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I3 are hedging their bets, they will have first dabs at Ireland and Morocco, I’ve no doubt both have been reviewed by the I3 technical team, they will have been fully briefed.
It’s no wonder Simon Oddie was exuberant about EOG in this interview, never mind Serenity he’s probably also had good feed back from the I3 technical team regarding the Ireland and Morocco license areas.
Exciting times ahead for EOG and all its partners.
I might be wrong in my calcs, maybe someone can answer and put me right.
To get the price for 1 billion cubic metres of gas It’s quoted on internet as 36.7m x price of 1 mmbtu.
If 1 mmbtu = say £8 for natural gas in the North Sea, this equates to 293m, so 2 x 293m = 586m worth of gas for the 3 partners.
Roughly speaking EOG and EDR stake is worth c £175m, with UJO c£234m.
17 years !!
Excellent interview one of Simon’s best, if not the best.
Our -prospects are very good based on Wressle and Serenity alone but if the Irish finally wake up, come out of the comma they are in, Inishkea will be mega - 1.5 tcf, enough to satisfy Irelands domestic needs for 17 tears!
Not only this, all this gas can be exploited and utilised by simply connecting Inishkea wells to Corrib lines subsea, out of sight. Once connected to the existing Corrib lines then is off to the existing Bellanoboy Bridge Gas Terminal, processed and then straight to the Irish national gas grid. Environmental foot print of utilising this gas versus imported gas is far far less. The Irish are bound to wake up eventually, hopefully soon as the current gas crisis takes hold.
I didn’t know this but Simon Oddie and some of the EOG Technical Team worked for Enterprise Oil.
Enterprise Oil was the company that along with their partners discovered the gas in the Corrib field, drilled the first well in 1997. They were taken over by Shell in 2002.
Europa looks great! The ride has just begun.
2 billion cubic ft gas. Thats quite a lot. I initially thought its going to be quids extra, but sound like we will be millions extra lol.
Net 2022 income could even be near 0.5p EPS . Mad its trading at 3p
since the cost of the well is roughly estimated at £14 mill, our next one can easily be funded by cash flow from wressle which will cost £3.5 million (25%).
That LSE presentation will attract a lot more investors next week, could be 4p soon.
GL all, I dont think we even need that now.
Totally agree, they were hedging everything on one drill, albeit a lot of oil with a high CoS, (80%.. or thereabouts, can't remember now), but they were using outdated paperwork/research, where the previous company had rinsed all the oil and then abandoned the basin, should've known better tbh... both BoD and shareholders.
Not the same case with EOG, and I'm much more careful these days when it comes to O&G plays.
ADV was a one hit wonder. Totally different investment.
I'm just happy with the fact that the BoD has it's head screwed on, has successful history to back that claim and is going forward with a reputable company with also a successful track record such as I3E. These are right steps to be taking to make EOG a very, very profitable company!
I was invested in ADV last year, although the BoD had experience with working for other companies, their first venture in exploration was a complete let down. Practical experience and solid history in running your own venture counts for a lot. EOG management have that extra edge that makes it very investable for myself.
Thanks for posting this - it’s a balanced sounding assessment.
Oddie used the word SYNERGY when he talked of the connection between the two companies over the Serenity deal, why would I3 choose a small partner like EOG in such a major project.
I like the idea of a long lasting partnership between these guys with the Serenity deal only the first of many more to come, can we imagine these two working together on other ventures such as Ireland or Morocco, EOG with a £25m mcap could be transformed beyond all our even best case expectations. Still plenty time to buy more at these lowly prices, wressle alone covers the SP with more than a bit to spare.
Interestingly early in the interview, Simon said that at current oil prices what has already been discovered at Serenity would probably make it commercial, so I think his '50, 50' reference later, was rather playing it safe.
Selfish.... Well said. My only negative thought in what as a very good interview was that..... Surely the gas and extra oil from W is more important than 50/50 serenity. Let's push that as it is highly probable. Serenity is good odds but let's flog W. Its happening.
So get the gas sorted at Wressle, and income from all producing assets will increase to £14m pa.
That all sounds very positive, thanks for posting interview ( https://youtu.be/-1MnyRcP7Rg ) link, chasrutledge.
BW
Best interview he has given. Very positive throughout (even with Ireland) and my God this share could go through the roof… I don’t see a limit to it, if everything falls into place. Been a tough 12 years, but seeing the light brighter that ever. Good luck all LTH’s over the next six weeks :-)
Thanks from me as well Chas..