Member Info for Copper3

Understand your view Tacuma.Its been a long frustrating experience with EOG..but maybe we are close to phase 1 gas to power..so maybe a bit brighter soon.

Looking at photos on UJO twitter page looks like the three wressle microturbines are connected.So hopefully we will get an update in next week or so.

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.

Please give it a break guys. Lets have some real info. Has anyone had chance to get near to Lodge farm (Wressle) to see any recent activity ?

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.

Last year profit after tax £1.35m .this year should be higher if they can offset serenity drill costs against higher tax. So not sure where the "£5.0m profit " comes from? lets be realistic.I suspect we are going to get an RNS on 30 dec saying the gas equipment for wressle is still on the delivery truck and will be installed january february.. the high tax is a killer for any quick development of serenity or even pennistone although they could get the drill underway and claim tax relief even if production is delayed to 24/25.hope government will review the tax rates next year if oil price falters.

S.O. promised last month the first part of gas monetisation-the on site generator would happen by year end. Still no confirmation of that, and when will EDR put in planning application for pennistone work. This has taken a year of delay on this issue already. Lets have some more answers, please someone here attend the meeting.

Good to hear that this use of Ashover gas may be resolved by end December or probably early new year.Increased production is positive and should give a boost to share price..They really need to get the planning application in for pennistone..as this is the larger and longer term producing formation, at Wressle but with a high gas content..so if they can get that to the gas grid that will be ideal.. will need capital expenditure in new well drill and equipment and maybe short pipeline.Lets press for the details ,of this in early 2023.

The Wressle gas production is good but lack of EDR progress on gas to power is extremely disappointing and there is no futher information provided after a year saying it's on the programme for next period.no sign of any planning application gor that or on Pennistone. Just gas going up in flames when it could be put to use surely..just hope Eog have something more positive to say on Serenity shortly

Look forward to positive results and I think we investors deserve a long awaited update on the Wressle gas equipment from EOG and EDR. The revised energy levy came into effect May 22, so limited effect for financial year to July 22. As i understand it, last year 21-22 profit will be taxed at 40% ( 30% corpn tax and 10% levy) increasing this year to 65% and the 91 p £ tax allowance for investment costs.. For Serenity costs that will be in te 2022-3 years accounts. Be interesting to see how the acountants have handled previous costs/set off against tax at Wressle, Crosby et all.
More Serenity CPR news in December?

Boltok I agree net income close to £3m, but after tax at 40% and P/E. of 6 , the current market value ia not far off. I did suggest abase figure of 1.6p here a few months back prior to serenioty drill, but that was assuming we would have some certainty of the gas to power equipment being installed. Despite S.O assurance I would still likle to hear that from EDR and then we might get back to 1.6p. If we get any good news on serenity in next month or so we might see 3p again . We also might get information sometime, probably after the pennistone drilling on any revised oil water contact in Ashover which could increase reserves dramatically. Its good the well is stll producing at a steady 750 -800 bopd,. hopefully that will be confirmed Monday or we could see a further decline.
The accounts may show some set off of costs against tax. Lets see.

I think when we get firmer knews on the Wressle gas to power resolution, hopefully soon, for year end installation, the share price should pick up., as the gas needs to be sorted prior to drilling pennistone, which is gassy, again we should have that in 2023, but remember the drill cost. With clearer news on that, including planning application date, all will be rosy. In the meantime , share price is just very poor, reflecting lack of news. With good news on Serenity also possible, well thats all I can hope for by year end.

I had expected an operating profit of between £0.5 and £1m this last financial year to July 22. Serenity expenditure will be in next years accounts, with a much bigger Wressle income set gainst a £4.5 m Serenity expendture, so at best breakeven. I think the tax advantage of Serenity will be felt in the following year to July 24 where profit will be maximised with no tax due because of the tax set off of 90% of the £4.5 m. I'm not an accountant, so maybe theres a better outcome.
Balance sheet this year will look ok, with additional £2.5M still in the bank.
Yes, maybe we will get an extra 1,000 bopd from Serenity if Repsol go ahead. Have to wait for the revised CPR to see the possibilities.

Lets give EOg i3 a bit of time.. 6 weeks to come up with a clearer plan for Serenity.We could even be pleasantly suprised...with 11 ft oil sand compared to 3 ft at Tain..there is a chance we could have something comparable to Tain ..just a hopeful guess..I also think Wressle will seem better managed at year end.I don't understand this idea of changing direction...heaven forbid any other wild projects...just get Pennistone sorted next year...and maybe Serenity will suprise.