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I guessed you’d bite obviously a wealthy switched on investor playing the aim game. I’ve never hidden the fact I’m a mug punter who tried to make an investment for my future but is now about 30k down at present if that makes me a tree hugger so be it??
If you’re happy great……
Are you sure you've got EOG shares, Heidelberg? You sound just like all the other tree huggers who post on the O&G bulletin boards year after year with nothing but negativity. You have that certain 'je ne sais quoi' that bitter old bearded eco-warriors are blessed with.
Is 2p looming even with Simons chiken in a basket doo?
Once i3 announce NSTA sub licence approval and drilling services appointments ..probably Baker Hughes and Petrofac then the scramble for cheap stock will be on.
This side of the presentation on June 16th?
No problem GP! Hopefully the FDP will reveal more, but like you I suspect they may want to time the Wingfield for the new gas link to avoid increasing excess gas. Presumably as we will then get paid for the gas we may end up with another worthwhile revenue stream, so Wressle income just looks better and better! On timing they they have said for winter - it’s a target and there is practical advantage in achieving it, so let’s see how they do. They will have had some 16 months by then between knowing of this nice problem to have and developing a solution to it!
Hi Serif. The Wingfield should definitely be a much easier "add-on" than the P'stone but I think there might possibly be a gas issue here too. The Wingfield GOR was about 2,460 cu ft. / bbl during the 2015 DST programme, whereas it's quite a lot lower for the Ashover. I reckon it's about 550 cu ft. / bbl based on two Egdon RNSs earlier during the EWT. I'm sorry to be such a wet blanket .... or worse!
Let’s not overlook the Wingfield Flags which although comparatively small are easily accessible and could add some extra bopd without addition wells etc. Suspect they may be waiting for gas issue to be resolved rather than risk adding to the gas levels at present, but the WFs did get a mention recently by either Simon or DB (can’t remember which).
Hi Tovoc. I don't want to be too pessimistic but IMO the Wressle gas issue won't be resolved until late '22 or even early '23 even if Egdon get their skates on. This is because of all the planning and environmental consents required to install even a very short pipeline of 600 metres. Until then, and even with the - I hope - imminent Field Development Plan approval by the NSTA, we'll still be limited by the 10 metric tonne / day flaring limit. IMO this means we won't do much better than 750 bopd for a while. Regarding the P'stone Flags, which I agree flowed slightly better then the Ashover during the initial testing, please bear in mind that this reservoir is mainly gas-bearing. A further 1,200 to 1,500 bopd is only a pipe dream in the short term as it will require a further development well. This could lengthen the planning process even further.
The production rates can only go up from this current rate; hopefully by Q3 we will have sorted our Gas issue (and monitized it) and be producing at between 1200 -1500 bopd. At current prices this would give Europa over $1M revenue per month.
Add to this the second oil layer *****tone Flags which flowed slightly higher than that of our current production layer Ashover Grit. After a proppant squeeze on *****tone Flags layer we could get another 1200-1500 bopd or more, plus Gas.
With a bit of luck all this before the end of the year! Probably too hopeful on this one though, defo some time next year.
IMHO
At the current production rate income from Wressle alone is $750k every 4 weeks - nearly $10m pa - which is £8m pa, before anyone assumes GP is providing annual figures.
UJO's Wressle income to date translates to $4.5 miilion (US Dollars) for Europa's 30%, but, sadly, not £4.5 miilion (Pounds). However, it's still about £3.6 million for us before paying Field Opex, etc.
Market Cap of £22m looks a bit low given that level of income.
That translates to £4.5m to Europa. Nice to add to our other little earners.
Union Jack Oil plc (AIM: UJO) a UK focused onshore hydrocarbon production, development and exploration company, is pleased to announce that material landmark net revenues of US$6 million have been achieved from the Wressle hydrocarbon development ("Wressle"), located within licences PEDL180 and PEDL182 in North Lincolnshire on the western margin of the Humber Basin.
The UJO rns is better news for us
Europa Oil & Gas (Holdings) plc, the AIM traded UK, Ireland and Morocco focused oil and gas exploration, development, and production company, is hosting a retail investor 'Meet the Team' reception at the Ye Olde **** Tavern, Holborn, London, EC4Y 1AA, on Thursday, 16 June 2022 between 3.00-5.00 p.m. BST, during which management will give a presentation on the upcoming Serenity field appraisal well due to be drilled in the late summer, and the Wressle project, followed by an opportunity for an informal Q&A discussion.