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Interesting late buys let’s see if there’s more tomorrow
I did think it was you selling Paul. Something you said in 2023 about not being here in 2024. It seems some other investors on the other board thought the same...
Let’s see if our seller rises to the challenge. There’s a couple of million there for them to take if they still have more left to chuck at the SP.
Last hour buys. WA?
Come on,stop been a p…tease or at least the reasons you think they are selling
Yes Serif, it does make sense. At 2p / £20m cash Vermillion get the 4/19 licence for next to nothing; offloading Wressle to Heyco or Ujo.
With 4/19 bagged Vermillion could farm down the risk themselves. No brainer really.
B - if so, more to the point, any idea how much more there is to come?!
The seller is a lot closer to home. I have a good idea who it is.
VL - if this is an attempt to suppress the SP prior to takeout bid (and no idea if it is), with the regular selling starting in Jan it could just as well be a Vermillion. The cost of doing so would be peanuts to them and potentially save many millions in any offer.
Rather surprised Heyco have not tabled a 2p bid.
If you value cash plus Ireland and EG and Serenity at say £6.5m then the market is currently seeing Wressle production and reserves value at around £3m.
Hi Serif. I've a feeling that most of Wressle's produced water is now going to a licensed disposal well at EOG's Crosby Warren site. And I agree that it's early days to judge the results of the ESP. If that's right about Wytch Farm's 98% water cut, then it's about the same as the cut at Crosby Warren!
Thanks for analysis GP. I imagine we will see a steady increase in water, but as this is now licenced for disposal (in an eog site?) can’t see this should really matter. They have referred a couple of times to managing the well to prevent water coning, and so long as they do this seems ok. Doesn’t wychfarm operate successfully on a 98% watercut? As for reduction in gas is that not also what we would expect at this stage? Also wonder if Nov may not be a reliable month since it covers the restart period.
Monthly fluctuation, need more data to establish a trend. Inishkea and EG are of more importance.
By the way, my figures are for 100% of the field, not just for EOG's 30%. GP
I haven't seen much comment about the recently published NSTA November production data for Wressle, so here goes. After about a two and a half month hiatus for the installation of the electrical submersible pump, it seems to show that we produced about 458 barrels of oil, 182,500 cubic ft. of gas and 107 barrels of water per day in November. If you do a bit more arithmetic it shows that November's water cut was 18.9% and the gas oil ratio was 398 cu. feet per barrel. A comparison with the part month of August is quite interesting as the comparable figures were 241 barrels of oil, 111,000 cubic ft. of gas and only19 barrels of water per day. So the water cut has risen from 7.3% in August to 18.9% in November, while the GOR has fallen from 461 to 398 cu. ft per barrel. Any thoughts please?
I agree re Eog - it is already down so much it can’t go any lower - as for the wider market I had thought so but providing one of the horrible on-going wars spirals into a global conflict it looks like inflation on the way down. With interest rates following so good for the market - my view and obviously that is a big if
I think EOG have pretty much crashed already?
Even if they fell another 50% I’ve lost so much I wouldn’t notice it now.
I have a friend who's convinced that Share Prices are going to crash and he's advising me to get out of everything. I hope he's wrong because I really need EOG to go up. What do people think, are we about to have a Share Crash?
When EG and IW farmouts land I'm sure we will have the start of a very strong upward share price.
But not a strong share price!!!!!
Will always delivers a strong interview.
Good clear update on where next with Inishkea. May be “1 month’s reprocessing work” but actually clear that the 2 year extension is all about getting the farm in partner and seeing out the current political blockage if necessary.
Europa Oil & Gas (Holdings) PLC (AIM:EOG) chief executive William Holland joined Proactive's Stephen Gunnion after the company received a crucial license extension for its gas project offshore Ireland, showcasing confidence in the company's technical and financial preparedness.
Holland said the positive development follows extensive seismic reprocessing efforts that enhanced imaging and reduced risks associated with the project, particularly around the Inishkea West prospect. The reprocessing, progressing from 10 to 30 Hertz, aims to fine-tune the prospect's imaging without materially altering its significant potential, highlighted by its proximity to existing infrastructure and its potential to provide 1.5 trillion cubic feet of recoverable gas.
The strategic importance of the Inishkea West prospect lies not only in its substantial gas reserves but also in its ability to significantly reduce Ireland's reliance on imported gas, thereby enhancing national energy security. Holland emphasized that domestic gas from this project would have far lower emissions compared to imported LNG, aligning with environmental goals.
The company is poised to re-engage with potential partners to further develop this opportunity, emphasizing the project's alignment with European gas market demands, its quick path to cash flow due to nearby infrastructure, and its strong risk-reward profile.