Member Info for Adon30

Update from EOG

https://www.europaoil.com/operations/ireland/

Would be expecting Q1 production results within the next week.

Who was trying to vote out J. Kempster, J. Causgrove & L. Redziniak??

Someone (or a group) with 9-10m votes joined with disgruntled PI's in targeting these 3 but not the CEO or CFO....

They withheld for the CEO and actually voted for the CFO..... very interesting plotline as they were supporting the person who has resigned...

Romania output more than halved. Tunisia still steady as no improvements made.

Finances down to about a third of what they were a year ago. Mixture of lower prices and less output.

2022

o Romania - 379 boe/d

o Tunisia - 510 boe/d

2023 Q1

o Romania - 163 boe/d

o Tunisia - 528 boe/d

Surprised they are running away from their lifestyle salary.

Time to remove the rest of the board and the remuneration committee and get people in on performance related pay scale. This BOD have not earned a penny of what they have been paid.

Is this going to send the SP lower or will it be a fresh start??

Q1 2023 results due in next couple of days

Indi, only just seen your question. But those look correct to me.

Unless you looked at the 7th images which are cloudy?

All looking good. At least the weather is a big improvement from what it has been.

I have been watching that for a couple of weeks. Couldn't be bothered to post about it as others have the monopoly on this board now... Whether they are correct or not.

At the end of the day. It doesn't matter where it is. It will happen when it happens. Trust in your investment and the company will do the hard work for you.

DYOR :)

More trades today than there has been in the last fortnight!
At least the SP is back to JAs 6p ;)

Pad is looking a lot cleaner and equipment has been moved back into position. Hopefully flow testing and results in the next couple of weeks.

The stock they have bought back has not been cancelled. It is there for a ‘rainy day’ fund. They need all the cash at present to fund further drilling. Sidetrack being one of them.
Latest Tunisia rework of a 1980s well needs to be successful otherwise cash will be severely limited. Would help if the BOD didn’t take so much on their lifestyle salaries.

Agm is not online. The Q1 results presentation is at 11am after the agm.

It took them a year to get the rig last time and depends if their Tunisia partner is getting fed up of their lackadaisical approach to business.

The plan is….. there is no plan….

Pd, dav, Ash - sold half my holding when it was last in the 20s. The same though. I had written off the rest of my holding here and was only keeping as a possible tax loss. Same as daveri, I wasn’t prepared to invest any more even at these levels. I know some did manage to average down. Will see how it goes with Malaysia and the next drill.
At least there’s no rush to monetise kveikje short term now and get a short changed deal.
A lot now riding on the velocette drill. Was hoping that Copernicus was going to be the ‘one’ so we’ve all been there before….

Where is the delay? And who said it was this week? Only company guidance was Q2 2023. And they are on track for that.

The pics from last week still showed they had work to finish and then it will all need commissioning and signing off.

Why oh why couldn't he have sorted this before Blackrock took the SP into the doldrums.
Those who got pulled in by the last twitter 'pump and dump' should at least be able to exit today. And maybe some fresh investors looking at all the new posters today.
Where this goes next, who knows? But it should never have been this low in the first place.

"Immediately following the completion of the W-1 workover and artificial lift installation, the CTF 004 rig will move to the Sabria N-2 well to perform a workover to recomplete the well"

.....One month later.....

Rig actually moved several weeks ago!

Let's see how they get on with a well drilled in 1980 (N-2) as the one that was drilled in 1998 (W-1) was not very successful.
So much for my predicted extra production by early April. Maybe July before the first small leg up. So Q3 results (end of November) before we see any actual improvement based on company reporting.

https://twitter.com/ProspexEnergy/status/1651561063761031171?s=20

The license details which runs until 2027 is in the company reports, which I believe they have fulfilled, are as follows:
"In the Initial Period the work programme comprises 250 kilometres
of 2D seismic reprocessing and AVO analysis and the drilling of one
well to a minimum depth of 2,000 metres. Desk­top geological and
gas marketing studies will also be carried out. The Minimum
Exploration Commitment is US$3,458,000. "

Also worth remembering the tax in Morocco and bonuses
"The fiscal terms in Morocco are restricted to a 5% State royalty for
gas, applicable after the first 10.6 BCF of net production to the
operator, and corporation tax charged at 31%. However, there is a
10­year “holiday” before corporation tax will be charged and any
unused tax losses can be offset against the tax due. There are no
signature bonuses but production bonuses in the form of cash
payments exist with a maximum one­off payment of US$5,000,000
on production greater than 30,000 BOE/day. A discovery bonus of
US$1,000,000 is also payable. "

“This Royston-1X well test has delivered oil in the lowest reservoir, as predicted and although it did not flow to the surface, the deeper end of the column was always going to be more of an information seeking exercise than anything else.

With a further four more tests in shallower sand intervals and to be done with a service rig allowing the drilling rig to move to the Cascadura C location ready for drilling in late May. Touchstone shares are still amongst the most attractive in the sector, with the excitement at Cascadura yet to come I am supremely confident that TXP should be amongst the best in the market.”

If you start long term production with the SV rig then it is stuck there. Its job is to drill. Better to move it to Casc and perform what it does best.
If the lowest zone had produced then I guess they would have continued flow testing the lower zone with the SV rig until the Casc C pad was ready. As it is non commercial we now have a delay until that happens.