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That’s way they need gas so inishkia needs to go ahead ,good point mentioned by LSEO3 on harl regards power station nearby
“Eirgrid has said delivering the second north-south interconnector is ‘critical’ to improving the security of electricity supply across the island of Ireland.”
https://www.independent.ie/business/irish/eirgrid-says-long-delayed-electricity-interconnector-link-to-north-is-critical-for-energy-security/a1001835647.html
I would think an indigenous gas power source would also be ‘critical’ not just for security but also for the environment.
Eamon Ryan what have you done with the Security of Supply report?!
Thursday June 15th 2023 – Question time in the Dáil.
Deputy Darren O'Rourke:
“My question is to ask the Minister for the Environment, Climate and Communications if he will provide an update on the Government’s energy security review and, separately the review by Mr. Dermot McCarthy; when he expects both to be published; and if he will make a statement on the matter.”
Deputy Eamon Ryan:
“My Department is currently finalising its review of security of energy supply of Ireland’s electricity and natural gas systems....The McCarthy review into security of supply of the electricity system has been a further key input informing the analysis and will be published alongside the completion of the review. The completion of that review is a key priority. Once the review is completed, which I expect to be next month, when it will also be published, I will bring my recommendations to Government. Subject to Government approval, as I said, it will be published at that time”.
So the Petrichor deal completes in a few weeks.
They must be surely be circling Eog at 50% + discount.
Remember this deal values our share of Wressle at 2.5/2.6p a share. Revised CPR to follow shortly?
EGDON RESOURCES PLC ("Egdon")
by
PETRICHOR PARTNERS, LP ("Petrichor")
Satisfaction of North Sea Transition Authority Condition
Egdon is pleased to provide an update on the recommended all cash acquisition by Petrichor for the entire issued and to be issued ordinary share capital (other than those shares already owned by or on behalf of Petrichor) of Egdon (the "Acquisition") , to be effected by means of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act (the "Scheme").
On 3 July 2023, Egdon announced that the Scheme had been approved by the requisite majority of Scheme Shareholders at the Court Meeting held on that date and that the Special Resolution relating to the implementation of the Scheme had been approved by the requisite majority of Egdon Shareholders at the General Meeting also held on that date.
The Scheme is subject to further conditions outlined in the Scheme Document, including satisfaction of the NSTA Condition (as defined in the Scheme Document) to the Acquisition.
Egdon is pleased to announce that following receipt by Petrichor of the NSTA's Comfort Letter in relation to the Acquisition, Petrichor has confirmed that the NSTA Condition has now been satisfied.
Next steps and timetable
The Acquisition remains subject to the satisfaction or (where capable of being waived) waiver of the other Conditions to the Acquisition as set out in Part 3 of the Scheme Document.
The Sanction Hearing is expected to take place on 12 September 2023, with the Scheme Record Time occurring at 6.00 p.m. on the following Business Day. Accordingly, the last day of dealings in, and for registration of transfers of, Egdon Shares is expected to be 13 September 2023.
Subject to the Court approving the Scheme and the Court Order being duly delivered to the Registrar of Companies, it is anticipated that the Scheme will become Effective on 14 September 2023. If the Court sanctions the Scheme, it is intended that cancellation of the admission to trading of Egdon Shares on AIM will take effect from 7.00 a.m. on 15 September 2023. Accordingly, it is intended that dealings in Egdon Shares will be suspended with effect from 7.30 a.m. on 14 September 2023.
If the Scheme becomes Effective on 14 September 2023, the last date for payment of the Consideration to Scheme Shareholders will be 28 September 2023.
The Long Stop Date for the Scheme is 31 December 2023.
Well I hope it comes good for you, Gardenener, and we can all go off happily into the sunset saying “that Ryan’s not a bad lad after all”! At least we should find out where we stand by end of year at latest - and if we do get a farm in the SP should respond significantly as there seems nothing in there for it at present.
Wish they would just buy us out and put the old dog out of its misery, biggest mistake I’ve ever made being here, sadly.
I think if Vermilion ( as Corrib operator) had the licence now it would get political approval.
Its been pretty obvious here for.a long time the sticking point is the national government sitting on their hands. Negotiations with the majors are well advanced imo. The window of aportunity is still open. Let's see what decision they come to. The clock is ticking.
Guess how long the gas caverns will take at IM?
Term,you’ve done your homework there glad someone can!
Post tax npv10 of USD 1.6b on Inishkea West with CoS 1 in 3.
10 years? They are aiming for 5 for production. It’s a relatively easy tie back to existing Corrib infrastructure:
https://www.europaoil.com/wp-content/uploads/2023/05/FEL-4_19-Summary-Overview-nvn.pdf
I agree with Serif, for this reason only; any new discovery will take at least 10 year from discovery to production;I can't wait that long!
Plus with all that is happening in the environment today, sentiment which is VERY much against oil and gas now will only get worse. 10 years may be an optimistic estimate.
Our best bet is to get Inishkea going or jump onboard a near drill prospect or get bought out entirely!
IMHO
Assets of company clearly out weigh the value indicated by SP by at least 2x - so don’t need hype but do need to change the negative market sentiment which is clearly weighing on getting a fairer valuation. In retail investment market need to give people something to look forward to/excite them - Ireland or Serenity or Wressle could all do this, but we have no idea if/how they are progressing. The one way in which I agree UPL could be a good example is it’s regular comms - otherwise it’s success as a Sarawakian organisation hitting a geological/commercial/political sweet spot in Sarawak is not easily repeatable - and please don’t give EOG BOD any more wild ideas about rushing off to discover the next Eldorado!
Treasures. That’s what they said about B’Roe. Then Ryan cancelled the licence.
The government (a misnomer if there ever was one) moves the goalposts to suit its needs. 2019 financial guidelines a brilliant example. Read them.
Should take the company private, remove the plc B***, get out of Ireland and appoint a small team of younger hungry guys with vision. There’s plenty of opportunities out there and places to do it. UPL a good example.
I expect a load of grief for this but I’ve been around a long time. Don’t chase unrealistic dreams.
Present share price won’t go anywhere, except on occasional hype, and selling Wressle would be the end as £30m won’t get you anywhere.
Over and out.
Hi Ajed - going’s points but wasn’t Barryroe about oil not gas? Oil is a no go over there but I increasingly feel that they are going to find it hard to not let Inish go ahead in the currant climate.
AJED,agree but things change
Do you really think Shell would ever go back into Ireland following the Corrib debacle?
Never.
Https://youtu.be/GcTqdqTaVrE?si=yQA7hzjuh-QpaNuA
Worth watching again
Everything till it happens is supposition when it comes to EOG ??
No ability to make anything happen, or they’re being too greedy??
Meant to delete Wressle from list.
Meant to delete Wressle from list.
"There’s discussions here of selling certain assets which generate cash. This seems to me to be an idea that will finish EOG off."
Heyco read across for our share of Wressle 2.5/2.6p per share. Approx £24-25m
Probable cash balance £7-8M.
Wressle goes company has a £30m cash balance, plus all of below.
Producing assets
West Firsby
Wressle
Crosby Warren
Whisby W4 well
Appraisal
Serenity
Exploration
PEDL181
Broughton North
Hardstoft
Cloughton
Ireland....potential 1.5tcf
No wonder WA our ex-Director spent the best part of £150k in June at prices a lot more than today
BP/SHELL joint venture will dispel that imho