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I’m not a shorter- I’m a realist.
All the things you list are being done by UPL to persuade Petros that they’ve a good plan and know what they’re doing. Only then will Petros award whatever it is that allows ops to start. UPL won’t contract a rig or order long lead items until that happens.
I want this to happen as much as anyone and am only trying to set out the risks.
UPL don’t own the asset - they don’t yet have any rights to do zilch except work with Petros to get a PSC sorted out. I would imagine there are many others looking at this interesting play and opportunity.
Petros is the govt agency set up between Malaysia and Sarawak in 2017 or 2018 to look at / develop / monetise the O&G opportunities here. The ‘asset’ is owned and always will be owned by the government(s).
So like most other worldwide licensing deals UPL have to prove to Petros that their plan is worthy of a PSC award. Thereafter, if successful, they will be able to explore and hopefully develop it under an agreed work plan.
If Petros don’t agree to their plans then it’s all change and that’s a threat to UPL’s status. Hope not.
Worth reading all the Sarawak RNS since 2017 and realise that in fact UPL still don’t have any right to put a rig on location. It’s all at their financial risk.
Best of luck everyone.
I’m with you. I hope the bigger shareholders and the majority of the smaller ones kick this into touch. It’s a crap deal which only gives LG anything of worth.
As far as I’m aware a licence, once rescinded, cannot be brought back to life.
Watch this space.
Bubble. I appreciate that the judicial review has put islanmagee gas storage back on the map which is good. However the maximum storage in the 7 caverns is only 500 million cubic meters. (m3).
Ireland used 5 billion m3 of gas in 2022 and the UK 72 billion m3. The total UK gas storage can provide 12 days of supply (Centrica says) and this reduces to 7 days, I think, in winter. Where you get your figure ref able to supply 1/3 of UK and Ireland is a mystery to me. It’s also in Northern Ireland just outside Larne and will probably be filled from the UK interconnector. Why would the UK give any to Ireland??
Corrib can’t supply any gas storage as there are
no gas storage facilities in the south and it’s depleting anyway.
It would be great if inishkea did come on stream but again I doubt it will. Maybe once the present Ryan etc stranglehold is gone at next GE - maybe.
It’s also worth considering timing for any future gas storage. My experience on Aldborough gas storage wells on UK east coast is one of complexity and high costs. The well designs look simple but are not and it took 18 months to leach out the salt below what we would call the production casing, set just above or into the salt (can’t remember) before any gas could be injected. So project time - drill to storage - is a couple of years. Well maintenance is also difficult and if you get it wrong then ‘boom’. Look at well histories in the US.
Ireland has its head in the sand in terms of energy strategy.
IMHO I think you are all dreaming.
Ryan basically states, at the same time that the LNG project was refused, that there is no place for gas in Ireland and all efforts will concentrate on wind etc.
I don’t think that the inishkea well has any chance of ever been given consent.
My opinion.
I’ll stick by my post and opinion of 27 August. God knows what the previous boards did as it appears to be no different to now except you have the same or less SP and more production.
Not really following it anymore but purely because I’ve always thought of it as a great opportunity for a more compact, private, group, to make it a goer I’m back again. Seems though it’s just drifting onto the sandbanks with little strategy.
Someone please shake it up a bit.
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.
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. 😀
Ireland is a truly terrible place to do business presently. The messed up three party coalition, especially with Ryan at the Energy helm, is a disaster.
They are walking blindly into a multiple pile-up in terms of housing, health, energy, homeless and the huge influx from the war.
Coupled with the fact that the personal tax rates are daylight robbery. I don’t know how the man on the street survives.