Member Info for bobbybee

Posted by likeawalrus on the other board.

hTTps://www.gov.uk/government/publications/dn15-0db-egdon-resources-uk-limited-environmental-permit-issued-eprab3609xxv006

thanks to Lee

The operator has identified a private off-taker that’s capable of receiving up to 1.75MWe from the Wressle 1 site.The operator is proposing to install and operate a gas engine capable of meeting the third party business’ demand. The operator is also intending that the MCP/SG will meet the future power demand of the Wressle site. Increased site demand is anticipated once formation pressure falls, and mechanical lifting is required.

Good find donalb

Ireland has taken us by surprise. We remain cautiously optimistic that we potentially have a partner for Corrib South in the event a successor authorisation is awarded. There is no guarantee that the conclusion of the GSRO DECC process would necessarily result in a positive outcome for the Company. Corrib South is a quality exploration asset adjacent to the Corrib gas field infrastructure and was formerly held by Shell under a Reserve Licence authorisation."

I'm guessing also with Inishkea there's always the option of litigation. Worth keeping an eye on LOGP.

Neither do I Serif, at the moment I think most would be happy with 2-3p.

From the December 2023 Tennyson report.

Applying substantial discounts to reflect the risks and dilutive effect of farming down the asset in return for drilling and development finance, we calculate a risked NPV10 of the EG assets of US$70m net to EOG, equivalent to 5.67p/shr. Illustrating the scale of the upside unrisked this rises above US$350m (28p/shr). Aside from the value implications, we see this move as a statement of intent from Europa, shrewdly deploying its cash at an opportunistic time, where equity finance for small projects is hard to find but the industry starting to show signs of renewed appetite for reserve replacement opportunities. We have updated our NAV table, calculating a sum of parts derived risked Core NAV of 3.76p/shr (discovered resources only) and a risked Total NAV 15.83p/shr. Our updated Target price of 4.97p/shr offers almost 5x upside from the current share price.

Countryfile posted by TonyPeters on the UJO board.

Starts around 9 mins….Wressle 16mins

https://www.bbc.co.uk/iplayer/episode/m001vnby/countryfile-newport

Caesar, you may find this useful.

https://youtu.be/m7S0-AgItdM?si=5a2WnSfl0CP2bUAJ

Where the price goes with a farm in is anyone's guess. Most of us think we're incredibly undervalued now but unfortunately sentiment is currently very poor for us and the sector.

WA(company founder) did however increase his holding last week quite significantly and Directors have recently bought. We do however seem to have a persistent seller.

From Malcy’s blog.

A little bit at the end also regarding EG.

Europa has announced that the 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.

Europa holds a 30% economic interest in PEDL180/182.

Further to the Company’s announcement of 11 January 2023, Europa confirms that its free cash flow (pre-capex) for 2023 is expected to be approximately £0.8 million and, as at 30 November 2023, the Company’s cash position was £4.26 million. The lower than forecasted full year free cashflow was primarily due to delayed 2023 Wressle development activities which reduced revenue receipts for the 2023 calendar year but equally resulted in materially lower capital expenditure than originally forecasted. The Company has sufficient funds to cover its forecast capital and operational requirements for 2024.

Will Holland, Chief Executive Officer of Europa, said:

“As we announced at the end of last year, our engineers are closely monitoring the W1 well and are optimising the jet pump rate to maximise oil recovery and value from the well. This remains a dynamic process and we may decide to increase pump rates further as the well performance continues to be assessed.”

The same announcement pretty much from Europa but they, whilst appreciating the good news from Wressle, are keen to point out that there is more to the company and that they have sufficient funds to cover investment and developments in Equatorial Guinea at the end of last year.

Expansion away from both Wressle and indeed the UK onshore is very wise policy and shareholders should appreciate what Will Holland and his team are up to. If EG works as soon as this year and I believe that it will, it will soon show signs of rewarding the investment they have made.

Didn’t WH once say the Egdon deal valued our share of Wressle at 2.6p.

Https://youtu.be/AyPMf02tCP8?si=IxGuRW5OyZMp9MvW

Posted by Tommy241 on the other board.

Some research this evening on the new prospect at Equatorial Guinea, feel free to share…

UK and ROI should take note to Equatorial Guinea’s approach to monetising their natural resources:

Https://oilreviewafrica.com/gas/gas/equatorial-guinea-is-looking-towards-major-milestones-starting-2024-believes-minister-of-mines-and-hydrocarbons

Equatorial Guinea’s new Hydrocarbons minister:

Https://newbusinessethiopia.com/oil-gas/opec-chief-to-drive-upstream-investment-in-equatorial-guinea

Canadian oil and gas company Africa Oil Corp. enters into Equatorial Guinea (Feb 23’):

Https://www.offshore-energy.biz/two-highly-prospective-offshore-blocks-open-doors-to-equatorial-guinea-for-canadian-player/

Update on Africa Oil Corp farm out (November 23):

Https://www.upstreamonline.com/exploration/-staggering-industry-interest-in-west-africa-exploration-block-close-to-lng-plant/2-1-1560295

Further area info:

Https://www.reuters.com/markets/deals/marathon-oil-enters-lng-deal-with-glencore-alba-gas-2023-10-16/

“The comments I have made above for UJO apply to Europa just as much and the discount to potential NAV indicates a highly attractive risk reward proposition and there is much more to EOG than just this onshore part of the portfolio.

