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Let's hope we can move on and that the BOD can bring this large investment being Inishkea to fruition. There has been a lot of capital and effort tied up here for some time and it's not surprising to see the reaction here.
For an outside E&P to enter would be hugely expensive to hook up to the present infrastructure at Iniskea and I repeat, the only viably financial farm out would be from the present Corrib operators. It may well seem like a simplistic way to look at the situation but I'm not a self confessed O&G expert, far from it but I do understand logic in business. We have a possible large asset right next door to a proven producer with massive financial reserves. Logic or naive? I don't know. GLA
oh dreamy my old mate. What have you ever got right on here to date buddy (including what has been posted under previous avatar names as well?!). Just interested like....(LOL, LOL). Last post on here for me until we have some material news so don't take non reply as rudeness or being intellectually intimidated!!
Being a largish shareholder and longterm/old holder (take that both ways) I read this board every day....Dunderhead that was a very good and honest take on the past and current situation and probably the most succinct you have been.
Glasgow to be clear, Inishkea has a 1 in 3 chance of success. That's a 2 in 3 chance of failure and is absolutely not an appraisal well of any kind. People on here talk (and have talked) about it as though already a discovery especially taken in the context of the other gas "discovery" on same block. This will be viewed by other potential farminees in the same manner. If it were such a strong prospect it would already have gone? Please just bear that in mind when trying to work out potential values for company. That is why at this point I do not intend to purchase any more shares because my investment here has always been at the gamble / fun money end of my portfolio and nothing that has occurred to date has given me more confidence to invest further (yet!). I think people are now realising the real risks of o&g exploration. I have always tried to temper uber enthusiasm on here simply because of that. Any reference to lol is either with regard to previous "excellent" research or MY OWN mistakes for staying here. Where I got upset was I was often shouted down and accused of posting drivel (never to receive an apology for that) when it was plain as day and night what I was posting was "direct" and simply not as "enthusiastic" Also to be clear it isn't an issue or case of "winning" or "losing" it is simply factual and I have never intended my posts to be written in such a way that I can "win" no matter what occurs. I'll always be the first to admit I got things wrong (which I think I have by admitting this is certainly a wrong investment for me Anyway?). I am not selling simply because I hope inishkea results in farm down and "think" this will occur but would not surprised if it does not. It is not a certainty!! I wish every investor in EOG (like myself) the best of luck here and b4 anyone asks, simply do not have a clue about valuing this company especially taking into account the "extreme vagaries" of aim! However what you've got to look at from an investors pov, is what value can be attributed to the increased Wressle revenues, if it is not returned to share holders via dividend but is used to keep the lights on, with regard to other risky exploration work, that may or may not crystallise into real assets for the company? We need more dev and oil operations but I dont personally know how this will be achieved on increased wtessle tevenues alone and hopefully a new CEO will be able to solve that conundrum? It would also be nice to see the BOD dip into their own pockets and the fact that (excepting Hughie!) they have not materially to date, is telling in itself I personally think? All above as ever imho and, dyor.
I would say Inishkea is the exact gas supply Ireland requires and they need it more than ever with this brexit saga. It’s not EOG fault that some ‘minor majors’ got cold feet and don’t see this as they are looking in other areas. EOG fault is showing the market to much info for a share issue at the time (which the institution investors demanded). Dunners, there are many of people invested in EOG (including yourself...) and the last thing shareholder want to see is a ‘lol‘ and told you so etc etc, when we are down 25% on the day in the first 30 mins, never mind shareholder that bought this at the highs of 48p many years ago. It’s common sense just to keep quiet and watch what happens. Just my thoughts :-)
Antony I don't do simple platitudes about the mark of a man is how he "wins" versus "loses"? I don't care what other people think subjectively about me (each to their own opinion) but let me be clear I wasnae gloating. I was simply stating facts about possible investmemt mistakes here. Also to be clear I simply don't think the g&g was up to scratch for the non inishkea assets and I have stated that for quite some time? Inishkea obviously isn't quite what it's cracked up to be but "likely" we will farm down. All imho and dyor all.
Excellent news Anthony. I was disappointed with the major pulling the plug after waiting a year plus but i firmly believe someone else will take up the reigns. Inishkea imo will be drilled. Thats just my opinion and the reason why im still invested here.
I just did a quick calculation and 200 bopd could give EOG 2m pounds per year, but the doubling of production doesn't mean the share price has to double! Assuming no tax yet (I don't know EOG's tax position) that would give a P/E ratio of 4, which is cheap, but AIM shares usually are cheap! It certainly suggests very limited downside, assuming nothing goes wrong with production. I have to say that a proven resource is more valuable than something like Inishkea, which is estimated to have a 1 in 3 COS, although if EOG could get enough farmouts eventually she could hit the jackpot. The biggest obstacle seems to be the lack of enthusiasm for oil exploration / production off Ireland, not helped by the Irish themselves (although I bet the Irish would love to see successful Palestinian exploration off Gaza).
I jest, sh#te day but this will turn around. Wressle production and I am sure another interested partner for Inishkea. I have doubled my holding in the last few weeks/month so hurting as much as anyone.
Dunders your gloating says a lot. You can judge a person by two things, the reaction in victory, and attitude in defeat. You need to give your head a wobble, gloating to people in which this news has cost fortunes, albeit paper loss until sale is low. The crazy thing is, you have mimicked Jezza Corbyn and blatantly say on the fence. Berating one minute, supporting the next. One minute Ireland is a bag of sh#te, next you expect a farmout.....
If this had been news of successful farmout you would have still gloated saying told you so, said all along we would eventually get a deal! The fact you could have celebrated either says it all. This is not to start an argument, really busy day to have a back and forth but pretty sure a lot will agree with the above
Just quickly as out and about. Worth £2m a year to EOG. We more than double our barrels of oil daily and we are priced at 1.9p now so double that gives you just 3.8p. Lots more to do with this than that. But just a quick answer :-)
Bought some more there as in my eyes nothing has changed from yesterday. Was always hoping the FO would happen, but no way was that priced to go down 25%. Wressle is worth at least 3-4p when in production, so this will rise sooner rather than later and another company wanting to drill iniskea, hopefully come to the forefront. AIMHO :-)