Member Info for bobbybee

Posted by Manyana on the LOGP board.

https://www.irishtimes.com/business/2024/10/16/lobby-group-calls-for-dedicated-energy-minister/

From the homepage.

(Alliance News) - The taoiseach has said he will not engage in speculation on an Irish election date through the media after his coalition partner Roderic O'Gorman told reporters it should be held on November 29.

Paul Haywood from Antler Global was also there by the look of it from this mornings photos.

If WH does manage to get a deal over the line with EQ every share holder here deserves to do well, because it’s been a long hard slog.

Hopefully better times soon approaching.

Https://drillordrop.com/2024/10/16/campaigner-warns-of-legal-challenge-over-expansion-of-north-lincs-oil-and-gas-site/

VL. From memory BGF also took part in the 6p placing. Since I’ve been here there’s been placings at 9p,6p,3p and 1.8p

Good find donalb, probably what most of us suspected but nice to see it in print.

Quite interesting re:Cloughton.

Not a publication I’m familiar with but shows the value it could create.

https://www.thecanary.co/long-read/2024/10/03/fracking-europa-scarborough/

Posted Tommy241 on the other board.

https://energychamber.org/the-after-exxon-begins-new-oil-and-gas-chapter-for-equatorial-guinea/

Under the terms of the Subscription, Europa shall pay to Antler aggregate consideration of US$3 million, payable in four instalments, with the first being shortly following entering into the Subscription agreement and the final in October 2024.

From the Dec 23 RNS

Quite interesting from PRD as well.

The informed narrative in relation to the "Energy Crisis" and the dawning of the practical realisation that net zero CO2 emissions cannot be achieved without a period of transition has resulted in an increased willingness to invest in the hydrocarbon sector in 2024 and has increased the number and value of acquisitions and mergers.

Valuation

Total NAV 19.5p/shr We consider the current share price of Europa (0.95p/shr) to be more than underpinned by the risked NPV10 of its stake in Wressle alone of 1.0p/shr (adjusting for cash and other corporate items). On top of this, we value Cloughton at 1.3p/shr, including a conservative 25% chance of success, and the three named Equatorial Guinean prospects at 11.2p/shr (at 35% CoS). The newly identified prospects and leads are worth 1.9p/shr, with Inishkea West at 4.2p/shr. These riskings account for both geological risks, as well as expected levels of dilution in farming down to finance exploration and appraisal activities. Should a partner (and finance) be secured on any one of these assets, we would expect a material derisking, and upgrade to our risked NAV. Our target price is set at 5p/shr, which is roughly the risked value of Wressle, plus just 25% of the exploration upside.

we therefore don’t expect concrete news before the end of the year.

wressle

the wressle partners were recently granted planning approval for the next stage of development, which includes two development wells and a gas monetisation solution for the gassy *****tone flags reservoir horizon. this leaves just environmental agency approval as the final permit required to commence work, which is anticipated to follow in the coming months. having added a jet pump to enhance production levels in late 2023, this phase of development will see the site extended by a small amount (36%), with two new development wells drilled back-to-back from mid next year. there will be space for a third well to be drilled in the future as a water injector. new production facilities, including separator systems and gas processing equipment, will be installed, as well as a 600m underground gas pipeline linking the field to the national grid. these operations are expected to add around 800 boepd (gross), or c.250 boepd net to eog. meanwhile, the field continues to produce ahead of expectations, with average production during q1 around 375 bopd (gross, c.112 bopd net to eog).

cloughton

alongside the applications at wressle, europa has also lodged an application to drill an appraisal well on the cloughton gas field in north yorkshire. this well will target the relatively large structure, which was discovered by a well in 1986 that tested 28,000 scf/d under natural flow. though this was clearly deemed uncommercial at the time, europa believes that now, with correct completion and production optimisation techniques (including a proppant squeeze), rates of up to 6 mmscf/d are possible. volumetric estimates puts total gas in place at 192 bcf (pmean), which would overtake salfleetby (114 bcf giip) as the country’s largest onshore gas field. europa has identified a suitable site for an appraisal well designed to test the reservoir response to modern drilling and completion techniques. this will be included in a planning application to the local council, which is expected to be lodged by the end of november. these plans may attract a degree of local opposition, however given that this is conventional gas field which once developed would have a low profile europa is confident that approval will be forthcoming. furthermore, with low carbon-intensity domestic gas likely to be fundamental to the country meeting its green targets, improved messaging from the industry and state could help swing public opinion, and potentially government policy.