But for those other parts that I dealt with in the last RNS from Europa the news today is without doubt the icing on the cake. With the changes that the CPR makes that add the value I mentioned above the guidance appears to be that revenue from Wressle will more than cover ‘ any capital requirements across the portfolio’ and the company brokers imply a current enterprise value of just $9m today.

This should make for happy reading for Europa shareholders and with a really decent addition today to the portfolio which has upside in a number of areas the shares are also phenomenally cheap, the risk/reward proposition as I said is excellent.A presentation with further details can be found on the Company’s website.

In addition, the Company is holding a webcast for retail investors tomorrow, Wednesday, 3 January 2024 at 2.30 p.m. (GMT). The presentation will be hosted on the Investor Meet Company (“IMC”) platform and is open to all existing and potential shareholders. Questions can be submitted pre-event via your IMC dashboard up until 9.00 a.m. the day before the meeting or at any time during the live presentation. Investors can signup for free and add to meet Europa via: Https://www.investormeetcompany.com/europa-oil-gasholdings-plc/register-investor

I looking forward to the IMC presentation at 2.30 tomorrow which I will be on primarily to hear chapter and verse on the recent EG asset I mentioned above. The new asset has a huge amount of upside and the broker report I mentioned sees all the upside there.”

Https://www.malcysblog.com/2024/01/oil-price-dec-union-jack-europa/

Https://www.malcysblog.com/2024/01/oil-price-dec-union-jack-europa/

Https://youtu.be/gz0O_DMrvsA?si=6XNJfVzDTmoDTeRT

tennyson

“europa oil & gas (eog ln) has announced a 263% increase in recoverable 2p reserves at its flagship wressle field, onshore the uk. the report dated 31 december 2023 estimates that the ashover grit and wingfield flags horizons contain a remaining 490 kbbls (vs 655 kbbls at the previous 2016 audit, since which 504 kbbls have been produced). this represents an impressive 59% upgrade to the original estimated ultimate recoverable figure. more significant to the headline numbers, however, the auditor has also upgraded the 2c resources within the *****tone flags horizons to 2p reserves, adding 1.883 mmboe to the reserve base. note that these numbers are all gross, and with europa holding a 30% stake in the asset represent a net 2p reserve base of 0.712 mmboe across the two key reservoir horizons. today’s news comes as no real surprise, given that the production data from the field was clearly showing a quality asset that was not on the verge of depletion, however the audit is comforting in that there is clearly plenty of life left in the asset still. the next key events for the field will be the approvals required for the next two production wells on the field, the first of which targeting the 1.9 mmboe *****tone flags horizon. planning approvals for this are expected in q2 this year.”

Https://www.proactiveinvestors.co.uk/companies/news/1036924/more-small-cap-oil-and-gas-stocks-to-watch-in-2024-part-two-1036924.html

Https://twitter.com/europaoilandgas/status/1740305763304697870?s=46&t=yb4bY8lQ32WiMrlMFx8_yQ

Https://www.offshore-energy.biz/uk-oil-gas-firm-buys-into-license-off-equatorial-guinea-in-potentially-transformational-deal/

Https://www.proactiveinvestors.co.uk/companies/news/1037010/interview-with-europa-oil-gas-ceo-william-holland-on-its-acquisition-and-strategic-vision-1037010.html?rel=scroll

Naturally this project is very early stage, and despite the confident geological chances of success of 60-70% per project, and low economic threshold of 38 mmboe, we have applied a cautious 20% risking in calculating our Total NAV. This values the three prospects at US$70m risked, or 5.67p/shr. Our risking allows headroom to add substantial value as the project passes major milestones, such as the securing of drilling finance, successful drilling, project sanction etc. Including assets elsewhere across Europa’s portfolio (onshore UK, Serenity, Inishkea West) we calculate a Core NAV of 3.76p/shr (which includes discovered resources and corporate items only) and a Total NAV (i.e. including exploration) of 15.83p/shr. Reflecting the current state of the equity markets, our Target Price of 4.97p/shr is set at Core NAV, plus just 10% of the (already risked) exploration NAV. Finally it is worth adding a short comment on what will remain the company’s most important asset (for now at least). At the time of the latest announcement, the Wressle field was flowing at rates equivalent to c.205 bopd net to Europa. At current oil prices, we estimate that this will generate in the region of US$3.5-4m of operating cash flow, which more than covers any capital requirements that the company has elsewhere across the portfolio. We estimate that, following the US$3m investment, Europa will still have over US$3m cash remaining on the balance sheet (debt free), implying a current enterprise value of just US$9m today.”