Member Info for Copper3

Sorry, had to see again what Egdon said on may 18...The operation is expected to be completed and optimum oil production achieved during June 2021.
The Wressle-1 well has been on 24 hour test production since late January with produced oil transported by road tanker to the Phillips 66 Humber refinery and sold under Egdon’s existing oil sales contract.
Production rates have continued to increase and have exceeded our expectations with high quality free flowing oil being produced and no water present. All data confirms the independent prediction that over 500 bopd will be achievable following the proppant squeeze. The well will continue operating on test production until the proppant squeeze operation is undertaken.

mid june

The statement from EDR said we should have results of squeeze mid july, but with proviso that if not successful a sidetrack may be required. ( thats a concern) Anyone know when the squeeze is taking place?

It really is a POO day with oil up and eog down. With oil up, the 120-130 bopd net eog must be producing must at least pay for costs and salary rises, Wressle thankfully is being managed by EDR, although they havn't been fully honest either, but we should be back to 1.8p next week,after squeeze, at least surely. EOG twitter page is saying yet again( yet again) 500 bopd is going to happen at wressle . I will see what other words of wit or wisdom S.O can utter .. Come on squeeze do your stuff soon.

Wressle was going to be sorted last November delayed to January 31st- misleading RNS then, only later admitting proppant squeeze still needed, now finally can we have good news,mabe before 17th.
As to Corrib, I note wholesale gas price in uk /europe is up to round 63 p therm, higher than last peak 2 years ago, -strange how demand seems to go up in hot weather, so there may become a greater commercial case for Corrib, they just need to convince on Mr Ryan on carbon capture.
I dont think Morrocco will have good news but hopefully I'm wrong on that.

Equinor may get $400m for 36.5 % interset in existing Corrib. Minister E Ryan stated Eire Energy review still ongoing when he announced temporary ban on LNG gas terminals., in mid May. So without any decision yet on Edge or Inniskea survey approval, EOG does not "own " Edge yet and so current value is zero. However if we finally get to end of Energy review , and they take into account Corrib will produce half peak output in 2025 and continue ro decline thereafter, so if Eire wants continuity of supply without continued import of gas, we may get the green light. It would be nice to see EOG retain at least 3.65% interest in Corrib( inniskea edge), after any farm out, so does that equate to $40m assuming it gives similar life ( extended life) to existing field.

Jefferies target 130p

From Video- wressle 100% oil -no water that's good, Pennistone is jewel in crown but well development need to start with ashover grit. No timesacle for pennistone, but at least its there. Just hope the I.E.A plan for no new wells after this year ( if UK accepts IEA plan, at Glasgow meeting -is that next year? ) does not apply to developing a differant formation in the same well... will a side track drill be required.? IEA plan same applies to Corrib, hence my point that EOG concentrate on that with carbon capture technology which to be fair has already been proposed in principle by Irish Offshore Association, and develop a plan to convince Mr. Ryan. Thats where the emphasis should be now rather than Morocco.

Thanks Rubey, perhaps i'll calm down and wait till early June to feel better about this share. I've seen numerous comments on "constrained production" which may be in the planning approval, but i've never seen it myself as a planning condition, and i've read the planning inspectors report a few times. If there is clear wording on this ?, Rubey or anyone please advise.... I believe Ashover grit has around 5 years life.

I am hoping for at least a temporary boost in share price by mid June with wressle, and some clear decision on going for the pennistone flags later this year, rather than just saying in the future - it will need some new permissioms and plan to utilise the expected gas . Until yesterday I still thought Moroccco might come good, but if IEA plan is agreed that probably wouldn't happen. So its back to Inniskea , Corrib and Mr Ryan. The only way that will proceed is with carbon capture of power sation gas, and we need emphasis on that, not wooly comments from Simon Oddie on a next to uselss You tube video. Forget North Sea, or sale of Morrocco, start thinking carbon capture and quickly.

In meantime before proppant, production at at a rate of 85 bpd , (firsby crosby, whisby) and say 39 bpd net at Wressle free flow., thats a rate of £2.3m p.a income, at $65, enough for a modest profit.

I agree CFQ , that Hugh at least put 100k in at 3.0p . He must be kicking himself like rest of us. I dont see Simon or others putting money in., just taking it out. Come on OGA give Egdon the go ahead- is there some obscure geological fault risk they have identified ?. I thought there should be no political hold up on this. I hope to get a reply on my freedom of information request to OGA in next two weeks or so.

