Member Info for Copper3

I got a more positive reply from S.O.He still expects gas to power at Wressle by year end.No planning application yet for pennistone. No issues from E.A.

The only way Serenity has value depends on Repsol Sinopec going ahead with Tain and being convinced the reinterpretation of the serenity seismic data is valid and shows a significant field .Serenity may not need another appraisal or even a production well if it is connected directly to Tain...so potentially low cost.Im guessing here. We will have to wait the CPR...and what Repsols reaction to that is considering how i3 got the sand stratum mixed up this time round. If a deal is reached I expect R.S. would want 1/3 value of the field.

Did S.O get his big bonus last week .? If so, makes my mood even gloomier. . Yes agree, starting to think SO is reckless and I do not want to hear of any other projects . Lets have Wressle sorted and an update on remaining Serenity resource asap. I have written into EOG today see if he ( or EDR) can give an update on Wressle.

Very dissapointing news this week, but it was a risk. see talk on i3 chatroom about brokers suggesting a link to Tain may still happen, if similar to Tain could be 10mmb recoverable in east of licence. Repsol Sinopec have put off a decision on Tain to next year? so its uncertain. As to the ongoing saga about gas and pennistone at wressle, I still do not see any application to N Lincs Council for planning approval. Come on EDR !! lets have an update if they are serious about this winter. We need the gas sorted to get income moving up, and share price to recover.

Stas, thanks, SO has said the £1m loan will be paid back to UJO if not needed.. there is the 11% interest to think of if holding onto it longer term. Yes ,hope it is needed, and by end of this year EOG may well have enough cash to hand from Wressle to fund their share of any additional appraisal side track if the field is bigger than expected, or just to clarify the field boundary. Heres hoping anyway.

Do we know when year end to July 2022 results are published- Early or late October? I expect profit to be in order £0.5 to 0.75 m , and next year above £1m , depending on price oil, dollar rate ,and if they go ahead with gas monetisation at wressle. So I can see they did not have enough cash for a side track if required at serenity- so better be prepared as they have done with £1m loan. Just speculation but they ( 1 3 and EOG) may try to dilute their ownership of serenity if successfill drills, with major farm in to ease the costs of production- which could be huge. Better to have a smaller piece of the pie that will be producing than not. That I think would be good for there share price. My only worry , are majors still interested in north sea. ?

Tony n ..thanks for info on Blake field. Feel more positive now.Come back in two weeks will be on the rise again .

Tennyson Valuation for existing wressle , crosby etc was 1.7 p including 2C potential. however that was before the upgrade from Caffney Cline - the 5 years 800 bopd plus potential much more if lower water oil contact is proven. So surely 1.6 p is the bottom line, rising again when gas monetization is finally brought into play. As to Serenity, working with Repsol on Tain extraction does seem to me the best bet. If the appraisal well shows modest increase in resource then Tain tie in is definite. If SO talks the talk about a stand alone large field, great stuff, but where are they going to get the money for a production platform. It could make economic sense if whole field is worth 1,000 m dollars and costs of a fixed platform is 200 m dollars . I dont like the idea of a floating production vessel in rough north sea. Is the idea a Major will fund a production project without taking a whopping share of the cake. Although I'm no expert in this, I suggest get speaking to Repsol asap IMHO.

From GAFFNEY CLINE- UJO. - Ashover grit -The current Reserves at the Ashover Grit and Wingfield Flags in respect of 2P figures according to GaffneyCline stands at 670,000 bbls of oil as at 30 June 2022. This figure is post past production figures of 203,000 bbls of oil, a substantial upgrade to the originally reported recoverable Reserve.
This equates to 2.3 years more production from ashover grit alone, at 800 bopd. However there is the very significant proviso that if oil water contact in the trap is much lower ( they must have some indication it could well be) than used for the estimate for 2p reserves , then 2.43 MMbbls are potentially recoverable. Thats over 8 more years from Ashover alone at 800 bopd . Interesting., but it would be useful to know when we can be more certain of that. Will drilling into Pennistone help with answers?

Is that just 0.27% share dilution and a bit of cash in return, shouldn't affect capital value too much. I also thought we'd had the CPR report already .I understood he 5 year 800 bopd was subject they implemented the development plan for pennistone, which may well need more wells drilling. What we need is some progress in gas monetisation/clear pennistone plan progress. , and how much is that going to cost. ?
Just waiting for good Serenity news but thats a month away really. I think its worth the 50/50 gamble to wait, although frustrated by current share price. Was it 3.5 p in february?

