Member Info for Copper3

Ok. Mr ryan said Ireland needs to develop own power supply and export any surplus.but that was in context of gas supply security..Ryan states ireland has own sources and storage capability...i think it still leaves open developing edge which is very close to existing infrastructure.coal fire station closing 2025 same as start of run down existing corrib.so don't think the extending corrib life option has totally gone..await result of formal energy review maybe spring or summer 2022 depending how cold winter is.I don't think this is the temporary energy problem mr ryan believes..same issues next winter. In meantime I hold for more wressle news.
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Agree cost base covered from existing Crosby etc., but costs for Wressle were $17.60 bopd , incl capex which needs paying for. Cap-ex may have been even higher than anticipated; but yes results in 2022 will be very good. What would really lift share price, following higher than expected production is a revised well reservoir OIP /well recovery rate update. I dont know if that is possible. For the moment lets enjoy the Wressle good news, and also Mr. Ryan comments- mindful of exporting suplus irish gas. Worth holding a bit longer.

I agree, 487 does not fit with excess of 500, so hopefully we will get RNS from EDR later this week to clarify. Looks promising

US gas are up 6.5% today, although market is a bit volatile, the upward trend continues , and europe prices tend to follow these uplifts, we'll see in a few weeks,.the price at amsterdam hub. Although news for Corrib unlikely until 2022, I do wonder if UK gets caught up in any winter gas supply issues, can the future of ther gas inter connector to ireland be seen as a future import route, if supply could be reversed and pumped from Corrib to UK later this decade. Perhaps the Scottish greens will now have a say on this. I think the immediate future for EOG and partners , and why I hold is that Wressle Pennistone could be developed, and ouput increased for a number of years. Hope we can get some update on that later this year. Si, in meantime can we have news on Wressle 500 bopd as promised or plus++, soon please.

GP the problem is lack of clarity from Eire government:
From Irish times- 20 July 21, "fears are growing about energy security next winter as two electricity generators remain out of action while demand surges as data centres and other facilities seek extra power.
Responding to a Dáil question from Independent TD Catherine Connolly, Mr Ryan said that a security of supply review of the electricity and natural gas systems, begun in late 2019, would be completed in the first half of next year."
Even then Mr Ryan will probably want to delay publication, so depends on whether there are any power shortages this winter , to force the greens to change policy. I note that gas wholesale prices continue to climb, so there is certainly now a commercial case to invest in inniskea / or edge , and one that should give a cheaper option and better securiity than importing gas. Some proven success on trials of power station carbon storage technology might swing the balance. -I'm not sure how far that is progessing for scottish trials.
I agree some comments from S.I. or their broker may be helpful, but on the downside they dont want to upset Mr. Ryan.

It may be another week before we get established flow rates - "The well flow is continuing to clean-up and has not yet reached its full potential. The measured flow rates have exceeded 500 barrels of oil per day over a 24 hour period, which was the forecast rate following the proppant squeeze operation."

Simon refers to reaching the wressle ashover target of 500 bopd, and maybe production will be a bit more, we'll see soon. I understood the 500 bopd was an operators target and not a planning condition as often referred on these pages. ( correct me if im wrong). If ashover production is higher , then better cash flow in short term, but shorter lifespan. Will be interesting to see what is said on the larger Pennistone formation , when they can bring into production, and technical and regulatory consents required. I guess we are still 18 months away from any pennistone production.. simon says talks proceeding on inniskea and morocco...? I do have doubts on morocco coming good, with all gulf oil currently swilling around., although there is some doubt on future production of saudi fields.

Welcome news today albeit 6months later than anticipated.. .total EOG production around 235 bopd....Prospect of increase at Wressle to more than offset any decline at W Firsby .I look forward to next report,and that's something not been able to say for a while..

Thanks Serif, a great relief to see progress. !!

Latest From local paper the S****horpe Bugle-: "Huge C.T. spring last seen jumping along A19 through traffic chaos toward Skeggy in search of a well". At least its an explanation.

That made me laugh Tac. The "major" last seen in the porcupine basin with Hugh I recall.. then very briefly in Corrib ( was it ENI. ?) .hope he's coming back to Morocco in shallah...

High EU/UK gas price(and international LPG gas prices) , and the security of gas from Russia may finally swing the balance for Corrib., for the next 10 yr transition period. Whether EOG do take advantage, is hopeful but not certain on their track record, and will need the goodwill of Ryan and Co. From Irish offhore Oil Gas Assoc. on recent article 14 July :
"The Sunday Business Post's article on Irelands need for gas while transitioning to a low carbon economy - Members of the CRU highlighted the essential underpinning% role of gas in a system that was going to integrate more renewable sources of energy over time"..see https://twitter.com/OffshoreIreland/status/1415229739250462726

Thanks for your comments..it starts to make a bit of sense.if tender is successful.then should give a bit of much needed confidence and a lift to share price..one can only hope..with POX being better utilised in second half of year we must have good news coming at some point.

Rusty B, I woud like to get this right, and I admit not to fully understnd how this works. POG are trying to raise cash/sell at least $200m of the $500m notes due Nov 2022. As its a tender we wont know the result for a while, -after 8 August ,-- the way I see it, is an indicative return is 5.5% including early payment , or an investor could buy the bonds on the open market and wait a year and get around 8.15% . If this tender is successful, they may raise more than $200m this time,

The $500m bonds are due Nov. 2022, carry 8.35 % nominal interest, and tradeable on Irish stock exchange. POG raised $125m, to pay of £100m of debt due 2020 at 8% but there were extras to pay the outstanding debt, not sure if that was because the debt was overdue.
If they can raise new debt at 7% or less, then fine, it has to be a worthwhile exercise, ...just get 2022 debt paid on time.

UK gas wholesale price up to 91.8 p therm , highest last 5 years. US price up to $3.7 , highest for over 2 years. = Transition fuel

Maybe wishful thinking, sorry quote from ESRI was 2011 not 2021. What can I say now, still just a bit of hope.

Geo thermal idea seems like an admission oil has limited future, so Morrocco seems less likely. Reminder that Firsby and probably Crosby are running down. Still think there is a good opportunity for Corrib, subect irish energy review- hopefully we will know more in a month or so. This is from ESRI paper published in April this year
"The extension of the current arrangements for cross-country co-operation in the event of a shortage of oil to the gas market is important for Ireland. It is to be welcomed that the EU is also developing clear rules on gas transmission through member states. Domestic security of energy supply requires that the Corrib gas field is brought to production as rapidly as possible."
So keep the faith for end of July, I know its been a long trying road to hold here.

squeeze by end of June then with results mid july. OK. Hope all goes to plan

RNS T--- is the squeeze result expected in mid july, or mid june ?? do you know when the squeeze
is taking place.