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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
This has many parallels here to the disastrous Barryroe field in terms of moving forward and getting to the point where a well can be drilled.
My thoughts are;
Although in Nov ‘22 the government appeared to offer an olive branch to EOG it was a ‘nothing’ really. Didn’t promise anything and the end is Jan ‘24 - 5 months away. What incentive was / is there in this circumstance for EOG to invest more time and cash into this?
EOG in a subsequent RNS talked about this opening up the opportunity of discussion with DECC and I wonder how that’s going. As in recent Barryroe RNSs it is clear that DECC would not meet or discuss the Barryroe LU with any director or executive although they (DECC) say they had. Apparently there was no communication at all between the parties between the LU submission and now. 2 plus years !! Talk about dereliction of duty.
What happens after Jan ‘24, in terms of licence conditions, and how will any consent to, say, do an EIA or a seabed survey, let alone drill be achieved given the year plus for B’Roe to get the simple consent for the former and never get the latter as the licence was cancelled.
My belief is that while Ryan is there it’s not worth the effort. This could change with the next election however.
There’s discussions here of selling certain assets which generate cash. This seems to me to be an idea that will finish EOG off.
All IMHO. Best of luck from an ex shareholder. 😀
Let’s hope we get some news on drill soon
Indeed it would be a game changer for eog
20% of 1.5 tcf gas would be a complete game changer for pretty well anyone!
I've communicated this to WH.:Just get a deal done!
20% of 1.5 tcf gas is a complete game changer for us.
In the past it’s been the Majors interested in these licences. We never found out what percentage we were being offered in 2019 by the Major for Inishkea, but free carries don’t come cheap on this type of drill cost. DNO for Edge (next door) did a 20/80% deal with CNOC before the Irish Gov messed them up as well. Still even 20% of a successful Inishkea is massive to EOG.