Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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The Irish government are confident the UK will supply all the gas they need. If there are power cuts in the UK this winter Ireland will be worse affected, and Eamon Ryan will be made to look the irresponsible buffoon he really is. No country should rely on the supply of 75% of their energy requirements from another country, particularly in these uncertain times. Imagine, if anything happens to the Norway to UK gas pipeline, it's the end of Ryan's political career, and a massive U-turn is on the cards
Simon Oddie - Europa Oil & Gas (Holdings) plc - mail@europaoil.com
Can anyone kindly share an email address I can contact the company with?
Thanks
Offset is good as getting back.
You pay less tax therefore less money will leave the business.
If we didn't drill then we will have paid 91% tax on profits from wressle equivalent to the drill cost on Sereinity.
A TR1 showing them out would be great.. will take a day to report, if they're completely out today! Their constant selling dragged us down, and tbh they kind of did us a favour. Can you imagine if we were in the 4's or 5's and then were brought down to current sp. So in that sense the bludgeoning wasn't too bad and I think we'll see value over 2p with them gone and hampering any growth.
Anyone who thinks Wressle, a producing asset is only worth £12M MCap needs their head examined. On-top of all that, we have cash being returned to us, (Courtesy of Stas20 DD), from Govt. plus cash in the bank! Haven't even mentioned Morocco or the Inishkea gas field. Some news about where we are with Morocco would be excellent now, as I know Ryan has issues with granting licences at the moment due to his political standing.. BUT, that could change depending on how seriously the energy crisis affects them.
153,000,000 shares traded today.
66.4 million buys (44%),
44.7 million sells (29%) and
41.4 million unknown (27%)
BGF will be gone
or should I say its a lot of money to not have to pay out, offset against wressle, sorry 'get back' is a misleading term.
Thanks Serif, so will be offset against the monies coming in from Wressle. Either way, its a lot of money to get back even if not immediate.
We've just recorded the highest volume ever, roughly 10 times the average volume. Hopefully this has flushed out a few sellers.
I believe its profit related, so deducted before taxes are applied, over my head..
https://www.gov.uk/government/publications/cost-of-living-support/energy-profits-levy-factsheet-26-may-2022#_ftn2
Hi Stas, think the development allowance is actually a reduction in tax liability. So if EOG made £5m in profit this financial year (perhaps possible in terms of total production with state of pound and OP?) then they would only be taxed on 8.75% of that. This would greatly offset the loss on Serenity in terms of not then paying out so much tax, but we wouldn’t physically get the money back.
Perhaps EOG will say something in their Final Results to give an idea of net cost of Serenity once accountants have estimated impact of allowances etc. Maybe it won’t be such a big hole in terms of lost cash, but we will still have to live with the dilution as I think buybacks take ages to arrange (see UJO) even if they wanted to go that way, which I doubt.
Whilst the RNS today was very disappointing, and lots of posters banging on their calculators about the new net worth SP for EOG. But has anybody not questioned the competence of the reservoir engineers here on both sides?
For me they gambled with 14 million quid and got it badly wrong. I would expect to see some heads fly on both sides. SP should resign because he took the SP down from almost 4p to where it is now. I did support him but if you take the gamble you have to go if it does not work out. Simon you have had your day go now.
I'm not sure if they get it back as cash Stas, his email seems to suggest it's offset against Wressle revenues.
Or.....this is my thinking, where does the math not work
just for clarity
EOG raised £7 million for a dilution of 390,000,000 shares at 1.8p
if they get £4.38 million back (from the levy) add that to the £2.2 million left from the raise money (as only £4.8 spent on serenity drill) = £6.38 million
@ 1.3p per share those 390,000,000 shares would cost EOG £5.07 million, thus they could return all dilution and have cash in the bank due to the low share price!
Bounce coming well undervalued now 2.3p asset value
Anyone know for sure how the levy windfall tax works.
I just though the following
Actually I thought it was money returned, it is a windfall after all although admit I'm not sure of the mechanics of the levy. Do bear in mind though that EOG raised at 1.8p, if they were to spend the refunded money on a buyback they will actually come out not a lot far from even. EOG diluted by 390,000,000 shares at todays price they could buy those back for £4.6 million. That's not including the fact that they have approx. £2 million still in the bank from the £7 million raise they got from those 390 million shares. They could be quid's in, now that's something eh! bottom line is its not all as bad as initially looks
A quick fag packet check suggests we've had 35m sells ( in large qty's) at least so I would expect a TR1 tomorrow. With BGF gone that will be one less think to worry about about.
I for one sincerely hope EOG get their ha ds no where near to being the operator at Wessle.
Was hoping for holders if not gusher at least some smaller oil pool.
Nice assets so,should recover once traders have done one.
Looks like it has bottomed out and could go back over 1.30p by close and perhaps 1.50p tomorrow. Seller looks out IMO.
DYOR
Dan with what you say about progressing in the east, I think we have received the same email from Simon.
so based on the below we should receive 4.8 X £912,500 back or £4.38 million?
Your valuation of Wressle seems low.
This is calculated as:
Tax Rate Type of Relief Relief Rate Amount of relief
(based on £1 million expenditure)
Energy Profits Levy 25% First year allowance 100%. £250,000
Energy Profits Levy 25% Investment allowance 80%. £200,000
Additional Relief 45% £450,000
Existing Relief 46.25% £462,500
Total Relief 91.25%. £912,500
Incredible, and just about sums up the markets at the moment. Wressle is currently worth £7 alone and with the upgrades due over the winter this could become £12m if they can get it to 1300bopd. In the email, Simon also states that they will be looking to progress with the resource in the East.