Petro Matad CEO Mike Buck confirmed that he believes the Exploitation Licence for Block XX in Eastern Mongolia is likely to be awarded in Q2. Watch the full video here.
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Irish times today- Providence Resources still trying to tie up the funding deal for development of Barryoe field with Spot On Energy and Norweigan investors- forecast oil to meet 10 years irish demand.. and significant gas.The appraisal well was 4,000 bopd -I guess oil ould be sent to milford haven for refining, and what about the gas- thet need a further appraisal well to prove ifsignificant, if so, that may be a downside to Inniskea- Edge . I wish we knew more .?
@brezhnef, thanks, its just a shame this process of signoff is taking so long, I don't think Europa can be blamed here just the Irish being politically obstructive. Even though the Irish need the gas in ever increasing qualities as Corrib runs down. The Irish seem happy enough to import this gas and offshore their carbon footprint.
Correct tovoc.. They are waiting regulatory approval for the transfer of ownership of edge from Dno.. Also both Inishkea and edge will require site surveys prior to drilling. The latter is awaiting signoff from Minister Ryan. Both are drill ready and will be re-launched together imo.
I thought Europa were still waiting for some sort of sign off from the Irish Government which is a major holdup.
And also there is further work regarding the actual drill sites, (which I think they have identified).
As this article (Dated 11 Jun 2020) informs, "Both Edge and Inishkea are viewed as being drill-ready";-
Hi, cloves,...you're welcome.
Morning wraith. Thanks for the posts.
For clarity, cloves,...we hold our EOG shareholdings, in our two ISA's, as opposed to our joint trading account, because on any Farm-Out news regarding Inishkea & Edge, we would expect a substantial re-rate from current s/p levels.
Welcome aboard cloves,....yes, that is my understanding, existing licences will be honoured, gas to be used to whilst switching over.
FEL 4/19 in the Slyne basin and near the Corrib gas field ( https://www.europaoil.com/operations/ireland/exploration/FEL4-19.aspx ) along with Edge ( https://www.europaoil.com/operations/ireland/exploration/FEL3-19.aspx ), is the only reason we hold EOG shareholdings, in our two ISA's.
Sage advice Serif. Thanks for your kind response.
@Cloves. Think if you want to use these completely open BBs you have to talk to those who are also interested investors and simply ignore the “disrupters”. They aren’t that hard to spot whether rampers, derampers or “grudgers” (I see from your posting history it didn’t you take long with some!), but they feed off oxygen so responding to them is worse than useless. They always have more time to spend on this than you ever will, are willing to misrepresent info without evidence, and seem to thrive off goading people into an over the top response which they will then gleefully use against them for evermore. You can filter people out from what you see on the Board, although I prefer not to, I just count to 10 and stick to talking about the company. I still find there are some around (including genuine critics from experience) who can challenge your thinking and give useful steers and references to info you might otherwise have missed.
Thanks for your welcome Tacuma. I have bought a few. I've been in email correspondence for a week or two, it doesn't take long to write a few emails, so I haven't exactly been run of f my feet.
I'm not sure if you are implying I have been privy to inside information, and have posted it on here. All I've mentioned is that he said after the placing he would do an interview - hardly inside information, surely. He may mean 6 months after the placing for all I know. And I can't imagine he would have said anything he shouldn't have to me, anyway.
As far as me losing money is concerned, I can assure you that I won't hang on year after year making a loss. If things don't look right I'll sell without hesitation to keep my losses at a minimum.
I won't be posting very often, if at all. I don't think from what I've seen so far, these forums are a particularly pleasant place to inhabit.
@Cloves,hello and welcome to Europa. Have you invested yet? I note that you have had more luck than me in getting a reply from HQ. I must say you've been extremely busy if you have contacted the CEO many times and he has replied to them all as I note that your interest in the Company has only been in the last couple of weeks since you've been posting. Well done.
I must say though that as a businessman as you profess to have been, I'm not surprised that CEO's are reluctant to give out Company information if its going to be broadcast on share chats like this. Simon has turned over a new leaf I guess.
Good luck if have joined, its good timing IMHO, so much better than my foolish heady hopes for prosperity by investing at sub 10p. Its taken some time to average down to a bearable level.
