Listen to our latest Investing Matters Podcast episode 'Uncovering opportunities with investment trusts' with The AIC's Richard Stone here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
"Focused on opportunistic European gas acquisitions"
https://www.vermilionenergy.com//wp-content/uploads/2023/01/Vermilion-Energy-Corporate-Presentation-February-2024.pdf
It doesn’t get much more opportunistic than 1p per share to buy us out, we are so vulnerable to a lowball takeover at this price
Agree very vulnerable to a takeover
I’ll top up if it drops below 1p on Thursday got some funds then
Page 21 ( https://www.vermilionenergy.com//wp-content/uploads/2023/01/Vermilion-Energy-Corporate-Presentation-February-2024.pdf ) does make interesting reading, thanks for posting the link VernetLes.
BW
from todays ujo rns
in the uk, we have planned programmes, which include the drilling and development of the *****tone flags formation, containing material gas reserves on our flagship wressle development.
It's all very well having a "planned program" for Penystone but Bramhill failed to mention that Egdon missed their own January target for submitting a planning application. nothing can happen until they have planning and all the permits, H2 2025 perhaps? Egdon has been due to drill Keddington (an EDR/UJO jv) "this year" for the last 3 years - now supposedly 2024, Kedd has planning and all permits! So one has question the competence of Egdon, they talk a good game but have only delivered on Wressle.
Wraith ,thanks for link yes interesting read
Itsawrap agree but recent news and plans bodes well for rest of year imho
Itsawrap. You are perfectly correct in your assessment of Egdon now taken over by HEYCO. My belief is that HEYCO provide confidential information about development progress on each site to both EOG and UJO but it is severely censored and redacted and it is only the "good news" or palatable news that is transferred to the shareholders via RNS's with caveats such as - possible, likely, may, provisional, and reading between the lines it is just more of the "over the rainbow" wishful speak we get told every year about HEYCO's plans for each site. HEYCO have never met a planned date yet and you can at least treble the timescales to complete any of their projects and some planned dates just dissappear and fall away each year, like Ked and Bisc. It is truly a shambles and I can fully understand why DB and WH are scrabbling around the world for extremly risky and relatively expensive tit-bits that have been left behind by the big boys! What a way to run a business?
Worth scrabbling for though isn’t it
History of other small oil companies doing exactly the same is not good at all. The directors throwing more and more money, garnered from the shareholders via massive rights issues, at the risky exploits didn't work either and they ended up in bankruptcy. Both the PRIVATE companies Reach (UJO partner in USA) and Antler Global (EOG partner in EG) will do very well out of their selling of these extremely risky assets that no other companies with many years of experience behind them in these areas would touch. It is easy to spend money on these risky adventures when it isn't your own. Has anyone considered the overall full life costs, including decide commissioning. They need to be extremely cautious in what they are getting involved in.
Decommissioning costs? Wow you must be confident on the quality of the asset if you are already thinking about that!
I think Hydras is trying to point out that you need to consider the project as a whole. Afterall, any company who will farm in will consider all aspects in their spreadsheet when assessing the deal.
Re HYDRAs
I think the tit bits you refer to are DD double D tit bits and well worth a look
Treasures. As you are well aware it is ifs, buts and maybes all the time. Nothing concrete or sure as it is all chasing expensive rainbows around the world with shareholders money. Nothing on Wressle performance as rumours suggest water cut is increasingly rapidly and no approved plans in place to drill the other wells, all talk. Doubt if Wressle will be drilled this year now. What a let down HEYCO are, trying to manipulate the sp of EOG and UJO so they can buy them on the cheap. Typical USA style company tactics.
@Hydra - I agree with you about being suspicious about Heyco’s motives on Wressle development timescales - but why does the extent of the watercut concern you as from what I understand there are contingencies in place to manage this?
So you see no value in the assets or the BOD but as a shareholder you must believe the shares represent good value. Are you waiting for a takeover ?
Will Holland has signalled he wants Europa to follow a high growth agenda which imv does not involve Wessle. In my view we will sell out or sell down our share overtime to free up funds for higher risk reward opportunities like EG.
15.01.24 "...Wressle-1 well's gross production is currently averaging 665 barrels of oil per day, as the Operator, Egdon Resources U.K. Limited, continues to evaluate the reservoir response to increased pump rates."
Are we likely to have another production update or is that it from Egdon?
I don’t get how EOG Board would expect to take the company forward if it sold its Wressle stake. Any idea what it’s worth?
As I’ve said before I think there’s no chance in converting the Irish Inishkea licence into a well unless Ryan and co are booted out. That’s not until mid ‘25 I believe. If it is ever granted Lansdowne will have a field day in terms of their court case.
All in all a basket case as far as I’m concerned.
I think valuing Wressle would be very tricky as there are so many variables, eg the water cut which is increasing significantly. Meanwhile Heyco/EDR has yet to submit the planning application for extending the site, more drilling and a 600m pipeline. Their provisional "Target date for NLC to determine planning application" is 30.04.24 but they have yet to submit it. If EOG is considering selling Wressle (which I very much doubt), they would surely wait for planning to be in the bag to get a better price.
They have a new CPR to base a valuation on.
Green party Ireland is polling 2 or 3%. GE probably late Autumn. The right noises from the mainstream parties this summer and IW farm out chances improve massively.
Yes there is a new CPR, but if P2 & P3 were especially relevant, Heyco would have paid a lot more for Egdon. imo CPR's and promises of drilling this or that are not solid investment criteria, it's what's coming out of the ground that counts, not unicorns and rainbows.