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But Wressle worth what? Surely represents good value today?
This is my biggest ever loss of n the stock market thanks EOG for teaching me a valuable lesson
And while I’m here , even our equity in Wressle has been sold in the past.
Well according to RNS they're looking to monetise what they have on the Serenity drill earlier with I3E, so all may not be lost and if they can do that, in addition to Wressle... we'll be well good imo
Spelling error but I’m livid. The reset button please.
Spot on Tovoc, We’re in the same boat and this company has continued to slide into oblivion under this management. Europa needs athereset button to be pushed, as soon as possible . It’s been a disaster for me and all other LTH’s
We just can't catch a break. Europa may actually be a BAD luck company.
I've been STUCK here for 10 years.
I have seen share dilution going from 250M to now nearly 1B now.
Wressle is the only success that Europa has had in 10 years.
:-(
Stras20 - Absolutely not. Oddie cannot be trusted, can you imagine how much damage he would do with the cash? The only saving grace here is that EOG are not the operator because he'd be back next month to do the side-track. The bloke is incompetent, and reckless and if he's got any respect from shareholders he'll resign. Serenity should be binned as it should have years ago and attention to the given to the asset that brings in cash, we shouldn't be gambling with it.
There must have been some form of Technical synergy between the teams on the re-negotiated drill site, I can’t see for one minute a minnow with a minority share dictating to the majority holder where to go poking the bit, surely it must have been a mutual decision and a location that provided the most bang for buck at the time based on the information to hand….
or buy it now on the open market for 1.3p a share ?
To UJO, full sale to UJO for 5p? any thoughts. I have no idea but wit Wressle alone being valued at 2.3p and for sure I expect UJO would love to take it off their hands, full buyout?
"Bet i3 are chuffed that Europa's technical team persuaded them to relocate the appraisal target"
So i3 had a position chosen, but Europo told them to drill in another location. Fu**** ell
Well this is what i3e's broker made of it:
"i3 Energy announced that the Serenity appraisal well in the UK North sea was water wet
and not oil bearing and that it will be plugged and abandoned. The company indicated that
the cost of the well net to i3 Energy will be under-budget at circa £5.6M. We reduce our
fair estimate from 66p to 49.35p to reflect the result (Table 1). For reference, our current
fair value estimate includes 49.3p of value for the company’s Canadian operations (based
on a conservative 5x EV/CF 2022 multiple) and does not include any value for the
company’s UK assets."
So they have removed completely the value of Serenity. Above is just the summary - they dont even talk about the possibility of a small scale development.
Possibly, hopefully, as they were the biggest thorn in our backside tbh.. and the reason any reasonable Serenity pricing in was hampered. Fall, even now is over-done... should be over 2p imho for Wressle alone...
"Do you think Simon should call it a day now and resign. This was his decision to go for serenity."
Course he should, didn't Europa also pick the drill spot?
Frigg** useless!
i3e were looking for mugs with money and they chose Europa with their new found Wressle income.
Nice for Simon to dilute us 40% and *mates* to offload large amounts during drill.
Morocco and Ireland are going nowhere. Forget Ireland til the next elections, whatever the energy crisis. Morocco not talked about, probably because nobody interested.
Wressle is our only decent thing we have...thats what we should have concentrated on, and Ireland and Morocco being farm outs...might have come good further down the line. Instead Simon pi***** our money on a drill which probably no other company was interested in....and now you know what.
Useless!
Just had a huge sell of 11,000,000 shares @ 1.158p this could be the sale we needed to allow buys to have an impact, lets see.
Seller out with 11m sell just gone through without the need to be delayed?
One other bonus, as one has to see the silver lining, I expect as we are now officially undervalued and with such high trading today, I will not be surprised to see a TR-1 tomorrow with our seller finally exited. Could have a pretty strong week from these lows.
Hi tonynorstrom1. IMO it's impossible to know without seeing whatever logs they do have. I hope they've obtained some LWD. In any event, presumably i3E and EOG know exactly which sands are present in the well, and where the OWC should be at this particular spot. But I wouldn't want to even guess without such info. Sorry!
Well we've taken a bullet this morning, but we are not dead. Should now not need the £1M loan should get something back from Serenity under budget, until potentially next appraisal well (probably another 6 months off) and during that time should get at current oil prices potentially another £4.5 m from Wressle. Thats assuming all goes to some form of plan. Monetised gas might even be sorted by then as well hopefully.
Its not all doom but we should recover from this wound and you never know, there's a take over option at such a currently low Market Cap.
Our friends at UJO could well take a strategic stake to full takeover at this low low price, sell back the serenity 25% to I3e and potentially break even within 12 months and the rest is profit from Wressle never mind the potential from Ireland. So many options at this Ultra Low price. Gla dyor and fingers crossed.
Will expect a few director buys with this disappointment as surely they are still confident in the field, just didn't pick a sweet spot this time
It took a bit of time, but got them in the end. Just need the exit now.
Why did you think I would be 'full of volume', Leigh? I've been too busy buying.
Savage markets with any disappointing news but they still have 25% of the oil they are currently producing so have bought back in 60% cheaper, hopefully the right decision but only put 50% capital back in to reflect the higher risk