Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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I can only think they have not found a single company, or multiple companies ready to take on and commit the 50/70 million dollars to drill.
Mr.Ryan holds balance of power in the coalition government and despite Varadaker warming to extend Corrib I cant see him getting that through in the current government so its only likley in my view if a main stream party even Sinn Fein wins a majority in next election 2025 ? No company surely is going to invest $50 m in drilling without secure future revenue pay back and profit. Of course if Ryan would own up to the amount of gas imported and agree with EOG view that imported gas is much more CO2 intensive than we might get an early breakthrough.
I think it was over 4 years ago EOG applied for permission for a Inniskea sea bed survey to decide exact drill location and nothing has happened on that
P.S. if your still awaiting Wressle CPR , old Will H says its held up in writing and hopes will be released in coming weeks. Oh great ! This is just not good
Could someone very concisely, simply, accurately explain what is preventing inishkea from progressing??
Thanks
Wonder if sunak is visiting Ireland this week part of his oil and gas and energy/security manifesto
Target 1.8tcf of gas on both drills ,Corrib fields nearby to connect too aswell and when those caverns get approved at ismagee for storage owned by Harl atm with a possibility of a j/v with a big conglomerate to get it up and running there may indeed be a j/v with eog on inishkia field aswell
This will rocket on approval of inishkia gas permits imho that news from sunak will boost the chances I hope only needs the nod from Irish government hopefully soon he does mention other sites to be approved in the north west Irish Sea I think
Apparently Sunak making announcements on oil and gas and carbon capture funding tomorrow in Aberdeen worth noting
Thanks, I wonder how many market makers price made up that spread ?
Dai, don’t remember exactly but 4 or 5 times between 9 and 3 and it was 1.40 to buy and 1.35 to sell each time and then 1.45 before it went down. I was only looking out of interest as I’ve got far too many already.
@Gerry, Out of interest how many times, and roughly when did you get those quotes?
I did'nt think the MM here played that game, wish I had checked now..
Gerry,yes buys imho
I asked for a quoted buy price on IG a few times earlier today and was quoted 1.40 and late afternoon was quoted 1.45 so correct me if I’m wrong but the “sales” today were likely buys. The 15196 @ 1.35 is possibly the only sell.
Serif,next week news of production would be good
@Copper. On the grounds that companies don’t usually issue positive RNSs on Fridays, I was hoping that they wanted to get this news out the way to leave next Monday free for Wressle etc! We will see. Btw - wouldn’t put too much trust in the assigning of buys/sells today - I suspect it was seen as a mildly positive/neutral move, much in line with GPS comments.
We can see the market reaction today. mainly sells. It may be another Holmwood project but at least it keeps them busy for a while. I hold EOG for Wressle which initially has been better than expected but we are hoping for better things, so where is the CPR and planning application for new wells. No news on that , I expected something this week, so I see todays RNS as a typical diversion. Hope I'm wrong. Come on EOG play fair with investors.
Thanks GP. Presumably that is why the asset hasn’t been developed to date and the EOG research will be about establishing what needs to be done to get the gas flowing at good commercial rates.
Europa Oil & Gas conducting internal assessment of "very interesting asset"
https://www.proactiveinvestors.co.uk/companies/news/1022055/europa-oil-gas-conducting-internal-assessment-of-very-interesting-asset-1022055.html
Europa's website has some useful info about Cloughton. The porosity and the
permeability are obviously going to be an issue as it says that porosities within the Carboniferous are 2-9% with permeabilities of between 0.1 and 1mD, which is very "tight" IMO. The full website entry says:
"PEDL 343 contains two adjacent blocks, TA09 and SE99a and covers 110 square kilometres. Block TA09 is located north of Scarborough running up the east coast and Block SE99a is located to its west. The Cloughton-1 discovery well was drilled by Bow Valley in 1986 and encountered gas throughout the Carboniferous section. Four zones were tested, three of which were in the Carboniferous, the other within the Permian dolomitic limestone. The Cloughton-1 well test achieved rates of between 2-40,000 scf/day on natural flow, however with the right completion and production optimisation techniques it is believed a well could flow at 6 mmscft/day. The gas is sweet good quality gas with >98% methane and ethane. Log and core data indicates that porosities within the Carboniferous section are 2-9% with permeabilities of between 0.1 and 1mD. The well was drilled crestally on the Cloughton anticline which is a NNW/SSE trending anticline with significant dip closure in all directions. Around 60m of Carboniferous net sandstone was realised with high gas saturations. Given the large column height (over 1000m), large areal closure and net sand present within the well there is a large volume of gas is in place. Europa regards Cloughton as a gas appraisal opportunity with the critical challenge being to obtain commercial flowrates from future production testing operations. A location for an appraisal well pad has been identified and following successful testing operations the field would be monetised by connecting to the nearby gas grid."
Hi Serif. I agree with youthat we need to look into Cloughton in much more detail. The Cloughton reservoirs, while also Carboniferous in age, aren't at all comparable to Angus's Saltfleetby reservoirs. Cloughton seems to me to contain older and much less permeable than Saltfleetby, and has only flowed gas at about 40,000 cubic feet per day, unlike the several million cu. feet at Saltfleetby, which has produced gas from rahter younger Westphalian and Namurian reservoirs. I suspect Cloughton might need fracking, or at least a series of "proppant squeezes", as at Wressle, to produce a commercial amount of gas on a daily basis. So I'm not getting too excited just yet. All the best, GP
“Should” get this next week, along with usual UJO $1m landmark rns - unless there are bigger moves re Wressle going on in the background.
Need a production update to get this moving imho
Excellent news about time!!
@Isdeer. Good point - this move should leave edr with more time to spend on Wressle - which will also benefit EOG. Think they will have plenty of income over the next couple of years to cover Cloughton if costs are in the region given by Gold below.
Must be a decent buy waiting in the wings for this jump in price.
Good news indeed, pointless sitting on cash, EOG have to grow, spend the money.
Cash they say is trash when the govts just print more and devalue your pound by 10% year on year as /and interest rates rise, sitting on a stockpile of the stuff isn’t good, it needs invested and spent on worthwhile projects, edr it seems have plenty on their hands to get on with, the Eog board can now get off theirs and push on with this, it’s a win win for both companies.
Maybe value will out eventually and we will see more buyers of the stock as at the moment cash in the bank and debt free isn’t helping, getting on with stuff and expanding the business even taking on loans might just be the answer.