Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Good that Deltic have issued +ve news.
But time not on our side.
Labour have said they will ban all new O&G investment in the North Sea, so very probably also onshore. So a change of government will make things worse, God help us, rather than better.
Today Sunak has said he will create a new Department of Energy out of the BEIS with the new DoE changed with addressing U.K. energy security. I still think it will be a while before the government will embrace fracking but it looks like conventional assets might find the planning problems eased. Positive for Egdon?
Does not help when company has to deal with local planning. The Company did indicate Dec 2022 for one of the appeals.
Are planning delaying until a change in Government.
Hopefully this is a positive and can be achieved, but not at the expense of the other projects awaiting time to develop further, ie. Wressle & Pen#stone flags as well as biscathorpe if when approval is sorted.
It just seems we are biting off more than we can chew on project development. I notice there is a 6 month option time for sorting the survey assessments etc.
So if this takes up to 6 months, if its bad then we lose £100,000 (so fair risk), if it's good we then sort a 70% operating stake and presumably have to fund the drilling and everything else to 70%.
What about the time scale and can we achieve this with everything else going on ?
or is this another 3-5 year project after surveys?
RNS out! It sounds good.
300k late reported buy. Sells were at 2.90. No way would a 300k sell then be 2.95p. The 3.1p shown as the ASK is not where the deals were being done, hence the automated reporting is wrong.
"Full year revenue increased by over 530% to £6.91 million"
"Production and revenue has continued to be strong with revenues for the period August to December 2022 (5 months) of £3.08 million"
3.08 / 5 * 12 = £7,392,000
Wressle:
"Daily rate of 1029 bopd achieved during December 2022 following 4-day maintenance shut-down"
"Current rate around 825-850 bopd"
"The microturbines are expected to enable up to a 20% uplift in production" (image of them on site, so not long for those to be operationl).
£7,392,000 / +20% = £8,870,400
Plus Gas sales and any other upside in production.
Up 9% :)
https://global-uploads.webflow.com/63568ec74c14931dcd00dde1/63c662e21378d470795f060e_2023-01-17%20AGM%20Presentation%20Final.pdf
new presentation published
I can see some smaller ii's picking up EDR, EOG and UJO over the next few weeks (DD takes time!).
It's surely got to lift off at some point with performance that amazing!
Time for the market to wake up and smell the coffee!
Have a look at:
https://www.egdon-resources.com/media/presentations
and open "2022 AGM Presentation"
You'll see this about Wressle "Daily rate of 1,029 bopd achieved during December 2022 following 4-day maintenance shut-down"
Almost there.
https://total-market-solutions.com/2022/12/12-oil-and-gas-companies-to-follow-in-2023/
Helps if I leave the link..sorry lol
gg
Egdon never go out for any limelight do they...if I wanna find info out...I allways look out for who ever EDR are partnered up with...
EOG and UJO it's about...which hold interests in wessele... Nice read..if u haven't read already....right at the bottom of page
GL ALTH's
gg
itsawrap posted on UJO
http://www.acemb.com/portfolio/micro-turbine-co-generation-multiple-locations/
an example that appears to be a similar shape & size to the white structures
Some new pics of the well site have been posted by roofershound at:
https://twitter.com/roofershound/status/1606717942535970816s=46&t=kE3Ii5GEsD8OatOzxIBXLQ
They may - just possibly - show the new micro-turbines located near the portacabins.. I don't know how big these items are but, if they are the turbines, maybe Egdon will get them tied in before year end. I hope so.
HDT - you're assuming that the problem is lack of people - it is much more likely to be delays in getting a response from the buyers of any electricity and various legal and regulatory issues.
Adding people for the sake of it is not a brilliant idea - they cost over £100k a year each to the company and they are a long term investment. The reason EDR have stayed afloat for so long has been their unremitting focus on keeping costs down.
I'm assuming this acquisition will be a positive longer term and pulling slightly away from Fracking over commitment in licenses.
This seems to be another small oil asset that will need quite a bit of work to develop again !!
My concern would be the timescale. They are too dammed slow with the Wressle development (Gas to somewhere) so I just don't think they have the personnel to get things moving faster.
I really do not know about the staffing issues for the Oil & Gas industry, but it seems a bit tight currently, maybe due to previous retirements and not enough staff coming through on an industry that is not looked at favourably by the green contingent etc so maybe not training up enough replacements to continue with the workforce requirements.
We need some positive actual advances in jobs being started and completed. Wressle first, and then one of the others at least getting started.
Come on Egdon, Fracking moth balled, Oil get stuck in. GLA etc
"I now know very little about it, so I'm wondering if the extra 8.33% worth having. "
Whole exercise looks like the seller just wants to get out at any price
"Aurora Production has accumulated upstream ring fenced tax losses of ca.£90 million that should be available to offset tax on future profits" TBH I've never heard of them - seem to be a small outfit based in Aberdeen but with tax losses like that they've clearly been pretty active
should anyone wish to have a look at the Avington site on google maps (near Winchester), search "matterley basin", it's just north of the car park
"Waddock Cross is currently shut-in. Independent reservoir modelling has shown that a new horizontal well on the field could yield commercial oil production (500-800 bopd). Given the significant mean in-place oil volume of c. 57 million barrels, this asset has been high graded by Egdon for redevelopment."
I see that Egdon have increased their stake in Waddock Cross to nearly 74%. Lucky old them! If I was running Egdon - which I'm not - I wouldn't drill again at WC until I had much more certainty about the huge amount of producd water there. Before WC production was suspended the water cut was around 90%. Also, if the next well fails, which it easily could, there are several oother suspended wells which will also have to be avbandoned. Regarding Avington, I now know very little about it, so I'm wondering if the extra 8.33% worht having. Any thoughts?
My guess is the company I use could not find 200,000 available to buy on LSE so went and got it from Aquis, as when I put in the EDR ticker it says "on Market (LSE)", yet my trade has appeared on Aquis.
Ok, not delayed, reported on the Aquis Stock Exchange listing.
https://www.lse.co.uk/ShareTrades.asp?shareprice=EDR.GB.PL&share=Egdon-Resources-Plc