RE: Tax9 Jun 2023 09:46
kindly posted by tommy 241 on another board.
eog event 8th june
presentations by will holland (ceo), alastair stuart (coo), jamie mcgill (petroleum engineer).
* paul barrett was there and also malcy so perhaps a write up from him at some point.
* will opened by stating how undervalued eog are and used the edr offer as an example -valuing eog’s share of wressle at 2.6p (before further production etc).
* one investor commented on the team flow diagram appearing heavy, will replied with approx. half are consultants and the team eog have is both lean and minimum required.
wressle:
* 4 wells planned, 2 from existing pad (ashover and *****tone) and 2 from new pad.
* first two wells to be drilled back-to-back and possible for end of 23’ providing planning gets approved and gets a reasonable route through the system. pre applications are submitted.
* second well into ashover wont double production, however it will certainly improve it further and very economical.
* first 2 wells will come into production very fast as the infrastructure is in place.
* rig available, same one that drilled wressle-1.
* solution for gas ongoing.
* last stages of new cpr. eog to get first look in approx. 2 weeks, public release at some stage following this, approx. 1 month away?
serenity:
* i3e & eog in discussions with repsol sinopec to take project forward/monetise.
ireland:
* world class prospects with extremely attractive economics.
* will was asked why haven’t vermillion farmed in? farmout process ongoing and can’t say who’s involved.
* largest prospect 1 in 4/5 chance and smaller prospect is 1 in 3 chance, largest risk is top seal.
* vermillion could look to drill one of their corrib wells deeper, possibility of sharing rig costs with inishkea?
* new seismic being run and will be ready in approx. 1-2 months to assist with farmout.
* lobbying in ireland has been very positive, a lot of politicians have bought into the idea of inishkea. the sentiment in ireland appears to have changed, however some politicians don’t disclose their opinions in public, and some do: https://www.con-telegraph.ie/2023/06/07/dismay-as-e50m-mayo-gas-project-placed-in-jeopardy/
reading between the lines, there are multiple companies in the data room and an offer is expected, however time is ticking….
other ventures:
* ns licence rounds - government delayed results until q3/q4.
* attractive opportunity to acquire ns assets as large companies leave and smaller companies acquire.
* other areas/opportunities being looked at, however must fit a strict criteria.
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