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Looking at today’s pattern of trade prices, I think that buys may have outweighed sales slightly. But still agree that this share is in limbo and no real change is likely until we get someone in to drive forward the company - over 3 months now without a CEO - don’t think that reflects well on our Chairman.
BIgg, Sorry, a little bit of knowledge is dangerous in wrong hands. I did add Crosby and West Firsby production together and that is about 59 bopd in October 19 , please check the UK oil gas authority website for data( propduction volume in m3 so you have to convert to bopd) What I forgot to add in is 65% interest in production at Whisby which is operated by BEPL., thats 27.4 bopd , so total is 84.6 bopd- so not as bad as I thought, but it is reducing. ( as exopected) I still think its a firm hold until more updates by April. So very dissapointed people are selling today, although without news its understandabale. I note FINN CAPP report In February 2020 indicates their view of a 2.2 p NAV in JULY 2020 but has a target price of 14 p, so obviously weighted to Inniskea expectations in due course. They seem to expect a phased ramp up in production at Wressle which I dont fully undertstand but they estimate Wressle income in 2021 at £2.5 m which looks right to me.
Thanks Tacuma, but I still can’t find where this information is? Looking at the rns from the 10th October it doesn’t mention 59 barrels, or am I being blind?
Biggles, I think Copper 3 mentioned it was down from 90 bopd to 59. its further down this page. I think he was quoting production figures from Oct 19
Where does it state production down to 50 barrels?
Dear all, it is indeed a wake. 1mm sold today it looks like, but then that little lot is only worth £15k. Desperately disappointed in the BOD - I realise it is only a few days until payday for them, but when will they deliver a scrap of value for us? Somebody said production was down to 50 barrels or so. The whole lot of them need to go while there is still something to salvage. The great hopes of Oddie and O'whatsit have proved to be a mirage. They will probably only quit when the production gets too low to pay their salaries and try and find another bunch of suckers to drain dry.
Dunders, I knew you'd take umbrage but you're right in what you say . What I was saying was that as I see it, a new CEO with the right credentials is the only hope that I have to take us out of the Sh one T. I want them to show drive, enthusiasm, prudence and presence to encourage new money here. We havnt got that at the moment, just look at the sea of red share trades plus the loss of institutional investment recently.
Nothing personal bud, I look forward to your posts, it normally opens up a few replays, there's nothing worse than an muted message board.
This company needs someone to take it by the scruff of the neck and shake some life back into it. It's like a bloody wake here and it's not the fault of the investors.
Tac you seemed to be implying a new CEO would help the "current" malaise? (although from my view, this "kind of" started with Hughie coming on-board some years ago and isnae a current issue really?) You may take the mick but I've been right to date, especially when I dared to question certain stooges excellent best ever ever research on here - currently latest benchmark "research" to compare to, is that new CEO will triple share price!
I personally felt what I was saying was pretty obvious then but got shot down by every one for posting it?
As I don't even understand cos / pos just please ignore me matey and put me on filter perhaps?
A new CEO cannot work miracles , simple and, I personally would expect the mkt to value any appointment accordingly. I hope we don't get a consolidation and placement with new production purchased but perhaps this is the best way forward for possible short term share price uplift?
If we can wangle some decent production, essentially paid for through acquisition, that would be great but, I dont think there are many opportunities available anymore? This could change with potential oil price weakness brought on by possible world economy and corona virus hysteria but if not, things are probably going, at best, to stay the same or, get worse before they get better?
Very best of luck to ALL holders, as ever all imho and dyor!
Heidelberg, why ask any of us for an opinion, Dunders seems to have all the answers. Higher production and a farm down with a drill date. I'm working hard as we speak for my own masters degree in the obvious.
Any thoughts when we might ever see 3p again?
I can’t make sense of it, I clearly remember Tip-top going at 6p and thinking he was mad, I’d happily sell half of mine at 3p now and sit on the rest as a gamble , I can’t help thinking we need to see a CEO appointed sooner than later, I can’t personally cope with the current set up, way too lethargic and uninspired to generate any good long or short term.