Keep on doing your research but also take note of history too. As you become accustomed to the rough and tumble of AIM,
you will soon see why there are so many diverse opinions from posters, not always from fibbers that have no interest here as you mentioned earlier. This particular investor bears the scars and old wounds of many years past, just like many others here.
I genuinely wish you luck in your new investing interest but for goodness sake wear your flack jacket, its a rough ride.
GLA as usual.
Thanks, Cloves, good to have confirmation of an interview - hope Simon can seize the opportunity to chart out a new direction that can get some momentum behind this company. Since he took over it seems he has largely been managing the fallout from the collapse of the Ireland strategy (Corib excepted to some extent), then the oil price collapse and Covid - and an overly expensive cost base in relation to the size of the business. We've got a window now with Wressle and the placing (at a cost) to pick up the pace and flesh out the plans now on Ireland/Morroco/Production/the "third leg". If he can set a new course and provide some clarity and exciting, yet credible, timescales around these points - with a commitment to further more regular updates - then that would be a big step forward and we might attract more new investors - on Ireland alone. (I should add that he has done 2 interviews over the past 18 months - lets just say the second was a little more dynamic than the first - so here's hoping for a stonking third!)
I did think this recent brokers note was very informative Serif. I'm sure you must have seen it of course.
It does seem to me that people often tell fibs on these forums, Serif (been in business a long time, only recently started investing), so unless they'd not replied to me personally, I'd take it with a pinch of salt. Obviously, any emails rudely sent to them I would imagine wouldn't be replied to.
Simon Oddie said in reply to me that there would be an interview once the placing was concluded.
No not from my experience - anyway prefer to let a management team get on with the job and stay arms length. Would like more comms on the way forward but that needs to be something official from the company - and I would hope we get fuller comms from Simon once the raise money is formally secured.
Bottom line - I think the current team still need to prove themselves in terms of taking EOG forward, but if I thought they were incapable of doing so, I wouldn’t be here.
I've sent a few, and they've replied in detail to them all (Simon Oddie has). Have you had a problem receiving replies personally?
@Cloves. Also interested that you are getting positive responses from the company. A common complaint is about poor comms and lack of replies - and the management team been extremely low profile to date, which in the absence of movement on projects over the past year leaves a hole to be filled. Perhaps this is a sign of renewed vigour!
Very interesting. Thanks Serif. This could be pretty big by the looks of things.
Thanks for the replies. Good luck.
Hi Cloves, the only thing I would add on Ireland is that they clearly are faced with an energy shortfall and have to address this - renewables are not sufficient under any foreseen plan - and gas has up to now been seen as the supporting transition fuel. The current DCCAE Minister Ryan is also leader of the Green Party, so has an “anti” position, but has kicked off an Energy Review to report towards the end of 2021 - this should provide some political cover for whatever decisions they go on to make. In meantime he recently signed off a survey on a current PVR oil and gas project (not purely gas). This does not appear to have caused a major fuss and is a very encouraging signal that his position is more flexible than has so far appeared. Don’t see why we shouldn’t therefore get approvals for licence transfer and surveys Idc for Corib area - and that’s the key to EOG success. That’s my reading of things anyway.
Haha. You may well be right. Very astute. Who would rubbish their own investment like so many on here do if they genuinely held shares?
Thank you for your answer. I have been emailing the company recently, and getting very encouraging replies.
As an aside, are most posters here, not shareholders? There seem to be a lot of people here who are opposed to the company/industry.
Since the most senior posters on here, who have apparently been here since the 1960's and who contribute so much to intelligent discussion, can't be arsed to answer your question, I'll have a go.
My understanding is that the Irish government have made their intentions clearer - gas is a priority over oil, and it will be needed as a transition fuel to achieving a greener future. Imported LNG has been given the red light. Licences that are already operating, can continue.
I would very much appreciate it if any other genuine shareholders need to correct or add to my reply.
I've been doing a bit of research into the onshore UK oil and gas industry, and particularly like the look of Europa because of their offshore Ireland gas licences. I wondered if anyone would be kind enough to give me an idea of the current Irish government's view on domestic gas production. I know the previous government were quite hostile towards domestically produced oil and gas, which badly affected the companies involved (including Europa of course), but have things changed?
Thanks in advance.