The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
Tony I agree this temporary shutdown has no direct effect on Inniskea plans . Only threat of north sea piplelines being attacked or Ryan being honest about costs of importing gas ( LNG from Oman or USA Shale gas ) from the UK, or more political pressure from Corrib owners will bring this to a conclusion and as yet we've heard nothing about a deal with EOG , so lets just hope talks are ongoing.
My limited understanding of the last four days is that shorters encouraged by market makers have set off numerous automatic trades and now that we see ordinary trades now equalling the automatics , some order will return to the market and the price edge up toward £12 by end of the week. Yes still looking at £15 possible in next few months . Summer trading update and forecast for later year will help settle nerves.
Vast majority of trades are automatic.It would be a more pleasant place to he if short selling algorithms were banned and we could have a true market value.maybe by next mid-week we will be back to normal
I dont know when it will happen but the revised CPR should be positive for Wressle and the tax incentive to do the pennistone drill is still there this year so lets hope EDR can get moving faster on that.There is the negativity of the 70 % windfall tax affecting all oil investment and production decisions in UK which may mean any decision on Serenity by Repsol may be put back.There is a chance the windfall tax may be adjusted downwards .Its a bit uncertain.
So EDR have started work on the gas power to wire . not just local site use.That seems positive to me.If so many domestic properties can smart meter link into the grid,surely it can't be too difficult. Tho it will probably be difficult for some unforeseen hitch.
We should get an update soon on the success of the Wressle gas turbines after test period.Maybe end of March.
I think EU may in the end be helpful with policy toward gas at Inniskea /Corrib; but a change in irish government policy will be required this year.Not sure that will happen.
Hoping for more mews on Serenity next few months.
Positive that they intend to drill pennistione from existing site, saves some hassle of planning permission for a new location, but do they intend to now wait for CPR before finalising planning application..that could add a couple of months. Slowly very slowly we'll get there. They wouldn't give updated production figures post gas tubines to the commnity group thats going to mean more oil tanker loads daily. I do wonder if they have tried to buy up the nearest neighbouring residential property at Lodge Farm..residents must be coping with the current oil tanker traffic.
S.O said earler it would be sorted by year end 22, then January update says we are nearly there , equipment on site. Just wanted to check there was no delay from from planning at north lincs council but 2020 appeal decision allows for "installation of an additional groundwater monitoring borehole; well operation; installation of production facilities and equipment; installation of gas engine and electrical grid connection; oil and gas production for a temporary period of 15 years.So not sure when we will hear an update, another 2 weeks maybe. No sign yet feither or any planning application regarding pennistone well development as promised . Bloody useless lot.
Net Cash will be less expenditure on Serenity, and allocation for this years capital expenditure at Wressle, so wont be much left in the kitty despite great revenues. But good to see investment with the tax relief.
Overall iI'm pleased with potential for progress this year at Wressle Pennistone and possibly Broughton next year. There seems to be a caveat regarding Serenity - that is whether Repsol believe Serenity And Tain are joined together. May need more resources to resolve that. EOG need to give another update soon. As to Inniskea, with current Irish energy review againt more gas exploration, it does seem unlikely any real progress will be made this year, it will need a change of political will, but no harm in offsore Irish Energy Assoc continuing to promote the cause. Current licence for Inniskea is to Jan 24, so will it be renewed again? or will this be another Morocco. Not sure about the claims to be a lower emission gas at Corrib? Anyone understand that.? Methane is methane wherever it comes from.
Resource recoverable of 8m -10m bbls (at P50) subject to approval FDP for Tain expected late 23,. Does it really need another appraisal or development well, if it can be produced out through Tain.? Depends on Repsol Sinopec . hope S.O. can add some positive words of wisdom on this.
HerbertDT. Unfortunately I agree there is a big risk for Repsol I3 and Eog if there is a deal to be made, in bringing production on full stream at Serenity- Tain while tax burden is so high, though they could go ahead with the infrastructure development work and get tax break on that , then increasing oil flow after 2018 or earlier if oil price remains around $ 80 and tax is relaxed. The same scenario could be applied to Pennistone...get works done but leave full production to later. Maybe just maybe we will get a glimpse of sensible plans on 12th from S.O. If he just says they are doing more technical work on Inniskea prior to potential farmout I will eat my hat (Again)
HerbertDT. Unfortunately I agree there is a big risk for Repsol I3 and Eog if there is a deal to be made, in bringing production on full stream at Serenity- Tain while tax burden is so high, though they could go ahead with the infrastructure development work and get tax break on that , then increasing oil flow after 2018 or earlier if oil price remains around $ 80 and tax is relaxed. The same scenario could be applied to Pennistone...get works done but leave full production to later. Maybe just maybe we will get a glimpse of sensible plans on 12th from S.O. If he just says they are doing more technical work on Inniskea prior to potential farmout I will eat my hat (Again)
Yes good revenue stream.If they can get pennistone sorted by end of 23 we might have a beter chance of 3p again.then there is possible Serenity news.all good
However what your not taking into account is tax rate corporation tax 40%inc supplement and temporary excess energy profit rate of 25%.So even with accounting offset of costs etc,the net profit after tax and cash in hand will be a lot smaller than you have suggested.Pity as I would really like to see 3p again soon.Come on pennistone.
Good to read i3 still think they have something to develop at Serenity. I'm also not sure what a 0.6m capital will do. I had the impression that the existing resource could be developed through Tain without further drilling subject to Repsol agreement and willingness to develop Tain. Correct me if I'm wrong. We may hear more on that Repsol decision later in 23
I agree IAW there won't be a huge increase in ashover production.I think S.O. mentioned 20 % possible.I do take a crumb of comfort from M Abbots recent IG interview where he states pennistone will be developed in the coming year.Im sure he said year not years.ha ha.surely they can use existing drill pad for a new well and side track.lets hope so.probably we'll hear more by christmas eve 2023. Hopefully earlier if the hype is real enough.pennistone is the bigger resource but gassy so they need the gas to grid plant to be installed next year as well.I also think we may at least hear some positive news on Serenity in coming months.Inniskea for me is dead until next Irish elections.