Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Agree we need more inform from EOG on whats happening at iInniskea. Looking at Finn Capp briefing note, I think they are in a way understimating potential current income . They give £5.2 m to July 2022 , but assuming conservative figures of net to EOG, Crosby etc 70 bopd and ashover 210 bopd, @$92 will give full year 2022 income ( Jan to Dec) of £7.5m, so profitability increases substantially. Or put it another way the 2023 income and profit will be substantally higher. Of course we still await the EDR update on gas eqipment installations, increase of wressle production and a revised CPR so a lot can still change , I trust in an extended well life direction., which would be great for the share price.
Is this linked to short selling. ? Do VTB bank
Intend to buy back having seen the price deflate?
What happens to pog gold if putin invades..lots of uncertainty but surely will pick up again soon.
BIt of a mess. Looks like manipulation from major shareholders,UGC etc who are no doubt as agrieved with current BOD over IRC sale as Pi s are, but willing to buy in at the lowering price, and maybe an early takeover bid offer at say 24p, whereas we should be heading back to 30p by the summer if all allowed to go well.Maybe just grit teeth for a week or two, and things will look better.
All european hubs have rising prices while USA gas price has fallen back recently. Europe ( germany) up to 140 euro/mwh
and Uk Gas prices continue to rise , Future UK wholesale for Jan 22 at 360p/therm, - in Nov 21 it was 175 p/ therm, up from 91 p/therm in July 21 . Obviously there is the NATO- Ukraine tension/Russian supply issues adding to the current price mix, with Russia pressing for long term contracts, and europe not willing.
Keeps adding every month to the case for a new Corrib field for transition period - is it to be Inniskea?If only we knew.
FRom EDR annual report "Our focus for the coming period will be to remove the constraints
to production and optimise oil and gas production from the development of other hydrocarbon bearing reservoirs to access the contingent resources with particular focus on the *****toneFlags reservoir.Consent has also now been received to install a combustion plant to facilitate gas to electricity generation, which will add anew potential revenue stream to the Wressle field development.
Environmental monitoring throughout the operations has shown no measurable impact on water quality, no seismicity and that noise levels have been within the permitted levels".
I note that planning appeal permission in Jan 2020 gave consent for a gas engine and electricical grid connection, so I dont see what the new consent is. I have checked its not a planning consent frpom North Lincs- at least I cant see it, so is it from OGA. ? or national grid?
Clear as mud on progress as always. No clear timescale when new combustion plant will be installed.
It is disappointing we have no news on Morrocco,and Corrib is still uncertain.,so a lot rests on the CPR for wressle. Trying to stay positive that January 22 will be much better.It is annoying that end of Jan 21 SP was 2.00p , and it's the continual operational delays and lack of other news has resulted in near half price since then.
At least we got a statement. The most positive thing is that Wressle will continue to clean up, and improve flow. (and with new gas handling equipment in place we should get news on that in January.)
The rest of the statement is unfortunatley just a rehash of the position we knew. No real news.
Usual AGM for approval annual report, reappointments of directors, and approval to allot equity securities- which always sounds dubious, hope not so. I did ask thro' the contact EOG for an operational , and prospect update on 8th , but have receieved no reply as to whether they intend to give one. Is anyone attending the AGM. ?
Bit of movement in PVR Share price.,so had a look again at their situation for barryoe.Although they did find significant oil gas from a well a few years back...they are still uncertain if this is an oil field with gas or perhaps a gas field with some oil.hence wanting to drill another appraisal well.hence recent sea bed survey.in conclusion PVR not that far ahead of EOG.,and if Barryoe turns out to be mostly oil then guess Mr Ryan will say no way for production licence.I still think it will be next spring before we hear anything positive from Mr ryan for possible Corrib extension and our sea bed survey. Will we get any update from Si at the Agm ?
I understand we won't know tests results of vaccines on this new variant for 2 weeks, so maybe this sell off is a bit overdone. My average of 1200 is not looking good and it may well be next winter or 23 when things recover. Long term J2 will be going back up, just how long is long term now. Dont panic.
Supporting UGC on this proposed stop of the sale of IRC is good for rest of the shareholders.$55 m better. ? Dont understand why directors can't pull out of the deal, unless there are big penalties involved, or backhanders maybe( can't be Pavel again?) . Also news today , POG trying to ofload another $60m debt , albeit at a premium cost, must be good long term sense.
Previous indicated the POX hub would be fully utilised by end of this year, so results must be better next year, although operational costs may be going up with gas prices and inflation.
Serif, thats another negative action by Ryan. Inniskea seems very far away again. I was aware Ireland had put a stop to new exploration“Through the Climate Act 2021, Ireland has closed the door on new exploration activities for oil and gas. There is no longer a legal basis for granting new licences. In line with Irish Government policy of keeping fossil fuels in the ground."
However I understand as EOG has existing exploration licence, done most of pre drill work except sea bed site survey, are drill ready, just waiting go ahead for site survey- whether this will ever materialise while Mr. Ryan is in the hot seat is debatable. Soemthing positive may come from Energy review, I guess its a maybe.
I am also trying to understand the PVR Barryoe field prospects- reading comments on PVR chat room etc.-, all a bit confusing. PVR completed a sea bed site survey in October 21, Im not sure if that was for same field as had previously discovered substantial oil and some gas, but had funding pulled earlier this year as Spot On Energy as fundng oprganiser dropped out. I seem to recall they planned carbon capture . As PVR down 5% again today may indicate not all is well there either.
Oh well, we can wait a cheerfull update from S.O. at the AGM, just maybe.
UJO Wressle- looks like upgrade works and production plan end of year at earliest for OGA approval. Knowing how these things have dragged on before lets say OGA approval by end of Jan 22. I guess the final production will be around 660 bopd., which will be great for all partners. I understand the Pennistone formation has a lot more more gas so I trust they are taking that into account in the design , but there are no details given on future plans. So don't expect a magic RNS anytime soon, although I have asked EOG for an update prior to Dec AGM.
Tac.its a dispiriting day with EOG. Unfortunately without Ryan signing off sea bed site survey Inniskea is on a hold.I think we will have to wait to spring 2023 to see formal energy policy review..and what part gas will play.at least 30% energy from 2030 when existing Corrib will be exhausted.Hopefully the review will give the impetus for more gas to power stations ...also needed when wind doesn't blow. Partly will depend on gas price and supply from Russia I sense the high gas prices will remain in 2022 and beyond if more gas supplied to China next year...15 yrs..I'm holding for more Wressle news after gas equipment is operational and possibly Morocco and also revised CPR In December? but Inniskea still very uncertain.I think Edge would be a better bet as its closer to existing Corrib pipelines. Keep calm all.Lets press S.O for an update on Wressle.