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https://drillordrop.com/2023/04/17/councillors-vote-for-new-lincolnshire-oil-site/
“ Planners’ views
IGas has argued that there is a “demonstrable need for oil in the UK”. It said developments like the new Glentworth site would increase energy security, bring new employment and generate tax revenue and business rates.
The planners said the proposal reflected government objectives of encouraging the recovery of indigenous oil supplies. They said:
“This proposal would therefore make a contribution towards meeting current and ongoing needs whilst the UK transitions towards a low carbon future.”
On climate change, the planners said:
“the Committee must apply planning policy as it currently stands and not on the basis of what those opposing the application for climate change reasons interpret the Government’s position to be.”
On landscape, council planners concluded:
“although this development would give rise to some adverse impacts on the visual appearance of the area during the earlier phases of development, the development is entirely reversible in nature and, following the construction, Page 66 testing and production period, the site can be decommissioned and fully restored to an after-use that would be appropriate and assimilate well into the wider landscape.”
On traffic, the planners said if changes to the lorry route were agreed, the road network would be appropriate and “ensure that this proposal would not result in a severe and unacceptable impact on highway safety”. They recommended a designated route that prevented lorries using the part of Northlands Road that runs east from the site entrance towards Northlands Road.
On noise, the planners said drilling noise at the nearest homes would be within levels set by national planning policy and would “not result in an unacceptable harm to residential amenity”.
On wildlife, they said objections about insufficient information on improvements to biodiversity were not enough to reuse the application.”
Most neighbours' complaints are due to the road conditions, and I cannot agree more. IGas or the council should adapt the access roads and make them wider or provide a direct route that avoids traffic through Glentworth.
Agenda: Planning and Regulation Committee - Monday, 17th April, 2023 10.30 am
https://lincolnshire.moderngov.co.uk/ieListDocuments.aspx?CId=138&MId=7456&Ver=4
"Proposals by IGas for a new hydrocarbon site in Lincolnshire have been backed by county council planners, despite local opposition and official concerns about road safety."
https://drillordrop.com/2023/04/11/planners-back-new-oil-site-in-lincolnshire/#more-99002
- Sounds like someone is clutching at straws to try to stop progress. Thankfully, they are now failing!
Does this miles5 person really believe in eu "joy"? I know he doesn't know his history but really?
Europe is communism, GB's going that way too with 15 minute cities and no cash allowed just credits depending on your carbon score.
We in the west are in the same boat whether we like each other or not and its one that's holed in the side with a torpedo heading its way for good measure.
Well, cats out of the bag, I guess.
OPEC cuts - I admit I was expecting this.
It's probably b/c of Saudi Arabia's lack of oil...
All ad-hominems nd no substance from some people.
They can be safely ignored and blocked!
pasajerodeltoro: We are all impatiently waiting for you to depart elsewhere together with your toxic views and fundamentally flawed technical ideas.. honestly, it cannot come any sooner. Not Spain for you tho mate... you voted for Brexit, you're stuck on this dump of an island together with pawnsacrifice, another ultimate creature and your lot get no EU joy. Do enjoy the Falklands or Myanmar!!!! #RuleBritannia #BritanniaMasterofTheDump
Gainsborough needs to be sorted out before there is real progress that leads to profits, imho.
Currently, the green energy argument doesn't hold water b/c the establishment is willing to use coal as a backup.
However, the anti-ff agenda will probably lead to them demolishing the last coal power stations in the UK.
When they are done with that, these self-destructive numbskulls will target gas power stations.
CCP-made nuclear just isn't feasible in a short timeframe when there are also many anti-nuke nimbys.
If the gas power grid goes down, parts of the country will be uninhabitable in winter,
and the only option for those who can't afford renewable-powered heat pumps would be mass migration!
I know where I will be going...
Costa del Sol !!!
Mark Costar, manager of the JOHCM UK Growth Strategy fund on IGAS:
‘It trades below the value of its tax losses, let alone its profitable producing assets,’ he said.
Costar was confident the company’s geothermal portfolio would drive significant growth.
‘It’s got the UK’s largest geothermal portfolio out there,’ he said.
While we have somebody that listens to the minority of people that are against shale gas bring back Liz we need a new industry!
What funding are you talking about? They have the RBL, they may want to issue some specific debt for a project, not for the company, so it does not affect the RBL. 16% of the H1 production is hedged at great prices, and Brent is not going back to 80$. You talk about the financing like the company needs a PP to keep the operation going.
Since its evening and igas is looking poorly sp wise anyway.
Miles5 and the rest of the Nato lovers.
A complete and concise explanation from U.S naval sources on how your buddies from the naval capts all the way up to the US President openly lied about Tonkin in order to start the Vietnam war and butcher/gas/napalm over 3 million people there.
You really seem to have no idea just how evil the people are you've thrown your hat in with and the blood on your hands by doing so..
https://www.usni.org/magazines/naval-history-magazine/2008/february/truth-about-tonkin
I sold in the high 20's and for a loss. Not the companies fault. fracking was a lot of the business.
These figures look dire and the cash is not enough. A funding round of some form is needed. The future would then look bright. I plan to buy back in but no rush until new funding is complete. Nearly halved since I sold and this
52 Week High 110.50
52 Week High Date 08-Sep-2022
52 Week Low 15.00
52 Week Low Date 30-Mar-2023
is a falling knife with another 52 week low. 90 per cent loss on the year might be near the lows and all holders must be looking at a growing and heavy loss...unless you bought today. One to watch.
