The observations of the last two posts are spot on. We do have shale potential but the BOD are blind. Egdon are now in a different league, only because they saw what might move them ahead after years going nowhere.
We need to tell the BOD: SHALE GAS POTENTIAL- Shout it!!!, SHALE GAS POTENTIAL- Shout it!!!
I see Egdon are up another 11.5% today .Just goes to show what an active and opportunist BOD can achieve.I thought at onetime we would merge with them as they had similar interests to us and shared some drilling prospects.But now they seem to be in a different league to us and have left us way behind.with their success with shale gas prospects.
I am not sure if this was picked up by anyone at the time; Europa did not announce it. In late March Zenith Energy announced they had been awarded the contract (by Europa) for well management at the Kiln Lane site. Whilst the announcement only referred to drilling in H2 2014 it at least suggests some movement forward. The announcement can be found at www.zenith-energy.co.uk.
Kosmos laid off 25% of its staff last week (this is the $9mm provision buried in their latest accounts). This is the new CEO saying he doesn't want a regional new ventures approach and that they should concentrate on what they have. Could help bring Ireland into sharper focus for them, who knows...
Good point dcgc - 5% discount to market price is a good deal. Our board appeared content with something like a 40% discount, which to my mind is an abject failure on the part of both the board and the advisors. finncap are happy, though, they got some fees out of it. The board are happy, their salaries are safe. Shareholders, well, once again all we can do is moan. Does anyone have enough clout to call an EGM and get some commercially savvy people in there instead?? Maybe someone will take us over and kick the deadbeats down the road. One can but hope...
When I was in the chair, the Alkane UK assets didn't seem very compelling as they were generally CBM licences with limited conventional potential. However, the landscape has changed completely in the last 3 years and any Carboniferous basinal acreage now has a chance of making money on the promise of shale-based resources. Key is to position with as much acreage as possible before drilling really starts - this is how billionaires were created in the US. Not at all sure the EOG board understand this.
I see a pattern emerging here: Egdon farmdown some East Midlands acreage for shale drilling, Europa sit on their hands: Egdon acquire further UK onshore assets for paper, Europa sit on their hands: iGas acquire Dart (who have contiguous acreage to Europa's), Europa sit on their hands. However, when payday comes around, Europa board pull their hands out eagerly...
Datafeed and UK data supplied by NBTrader and Digital Look.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.