Exactly the same happened to our SP during the course of the Dunqin drill in 2013 - doubled in price and fell back to pre drill price after the discovery of a broken seal...... then of course we only had the two licences - now we have significantly more ....
Druid spuds in 10 weeks. It would me most unlikely that our Mcap will be only £12m at that time given the amount of interest that will be generated in Druid by that time. In 16 weeks the results of Druid will be known. Clearly if it is a failure our SP will fall back to current levels notwithstanding any other interim news we receive. But if it is a success the read through to our prospects and Porcupine Basin inventory will be huge. (we should all note that the two drills so far in the Southern Porcupine have both found oil but not in commercial quantities) Certainly a Mcap of £25m is not unlikely and perhaps very pessimistic given that deals will still have to be done and we are sitting on prime real estate with multi milliion pounds worth of 3D seismic already shot and processed. So a strong possibility of 10p a share in 16 weeks time. Bit of a binary option then at the current SP - buy for 5p and either sell at 10p after Druid success or get your money back if it fails. The binary option won't hold for long as the SP creeps up prior to the spud. All in my humble opinion of course and your research and comments are welcome.
Europa Oil & Gas (Holdings) plc, the AIM listed oil and gas exploration, development and production company focused on Europe, is pleased to provide detailed technical information on the recently awarded Licensing Options (‘LO’) 16/20 and 16/21. Europa has a 100% interest in, and is operator of, seven licences in the Atlantic basins offshore Ireland including LO 16/20 and LO 16/21, which cover 945 km2 and 832 km2 respectively in the Greater Corrib play in the Slyne Basin and are near the producing Corrib gas field.
Several large gas leads identified across both LO 16/20 and LO 16/21 in the Greater Corrib area of the Slyne Basin - a hydrocarbon play proven by the Corrib gas field Gross mean un-risked prospective resources of 1 TCF identified in LO 16/20 Gross mean un-risked indicative resources of 0.5 TCF identified in LO 16/21 The Greater Corrib play comprises Triassic sandstone reservoirs in tilted fault block structures with hydrocarbons generated from Carboniferous source rocks Water depths range from 300 – 2000m and the licences are already partially covered by historic 3D seismic data as well as extensive 2D seismic Strategy to expedite exploration by securing a farm-in partner(s) with which to reprocess historic 3D seismic over LO 16/20 and LO 16/21 and to mature leads to drillable prospect status
In July 2016, Faroe was awarded Licensing Option 16/23 (Faroe 100% and operator), in the Slyne/Erris Basin in Ireland, approximately 15 kilometres east of the producing Corrib gas field (operated by Shell), which came on-stream at the end of 2015. The Company sees considerable exploration potential in this licence option and has recently executed a farm-out agreement with Nexen. Under the terms of the farm-out agreement, upon completion which is also subject to regulatory consent, Nexen will take over operatorship of this licence and an 80% working interest (Faroe 20%) and in return will meet the full costs of the associated work programme including any acquisition of seismic data and the drilling of an exploration well.
Very interesting comparison but then again may mean nothing.
Charts Shown ♦ ♦ ♦ ♦ ♦ ■ ▲ United Kingdom, London Europa Oil & Gas (Holdings) 15-Mar-17 Bull ▼ United Kingdom, London Angus Energy 10-Mar-17 Bear ─ United Kingdom, London Union Jack Oil 28-Feb-17 Bear ▲ United Kingdom, London Egdon Resources 1-Feb-17 Bear ▼ United Kingdom, London UK Oil & Gas Investments 27-Feb-17 Bear
"I’m sure you view this piece of shameful manoeuvring by Europa and Surrey County Council officers as being as reprehensible and disgraceful as we do at LHAG. Not only have they waved it through without any of the proper scrutiny, they have only made the fact more widely known mere days before it goes live."
Whatever, I'm more surprised that, for once, the Council seems to be working together with Europa on this!
As part of the application to be heard on the 23rd, our planners have provided photos of what the protestors have been up to - including digging tunnels ... appalling behaviour ... sooner or later the real residents around the drill site will get fed up with the protestors who are causing more nuisance than the drill ever will
In Newsletter 47 just a few weeks ago, we reminded you that the number one defence Europa relied upon for why they should be allowed to drill was their insistence that they could complete the whole thing within an 18 week period. We repeatedly pushed against this during the Public Inquiry, expressing scepticism that it was possible. However, Europa never faltered in their firm assertion that this was what they could and would do. The Inspector cited the 18 week period as the key mitigation that justified all the harms he acknowledged would occur as a result of the drilling.
Incredibly, we have just learned that Surrey County Council has received AND APPROVED a brand new TEN MONTH application for the installation of security fencing, a security cabin and the closing of the access track and a large part of the drill site! This rushed approval gives Europa the right to start this at any date from 23 March (next Thursday)!
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