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Or thursday or friday??
Someone felt the need to dump £3's worth of shares, says a lot for Will's tenure.
looking increasingly like a joke.
For what it's worth I pray I’m wrong.
Tomorrow or Wednesday it is then
Do we get the Wressle CPR before 7th September
Not sure if the farm in will happen.
Https://twitter.com/europaoilandgas/status/1691033485148823552?s=46&t=yb4bY8lQ32WiMrlMFx8_yQ
Why is EOG a good bet ?
I'm out of UJO & EOG at the mo .
Itsawrap hope so !!
EOG looking good for a re-rate in H2, I can see the sp back to 1.70/1.80 so I have been selling UJO and buying Europa (UJO still a very good bet but EOG better over the next few months imo)
Isdeer ,good question we need answers hopefully this week
Eog raised 7.02m less expenses and only paid out c4.8m for their share of the drill.
Where did that £2m go?, when was the c£2m returned from the escrow account as I can’t recall any RNS stating the money was returned, does anyone know what the figure was for the actual amount EOG received back as the drill results came in early and cost less than planned.
EOG - 'Unrestricted cash balance at 31 January 2023: £5.1 million'
UJO 06.02 to 03.08 $4m net from Wressle - which means EOG has received $3m net
plus other revenue less opex/capex so over £7m sounds plausible
Schlum, yes it seems EOG’s oil is valued at half that of its partners.
I’m pretty relaxed about the sp, the news element however and the lack of it always causes a fall in the sp, some people just can’t wait long enough to see a companies true worth reflected in the share price.
I’m holding on for the big pay day and topping up when I can, that ever increasing cash pile is only going one way, it just needs to be used constructively, what’s the worst that can happen EOG is valued in cash only and the sp sits around 1p back to where it was post NS drill.
Lots happened since then but the sp doesn’t reflect the banked millions or any progress in projects, maybe one day it will, I’m a believer.
Correct me if I am wrong but do EOG not now have roughly £8m cash against the mkt cap of 11 m. It certainly is not expensive at current sp.
Does that selfish nimby twat still post on here? Just thought I hadnae seen that particular avatar name lately?
HTTps://www.nstauthority.co.uk/data-centre/nsta-open-data/production/
tony follow this link, scroll down to 'PPRS spatial dashboard'
zoom in on Hull, then look SW to Scuxthorpe where you'll see 2 green dots, the one on the right is wressle
Thanks for the numbers GreyPanther - will be interesting to follow the watercut - do you have a link to the data - I went onto the site and could not find the field or the well.
thanks
Serif
Enviromental tankers only take water from the bunds and site Grey and Toilet waste.
Well water will be taken away by the same company that collect the Crude oil.
I'm hoping with the extra 390 million shares issued at 1.8p we would get an update soon.
Hi itsawrap. I've analysed the NSTA's monthly figures and got the following for this year: Jan: 832 bopd & GOR: 589, Feb: 771 bopd & GOR: 640; March: 770 bopd & GOR: 716; April: 770 bop &: GOR: 695 and May: 779 bopd & GOR: 687. So to my mind, there doesn't seem to be a close relationship between the gas and the oil being produced. It will therefore be really interesting to see the NSTA's figures for gas, oil and water for July, presumably published in early September.
I was hoping someone would tell me my numbers are wrong and July production was still well into the 700's, unfortunately that doesn't appear to be the case. EDR said water cut was much later than expected so why havent they expedited the gas-engine or the pipeline? maybe MA has too much on his plate, 37 licenses at last count, the Heyco takeover is very fortunate for EOG & especially UJO imo
@Itsawrap. Helpful data. Of course none of this would really matter if they just got on with the gtw or even better gtg! Let’s hope in the meantime that the extra revenue from the recent strength of the OP covers any temporary drop in production - how many years can it take Egdon to acquire a gas turbine for gtw??
I see another poster on the UJO board was talking of environmental tankers presumably to take away the water, so at least encouraging that they have sorted out disposal of waste.
Serif, my concern regarding the water is the effect it will have on production.
If oil & water produce a similar ratio of gas as just oil, then logically oil production will drop due to the fixed emissions limit.
Have a look at my post on the UJO bb - data from Egdon's RNSs and the NSTA very clearly indicates that June and July averaged 694bpd, whereas UJO's RNS of 14/06/23 stated "Oil production stable at approximately 780 barrels per day under restricted flow". If June averaged 780bpd then July averaged 611bpd.
These are not made up numbers, this data is in the public domain, i.e. the RNSs and the NSTA data.
My calculations suggest a significant effect on July production - hopefully temporary
Hi Serif. It's not easy to predict whether the recent water cut will significantly affect Egdon's drilling plans. Because of the better than expected reservoir behaviour up until now I'd been anticipating that they might try to penetrate the Ashover reservoir a bit deeper than in Wressle-1 in an attempt to prove up a lower oil / water contact. Depending on how the water cut increases they may, if it's only slow, still do this, but not if there's a sudden rush of water. I think we can draw some comfort from Europa's nearby Crosby Warren well. This is an Ashover producer too, and it's been on stream since RTZ discovered it more than 30 years ago. The water cut there is still only around 60%, so it's only increased by about 2% per year, albeit on a much lower flow rate. So we can still hope for something similar here, maybe. GP
@GP - would you think the water cut behaviour significantly affects the future drilling plan? I’m just bewildered that they keep putting this off waiting endlessly for the CPR - it’s almost as if they want the planning application to run into a General Election period and so get further bogged down!
In my experience CPRs are usually carried out atall the JV Partners' expense, rather than just on Egdon's behalf as the operator. So, when the Wressle CPR finally emerges, I'd expect it to be announced and - most likely - published in full if it's any good by all the partners. It may also take a quite while longer than originally expected as ERCE will no doubt be keeping an eye on the water cut over some weeks, not just the first month's rates, and they will presumably also be looking very carefully at its continued effect on the oil rate.