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I dont agree 100% with your analysis of Serenity - had it come in, it would have been a game changer and we would all be saying what a brilliant man Simon oddie was instead of now calling him a 2nd hand car salesman.
What you have to question with Serenity is why the reserve auditor was much better at assessing the field than the combined technical teams of i3e and Europa.
With regards to dropping Tain licence - this was more to do with Respsol wanting to exit the UK rather than the quality of the asset.
If i3e were able to get the Tain licence - Tain plus Serenity would be quite an attractive development with around 20m bbl of recoverable oil. There are fields of this size being developed in the NS so Imo its a bit of a free hit if anything comes of it.
@fairdealer I agree, Serenity was a very poor play and a total waste of money; this I believe was proven by the fact the next door Tain licence was surrendered and also both companies wanting to develop Serenity are relatively tiddles and both don't have the resources to develop the field.
Ireland could yet surprise us, I say this becasue of the close infrastructure nearby that cost a fortune to build and will simple rot if not used and Ireland needs gas and electricity for it's ever expanding data centres. Although, the Irish seem oblivious to this, so I'm not holding my breath; this saga has been going on for many years already!
Further development of Wressle and Africa is our best hope; Europa should look for projects outside Europe; we seem to all be fooling ourselves that importing oil/gas from the US and Saudi somehow makes us more green than developing our own oil/gas locally which would ironically save millions of tons of CO2 emissions!
Does anyone know how many barrels of oil Europa is producing now?
IMHO
Given the Political shenanigans, serenity is a bad investment, any further funding their is unlikely to produce much if any benefit to the company.
As for cash flow from Wressle, well at least that will fund the payroll.
Ireland appears another Political nighmare that goes on.
The best hope must be Africa. Lets hope our "expert" directors produce the rewards we all deserve.
The problem is they are not accountable - long list of ceos and directors who have failed - on high salaries driven by remuneration committees - take their full and then someone else takes over
All we can hope is that they pull either
Ireland or EG off otherwise we are proverbially stuffed - lost so much here
Is WH different - serenity would suggest not …
They have to justify taking the money?
Yep always starting the farm out. Then 4 months later it’s ’lots of interest in the data room!’ Then 5 months later ‘we will be reprocessing the data for the next 5 months to get the data the best it can be then relaunching the farmout’ round and round we go.
We’re always close to ‘starting’ the farm-out process. Hopefully E.G will be different…
Let’s hope and all will be forgiven.
We are close to commencing the farm-out process for licence EG-08 in Equatorial Guinea as we look to bring in a partner for drilling.
We secured a stake in EG-08 in Dec 23 and believe it has enormous near-term, infrastructure-led, exploration potential. #EOG
From Upstream:
Privately-owned Antler Global is set to fire-up a farm-out process this quarter to secure a partner to drill a key exploration well in Block E-08 offshore Equatorial Guinea that could host resources of about 1.4 trillion cubic feet of gas equivalent.
EOG own 42.9% interest in Antler.
Bobby thx for link does read well
Tovic , yes it does let’s see what happens
On reflection it could be a good thing? She might keep the girls in order??
@Bubble That's mouth watering!
Wouldn't it be wonderful if we finally got a farm in partner. That's approx. $600 M for Europa assuming 25% stake plus a few million in initial costs for work already done!
If only!
IMHO
Hydras: sell up then, that's assuming you hold.
I can't see EG, Ireland or Serenity going anywhere anytime soon. Waste of time and money. WH needs to rethink EOG strategy big time to save his job.
1.5TCF Of Gas potential $2.5 billion plus $0.6 billion valuation for inishkia west with medium/low risk it’s stacking up to be a potential J/vV with a big operator imho with Corib and Morecambe bay gas fields close to link too as options
Les good link thanks for posting
Https://www.europaoil.com/wp-content/uploads/2024/03/27th-March-Main-Stage-9.30-9.45-Jamie-White-Infrastructure-Led-Exploration.pdf
Interesting the 30hz interpretation already done on Inishkea West
Interesting appointment.
I suspect we are on the cusp of expanding our asset portfolio geological reach further. Again with an ILX focus. Time to deliver on a farm out Will.
They must be laughing all the way to the bank here while share price collapses
Very true - our only card to play is to vote directors out at each AGM as they come up for re election - my finger is hovering
Hope they achieve something, anything rather then relying on growth chart related to the cost of the board
A decade of failure
Europa must be raking it in?
Do we know how many barrels of oil are being produced now?
Lets have either:
1) share buy back
2) Tiny dividend.
3) both 1) and 2)!! My preferred.
IMHO
Knowing what she brings to the party; the issue will be what benefits she achieves. Another case of jam tomorrow. Enough sentiment to confirm the current BOD have not achieved benefit for a very long time.