Member Info for Dalester

So 5 weeks pass and eventually we get a plan of sorts which should have taken aa 5 minute phone call to the other partners. Still this has been going on for over 5 years so I suppose this should be regarded as a rapid response. Meanwhile our 100 barrels a day keeps paying everyones salary...marvellous!

I wonder if the market has reached the stage where one of our many "prospects" needs to be converted into a financial return? Is it not time that one of the 40-odd prospects was sacrificed to enable others to be progressed through to jorc compliance and production? Putting some cash into the bank without needing a placing would add huge confidence to this share.

Final Results for the year to 31 July 2012 Highlights * Average daily UK production up 18% to 200 boepd (2011: 169 boepd) * CPR confirms 48.2 mmboe net mean unrisked resource for UK (excluding Holmwood) and Berenx deep in onshore France Financial performance * Revenue up 34% to �5.1m (2011: �3.8m) * Pre-tax profit before impairment and exploration write-down �1.2m (2011: �0.7m) * Net loss �11.3m (2011: �0.2m) after exploration write-down of �12.5m in respect of Romania and PEDL150 * Cash generated from continuing operations �2.1m (2011: �0.7m) * Net cash �0.2m (2011: �1.9m) * Repaid �1m term loan * Two large prospects identified in Irish South Porcupine Basin * Holmwood planning appeal in Surrey dismissed, next steps being considered Final Results for the year to 31 July 2017 - FIVE YEARS LATER Financial highlights Group revenue of �1.6m (2016: �1.3m) .. less than a third of 2012 Pre-tax loss of �0.7m (2016: loss �1.9m after �1.2m exploration write-off in B�arn des Gaves .. still writing off previous "Company makers" Post-tax loss for the year �0.5m (2016: loss �1.6m) Cash used in operating activities �0.26m (2016: cash used �0.32m) Net cash balance as at 31 July 2017 �3.6m (31 July 2016: �1.7m).. Thanks to a �3.4m placing in June During the year to 31 July 2017, 113 boepd were recovered ... You have all done very well! Wressle still not producing Holmwood still not drilled Production halved in 5 years This must be the "unluckiest" BOD in the UK.... or something.

I know full well that the French assets are to all intents and purposes useless. I think you missed my point that had they been suitably pursued back in 2013 with some vigor we might have been pumping gas by 2014. EOG is a long list of what might have been and what may yet transpire but the simple truth is that after being invested here for over 5 years is that the company is no further forward than in 2012 and I am a chunk of money worse off, not as badly locked-in as some but I am beginning to think Holmwood is the last throw of the dice for me and probably many others. I am struggling to think of a single action by this BOD that has been promised and completed within their time frames, five years and not a single barrel of additional production other than a workover of existing wells.

I think my research is fine thank you: From RNS 03-Oct-13 "Hugh Mackay, CEO of Europa, commented, "We are delighted with the renewal of B�arn des Gaves, particularly as over the last twelve months we have undertaken a thorough re-evaluation of the shallow structures, reservoir distribution and historic well results which has significantly increased our understanding of the prospectivity in the Permit. The resulting definition of gross mean un-risked resources of 416bcf for Berenx Shallow, and the already discovered Berenx Deep appraisal project with an estimated gross mean contingent resource of 277 bcf (ERC Equipoise CPR dated 31 May 2012) confirms the transformative potential of this 100% owned Permit. We look forward to recommencing the farmout process immediately with a view to drilling in 2014."

In 2012, we had production from West Firsby, and assets in Romania and France and Holmwood planning turned down In 2017 we have less production, we now have assets offshore Ireland and Holmwood and Wressel still not sorted out. In between, EOG has dumped Romania, farmed out French assets with no drill date, drilled a duster (Kiln Lane), had 2 placings, Had Kosmos farm in and then quit, Drilled Wressel but failed to get it into production, sold off a chunk of Wressel, sold off a chunk of Holmwood but not been paid yet (Upland), Acquired 2 companies for buttons which have allegedly got assets but no production, farmed out 70% of 1 Irish block with no drill date. The "jam tomorrow" narrative is wearing very thin. We should have drilled Bearn des Gaves for the known gas and got some real production numbers in the bag, there were about 700bcf available of which nearly 300bcf had been previously drilled A �10m raise when the price was in the 8p's would have been better than where we are now, gas would be flowing and the rest would be much easier. Hindsight hey?

So Hugh didn't bother to turn up again, there seems to be a sense that the Board aren't really interested in getting stuck into our onshore assets and if that's the case, they should come clean and tell us that their focus is now on Corrib or wherever the next blue sky takes them and sell off the UK stuff. I have been here for 5 years and whilst I have averaged down a bit, it feels like wasted time and money. EOG is a tiny company and unfortunately, the Board seems to think tiny is OK as long as their salaries get paid every month. Hugh had better get a big deal done soon. If he was a football manager he would have been out long ago. Too many bad news days for it to be a coincidence. You make your own luck and Hugh doesn't seem to know where to start. "Too much foreplay and not enough action in the box" (Keith Hill Rochdale AFC)

People buy people first! If it were simply a case of applying rules there would be no need for a planning committee. Generally, they are a rubber stamp but sometimes they ask for more information which delays the process, don't forget they are elected and sometimes they like to be seen to be doing their best for their voters. I just think we would have had fewer problems if Hugh had put his suit on and dealt with some of their concerns as CEO rather than having the situation where the EOG planning guy simply couldn't answer their questions.

The lesson from all this is that the CEO should attend the meeting and not some jobsworth planning "expert" who does nothing for the company he represents beyond presenting the case. A CEO shows the councillors that he is serious and is able to allay fears and answer questions. It also massages the ego's of the councillors when they speak to the organ grinder and not his monkey. .

I too was giving this topic some thought yesterday evening but had to go out before I could post. he so-called expert that EOG put in front of the planning committee was, in my opinion, poorly prepared and in no position to speak for the company when the discussion went off topic somewhat (phone coverage, aluminium trackway etc.).In my humble opinion, Hugh should have attended the meeting. The presence of the CEO would have played well with the committee who may well have felt that having the monkey not the organ grinder was somewhat demeaning to their "elevated positions" as county councillors. The large turnout of objectors was always going to trump the more-than-a-little understated, EOG representative. Surely EOG realised that they were sending the guy into the dragons den half naked? It would have been perfectly easy for Hugh to tell the Councillors that he would set up a telephone mast on site to aid reception and that he would use the aluminium trackway or similar solution to reduce the number of trucks. The fact that the CEO was committing the company to those measures may well have been enough for them to grant the required permissions and we would now be making drill preparations with an anticipated date rather than waiting for another planning meeting. It was a poor show and a missed opportunity in my opinion.