Equatorial Guinea

Europa recently completed additional technical analysis following its entry into Equatorial Guinea and the acquisition of the full geological dataset (including 3D seismic) covering block EG-08. This analysis not only saw two of the three named prospects upgraded in resource size and chance of success, but also identified a number of smaller follow-on prospects and leads which would be targeted during later stages of the block’s development. The primary target, Barracuda, has been upgraded from a 60-70% chance of success to 70%, with the Pmean resource estimate tweaked 2.5% upwards to 798 bcfe (gross). Cardinal and Arrowhead’s chances of success have also been resolved to the top end of the range (both also at 70%), with Arrowhead’s volumetrics increased by 23%, but Cardinal’s reduced by a similar amount. The Net result is a derisking of all three named prospects, and an overall 1% increase in recoverable resources. Figure 2: Resource table Source: Europa Oil & Gas The seismic analysis has also uncovered a number of prospects and leads in the northern half of the block (see Figure 1, above). These are slightly higher risk, although it should be noted that at a 40-50% chance of success is considerably lower risk than the global average for exploration (typically below 30%). The newly identified structures are also smaller, with the four lower risk prospects aggregating 344 bcfe and the two leads a combined 375 bcfe. All in, this new geotechnical work has resulted in a >50% increase in recoverable resources on the licence, to over 2Tcf gross recoverable. This additional scale and running room will work in Europa’s favour as it formally launches its partnering process. Coinciding with Europa’s opening of the data room, third party activity in Equatorial Guinea seems to be hotting up. In June, Chevron, alongside the National Oil Company GEPetrol, signed two new production sharing contracts for offshore blocks EG-06 and EG-11. These permits are situated on the opposite side of Bioko Island to EG-08 (close to the Nigerian border). The work programme associated with the licences has not been published, however press reports suggest a US$2bn commitment. This news was followed shortly after with reports that oil trader Trafigura had offered the Equatorial Guinea state a US$2bn financing facility, to help “relaunch oil activities in the country”. Meanwhile, to the south Trident Energy has recently kicked off a three well infill drilling campaign on Block G, following which the drillship will move to Block S to drill the 180 mmbbls Akeng deep exploration well for Kosmos.

This enhanced activity will undoubtedly help with levels of interest in Europa’s data room. The process is held behind closed doors, but we understand that a number of companies are currently actively in the room. Farm-in processes are notoriously hard to predict, however typically it takes a few months to complete technical and commercial due dilig

posted by tommy241 on the other board.

tennyson this morning:

“hotting up

europa oil & gas has formally opened a data room covering its equatorial guinean (eg) acreage as it seeks a farm-in partner to cover the costs of exploration drilling. since entering the licence by its purchase of a 42.9% stake in antler global ltd which holds the acreage, new geotechnical work has enlarged and de-risked the primary prospects, plus has uncovered a number of prospective follow-on exploration opportunities. in total the work has added over 50% to the estimated recoverable resource, now standing at >2tcf. with this in mind europa is confident of its chances of securing a partner for the licence, and has already had expressions of interest from companies, as well as cold calls, keen for access to the data room. meanwhile, third-party activity is hotting up in-country, with the likes of chevron, gepetrol and trader trafigura said to be investing billions of dollars into eg. as such, we believe that talks are likely to intensify over the coming months, with a deal possibly announced early into 2025. the assets onshore uk continue to provide good levels of cash flow, and planning permission has just been granted for wressle’s next stage of development. this includes a new well into the gassier *****tone flags horizon, which is expected to more than double output from the field. we consider the value of wressle alone to more than underpin the current enterprise value, and any progress with eg, cloughton or ireland should see the share price re-rate. with lots of action expected over the next few quarters, we expect interest in the stock to increase substantially. accordingly, we re-iterate our buy recommendation with an updated target price of 5p/shr.”

Https://www.europaoil.com/wp-content/uploads/2024/09/Burniston-A4-flyer-LO-RES.pdf

Forgot to add link yesterday.

Around 192 bcf.

EOG has 40% share.

Https://twitter.com/Europaoilandgas/status/1836404719767417322?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet

Https://youtu.be/YzAAzgBnHuA?si=OybGcHGlF8A-pmUh

Trouble is at what price?