Member Info for Copper3

From 13 May -the installation of four groundwater monitoring boreholes on the Wressle site has now been completed. These boreholes will be subject to monitoring and analysis throughout the life of the site, with an initial three months of sampling to determine baseline groundwater quality. On current plans first oil at Wressle is envisaged later in 2020.

Borehole monotoring initial phase should be completed in just over a month, then progress should start on productiuon set up. So not too long to go.

25.5 now . Would the company strategy change with a new BOD. Is there some risk of takeover at less than fair price? Listing on Moscow hasnt helped. I will listen in at 12.00 .

Surely the planning conditions for Wressle are sorted by now. Hope to see start on site in July. Good times coming soon.

The cancellation of the Shannon LPG terminal will be good for EOG. My undertsnding is that Inniskea and Edge have already been "explored" but they will still need site survey licence and clarity on production approval if gas is actually found commercially. May take a few weeks for clarity on this.

I agree it looks like a promising move, but looking at current world gas prices at $1.78 compared to last June at $2.3, I think major investors will want gas to get back to those price levels before committing. No mention from Simon on Eire energy politics., or site survey licence. Its probably best no to be too bullish on that at the moment.

Thanks Beacon. Will be looking with interest how gas prices behave as we move into winter. There is still the political uncertianty to reolve maybe in next 10 days on new irish government. I was suprised to read today that the proposed Shannon LPG gas terminal has not yet been formally ruled out in the onoing taljks with the Greens. - that would help Inniskea if it was. I was expecting 3p max with Wressle, so Hope Finn cap are right at 5p plus.

Hi, I thought the bonds had a termination date in 2022,2024. I am somewhat unclear on recent 2019 financial reults., and so any guidance appreciated. There is no audited accounts as yet to help. . The main issue for me is how to reconcile $260 m EBITDA down to $25.7 m profit
Interest on bonds is around $52m , and the figures imply overheads of $90 m. , cap ex £103.8m - I presume this must be fully accounted as expenditure , devaluation of assets - TEMI $23m as previously over valued. , and then tax etc. Perhgaops i shoulnt be invested ina company im not able to undertsnd, but future prspects do look good. Roll on Full half year resultas.

I think Greens will accept gas as transition fuel in principle - their leadership indicated that in their pre election press conference - only snag is that the deal to enter government is subject to agreement from their own grass root members. Also any major corrrib field partner will have to be certain world gas market is recovering- or Eire will just step up gas imports from Russia after 2025 when current Corrib is forecast to decline in production. Gas market prices likley to be more stable and rising in 2021 to more commercial viable levels . So we will have to be patient.

I messaged Simon Oddie two days ago on the question of Wressle planning conditions and he didnt know and didnt seem to want to know. A bit Dozy or what.

Wressle production costs should be less then $18.00. barrel. I think existing Crosby Frisby production costs are much higher and probably running near break even level , and then there are the overheads and expenditure without clear explanation. Hence concern on cash flow in last RNS. However I'm still positive this will come good soon as lock down eases and wressle planning conditions are sorted. Gas prices are still low, as there is a world gas surplus , expected to be back in balance in 2021.

Its true that the increase in production never happened. Holmwood ( the best undrilled conventional site in UK) fiasco and previous french write offs, but it does look like Wressle will happen, just dissapointed (EDR) still havent sorted out satisfying detailed planning conditions. When we have news that is sorted and a start on the Wressle ground water monitoring wells, then share price will lift , and lift again In October/November when we see some production.. Inniskea Irish politics over climate change is still a bit uncertain and we should see result of green party negotiations to enter government or not, later this week. Either way they will have influence, on gas transition to renewables, with their proposed reduction greenhouse gas emissions by up to 7% a year over next ten years- double rate than currently prooposed. EOG, ( vermillion etc) just want confirmation Greens will accept gas as a transition fuel for next 10-15 years, before any drill committment can be made., and better natural gas prices to make it viable., rather than importing Russian gas through tehe interconnectors . Its still a risky proposition. Regarding current issue of site survey licence I note that the EIA assement for affect on marine life was given approval early March., so thats a start in right direction. A Painfully slow process.

Negative US oil prices . hilarious. ( not) This is going to be a bad oilers month or two, but things will improve slowly from June.

It was worrying to see the very high cash burn last year and having to hope EOG scrape through to October, with wressle production at oil price back to $40, (still paying those overheads and directors salaries ) I didnt think the cash burn would be so high. Where has it all gone? ? with wresssle planning enquiry costs paid., and work yet to start on site at Wressle. Thats' yet another poor show from EOG and Egdon- surely we should have got the planning conditions sorted by now. I start to loose faith, but must hang in to October. There are signs of the oil glut getting worse in short term but longer term with many US shale oil producers about to fail, and if OPEC keep the production cuts, there may be a balance in the market..so EOG at 2p a share in October. Where next after Wressle- with no positive news on Inniskea and gas prices still below $2.00 its unlikley any major will commit to drill there yet.. Even getting a new irish government in place seems an eternal process. Lots of gloom, but hope is on the horizon . Perhaps Morocco will suprise us all, but EOG appear to have put that on the back burner in processing the seismic data. Its not funny for shareholders. But , Good luck all, keep safe.

On POG website investors page, it refrs to a presenation today-April 2020 can anyone open that, and advise what it says

My view is that if oil price gets back to $40 barrel, by sepember, than EOG should be worth around £6m with wressle production. thats twice current value. Any value in inniskea yet? we may know more end of April.

Good news, costs in line with what OGA data indicates, but I note there is still no confirmation of planning condition approvals and timeline has ben put back from Q3 to H2 which could mean around Septemeber or later even-

I agree EOG should have around £3m in the bank, so no immediate cash worries. The current share price reflects a low but fair value on Wressle now, considering brent price which may drift even lower next month. ( so much for thinking of rising to 4p a share in the summer only a month ago. ) One chink of light is that the two main traditional irish parties are talking and we may, have a new irish goverment by easter, without either greens or sien fein , that would pave the way for difficult political decsions on survey licences and then some progress on farm out . Heres hoping anyway, as we are at least a year before we see brent back into the $50's unless russia- opec make up.

For existing production, did $30 cost include for some of company overheads. ? Looks like that operation will still be overall loss making this year. But, Looking at OG Authority data, average onshore prodcution costs would be $20 maybe less, so hopefully that applies to Wressle, which will be profitable. We need an update on Wressle ( approval planning conditions etc.) soon, and expect this will look a lot a better by end of April.

Long, If you want to cheer yourself up with rose tinted glasses. IF EOG achieves wressle 160 bpd, and if oil price goes back to$65 in 2021 a barrel, then we could have a net income (after allowing for main overhreads and and allow for lower end of production costs) of £3.9 m from wressle and existing production, assuming that dosn't drop below 85 bopd. Lots of ifs and buts, so thinking like that may be foolish,, but its a bit more cheerfull than looking at existing share price.

Eog , wressle gross income, 150 bopd, at $58 per barrel, will be £2.5m p.a.
I would expect net income after production and delivery to refinery costs to be around £1.8 m p.a. maybe £2.0 p.a.