Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Egdon maintains a £28 million Mkt Cap to our £12 million when we have the same percentage as each other in Wressle, but we also have other smaller production.
Looking at the Tennyson note we have an unrisked SP of 14.4p (ignoring Serenity) this being 2.4 UK onshore, 8.8p Morocco and 3.2p Ireland. In communicating with Simon Oddie he states that he still expects a development in the east of serenity and that financially Europa is in a "financially strong position".
The SP is suffering from yesterday's volatility, however once settled, which I expect will not be long we should see a steady rise to some equilibrium with our partners, particularly after a holding RNS confirming BGF is out and I hope an update from Simon on future plans. No doubt the SP will not remain at this level on fundamentals alone, quite apart from the fact that on every technical indicator we are now heavily oversold. Just a bit of patience required here as not exactly the brightest move selling at the very bottom of a huge fall, thus from here, with revenue still filling the coffers, there really should be only one way to go.
Silly thing to say, Leigh. P&D's involve syndicates of shareholders in conjunction with bloggers and other unscrupulous organizations. I am very much on my own, and I have no intention of dumping anything.
2p is a 65% share price rise
The share price will bounce hard and quick when ready to 2p.
In for more if it continues to drop back abit but must be near enough to the bottom at this point, I'm not expecting to add any today
Goliath exactly increase in revenue way undervalued atm
The Tennyson Broker note based on our oil production has
Net Income 2022 £2.9m
and in 2023 £6.9m
Way undervalued on production with a market cap £11m
Pump and dump now Selfish....
John, did you read this bulletin board over the last few years? Investors were constantly demanding the third leg. So he tried to deliver it.
I'm not sure what you mean by 'He gave away 40% of Wressle for nothing'.
I think it's worth pointing out that when SO took over as CEO the share price was 1.15p.
Can’t believe people are saying to give Simon a pass. The SP was 3.5p-ish before news of the placing seemingly hit the market before it crashed down ahead of a raise at 1.8p. He gave away 40% of Wressle for nothing. It was completely unnecessary and at a time when cash was being generated. He chose to roll the dice with other peoples money, he lost and should now walk.
At current Brent, (Increasing), price Monetising what we have in the North Sea, like Stas20 said... could prove very lucrative in our portfolio even at 25% alongside Wressle production. I3E under considerable pressure also to please shareholders or leave North Sea alone and concentrate on Canadian assets. Wondering if they would return to original SA01 appraisal well and sidetrack it and use it as a producing well. I believe it'll have to be drilled and cemented for production and Xmas tree'd up and plugged.
Both RNS's from I3E & EOG have talked about monetising what's left in Serenity, which to me means they've had a discussion on the matter over the weekend and have already decided to work a path towards this.
I wouldn't be surprised if Europa are considering farming into Liberator/Minos High with I3E. Be nice to get fully updated with the current situation - cash and what went wrong with Serenity, first though.
Well if your going to do it, now is the time.. That windfall levy is an extra 25%, and the allowance means they can offset that. Also you could only claim against an investment once producing, now you can claim even if it does not produce..
Its all for a limited time...
“a brand-new tax break for oil and gas producers that will give money back to the same firms that were supposed to be paying their fair share through the windfall tax. This tax break means that oil and gas producers will receive an unprecedented level of subsidy for their spending on oil and gas-related activities. For every £100 an oil and gas producer invests in the North Sea, they will receive £91.25 from the taxpayer.
https://www.tax.org.uk/energy-levy-bill-passes-but-mps-unhappy-with-generous-investment-allowance
https://www.nstauthority.co.uk/media/8210/the-energy-profits-levy-v1-june-2022.pdf
He saw an opportunity and went for it, can't say I was happy about it when they first announced going g for it. We're still early in our growth and these large projects can kill a company overnight should they go wrong, personally I think this is too large for us at the moment and is the reason for I3E only dropped 10% opposed to our 40%. The fact that we've had to borrow money from a partner tells you we shouldn't be touching it just yet albeit we can now return that cash.
It's as I posted earlier, you cannot blame Simon, he has tried to deliver the best he can for all, had this come in then we would all be singing a very different tune, this is the cost of drilling. From what I can gather the production in the east could still be quite lucrative. Who knows what they have but I'm sure I read somewhere that Tain produced 5000 bopd or thereabouts from 6 feet of captain sands, if I recall the serenity discovery was 11 feet, no idea how this works out but if that gives us 25% of circa 9,000 bopd that will be massive to EOG. Absolutely sure Tony can put us straight on this?
I don't blame Simon Oddie. He stated he believed better than 50% CoS, not 100%. We have to make our own mind up at the end of the day. Much of my opinion on Serenity was formulated following I3E's interviews and RNS's over the last 3 years, not recent EOG's.
Sorry, typo.
hard-pushed to 'not' let Inishkea progress
I don't know if I would blame Mr. Oddie tbh. The way I look at it is he wanted to change the future of the company for the better and give it a better pedigree. I mean by all means people can put the blame on him all they want, it's a free world at the end of the day. He, IMO, didn't crazily ramp the asset and presented it well for investors.
Was it the right time to go for Serenity with EOG? That's another question, it may have been an opportunity we couldn't pass up. I think it would've been better to have cash in hand rather than to raise through dilution. Like to see an Oddie interview to clear up forward path now with monetising our adventure with Serenity with original discovery, then the results which should considerable cash growth from Wressle and additional cash due/in-hand.
The owners of Ireland’s Corrib gas field, Vermillion and Nephin, are looking at ways of extending its life. They believe that it could continue producing gas well into the next decade. When the field runs out of gas it will leave the country entirely dependent on imports for its most important energy source. Improving the Co Mayo terminal’s existing technology could lengthen the field’s life, while there are hopes that there are other reserves nearby that could also be exploited. That includes Europa's currently 100% owned Inishkea, with it's gross un-risked prospective resources of 1.5 tcf.
If the partners ongoing feasibility study into the Corrib gas field's long-term prospects produce the expected results, the Irish government would be hard-pushed to let Inishkea progress.
Simon Oddie recently replied to an enquiry of mine as follows:
'The first step for Inishkea is the extension and we are hopeful that this will be granted. You are correct that a potential farminee must then have the confidence to invest and have clarity that drilling and ultimately development will be allowed to proceed without problems or delays. We will be doing our utmost to convince interested parties of this, hopefully with support from the Irish Government.'
None of this would have happened if it wasn’t for SO’s poor decision to become a pawn for I3e to have a bit of fun with. There was a reason no one else was interested in the drill.
Good post Bladey.
They've been holding us back for weeks and lets be honest we'd still be stuck around 2p going nowhere had we still be waiting for the drill result, volume had dropped off. The uncertainty of the drill was also killing momentum, true value. Nobody wants to be 40% down but see this is an opportunity to clear the decks, flush the dead wood and remove uncertainty. These markets won't allow true value to be reflected in the sp but we can get closer before Oddie starts talking about the Eastern block again.
Unfortunately this isn't a time for the Green Party to have a position under current climate conditions.
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