Member Info for Copper3

Do we get the Wressle CPR before 7th September

Not sure if the farm in will happen.

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.

Bonnybee, Just a question- Do we know where the previous well location was. Can this be re-used subject planning.?

EDR up, their RNS worded a bit better.

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.

Anyone know when we are likley to see CPR publised . I thought max 6 weeks from June 7 investors brief.. so that should be soon.

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.

Kawasaki, you may have a valid concern. The current site is getting very crowded with equipment. Just hope EDR can organise. The gas turbines took about a year to sort out, so we could be dissapointed with timescales.

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.

Must be positive now about Wressle!! .Lets hear something about Pennistone. Serenity needs to be progressed in next 9 months as probable change of UK government in next year or so may stymie north sea investment.