Useful link on Drill or drop S.N. , but it underlines the misleading ( not fully informative) RNS we got in January, - ashover grit perforation was mentioned , but not proppant or pumping , so did have some misgivings about the 500 bd . Still holding though, and try to put away for another month. I guess we wont hear much about North Sea asset investment until Morocco is sold.- hopefully later this year. If they could at least tell us about the Wressle well survey ( for pennistone) that would help settle things. If I hear anything back from OGA before its made public, will advise .

Good that some Wressle oil is being produced and oil price holding up, but frustrating this proppant OGA licence. On planning appeal decision Jan 2020 I read that ENV agency had no obection to the production plan, and that proppant squeeze was not considered to fall within the anti-fracking rules . So I dont understand why its only recently this additional licence has been referred to. Of course no information form EDR UJO or EOG. just great! Useless. Disingenous- a great word I keep having to check the meaning. Although I don't expect a reply for a month, I have today e-mailed OGA under freedom of information request- see their web site--
"I understand that Egdon Resources PLC the operator has submitted a Hydraulic fracture plan for the proposed proppant squeeze at the Wressle 1 oil well site
I understand that before this operation can go ahead, the Environment Agency (EA) and Oil & Gas Authority (OGA) must approve a hydraulic fracturing plan (HFP)
Can you please confirm
1. An application for an OGA licence for a HPF has been submitted by Egdon Resources
2. The factors for the licence to be considered
3. An estimated decision date for this matter "

I do hope that the operator can be more forthcoming on news, and GLA

Apart from salaries we are in exactly same position as yesterday.still waiting OGA licence for proppant.no other useful news.morrocco may drag into 2022. A bit disappointing but more patience needed to at least get wressle sorted.

Difference in recent years betwen US and EU wholesale gas price is partly due to ample shale gas in US which is now coming back online, as wells re -open . US hub price around now $2.50- $2.60mmbtu E.U. gas import price is now around $6.15 mmbtu( data source - world bank) , and has been steady for last two months, a bit lower than January 2021, and lower than the $8.00 seen in late 2018, but high enough for Irish to think importing russian gas may not be a good idea if they can produce their own. Corrib will be significantly depleting after 2025, so trust we hear good news soon enough this year from Irish government on Energy review.

Trying to find information on licences on OGA website is a bit of a nightmare , but they do have existing production figures for crosby/firsby/whisby which are 90 bd net EOG in Dec 2020, so with oil price setlling around $62-63$ that should be close to covering EOG overheads- So that is one bit of good news. I also note no information on Environment Agency website on proppant squeeze licence. So none the wiser. I took some encouragement from earlier post/report that current plant on site was related to a well bore survey- hope that is correct, and that may lead to side track into pennistone in due course. In meantime its like your local football team once again not getting into league promotion race or the premier top 6, despite all previous hype and more hype from managers- we just need the refereees to give a bit of luck to our side. Come on OGA/EnvA give us a break. Surely this month we will have positive news.

While I was hoping for an earlier completion date for flotation plant, at least we should be in a better position at end of Q2 with ramp up of processing of Pioneer refractory ore,and fully utilise the POX. The strangest thing of this RNS is the lack of third party concentrate,as I thought that was Srukov/UGC plan to get their ore processed cheaply. It seems UGC dont have enough to supply. So better times from beginning Q3. I trust we have now reached the bottom of recent share price fall, and price should pick up in May-June. Gold price is hovering around $1700 which should be generating good profit.

When they get approval for corrib site survey it really should mean approval for drill and production...edge licence is closer to existing infrastructure so may be drilled before innIskea.we must hope drill well is successful enough to go into a production as they are £ms to drill and we still need to find a partner with ample cash and Irish goodwill
Personally I'm holding for more progress at wressle ..and possible farm out or sell Morocco ..I see Corrib as a bonus if and when it happens.hopefully we should know the revised Irish policy in next 2 to 3 months...if barryoe does get drilled (subject finance) and is successful that in itself may be good enough in short term to satisfy Eire needs..so let's see what happens. gla.

When they get approval for site survey it really should mean approval for drill and production...edge licence is closer to existing infrastructure so may be drilled before innIskea.we must hope drill well is successful enough to go into a production as they are £ms to drill and we still need to find a partner with ample cash.
Personally I'm holding for more progress at wressle ..and possible farm out or sell Morocco ..I see Corrib as a bonus if and when it happens.hopefully we should know revised Irish policy in next 2 months...gla.