Member Info for Copper3

We are still waiting for site survey of sea bed licence, and that in turn is waiting for Mr Ryan and co. to conclude the EIre Energy review maybe next couple months., so survey is possible this year, drill in 2022. Just a waiting game.

From Drill or Drop report 19/03 it looks like we are still a few weeks away from proppant sqeeze., but its good that EDR are preparing the equipment. Probably the local community liaison group will know exactly when it will happen before we get any RNS

If Simon indicating there is real prospect of a farm out in next 3-4 months of an offshore asset then that's very positive. Maybe it is Morrocco, as there has still been no approval for Edge deal from Eire. yet, although Simon wil know better. Gas is the key to the immediate future and hedges against the uunpredicatble oil market- that depending on what OPEC + does . Gas price should pick up as more electricity generation required as we come out of Covid. Corrib production is in decline. All we can do is watch and wait, and see what these prospects turn out to be, but preferable a gas investment. EOG-EDR already have the Wressle Pennistione formation to sort out with plenty of gas . Thats where i'd put the effort in. We know planning approval etc other on- shore fields may prove protracted. GLA

Finn Capp 01 Feb 2021 taget price of 6.1 p
Unfortunaelly we do not seem to have any news from Environment Agency on the detailed propant sqeeze work programme approval., or any acknowledgment from EDR -EOG of the issues / current free flow. Very poor communication. I did ask via EOG investors page for EOG to clarify but no response. Still I'm pleased that there are new hopeful investors buying in. Will come good eventually, but some early news needed.

It is a strange up beat start to the week, but who would have predicted close to $70 oil

Irish times today- Providence Resources still trying to tie up the funding deal for development of Barryoe field with Spot On Energy and Norweigan investors- forecast oil to meet 10 years irish demand.. and significant gas.The appraisal well was 4,000 bopd -I guess oil ould be sent to milford haven for refining, and what about the gas- thet need a further appraisal well to prove ifsignificant, if so, that may be a downside to Inniskea- Edge . I wish we knew more .?

PFD Sept 20, Net debt of £390 ( £403m on IFRS incl. leases) since then further £70 m of floating July 2022 to be paid,so year end March 2021 net debt should be at or below £320m.Below 2 X EBITDA That leaves main fixed note of £300m due October 23 and revolving credit of £177m due Dec22. - with further cash generation, I agree net debt of £280 m after quarter 1 is possible. That surely makes it a normal company with good potential. Share price surely back above £1.00 in April . GLA

Boris is going to let us out a bit more, but majority of office workers will continue mostly home working, nor restaurants opening, so at least another quarter of very good pfd sales and debt payback. Do we know what debt is going to be at year end. Is it around £360 m ?

While I don't have a lot of faith in what Malcy says, even he seems to be favourable to UJO and RBD but not EDR or EOG. To be honest its all a bit dispiriting at the moment, and we need some good news on Wressle , at least to know what has happened so far. Have to be patient for any Irish news. ( same old story)

Thanks Serif. I've re - read the broker note and it does seem more positive than on first reading . Perhaps we will get back to 1.9 p soon enough. More patience required. We await the irish public consulation and energy review, to see if progress can be made in 2022.

Its good another Broker is taking interest in EOG, although I dont think their note adds to what we already know. The Dec 22 date I believe applies to the Morocco licence , in that they need to find a drill partner by that date. Perhaps with oil prices edging up it may even be possible !!. They mention the 150 bopd for Wressle again, but it looks to me that initially at least that won't be the case. But heres to hoping for reasonble figures.

The Environment Agency Permit EPRAB3609.: ( as varied in 2019) The Waste managemnt plan is being varied to include extractive wastes from side track drilling, radial drilling and near well bore treatements:The near well bore treatments will include acide squeeze, hot oil wash, solvent treatment, nitrogen injection, and hydrualic fracturing for conventional oil which will be done only once .
That seems to cover all options.
Interesting that EDR have ruled out acid.

I think we have to brace ourselves for a low prodction figure perhps in line with initial 2015 free flow testing testing. That was 82 bopd Ashover (and if included )up to 180 bopd wingfield , plus gas. From recent RNS - they havent yet done the proppant squeeze or gone to pumped production as originally stated in 2015. For anmy newbies, you can see this information on EOG web site investors page- operations -PEDL 180. I hope we can all write- e mail, EOG investor relations and ask for a clear update soon in next RNS. The only positive comment I can make is if they do the proppant squeeeze later, and possibly add a pump to operations then we might get the 500 bopd. Just Maybe.

The issue of the new ordinary shares comprised in the Second Tranche and any Broker Option Shares issued are conditional upon, inter alia, shareholder approval at the General Meeting which is expected to be held on 4 March 2021.
More money?? What about Wresslenews first please.
Shareholder approval--Can P.I's carry much weight. ?

This will be like the £3m they raised 3 yrs ago, wasted on salaries, morrocco unlikely to attract drillers despite recent uplift in oil prices. Existing wells at Crosby-W Firsby will be seeing reduced output this year . Smoke from the gas,and Mirrors at Wressle- what is going on,?--- that leaves Mr Ryan to help EOG out. Feel like writing him a begging letter. Oh dear oh dear.

@Serif. Yes it seems more positive in Ireland -lets hope we have news in next few months. On Wressle, last years EOG July 20 report stated an expectation of an initial gross rate estimated at 500bopd . If you look at Wressle appeal decision there is no reference to production, expect that it refers to 15 year period. Ashover Grit is referred to in E.A. approval. Its the operators decision not to produce Pennistone yet -due to high gas content?, and the well being sub optimal- whatever that means. While I remain positive, what i don't like to see is smoke and mirrors as we had enough of that from Hugh.
The permit from Environment Agency is or a "once off frack" proppant squeeze if we like. What I dont understand is after all that planning history of refusals - and a lot of that was due to public concern on fracking, (and the official reason of the adequacy of the clay liner, to groundwater contamination) why they have not taken the opportunity to do the squeeze yet . Do they check the free flow first- that may run contrary to previous RNS for gross rate of production. Lets see. I hope the next RNS will explain better what is going on. I think we shareholders deserve that after such a long delay.

Slight worry that UJO have not said when proppant squeeze is to be carried out by operator. I'm also not convinced the 500 bopd is restrained by planning- there was no mention of production restriction in planning approval -I thought this was an engineers expectation. Anyway we should know in next few days, and at plus $58 it should still be good news.

If oil can stay above $58 for a while, and we get 500bopd gross at wressle then I reckon we could see a share price of 2.5p which would mean getting back to par for me and I guess for many L.T.H. That would be sort of satisfying after being stuck in the doldrums for over 2 years. GLA

The Environment Agency permit to Egdon is Ref EPR AB 3609.( as amended in 2019 ) This covers the propant squeeze( as one off fracking) and disposal of waste . Im not sure why this squeeze has not already been carried out. The 500 bopd is an engineeers estimate,( as previous free flow test was a lot lower) but this has been stated so many times that I will be dissapointed if not achieved . We should know in a week or so.

Cadent Gas trial at Keele University, then if successful a pilot will be rolled out in the north-east to deliver the 20% hydrogen blend to 670 domestic and commercial properties in Winlaton, Gateshead.