Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Serif, I would expect the Wressle flow rates to steadily decline from 600 bpd through February and March to around 500 bpd at best and April again drop to approx 450 bpd as predicted by the GC report which has proven to be fairly accurate to date. So WH ought to get his skates on as the spare cash for future development will soon disappear. Another source of income is desperately needed to keep the company afloat. I don't see anything else on the horizon so Outlook is pretty dire and needs urgent attention!!
Time they changed this board imho
@itsawrap. Interims are out later this month so we should see then how much free cash has been generated and get a forecast perhaps covering recent months since Wressle has started to flow again. If Wressle is back consistently above 600bopd it seems likely that at current OP of over $90 it should be healthy enough to fund development of all current projects and give us some spare - so let’s get on with it.
It seems all the revenue earned by Wressle, possibly in the order of 180 bpd, to give EOG an average income of about 180x75x30 $ = 400 $ per month, is near enough splurged on directors and employees astronomical wages, expenses for directors, HEYCO costs for work on site, renewal of licences, press adverts, etc. So that doesn't leave a lot for any future development work. If they want to develop the future of the company it will almost certainly mean more millions of shares issued at a price of around 0.7p as far as I can see. Ireland will not go anywhere and neither will EG. They must change direction to more certain oil and gas assets which are producing now or about to produce or form a merger with a large oiler with money to develop the fields that EOG have the rights to. WH needs to change his strategy otherwise EOG will be going nowhere with Wressle just paying the directors wages and vast expenses. Not good to look at, from outside the company.
Based on the Jan NSTA data for wressle 609bpd, Eog should be netting about $450k pm, add in our other small earners and that's over $500m pm currently, surely a re-rate is overdue?
We needed something to make us look busy??
How come Panoro Energy acquired their licence for free but we had to pay $3million for 42.9% of an 80% interest?
They have always talked a good job, those sort of people always do. They’ll take the money till they rise to the level of their incompetence and then pass the batten to a mate to milk it for what it’s worth.
unfortunately that’s the way it is.
I agree - took part in attempt to oust them but this undemocratic and absurd rule about not being able to use votes in a nominee account thwarted us- oil at over 90 bucks sp under 1p - wressle cash seeping away as the oil depletes and wage and expense bill is maintained - we just have to hope one of their projects pays off - last presentation was pretty good
Brilliant idea, we might actually get something back.
Let’s be really honest, we’ve been waiting bloody years. I’m even thinking maybe some Scottish poster who’s name escapes me was right that the company should have been put in the hands of an accountant and just paid shareholders a dividend?
Yes Les, Interims last April were on the 24th with this quote about Inishkea;-
'A farm-out process has begun which is expected to conclude by year end 2023, with the aim of bringing in a partner to assist with the drilling of the prospect.'
And we're still waiting.
Or ‘just one cornetto’ ! More likely.
Have no faith in this BOD.
Just one farm out needed.
Interims due soon
God knows? I just dream of seeing 3p one day and taking a 50% loss.
European junior Panoro Energy and the government of Equatorial Guinea have reached an agreement on the contractual terms and conditions for the award and exploitation of offshore oil and gas block EG-23
Interesting RNS out this morning from Union Jack Oil - OTC listing.
The share pric action over at UJO has been mystifying to me - they've had a string of reasonably positive RNS's and yet the SP continues to drift down. They also pay a dividend and buy back stock !!
I pulled us the chart for UJO and superimposed with Europa and shockingly Europa has significantly outperformed over 1 and 3 years even though our SP performance has been abysmal - can anyone explain that.
Or sell it onto shell or bp
Serif yes I think your right there
My pleasure. now I know what to look out for I will keep an eye on them. One caveat is that the NSTA does not indicate downtime if any, I believe it calculates bpd based as an average of the month regardless of any downtime
So Whisby looks the best of the bunch - on an average of 32bopd about 21bopd to EOG.
That makes the total production from assets other than Wressle about 38bopd. That’s a fair bit higher than I thought and at current OP still worth having in the background.
Thanks for all your research Itsawrap.
Exactly serif.. I've had enough of Inishkea being this. Then being that. To much waffle. I want to see a farmout. There is nothing stopping this now. So either europa deliver soon or just stop uploading nice graphics and say it ain't going to happen. Zzzzz
Looks like that one’s run out of road - unless they are doing something to it now. Probably worth asking WH what is happening there.
Whisby
Aug 28.6 bpd, Sep 28.1 bpd, Oct 33.7 bpd, Nov 29.1 bpd, Dec 36.9 bpd, Jan 35.9 bpd
Crosby Warren
Aug 6.1bpd, Sep 1.3bpd, Oct 5.1bpd, Nov/Dec/Jan zero