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I think it will be good to hear from i3e today about where we go with Serenity.
placing was done at 1.8p
we were 2p before placing and also before Serenity
so, we were 2p just on Wressle alone.
mcap tiny at 12m vs EDR 20m
EOG should be back to 2p soon based on Wressle alone
More chunky sells gone through today, but (at the moment) buys outweigh sells. Going up...
I should have added that I'm not one of the LTHs blaming EOG's management for taking a bet on Serenity. The odds were apparently about 50%, even for the appraisal well we've been told. If it had worked out Oddy would have been a hero. it didn't, and now he's a villain. IMO we need to get real. These things can happen to an O&G company that drills wells.
Hi chasrutledge. Thanks for that. However, we don't own 33% of Serenity; it's actually 25%. Our 21 April RNS said "Europa is acquiring a 25% interest in Serenity by paying 46.25% of the appraisal well cost, equating to a 1.85 to 1 carry". Otherwise I'm with you and I bought more after the dry hole announcement on Monday at 1.4p. S I'm keeping my fingers and legs crossed. All the best.
I guess the share SP reaction was understandable and this is only my opinion but it will bounce. We have wressle still in its infancy, small additional daily production, Morocco, Ireland and now Serenity. On top of that we seem to have retained £2m of the £7m raised and will get a chunk of the remaining £5m back in tax savings. So serenity if it is developed could yet rise from the ashes. I guess the issue is will SO take a more careful and guarded approach - we do not need another risky project at least until the sp has recovered. With good leadership it will recover and more in my view
mail@europaoil.com
Email him and suggest it. He should buy if he got a bonus recently.!!!
It was his call to buy into Serenity, so he should put his hand up and take one for the team.
Morocco 70%?
UK production other than Wressle - 65 bopd
Nice to have seen Majid and John Festival from i3e splash out approx. £300k between them buying shares in their company in the open market, I wonder if Simon Oddie has the same thought whilst we are so cheap down here, might show a little faith.
What do we own? correct me if i am wrong please, or add info if you want.
Serenity 33%
Wressle 30%
Ireland assets Inniskea 100% ???
Morrocco assets 100%
The SP deserves to be at 2p
'I am confident that, as investors realise the breadth and inherent balance in Europa’s portfolio......'
That suggests to me something is about to develop regarding Inezgane or Inishkea. We all know what's going on with Wressle so he won't think that's something we need to realize, and it can't be a new project he's referring to, otherwise he wouldn't have referred to our current portfolio. Time will tell.....I'll be annoyed if it's BS.
No problem Selfish, it is positive but it would be nice for investors to hear it from his mouth. We seemed to have bounced from the lows which is positive.
Thanks for posting that Dan. It looks more positive than I'd feared. I'd been thinking a lot about my time in Afren today...
PIs selling at this price are being robbed. I’m at a lose why it’s not bouncing. The SP should be above 2p without Serenity.
surely this is now time to buy and not time to sell.
look at our revenue and mcap.
compare that with EDR/UJO !!
“Is the discovery economic ? “ I guess the answer to that is no one here knows. EOG have already stated in interviews and presentations that they think that they already have an economic development with circa 10mmbbl already discovered. The basis of that statement is not clear as in the low case the reserves auditor has only attributed 2.5mmbbl of recoverable resources which in my opinion is unlikey to be economic. I guess we’ll find out more tomorrow from Majid. It seems more than likely that the only economic development is a joint development with Tain and that project has not been sanctioned yet by Repsol Sinopec. In order to proceed agreements will have to be made with Repsol and I would assume that they would want to see an updated CPR with economically recoverable resources. Let’s see what Majid says.
If they're going to pursue it then go with the resource they've got on the East, every time they appraise this field it gets smaller. We're in real danger now of being taken out.
I am sure this has further to fall. I am holding unfortunately and the mkt is taking no prisoners at this time. I see lower here.
Is the discovery economic with the appraisal well failing?
I Noted flow rates werE excellent but the size of the discovery was small so it needed an appraisal result or a tie in with another discovery?
I think there's some serious talks going on between EOG & I3E, as to how to make the most of Serenity now, and then come to market with an interview outlining situation. Also prob letting I3E take the lead first with Majid Interview tomorrow.
I have ...it's cheered me up no end
Yeaaaaah, that's not helping, get yourself a punchbag mate and take out your frustrations on that. Attach a piccy of SO on it if it makes u feel any better!
Simon Doggie
lol sorry didn't see your post below, but can now confirm we obviously just got standard reply.