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I agree CFQ , that Hugh at least put 100k in at 3.0p . He must be kicking himself like rest of us. I dont see Simon or others putting money in., just taking it out. Come on OGA give Egdon the go ahead- is there some obscure geological fault risk they have identified ?. I thought there should be no political hold up on this. I hope to get a reply on my freedom of information request to OGA in next two weeks or so.
Useful link on Drill or drop S.N. , but it underlines the misleading ( not fully informative) RNS we got in January, - ashover grit perforation was mentioned , but not proppant or pumping , so did have some misgivings about the 500 bd . Still holding though, and try to put away for another month. I guess we wont hear much about North Sea asset investment until Morocco is sold.- hopefully later this year. If they could at least tell us about the Wressle well survey ( for pennistone) that would help settle things. If I hear anything back from OGA before its made public, will advise .
Good that some Wressle oil is being produced and oil price holding up, but frustrating this proppant OGA licence. On planning appeal decision Jan 2020 I read that ENV agency had no obection to the production plan, and that proppant squeeze was not considered to fall within the anti-fracking rules . So I dont understand why its only recently this additional licence has been referred to. Of course no information form EDR UJO or EOG. just great! Useless. Disingenous- a great word I keep having to check the meaning. Although I don't expect a reply for a month, I have today e-mailed OGA under freedom of information request- see their web site--
"I understand that Egdon Resources PLC the operator has submitted a Hydraulic fracture plan for the proposed proppant squeeze at the Wressle 1 oil well site
I understand that before this operation can go ahead, the Environment Agency (EA) and Oil & Gas Authority (OGA) must approve a hydraulic fracturing plan (HFP)
Can you please confirm
1. An application for an OGA licence for a HPF has been submitted by Egdon Resources
2. The factors for the licence to be considered
3. An estimated decision date for this matter "
I do hope that the operator can be more forthcoming on news, and GLA
Apart from salaries we are in exactly same position as yesterday.still waiting OGA licence for proppant.no other useful news.morrocco may drag into 2022. A bit disappointing but more patience needed to at least get wressle sorted.
Difference in recent years betwen US and EU wholesale gas price is partly due to ample shale gas in US which is now coming back online, as wells re -open . US hub price around now $2.50- $2.60mmbtu E.U. gas import price is now around $6.15 mmbtu( data source - world bank) , and has been steady for last two months, a bit lower than January 2021, and lower than the $8.00 seen in late 2018, but high enough for Irish to think importing russian gas may not be a good idea if they can produce their own. Corrib will be significantly depleting after 2025, so trust we hear good news soon enough this year from Irish government on Energy review.
Trying to find information on licences on OGA website is a bit of a nightmare , but they do have existing production figures for crosby/firsby/whisby which are 90 bd net EOG in Dec 2020, so with oil price setlling around $62-63$ that should be close to covering EOG overheads- So that is one bit of good news. I also note no information on Environment Agency website on proppant squeeze licence. So none the wiser. I took some encouragement from earlier post/report that current plant on site was related to a well bore survey- hope that is correct, and that may lead to side track into pennistone in due course. In meantime its like your local football team once again not getting into league promotion race or the premier top 6, despite all previous hype and more hype from managers- we just need the refereees to give a bit of luck to our side. Come on OGA/EnvA give us a break. Surely this month we will have positive news.
While I was hoping for an earlier completion date for flotation plant, at least we should be in a better position at end of Q2 with ramp up of processing of Pioneer refractory ore,and fully utilise the POX. The strangest thing of this RNS is the lack of third party concentrate,as I thought that was Srukov/UGC plan to get their ore processed cheaply. It seems UGC dont have enough to supply. So better times from beginning Q3. I trust we have now reached the bottom of recent share price fall, and price should pick up in May-June. Gold price is hovering around $1700 which should be generating good profit.
When they get approval for corrib site survey it really should mean approval for drill and production...edge licence is closer to existing infrastructure so may be drilled before innIskea.we must hope drill well is successful enough to go into a production as they are £ms to drill and we still need to find a partner with ample cash and Irish goodwill
Personally I'm holding for more progress at wressle ..and possible farm out or sell Morocco ..I see Corrib as a bonus if and when it happens.hopefully we should know the revised Irish policy in next 2 to 3 months...if barryoe does get drilled (subject finance) and is successful that in itself may be good enough in short term to satisfy Eire needs..so let's see what happens. gla.
