whether other elements for the development would be on the county planning portal and not just the district portal? But re the gas and new wrestle wells the app is already in but awaiting sign off? From memory it was the 1101 from May I think but may be incorrect. Someone weeks ago posted a link to the water cut data link, can anyone repost them please, ta
Https://twitter.com/OffshoreIreland/status/1697201924796186735?t=aXMlpTdwIhcRgE_KBf5jYg&s=19
I don't think the deferrement of the 07/09 promo is Wressle related. Either Serenity, Inishkea or M&A related imv. Fingers crossed for material positive update in September.
M cap c.£10.5m with cash £7-8 m.
Bonkers valuation.
Dyor
Topped up a few this morning.
Wressle back on at c.700 bopd + later this month.
Crazy cheap in my opinion with Serenity and Inishkea discounted to zero in the SP.
Dyor
Starting to get the impression that a fdp for Serenity might actually proceed. Dyor
Saw this on a UJO Board posted by Redroobo who found these comments elsewhere. Seems likely to have come from conversation with David Bramhill - although can’t vouch for its accuracy so usual caveats, but some interesting comments re pump and possible future flows.
“ There ought to be nothing unsettling about plans to install a downhole jet pump at Wressle, where UJO has a 40% stake. The water intrusion - is minor and so far pretty routine. A downhole pump was planned for early in the New Year, but the opportunity has arisen with a rig available now, so UJO is going ahead. The operation should take about three weeks.
The well has been flowing nicely, with no issues. It is not clear yet what production levels are likely once the pump is installed, but there is no change in expectations. There were suggestions earlier that production could eventually rise to 1,000 or more barrels a day. Projections do not appear to have changed, though there is no clear commitment at this stage.”
Here's a link for the North Lincs planning portal - any application for Wressle will show here
hTTps://apps.northlincs.gov.uk/search?status=2
The pump is sensible, inevitable and as long as it’s installed well should help maintain a stable level of production for the foreseeable. Hoping that speed of Egdon’s decision making on this is a reflection of new ownership. IMO we are still likely to see valuable production from Wressle 1 for many years if not decades looking at similar wells in the area. Pstones should now be full speed ahead and tied in with the gas pipeline application so getting immediate benefit from both. If they get the application in by end of Sept, we could actually have it on stream by end Q1 2024. Now that would be a nice boost for the SP.
some posts from the other boards...
from ujo (mirandaj)
sp angel note:
the reservoir is still under natural flow and the minor water breakthrough noted earlier this month is not uncommon and producing operations are actively being managed to effectively optimise oil production. drilling of a development well into the *****tone flags reservoir on wressle is planned for 2h23, subject to the necessary consents, with the gas monetisation plan also underway for the ashover grit reservoir and additional wells are being planned. over the past two years, wressle-1 production has transformed union jack`s financial position, allowing the company to post a maiden profit and return almost £3m to shareholders via dividends and share buy backs since 4q22. we expect the company’s cash generation over the medium term to continue to not only provide potential for further direct return of value to shareholders, via share buybacks or special dividends, but also allow for additional investment in the portfolio. the anticipated uptick in drilling and development activity across the portfolio should provide investors with the greatest potential for value creation over the next 12m. for europa oil and gas (eog ln), wressle cash flows will be redeployed to add appraisal and near-term developments to the company’s existing asset base. for egdon resources (edr ln), following shareholder approval at the gm, the takeover by petrichor is almost complete.
and from one of the other eog.(lageraemia)
"so water at wressle and now a pump - have we seen the best of wressle?
suet"
ffs man, do you have any idea how this stuff works?
the 'best' of wressle is the *****tone flags interval, which is 2.5 times the size (at least) of the ashover currently being produced from.
even the excessively cautious gaffney cline reserves report predicts peak production in 2025 after the second well has been drilled:
https://unionjackoil.com/wp-content/uploads/2022/09/ujo-reserve-report-final.pdf
(see slide 9)
on the plus side, the appearance of water actually defines the owc and therefore the size of the ashover resource......so the 3c can now be calculated.....less uncertainty.
the gaffnet cline report also used the standard 24% of stoiip recoverability assumption.....the downhole jey pump will have something to say about recoverability too.
Won’t the CPR be the tool that justifies their short/medium term objectives drilling plans. I posted my thoughts last week that I didn’t expect them to drill 2nd hole in Ash now there’s some water as will need time to see how it plays out so now the pump will be installed in few weeks the gas will drop and so will the water cut and as a Brucie bonus production will be possible to increase due to lower flaring. Makes sense now not to plan for Ash 2 and concentrate on one of the others. Trouble is, if the gas export gig is no where near yet it doesn’t seem worth drill penny stone flags which is gassy? That’s why I thought maybe broughton North next
The CPR is to take on a debt facility perhaps
I read that as negotiations with Repsol for Tain and Serenity unitisation.
"In the UK, in conjunction with our joint venture partner, the Company continues to progress discussions with all stakeholders regarding the potential development of the Serenity field"
From i3e Interims out today
If so then I can see no reason why they wouldn’t put in for Pstones planning permission immediately - if there is no need for an additional Ashover why would they need to wait for the CPR?
So second Ashover well is off.
Straight to the Pennistone well off the Wressle pad then