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.
BP/SHELL joint venture will dispel that imho
This has many parallels here to the disastrous Barryroe field in terms of moving forward and getting to the point where a well can be drilled.
My thoughts are;
Although in Nov ‘22 the government appeared to offer an olive branch to EOG it was a ‘nothing’ really. Didn’t promise anything and the end is Jan ‘24 - 5 months away. What incentive was / is there in this circumstance for EOG to invest more time and cash into this?
EOG in a subsequent RNS talked about this opening up the opportunity of discussion with DECC and I wonder how that’s going. As in recent Barryroe RNSs it is clear that DECC would not meet or discuss the Barryroe LU with any director or executive although they (DECC) say they had. Apparently there was no communication at all between the parties between the LU submission and now. 2 plus years !! Talk about dereliction of duty.
What happens after Jan ‘24, in terms of licence conditions, and how will any consent to, say, do an EIA or a seabed survey, let alone drill be achieved given the year plus for B’Roe to get the simple consent for the former and never get the latter as the licence was cancelled.
My belief is that while Ryan is there it’s not worth the effort. This could change with the next election however.
There’s discussions here of selling certain assets which generate cash. This seems to me to be an idea that will finish EOG off.
All IMHO. Best of luck from an ex shareholder. 😀
Let’s hope we get some news on drill soon
Indeed it would be a game changer for eog
20% of 1.5 tcf gas would be a complete game changer for pretty well anyone!
I've communicated this to WH.:Just get a deal done!
20% of 1.5 tcf gas is a complete game changer for us.
In the past it’s been the Majors interested in these licences. We never found out what percentage we were being offered in 2019 by the Major for Inishkea, but free carries don’t come cheap on this type of drill cost. DNO for Edge (next door) did a 20/80% deal with CNOC before the Irish Gov messed them up as well. Still even 20% of a successful Inishkea is massive to EOG.
Interesting .
I also think i3e might ( as part of the Serenity deal) have an option on a piece of Inishkea.
they are targeting farm out by year end so not long to wait if it happens. vermillon surely would we involved, any thoughts anyone whether i3e could take a chunk. hoping eog keep 30% and 2 others farminees take 35% each. amazing value here i fancy. i wonder whether they now won’t drill extra well into ashover grit and first drill broughton north first to see how water cut plays out for a few more months and 2nd drill into *****tone flags. i think there’s another media thing in a couple of weeks which might give a boost to sp. did the sp double bottom last week. if not must have been close
A massive play that no one seems to want part of ??
Inishkia a big play look at links
Https://twitter.com/chazers8/status/1695150677784170714?t=RG5qG91mwPpQnDDEea_9Fg&s=19
Well worth a revisit ...
https://www.europaoil.com/wp-content/uploads/2021/05/InishkeaRNSslidepack_000.pdf
Serif a bigplus if it goes ahead imho
Does anyone have a view on the gross value of a success case Inishkea drill?
Ireland is the “hope” project, and if it fails people may sell out but that would only lead to the value/SP gap on Wressle appearing more stark - and a takeover bid more attractive and likely to succeed. So perversely failure in Ireland could lead to an opportunity and quicker monetisation for remaining shareholders.
We are trading at 50% of the Edr read-through valuation which is an absurd discount.
The board have had their new venture ambitions and fresh equity wings clipped at the last Agm which promoted SO's demotion.
Serenity is down to i3e monetisation event.
Inishkea has a good chance of a farmout ( but not on great terms) or a retained economic interest deal. Whatever the deal we must grasp it.
Just for balance it's precisely 7 years since eiuropa identified the gas prospect's around the corrib license area. It was the reason I initially invested back then. Still all to play for here. As tovoc says something has to happen before January 24.
WH is presenting again Sept 7th.
Will be interesting to see how hard Inishkea is promoted.
Fully agree with you Tovoc. You may see a lot of heavy selling if Inishkea farm out fails.
Our biggest potential company maker Inishkea, has been dangling over our heads for over 10 years now.
It's the only asset Europa has that has kept me a shareholder.
I'm glad that by Jan 2024 that the string dangling this carrot will finally be cut; with one of two outcomes:
1) finding a farm out partner
or
2) Handing the licence back as it expires around Jan 2024 because we haven't met the terms of a definite drill.
IMHO
Agree the risk reward proposition is compelling but the political dimension narrows down the field of interest to the current operator and associated equity of Corrib.
I think we will get a deal over the line but the terms will be more like 20%. Still, any JV would be a major win.
March 2018 rns :
Hugh stated Inishkea drill cost at US28m.
Is retaining 33% and a free carry in a JV one well exploration drill with Vermillion or other major realistic? I don't see anyone other than Vermilion taking on the political risk.
I wish EOG would set a record sky-rocketing the SP.
lol !
Lots of buys today aswell