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Serif here's some analysis I did based on RNSs and NSTA data. the numbers suggest a drop in July - not necessarily permanent of course, perhaps they had downtime to fine tune the separator?
EDR RNS 24.02.23 - 357'838 barrels to 31.01.23
NSTA data
02/23 770.860 x 28 = 21'584
03/23 769.884 x 31 = 23'866
04/23 770.613 x 30 = 23'118
05/23 778.556 x 31 = 24'135
Total up to 31.05.23 = 450'541
EDR RNS 03.08.23 - 492'876 barrels to 31.07.23
conclusion: 61 days for Jun/Jul = 42'335 or 694 bpd
UJO RNS 14.06.23 - Oil production stable at approximately 780 barrels per day under restricted flow
"if" 780 bpd was the av. for June that would give a July av. of 611 bpd
@itsawrap - suspect you’re right re likely production drop until they finally sought out gas - then the level of watercut should be of relatively little concern.
Not sure about timing of next $1m milestone. Have a hunch we may all be pleasantly surprised - suspect last announcement may have been delayed a little to sugar coat the water cut announcement and Brent looks like it is running c10% up on previous months. So could come in significantly earlier than last times 49 day gap might suggest despite the likely drop in production.
This must be a record by far for Europa!
I agree with Serif, give us special dividend of 2.5p per share then by all means go ahead and sell Wressle.
If only!
Serif..."if only the eog board would follow suit!"
I'm really hoping they're busy getting a couple of deals over the line.
NSTA data for June will be out end of next week 1st Sept., Wressle should be 750bpd-780bpd, however the one to watch is data for July which will included waste water for the first time. (I suspect July production will be down circa 10% despite "only" 3.72% water cut)
Another barometer for Wressle production is UJO's $1m RNSs, I expect the next one to be end of Sept or 1st week of October which will indicate a significant fall in production as Egdon has yet to implement external GTW or GTG
@BobbyB - “nice to see the board come back to life” - if only the eog board would follow suit!
Agree. Sell Wressle whole or in part and reward long suffering shareholders with a special divi.
Sure Tovoc, Wressle is very valuable to us, but everything has its price.
Nice the see the board come back to life. Hopefully we'll all finally get our rewards.
I do feel as though EOG could finally be entering a very interesting last quarter of the year.
Set the special dividend at 2.5p a share and we’d all be happy then!
What as Nigel alluded to in a previous post the distribution of a special dividend.
@BobbyBee At this point I'll be very happy to accept an offer of 2.5p per share!
IMHO
@Tovoc - totally agree.
The idea of selling pretty much our BEST asset Wressle which is keeping the office lights on and paying the salaries of the staff and providing additional monies for our STALLED projects makes absolutely no sense to me!
Yes, by all means if an offer comes in to takeover Europa then yes let's consider it but to sell our golden egg, will result in all that cash paid for Wressle dwindle fast and hence see the SP crash as fast!
IMHO
Unless they can show they are actually going to deliver on Ireland I am not sure they could defend against a hostile offer - their combined shareholding is pitiful now that WA has retired.
In this current market malaise its worth remembering that the Heyco deal with EDR valued our share of Wressle at between 2.5/2.6p a share.
We still have an ii holding a chunk, who as far as I can see has never sold below 3p - so I suspect that sets the minimum level for any takeover which is to stand a chance of success.
2p takeover is not going get 75% shareholder approval at this point in time.
Imv a hostile approach from Vermillion is possible. £40m is loose change to them to secure Inishkea. Then nett off Europa's cash on hand and offload Eog's 30% of Wressle to Heyco for £15m and it becomes a logical move for them. So 4p might secure shareholder approval.
I would take 2p in a shot - had Eog for ten years of misery - all promise no delivery and massive sp decline - sold a load recently at a loss would be more then happy with 2p - all about quality of management
Well the board can hardly recommend a Heyco bid until the value of Serenity and Inishkea is transparent.
Probably won't matter to us anyway after we've taken the Heyco offer.
Still no planning application for the drill at Wressle or the pipeline, waiting for a decision on the EIA screen request before applying? MA should have applied for the pipeline a year ago - better to have it and not need it than to need it and not have it!!! ...rocket required
And hopefully a rocket up his …. to show some energy and get on with things!
The takeover is by Petrichor Partners LP (owned by Heyco). I assume Egdon Resources will continue to exist as a legal entity for a while, ie a wholly owned subsidiary of PP - the operator license is assigned to EDR. Presumably Mark Abbott will continue in his role with the additional expertise, money and priorities of Heyco/PP