Annual results, production 72 bopd at crosby ect.. (maybe more,) average over year $70 : wressle 6 months 225 bopd net, @$90 overheads up on salaries, down on office costs , allow some development costs for morocco, pennistone, serenity, I guestimate net profit before depreciation, & tax end July , around £1.5 m

I read that Russia and Iran are trying to set up a gas cartel like opec , also trying to get arab states on board with aim of keeping prices high. Its a world market for gas with india and china big importers, USA is self sufficient and now an exporter of LNG along with UAE etc.. Then there's Belgium trying to get all European buyers to work together as a buying cartel and set a price cap. ..by not overbidding againt each other. That sounds sensible but will it work.?? Cartel v buying club. I think Ireland will be taking most of its gas through interconnector from Milford Haven LNG imports., some of course from Corrib. Its the end of the gas pipeline in many ways. The americans would like a LNG terminal in the Shannon, theres Barryoe and theres Corrib vying for attention. Then there's Mr Ryan holding firm currently. EOG is still waiting for permission to do a sea bed survey ( long overdue) so someway off for potential approval and field development. Enjoy the summer weather folks, come back in October for good news, and think of the poor b....... in Ukraine who will be feeling the cuts to gas supply the most.

Yes VHB , Stenna Don seems to be on location.
www.marinevesseltraffic.com/vessels/STENA-DON/CURRENT-POSITION/8764418/232020225?full_screen=yes&map=vf

SMcN I agree gas solution/planning aplication will have to incorporate future gas from Pennistone but that gas has been known about since the 2016 test discovery . If SO etc could be a bit more honest/informative about what the hold up is in design/funding/permisions we would all be clearer. I just hope we know more in next month or so, not just SO saying we are still talking about it.

Hoping Tovoc and all are right at 6p plus next month. ( Tennyson risked target at 7.8 p) We have been waiting a long time, but as ever with EOG ( Holmwood Surrey, Ireland et all once gamechangers ) best to be a bit cautious. I stayed in here for Wressle, but I still see no application for gas export pipeline or power equipment at Wressle Lodge farm, and current maximum production is limited by flaring consent. EOG still talking with partners on the gas solution for months now? So no change on production anytime soon. Come on EDR UJO EOG get a gas solution sorted!! I can SEE SO frustration on this on latest video. From July presentation, Serenity may still need one or two further wells ( next year? ) if its going to be a big field development , and if a small field we need agreement with adjacent Tain operators. We are in Serenity only because the big oil players are investing into wind etc. Still , overall its still looking positive, subject oil price staying above $90 next couple years. I think the switch to expensive electric cars will only start to have an impact on petrol demand after 5 years or so.

Positive on Serenity. A bit mixed on benefit /cost of high oil price , and with his ashover grit/wingfield flags mix up again, and how frustrating to hear yet again the partners are still discussing gas monetisation- pennistone plans which they started discussing a year ago...they have very long coffee breaks.!
As to Inniskea just forget it until Mr Ryan says ok, otherwise not worth even thinking about it. Good luck Serenity.

From RNS, end June 22, group has $673m net assets ( assets at book value) so real shame there dosn't seem to be anything the BOD/admimistrators could sell without trying to sell the whole company for peanuts. Is it not possible to sell the gold in far east? Is there still an export licence issue. ?
Sanctions certainly are a double edged sword.
Any chance of the war turning - Ukraine with better weapons,may lead to new boundary/peace negotiations., and possible relaxation in sanctions but that is likely months away. Until the liquidator actually arrives., vainly hope administrators can sort this mess out.

Mr Ryan not paying any attention to our chairman and other voices yet, but gas prices having been at a european price dip of 79 euro mwh in early june are now a staggering 186 euro mwh . If Inniskea were developed , big if, it would benefit from supply reducing excessive price, give more security to irish energy, and tax revenue. Are we waiting to see if there are really many new green energy investments that Ryan will pull out of the bag, or will he have a change of heart.
Meanwhile I dont see too much progress on the 600m gas pipeline planning application for Wressle. If anyone is in the know on this please advise.

LSE mid 2.35p

Coming back from Crete there was a one hour delay but Jet 2 staff were organised and flight full. Should have good first half results despite rise fuel costs etc.