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Dan, your email seems to have been an exact copy of mine, or mine of yours. can you confirm as I have all the same terms, inherent balance of Europa's portfolio, financially strong position, share price recovery etc. confirming the allowable expenditure against the levy, progressing the eastern area of serenity etc. If this is the case then instead of writing to individuals, then he really should be getting in front of pro-actives etc and making these points clear to all.
CEO Majid Shafiq joins Proactive in studio tomorrow to talk about what’s next for the Serenity project after well results.
Why not... he clearly can't be arsed.
Dear Dan
Thanks for your email.
We were naturally disappointed not to be able to make a more positive announcement this morning on Serenity. As I stated, there are already discovered resources in the eastern area of Serenity and we will be working with the operator i3E to progress these.
I understand from the advice we have to date that the Serenity expenditure will be allowable against Energy Profits Levy (otherwise known as windfall tax) which we would otherwise incur from our Wressle Field revenues.
I am confident that, as investors realise the breadth and inherent balance in Europa’s portfolio, the share price will recover as Europa remains in a financially strong position.
Thank you for your continuing interest in our company.
Best regards
Simon Oddie
I sent him an email yesterday asking if he'll do an interview. Would be useful.
Dan, do you mind sharing a bit more of that email please?
All shareholders are realising is the SP plummeting ... when there's no need for it. Needs to do an interview to reassure sh's.. Absolutely right Dan!
Silly price. I am buying
In a response to an email I sent him yesterday.
Dan, where did you see this?
'shareholders will realise the breadth of the portfolio'
It's bonkers, even with the markets on their arse this should have bounced. Also surprised there have been no TR1's from yesterday as yet, I don't believe for second that nobody crossed a threshold yesterday. I've replied to Simon Oddie suggesting he comes out and faces shareholders in a podcast. Simply saying "shareholders will realise the breadth of the portfolio" is absolute rubbish.
Cannot believe price action...Seller must still have a few left jeeez... well below what MC should be. Waiting for Results to show our cash in hand and monies due.
From Energy Voice - There are still options on the table for i3 Energy on the Serenity field, although a more modest concept is now likely in the works as it faces a “heavy downgrade”.
The Westhill-headquartered firm had hoped its appraisal well would firm up recoverable resources of 100 million barrels of oil, in turn requiring its own FPSO to develop.
However, hydrocarbons were “not present” at the 13/23c-12 appraisal, around 80 miles off Aberdeen, and the firm is facing it being “heavily downgraded”.
“This is a blow for the JV,” said Ashley Kelty of Panmure Gordon, “this reduces the potential upside for Serenity and the companies will now assess what is optimal concept for a smaller development.”
Dave Moseley, North Sea vice president at Welligence, said: “The result means the near-100 MMboe recoverable resources estimated pre-drill is almost certainly heavily downgraded.
“Options now are likely to be either further appraisal drilling to refine volumes or, possibly more likely, a low-cost development of a small area of proven volumes around the discovery well towards the east of the structure.”
The more likely option for such a development is a tie-in to the Repsol Sinopec Bleo Holm FPSO, said Moseley, which is stationed over the Ross and Blake fields, “potentially in tandem with Repsol Sinopec’s Tain discovery”.
There’s time for negotiation there; Repsol Sinopec isn’t expected to take a final investment decision on Tain until next year, having previously been expected in 2021.
Tain alone is expected to produce around 10 million barrels of oil equivalent.
Tennyson securities previously valued the field at $1bn in a recent note, and has been asked how yesterday’s announcement impacts that price tag.
@Copper3. MA promised a gas update at the latest before their Preliminary Results (usually appear first week November).
Did S.O get his big bonus last week .? If so, makes my mood even gloomier. . Yes agree, starting to think SO is reckless and I do not want to hear of any other projects . Lets have Wressle sorted and an update on remaining Serenity resource asap. I have written into EOG today see if he ( or EDR) can give an update on Wressle.
A bit of a risk Copper3, Simon was on proactive saying that it was a no brainier, he was right there, no brain at all.
Very dissapointing news this week, but it was a risk. see talk on i3 chatroom about brokers suggesting a link to Tain may still happen, if similar to Tain could be 10mmb recoverable in east of licence. Repsol Sinopec have put off a decision on Tain to next year? so its uncertain. As to the ongoing saga about gas and pennistone at wressle, I still do not see any application to N Lincs Council for planning approval. Come on EDR !! lets have an update if they are serious about this winter. We need the gas sorted to get income moving up, and share price to recover.
Starting to head back up, with a bit of luck 1.15p hopefully was the bottom...
This reply from 2 months ago:
'We have not yet submitted any planning application for the gas export as we are working through the long-term impact of the *****tone Flags gas on what may be required. We are in discussions with the EA on how to expedite any permit requirements. However, as we stated back in April we hope to have a use for the gas available during the coming winter (albeit most likely late in the winter) and are working very hard to achieve this.'
Agreed Tacuma. Past 7 years performance shows incompetence of management and now the technical team as well. Whenever they dip their fingers it is a failure. Last year SO has made a hype about Morocco until the Serentiy showed up. I am wondering what will be the next hype about to get more funds and screw LTHs. I am still holding and maybe it is a good opportunity to average down I don't have confidence in people at EOG.
For god sake don’t give operatorship of Wressle to Europa, I can’t imagine what would happen.
Revenue generating, in a financially strong position, Serenity not priced in, looks like great value opportunity - looking to take a few here...
Oily, I took that name as I detest selfish nimbies, not because I am one.
So you think Europa should have forced operatorship of Wressle? That's the only way they could grab it by the horns and drill a couple more production wells.
Olivia, am not suggesting anything misleading. Am quoting a statement made by mr Oddie in the rns. Just seen the statement by Mr Abbott.
Simon Oddie, CEO said :
"The well performance at Wressle continues to exceed our initial expectations and once the planned connection to the local gas distribution network is completed by winter 2022 "
I find it really strange that with a username of Selfish... that he is happy to accept mediocre performance. it may be another 7 years until the next well is drilled. they should have taken Wressle by the horns and drilled a couple more production wells then we would all feel a lot happier
Wressle gas connection pencilled for completion by end of Febuary 2023, reliant on permissions, equipment, etc.