From the interim report Hugh states we have applied for at least two licences in this next round both contiguous to our existing licences. We should hear soon and if successful EOG will have a very substantial acreage position in the Porcupine which will certainly be attractive to the unsuccessful bidders as well as the new entrants. Seems to me that any deals will only be done once the new licences are awarded. News imminent on that.
I don't understand what is going on with Wressle. It is in the hands of EDR but I also understand that if they don't get a move on EOG have an option to step in and take the operatorship over. I wonder if the relationship between EDR and EOG is sinking?
Agreed Heidelberg, a total of 8 RNS in the last 6 months. What I would say is the expectant posters here have quoted this Share as being undervalued, unloved, 10 fold multi bagger potential, and many other quotes from 2007 to 2016, thank god most have moved on.
The next big milestone are the Irish Oil Block awards in May. Europa's unrisked reserves in its current blocks stands at 3 billion barrels of oil. Regardless of whether Europa gets further blocks it is in a great position; that said I suspect it will get the blocks it's applied for thus boosting the its reserves further. For me its the farm out deal Europa is working on and the potential back costs it may get which is the biggy; this may happen anytime after the Irish block allocations; the good news is that the oil price has increased to $46 as of today the highest its been in 2016!
Speaking to PB a while ago he said Europa have an option to take over operatorship of Wressle from EDR. Considering the shambolic delays-ridden stewardship they are presiding over, surely it is time Europa got tough. A one well development in the middle of rural lincolnshire is taking longer than the deepwater Jubilee field off West Africa!! That can't be right...
in September 2015... Egdon and the PEDL180 partners now plan to progress to an agreed FDP for Wressle with a view to it being ready in Q1 2016 for submission to the Oil and Gas Authority (“OGA”) for approval. The FDP will be compiled using drilling and test data from the well together with reprocessed 3D seismic data to quantify the developable resource volumes attributable to Wressle. In addition, planning and permitting applications will also be required to be submitted to North Lincolnshire Council and the Environment Agency.
Production from Wressle is currently expected to be phased, with initial development focused on the Ashover Grit oil reservoir.
Commenting on the update, Mark Abbott, Managing Director of Egdon Resources said:
“We are delighted that the petroleum engineering and geotechnical work conducted to date has given the PEDL180 joint venture sufficient confidence to move directly towards FDP preparation for Wressle, without further costly and time-consuming testing. We are now focussed on delivering the required consents to enable us to commence commercial oil production from the Ashover Grit in H2 2016.”
Agreed the delay will stand us a good chance of coming on line in a better oil price environment which will maximise the impact on the share price when production is announced.
Just trying to be realistic with it all to avoid being disappointed, if the application is submitted by month end That will take us to mid-July for approval based on a 10 week turnaround so as you say it's still achievable providing EDR and the EA/OGA act in a timely manner, the problem is they never do....
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