Cost of living in Gainsborough?
1. Area is already poor and deprived.
2. Power stations decommissioned, replaced with insufficient renewable sources, at great capital costs.
3. Migrants set to be dumped there, eventually increasing power demands on the systems of generation.
The area around RAF Scampton is already poor and is now earmarked
for a migrant concentration camp for 2000 illegal migrants.
How many more is the govt planning to dump there..?
They were going to spend £300m in regeneration of the area.
I think they are planning to dump much more migrants there
& this will put financial strain on the locals who will have to
pay to house these migrants via council tax.
"One area in Gainsborough was ranked the 24th most
deprived out of 32,844 neighbourhoods across the UK."
https://www.lincolnshirelive.co.uk/news/local-news/what-its-really-like-live-3454420
"Residents neighbouring an RAF base which is expected
to be used to house migrants have said they “don’t feel secure”
and feel they are “nothing” to the Government."
https://www.irishnews.com/news/uknews/2023/03/29/news/raf_scampton_residents_raise_safety_concerns_over_government_s_migrants_plan-3172233/
OPEX still crazy high and rising, and it seems there is little they are doing to lower them. For an onshore operation, $41/bbl is super expensive, they must find ways to reduce it. Most of 2023 Cashflow will be gone un ARO and CAPEX. Good hedges for H1 2023 and the mandatory hedging will allow them to wait for prices to recover. I liked the words from the interim CEO. The lack of a leader is also troubling, but he seems to be commited to drive the company in the right direction.
Let's see what announcements are done today in the Energy Security Day.
Revenue for 2022 is high but LT provisions are also, cancelling out the benefits of increased profits.
If only they could turn the PEDLs blocked by the moratorium back into assets...
I think the only way for planning permits to be reinstated would be if Gainsborough
were uninhabited due to lack of power thanks to anti-gas, anti-coal activists;
dismal wind-power & solar performances.
https://thelincolnite.co.uk/2023/03/solar-lincolnshire-seven-major-farms-in-the-pipeline-but-theres-opposition/
https://www.msn.com/en-gb/money/other/huge-onshore-wind-turbines-taller-than-dock-tower-planned/ar-AA18PHoN
Better find out what the electricity prices are in the area.
Maybe prices will be unaffordable for locals..?
Excerpt from RNS:
A net impairment reversal was recognised on oil and gas assets in the year of £0.03 million (2021: Nil). An impairment reversal of £10.5 million was recorded in the South Cash Generating Unit (CGU) as a result of higher commodity prices. In the North CGU, an impairment charge of £8.9 million was recognised due to the increase in discount rates, higher operating costs and the impact of the Energy Profit Levy. We impaired £1.5 million of past costs on our Lybster licence as these are not expected to be recovered in any future development of the site. We are currently reviewing development options for this asset. Exploration and evaluation assets of £30.0 million were also written off during the year which included £6.0 million related to PEDL 184 following the rejection of planning consent on appeal for a well test of the Ellesmere Port-1 well and £23.8 million related to PEDLs 12, 139, 140, 169 and 210 in our core Gainsborough Trough area, following the reimposition of the moratorium on hydraulic fracturing for shale gas by the UK Government in October 2022.
all th3 figures are looking good debt significantly reduced
Looking to seek finance, rename of the company to star energy?
@pasajerodeltoro. Thats one cool username.
I read your posts with the upmost of interest.
The World economic theatre has certainly found itself with a bit of a problem. We need high interest rates to calm inflation and yet our financial institutions are highly vulnerable to the stronger bond markets as seen with the recent bank bailouts. Whats just as concerning is the over exposed hedge funds.
The relationship between Russia and China looks pretty cosy. Why would China want to stop the Ukraine war ?. The answer is that China has no intention of stopping the war in Ukraine because essentially its growth forecasts are based upon on cheap oil and gas from Russia.
As cynical as it sounds, I believe its the agenda of China and Russia to keep placing inflationary economic conditions on the weakened West. I am by no means a conspiracy theorest. I do have a degree in economics however.
We are imop in a economic episode not seen since the 1930s. My worry is World War normally follows economic crashes . I might sound depressed an yes my girlfriend was definitely happy with me yesterday but what we are witnessing is fascinating.
There you go...
https://www.britishbulls.com/SignalPage.aspx?lang=en&Ticker=IGAS.L
...are dropping thanks to the banking contagion situation.
I think this is going to drop by quite a bit, so prepare yourselves accordingly.
Any chance of some more share dilution, you think?
With interest rates up, it would look at lot more attractive for a
company to issue share warrants than to borrow money.
But, I think they should only do that in a major way
if they can recover their finances at some point from contracts signed.
Warrants are usually issued for share capital reorganisation.
For example, share capital could be converted into a dividend reserve.
Then, the company could issue scrip dividends aka 'bonus issues' at a later date.
These shares would only be issued to current investors, thus rewarding long term holders.
Of course, there would be short term pain for this as the sp will fall more,
but it'll vastly improve investor confidence in the long run.
Lots of buyers at 17.30p. I am waiting for 14.75. I am also hoping to meet Nicole Kidman.