When they get approval for site survey it really should mean approval for drill and production...edge licence is closer to existing infrastructure so may be drilled before innIskea.we must hope drill well is successful enough to go into a production as they are £ms to drill and we still need to find a partner with ample cash.
Personally I'm holding for more progress at wressle ..and possible farm out or sell Morocco ..I see Corrib as a bonus if and when it happens.hopefully we should know revised Irish policy in next 2 months...gla.
We are still waiting for site survey of sea bed licence, and that in turn is waiting for Mr Ryan and co. to conclude the EIre Energy review maybe next couple months., so survey is possible this year, drill in 2022. Just a waiting game.
From Drill or Drop report 19/03 it looks like we are still a few weeks away from proppant sqeeze., but its good that EDR are preparing the equipment. Probably the local community liaison group will know exactly when it will happen before we get any RNS
If Simon indicating there is real prospect of a farm out in next 3-4 months of an offshore asset then that's very positive. Maybe it is Morrocco, as there has still been no approval for Edge deal from Eire. yet, although Simon wil know better. Gas is the key to the immediate future and hedges against the uunpredicatble oil market- that depending on what OPEC + does . Gas price should pick up as more electricity generation required as we come out of Covid. Corrib production is in decline. All we can do is watch and wait, and see what these prospects turn out to be, but preferable a gas investment. EOG-EDR already have the Wressle Pennistione formation to sort out with plenty of gas . Thats where i'd put the effort in. We know planning approval etc other on- shore fields may prove protracted. GLA
Finn Capp 01 Feb 2021 taget price of 6.1 p
Unfortunaelly we do not seem to have any news from Environment Agency on the detailed propant sqeeze work programme approval., or any acknowledgment from EDR -EOG of the issues / current free flow. Very poor communication. I did ask via EOG investors page for EOG to clarify but no response. Still I'm pleased that there are new hopeful investors buying in. Will come good eventually, but some early news needed.
Irish times today- Providence Resources still trying to tie up the funding deal for development of Barryoe field with Spot On Energy and Norweigan investors- forecast oil to meet 10 years irish demand.. and significant gas.The appraisal well was 4,000 bopd -I guess oil ould be sent to milford haven for refining, and what about the gas- thet need a further appraisal well to prove ifsignificant, if so, that may be a downside to Inniskea- Edge . I wish we knew more .?
PFD Sept 20, Net debt of £390 ( £403m on IFRS incl. leases) since then further £70 m of floating July 2022 to be paid,so year end March 2021 net debt should be at or below £320m.Below 2 X EBITDA That leaves main fixed note of £300m due October 23 and revolving credit of £177m due Dec22. - with further cash generation, I agree net debt of £280 m after quarter 1 is possible. That surely makes it a normal company with good potential. Share price surely back above £1.00 in April . GLA
Boris is going to let us out a bit more, but majority of office workers will continue mostly home working, nor restaurants opening, so at least another quarter of very good pfd sales and debt payback. Do we know what debt is going to be at year end. Is it around £360 m ?
While I don't have a lot of faith in what Malcy says, even he seems to be favourable to UJO and RBD but not EDR or EOG. To be honest its all a bit dispiriting at the moment, and we need some good news on Wressle , at least to know what has happened so far. Have to be patient for any Irish news. ( same old story)
Thanks Serif. I've re - read the broker note and it does seem more positive than on first reading . Perhaps we will get back to 1.9 p soon enough. More patience required. We await the irish public consulation and energy review, to see if progress can be made in 2022.
Its good another Broker is taking interest in EOG, although I dont think their note adds to what we already know. The Dec 22 date I believe applies to the Morocco licence , in that they need to find a drill partner by that date. Perhaps with oil prices edging up it may even be possible !!. They mention the 150 bopd for Wressle again, but it looks to me that initially at least that won't be the case. But heres to hoping for reasonble figures.