AS the share price slides I'm trying to make sense of the facts over hype-that led me here. ( flagship project etc.) I really did think Wressle would be a good backstop, maybe getting back to @.2.9 p share when we hear when site planning conditions are met and production to start. Inniskea is even less certain, but we might get updates in early April for both. We really need positive news on Inniskea, I'm now taking a more realistic view on EOG, and still holding. Last production figures from October 2019 indicate a fall in existing crosby & west firsby bopd to around 59bopd. ( down from 90 bbl opd reported in previous year)accounts . The cost of production last year was very high according to accounts last July hence a company loss of £700,000 k but accounts don't clarify what cost of production included- is there some capex in there?. UK Oil gas authority data indicates an average unit production cost for small cap oilers of $20 per bbl. Applying that to future wressle production 150 bopd and assuming EOG still make a similar loss as last year on existing operations, (It may not be that bad, e. g with wressle planning appeal costs paid for) I would say fair share price EOG would be best 2.10p . So we need that Inniskea news and strong nerves to hold till April at least.Good news is still there is cash in bank to pay share of Wressle cap-ex , survey commitments at Inniskea, Morrocco, Hardseft and Cloughton in UK. Put away now for a month. Off on holidays soon.
Christ on a bike Tac. The "damage" is not being done anymore by "current" BOD than "last"? They let Hughie continue with his "strategy" / PR and negotiations, way way too long did they not?
Why do you expect things to change quickly?
The only thing that will get this moving is increased high margin production and a farm down with a drill date imho.
I believe dreamy knows of a (top top secret) ceo who was going to triple the share price (at the time) upon appointment so that should be quadrupled soon hopefully?
Of course I don't appreciate the meaning of cos so wtfdik though?
As ever all imho and dyor.
The search should have started 21st November if not before, depending on who pulled the trigger!
on the 21st of January I posted that there is something sinister here and that the board seem to have little enthusiasm. where's this new CEO. They started looking in December. why wasn't there continuity between Hugh leaving and a new appointee. Just look at the damage that its causing here.
I see there's an oil and gas investor briefing held by LSE in London tomorrow , I wonder if we have a director free to represent Europa . I doubt it, I could be surprised.
Another link regarding Woodside 5/13 plus more on the proximity and possible prospects for Iniskea
https://www.google.co.uk/url?sa=i&url=https%3A%2F%2Fihsmarkit.com%2Fresearch-analysis%2Firelands-offshore-basins-past-disappointments-success.html&psig=AOvVaw3weyYvKFZxjHgrVSONe4gG&ust=1582039676011000&source=images&cd=vfe&ved=0CA0QjhxqFwoTCIjykZ_z2OcCFQAAAAAdAAAAABAD
Found this regarding (EU) approval for future oil and gas projects. Looks as though there is very little resistance for refusals for production in EU territories. That's good news. The link pertaining to this is just down the page.
https://www.offshore-technology.com/
Just been boning up on Shells Corrib gas field. Discovered in 1996, set into production 2015 at a development cost of £500m. An estimated 1 tcf field with a 15 year life, so they are a third of the way in..
Now Europa estimate a discovery of 1.5 tcf and its right on their doorstep. Plus Vermillion are planning on undertaking development and seabed umbilical workovers on Corrib.
Maybe not such a good idea to exit here at the moment. Maybe on completion of a seabed survey being undertaken by Europa, dreams will come true. GLA
Sorry wrong again, having trouble posting the right link.
It appears Woodside are to be given an exploration licence for FEL 5/13
https://m.independent.ie/business/irish/australian-oil-giant-to-get-drilling-permit-38957822.html
Sorry wrong link
https://www.irishexaminer.com/breakingnews/views/columnists/doublethink-on-the-environment-is-putting-our-energy-supply-at-risk-935841.html
Excellent news, Irish exploration lives on!
https://uk.advfn.com/cmn/fbb/thread.php3?id=7665175
The Greens have to be pragmatic to get any votes. Close the interconnectors and Ireland is back to heating homes with peat, eating boiled potatoes and riddled with scurvy. Nobody will vote for that!
Thanks, Copper, that’s a more positive and reassuring take on the Greens position than I had expected.
Appreciate your reply Copper 3 and hope you're right.
What I do want to see is a new CEO in place that will force the issues of farmouts and red tape , not just wait around 'Micawber' fashion, "waiting for something to turn up"
There's a loyal core of Company investors here that deserve better. GLA as ever.
Tac. My undertsnding is that ~DCCAE public consultaiton period on the futher queries finished on 14th Feb 20 , so maybe a decision in principle next month by the officials. However new government might be another 6 weeks away as there seems to be a deadlock, so if wait for new minister approval could be a longer delay. New governmnet most likeley to include the greens. Ive looked at greens pre election press confernce nd they do seem to be a pragmatic bunch talking about a mix of wind power, bettter homes, better pubic transport, but also mentioning keeping energy continuity and transition periods to low carbon and also keeping irish to uk interconnectors ( gas and electric?) maintained, and co operation with uk. So still hopeful for inniskea in near term.