The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
The well was spudded nearly a month ago and the first indication we will have of whether or not it was a duster is if Stena Icemax moves off location before the end of August. If it stays longer then it is likely that they are drilling the planned sidetrack on success. You would also have to assume that a farm in to our licences would be announced on good news as well.
While EOG have requested permission for three site surveys I would imagine that they wouldn't go ahead with the porcupine ones but for certain the Inishkea one will using the same vessel as CNOOC .....
I gave up posting on here .. all doom and gloom and very few positive posters .. I just sit quietly in the background accumulating shares bringing my average down and waiting patiently for what I know is going to happen. If some want to sell they great .. they are feeding my appetite at the moment. I'll feed their's when they want to buy back in at multiples of this SP
Bizarre comment. Iolar success will be really good for EOG that is for sure but only if we get to hear the results of the well which is not likely. The only thing we will be able to do is surmise the outcome from following events. In exactly the same way we will not know if it is a failure either so not entirely sure how you come to the conclusion about the results of Iolar affecting the survival of EOG. Inishkea is not related at all and is by far the most important piece of EOGs portfolio and to back that up we have Wressle sitting and waiting for permission to go into production. With Ramadan now over we can surely expect news from Morocco as well.
Actually I don't think so. The Licences (which Hugh inherited when he took over) were next to worthless as the prospects were most likely sour gas. That would have required a new pipeiine to the Lacq processing plant which unfortunately had been shut in and capacity reduced and that was because of lack of demand. Vermillion had the same problem until a year or so ago hen another plant further away started up again.
I was going to reply to Yin Yang but the Irish Examiner beat me to it .. I could have written this myself but not as well https://www.irishexaminer.com/breakingnews/business/offshore-drilling-is-energy-backstop-926827.html
Strange time to be selling .. if you have invested here for Ireland prospects and they are just coming to fruition now. This and PVR are the only shares you can invest in that have a third party interest in the Iolar well. Ours is far more leveraged given our Mcap. A good Iolar result should see this multibag easily
On Monday, Minister for Climate Action Richard Bruton resisted calls to stop all gas and oil exploration off Irish coasts because even by 2030 some 30 per cent of the country’s electricity supply would still be sourced from fossil fuels.
“It is better to have a domestic source than seeking to rely on other sources, be it Russian oligarchs or Arabic sheikhs,” the minister told British-Irish Parliamentary Assembly at the Druid’s Glen resort in Co Wicklow.
Ships don't like being at anchor for too long - hull starts getting fouled - probably back at Falmouth tonight - or off to the North Sea for another project ... one other to keep an eye on is Edda Frende currently at Peterhead and on contract to Exxon Mobil as well last time I checked
a) 10.3p
b) Moving to an FEL is just an unnecessary expense at the moment as it would require a negotiated work program and all the work has been done / is being done up to a well being drilled which is an FEL2 commitment. EOG would also have to relinquish 15% I think of the licence as well.
First in response to Ivans - you should read the thrid paragraph again I think. All the licences that the majors are interested in in the Porcupine have been awarded. A ban on the issuing of new licences will certainly appease the greens but has no impact on current exploration plans.
ENI are now progressing the Dunquin South Well with a site survey planned in June.
Stena Icemax is at anchor off Falmouth clearly waiting to go and drill Iolar.
Share options were granted to the management team at 10p a share because they elected to take a pay cut during the low OP years. Hugh has a significant personal investment in the company - can't say he will be too happy about the SP either. Factor in though the real depression at the moment over Brexit. My business is way way down. Habitual spending is fine but impulse purchases are now non existent. It will take a long time for that to recover if ever.
I did have a quick look at the gas well and it was relatively close although the presentation doesn't make any note of what percentages they would be looking at to retain in the licences and if this was factored into the prospective resources they state.