Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
I am holding for wressle update and cpr. hopefully positive..even if nearly a year overdue.
For an extraordinary general meeting need 10% of shareholders to vote for.
I don't know if that would ever be feasible.But would like to put pressure on W.H with no confidence vote removal
as CEO following his assertion for more directors in current circumstances. I think only realistic hope for share uplift in medium term is getting pennistone drilled but still no planning application.oh dear
Thanks brightfuture for attending meeting.I voted against 3 directors ..so what is vote for no.3
for W.H .to say he'll appoint two new ones for those that stepped down(in anticipation of the push) deems a F.Yu to shareholders.
Is there any chance of shareholders requesting EGM to settle number of directors.In meantime can they be honest on any progress on Claughton applications...landowner planning etc
Just sick of the half truths.
Vote cast against the three directors reappointment I'm told by Barclays stockbroker that this is the last day they can do the proxy vote. So anyone else out there with Barclays get on the phone...hope there is a message for more openness clarity realistic timeframes and some speedier action on claughton pennistone etc. plus a review of salaries...well we can live in hope for better times in the next year..may be out last hope ...
Agree..geothermal did seem unlikely ..not a hot rock area.
No progress on Wressle CPR , pennistone etc.
Also I don't understand why they left it to almost end of Inniskea licence to do the reprocessing work which is done by external consultants in any case
So what do directors and eog staff actually do?
Send strong message to the board required at AGM.
If Will and pals could I just be more honest and open on issues such as wressle jet pump and when CPR will be published...when planning applications will go forward with pennistone ..will that be drilled from the existing pad. . and Claughton..What's happening to new Seismic for Claughton.
Why did it take to near end of the Inniskea licence to do revised seismic ?That itself seemed farcical...and what of current political talks to extend the licence.
I don't have much faith in Serenity...that was sold by the board as having a safe back up plan if a new drill turned out to be a dud but now it appears no clear understanding had been made by I3 and Eog with Repsol Sinopec for Tain field plan. So raising more capital at a ridiculous knock down share price issue that really hurt existing shareholders by dilution was not a nice thing to happen without that back up plan with Repsol being valid
Now it turns out not to have been the case .That is not clearly acting in shareholders interest .
I agree there is too much payout for directors and lack of care by them and lack of telling the truth and getting a move on.. So when is next AGM vote ?
Agreee brightfuture Holwood was a farce and wressle has become so slow.I think couple months ago they said shut down and pump would be three weeks Looks like they are finally there but no comment on the delays..CPR was promised months ago..still no comment when that will happen...Plans for pennistone always on hold...Do we need to replace current board.
Really hope Heyco can get wressle moving.supposedly tEDR were waiting for CPR before planning application.not sure why that would be as they have said will use Wressle 1 platform for drilling pennistone.delay after delay.
Best to forget about for yet another month for any sensible news
All that blue sky inniskea talk is at moment just blue sky and at only 33% geological chance....so can we just get some positive news on next RNS.
If Will thinks wressle can do another 500 k barrels that's good but why still no indication of results of new pump and where is the CPR.so many unanswered questions.
If Tain licence lapsed its likely because it was deemed uneconomic.
Anyhow still hold for a very long delayed wressle update.
Our CEO will present the EOG investment proposition at the @Proactive_UK
One2One Investor Forum in London on Thursday, 7 September 2023.
Surely we will hear positive Wressle CPR news before this, and a clear plan of action. !!!
You never know with EOG.
Wait early October for summer quarter results..and any commentary on improving fire safety around hotels .Rhodes was only 10% of hotels.Recent hawaii fires dont help although obviously not Mediterranean.Temperatures have gone down to normal levels.
Wressle started production Jan 2021 , initially at 550 bopd if I recall corectly, then its increased to 750 sometimes 800 bopd, total 495,000 bo over 2.5 years
EOG now expect CPR to be at top end of (3P) reserves up to 1.15 mm stbo Ashover grit
if same applies to Pennistone that would be 3C at 2.75 mm stbo, and also 3.57 bscf gas
So ashover may start slow decline but give 2 years more good production with some residual low yield year(s)
It may be better to drill Pennistone , and forget second well on ashover.
Pennistone lots of gas so they need the gas to power or gas into mians gas sorted -
Maybe the CPR will be delayed another month to see August production and water ratio.
So CPR published early September??
We wont get any clear guidance from EOG management, until then, ( just half dis-information) but I'm hoping Pennistone if sorted correctly could be the big prize, waiting for someting further at Cloughton to happen, or maybe just maybe, either of Inniskea or Serenity for Xmas.
Is that too blue sky thinking.
FRom NSA data for May 23,
Wressle 778 bopd, seems fairly steady( slight variance) over last 9 months
Crosby warren( EOG) , Whisby, West Firsby(EOG) about 41 bopd net to EOG, so a decline for Dec 2021 when that was around 72 bopd net to EOG. , and over 80 bopd early in 2021
yes serenity may well come good. better mood created by rishi will help.
no let up yet in high windfall tax rates , although w.h seemed to say eog currently protected by write off of serenity drill costs. whether repsol want to wait for easier tax regime is unclear.
i think its just a hold ( past september ****tails ) to early 2024 and see if wressle drills proceed. however they said before they need cpr to plan exactly where to drill before planning applications.
Serif
I could't have written the sript to this epic slow moving story. Just hope someone , maybe a ghost writer, is writng a happy final chapter as I have a lot of dead money tied up here.
"For a number of reasons the CPR writer has failed to meet the original agreed timeline and the report is still being written. We are doing everything we can to expedite the process and I hope that it will be complete within the coming weeks."
Please all consider writeing to W.H. on EOG web page investors comments box to try to glean more
When do investors get the chance to vote on directors appointments again?
Mr.Ryan holds balance of power in the coalition government and despite Varadaker warming to extend Corrib I cant see him getting that through in the current government so its only likley in my view if a main stream party even Sinn Fein wins a majority in next election 2025 ? No company surely is going to invest $50 m in drilling without secure future revenue pay back and profit. Of course if Ryan would own up to the amount of gas imported and agree with EOG view that imported gas is much more CO2 intensive than we might get an early breakthrough.
I think it was over 4 years ago EOG applied for permission for a Inniskea sea bed survey to decide exact drill location and nothing has happened on that
P.S. if your still awaiting Wressle CPR , old Will H says its held up in writing and hopes will be released in coming weeks. Oh great ! This is just not good
We can see the market reaction today. mainly sells. It may be another Holmwood project but at least it keeps them busy for a while. I hold EOG for Wressle which initially has been better than expected but we are hoping for better things, so where is the CPR and planning application for new wells. No news on that , I expected something this week, so I see todays RNS as a typical diversion. Hope I'm wrong. Come on EOG play fair with investors.